The world’s largest Bitcoin mining company, Bitmain surrounded by internal disputes that both overly dramatic and honestly, confusing.
The mining company has been going on an internal dispute since last year. The co-founders, Micree Ketuan Zhan and Jihan Wu seemed to have lost their faith over each other.
This results in the company ousting Zhan completely. Although, frankly speaking, he is both the chairman of the company and the biggest shareholder with 36 percent of Bitmain’s holding.
Leaked transcript details of the Bitmain staff meeting according by CoinDesk revealed surprising problems within the company. According to the transcript, the company is struggling with the power source and Wu is blaming Zhan on it.
Also, it revealed that the dispute between the two co-founders has been going on since 2015. But it only reached the peak in December 2018 when Wu insisted on doing the company’s major layoffs while Zhan was against it.
In the leaked transcript, Wu explained how he thought the layoffs were necessary and why Zhan was unreasonable. It ended with the layoffs actually happened but Wu, “chose to take a further step back and let him take the glory role of chairman.”
Bitmain US IPO despite the dispute
Despite the still unclear dispute and the shocking news, Bitmain is still going on with the U.S. IPO plan.
For it, it will undergo a questioning process by the US securities regulators. If it passes the questioning, it will receive the foreign companies’ certification required for U.S. listing.
A report by Tencent News stated that the company hired Zheng Hua, a former NASDAQ representative from China as a consultant. Previously the company has failed on its listing in Hong Kong Stock Exchange in 2018.
Meanwhile, Canaan, a mining rival to Bitmain, has filed an IPO on NASDAQ just a few days ago.
