Intchains Abandons Ethereum, Pivots to ASIC Chip and AI

Nasdaq-listed mining-machine maker Intchains has significantly reduced its focus on Ethereum and is shifting towards developing a new ASIC chip and exploring AI opportunities. In the first half of the year, revenue plummeted by 94% to RMB11.1 million ($1.6 million), with nearly all of that coming from selling non-core chip inventory to a related party.

Despite ending June with RMB461.1 million ($68 million) in cash and short-term investments, Intchains no longer expects 'material additional accumulation' of cryptocurrency. The company is redirecting capital towards its next-generation ASIC and AI initiatives.

Intchains CEO Qiang Ding stated that the new ASIC chip will contribute modestly to revenue in the second half of 2026 before becoming a more meaningful driver in 2027. The company also plans to evaluate potential acquisitions for AI opportunities, with more specific plans expected next year.