Bitcoin (BTC) mining giant Canaan Artistic has raised $90 million in its initial public offer (IPO) — over 75% less than expected.

According to Bloomberg, which quoted filings from Us regulator the Securities and Exchange Commission (SEC) on November. 20, Canaan sold 10,000,000 shares for $9 each.

From $400M to $90M

Previously, the company looked to raise considerably more. Having failed to secure an IPO in Hong Kong last year, Canaan looked to the U.S., with a funding figure of $400 one thousand thousand circulating prior to the event.

A setback came when Canaan lost its biggest depository financial institution, Credit Suisse, just last week. As a result, the size of the IPO was dramatically reduced: documents submitted at the time contained a projected $100 million goal and did non mention Credit Suisse.

Co-ordinate to Bloomberg citing "people familiar with the thing," Credit Suisse "was concerned whether the offer could secure sufficient orders."

Canaan inks starting time-mover advantage

The successful completion nevertheless makes Canaan the first Bitcoin mining giant to navigate an IPO, beating major competitor Bitmain, which plans to do the same.

Equally Cointelegraph reported, a filing at the stop of Oct revealed an IPO sponsored by embattled German lender, Deutsche Banking company. At the same time, infighting among senior management threatens to ice the proceedings.

Like Canaan, Bitmain failed to secure permission to acquit the IPO in Hong Kong in 2022.