Mikri Zhang To Turn Bitmain Into A Public Company

One of the founders of Bitmain, the largest Chinese manufacturer of networking equipment, Mikri Zhang, said he would bring the company to the stock market within the next year.

Letter to Beijing Branch Staff

On Friday, July 17, the Beijing branch, managed by Jihan Wu, sent letters to its employees. The text of the letter says that the leadership has lost hope of resolving the conflict with Mikri Zhang.

Mikri Zhang's reaction

In response, the Bitmain co-founder expressed the hope that the conflict would be resolved by the end of this year. He added that the first court hearing will take place in the Cayman Islands in October this year.

After that, he plans to bring the company to the stock market, and its total capitalization will be at least 10 billion US dollars.

Bitmain problems

Recall that Bitmain is now experiencing financial difficulties and is under pressure from banks and partners. Many experts believe this conflict can lead to a split in the company.