The Bitmain Saga: A Roller Coaster of Power

In a plot twist as thrilling as any blockbuster movie, the power struggle between Bitmain co-founders Micree Zhan and Jihan Wu has reached what they claim is a ‘constructive’ resolution. Wu, who held the CEO and Chairman titles for about eight years, announced his resignation via a tweet that could only be described as a dramatic encrypted farewell. Yes, folks, it looks like the drama has finally come to a close.

A $600 Million Deal: Sharing Is Caring

As part of this newfound harmony—or at least that’s what they want us to think—Zhan has acquired around half of Bitmain’s shares from Wu and others, dishing out a cool $600 million. If you’re wondering how Zhan pulled that off, it involves a $400 million loan from Bitmain itself, along with an additional $200 million to be sourced from elsewhere. Talk about keeping it in the family!

Financial Fortitude: Bitmain’s Balance Sheet

Wu reassured everyone that Bitmain’s finances are as sturdy as a sumo wrestler in a wrestling ring, boasting $327 million in fiat cash holdings as of the latest report. This cushion is described as “twice higher than needed” to satisfy the preferred shareholders, meaning that even in the tumult of this corporate saga, Bitmain has managed to stay afloat and healthy.

Future Roles: New Titles, Same Game

Both co-founders aren’t exactly disappearing into the sunset quietly. In a move that could easily be the next chapter in their saga, Wu will chair the contracted cloud mining service Bitdeer, which will spin off from Bitmain. Meanwhile, Zhan will take the helm of Antpool as it separates into its own entity. Talk about a game of musical chairs, but no one wants to sit down!

A Historic Feud: From Friends to Foes

The onions of bitterness began peeling back in October 2019 when Wu allegedly booted Zhan from Bitmain, leading to heated exchanges and lawsuits that sounded less like corporate strategy and more like a soap opera episode. At one point, Zhan even accused Wu of sending a group of operatives to snatch a physical copy of his business license. Who needs Netflix when you have this kind of drama?

What’s Next for Bitmain?

As Bitmain looks forward to a potential IPO, the future remains uncertain yet intriguing. Wu’s farewell might have closed a chapter in Bitmain’s story, but this narrative is far from over. Whether their new paths will lead to smoother sailing or stormier seas remains to be seen.