Key Highlights
- BitMine hired Chi Tsang as its new CEO and added three new independent board members.
- The company now holds over 3.5 million ETH, making it the largest corporate Ethereum holder.
- BitMine’s stock has fallen recently as Ethereum and the wider crypto market continue to drop.
BitMine Immersion Technologies announced on Friday that it has appointed Chi Tsang as its new CEO and board member, replacing former CEO Jonathan Bates, with the move taking effect immediately.
The update was shared in Las Vegas, where the company said the updated leadership will help guide its plans during a period of heavy activity in the Ethereum market.
Strong experience behind the team
Tsang previously founded the venture fund m1720 and spent a decade working at HSBC, where he ended his time as Head of Asia and TMT Global Banking.
“The transformation and innovation now facing Wall Street through blockchain and Ethereum mirror the explosion of opportunity that mobile phones and the internet unleashed on telecoms and technology in the 1990s,” Tsang said in the statement announcing his appointment. He added that the company’s large holdings give it the credibility needed to grow into a major financial institution in the future.
New board members join in
BitMine also added three new independent board members. Robert Sechan, the founder of NewEdge Capital Group, joined as a director. Olivia Howe, the Chief Legal Officer at RigUp, came on board. Jason Edgeworth, an asset manager for JPD Family Holdings, was added as well.
Chairman Tom Lee said their combined experience in technology, DeFi, and financial services will help BitMine connect traditional markets with the fast-growing Ethereum space.
A company with big plans
Former CEO Jonathan Bates said he is proud of the progress the company has made. He said it was a major journey to build BitMine into a public company and then into the world’s largest holder of Ethereum.
New board member Robert Sechan said he has known Tom Lee for many years and respects his ability to spot big trends early. Olivia Howe said she has watched the company rise from being a little-known name to the biggest Ethereum DAT and is excited to help it grow further. Jason Edgeworth said he believes in Tom Lee’s plan to make BitMine an important part of the Ethereum system.
BitMine now holds more than 3.5 million ETH, valued at roughly $12.4 billion, representing 2.9% of Ethereum’s total supply. This makes the company the largest corporate holder of Ethereum by a wide margin.
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