What happened to Bitmain yesterday?

Just one week later, two statements from Bitmain were once again released to the public. What happened to Bitmain? The reason was actually the successive attacks by Zhan Ketuan after he took back the Beijing legal representative.

First, Bitmain issued a statement, repeating the old tune: Beijing Bitmain is 100% controlled by Hong Kong Bitmain, Zhan Ketuan is suspected of forging the official seal, and will be held legally responsible. Previously, Zhan Ketuan issued two statements in a row, dismissing CFO Liu Luyao and warning HRD Suo Chao, but at that time there was only a signature but no official seal. Now it can be seen that Zhan Ketuan has already engraved the official seal.

Subsequently, Zhan Ketuan issued a statement emphasizing the use of the new official seal.

According to people familiar with the matter, before Bitmain’s statement, Zhan Ketuan’s people went to Bitmain’s office in Beijing yesterday, trying to return and control the company, which triggered the statement. At the same time, Zhan Ketuan was calling company employees, trying to buy out their options. Wu Jihan, on the other hand, was trying every means to continue using the Hong Kong holding company and replace the legal person of Beijing Bitmain.

Legally speaking, unless the Cayman Islands court rules in favor of Zhan Ketuan and he regains his voting rights, then Hong Kong Bitmain controlled by Wu Jihan can replace the legal representative of Beijing Bitmain. But in China, there are unspoken rules beyond the law, and it is still unknown whether Wu Jihan can successfully replace the legal representative.

It is said that Bitmain had good performance in the first quarter and has issued bonuses to all employees. According to Maimai, the mining machine group also received project awards. The 19 series is being shipped one after another, and the number of pre-orders at home and abroad is indeed not small. This is good news, but the dispute among senior executives still poured cold water on the employees.

At a time when mining profits are shrinking after the halving, the constant disputes will only make business more difficult. Bitmain's S19 series finally got off to a good start after last year's setback, and this will only confuse customers and partners.

It should be in the interests of the founders and their supporters to bring the equity dispute back to the court and away from front-line employees and businesses. It is also the sincere hope of everyone who has recognized Bitmain.