Bloomberg Billionaires Index

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# 376 Micree Zhan $5.20B

Random fact: Bitmain's mining pools have nearly half of the known hash power.

Overview

Zhan is the co-founder and largest shareholder of Bitmain Technologies, the world's biggest producer of computer chips for the mining of cryptocurrencies. The Beijing-based company makes hardware that allows miners to generate bitcoins in addition to operating its own mines. It reported revenue of $2.5 billion in 2017.

As of :
Last change No change
YTD change +$14.0M ( +0.3%)
Industry Technology
Biggest asset Bitmain
Citizenship China
Age 40
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Micree Zhan's net worth of $5.20B can buy ...

0
troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

0%
of the GDP of the United States
0%
of the total wealth of the 500 richest people in the world
0%
of the top 100 U.S. college endowments
0%
of the top 200 U.S. executives’ total awarded compensation
0%
of U.S. existing home sales
0
times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

Zhan's fortune is derived from his stake in Bitmain, the world's biggest maker of mining rigs for cryptocurrencies. The company reported revenue of $2.5 billion in 2017, according to a September 2018 prospectus filed with the Hong Kong stock exchange. Zhan has a 36 percent stake, held through Cosmic Frontier, the prospectus shows.

Bitmain is valued based on the $1.3 per share paid in its Series B+ funding round in August 2018, according to the prospectus. Prior to Nov. 6, 2018, it was valued based on its 2017 revenue, calculated net income margin and the average enterprise value-to-sales and price-to-earnings multiples of four publicly traded peer companies: Nvida, Qualcomm, Broadcom and Mediatek. The change in valuation methodologies led to an increase in the net worth calculation of more than $2.5 billion.

Nishant Sharma, a spokesperson for Bitmain, declined to comment on the net wealth calculation.

Biography

Birthdate:
Family: Unmarried, No children

Micree Zhan was an electronics engineer before he co-founded Bitmain with Jihan Wu.

Wu, a video game fan who prefers white T-shirts, jeans and sneakers to formal wear, stumbled into the world of crypto in 2011 while working as an investment analyst in Beijing. He became obsessed, reading everything he could about cryptography and monetary history. That year, Wu translated into Chinese the famous Bitcoin white paper that was authored by the pseudonymous Satoshi Nakamoto.

Wu met up with entrepreneur Zhan in 2013 for dinner at a local restaurant. Zhan, a chip designer by training, had pitched him years earlier on an investment in his startup, which was focused on TV set-top boxes, according to Bloomberg Businessweek. They spent two hours discussing Bitcoin, and Wu proposed starting a chip company. Zhan, whose startup had been struggling, listened intently. The next morning, he spent two hours learning more about cryptocurrencies on Wikipedia. He called Wu the next day and said he was in. They sold their first chip later that year.

Milestones
  • 2011 Wu translates Satoshi Nakamoto's white paper into Chinese.
  • 2013 Zhan creates Bitmain with Jihan Wu.
  • 2014 Bitmain releases energy-efficient Antminer S3.
  • 2016 Bitmain releases the Antminer S9, a consumer-grade miner on 16nm ASIC chip.
  • 2016 Bitmain creates open-source mining pool BTC.com.
  • 2017 Bitmain reports $2.5 billion in revenue.
  • 2017 Sequoia and IDG invest in Bitmain.
  • 2018 Bitmain releases the first Ethereum ASIC miners.