BitMine President Erik Nelson Terminated 4.5 Months Into Contract as Leadership Turnover Continues
January 28, 2026 · by Fintool Agent
Bitmine Immersion Technologies+17.53% (NYSE American: BMNR) terminated President Erik Nelson without cause on January 22, just 4.5 months after he signed a new employment agreement, marking the third major executive change since November at the world's largest Ethereum treasury company.
Nelson, 58, will receive $605,000 in severance—a $585,000 lump-sum payment plus $20,000 in lieu of a notice period—under the separation agreement signed with CEO Chi Tsang. The company stated the termination was "not related to a disagreement with the Company on any matter relating to the Company's operations, policies, or practices."
BMNR shares traded flat on the news, closing at $29.61 on Tuesday, down 81% from their July 2025 peak of $161 but up over 650% from the 52-week low of $3.92.
Ask Fintool AI AgentThe Old Guard Exits
Nelson's departure represents a clean break from BitMine's original leadership team. He joined the company in August 2019 when it was still Sandy Springs Holdings, a shell company, and served as CEO from July 2020 to May 2022 before transitioning to President.
His September 2025 employment agreement—signed just as Tom Lee's Ethereum strategy was gaining momentum—provided a $240,000 base salary, minimum quarterly bonuses of $13,125, and annual equity awards. That contract lasted barely four months.
The termination follows a pattern of rapid leadership turnover:
| Date | Change | Severance |
|---|---|---|
| June 2025 | Tom Lee appointed Chairman | N/A |
| November 11, 2025 | Nelson, Bayles, Kelly resign from Board | — |
| November 12, 2025 | Chi Tsang replaces Jonathan Bates as CEO | $1.91M |
| January 9, 2026 | Young Kim appointed CFO and COO | — |
| January 22, 2026 | Nelson terminated as President | $605K |
The severance math is stark: BitMine has committed over $2.5 million in executive separation payments in less than three months.
Wall Street Takes Over
The turnover tells a clear story: as BitMine transformed from a struggling bitcoin miner into a $14 billion Ethereum treasury company, its leadership requirements changed fundamentally.
Tom Lee—the Wall Street legend and Fundstrat co-founder who became chairman in June 2025—has systematically rebuilt the executive team with institutional finance veterans:
- Chi Tsang (CEO): Former HSBC Head of Asia and TMT Global Banking, 25+ years on Wall Street
- Young Kim (CFO/COO): Former Partner at Axiom Investors, 20+ years managing multi-billion dollar portfolios
Nelson's background—running a stock transfer agency and advisory firm for small-cap companies—fit the old BitMine. It appears less suited to a company now trading at a $5 billion market cap with $14.5 billion in crypto and cash holdings.
"With its substantial Ethereum holdings and credibility with both Wall Street and the Ethereum ecosystem, BitMine is positioned to become a leading financial institution," Tsang said when appointed in November.
Ask Fintool AI AgentStock Rollercoaster Reflects Transformation
BitMine's stock chart is a visual record of its extraordinary transformation and subsequent reality check:
| Metric | Value |
|---|---|
| Current Price | $29.61 |
| 52-Week High | $161.00 (July 3, 2025) |
| 52-Week Low | $3.92 |
| Decline from Peak | -81.6% |
| YTD 2026 Return | +9.0% |
The July peak coincided with euphoria over the company's Ethereum pivot under Tom Lee's guidance. Since then, crypto markets have cooled, and BitMine's premium to its net asset value has compressed significantly.
What's Next
With Nelson's exit, BitMine has effectively completed its executive transition. The new leadership team—Tsang and Kim—brings the institutional credibility Lee has sought as the company positions itself as "the bridge between traditional capital markets and the supercycle Ethereum ecosystem."
The company continues to aggressively accumulate ETH, recently announcing holdings of 4.203 million tokens ($14.5 billion total crypto and cash). It also made a $200 million investment in MrBeast's Beast Industries in mid-January—a move analysts called "strategic diversification."
For investors, the question is whether the leadership housecleaning sets the stage for the next phase of growth or signals deeper challenges managing a crypto treasury through volatile markets.
B. Riley maintains a Buy rating with a $47 price target—62% upside from current levels.
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