Nasdaq-Listed Intchains Abandons Fresh Ethereum Purchases Amid Revenue Collapse

Nasdaq-listed Intchains has put its plans for significant new Ethereum purchases on hold due to plummeting revenue. In the first half of 2026, the company's revenue fell by a staggering 94% to RMB11.1 million ($1.6 million). The collapse was largely driven by a decline in core hardware business, with nearly all revenue coming from a sale of non-core chip inventory to a related party.

Intchains now intends to redirect capital towards developing and commercializing its next-generation ASIC (Application-Specific Integrated Circuit) and exploring AI opportunities. The company has sufficient cash reserves to fund the ASIC program internally and support planned activities for at least 12 months, with RMB461.1 million ($68 million) of cash and short-term investments as of June 30.

Despite earlier plans to pursue a dollar-cost-averaging strategy to steadily accumulate Ethereum, Intchains is now prioritizing its next-generation ASIC and AI initiatives over further cryptocurrency purchases. The company's CEO, Qiang Ding, stated that the new ASIC will contribute modestly to revenue in the second half of 2026 before becoming a more meaningful driver in 2027.