Bit Mining (Bitmine), which transitioned into an Ethereum token holding company last year, delivered a bombshell to its shareholders this morning: the company will invest $200 million in Beast Industries, owned by top video creator MrBeast. MrBeast is renowned for creating viral videos rather than expressing interest in cryptocurrencies like Ethereum.
This investment marks the latest strategic pivot for Bit Mining. The company originally started as a Bitcoin miner before deciding to go all-in on Ethereum last year, appointing Tom Lee, Chief Investment Officer of Fundstrat Capital, as its chairman. During the cryptocurrency frenzy of mid-2025, Bit Mining was one of many firms that transformed into crypto asset holding companies. Emulating Michael Saylor's MicroStrategy—which years earlier shifted from an enterprise software firm into a major Bitcoin investor—Bit Mining and similar companies leveraged their financial resources to acquire crypto assets. Bit Mining currently holds 4.2 million Ethereum tokens, valued at $13.7 billion, primarily funded through equity issuance.
This investment strategy initially proved highly successful, driving Bit Mining's stock price to surge significantly, outperforming even Ethereum's own price appreciation. However, the strategy collapsed during last summer's crypto market downturn. Bit Mining's share price plummeted 77% from its peak last year, while Ethereum's price declined only 28% over the same period. Against this backdrop, MrBeast's entry represents a new turning point. In a CNBC interview on Thursday, Tom Lee described the deal as an "excellent investment opportunity, what we call a high-risk, high-reward moonshot."
In other words, after one aggressive investment backfired, Tom Lee is trying again, though this time venturing into something more tangible. Among crypto holding stocks—companies whose sole business is holding cryptocurrency—Bit Mining isn't alone in seeking innovative breakthroughs. Some firms are attempting to profit by lending or trading their tokens; others are merging with peers; and a few are selling crypto assets to buy back their own stock.
But taking a stake in a top video creator is undoubtedly a novel approach. However, if MrBeast actively promotes Ethereum, the investment could still yield value. The core objective for crypto holding companies is to attract more investors into the cryptocurrency space. During his tenure at Bit Mining, Tom Lee has become Wall Street's de facto Ethereum advocate. And who better than MrBeast to capture the attention of Gen Z and Gen Alpha for Ethereum? So far, however, it remains unclear whether MrBeast has any plans to promote the cryptocurrency.
Elliott Chun, Partner and Chief Capital Officer at QuantStrat, who primarily develops yield enhancement strategies for crypto holding stocks, commented, "I believe we will see more digital asset investment firms launching these seemingly bizarre, questionable investments. As long as these moves align with their stated strategy and the companies maintain proper disclosure, this is the best strategy they can adopt for now."
Nevertheless, Bit Mining's investors appear unconvinced. The company's stock fell 5.4% today, while Ethereum's price declined 1.7%.
Taiwan Semiconductor Manufacturing's Anxiety
It turns out that even the world's largest chipmaker, Taiwan Semiconductor Manufacturing, is concerned about a potential bubble in artificial intelligence. During the latest quarterly earnings call on Thursday, CEO C.C. Wei expressed "deep concern" over the question of "whether AI demand is real." He was referring to Wall Street's widespread worry that if future AI demand growth falls short of expectations, the massive investments by chipmakers and cloud service providers to expand AI capacity for the coming years could turn into a major misstep.
This issue is critical for Taiwan Semiconductor Manufacturing. To boost capacity, the company plans to increase its 2026 capital expenditure to $52-56 billion, up from $40.9 billion in 2025. As reported earlier this week, Taiwan Semiconductor Manufacturing's production lines are already struggling to meet the robust demand for AI chips.
It is well-known that chips designed by numerous companies, including Nvidia, Apple, and Google, are manufactured by Taiwan Semiconductor Manufacturing. However, due to overwhelming demand, some clients have begun seeking alternative chipmakers. Given the uncertainty surrounding long-term AI demand, Taiwan Semiconductor Manufacturing's capacity expansion is a high-stakes gamble. But the risk of standing still might be even greater. Taiwan Semiconductor Manufacturing is going all-in.
Other News Briefs
According to informed sources, technicians Leah Gay and Ian O'Connell have left Thinking Machines Lab, led by former OpenAI CTO Mira Murati. (See related report for details.)
Amazon Web Services has reached a cooperation agreement with Rio Tinto Group, becoming the first buyer of copper produced using new mining technologies adopted by the mining giant. Under the two-year supply agreement, Rio Tinto will also utilize AWS's cloud services and data analytics.
BlackRock has raised $12.5 billion for its AI investment partnership, established in 2024 with Microsoft and UAE-backed MGX, strengthening the project's investment capabilities in data centers and energy resources.
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