BitMine Immersion (BMNR), the largest corporate holder of ether said Friday that it has named Chi Tsang as its new CEO, succeeding Jonathan Bates, who led the company from its early days through its IPO on the NYSE American.
Shares are lower by 3.4% pre-market alongside a continued slide in crypto in general and ether in particular. Down 8.9% over the past 24 hours, ETH is now down nearly 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 at RigUp, and Jason Edgeworth, an asset manager for JPD Family Holdings.
The appointments will take effect immediately, according to the press release.
The former bitcoin mining company switched to an Ethereum-focused digital asset treasury strategy earlier this year with Wall Street veteran Thomas Lee as chairman. Since July, the firm has acquired 3.5 million ETH, becoming the second largest crypto-treasury following only Michael Saylor’s strategy. It aims to remove 5% of ether’s outstanding supply, up from the current 2.9%.
The firm’s stock fell in recent weeks as government bonds of digital assets came under pressure in a broader crypto correction. BMNR fell another 4.5% premarket to $35 after Thursday’s nearly 10% drop.
Read more: B. Riley Marks Recovery Signs in Digital Assets as BitMine Extends Ether Lead
