MrBeast completed the acquisition of Step, with 6.5 million users, just weeks after receiving a $200 million investment from BitMine and registering the trademark MrBeast Financial related to crypto assets.
Beast Industries, the entertainment company founded by YouTuber Jimmy “MrBeast” Donaldson, is acquiring Step – a mobile banking app for teenagers and young adults – marking the world’s largest YouTube channel’s most significant foray into the financial services sector.
In an announcement on platform X on Monday, Donaldson said the goal of the acquisition is to equip young people with the tools and guidance necessary to access and manage personal finances from an early age. Beast Industries CEO Jeff Housenbold stressed that financial health is the foundation of overall well-being, but too many people still lack access to the knowledge and tools to build financial security. The specific value of the acquisition has not been disclosed.
This move comes just weeks after Beast Industries received a $200 million strategic investment from BitMine Immersion Technologies – an Ethereum fund management company – in January. Notably, Beast Industries registered the trademark “MrBeast Financial” last October, which lists services related to “cryptocurrency exchange,” “cryptocurrency payment processing,” and “cryptocurrency through decentralized exchanges.”
However, the direct link between this trademark filing and the Step acquisition remains unclear. Cointelegraph has contacted Beast Industries for comment but has not yet received a response.
The Step platform and the influence of MrBeast
Step is an app specifically designed to help Gen Z manage their finances, build a credit history, earn rewards, and enhance their personal financial literacy. Spending accounts on the platform are insured by the Federal Deposit Insurance Corporation (FDIC) through its partner Evolve Bank & Trust, ensuring user security.
Since its launch in 2018, Step has grown impressively with 6.5 million users and raised approximately $500 million from prominent investors such as NBA star Steph Curry, singer Justin Timberlake, actor Will Smith, and TikToker Charli D'Amelio. The partnership with the YouTube channel MrBeast – currently boasting 466 million subscribers and the largest on the platform – promises to unlock new growth potential for the app.
Housenbold said the acquisition helps Beast Industries “position itself correctly where its audience is,” providing practical technology solutions that can improve the financial future of young consumers.
BitMine Chairman Tom Lee once stated that the $200 million investment was a long-term bet on the creative economy, asserting that MrBeast is a leading content creator of this generation with superior reach and engagement among Gen Z, Gen Alpha, and Millennials. Although the two companies share strong core values, Lee did not mention specific plans for integrating cryptocurrency assets at the time of the investment announcement.
