BitMine faced backlash days after its annual shareholder meeting in Las Vegas, with investors criticising governance, transparency, and execution.
Shareholders said the meeting was poorly organised, citing absent executives, rushed presentations, and unclear voting outcomes.
Both the new chief executive and chief financial officer failed to attend, while promised high-profile guest speakers did not appear.
Some investors described the event as a “clown show,” reflecting frustration over what they saw as disrespectful treatment of shareholders.
Concerns were amplified by Tom Lee’s concurrent leadership role at Fundstrat, raising doubts about his focus on BitMine.
Board member Rob Sechan acknowledged investor dissatisfaction, noting the meeting took place during a transitional phase with recent executive appointments.
Sechan said the board aimed to outline the company’s “DAT-plus” strategy and long-term direction despite organisational challenges.
BitMine confirmed a strategic shift from a pure Ethereum staking model to a “digital Berkshire-style” capital allocation approach.
The company said it holds more than four million ETH and generates over $400 million annually from staking revenues.
Sechan compared the strategy to Berkshire Hathaway’s capital deployment model, adapted for the digital economy.
“A capital base plus disciplined deployment into productive businesses is exactly what $BRK does. Same concept, different era and rails,”
Rob Sechan said.
The most divisive issue was BitMine’s $200 million investment in MrBeast’s Beast Industries.
Management said the deal aims to integrate Ethereum into the creator economy through tokenised platforms and distribution networks.
Critics questioned whether the investment distracts from governance reforms and operational execution.
Sechan pledged improved transparency and more structured engagement with shareholders going forward.
At the time of reporting, Ethereum price was $3,326.28.