Bitmain Seeking US IPO With Confidential SEC Filing: Report
The bitcoin mining giant is said to have confidentially filed for an IPO in the U.S.
Bitmain has retooled its strategy for selling bitcoin miners, betting big that the cryptocurrency’s price will rally with next year's halving.
The $150 million bitcoin mine could become the world's largest – surpassing Bitmain's, whose own mega mining operation is in the same Texas town.
Bitmain's new strategy of giving put options on bitcoin to buyers of its miners amounts to a "Texas hedge" – doubling down on risk, not offsetting it.
Bitmain's co-founder Micree Zhan, who was abruptly ousted from the firm last week, said he's going to take legal action to secure his return to the firm.
A transcript of a Bitmain staff meeting reveals an ugly power struggle inside the world's biggest bitcoin miner maker that led to the abrupt ousting of co-founder Micree Ketuan Zhan.