BlockBeats News, January 16th, according to CoinDesk’s report, Tom Lee, Chairman of BitMine, the world’s largest Ethereum treasury company, stated at a shareholder meeting on Thursday that BitMine expects its $13 billion Ethereum holdings to generate over $400 million in annual pre-tax income, with most of it coming from staking these holdings.
Tom Lee also said that BitMine “may have saved about $400 million” in its Ethereum buying operations over the past few months. Despite the cost savings, BitMine’s current holdings, purchased since July last year, are still at a floating loss of about $2.3 billion.
In a disclosure earlier on Thursday, BitMine invested $200 million in Beast Industries, owned by the popular YouTuber MrBeast, Tom Lee called this move a “clearly wise choice.” and stated: “I think we can easily get a quantum leap return on this investment—a 10x return.” Tom Lee added that BitMine also plans to launch a mobile app, although details are currently limited, and will make a “quantum leap” investment in the tokenization field.
