BitMine Immersion Technologies (NYSE: BMNR), the Ethereum (ETH) treasury company chaired by Wall Street legend Thomas "Tom" Lee, appointed Chi Tsang as the company's CEO on Nov. 14.
The company also appointed Robert Sechan, Olivia Howe, and Jason Edgeworth as three independent board members.
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"Our new CEO and Board members bring a unique blend of experience, insight, and leadership across technology, DeFi and financial services, enabling BitMine to further position itself as the bridge between traditional capital markets and the supercycle Ethereum ecosystem," said Lee.
"The transformation and innovation now facing Wall Street through blockchain and Ethereum mirror the explosion of opportunity that mobile phones and the internet unleashed on telecoms and technology in the 1990s," said CEO Chi Tsang.
"With its substantial Ethereum holdings and credibility with both Wall Street and the Ethereum ecosystem, BitMine is positioned to become a leading financial institution," he added.
"Building BitMine from the ground up to become an NYSE listed company, and then the world's largest holder of Ethereum, has been a remarkable journey," said former CEO Jonathan Bates. "I'm proud of what our team has achieved, and I have complete confidence that Tom and BitMine's new leadership will carry that momentum as it continues to grow."
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Bitmine stock falls 8%
Bitmine is the world's largest ETH-focused digital asset treasury (DAT) firm. A DAT company refers to a public firm that holds a significant amount of cryptocurrencies like Bitcoin (BTC), Ether, etc. on its balance sheet — similar to how public firms traditionally hold cash or commodities.
The firm currently holds 3.5 million ETH tokens worth more than $11 billion at the time of writing. It now owns 2.9% of the ETH supply and is on its way to achieving its target of accumulating 5% of the total ETH supply.
The company also holds 192 Bitcoin worth more than $18 million at the time of writing.
Bitmine Immersion is the world's second-largest digital asset treasury after Michael Saylor's Strategy (Nasdaq: MSTR).
The Ethereum treasury firm's stock crashed more than 8% following the new CEO's appointment. However, the decline has less to do with the new appointment and more to do with the broader sell-off in the market.
The BMNR stock was exchanging hands at $33.60 at the time of writing.
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This story was originally reported by TheStreet on Nov 14, 2025, where it first appeared in the Trading News & Analysis section. Add TheStreet as a Preferred Source by clicking here.
