Bitmain replaces CEO and appoints three new board members…"Strengthening Ethereum strategy"

Bitmain, the world's largest holder of Ethereum (ETH), strengthened its board composition along with replacing its chief executive officer (CEO).

On the 14th (local time), according to PR Newswire, Bitmain appointed Chi Xiang as the new CEO and board director. The former CEO, Jonathan Bates, stepped down, and three people — Robert Si-chan, Olivia How, and Jason Edgeworth — newly joined as independent directors.

Tom Lee, chairman of Bitmain's board, said, "The new leadership has experience in technology, decentralized finance (DeFi, DeFi), and traditional finance," and added, "Bitmain will establish itself as a key bridge connecting traditional capital markets and the Ethereum ecosystem."

New CEO Chi Xiang emphasized, "Just as mobile and internet innovations reorganized the telecommunications and technology industries in the 1990s, blockchain and Ethereum will significantly change Wall Street's medium- to long-term structure," and said, "Bitmain is positioned to grow into a major financial institution based on its massive Ethereum holdings."

Former CEO Jonathan Bates said, "Turning Bitmain into the world's largest Ethereum holder and a company listed on the New York Stock Exchange was the team's achievement," and added, "The new leadership will lead the company to the next stage."

The new board members also mentioned growth potential. Independent director Robert Si-chan said, "Chairman Tom Lee has identified core trends such as wireless communications, independent research, early adoption of Bitcoin, and artificial intelligence faster than anyone over the past 20 years," and said, "I agree with his forecast of an 'Ethereum supercycle.'"

Director Olivia How said, "I have been steadily watching Bitmain's growth," and said, "Now that it has established itself as the world's largest Ethereum DAT, this is the optimal time to join." Director Jason Edgeworth also assessed, "Bitmain has the potential to leap forward as a core infrastructure company of the Ethereum ecosystem."

Meanwhile, Bitmain is the world's largest holder of Ethereum, holding more than 2.9% of Ethereum supply. It is pursuing a strategy to expand its Ethereum holdings to 5% in the medium to long term.