Ethereum News Today: BitMine's $12.5B Ethereum Bet: CEO Sees 90s Internet Boom Repeating

BitMine Immersion Technologies, the world's largest Ethereum treasury company, has undergone a leadership overhaul with the appointment of Chi Tsang as chief executive officer and the addition of three independent board members. The move aims to accelerate the firm's aggressive strategy to expand its Ethereum holdings, which currently account for 2.9% of the total supply, as it seeks to own 5% of the 120.7 million ETH in circulation according to reports.

The leadership transition follows a significant surge in BitMine's Ethereum accumulation. Last week, the firm added 110,288 ETH to its treasury, a 34% increase from the prior week, bringing its total holdings to 3.5 million ETH valued at $12.5 billion. The purchases were made at an average price of $3,639 per token, despite Ethereum's 13.4% decline over the past two weeks. BitMine's chairman, Tom Lee, emphasized the strategic opportunity presented by the price dip, noting Ethereum's growing adoption on Wall Street, including asset tokenization and blockchain-driven transparency according to reports.

The new CEO, Chi Tsang, previously served as BitMine's president and brings a background in financial services and technology. In a statement, Tsang compared the Ethereum revolution to the internet boom of the 1990s, positioning BitMine to become a "leading financial institution" by bridging traditional capital markets and the Ethereum ecosystem. The board expansion includes Robert Sechan, founder of NewEdge Capital Group; Olivia Howe, legal officer at RigUp; and Jason Edgeworth, asset manager at JPD Family Holdings. Sechan praised Tom Lee's track record in identifying "secular stories," including Bitcoin and AI, as a key reason for his board appointment according to press release.

BitMine's institutional backing remains robust, with supporters including ARK's Cathie Wood, Founders Fund, and Galaxy Digital. The company's long-term vision hinges on Ethereum's "supercycle," a narrative championed by Lee, who projects ETH reaching $10,000–$12,000 by 2025. However, the stock (BMNR) fell 4.7% in premarket trading following the leadership announcement, reflecting market skepticism about the feasibility of its ambitious goals.

The regulatory landscape also remains a focus. BitMine confirmed compliance with NYSE American standards, a critical step as crypto treasury companies face heightened scrutiny. Meanwhile, broader market trends show mixed signals: Ethereum ETFs lost $1.17 billion in assets last week, while Bitcoin miners like TeraWulf reported revenue surges amid rising prices.