Beast Industries CEO Jeff Housenbold on Thursdaycalled BitMine (NYSE:BMNR) “a leader in the Ethereum (CRYPTO: ETH) staking market” critical to stablecoin infrastructure, explaining the company’s $200 million investment.
The Beast Industries Connection
Beast Industries, backed by MrBeast’s media empire with 1.45 billion users, invested $200 million in BitMine earlier this year.
Housenbold pointed out the strategic rationale on CNBC’s Squawk Box on Thursday, saying, “Ethereum is the backbone of stablecoin and the blockchain,” he added.
He emphasized the importance of the DeFi movement for consumers, highlighting greater access, democratization, lower cost of capital, and the ability to move capital globally in a safe and secure way.
Beast Industries is rapidly expanding beyond media into consumer products including Feastables chocolate, toy lines, protein snacks with Jack Link’s, and the Lunchly business.
The company recently acquired Step, a six-year-old fintech focused on financial education for young people.
The Ethereum Thesis
The investment rationale centers on Ethereum’s role as stablecoin infrastructure.
BitMine owns 4,422,659 ETH valued at approximately $8.7 billion, making it the world’s largest corporate Ethereum holder.
BitMine has 3,040,483 staked ETH generating $249 million in annual staking rewards at current rates.
This staking dominance positions BitMine as critical infrastructure for the Ethereum network’s security and operation.
The connection to Beast Industries centers on stablecoin-powered financial services.
As Beast expands into fintech with the Step acquisition, Ethereum-based stablecoins provide the rails for low-cost global payments and financial services targeting Gen Z and Gen Alpha audiences.
The Technical Breakdown
BMNR is accelerating through critical support levels. All EMAs sit overhead: 20 EMA at $20.42, 50 EMA at $22.56, 100 EMA at $26.28, and 200 EMA at $30.69.
The Supertrend at $18.84 flipped green below price, but today’s violent decline threatens this support.
The stock broke below the recent consolidation zone around $21-$22, confirming sellers are in full control.
Critical support at $18.84 is under immediate threat.
Breaking below $18 likely cascades toward the ultimate support zone at $12-$15.
Today’s 6.5% collapse represents capitulation selling with minimal support visible until that lower zone.
Image: Shutterstock
Market News and Data brought to you by Benzinga APIs
To add Benzinga News as your preferred source on Google, click here.
