coindesk.com
Bitmine Immersion Technologies (BMNR), the largest corporate holder of ether ETH$3,370.35, 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 cryptocurrency with more than 3.36% of its supply. It also holds around $1 billion in cash, according to StrategicEtherReserve data.