Bitmain Reshuffles Board Ahead of IPO, CEO Jihan Wu Loses Executive Power 10

Bitmain Reshuffles Board Ahead of IPO, CEO Jihan Wu Loses Executive Power

News reaching Ethereum World News indicate that the Bitcoin Mining Giant known as Bitmain, has undergone a board reshuffle that has led to its CEO – Jihan Wu – losing his seat as the board’s executive director. Mr. Wu now serves as a supervisor. The exact roles of his new position are unclear at the moment of writing this but it appears that he currently has no voting rights as a supervisor. Wu will, therefore, be unable to participate in the business decision-making at Bitmain.

Jihun Wu is replaced by Zhan Ketuan who now serves as Bitmain’s executive director and manager. Four out of six directors at the firm also resigned from the board only last week.

Board Reshuffle Before IPO

The reasons behind the sudden reshuffle of the Bitmain board are not clear. The event also comes at a time when the mining giant is planning for an Initial Public Offering on the Hong Kong Stock Exchange. The exact date of the IPO is yet to be announced but Bitmain has been raising funds over time and has been valued at a staggering $12 Billion.

The IPO filing back in September had gone on to state that Bitmain was the largest ASIC-based cryptocurrency mining hardware company.

According to Frost & Sullivan, we are the largest global ASIC-based cryptocurrency mining hardware company in terms of sales revenue in 2017, accounting for a market share of 74.5%. We offer a variety of mining hardware equipped with proprietary ASIC chips under our Antminer brand.

On the 5th of November, a temporary stock symbol for Bitmain was seen on the Hong Kong Exchanges. Many investors took it as a sign that the IPO application had been approved or would be approved very soon.

Move to Deploy 90,000 Miners Before BCH Hard-fork

Coincidentally on the same day as the board shakeup, the firm was reported to have been in a hurry to deploy 90,000 miners in China’s far-western region of Xinjiang. Bitmain is a proponent of Bitcoin Cash ABC and the move to deploy miners can be assumed as an attempt to gain an upper hand in the ‘hashing war’ against Bitcoin Cash SV as we approach the scheduled hard-fork on the 15th of November.

What are your thoughts on the Board shake-up at Bitmain? Please let us know in the comment section below. 

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.