Bitmain moves closer to launching its $500 million IPO

05 Jul, 2019
by David Robb
Mining
Bitmain moves closer to launching its $500 million IPO

Chinese crypto mining giant Bitmain has moved one step closer to finally going public. The company has now finished allocating options to staff, ahead of its $500 million IPO. 

The Bitmain IPO has been delayed for well over a year now, as the plunging prices of Bitcoin (BTC) and Bitcoin Cash (BCH) throughout 2018 led to a change in the fortunes of the firm. The start of the year saw huge profits for the leading crypto mining company, but the ongoing bear market meant that staff were laid off and some mining operations forced to close, with the major losses also followed by restructuring at executive levels.

The return of the bull market has now made Bitmain an appealing prospect to investors again, and it should soon be ready to offer shares to the public. As reported by Chinese news outlet Jiemian, the company organized to sign contracts on options for members of staff towards the end of last month. The stock options made available to employees were promised to those who had joined the company before October 2015.

Jihan Wu, the founder of Bitmain, no longer has voting rights on the board of directors. The controversial figure, whose decision to support BCH was pointed to as one of the firm's most costly mistakes, still has a place on the board but control of the company is now wholly in the hands of the Jenke Group.

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