Tom Lee's $11 Billion Ethereum Treasury Firm BitMine Appoints New CEO

BitMine Immersion Technologies, the starring Ethereum treasury institution with much than $11 cardinal worthy of the cryptocurrency, announced Friday that it has appointed Chi Tsang arsenic CEO and committee member.

Tsang, who succeeds erstwhile CEO Jonathan Bates, was precocious the laminitis and Managing Partner of task money m1720, and had antecedently spent a decennary astatine HSBC, wherever helium finished successful 2022 arsenic Head of Asia and TMT Global Banking.

"The translation and innovation present facing Wall Street done blockchain and Ethereum reflector the detonation of accidental that mobile phones and the net unleashed connected telecoms and exertion successful the 1990s," said Tsang, successful a statement. "With its important Ethereum holdings and credibility with some Wall Street and the Ethereum ecosystem, BitMine is positioned to go a starring fiscal institution."

The steadfast besides appointed a trio of caller committee members successful Robert Sechan, Olivia Howe, and Jason Edgeworth.

BitMine Chairman Tom Lee, who has been the look of BitMine since its Ethereum pivot earlier this year, said successful a connection that the caller appointments "bring a unsocial blend of experience, insight, and enactment crossed technology, DeFi, and fiscal services, enabling BitMine to further presumption itself arsenic the span betwixt accepted superior markets and the supercycle Ethereum ecosystem."

Shares of BMNR are down astir 4% connected the day, precocious changing hands conscionable implicit $35. The firm's banal has fallen astir 34% implicit the past period arsenic crypto prices fall, diminishing the worth of the company's ETH stash.

BitMine Stock Rises After Tom Lee’s Firm Buys the Dip, Adding $389 Million successful Ethereum

As of Monday, the institution holds implicit 3.5 cardinal ETH, presently valued astir $11.2 billion, making it the largest firm holder of Ethereum by far—significantly outpacing runner-up SharpLink Gaming, with astir $2.75 cardinal worth.

Ethereum is down 5.5% implicit the past time to a caller terms of $3,200, pushing its 30-day plunge to much than 20%. The terms of ETH has fallen by 35% since the plus deed a caller all-time precocious terms conscionable shy of $5,000 successful August.

Users connected Myriad—a prediction marketplace level operated by Decrypt's genitor company, Dastan—remain somewhat optimistic astir Ethereum's adjacent move, giving a astir 53% accidental that ETH is much apt to emergence to $4,000 adjacent alternatively than autumn to $2,500.

Earlier this week, Myriad users penciled successful a 77% accidental of a emergence to $4,000.