I'm more inclined to think that the apparent Bitmain cash crunch is a bigger reason.
IPO failed
We require a significant amount of capital to fund our operations. We recorded negative
cash flows from operating activities during the Track Record Period. If we cannot obtain
sufficient capital on acceptable terms to fund our operations, our business, financial
condition and prospects may be materially and adversely affected.
why Jihan ? lmao negative cash flows. Price drop will get a lot worse if Bitmain liquidates everything 0_o
As a result, for the years ended December 31, 2015, 2016 and 2017 and six months
ended June 30, 2018, we recorded net cash used in operating activities of approximately
US$5.6 million, US$96.4 million, US$191.6 million and US$621.8 million, respectively.
Although we believe the cryptocurrencies we hold are highly liquid assets that can be sold in
open market to satisfy our liquidity needs, there is no assurance that we would be able to
dispose of our cryptocurrencies in open market at the price or in the amount we desire.
edit: Did I mention they had 28% of their assets in shitcoins and Bitcoin as of June 2018 ?
editedit for readability