Ethereum treasury company Bitmine has announced a $200 million investment into Beast Industries, owned by popular creator MrBeast.
Bitmine Is Making An Investment In MrBeast-Owned FirmMrBeast is the most subscribed channel on YouTube with more than 460 million subscribers. “MrBeast and Beast Industries, in our view, is the leading content creator of our generation, with a reach and engagement unmatched with GenZ, GenAlpha and Millennials,” said Thomas ‘Tom’ Lee, Bitmine Chairman.
In December, Beast Industries revealed a new financial services platform. Now, with the Bitmine investment, Jeff Housenbold, Beast Industries CEO, has hinted at a collaboration with Bitmine for the platform.
Housenbold noted:
Their support is a strong validation of our vision, strategy, and growth trajectory and it provides additional capital to achieve our goal to become the most impactful entertainment brand in the world. We look forward to exploring ways to further collaborate and incorporate DeFi into our upcoming financial services platform.
Thus, the firm is still some ways from its 5% target, but considering that it only started accumulating ETH half a year ago, its progress is significant. Bitmine’s momentum could, however, soon face a structural obstacle.
Bitmine currently has a 500 million share authorization and the company is looking to increase the cap via a shareholder vote. “Bitmine charter has an unusual feature requiring 50.1% of all shares outstanding to support a share increase,” said Lee. “This is an extremely high bar and thus, makes it very difficult to get an authorized share increase.”
The proposal will be discussed at the firm’s annual stock meeting, scheduled for January 15th, with the remaining votes tied to in-person participation after remote voting channels were closed earlier this week.
Ethereum PriceEthereum has witnessed a notable jump over the last week as its price has surged nearly 7% to the $3,300 level.
