On the morning of October 30, it was reported that Bitmain had secretly submitted listing applications to the U.S. Securities and Exchange Commission (SEC), and the underwriter was Deutsche Bank. Bitmain has yet to comment on the matter.
In September 2018, Bitmain disclosed its prospectus on the Hong Kong Stock Exchange. According to the prospectus, Bitmain’s net profit for the first half of 2018 was $743 million, with a year-on-year increase of 794.8%. Among them, sales of miners accounted for nearly 95% of its total revenue.
However, the company terminated the IPO process. In March 2019, Bitmain issued an internal letter, announcing the organizational restructuring. It was announced that Wang Haichao served as the company’s CEO, and Bitmain’s former co-CEOs and cofounders, Jihan Wu and Micree Zhan, continued on as directors.
According to the internal letter, “This round of IPO application will expire in the near future, and the listing process will be restarted at an appropriate time in the future.”
On October 29, Wu Jihan, cryptocurrency entrepreneur and founder of Bitmain, issued an internal letter to staff members, saying that the removal of all positions of Micree Zhan will take effect immediately. This was yet another big change for the company after the previous termination of IPO.