BitMine Appoints CEO and Board Members in Renewed Ethereum Strategy

BitMine Immersion Technologies (BMNR) has announced Chi Tsang as the new CEO of the Ethereum (ETH) treasury firm. Noteworthy, Tsang is the replacement of Jonathan Bates, who led the former Bitcoin (BTC) mining firm from its early days through its pivot to an Ethereum treasury strategy.

Chi Tsang Replaces Jonathan Bates in BitMine 

On Friday, Chi Tsang replaced Jonathan Bates as the CEO of BitMine Immersion Technologies. 

Also, the company added three individuals as its independent board members. They are Robert Sechan, the founder of NewEdge Capital Group, Olivia Howe, RigUp’s CLO, and Jason Edgeworth, an asset manager for JPD Family Holdings.

Their appointment became effective immediately the announcement was made. BitMine hopes that these new appointments will go a long way in enhancing the financial services, capital markets, investment banking and technology capabilities of the firm. 

BitMine Holds Over 3% of Ethereum Supply 

For a background, BitMine was a Bitcoin mining firm from inception but suddenly tilted towards Ethereum at the beginning of 2025 under the leadership of Tom Lee. 

Last July, the firm purchased 300,657 Ethereum, which was worth about $1 billion with a market price of $3,461.89 per ETH at the time. Since then, BitMine has continued to accumulate the second-largest cryptocurrency by market cap. 

Currently, it holds about 3.5 million ETH, representing more than 3% of the total Ethereum supply. Without doubt, BitMine now holds an important position in this major cryptocurrency network. 

At the same time, the company holds some Bitcoin in its portfolio, almost 200 BTC. This is in addition to other investments across different asset classes.

Crypto Market Plunge Impacts on Ethereum Price 

The broader cryptocurrency market has seen the prices of different cryptocurrency hit rock bottom, with Bitcoin going as low as $95,000. 

At the time of this writing, Ethereum traded at $3,200.23, noting a significant fall of up to 5.46% within the last 24 hours. This is a notable dip from an All-time High (ATH) of over $4,500 from a few months ago. 

Even with this gloomy outlook of the coin, BitMine is confident in the future prospects of Ethereum. A few weeks back, Lee predicted that the digital asset could reach $10,000 per token by the end of this year, and possibly climb as high as $60,000 in the long term.