BitMine Immersion Technologies Inc. (AMEX:BMNR) saw its stock fall 4.7% in premarket trading on Friday after unveiling a major leadership overhaul and several additions to its board.
The company — which describes itself as the world’s largest ETH Treasury holder with more than 2.9% of the Ethereum network — announced that Chi Tsang has been named Chief Executive Officer, succeeding Jonathan Bates. Tsang will also take a seat on BitMine’s Board of Directors.
Alongside the CEO change, BitMine appointed three new independent board members: Robert Sechan, founder of NewEdge Capital Group; Olivia Howe, Chief Legal Officer at RigUp; and Jason Edgeworth, asset manager at JPD Family Holdings.
“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,” Tsang said in the company’s statement. He also emphasized that BitMine is “positioned to become a leading financial institution” thanks to its significant Ethereum ownership and established reputation across Wall Street and the Ethereum community.
Board Chairman Thomas “Tom” Lee expressed strong support for the revamped leadership team, saying it brings “a unique blend of experience, insight, and leadership across technology, DeFi and financial services,” qualities he believes will help BitMine act as a crucial bridge between traditional markets and the Ethereum ecosystem.
BitMine continues to receive backing from high-profile institutional investors — including Cathie Wood’s ARK, Founders Fund, Pantera, and Galaxy Digital — as the company pursues its long-term goal of accumulating 5% of the entire Ethereum network.