Ethereum Treasury Company Appoints New CEO Amid Buying Spree

Bitcoin Immersion Technologies has made a change in its leadership as it continues to amass one of the largest ether treasure troves among publicly traded companies.

In Friday’s notice, BitMine announced Ki Chi Tsang will succeed Jonathan Bates as CEO of the company, effective immediately. Ether (ETH) treasury company reported holding more than 3.5 million tokens as of Monday, bringing its valuation to more than $11 billion at a price of $3,175.

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

The company’s announcement included the appointment of three independent board members. Initially launched as a cryptocurrency mining company and led by Chairman Tom Lee, Bitmain has become the largest Ethereum treasury company, a stark contrast to Michael Saylor’s strategy as the largest Bitcoin (BTC) holder.

Connected: ETH long-term holders dump 45K Ether per day: will the price drop to $2.5K next?

ARK Invest, the asset management company founded by Cathie Wood, reported on November 7 that it had bought nearly $2 million worth of Bitcoin shares, increasing its ETF’s exposure to ether.

Bitcoin’s share price on the New York Stock Exchange has fallen nearly 35% over the past 30 days, reaching $34.43 at the time of publication.

Crypto treasury strategies on the horizon?

Although Bitmain and Strategy are leading the pack with their Ether and Bitcoin treasuries respectively, other companies have adopted similar investment strategies for various digital assets.

Forward Industries holds the largest position in Solana (SOL) with an estimated 6.82 million tokens as of Tuesday. Leap Therapeutics, which recently rebranded to Cypherpunk Technologies, announced on Wednesday the adoption of a Zcash (ZEC) treasury strategy, purchasing $50 million worth of the privacy-focused blockchain’s native tokens.