BitMine Names New CEO as Ethereum Treasury Strategy Continues
BitMine Immersion just brought in Chi Tsang as its new CEO, replacing Jonathan Bates who'd been running things
Quick overview
- BitMine Immersion has appointed Chi Tsang as the new CEO, replacing Jonathan Bates amid a challenging market for cryptocurrencies.
- The company, which has transitioned from Bitcoin mining to accumulating Ethereum, aims to control 5% of all outstanding Ether, currently holding 2.9%.
- BitMine's stock has seen a decline, reflecting investor concerns over its heavy concentration in Ethereum during a period of market volatility.
- The board has also been revamped with three independent directors to bring fresh perspectives as the company navigates the turbulent crypto landscape.
BitMine Immersion just brought in Chi Tsang as its new CEO, replacing Jonathan Bates who’d been running things since the company’s early mining days. The timing comes as shares took a hit Friday, down 3.4% in premarket trading.
The leadership change at the largest corporate Ethereum holder arrives during a rough patch for crypto broadly. Ether dropped nearly 9% in 24 hours and is now down about 6% for the year. BitMine’s stock hasn’t been spared either, falling 4.5% premarket to $35 after losing almost 10% Thursday.
Tsang steps into a company that’s undergone a massive transformation. BitMine started as a Bitcoin mining operation but pivoted hard into an Ethereum treasury play earlier this year, with Wall Street analyst Tom Lee taking the chairman role. Since July, they’ve accumulated 3.5 million ETH, making them the second biggest crypto treasury after Michael Saylor’s Strategy.
Their goal? Control 5% of all outstanding Ether. They’re at 2.9% now. Getting to 5% means doubling down in a market that’s been anything but stable.
The board got a makeover too. BitMine added three independent directors: Robert Sechan from NewEdge Capital Group, Olivia Howe (chief legal officer at RigUp), and Jason Edgeworth who manages assets for JPD Family Holdings. All three bring traditional finance credentials to a company betting big on crypto.
These appointments take effect immediately, which suggests BitMine wants fresh perspectives as it navigates choppy markets. The broader digital asset treasury space has been under pressure recently as crypto prices corrected. When you’re holding billions in a single asset like Ethereum, those swings hit hard.
Bates led BitMine through its NYSE American listing and the strategic pivot that completely changed what the company does. Now Tsang inherits a portfolio heavily concentrated in one asset during uncertain times. The stock performance reflects investor jitters about that concentration risk.
For context, digital asset treasury companies have been the hot thing in crypto for a while now. The playbook is simple: raise capital, buy crypto, hold it on your balance sheet, and let appreciation do the work. It’s worked brilliantly during bull runs. During corrections? Not so much. BitMine’s recent stock slide shows how quickly sentiment can shift when underlying assets tank.
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