Nasdaq-Listed Intchains Ditches Ethereum Accumulation Amid Revenue Collapse
Nasdaq-listed Intchains Group has abandoned its plan to accumulate more Ethereum due to a drastic decline in revenue. In the first half of this year, revenue collapsed by an astonishing 94% to RMB11.1 million ($1.6 million), with nearly all coming from selling non-core chip inventory.
The company's core hardware business is struggling, and it's shifting focus towards developing a new mining chip and exploring AI initiatives. Intchains has enough cash, around $68 million in June, to fund its ASIC program internally for at least 12 months without needing fresh Ethereum purchases.
Chief Executive Officer Qiang Ding said the company expects the new ASIC to contribute modestly to revenue in the second half of 2026 before becoming a more meaningful driver in 2027. He added that Intchains is evaluating AI initiatives, including potential acquisitions, as another avenue for longer-term growth and diversification.