{"id":266118,"date":"2020-06-23T16:23:36","date_gmt":"2020-06-23T20:23:36","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=266118"},"modified":"2020-06-23T16:23:36","modified_gmt":"2020-06-23T20:23:36","slug":"micree-zhan-offers-to-buy-out-bitmain-investors","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/micree-zhan-offers-to-buy-out-bitmain-investors","title":{"rendered":"Micree Zhan Offers to Buy Out Bitmain Investors\u00a0"},"content":{"rendered":"

The battle for Bitmain and control of the company is still raging. However, one of the parties fighting for control appears to be extending an olive branch.<\/span><\/p>\n

On Sunday, Micree Ketuan Zhan, Bitmain’s ousted chief executive and founder, published an <\/span>open letter<\/span><\/a> to the company’s board. In it, he outlined a plan to bring an amicable solution to the entire conflict \u2013 by buying out other top executives.<\/span><\/p>\n

A Quick Takeover Attempt<\/b><\/h2>\n

Zhan\u2019s letter as an exposition into Bitmain\u2019s cap distribution. He explained that he still owns 36 percent of the company, while Jihan Wu, his co-founder \u2013 and the person who ousted him from the company \u2013 owns just 20 percent.<\/span><\/p>\n

To wit, Zhan has offered to buy out Wu, as well as three other early company officials who own a joint 15 percent. He also offered to purchase the employee option pool (which makes up 19 percent of the company\u2019s stock) and other external investors\u2019 stakes. All in all, his acquisition amount stands at about $4 billion.<\/span><\/p>\n

Zhan\u2019s claim to power comes from an additional 60 percent stake in a Cayman Island-based subsidiary that Bitmain owns. There\u2019s currently a legal battle in the Cayman Islands, which would decide who controls Bitmain\u2019s subsidiaries in Hong Kong and Beijing. While Wu controls the Hong Kong subsidiary, Zhan has also made an offer to buy out any remaining stakeholders in the Cayman Islands.<\/span><\/p>\n

The ousted chief executive reportedly controls Bitmain\u2019s Beijing subsidiary, according to a <\/span>report<\/span><\/a> from Chinese tech publication BlockBeats. The news medium reported that he took over the subsidiary earlier this month after he stormed the building with some private guards.<\/span><\/p>\n

Dovey Wan, the founder of Primitive Ventures and a notable blockchain insider in China, <\/span>confirmed<\/span><\/a> the story in a social media post. Wan also shared an <\/span>update<\/span><\/a> from Zhan in which he claimed that he had orchestrated the coup successfully.\u00a0<\/span>In his letter, Zhan outlined that he now controlled the Beijing office and added that the legal dispute between him and Wu would get a swift solution.<\/span><\/p>\n

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\ud83d\ude02\ud83d\ude02\ud83d\ude02OH MAN the #BitMainDrama<\/a> this video is verified by @BlockBeatsChina<\/p>\n

Micree today led a team of private guards crashed Bitmain Beijing office … they broke in by brute force and tried to take back the control (after Jihan\u2019s initial coup and series of outrageous behavior) pic.twitter.com\/wkpKJ8Nr8H<\/a><\/p>\n

— Dovey "Rug the fiat" Wan (hiring) (@DoveyWan) June 4, 2020<\/a><\/p><\/blockquote>\n