BitMine Names New CEO Amid Rapid Growth of Its $11B Ether Stack

BitMine Immersion Technologies has appointed a new chief executive as the company continues to build one of the largest Ether treasuries among publicly traded firms.

Key Takeaways:

• BitMine named Chi Tsang as its new CEO while expanding its Ether treasury to more than 3.5 million ETH.
• The company is shifting from mining to a treasury-focused model, attracting institutional interest.
• Despite its massive ETH holdings, BitMine’s stock has dropped 35% in the past month.

In a notice released Friday, the company said Chi Tsang will replace Jonathan Bates as CEO, with the transition taking effect immediately.

BitMine Says $11B ETH Stack Positions It as a Future Financial Giant

The move comes as BitMine’s ETH holdings surge to more than 3.5 million tokens, valued at over $11 billion based on Monday’s price of $3,175. Tsang said the company’s position has now expanded beyond its mining origins.

“With its substantial Ethereum holdings and credibility with both Wall Street and the Ethereum ecosystem, BitMine is positioned to become a leading financial institution,” he said.

Alongside the leadership change, BitMine appointed three new independent board members.

Originally founded as a mining operation under Chairman Tom Lee, the company has since shifted into a treasury-focused model, mirroring Michael Saylor’s Strategy, the most prominent public holder of Bitcoin.

The company has also seen fresh interest from institutional investors. ARK Invest disclosed on Nov. 7 that it purchased roughly $2 million worth of BitMine shares, expanding its ETF exposure to Ether-linked equities.

Despite the growing treasury, BitMine’s stock has struggled. Shares have fallen around 35% over the past month, trading at $34.43 at the time of publication.

The crypto treasury trend continues to spread beyond the sector’s two largest players. Forward Industries now holds the biggest Solana position among public companies, with an estimated 6.82 million SOL.

Meanwhile, Leap Therapeutics, newly rebranded as Cypherpunk Technologies, revealed on Wednesday that it adopted a Zcash treasury strategy, purchasing $50 million worth of ZEC as it pivots into the privacy-focused crypto space.

Ethereum Whales Accumulate 7.6M ETH as Market Enters Compression Phase

As repored, Ethereum whales have significantly increased their exposure as ETH hovers near $3,000, a trend analysts say has historically preceded major market reversals.

CryptoQuant data shows wallets holding between 10,000 and 100,000 ETH have accumulated 7.6 million ETH since April, a 52% jump, while smaller holders continue to trim their balances.

The divergence suggests institutional-sized players are positioning for a potential rebound, even as retail remains cautious.

Analysts also point to repeated spikes in Ethereum’s spot trading volume since early November, a pattern commonly seen in late-stage compression phases before large price moves.

Meanwhile, Ethereum network fees have plunged to some of their lowest levels in years, with gas prices dropping to 0.067 Gwei last week as onchain activity slowed following October’s market-wide crash.

During the 2021 bull run, transaction costs on Ethereum’s base layer frequently exceeded $100–$150, driving users toward cheaper alternatives and layer-2 solutions.

However, since the Dencun upgrade in March 2024, which optimized gas fees for layer-2 rollups, Ethereum’s fee revenue has collapsed by 99%, according to Token Terminal.

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