Bitmain Co-Founder offers Solution to buy back shares at $4B valuation to end Firm’s Internal War
Recently, the co-founder of Bitmain Zhan Ketuan who was dismissed from the firm last October had joined the firm again and now, he has offered a solution that may end the on-going dispute in the firm. According to his proposed solution, Zhan Ketuan offers to buy back shares at the $4 billion valuations which may put an end to the power struggle.
Zhan Ketuan is the biggest shareholder of Bitmain and owns almost 36% of the firm’s stock. As per a letter released on Sunday, Wu Jihan the rival co-founder of Zhan and some of the other employees and founding members of Bitmain are currently possessing the share stock of the firm.
Zhan Ketuan wants to make negotiations
Since Zhan Ketuan has returned to the firm, the company is undergoing an internal war. The formerly-expelled co-founder is now trying to make negotiations in order to end this war. Therefore, he has desired to buy back these shares at the company’s $4 billion valuations.
The letter by Zhan was actually issued as a response to a recent statement released on the official website of Beijing Bitmain on Sunday. The custody of Century Cloud Core has been given to the relatives of Zhan.
The statement reads:
Bitmain Hong Kong has suspended the chip supply for the time being to Century Cloud Core, which is now controlled by Zhan’s relatives, until we are assured, through negotiation with Zhan’s relatives, that they are committed to protecting the interest of Bitmain’s customers and of the company as a whole.
Wu and Zhan’s rivalry has been extended since the return of Zhan back into the firm. It seems that Wu does not want Zhan to be in the firm holding his position. Last year in October, when Zhan was expelled, Wu submitted an application to the government of Hong Kong asking them to remove the name of Zhan as a board director of the Cayman’s company.