BitMine Immerision (BMNR), the largest corporate holder of ether said on Friday that it has named Chi Tsang as its new chief executive, replacing Jonathan Bates, who led the company from its inception to its listing on the New York Stock Exchange (NYSE American).
Shares are down 3.4% premarket along with a continued decline in cryptocurrencies in general and ether in particular. Down 8.9% in the last 24 hours, ETH is now down almost 6% year-to-date.
The company also appointed three new independent board members: Robert Sechan, founder of NewEdge Capital Group, Olivia Howe, chief legal officer of RigUp, and Jason Edgeworth, asset manager of JPD Family Holdings.
The appointments are effective immediately, according to the news release.
The former bitcoin mining company adopted an Ethereum-focused digital asset treasury strategy earlier this year with Wall Street veteran Thomas Lee as president. Since July, the company has acquired 3.5 million ETH, making it the second-largest crypto hoard, behind only Michael Saylor’s strategy. Its goal is to capture 5% of the outstanding supply of ether, up from 2.9% currently.
The company’s shares fell in recent weeks as digital asset treasuries came under pressure in a broader crypto correction. BMNR was down another 4.5% premarket to $35 after Thursday’s nearly 10% drop.
Read more: B. Riley points to signs of recovery in digital asset Treasuries as BitMine extends lead in Ether
