BitMine Immersion Technologies (BMNR) is going all-in on Ethereum, and it just assembled the leadership team to prove it.

The company announced Friday that Chi Tsang will take over as CEO and join the Board of Directors. BitMine also brought on three independent directors—Robert Sechan, Olivia Howe, and Jason Edgeworth—to help steer what the company is positioning as its next major growth phase.

This isn't some startup tinkering with crypto on the side. BitMine already controls more than 2.9% of the Ethereum network, and it's backed by some serious names: Cathie Wood's ARK, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, and Galaxy Digital. The long-term goal? Acquire 5% of all Ethereum.

New CEO Sees Ethereum as the Next Internet Moment

Tsang is drawing parallels between blockchain today and the internet boom of the 1990s. "The transformation and innovation now facing Wall Street through blockchain and Ethereum mirror the explosion of opportunity that mobile phones and the internet unleashed in the 1990s," he said. "With its substantial Ethereum holdings… BitMine is positioned to become a leading financial institution."

That's the bet here: that Ethereum becomes foundational infrastructure, and BitMine becomes a major player by simply holding a lot of it.

Chairman Tom Lee, who's staying on to guide the strategic direction, emphasized the caliber of talent joining the team. "Our new CEO and Board members bring a unique blend of experience, insight, and leadership across technology, DeFi and financial services," he said.

Outgoing CEO Jonathan Bates called the journey so far a "remarkable" one and expressed confidence in the new leadership's ability to maintain momentum.

New Directors Buy Into the Ethereum Supercycle Thesis

The three new directors aren't shy about why they signed on—they believe in Tom Lee's vision that Ethereum is entering a supercycle.

Robert Sechan said Lee's track record of spotting major secular trends was a key draw. "His view that Ethereum is a supercycle is something that resonates with me," he said.

Olivia Howe noted that she's watched BitMine evolve "from a virtually unknown company to the largest Ethereum DAT in the world," and said she's "honored to join the Board at this pivotal moment."

Jason Edgeworth echoed the optimism: "I believe in Tom's bold vision to establish BitMine as a critical infrastructure partner in the Ethereum ecosystem," adding that he's focused on supporting long-term shareholder value.

Price Action: BMNR shares were trading lower by 3.71% to $35.22 at last check Friday.