Bitmain’s Wu, one of the founders of the bitcoin mining company, decided to buy back the company with an investment of $600 million as we can see in today’s cryptocurrency news.
The co-founder of Bitmain reportedly bought the company from the other co-founder Micree Zhan for $600 million. Bitmain’s Wu will leave Bitmain but retain full control of the large international mining farms like Bitdeer and BTC.com. Some think that he is leaving Bitmain to work in Matrixport which is a company founded in 2018 by him and also provides financial services to BTC miners.
Jihan Wu is the co-founder of Bitmain which is the large Bitcoin mining rig producer that bought out his company from Zhan for $600 million after the year-long dispute between the two. Wu Blockchain who is a prominent Chinese crypto blogger reported that Sequoia China mediated the settlement and that the shareholders approved this a few days ago. It states that Zhan will collateralize his shares for $600 million and will purchase Wu’s share.
Post-settlement, Wu will depart from Bitmain but will retain full control over a few large international mining farms like BitDeer and BTC.com. All other services including mining rigs antpool and artificial intelligence belong to Zhan. The Settlement reinstates Zhan whom Wu ousted from the company in November 2019. Wu took control of the steering wheel after they both fought for a long time. The year-long crypto drama cost the businesses millions of dollars when Zhan stopped the shipment of Bitmain mining rigs in retaliation to Wu’s coup.
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The biggest beneficiary of the settlement will be the Bitmain investors as Zhan promised that under his leadership, the company will complete its IPO by the end of 2022. Many speculated why Wu left the company which he built since 2013. Some suggest that he will return to Matrixport which was founded in 2018 and provides financial services to BTC miners. Others suggested that he will become a crypto venture capitalist.
As Bitcoin’s price surges to a new high every other day with things looking good for Bitmain. However, it is unclear whether Bitmain will be able to maintain the primacy in the event that the BTC market crashes.
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