Bitmine Immersion Technologies (BMNR), the largest corporate holder of ethereum, is investing $200 million in Beast Industries, the company behind YouTube creator Jimmy Donaldson, better known as MrBeast. The investment is expected to close by January 19, giving Bitmine a stake in a brand with strong appeal among Gen Z and millennials, according to a press release issued on Thursday morning.
Beast Industries reaches more than 450 million subscribers across its YouTube channels and has grown beyond content into consumer products like Feastables chocolate bars and social impact initiatives such as Beast Philanthropy. “Beast Industries is the largest and most innovative creator based platform in the world and our corporate and personal values are strongly aligned,” Bitmine Chairman Tom Lee said.
For Beast Industries, the cash infusion will support its plans to launch a financial services platform leveraging decentralized finance and to become “the most impactful entertainment brand in the world,” according to CEO Jeff Housenbold. Donaldson’s firms have in the past hinted at the launch of such a financial services product with a U.S. trademark application for “MrBeast Financial.” The language in that application pointed to a potential use of crypto in the product.
Bitmine currently holds more than 4.07 million ether valued at around $13.6 billion, making it the largest corporate holder of the cryptocy with more than 3.36% of its supply. It also holds around $1 billion in cash, according to StrategicEtherReserve data.
Stablecoin giant Tether has dramatically escalated its enforcement activity after blacklisting 370 blockchain addresses and freezing approximately $514.64 million worth…
Crypto exchange giant Coinbase experienced a major service outage that disrupted trading, transfers, and exchange operations after…
Cross-chain messaging protocol LayerZero has publicly apologized for its handling of the massive Kelp DAO exploitthat drained approximately $292…
Executives from PayPal and Google Cloud said the future of “agentic commerce” — where AI agents autonomously buy goods,…
Crypto exchange giant Kraken is making a major move deeper into the U.S. financial system after its…
A major national security scandal has erupted in Taiwan after prosecutors indicted a Taiwanese news…