Why Employees Cheered After Jihan Wu’s Coup at Bitmain

Why Employees Cheered After Jihan Wu's Coup at Bitmain

Wolfie Zhao, Asia editor at CoinDesk, details how Jihan Wu ousted his cofounder Micree Zhan at the Bitcoin mining giant Bitmain last week, how he justified the coup at a staff meeting the next day, and how these tensions have actually been brewing for quite a while. He also discusses how Wu was able to remove Zhan despite the fact that Zhan was a larger shareholder, whether or not the other shareholders were aware of Wu’s plans, and how Zhan plans to take some unspecified legal actions next. We also cover the general company reaction to the coup, how some compared it to Steve Jobs returning to Apple, and the competitive pressures Bitmain faces as it and a competitor attempt to IPO in the U.S.

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Episode links: 

Jihan ousts Micree:

Transcript of Bitmain meeting after Micree’s ouster:

Micree’s plans to use legal means to get back into the company:

FT articles:

Canaan’s filing for $400 million IPO in the US:

Theory that the IPO brought tensions to a head:

News recap: 

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