Bitcoin Miner Canaan’s Shares Plunge 40% Since IPO in November

Chinese Bitcoin (BTC) mining giant Canaan Creative’s depositary shares have seen a 40 percent drop in value since November initial public offering (IPO).

Canaan was the first Bitcoin mining giant to go public on a major United States stock exchange, and successfully navigate an IPO. However, the mining giant’s stock has taken a severe beating since its IPO on Nov. 21. The company’s stock price value went as high as $13 per share on the day of the launch, only to take a painful nosedive to today’s value of $5.25, representing a 40% price crash.

After failing to secure an IPO in Hong Kong last year, Canaan looked to the United States, hoping to raise $400 million. However, the company was only able to raise $90 million, less than 25% of their planned amount.

Canaan endured a setback when it became clear that its biggest backer, Credit Suisse, decided to pull out a week before the IPO. According to people familiar with the matter, Credit Suisse was concerned whether the offering…