What to know : Thomas Lee, the chairman of BitMine Immersion, said the company's bet on MrBeast and his neobank acquisition is a way to capture a new generation for whom digital assets are financially native. What Schwab was for boomers, BlackRock for Gen X and Robinhood for Millennials, Beast could become the financial institution of Gen Z and Gen Alpha, Lee said.
HONG KONG — Thomas Lee, chairman of ether treasury company BitMine Immersion (BMRN), said the next generation's great financial institution may not come from Wall Street but from YouTube.
Speaking on stage at Consensus Hong Kong on Wednesday, Lee argued that MrBeast’s move into banking could position the video creator as the primary financial platform for Gen Z and Gen Alpha and a major onramp to crypto.
MrBeast’s company, in which BitMine invested $200 million, earlier this month agreed to buy neobank Step as a long-term play on how younger generations will access financial services.
"Beast has a chance to be the financial institution of their generation," Lee said.
He compared the opportunity to how Charles Schwab served baby boomers, BlackRock and Blackstone attracted the capital of Generation X and Robinhood captured Millennials.
Gen Z and Gen Alpha, he noted, represent about 120 million people in the U.S. alone, and MrBeast has built an audience of more than a billion followers globally.
"These customers aren’t necessarily wealthy today," Lee said, but over the next decade they will take part in a major wealth transfer.
If Step becomes their primary financial platform, he argued, it could position BitMine and investment in MrBeast's company at the center of a generation that views digital assets as native to its financial life.
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