BitMine Immersion Technologies, a major Ethereum treasury company holding 2.9% of the network’s supply, announced new leadership. Chi Tsang is the new CEO, with three independent directors added to the board. The company aims to acquire 5% of the total ETH supply. The new executive team brings expertise in technology, DeFi, banking, and legal matters as they position BitMine as a bridge between Ethereum and traditional markets. Ethereum ETFs experienced significant outflows, impacting the market. BitMine currently holds 2.9% of ETH supply, valued at $11.2 billion. Ethereum’s price has fallen to $3,200 as ETF withdrawals continue to flood the market.

Read more at Yahoo Finance: BitMine Overhaul Signals Institutional Consolidation as ETH ETFs Record Outflows