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On January 26, Wu Jihan, co-founder of Bitmain, officially announced his resignation as CEO and chairman of Bitmain through an encrypted letter.
The rhythm BlockBeats unraveled the content of the letter through the password posted by Wu Jihan on Twitter. Jihan Wu explained the final solution to the struggle with Ketuan Zhan in English. At the same time, he also firmly believed that Bitmain would succeed in IPO, and he also enjoyed the 2815-day trip to Bitmain.
The following is the full text of Wu Jihan’s resignation letter translated by BlockBeats:
On the settlement between the two co-founders of Bitmain
The differences between the two co-founders of Bitmain, Micree (Ke Tuan Zhan) and I (Jihan Wu) were finally resolved in a friendly and, more importantly, constructive way. Today, I have resigned as CEO and Chairman of Bitmain.
Ketuan Zhan bought nearly half of Bitmain’s stake in Bitsource (a codename that represents a group of founding shareholders including myself) for $600 million. To complete the share purchase, Ketuan Zhan obtained a $400 million loan from Bitmain, while promising to raise another $200 million from outside the group.
As of yesterday, Bitmain had $327 million in fiat, double the cash preferred shareholders needed to reach the settlement. The short-term liquidity gap is $92 million. This part of the funding gap is very easy for Bitmain. Because on the other hand, Bitmain has the best miners on the market. Therefore, Bitmain’s financial position is sound and healthy, and the loan to Ketuan Zhan will not have any negative impact on the sustainability of Bitmain’s operations.
Also, according to the settlement reached, today BitFawn is separated from Bitmain along with the mining farms in the United States and Norway. I will be the chairman of BitFawn. Matt Kong will serve as the CEO of BitFawn. Antpool will soon be split into an independent company led by Ketuan Zhan.
Through the above-mentioned agreement, Bitmain’s business Model will be very intuitive, and the road to IPO will be smoother. Under this agreement, the number of shares in the hands of investors in Series B and B+ has also tripled in order to comply with the valuation adjustment. The likelihood of their investment making a profit is clearer.
From now until Bitmain’s listing, Bitmain’s board of directors will consist of 5 people, and Ketuan Zhan has the right to appoint 3 of them, and I have the right to appoint the other 2. For the benefit of Bitmain, I have sincerely invited two colleagues who are more capable than me to sit on the board, they are Zhu Xiang and Liu Jianchun. Zhu Xiang is one of the founding members of Bitmain, and he led the design of the hardware of the most important mining machines S1 and S19 for Bitmain. Jianchun Liu has been our Chief Financial Officer and CFO for the past 5 years. These two board members will act in the interests of Bitmain as a whole, not the interests of individual shareholders.
According to the company’s management arrangements, the two of them were assigned the responsibilities of risk control and internal audit.
As part of the leadership transition, all subsidiaries still belonging to the Bitmain Group have begun making changes to board members or legal representatives today.
After today’s agreement is reached, it undoubtedly means that Bitmain has turned a new page and ushered in a huge opportunity. As the co-founder of Bitmain, I have enjoyed the 2815-day journey and received selfless help and support from many customers, colleagues, friends and investors, and I also send my most sincere wishes to Ketuan Zhan and Bitmain led by him. .