Ethereum Treasury Company Appoints New CEO Amid Buying Spree

BitMine Immersion Technologies has revised its leadership as it continues to accumulate one of the largest holdings of Ether in publicly traded companies.

In a notice on Friday, BitMine announced that Chi Tsang will succeed Jonathan Bates as CEO of the company, effective immediately. the ether (ETH) treasury company said to hold more than 3.5 million tokens as of Monday, bringing its valuation to more than $11 billion at a price of $3,175.

“With its Ethereum fundamentals and credibility with Wall Street and the Ethereum ecosystem, BitMine is positioned to become a leading financial institution,” said Tsang.

The company’s announcement included the appointment of three independent board members. Initially launched as a cryptocurrency mining company and led by CEO Tom Lee, BitMine has become the largest Ethereum mining company. in contrast to Michael Saylor’s Strategy as the largest Bitcoin (BTC) owner.

Related: Long-term holders of ETH dump 45K Ether per day: is a price drop to $2.5K later?

ARK Invest, the asset management company founded by Cathie Wood, reported on November 7 that it had bought about $2 million value of BitMine shares, increasing the exposure of its ETFs to Ether.

BitMine’s share price on the New York Stock Exchange has fallen about 35% in the previous 30 days, reaching $34.43 at the time of publication.

Crypto treasury strategies on the horizon?

Although BitMine and Strategy lead the pack with their Ether and Bitcoin treasuries, respectively, other companies have adopted similar investment strategies for various digital assets.

Forward Industries holds the largest position on Solana (SOL), with a estimated 6.82 million tokens from Tuesday. Leap Therapeutics, which recently changed to Cypherpunk Technologies, announced the adoption of a Zcash (ZEC) treasury strategy on Wednesday, buying $50 million of the native tokens of the privacy blockchain.