Bitmain Technologies’ application for a blockbuster initial public offering has lapsed, after the fall in the price of bitcoin spoiled the fortunes of the provider of equipment for cryptocurrency mining.

Bitmain filed to list its shares in Hong Kong in September, setting the stage for what was expected to be world’s largest cryptocurrency IPO. The Beijing-based company, which makes and sells kit for cryptocurrency mining, had been planning to raise up to $3bn in the listing, according to bankers.

Bitmain’s prospectus detailed three years of phenomenal growth, with revenues surging ninefold, to $2.84bn, in the six months to the end of June 2018. But the plunge in the price of bitcoin — which is currently trading at less than one-quarter of the value of its December 2017 peak — has spooked investors. Bitcoin’s current price makes mining it virtually unprofitable.