Ethereum Treasury News: BitMine (BMNR) Appoints Chi Tsang as CEO

BitMine Immersion (BMNR), the largest corporate holder of ether, announced the appointment of Chi Tsang as its new CEO, replacing Jonathan Bates. Bates, who led the company through its transition from bitcoin mining to an Ethereum-focused digital asset treasury strategy, stepped down as BitMine has seen significant changes. The firm, now under the leadership of Chairman Tom Lee, has accumulated approximately 3.5 million ETH since pivoting to this strategy in July. Alongside Tsang’s appointment, three new independent board members have been appointed from traditional finance and asset management backgrounds. The company's stock has faced challenges recently, dropping 3.4% premarket as the overall crypto market, particularly ether, experienced declines, with ETH down 8.9% over the 24 hours preceding the announcement. Despite these headwinds, BitMine is focused on increasing its share of ether’s supply to 5%, up from the current 2.9%.

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