BitMine expects $400 million income on ether holdings, bet on MrBeast could '10x'

BitMine, the world's largest Ethereum treasury firm, expects to generate more than $400 million in annual pre-tax income on its $13 billion worth of $ETH, mostly by staking those holdings, chairman Thomas Lee said at the firm's shareholder meeting on Thursday.

Lee also told investors that BitMine “probably saved $400 million” on ether purchases over the past several months. He credited the investment advisory firm MOZAYXX and Tom DeMark, a well-known figure in trading circles, for the execution strategy.

Despite the cost savings, BitMine’s current position still reflects roughly $2.3 billion in unrealized losses since the firm began buying $ETH in July, a stretch that has included significant swings in crypto markets.

Addressing BitMine's $200 million investment in the media company led by YouTube creator MrBeast, revealed earlier Thursday, Lee described the bet as a "no-brainer."

"I think we are easily going to make a moonshot return on that – 10x," he said.

"He's the iconic content creator of our generation," Lee said, pointing to the potential value of connecting Ethereum to younger audiences across Gen Z, Gen Alpha and millennials.

The partnership could include BitMine sponsoring MrBeast’s flagship show, Beast Games, and securing future upside in products developed by the company.

BitMine is also planning to launch a mobile app, though details remain limited, and make "moonshot" investments in the tokenization sector, Lee added.