Briefing: Bitmain reportedly presses ahead with US IPO plans

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【独家】比特大陆完成员工期权合同签约 ,赴美上市渐近 – Jiemian

What happened: The world’s largest producer of cryptocurrency mining rigs, Bitmain is said to have completed signing stock option contracts with its employees at the end of June in preparation for its US IPO. All employees that joined before early 2018 and currently hold positions above certain levels are eligible, a source close to Bitmain told Chinese tech news site Jiemian. The long-awaited IPO plan is led by billionaire co-founder Micree Zhan, the person said. Former CEO Wu Jihan is still a member of the board, but is no longer involved in management-level decisions after the two co-founders had a falling out.

Why it’s important: The crypto mining giant was hit hard by the cryptocurrency bear market, which led to massive layoffs and a leadership shuffle early this year. It filed for a Hong Kong IPO in September but the application expired in March. The company revived IPO plans amid growing optimism around cryptocurrencies and could file its listing documents with US Securities and Exchange Commission as early as this month, according to Bloomberg.