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Decrypt Wu Jihan's resignation letter (full text translation): Bitmain has 327 million US dollars in legal currency and firmly believes that it will succeed in IPO

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The short-term liquidity gap is $92 million. This part of the funding gap is very easy for Bitmain

On January 26, Jihan Wu, co-founder of Bitmain, officially announced his resignation as CEO and chairman of Bitmain through an encrypted letter.

Rhythm BlockBeats unlocked the contents of the letter through the password published by Jihan Wu on Twitter. Wu Jihan explained in English the final solution to the struggle with Ketuan Zhan. At the same time, he also firmly believed that Bitmain would succeed in IPO, and he also enjoyed the 2815-day trip to Bitmain.

The following is the full text of Wu Jihan’s resignation letter translated by Rhythm BlockBeats:

Reconciliation between the founders

The disagreement between the two co-founders of Bitmain, Micree (Ke Tuan Zhan) and me (Jihan Wu) finally ended in amicable, What is more important is that it be resolved in a constructive manner. Today, I have resigned as CEO and Chairman of Bitmain.

Mr. Zhan acquired Bitsource (a code name, representing the A group of founding shareholders including ) holds nearly half of Bitmain's shares. In order to complete the share purchase, Ketuan Zhan obtained a loan of US$400 million from Bitmain, and at the same time promised to raise another US$200 million from outside the group.

As of yesterday, Bitmain has 327 million US dollars in fiat currency, which is the preferred shareholder to achieve this double the cash required for the settlement agreement. The short-term liquidity gap is $92 million. This part of the funding gap is very easy for Bitmain. Because on the other hand, Bitmain has the best mining rigs on the market. Therefore, Bitmain's financial situation is sound and healthy, and the loan to Ketuan Zhan will not have any negative impact on the sustainability of Bitmain's operations.

Similarly, according to the settlement reached, today BitDeer is separated from Bitmain together with mines in the United States and Norway. I will be the chairman of BitDeer. Matt Kong will serve as CEO of BitDeer. Antpool (ant pool) will soon be split into an independent company led by Zhan Ketuan.

Through the agreement mentioned above, Bitmain’s business model will be very intuitive, and the road to IPO will be smoother. Under this agreement, in order to comply with the valuation adjustment, the number of shares held by investors in the B round and B+ round has also tripled. The possibility of making a profit on their investment is more defined.

From now until Bitmain’s listing, Bitmain’s board of directors will consist of 5 people, and Ketuan Zhan has the right to appoint 3 of them , I have the authority to appoint 2 more. For the benefit of Bitmain, I have sincerely invited two colleagues who are more capable than me to sit on the board of directors. They are Zhu Xiang and Liu Jianchun. Zhu Xiang is one of the founding members of Bitmain, and he led the design of the hardware for the most important mining machines S1 and S19 for Bitmain. Liu Jianchun has been our Chief Financial Officer and CFO for the past 5 years. These two board members will act in the interests of Bitmain as a whole, not individual shareholders.

According to the company's management arrangement, the two of them were assigned the duties of risk control and internal audit respectively.

As part of the leadership transition, all subsidiaries that remain part of the Bitmain Group have today begun or change of legal representative.

After today’s agreement is reached, it undoubtedly means that Bitmain has opened a new page and ushered in a huge opportunity. As the co-founder of Bitmain, I have enjoyed the 2815-day journey and received selfless help and support from many customers, colleagues, friends and investors. At the same time, I also send my most sincere blessings to Ketuan Zhan and Bitmain under his leadership .

Wu Jihan

January 26< /p>