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Crypto mining giant Bitmain is reportedly getting a new CEO as its IPO plan stalls

Bitmain, the Chinese crypto miner maker, looks like it has reached an interesting point in its pathway to going public. Theres been little heard since the company filed to go public in Hong Kong in September, but now it appears that a new CEO has been hired and its two founders are leaving.
Thats according to a report from SCMP which citing two sources saidWang Haichao, Bitmains director of product engineering, has assumed CEO duties following a transition that began in December. FoundersWu Jihan (pictured above) and Zhan Ketuan will be co-chairs with Wang described as the potential successor.
The publication said that it isnt clear when a new CEO will be named, or indeed whether an outside appointment will be made.
Bitmain declined to comment on the report when asked by TechCrunch.
The company, which is said to have been valued as high as $15 billion, certainly appears to have stalled with its IPOfollowing the filing of an application on September 26. That document opened up a treasure trove of financial information regarding the company, which is estimated to supply around three-quarters of the worlds crypto mining machines.
Indeed, Bitmains IPO filing showed heady growth in revenue. The company grossed more than $2.5 billion in revenue in 2017, a near-10X leap on the $278 million it claimed for 2016, while sales in the first six months of last year surpassed $2.8 billion.
However, there were no figures for Q3 2018 and, since September, the price of Bitcoin and other cryptocurrency has plummeted further still, therein reducing the appeal of buying a mining machine and likely impacting Bitmains sales.
Crypto mining giant Bitmain is reportedly getting a new CEO as its IPO plan stalls
Bitmain saw impressive revenue growth as the crypto market grew, but it isnt clear how the business weathered the price slump that affected the market in 2017
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