BlockBeats news: On January 16, according to CoinDesk, Tom Lee, chairman of BitMine—the largest Ethereum custodian globally—said during a shareholders' meeting on Thursday that BitMine expects its $1.3 billion Ethereum holdings to generate over $40 million in pre-tax annual income, most of which will come from staking these holdings.
Tom Lee also stated that BitMine may have saved about $400 million during its Ethereum purchases over the past few months. Despite these cost savings, BitMine's current Ethereum holdings remain underwater by approximately $2.3 billion since it began purchasing Ethereum in July last year.
Earlier disclosed on Thursday, BitMine's $200 million investment in Beast Industries, owned by the well-known YouTuber MrBeast, is described by Tom Lee as an "obviously smart bet." He added, "I think we could easily see a leap in returns from this investment—tenfold." Tom Lee further noted that BitMine also plans to launch a mobile app, although details are currently limited, and the company will make "leapfrog" investments in the tokenization space.