According to a ChainCatcher report citing CoinDesk, Tom Lee, chairman of BitMine—the largest Ethereum treasury company globally—said during a shareholders' meeting on Thursday that the company expects its $13 billion Ethereum holdings to generate over $400 million in pre-tax annual income, most of which will come from staking these holdings. Tom Lee also noted that BitMine may have saved approximately $400 million in costs through Ethereum purchases over the past few months. Despite these cost savings, BitMine's Ethereum holdings, which it has been acquiring since July 2023, are currently underwater by about $2.3 billion. Earlier on Thursday, BitMine disclosed a $200 million investment in Beast Industries, the company owned by popular YouTuber MrBeast. Tom Lee described this investment as an obvious and smart move. He said, "I think we can easily achieve a tenfold return on this investment." Tom Lee added that BitMine also plans to launch a mobile app, although details are still limited, and the company will make significant investments in the tokenization space.
BitMine's Ethereum Holdings Expected to Generate $400M Pre-Tax Income, MrBeast Investment Seen as 10x Play
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Summary
Ethereum news broke on Tuesday as BitMine, the leading Ethereum miner, forecasts over $400 million in annual pre-tax income from staking its $13 billion in Ethereum holdings. News from the Ethereum ecosystem also highlights the firm's $200 million investment in MrBeast's Beast Industries, which CEO Tom Lee calls a "10x opportunity." BitMine's Ethereum holdings are still underwater by $2.3 billion since July 2024, but Lee noted that the firm saved $400 million on recent purchases. The company plans to launch a mobile app and invest heavily in tokenization, though specific details remain unclear.
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