Bitmain’s IPO prospectus is not clear, says Samson Mow

Recently, Director of Business Development of Messari Inc, Katherine Wu shared her insights on Bitmain’s IPO along with Samson Mow, Blockstream’s CSO.

In the interview, the duo spoke about their concerns regarding the Bitmain’s IPO. They believed that there were a lot of “false facts” regarding the investments in Bitmain.

Samson stated that he was initially shocked by the announcement as Bitmain was not in a “good place” and it was surprising to see them start an IPO as of now. He further added:

“The information that was coming to light was reconfirming all of the intel that I had on what was going on inside. So I think it was an eye-opener for me and for everyone else in the space to watch this unfold in real time.”

Katherine stated that she was unclear about the details of the announcement and there were a lot of questions that were left unanswered. She further added that most of the data which was released was very unclear. Katherine stated:

“A lot of details were unclear… I remember summarizing it and I was like, oh! yeah, they also do AI [Artificial Intelligence] and someone’s like, what, when did this come in.”

Samson added that when he was reading the prospectus of Bitmain he realized that there were layers of “occlusion”. Furthermore, they were writing extensively about the IPO, however, Bitmain was trying to hide information regarding various aspects. Samson stated:

“It was very hard to understand what Bitmain was exactly doing […] You read it and then at the end, you’re still like, scratching your head thinking, what exactly did they do? How much do they have of different things? How much inventory do they have? It’s not really clear at all.”

According to Samson, Bitmain could directly increase their volume by pumping BCH in the market. Furthermore, he said that they continuously invested in random projects which were struggling for adoption.