Bitmine, the world’s largest Ethereum (ETH) reserve company, surprises with a new strategic move. The company is investing $200 million in Beast Industries, the media company of YouTube star MrBeast.
Bitmine targets young audience with MrBeast deal
In a press release, Bitmine announced that it is investing $200 million in Beast Industries. According to founder Tom Lee, MrBeast is “the leading content creator of our generation”, with enormous appeal to Generation Z, millennials and Generation Alpha.
MrBeast, the pseudonym of American entrepreneur Jimmy Donaldson, runs a media company that spans from videos to snacks and charity. His main channel has 461 million subscribers, and his videos consistently receive hundreds of millions of views.
The investment marks a notable broadening of Bitmine’s strategy. Until now, the focus has been exclusively on Ethereum.
MrBeast is working on DeFi integration
Yet there remains a link with crypto. Beast Industries wants to use the fresh capital to set up a financial platform, possibly with applications around decentralized finance (DeFi).
The company is also active with the snack line Feastables and charities through Beast Philanthropy.
“The partnership with Bitmine confirms our vision and growth path,” says CEO Jeff Housenbold. “We look forward to working together to develop innovative DeFi elements that suit our young and global audience.” The deal is expected to close on or around January 19.
Bitmine continues to stack Ethereum
Despite the expansion into media, Ethereum remains the core of Bitmine’s strategy. Last Tuesday, the company purchased an additional 24,266 ETH, worth more than $76 million.
This brings the total to 4.17 million ETH, with an estimated market value of $4.17 billion. Bitmine therefore owns 3.4 percent of the circulating ETH supply and aims for a 5 percent share.
Much of this inventory is deployed for staking, earning Bitmine hundreds of millions in passive income annually.
Strategy is also purchasing additional crypto reserves
In addition to Bitmine, Strategy also remains active as a crypto reserve company. The company currently owns 687,410 Bitcoin (BTC), good for a market value of approximately $66.7 billion. Earlier this week, Strategy added more than $1 billion in new Bitcoin purchases.
Source: https://newsbit.nl/tom-lees-bitmine-investeert-200-miljoen-dollar-in-het-bedrijf-van-youtube-ster-mrbeast/
