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BitMine Appoints New CEO as Ether Treasury Surges to $11B
16 Nov
Summary
- BitMine names new CEO as Ether holdings exceed 3.5 million ETH
- Company shifts from mining to treasury-focused model, attracting institutional investors
- BitMine's stock drops 35% in the past month despite its massive Ether holdings
On November 16, 2025, BitMine Immersion Technologies announced the appointment of Chi Tsang as its new Chief Executive Officer, effective immediately. This leadership change comes as the company continues to expand its Ether treasury, which has now grown to over 3.5 million ETH, valued at more than $11 billion based on the current market price.
The company's shift from a mining-focused operation to a treasury-centric model has attracted significant interest from institutional investors. In early November, ARK Invest disclosed that it had purchased around $2 million worth of BitMine shares, further expanding its exposure to Ether-linked equities.
Despite the company's massive Ether holdings, BitMine's stock has struggled in recent weeks, dropping approximately 35% over the past month. Tsang, the new CEO, believes that with its substantial Ethereum holdings and credibility within the Ethereum ecosystem, BitMine is well-positioned to become a leading financial institution.
The company has also appointed three new independent board members to support its strategic shift. This move mirrors the strategy employed by Michael Saylor and MicroStrategy, the most prominent public holder of Bitcoin, as they have transitioned their business model to focus on treasury management.
As the crypto treasury trend continues to spread, other public companies, such as Forward Industries and Leap Therapeutics (now Cypherpunk Technologies), have also adopted similar strategies, accumulating significant positions in Solana and Zcash, respectively.
