The Chinese crypto hardware maker has had more than a rough go of it since filing for its IPO on the Hong Kong Stock Exchange at a $15b valuation in September. The company is reportedly laying off over half its staff and replacing its founder-CEO after losing $400m in Q3 (and likely more in Q4) during a prolonged crypto slump and its failed strategic bet on Bitcoin Cash.
What a difference four months can make. The challenge for the company’s (apparent) new CEO is certainly a daunting one. But Bitmain’s struggle isn’t unprecedented. Just this week, its closest rival — Canaan — was linked with a U.S. IPO. The company had planned to go public in Hong Kong last year but it allowed its application to expire as crypto market prices went south.