Bitmine to invest $200 million in Beast Industries as investors await shareholders' vote result
|- Bitmine announces it will invest $200 million in Beast Industries, the company behind popular YouTuber MrBeast.
- The deal comes as investors await the result of Bitmine's shareholders' vote.
- The company is seeking to increase authorized shares from 500 million to 50 billion.
Ethereum (ETH) treasury firm Bitmine Immersion (BMNR) said it will invest $200 million in Beast Industries, the company founded by YouTube creator Jimmy Donaldson, popularly known as MrBeast, according to a statement on Thursday.
Beast Industries is a holding company that houses Donaldson's digital media platforms, including the largest YouTube channel with over 460 million subscribers, consumer brands, and merchandise.
Bitmine Chairman Thomas Lee noted that Beast Industries is one of the most innovative creator platforms globally, with a reach across GenZ, GenAlpha and Millennials.
Beast Industries CEO Jeff Housenbold highlighted that the investment will enable the company to pursue growth opportunities and explore integrating decentralized finance (DeFi) into its upcoming financial services product. The transaction is expected to close on January 19.
Bitmine continues staking ETH as investors await shareholders vote result
The announcement comes as investors await the result of Bitmine's shareholder vote, which ended on Wednesday. The company is seeking to increase authorized shares from 500 million to 50 billion, a necessary move to ensure it continues to accumulate ETH at a rapid pace, according to Lee.
Bitmine holds the largest Ethereum treasury with a stash of 4.16 million ETH. From that balance, the company has already deployed 1.68 million ETH across staking protocols, representing more than 4% of the total ETH staked, according to Lookonchain data.
Bitmine shares are down over 2%, alongside most crypto-based stocks, at the time of publication on Thursday.
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