Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
Crypto Journalist
We are here
Crypto Journalist
We are here
share
BitMine Immersion Technologies has appointed a new CEO as the company continues to build one of the largest Ether reserves among publicly traded companies.
Key tips:
- BitMine has named Chi Tsang as its new CEO as it expands its Ether treasury to over 3.5 million ETH.
- The company is moving from mining to a treasury-focused model, attracting institutional interest.
- Despite its massive ETH holding, BitMine’s stock has fallen 35% in the past month.
In a notice posted on FridayThe company said Chi Tsang will replace Jonathan Bates as CEO, with the transition effective immediately.
BitMine Says $11B ETH Stack Is Posing As A Future Financial Giant
The move comes as BitMine’s ETH stock rises to more than 3.5 million tokens, valued at more than $11 billion based on Monday’s price of $3,175. Tsang said the company’s position has expanded beyond mining origins.
“With its Ethereum fundamentals and credibility with Wall Street and the Ethereum ecosystem, BitMine is positioned to become a leading financial institution,” he said.
Alongside the leadership change, BitMine has appointed three new independent board members.
Originally founded as a mining operation under President Tom Lee, the company has since changed to a treasury-focused model, reflecting the Strategy of Michael Saylor, the most prominent public holder of Bitcoin.
The company has also seen renewed interest from institutional investors. ARK Invest disclosed on November 7 that it purchased approximately $2 million worth of BitMine shares, expanding its ETF exposure to Ether-related equities.
Despite the growing treasury, BitMine’s stock has struggled. Shares have fallen around 35% in the past month, trading at $34.43 at press time.
The crypto-treasure trend continues to spread beyond the two biggest players in the sector. Forward Industries now has the largest Solana position among public companies, with an estimated 6.82 million SOL.
Meanwhile, Leap Therapeutics, rebranded as Cypherpunk Technologies, revealed on Wednesday that it has adopted a Zcash treasury strategy, acquiring $50 million of ZEC as it pivots into the privacy-focused crypto space.
Ethereum Whales Accumulate 7.6M ETH as Market Enters Compression Phase
As reported, Ethereum whales have have significantly increased their exposure as ETH passes near $3,000, trend analysts say that historically it has preceded major market reversals.
CryptoQuant data shows wallets holding between 10,000 and 100,000 ETH have amassed 7.6 million ETH since April, a jump of 52%, while smaller holders continue to trim their balances.
The divergence suggests that institutional-sized players are positioned for a potential rebound, even as retail remains cautious.
Analysts also point to repeated spikes in Ethereum spot trading volume since early November, a pattern commonly seen in late-stage compression phases before big price moves.
Meanwhile, Ethereum network fees they have sunk to some of their lowest levels in years, with gas prices falling to 0.067 Gwei last week, as onchain activity slowed following the October market crash.
During the 2021 bull run, transaction costs on the Ethereum base will often exceed $100-$150, driving users towards cheaper alternatives and layer 2 solutions.
However, since Dencun’s update in March 2024, which optimized gas fees for layer 2 rollups, Ethereum’s fee revenue has collapsed by 99%, according to Token Terminal.
