Bitmain's New IPO Attempt in Jeopardy as In-Fighting Goes Public

The long-awaited initial public offerings of two crypto mining titans, Bitmain and Canaan Creative, failed at the final hurdle as the crypto winter humbled even the most ambitious crypto companies.

In a cutthroat environment where new technological advances are the lifeline of companies trying to stay ahead of the game, Bitmain has proven itself a fearsome competitor.

Six years on, and tens of billions of dollars later, Bitmain has secured investment from major companies across the globe.

As many have come to expect with Bitmain, the news of the IPO listing was followed by an event that could threaten to extinguish any hope of its success.

Only one day after the SEC filing, Bitmain co-founder Jihan Wu ousted fellow founder Micree Zhan in what is being referred to as a "Coup." Bitmain refused to provide any further comments regarding the situation following a request from Cointelegraph.

Bitmain is a company famed for its all-or-nothing approach to business, but after such a tumultuous tale of cloak and dagger politics, the IPO efforts are a serious gamble.

"To be completely rational, even giving Jihan credit for his chad gangster coup 1. normal investors will not trust either one of them can manage company. 2. Lawsuit will follow, US IPO plan screwed. 3. Bitmain customer will not trust them. The company is basically a banana."

"WeWork had received large multi-billion dollar investments at 10 and 20 billion dollar valuations before attempting an IPO. They were also in a business that people understood. The same can be said of Uber and Lyft. Canaan and Bitmain could have a much harder time, especially if the recent US-China trade war continues. Add to that losses, and the road forward becomes much harder and the climb to success steeper."

With the recent public in-fighting between Bitmain co-founders, Canaan's IPO listing seems to have come at a fortuitous time.

Although Bitmain may be struggling to shake off the aftermath of its failed IPO, Canaan has the weight of two failed launches permanently around its neck.