If I am reading the link below correctly it appears this chipset is included with ESXi 5 and should be compatible.
http://partnerweb.vmware.com/comp_guide2/detail.php?deviceCategory=io&productid=1462&vcl=true
As far as a BIOS update, I cannot find any update for the ASUS PIKE 1068E card. I have updated my motherboard BIOS to see if that helped but that did not change anything.
Any other suggestions?