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Investing.com -- BitMine Immersion Technologies Inc (NYSE AMERICAN:BMNR) stock dropped 4.7% in premarket trading Friday following the announcement of a leadership transition and board changes.
The company, which claims to be the world’s largest ETH Treasury company holding over 2.9% of the Ethereum network, appointed Chi Tsang as its new Chief Executive Officer, replacing Jonathan Bates. Tsang will also join BitMine’s Board of Directors.
In addition to the CEO change, BitMine announced three new independent directors: Robert Sechan, founder of NewEdge Capital Group; Olivia Howe, Chief Legal Officer at RigUp; and Jason Edgeworth, asset manager for JPD Family Holdings.
"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 Tsang in a statement. He added that BitMine is "positioned to become a leading financial institution" due to its substantial Ethereum holdings and credibility with both Wall Street and the Ethereum ecosystem.
Thomas "Tom" Lee, BitMine’s Chairman of the Board, stated that the new leadership team brings "a unique blend of experience, insight, and leadership across technology, DeFi and financial services," which will help position BitMine as a bridge between traditional capital markets and the Ethereum ecosystem.
BitMine is backed by institutional investors including ARK’s Cathie Wood, Founders Fund, Pantera, and Galaxy Digital, as it pursues its goal of acquiring 5% of the Ethereum network.
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