“Tsang has replaced Jonathan Bates, who led the former bitcoin mining firm from its early days through its pivot to an Ethereum treasury strategy.”, — write: www.coindesk.com
Shares are lower by 3.4% premarket alongside a continuing slide in crypto in general and ether in particular. Down 8.9% over the past 24 hours, ETH is now off nearly 6% year-to-date.
The company also named three new independent board members: Robert Sechan, founder of NewEdge Capital Group, Olivia Howe, chief legal officer at RigUp, and Jason Edgeworth, an asset manager for JPD Family Holdings.
The appointments are effective immediately, according to the press release.
The former bitcoin mining firm pivoted to an Ethereum-focused digital asset treasury strategy earlier this year with Wall Street veteran Thomas Lee as chairman. Since July, the firm acquired 3.5 million ETH, becoming the second largest crypto treasury trailing only Michael Saylor’s Strategy. It aims to corner 5% of ether’s outstanding supply, up from the current 2.9%.
The firm’s stock slid over the past weeks as digital asset treasuries came under pressure in a broader crypto correction. BMNR was down another 4.5% pre-market at $35 after Thursday’s nearly 10% decline.
Read more: B. Riley Flags Recovery Signs in Digital Asset Treasuries as BitMine Extends Ether Lead
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The shares slumped more than 13% in pre-market trading as the price of bitcoin tumbled.
- American Bitcoin reported a third-quarter profit and said revenue more than doubled in its its first full quarter as a public company
- The company’s BTC holdings rose to 4,004 this month.
- The shares tumbled in pre-market trading as the crypto market slumped.
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