Tom Lee’s Ethereum Treasury Firm BitMine Immersion Appoints Chi Tsang as CEO

BitMine Immerision (BMNR), the largest corporate holder of ether ETH$3,147.96, said on Friday it has appointed Chi Tsang as its new chief executive officer, succeeding Jonathan Bates, who led the company from its early days through its listing on the NYSE American.

Shares are lower by 3.4% premarket alongside a continuing slide in crypto in general and ether in particular. Down 8.9% over the past 24 hours, ETH is now off nearly 6% year-to-date.

The company also named three new independent board members: Robert Sechan, founder of NewEdge Capital Group, Olivia Howe, chief legal officer at RigUp, and Jason Edgeworth, an asset manager for JPD Family Holdings.

The appointments are effective immediately, according to the press release.

The former bitcoin mining firm pivoted to an Ethereum-focused digital asset treasury strategy earlier this year with Wall Street veteran Thomas Lee as chairman. Since July, the firm acquired 3.5 million ETH, becoming the second largest crypto treasury trailing only Michael Saylor’s Strategy. It aims to corner 5% of ether’s outstanding supply, up from the current 2.9%.

The firm’s stock slid over the past weeks as digital asset treasuries came under pressure in a broader crypto correction. BMNR was down another 4.5% pre-market at $35 after Thursday’s nearly 10% decline.

Read more: B. Riley Flags Recovery Signs in Digital Asset Treasuries as BitMine Extends Ether Lead