MrBeast Acquires Step Banking App After $200M BitMine Investment

TLDR

• YouTuber MrBeast’s company Beast Industries purchased Step, a banking app with 7 million teen and young adult users
• Deal follows $200 million investment from Ethereum treasury firm BitMine Immersion Technologies in January 2025
• Step provides FDIC-insured banking through Evolve Bank & Trust with features for credit building and money management
• MrBeast filed trademark for “MrBeast Financial” in October 2024 mentioning cryptocurrency exchange services
• Acquisition price not disclosed; Step previously raised $500 million from celebrity investors including Steph Curry

Jimmy Donaldson, known online as MrBeast, is expanding his business empire into financial services. His company Beast Industries completed an acquisition of Step, a mobile banking platform targeting teenagers and young adults.

Donaldson shared the news Monday on social media. He told his audience the purchase aims to give young people financial education he lacked growing up. “Nobody taught me about investing, building credit, or managing money when I was growing up,” the YouTuber explained.

Beast Industries did not reveal how much it paid for Step. The company declined to comment on financial terms of the transaction.

Step currently serves between 6.5 and 7 million users. The app launched in 2018 to help Gen Z manage finances, build credit scores, and access banking tools.

Banking Features and FDIC Insurance

Step partners with Evolve Bank & Trust to offer Federal Deposit Insurance Corporation-insured accounts. Users receive a Step Visa Card and can open accounts for spending, saving, and investing.

The platform charges no monthly fees. Step’s founders CJ MacDonald and Alexey Kalinichenko designed the app to improve financial literacy among younger users.

Beast Industries CEO Jeff Housenbold said the acquisition allows the company to provide practical financial solutions. He stated financial health is fundamental to overall wellbeing.

$200 Million Crypto Investment Preceded Deal

BitMine Immersion Technologies invested $200 million in Beast Industries during January 2025. The firm holds the largest corporate position in Ethereum cryptocurrency.

BitMine chair Tom Lee called the investment a long-term bet on the creator economy. He praised MrBeast’s reach among Gen Z, Gen Alpha, and Millennial demographics.

The investment came after Beast Industries filed a trademark application for “MrBeast Financial” in October 2024. That filing referenced cryptocurrency exchange services, payment processing, and decentralized exchanges.

Whether the trademark connects to the Step acquisition remains unknown. Beast Industries has not confirmed plans to add cryptocurrency features to Step’s platform.

Step’s Investor Base and Growth

Step raised roughly $500 million from various investors since launching. Celebrity backers include NBA player Steph Curry, singers Justin Timberlake and Charli D’Amelio, and actor Will Smith.

Payment processor Stripe invested in Step alongside venture firms Coatue, Collaborative Fund, Crosslink Capital, and General Catalyst. The company scaled its user base to 7 million over eight years.

MrBeast runs the largest YouTube channel globally with 466 million subscribers. His channels generate about 5 billion monthly views.

Beast Industries operates multiple businesses beyond YouTube. These include Feastables snack brand, Beast Philanthropy nonprofit, and Beast Games reality show on Amazon Prime Video.

Housenbold said Step’s technology platform and fintech team complement Beast Industries’ digital audience. The acquisition brings Step’s entire operation under the Beast Industries umbrella.

The post MrBeast Acquires Step Banking App After $200M BitMine Investment appeared first on Blockonomi.