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Regarding the settlement between Bitmain’s two co-founders

The disagreement between Micree and myself, the two co-founders of Bitmain, has
been finally settled in an amicable and, more importantly, a constructive manner. I
have resigned from the CEO and Chairman of Bitmain as of today.

Micree purchased almost half of
code name represents a group of
$600m. In order to complete the
from Bitmain while he committed
group.
the Bitmain shares owned by Bitsource, which is a
founding shareholders including myself, for US
share purchase, Micree obtained a loan of US $400m
to raise another US $200m from outside of the

As of yesterday, Bitmain has US $327m in fiat cash, which was twice higher than
what is required by the preferred shareholders in order to close this settlement.
The short term liquidity gap is negative US $92m. The negative gap indicates a good
solvency of the group. On the other hand, Bitmain has the best mining machines
available for sale in the market. As such, the financials of Bitmain is strong and
healthy so the loan to Micree will not have any negative impact to the
sustainability of Bitmain’s operation.

Also pursuant to the settlment, Bitdeer is spun off from Bitmain today together
with the mining farm operations in the U.S. and Norway. I will be the chairman of
Bitdeer. Matt Kong will be the CEO of Bitdeer. Antpool will soon be spun off into
an independent company to be led by Micree.

Through the above-mentioned arrangement, Bitmain’s business model will be highly

streamlined which will make it much easier to go for an IPO. The B and B+ Round
investors also got their number of shares tripled under this arrangement as
compensation of valuation adjustments. It is more likely for those investors to be
profitable from their investment.

- - From now until the listing of Bitmain, the board of Bitmain will consist of 5
seats. Micree will have the right to nominate three seats and I will nominate the
other two. To better serve the interest of Bitmain, I have invited two colleagues
who are more capable than myself to perform the duty as directors. They are Xiang
Zhu and Jianchun Liu. Xiang was one of Bitmain founding team, and he led the
hardware design of S1 and S19, which are among the most import mining rig products
of Bitmain. Jianchun has been our chief financial controller and CFO for 5 years.
These two board members will serve the interest of the company as a whole but not
of the interest of any specific shareholder(s). According to the corporate
governance arrangements, we assigned the risk control and internal audit duties to
Xiang and Jianchun.

As part of the transition of the leadership, all the subsidiaries that remain to be
within the Bitmain group have proceeded to file the change of their board members
or legal representatives today.

Upon the closing of the settlement today, Bitmain has turned over a new page with
great opportunities ahead. As the co-founder of Bitmain, I enjoyed the 2,815 days
of journey working for it with numerous help and support from lots of customers,
colleages, friends and investors, and I give my most sincere blessing to Bitmain
and its leadership of Micree.
Jihan Wu

Jan 26, 2021

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