BitMine Immersion Technologies, Inc. ( BMNR ) appointed Chi Tsang as Chief Executive Officer on Friday and added him to its Board of Directors.

The company also named three independent directors — Robert Sechan, Olivia Howe and Jason Edgeworth — as it strengthens its leadership team to support its next phase of growth.

BitMine, which holds more than 2.9% of the Ethereum network, is backed by investors including ARK’s Cathie Wood, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG and Galaxy Digital.

Also Read: Ethereum’s Price Crash Sinks Bitmine Immersion Technologies (BMNR) Stock

The company has outlined a long-term goal of acquiring 5% of all Ethereum (CRYPTO: ETH/USD).

Leadership Shift and Strategic Direction

Thomas “Tom” Lee, Chairman of the Board, said the new leadership team brings crucial expertise. “Our new CEO and Board members bring a unique blend of experience, insight, and leadership across technology, DeFi and financial services,” he said.

Tsang compared the current blockchain shift to the early internet era. “The transformation and innovation now facing Wall Street through blockchain and Ethereum mirror the explosion of opportunity that mobile phones and the internet unleashed in the 1990s,” he said. “With its substantial Ethereum holdings… BitMine is positioned to become a leading financial institution.”

Former CEO Jonathan Bates said the company’s progress has been a “remarkable journey,” adding, “I have complete confidence that Tom and BitMine’s new leadership will carry that momentum as it continues to grow.”

Directors Signal Confidence in Ethereum Growth

Incoming director Robert Sechan said Tom Lee’s long record of identifying major secular trends drew him to the role. “His view that Ethereum is a supercycle is something that resonates with me,” he said.

Olivia Howe said she has watched BitMine evolve “from a virtually unknown company to the largest Ethereum DAT in the world,” and is “honored to join the Board at this pivotal moment.”

Jason Edgeworth added, “I believe in Tom’s bold vision to establish BitMine as a critical infrastructure partner in the Ethereum ecosystem,” and said he looks forward to supporting long-term shareholder value.

Price Action: BMNR shares were trading lower by 3.71% to $35.22 at last check Friday.

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