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Investors who own shares of Bitmine, which last year turned itself into a holding company for ether tokens, woke up to some surprising news today. Bitmine is investing $200 million in Beast Industries, the company of MrBeast, the No.1 YouTuber. He’s known for making viral videos, not for his interest in ether.
The investment is what you might call Bitmine’s latest pivot. Originally founded as a bitcoin miner, Bitmine decided to go all in on ether last year and appointed Tom Lee, chief investment officer at Fundstrat Capital, as its chair. It was one of several companies that turned themselves into crypto holding firms during the crypto rally of mid-2025. Following in the footsteps of Michael Saylor’s Strategy—which a few years ago turned itself from an enterprise software firm into a giant bitcoin investor—Bitmine and others have spent all their money buying crypto assets. Bitmine has acquired 4.2 million ether tokens, worth $13.7 billion, paid mostly through money raised by issuing shares.
While that trade looked smart for a while—Bitmine’s stock soared, far more than ether’s price was rising—it blew up last summer when the crypto market started to sour. Bitmine’s price plunged 77% from its peak last year, while ether’s price dropped 28% in the same period. Enter MrBeast. Lee said on CNBC Thursday that the deal represents “a very good investment opportunity for us, or what we call a moon shot.”
In other words, having dismally failed with one moon shot, Lee wants to try another, this one a little more grounded. Bitmine isn’t alone among crypto treasury stocks—those businesses whose sole purpose is to hold crypto—in trying something new. Some are trying to make money from the tokens they hold by lending it out or trading it. Some are merging with their peers, and a few have started to sell their crypto to buy back shares.
Buying a stake in a top YouTuber is entirely different. But it could make sense if MrBeast fully embraces ether. The point of crypto treasury stocks is to attract more investors to crypto. In leading Bitmine, Tom Lee has become the spokesperson for ether on Wall Street. And who can be a better person to speak to Gen Z and Gen Alpha about ethereum than MrBeast? We don’t yet know, though, whether MrBeast has any plans to talk up the crypto currency.
“I think we are gonna see more of these initially bizarre [and] questionable investments by digital asset vehicles, but as long as it fits into their already established strategy and they communicate it well, that’s the best thing they can do,” said Elliot Chun, partner and chief capital officer at QuantStrat, who works with such stocks on yield-generating strategy.
Bitmine investors, though, were unimpressed. The stock fell 5.4% today, while ether itself fell 1.7%.
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