Shares of Bgin Blockchain Ltd. (BGIN) plummeted 8.33% in intraday trading on Tuesday, marking a rocky start for the company on its first day of public trading. The significant drop comes just after the company priced its initial public offering (IPO) at $6 per share late Monday.

The cryptocurrency mining company had offered 5 million shares in its IPO, aiming to raise approximately $30 million in gross proceeds. Despite the optimistic pricing, the market's initial reaction appears to be less than favorable. The sharp decline could be attributed to various factors, including potential overvaluation concerns, broader market sentiments towards cryptocurrency-related stocks, or investors taking profits after the initial offering.

According to the company's statement, Bgin Blockchain intends to use the net proceeds from the IPO for the acquisition of cryptocurrency mining farms, research and development, and general corporate purposes. The underwriters have been granted a 45-day option to purchase up to an additional 15% of shares. As the stock continues to trade under its IPO price, it remains to be seen how this will impact the company's plans and investor confidence moving forward.