Bitmain Ousted Co-Founder from Board Showing Clash in Management

Crypto miner maker Bitmain is going through a power struggle in its management as it recently ousted Micree Ketuan Zhan, the co-founder and executive director of the company.

Reported by Bloomberg on Tuesday, the decision of the company was communicated to the employees by Jihan Wu, co-founder and present chairman of the Chinese company, with the circulation of an internal memo.

“Bitmain’s co-founder, chairman, legal representative, and executive director Jihan Wu has decided to dismiss all roles of Ketuan Zhan, effective immediately,” the memo read. “Any Bitmain staff shall no longer take any direction from Zhan, or participate in any meeting organized by Zhan. Bitmain, may [be] based on the situation, consider terminating employment contracts of those who violate this note.”

Who will be in control?

Wu and Zhan both served as co-CEOs of Bitmain Technologies for a long time until their termination from the post earlier this year. Being majority shareholders of the company, both of them held their seats on the board and appointed at key roles to guide the company for strategic decisions.

According to Bitmain’s IPO filing at the Hong Kong Stock Exchange Stock Exchange A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin Read this Term, Wu holds 21 percent of the shares, while Zhan is still the largest shareholder, with 37 percent of the company in his pocket.

“If employees cause any harm to the company’s economic interests, the company will investigate their civil or criminal liability in accordance with the law,” Wu warned the employees.

This power struggle came at a time when the company is pushing to list its shares publically but failed in multiple markets.

The management is now reportedly eyeing to file for an IPO in the US; however, details like the listing Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term or the valuation have not been revealed yet.

Meanwhile, Bitmain’s competitor Canaan Creative publicly filed for a $400 million IPO in the United States, Finance Magnates reported earlier today.