This Nasdaq-listed crypto firm is swapping fresh Ethereum buys for an AI pivot

Intchains Group is pulling back from fresh Ethereum purchases after its first-half revenue collapsed by 94% and is now focused on redirecting capital toward a new mining chip and early-stage AI initiatives.On Aug. 20, the Nasdaq-listed altcoin mining-machine maker said revenue fell to RMB11.1 million (around $1.6 million) from RMB175.6 million a year earlier. Nearly all of that came from a RMB10.9 million sale of non-core chip inventory to a related party, underscoring the weakness in its core hardware business.Against that backdrop, Intchains said it no longer anticipates “material additional accumulation” of cryptocurrency as it prioritizes capital for developing and commercializing its next-generation ASIC and exploring AI opportunities. The company plans to maintain its existing treasury and continue generating staking yield.The pullback from crypto buying does not appear driven by an immediate liquidity shortage. Intchains ended June with RMB461.1 million (equivalent to $68 million) of cash and short-term investments, which it says is enough to fund the ASIC program internally and support planned activities for at least 12 months.Still, the move marks a shift from earlier this...