Bitmain Changes CEO after Failed IPO Attempt

Bitmain’s long filed Initial Public Offering (IPO) listing attempt to the Stock Exchange of Hong Kong (SEHK) has finally expired, but the giant mining company is taking many positives from their first attempt.

Infusing Credibility into the Crypto Industry

The crypto space has long been criticized has lawless and having a loose legal framework, a situation that has discouraged a number of investors and halted some key developments in the crypto industry.  While the cryptocurrency industry and blockchain technology is still in a nascent and early stage, there are increasing positives that the industry is becoming more legally transparent and accountable, as it strives to standardize.

Gemini Exchange was one of the first crypto powerhouses to show their intent on complete transparency, hiring big auditors such as Deloitte to vet the exchange’s commitment to complete transparency and fair play.

Bitmain’s six-month-long attempt to file for listing on the SEHK and to have an IPO approved is a welcome step to transparency and readiness to be accountable. Most cryptocurrency affiliated companies have been accused of the opposite, but Bitmain’s rejected attempt is still viewed as a win or the crypto industry as a whole.

Taking Positives

Bitmain announced on Tuesday, March 26 in a blog post that the six-month duration of its IPO filing has finally elapsed after making the initial filing on September last year. The company which was launched and started its operation in 2013 acknowledged that the cryptocurrency industry despite its astounding success in the space of a decade is still a young industry and is hoping that regulatory bodies and large established institutions are more inclusive of the industry in the future.

“Bitmain’s listing application to HKex in September 2018 has reached its 6-month expiration date,” it announced. “We do recognize that despite the huge potential of the cryptocurrency and blockchain industry, it remains a relatively young industry which is proving its value. We hope regulatory authorities, media, and the general public can be more inclusive to this young industry. We will restart the listing application work at an appropriate time in the future.”

Streamlining Objectives

Bitmain was part of the many firms to release a percentage of their staffs following the bear market of 2018. The company has revealed in its blog post that it would be focusing its objective on cryptocurrency and AI from now and is confident of more explosive growth. Following its announcement, it also revealed that its co-founders, serving as the CEO would be stepping down to take the position of directors as Haichao Wang who has previously headed many departments in the company becomes the new CEO.

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