The media company Beast Industries which YouTuber Jimmy Donaldson established has made its largest acquisition of financial services through its purchase of Step.
Donaldson announced the acquisition through a post on X which aims to provide young people with financial knowledge tools that they can use to learn personal finance from their early years. The deal costs remained undisclosed. Beast Industries CEO Jeff Housenbold stated that people still face barriers to financial tool access and financial education resources despite financial health being a crucial aspect of their overall health.
Beast Industries expands into finance
Beast Industries has acquired the new business because it wants to expand its operations which currently focus on digital entertainment. The company received a $200 million investment from BitMine Immersion Technologies earlier this year.
Beast Industries filed a trademark for “MrBeast Financial” in October because the trademark included cryptocurrency exchange services and crypto payments and decentralized exchange operations. The trademark filing which exists for review does not show any direct connection to the Step deal.
Step’s growth among Gen Z users
Step focuses on teenagers and young adults, offering tools to manage money, build credit, earn rewards, and improve financial literacy. Its spending accounts are insured by the Federal Deposit Insurance Corporation through Evolve Bank & Trust.
Since launching in 2018, Step has grown to around 6.5 million users. The company has raised roughly $500 million in funding from high-profile investors, including Steph Curry, Justin Timberlake, Will Smith, and Charli D’Amelio.
Housenbold said the deal allows Beast Industries to reach its audience with practical, technology-driven solutions that could improve their long-term financial outcomes.
The MrBeast YouTube channel currently has about 466 million subscribers, making it the largest channel on the platform.
Commenting on BitMine’s earlier investment, BitMine chair Tom Lee described Beast Industries as a long-term bet on the creator economy, citing its unmatched reach among Gen Z, Gen Alpha, and Millennials. He did not reference any plans to integrate cryptocurrency into Beast Industries’ products at the time.
