Intchains Abandons Fresh Crypto Buys for ASIC and AI Bet
Nasdaq-listed Intchains Group has retreated from fresh Ethereum purchases after its first-half revenue plummeted by an astonishing 94%. The company's CEO, Qiang Ding, said it will prioritize capital for developing and commercializing a new mining chip and exploring AI opportunities.
The firm's decision comes as it reported a significant decline in operating business and crypto holdings. Intchains ended June with RMB461.1 million ($68 million) of cash and short-term investments, which should be enough to fund the ASIC program internally and support planned activities for at least 12 months.
The company held about 9,176 units of ETH-based cryptocurrencies worth RMB98.1 million as of June 30. As of August 20, 4,556 ETH were allocated to staking, including 3,556 deposited through its Goldshell platform awaiting validator activation and 1,000 through FalconX.
Intchains is now focusing on a next-generation mining ASIC that completed tape-out in July. The chip still requires sample production and validation, with commercial launch targeted for the fourth quarter. Ding stated: 'It is a core part of our strategy to build a more resilient, diversified revenue base.'