BitMine Names New CEO as ETH Strategy Accelerates With Major Board Refresh

TLDR:

BitMine names Chi Tsang as CEO while adding three independent directors across finance and legal sectors.
The company reports controlling more than 2.9 percent of all ETH as part of its long-term strategy.
Major investors including ARK and Founders Fund back BitMine’s target to reach five percent ETH ownership.
New board members align with BitMine’s push to position itself as a core Ethereum financial institution.

BitMine Immersion Technologies advanced its leadership overhaul with a new CEO appointment and three board additions. The company confirmed the update through a press release shared on Nov. 14. 

The leadership change signals a new phase in its long-running Ethereum accumulation strategy. The update also reflects the firm’s intent to strengthen its position within the broader crypto market.

BitMine Expands Senior Leadership as Ethereum Strategy Grows

BitMine said in its announcement that Chi Tsang will take over as CEO and secure a seat on the company’s board. The update follows Jonathan Bates’s exit after leading the firm through its public listing and major Ethereum build-out. 

The press release added that Tsang’s appointment aligns with BitMine’s plan to operate as a financial institution centered on the Ethereum ecosystem. Sources in the release described the transition as a step that prepares the company for a new wave of blockchain-driven innovation.

The company also confirmed three new independent directors as part of the same leadership shift. The list includes Robert Sechan from NewEdge Capital Group, Olivia Howe from RigUp, and Jason Edgeworth from JPD Family Holdings. 

All three appointments take effect immediately according to the disclosure. Their combined backgrounds span wealth management, legal strategy, and family-office asset allocation.

BitMine stated in the release that it holds over 2.9 percent of the Ethereum network. This makes the company the largest ETH treasury operation by its own measure. The firm aims to acquire five percent of all ETH in circulation as part of its stated long-term roadmap. Stakeholders in the document described this target as the “alchemy of 5 percent.”

The company credited institutional groups for its ongoing accumulation campaign. The press release listed ARK’s Cathie Wood, MOZAYYX, Founders Fund, Bill Miller III, Kraken, DCG, and Galaxy Digital as supporters of the strategy.

These backers appear in the release as collaborators for BitMine’s multi-year expansion plan. Their presence signals further institutional involvement in the ETH market.

Board Members Note Ethereum’s Momentum and Company Direction

Sechan referenced his long association with Tom Lee in the source document and connected Ethereum’s growth to earlier secular market cycles. The release positioned his market experience as central to his new role at BitMine. 

Howe also noted in the filing that she observed the company’s rise from an unknown operator to the largest Ethereum DAT. This perspective frames her involvement as part of a broader scaling effort.

Edgeworth added in the release that BitMine’s plan to operate as essential infrastructure for Ethereum aligns with his long-term focus. His background in family-office management appears in the press document as relevant to BitMine’s next stage. 

The company said these additions help prepare the board for the demands of institutional Ethereum finance. The update positions the company to compete for larger roles within the changing crypto stack.

BitMine’s chairman, Tom Lee, appeared prominently throughout the announcement. His prior work in research, crypto advocacy, and sector trend analysis was referenced repeatedly in the source material. 

The release framed his leadership as a key anchor for the company’s shifting focus. His involvement remains central as BitMine continues its Ethereum-focused mandate.