Chaenotheca balsamconensis is described as new to science based on collections from the Great Lakes and Appalachians of eastern North America (Maine, New Brunswick, North Carolina, Ontario, Prince Edward Island and Québec), and one population from western North America (British Columbia). It is distinguished from other species of Chaenotheca by its restriction to Trichaptum abietinum as a substrate, almost exclusively immersed thallus, smooth ascospores, and the presence of a KOH red pigment in the stalk. Large-scale conifer fatalities in eastern North America have increased the available habitat for T. abietinum, which has likely caused a boom in the population of C. balsamconensis.