BitMine Immersion Technologies, the Ethereum The treasury firm, chaired by Tom Lee of Fundstrat, on Thursday unveiled a $200 million investment in Beast Industries, a company founded by YouTube creator Jimmy Donaldson, known internationally as MrBeast.
In a press release shared with DecryptLee described Donaldson, whose videos and social media posts generate millions of impressions and views daily, as a generational content creator “with unparalleled reach and engagement with GenZ, Gen Alpha and Millennials.”
Lee also described Beast Industries as “the world’s largest and most innovative creative platform,” which also oversees the creation and distribution of MrBeast-related products, including various merchandise and Feastables, a snack and candy brand.
BitMine said the deal, one of the most innovative signed by a crypto treasury company since the trend intensified on Wall Street last year, is expected to close within the next week.
In a statement, Beast Industries CEO Jeff Housenbold said the company would explore ways to “incorporate DeFi into our next financial services platform” in the future. Challengeor decentralized finance, involves the creation of blockchain-based financial services, such as trading or lending, that do not rely on traditional financial intermediaries like banks.
BitMine shares changed hands around $31.50 on Thursday, down more than 3% on the day, according to Yahoo Finance. Although the company is the largest holding company in Ethereum, with stock currently worth $13 billion, the company’s shares have fallen 21% over the past six months, amid broader signs of investor fatigue with cryptocurrency buying companies.
In October, Beast Financial applied for several US brands, stating that the company would provide crypto exchange, payment processing, banking and insurance services. At the time, not all of the 52 trademarks owned by the company had resulted in actual products.
Alex Choi, Donaldson’s chief miniatures strategist, warned on X in December that social media posts touting the “MrBeast coin” were not legitimate. The crypto industry has a long history of scams, stemming from celebrity endorsements or social media hacking.
YouTube Star MrBeast Files Trademark for His Crypto Exchange and Payments Service
It was unclear how BitMine’s investment would fit with its activities, which include the creation of a “Made in America validation network.” Validators perform a vital function on the Ethereum network by validating blocks of transactions, while also earning rewards.
Earlier this month, Rumble, which positions itself as a free speech alternative to YouTube, integrated a crypto wallet in its platform for payments and tipping. The feature, backed by stablecoin issuer Tether, supports Bitcoin and tokenized gold.
