The co-founder of the Chinese mining company Bitmain, Mikri Zhang, promised to make the company public within a year, according to CoinNess.
On July 17, the Beijing division run by Jihan Wu said in a letter to employees that it had lost hope of ending the standoff with Mikri Zhang. The latter, in response to this, clarified several questions during a meeting with representatives of the company.
According to Zhang, the parties will meet in court in the Cayman Islands in October. In General, he hopes that the problems will be resolved within six months. Then, within a year, the company, according to his idea, will acquire public status at a market valuation of more than $10 billion.
Zhang is also considering an alternative solution to the dispute — he will look for potential investors who will agree to buy out Jihan Wu's stake in the company. According to some reports, there are already four such applicants.
According to the publication, the company has faced a lack of money and is currently under pressure from banks and suppliers. When asked whether the semiconductor manufacturer TSMC will sign a new contract with Beijing-based Bitmain, Zhang declined to answer, citing trade secrets.
In his opinion, Bitmain miners are the best in the world and significantly outperform competitors in terms of technical characteristics. Zhang is also a proponent of diversification and solutions in the field of artificial intelligence, even though the sales of these products are weak.
Jihan Wu founded a subsidiary in Shenzhen, designed to become a link with semiconductor suppliers and the production of ASIC miners.
According to the partner of Primitive Ventures, Dovi Van, the aggravation of the conflict between the co-founders of Bitmain is fraught with a split of the largest mining company today.