Bitmain to Replace Its Co-CEOs for an In-House Techie

This is a major step for a company which is in the process for a public listing.

Bitmain, the Chinese Bitcoin mining hardware manufacturer, is set to name a new CEO for the firm replacing the founding-duo from the apex position, according to a South China Morning Post (SCMP) report.

Though the company is yet to make any official announcement, its current product engineering director Haichao Wang is likely to be the successor. Reportedly, Wang has already taken over the responsibilities from the current co-CEOs – Wu Jihan and Zhan Ketuan – as the transition already initiated in December.

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Chaos

Currently, both co-founders of the company, Wu and Zhan, are working as co-CEOs. According to SCMP, this major step for a leadership change was fueled by the duos disagreement over certain issues. The founding pair will part their ways from the company’s day-to-day activities after the takeover, however, both of them will still make calls on big business decisions.

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Wang Haichao, a graduate from Beijing’s Tsinghua University, is a techie, and before joining Bitmain, he worked at Beijing-based semiconductor design house Availink for 7 years in multiple roles.

Bitmain is the market leader in making ASIC-based Bitcoin mining equipment. Its Antminer product line is a favorite among the crypto miners, and it reportedly holds 75 percent of the mining industry.

Will It Go Public?

In last September, the company filed for initial public offering (IPO) at Hong Kong Stock Exchange (HKEX), however, the exchange is reluctant to list the company as its officials believe that it is “premature for any cryptocurrency trading platform – or business associated with the industry – to raise funds through an IPO in Hong Kong before the proper regulatory framework is in place.”

The poor performance of the crypto market is also affecting Bitmain’s operations, and reportedly the company is set to lay off a third of its employees in the coming months. However, its dominance in the market is still attracting investors towards the company and months ahead of applying for a public listing, it was valued at $12 billion.

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