BitMine Immersion Technologies has overhauled its leadership as it continues to amass one of the largest vaults of Ether among publicly traded companies.
In Friday’s announcement, BitMine announced that Chi Tsang will replace Jonathan Bates as the company’s CEO, effective immediately. The Ether (ETH) treasury company said it had more than 3.5 million tokens as of Monday, pushing its valuation to more than $11 billion at a price of $3,175.
“With its significant stake in Ethereum and credibility with both Wall Street and the Ethereum ecosystem, BitMine is positioned as a leading financial institution,” Tsang said.
The company’s announcement included information about the appointment of three independent management board members. Initially founded as a cryptocurrency mining company and led by CEO Tom Lee, BitMine has become Ethereum’s largest treasury company, contrary to Michael Saylor’s strategy as the largest holder of Bitcoin (BTC).
Related: Long-term ETH holders dump 45,000 Ether per day: will the price drop to 2.5 thousand next? dollars?
ARK Invest, an asset management firm founded by Cathie Wood, said on November 7 that it had purchased approximately $2 million worth of BitMine shares, increasing the exposure of its ETFs to Ether.
BitMine’s share price on the Novel York Stock Exchange has dropped approximately 35% over the past 30 days, reaching $34.43 at press time.
Cryptocurrency Treasury Strategies on the Horizon?
While BitMine and Strategy lead with their Ether and Bitcoin portfolios, respectively, other companies have adopted similar investment strategies for various digital assets.
Forward Industries has the largest position on Solana (SOL), with an estimated 6.82 million tokens as of Tuesday. Leap Therapeutics, which recently changed its name to Cypherpunk Technologies, announced on Wednesday the adoption of a Zcash (ZEC) treasury strategy, purchasing $50 million worth of privacy-focused native blockchain tokens.
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