BitMine Immersion (BMNR), the largest corporate holder of Ether Ethereum$3,147.96announced Friday that it has appointed Chi Tsang as its new chief executive officer, replacing Jonathan Bates, who led the company from its inception to its listing on the NYSE American.
The stock is down 3.4% pre-market as cryptocurrencies in general and Ethereum in particular continue to fall. Down 8.9% in the past 24 hours, ETH is now down nearly 6% year-to-date.
The company also named three new independent directors: Robert Sechan, founder of NewEdge Capital Group, Olivia Howe, chief legal officer at RigUp, and Jason Edgeworth, asset manager at JPD Family Holdings.
The appointment is effective immediately, according to a press release.
Earlier this year, the former Bitcoin mining company hired Wall Street veteran Thomas Lee as its chairman and pivoted its digital asset treasury strategy to focus on Ethereum. Since July, the company has acquired 3.5 million ETH, making it the second largest crypto treasury after Michael Saylor’s strategy. It aims to increase the amount of outstanding Ether supply to 5%, up from the current 2.9%.
The company’s stock price has fallen over the past few weeks as a broader crypto correction has put digital asset bonds under pressure. BMNR was down another 4.5% to $35 pre-market after dropping nearly 10% on Thursday.
Read more: B. Riley flags signs of recovery in digital assets Treasuries as BitMine widens lead on Ether
