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Bitmine Immersion Technologies, the leading Ethereum treasury company, has appointed a new CEO and new board members. This move comes as the firm, which initially launched as a crypto mining company, looks to overhaul its leadership.
In a press release on Friday, November 14, Bitmine announced Chi Tsang as the company’s new chief executive officer and a member of the board of directors, effective immediately. Tsang, founder of venture firm m1720, will be replacing Jonathan Bates, who has been CEO since 2022.
The Ethereum treasury firm also disclosed the appointment of three new independent board members, including Robert Sechan, Olivia Howe, and Jason Edgeworth. Tsang said that Bitmine is positioned to become a leading institution, thanks to its significant Ethereum holdings and strong bridge between traditional finance and cryptocurrency.
Tsang, the new Bitmine CEO, said in a statement:
The transformation and innovation now facing Wall Street through blockchain and Ethereum mirror the explosion of opportunity that mobile phones and the internet unleashed on telecoms and technology in the 1990s.
The appointment of vocal Ethereum investor Tom Lee as the chairman of Bitmine’s board of directors saw its strategic transition from a crypto mining firm to a digital asset treasury. Since then, BitMine has become the largest corporate Ether holder and the largest Ethereum company.
Tom Lee, Bitmine’s board chairman, said:
Our new CEO and Board members bring a unique blend of experience, insight, and leadership across technology, DeFi and financial services, enabling BitMine to further position itself as the bridge between traditional capital markets and the supercycle Ethereum ecosystem.
Bitmine has continued to expand its Ether treasury, reporting a holding of more than 3.5 million tokens (worth more than $11 billion at the current price) as of Monday, November 10. While the firm currently holds 3% of the total Ether supply, the firm plans to capture 5% of Ethereum’s free-floating tokens.
The price of BitMine’s stock (with the ticker BMNR) stood at around $34.4 by market close on Friday, reflecting an almost 6% decline in the past day. Meanwhile, the BMNR stock has decreased in value by more than 36% in the past month.
This disappointing performance comes on the back of waning sentiment around digital asset treasuries in recent months. A report in October found that retail investors have lost up to $17 billion to the Bitcoin treasury hype.
