Overview
- BitMine appointed Chi Tsang as chief executive and board member, replacing Jonathan Bates, and added independent directors Robert Sechan, Olivia Howe and Jason Edgeworth effective immediately.
- The company describes its holdings as controlling more than 2.9% of the Ethereum network, while multiple outlets report a balance above 3.5 million ETH valued at roughly $11.2 billion.
- BitMine is pursuing a long‑term target to own 5% of ether’s supply and cites backing from investors including ARK’s Cathie Wood, Founders Fund, Bill Miller III, Pantera, Kraken, DCG and Galaxy Digital.
- Shares of BMNR fell about 3%–4% on Friday and are down roughly 34%–35% over the past month as ether’s price declined.
- The firm pivoted earlier this year from bitcoin mining to an Ethereum‑focused treasury under Chairman Tom Lee, with recent coverage also noting an ARK Invest purchase of about $2 million in BMNR shares and outside analyses questioning valuation metrics.