Ebang International Holdings Inc. ownership update: CVI Investments, Inc. and Heights Capital Management, Inc. report beneficial ownership of 116,666 shares, representing 2.4% of Class A Ordinary Shares. The filing states these shares consist of shares issuable upon the exercise of warrants. Shares outstanding were 4,726,424 as of December 31, 2025.
The filing notes Heights Capital Management serves as investment manager to CVI Investments and may exercise shared voting and dispositive power over the reported shares; each reporting person disclaims beneficial ownership except for a pecuniary interest. The statement is filed as an amendment.
Positive
None.
Negative
None.
Insights
Minor institutional stake reported via warrant-related holdings.
The filing documents a 2.4% stake (116,666 shares) attributed to CVI Investments and Heights Capital Management, with the shares described as issuable upon exercise of warrants. This ties the position to derivative instruments rather than current free float.
Governance implications depend on whether warrants are exercised and on voting arrangements; the filing discloses shared voting/dispositive power and a Limited Power of Attorney. Subsequent disclosures would clarify any exercises or transfers.
Key Figures
Beneficial ownership:116,666 sharesPercent of class:2.4%Shares outstanding:4,726,424 shares
3 metrics
Beneficial ownership116,666 sharesreported for CVI Investments / Heights Capital
Percent of class2.4%percentage of Class A Ordinary Shares
Shares outstanding4,726,424 sharesas of December 31, 2025 (Form 20-F)
Key Terms
warrants, beneficially owned, Limited Power of Attorney
3 terms
warrantsfinancial
"The number of Shares reported as beneficially owned consists of Shares issuable upon the exercise of warrants"
Warrants are special documents that give you the right to buy a company's stock at a set price before a certain date. They are often used as a way for companies to attract investors or raise money, and their value can increase if the company's stock price goes up.
beneficially ownedregulatory
"Amount beneficially owned: The information required by this Item 4(a) is set forth in Row 9"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
Limited Power of Attorneylegal
"Heights Capital Management, Inc. serves as authorized agent of CVI Investments, Inc. pursuant to a Limited Power of Attorney"
What stake does CVI Investments report in Ebang (EBON)?
CVI Investments and Heights Capital report beneficial ownership of 116,666 shares, equal to 2.4% of Class A Ordinary Shares. The filing states these shares consist of shares issuable upon exercise of warrants and notes shared voting/dispositive power.
How many Ebang shares were outstanding as of December 31, 2025?
There were 4,726,424 shares outstanding as of December 31, 2025. That outstanding figure is cited in the company's Annual Report on Form 20-F filed April 24, 2026 and is used to calculate the 2.4% stake.
Does Heights Capital have voting power over the reported shares?
Yes; the filing discloses shared voting and dispositive power of 116,666 shares for Heights Capital as investment manager to CVI Investments. It also states each reporting person disclaims beneficial ownership except for a pecuniary interest.
Are the reported shares currently issued or contingent?
The filing states the reported shares "consist of shares issuable upon the exercise of warrants to purchase Shares," indicating they are contingent on warrant exercise. The filing does not state whether any exercises have occurred.
Who signed the amended Schedule 13G/A on behalf of the reporting persons?
The amendment was signed by Sarah Travis, Assistant General Counsel and Assistant Secretary of Heights Capital Management, Inc. The filing notes Heights Capital serves as authorized agent of CVI Investments under a previously filed Limited Power of Attorney.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
Ebang International Holdings Inc.
(Name of Issuer)
Class A Ordinary Shares, HKD0.03 par value per share
(Title of Class of Securities)
G3R33A205
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
G3R33A205
1
Names of Reporting Persons
CVI Investments, Inc.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
116,666.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
116,666.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
116,666.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.4 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: With respect to Row 6 and Row 8 above, Heights Capital Management, Inc. is the investment manager to CVI Investments, Inc. and as such may exercise voting and dispositive power over the shares reported as beneficially owned by CVI Investments, Inc. herein.
SCHEDULE 13G
CUSIP Number(s):
G3R33A205
1
Names of Reporting Persons
Heights Capital Management, Inc.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
116,666.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
116,666.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
116,666.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.4 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: With respect to Row 6 and Row 8 above, Heights Capital Management, Inc. is the investment manager to CVI Investments, Inc. and as such may exercise voting and dispositive power over the shares reported as beneficially owned by CVI Investments, Inc. herein.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Ebang International Holdings Inc.
(b)
Address of issuer's principal executive offices:
600 East John Carpenter Freeway, Suite 110, Irving, TX 75062
Item 2.
(a)
Name of person filing:
This statement is filed by the entities listed below, who are collectively referred to herein as "Reporting Persons," with respect to the Class A Ordinary Shares of Ebang International Holdings Inc. (the "Company"), HKD0.03 par value per share (the "Shares").
(i) CVI Investments, Inc.
(ii) Heights Capital Management, Inc.
(b)
Address or principal business office or, if none, residence:
The address of the principal business office of CVI Investments, Inc. is:
P.O. Box 309GT
Ugland House
South Church Street
George Town
Grand Cayman
KY1-1104
Cayman Islands
The address of the principal business office of Heights Capital Management, Inc. is:
101 California Street, Suite 3250
San Francisco, California 94111
(c)
Citizenship:
Citizenship is set forth in Row 4 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(d)
Title of class of securities:
Class A Ordinary Shares, HKD0.03 par value per share
(e)
CUSIP No.:
G3R33A205
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
The information required by this Item 4(a) is set forth in Row 9 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
The number of Shares reported as beneficially owned consists of Shares issuable upon the exercise of warrants to purchase Shares.
The Company's Annual Report on Form 20-F, filed on April 24, 2026, indicates there were 4,726,424 Shares outstanding as of December 31, 2025.
(b)
Percent of class:
2.4 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
The information required by this Item 4(c)(i) is set forth in Row 5 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(ii) Shared power to vote or to direct the vote:
The information required by this Item 4(c)(ii) is set forth in Row 6 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
Heights Capital Management, Inc., which serves as the investment manager to CVI Investments, Inc., may be deemed to be the beneficial owner of all Shares owned by CVI Investments, Inc. Each of the Reporting Persons hereby disclaims any beneficial ownership of any such Shares, except for their pecuniary interest therein.
(iii) Sole power to dispose or to direct the disposition of:
The information required by this Item 4(c)(iii) is set forth in Row 7 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(iv) Shared power to dispose or to direct the disposition of:
The information required by this Item 4(c)(iv) is set forth in Row 8 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
Heights Capital Management, Inc., which serves as the investment manager to CVI Investments, Inc., may be deemed to be the beneficial owner of all Shares owned by CVI Investments, Inc. Each of the Reporting Persons hereby disclaims any beneficial ownership of any such Shares, except for their pecuniary interest therein.
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
CVI Investments, Inc.
Signature:
/s/ Sarah Travis
Name/Title:
Sarah Travis, Assistant General Counsel and Assistant Secretary of Heights Capital Management, Inc.
Date:
05/13/2026
Heights Capital Management, Inc.
Signature:
/s/ Sarah Travis
Name/Title:
Sarah Travis, Assistant General Counsel and Assistant Secretary
Date:
05/13/2026
Comments accompanying signature: Heights Capital Management, Inc. serves as authorized agent of CVI Investments, Inc. pursuant to a Limited Power of Attorney, a copy of which was previously filed.
Exhibit Information
EXHIBIT INDEX
EXHIBIT DESCRIPTION
I Limited Power of Attorney*
II Joint Filing Agreement*
* Previously filed
