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

BitMine Immersion Technologies, leader ethereum Treasury company with more than $11 billion cryptocurrency, announced on Friday that it has appointed Chi Tsang as CEO and board member.

Tsang, who succeeds previous CEO Jonathan Bates, was recently the founder and Managing Partner of venture fund m1720, and had spent a decade at HSBC, where he ended up in 2022 as Head of Asia and TMT Global Banking.

“The transformation and innovation now facing Wall Street through blockchain and Ethereum reflects the explosion of opportunities that mobile phones and the internet unleashed in telecommunications and technology in the 1990s,” Tsang said in a statement. “With its Ethereum fundamentals and credibility with Wall Street and the Ethereum ecosystem, BitMine is positioned to become a leading financial institution.”

The firm also appointed a trio of new board members in Robert Sechan, Olivia Howe and Jason Edgeworth.

BitMine President Tom Lee, who has been the face of BitMine since its Ethereum pivot earlier this year, said in a statement that the new appointments “bring a unique blend of experience, insight, and leadership in technology, DeFi and financial services, allowing BitMine to further position itself as the bridge between traditional capital markets and the Ethereum supercycle.”

Shares of BMNR are down about 4% on the day, changing hands at just over $35. The company’s stock has fallen nearly 34% over the past month as crypto prices tumble, diminishing the value of the company’s ETH stash.

From Monday, the company holds more than 3.5 million ETHcurrently valued around $11.2 billion, making it the largest corporate holder of Ethereum by far—significantly surpassing runner-up SharpLink Gaming, with around $2.75 billion.

Ethereum is down 5.5% over the last day to a recent price of $3,200, pushing its 30-day dive to more than 20%. The price of ETH has fallen by 35% since the asset reached a new all-time high price of just $5,000 in August.

Users on Myriad – a prediction market platform operated by DecryptThe parent company of Dastan, remains somewhat optimistic about the next move of Ethereum, giving a probability of almost 53%. that ETH is more likely to rise to $4,000 later instead of falling to $2,500.

Starting this week, Myriad users have a 77% chance of raising $4,000.