Bitmain Technologies, which recently stalled its multi-billion-dollar IPO plan, could be about to announce the name of a new CEO who will replace the company co-founders.
According to the South China Morning Post, the company’s two founders are leaving while their director of product engineering Wang Hiacho is being named as a potential successor.
Who will be the New Bitmain Chief Exec?
SCMP’s news report about Bitmain’s director of product engineering Wang Haichao was also carried by TechCrunch today.
Bitmain declined to comment on TechCrunch’s queries.
According to two SCMP sources, Bitmain’s two founders Wu Jihan and Zhan Ketuan will be the co-chairs with Wang who is being called the “potential successor” of the two.
The transition for the CEO duties reportedly began in December.
However, the media outlet didn’t report when the name of the new CEO would be publicly announced.
They have also not ruled out the possibility of a person from outside the company becoming the new head.
What’s Happening With Bitmain?
Valued at an estimated $15 billion, Bitmain has been fairly quiet since it filed for an IPO in Hong Kong in September last year.
The company is supplying about 75% of the total crypto mining machines in the world, and their financial statements show that the company has made significant revenues in the past two years.
In 2016, the company received $278 million in revenue which ballooned to $2.5 billion in 2017. During the first six months of 2018, the revenue stood at $2.8 billion.
Since then, the price of Bitcoin has dropped significantly, and the company has not made Q3 2018 figures (or any numbers beyond that) public.
It is likely that Bitmain’s revenue could have taken a hit because of falling Bitcoin and crypto prices.
The company’s plan to diversify and put its weight behind Bitcoin Cash hasn’t proven to be wise yet. Bitmain has also made staff layoffs recently.