SHANGHAI, China, Nov. 29, 2024 — Intchains Group Limited (Nasdaq: ICG), a company specializing in altcoin development and providing high-performance computing ASIC chip solutions, and holding ETH-based cryptocurrencies as a long-term asset reserve to support its Web3 initiatives, including Web3 application development, today announced updates to its ETH holdings and activity.
Between September 30, 2024, and November 28, 2024, the Company acquired approximately 915.3 ETH for roughly RMB20.7 million (US$2.9 million) in cash, at an average price of approximately RMB22,626 (US$3,123) per ETH, including fees. These purchases were funded by operational cash flow.
As of November 28, 2024, the Company and its subsidiaries held approximately 5,066.6 ETH, acquired at a total cost of approximately RMB107.0 million (US$14.8 million), with an average purchase price of approximately RMB21,117 (US$2,914) per ETH, inclusive of fees.
About Intchains Group Limited
Intchains Group Limited is an innovative altcoin development company focused on integrated solutions, including high-performance computing ASIC chip products for altcoins, and acquiring and holding ETH-based cryptocurrencies as a long-term asset reserve to support Web3 development initiatives, including actively developing Web3-based applications. For more information, visit https://intchains.com.
Exchange Rate Information
The US dollar (“US$”) amounts in the financial statements are for reader convenience only. RMB to US$ conversions, also for reader convenience, were calculated using the noon buying rate of US$1.00=RMB7.2455 on November 22, 2024. This does not imply that RMB amounts could have been, or could be, converted at this rate.
Forward-Looking Statements
This announcement contains forward-looking statements involving risks and uncertainties. These statements are based on current expectations and projections about future events that may affect the Company’s financial condition, results, business strategy, and financial needs. Such statements include, but are not limited to, those regarding: (i) goals and strategies; (ii) future business development, condition, and results; (iii) expected changes in revenue, costs, or expenditures; (iv) industry growth and competition; (v) demand for and market acceptance of products; (vi) general economic and business conditions; (vii) relevant government policies and regulations; (viii) ETH-based cryptocurrency price fluctuations; gains or losses from ETH sales; changes in accounting treatment for ETH holdings; decreased liquidity in ETH markets; security breaches, cyberattacks, unauthorized access, loss of private keys, fraud, or other events leading to ETH loss; impacts to ETH price and adoption from industry financial difficulties and bankruptcies; and (viii) assumptions related to the foregoing. Forward-looking statements can be identified by words like “may,” “could,” “will,” “should,” “would,” “expect,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “project,” or “continue,” or the negative of these terms. The Company is not obligated to update forward-looking statements except as required by law. While the Company believes these expectations are reasonable, actual results may differ materially. Investors should review other factors affecting future results in the Company’s SEC filings.
For investor and media inquiries, please contact:
Intchains Group Limited
Investor relations Email:
Redhill – Belinda Chan
Tel: +852-9379-304
Email:
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