BitMine Appoints New CEO Amid Ether Buying Spree

LAS VEGAS – November 14, 2025 – BitMine Immersion Technologies Inc. (NYSE AMERICAN: BMNR), a leading Ethereum treasury company, has announced the appointment of Chi Tsang as its new Chief Executive Officer (CEO) and a member of the Board of Directors. Tsang succeeds Jonathan Bates, with the appointment effective immediately.

In addition to the CEO appointment, BitMine has also announced the addition of three independent board members: Robert Sechan, Olivia Howe, and Jason Edgeworth. Sechan is the Founder of NewEdge Capital Group and CEO of NewEdge Wealth. Edgeworth is an Asset Manager for JPD Family Holdings, and Howe is the Chief Legal Officer at RigUp, Inc.

These changes in leadership come as BitMine continues an aggressive buying spree of Ether (ETH), solidifying its position as the world's largest ETH Treasury company, holding over 2.9% of the Ethereum network.

According to BitMine, the new CEO and board members bring a unique combination of experience in technology, DeFi, and financial services. Tom Lee, Chairman of the Board, believes this will enable BitMine to strengthen its position as a bridge between traditional capital markets and the Ethereum ecosystem. Tsang echoed this sentiment, stating that BitMine, with its substantial Ethereum holdings and credibility with both Wall Street and the Ethereum ecosystem, is positioned to become a leading financial institution.

The company's strategic pivot to Ethereum coincides with these corporate governance changes. BitMine aims to acquire 5% of ETH.

BitMine's aggressive accumulation of ETH occurs against the backdrop of recent market volatility. Ethereum has experienced a downtrend, but there are emerging signs of strength, including declining selling pressure and accumulation by large holders. Addresses holding between 1 million and 10 million ETH have accumulated nearly 460,000 ETH in the last four days, valued at over $1.6 billion. This behavior suggests strong conviction among large holders that Ethereum is positioned for a rebound, viewing the dip as an opportunity.

BitMine's chairman, Tom Lee, has framed the recent price dip as an opportunity to bolster its position ahead of a potential "supercycle" for Ethereum over the next decade. He has expressed a bullish price forecast of $10,000–$12,000 by late 2025.

BitMine's treasury strategy is supported by institutional investors, including ARK's Cathie Wood, Founders Fund, and Galaxy Digital. The company reported $398 million in unencumbered cash and a $13.2 billion combined crypto and cash balance.

Market reactions to the leadership changes and BitMine's ETH buying have been mixed. While BitMine's stock has surged 400% year-to-date, its recent ETH purchases face near-term valuation headwinds.