There was a change in the management of the Bitcoin pond OCEAN. The company disclosed that the co-founder, Luke Dashjr, had entered into a mutually agreed break-up arrangement with the parent company, Mummolin Inc., on 29 August, resigning from the positions of chairman, chief technical officer and director and withdrawing from the company ' s shareholding structure.
Full equity buyback from parent company
The joint statement showed that Mummolin had repurchased all the shares held by Dashjr, which meant that he had completely withdrawn from OCEAN ' s ownership structure. The parties did not disclose the amount of the buy-back and did not state the previous shareholding ratio of Dashjr.
The parties attributed this break-up to “a different view of the future direction of the Bitcoin mine after the recent development of the agreement”. The statement, however, did not identify specific differences or indicate whether they were directly related to a bitcoin proposal.
Before that, Dashjr had reduced his day-to-day duties at OCEAN earlier in August. After his official departure, he ceased to participate in the management of the company and no longer retained his shareholder status.
OCEAN claims that the mines continue to operate as usual.
OCEAN states that the platform will continue to provide services to miners in a transparent and non-hosting mode. Under this model, block incentives are awarded directly to the miners involved, rather than first entering the mine-controlled accounts.
The company did not announce a new director or chief technical officer, nor did it explain how Dashjr ' s original technical responsibilities would be allocated. The joint statement stated that miners could continue to use the mine and that there was currently no interruption of services, hosting of risk events or settlement adjustments.
OCEAN is run by the Wyoming State Company, Mummolin, through its subsidiary Bitcoin Ocean LLC. The company completed a $6.2 million seed ship finance in 2023, involving Jack Dorsey and others.
Dashjr is going to start CONVOY
The joint statement also mentioned that Dashjr planned to launch a new project called CONVOY, which would continue its objective of centralizing the mining of bitcoin. However, as of the time of dispatch, neither the project officer network nor the technical documentation nor the login schedule had been published.
The statement also failed to indicate the form in which CONVoy would operate and it was not clear whether it would become a new mine or mining software project or other infrastructure services.
Dashjr founded the early Bitcoin mine pond, Eligius, and then participated in the creation of OCEAN in 2023. OCEAN subsequently launched the DATUM agreement, which aims to allow individual miners to build their own block templates when participating in joint mining to reduce the control of trading choices in large ponds.
Additional information:In April 2025, Tether provided OCEAN with partial arithmetical support from regions such as Africa. OCEAN has not announced at this time that this cooperative arrangement will be changed by the departure of Dashjr.