BitMine Immersion (BMNR), the largest corporate holder of ether (ETH), appointed Chi Tsang as its new chief executive officer on Friday. Tsang replaces Jonathan Bates, who led the company from its inception through its listing on the NYSE American.
The company also announced the addition of three independent board members: Robert Sechan, Olivia Howe, and Jason Edgeworth. These leadership changes come as ether and the broader cryptocurrency market continue to face significant declines.
Share Performance and Market Context
BitMine Immersion’s shares dropped 3.4% in premarket trading, following an ongoing slump in the crypto sector. Ether prices fell 8.9% over the past 24 hours and are down nearly 6% year-to-date.
The company’s stock has experienced downward pressure in recent weeks amid a broad correction impacting digital asset treasuries. BMNR’s shares declined an additional 4.5% premarket to $35 after a nearly 10% drop on Thursday.
New Board Members and Strategic Shift
The new board members include Robert Sechan, founder of NewEdge Capital Group; Olivia Howe, chief legal officer at RigUp; and Jason Edgeworth, an asset manager for JPD Family Holdings. All appointments are effective immediately.
Earlier this year, BitMine Immersion pivoted from bitcoin mining to an Ethereum-focused digital asset treasury strategy. Wall Street veteran Thomas Lee serves as chairman. Since July, the firm has acquired 3.5 million ETH, making it the second-largest crypto treasury after Michael Saylor’s Strategy.
BitMine aims to hold 5% of ether’s outstanding supply, increasing from its current 2.9% stake.
