Ethereum Latest Updates: BitMine Invests $12.5 Billion in Ethereum, CEO Predicts a Repeat of the 1990s Internet Surge

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Ethereum Latest Updates: BitMine Invests $12.5 Billion in Ethereum, CEO Predicts a Repeat of the 1990s Internet Surge

Bitget-RWA2025/11/14 15:14

By:Bitget-RWA

- BitMine appoints Chi Tsang as CEO and adds three board members to accelerate Ethereum holdings expansion. - The firm increased ETH purchases by 34% last week, holding 3.5M ETH ($12.5B) despite price drops. - Tsang compares Ethereum's growth to the 1990s internet boom, aiming to bridge traditional and crypto markets. - Regulatory compliance and market skepticism follow the leadership change, with BMNR down 4.7% premarket.

BitMine Immersion Technologies, recognized as the largest

Ethereum

treasury firm globally, has restructured its leadership by naming Chi Tsang as the new CEO and appointing three independent directors to its board. This leadership change is designed to speed up the company’s ambitious plan to boost its Ethereum reserves, which currently make up 2.9% of the total supply, with the goal of controlling 5% of the 120.7 million ETH in circulation

according to reports

This executive shift comes after BitMine significantly ramped up its Ethereum acquisitions. In the previous week, the company

acquired an additional 110,288 ETH for its reserves

, marking a 34% jump from the week before and bringing its total to 3.5 million ETH, now valued at $12.5 billion. These assets were purchased at an average price of $3,639 per coin, even as Ethereum’s value dropped 13.4% over the last two weeks. Chairman Tom Lee highlighted that the price drop presented a strategic buying opportunity, pointing to Ethereum’s increasing adoption in traditional finance, such as asset tokenization and enhanced transparency through blockchain

according to reports

Ethereum Latest Updates: BitMine Invests $12.5 Billion in Ethereum, CEO Predicts a Repeat of the 1990s Internet Surge image 0

Chi Tsang, the newly appointed CEO, previously held the role of president at BitMine and has a background in both finance and technology. In his remarks, Tsang

likened the Ethereum transformation to the internet’s explosive growth

in the 1990s, stating BitMine’s aim to become a “top-tier financial institution” that connects legacy capital markets with the Ethereum network. The expanded board now includes Robert Sechan, founder of NewEdge Capital Group; Olivia Howe, legal officer at RigUp; and Jason Edgeworth, asset manager at JPD Family Holdings. Sechan credited Tom Lee’s ability to spot “major secular trends,” such as

Bitcoin

and artificial intelligence, as a primary reason for joining the board

according to press release

BitMine continues to enjoy strong institutional support, with backers like ARK’s Cathie Wood, Founders Fund, and Galaxy Digital. The company’s long-term strategy is anchored in the concept of Ethereum’s “supercycle,” a theme promoted by Lee, who

forecasts ETH could hit $10,000–$12,000

by 2025. Despite this optimism, BitMine’s shares (BMNR)

dropped 4.7% in premarket trading

after the leadership news, indicating investor doubts about the company’s ambitious targets.

Regulatory compliance remains a priority for BitMine, which has confirmed it meets NYSE American requirements—a crucial factor as crypto treasury firms face tighter oversight. Meanwhile, broader market signals are mixed:

Ethereum ETFs saw $1.17 billion in outflows

last week, while Bitcoin mining companies like TeraWulf reported increased revenues as prices climbed.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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