BitMine Immerision (BMNR), the largest ether holding company announced Friday that it had named Chi Tsang as its new CEO, succeeding Jonathan Bates, who led the company from its inception until its listing on the US NYSE.
Shares are down 3.4% premarket, alongside a continued decline in crypto in general and ether in particular. Down 8.9% in the last 24 hours, ETH is now down almost 6% year to date.
The company also named three new independent board members: Robert Sechan, founder of NewEdge Capital Group, Olivia Howe, chief legal officer of RigUp, and Jason Edgeworth, asset manager for JPD Family Holdings.
The appointments are effective immediately, according to the press release.
The former bitcoin mining company pivoted to an Ethereum-focused digital asset treasury strategy earlier this year, with Wall Street veteran Thomas Lee as president. Since July, the company has acquired 3.5 million ETH, becoming the second largest crypto treasury behind Michael Saylor’s strategy. It aims to capture 5% of the exceptional ether supply, compared to 2.9% currently.
The company’s shares have fallen in recent weeks as digital asset treasuries have come under pressure amid a broader crypto correction. BMNR was still down 4.5% premarket at $35 after Thursday’s nearly 10% drop.
Read more: B. Riley Reports Signs of Recovery in Digital Asset Treasuries as BitMine Extends Lead on Ether
