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BitMine Immersion (BMNR), the largest corporate holder of ether , he said on Friday appointed Chi Tsang as its new chief executive officer, succeeding Jonathan Bates, who led the company from its early days through its listing on the American NYSE.
Shares are lower by 3.4% premarket alongside a continuous slide in crypto in general and ether in particular. Down 8.9% in the last 24 hours, ETH is now off nearly 6% year to date.
The company also named three new independent board members: Robert Sechan, founder of NewEdge Capital Group, Olivia Howe, legal director of RigUp, and Jason Edgeworth, a wealth manager for JPD Family Holdings.
The appointments are effective immediately, according to the news release.
The former bitcoin mining firm pivoted to an Ethereum-focused digital asset treasury strategy earlier this year with Wall Street veteran Thomas Lee as chairman. Since July, the firm acquired 3.5 million ETH, becoming the second largest crypto-treasure followed only by Michael Saylor’s Strategy. It aims to reach 5% of the outstanding supply of ether, from the current 2.9%.
The firm’s stock has tumbled in recent weeks as digital asset holders have come under pressure in a broader crypto correction. BMNR was down another 4.5% pre-market to $35 after Thursday’s nearly 10% decline.
Read more: B. Riley Flags Recovery Signs in Digital Asset Treasuries as BitMine Extends Ether Lead
