MrBeast is promoting Tom Lee-backed Step to his vast audience, but the app currently advertises no crypto trading or DeFi features.
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MrBeast is promoting Step, but its current website advertises no crypto trading or DeFi features.
Bitmine’s and Tom Lee’s $200 million investment in Beast Industries raised expectations of a crypto expansion.
His financial push brings renewed attention to youth protections, past crypto controversies and the power of his enormous audience.
MrBeast is putting his financial app in front of millions of viewers — but the crypto ambitions of its backers have yet to be an advertised product.
Nine months after Tom Lee’s Bitmine announced a $200 million investment in Beast Industries, Step’s public offering centers on savings rewards, credit-building, and stock investing.
The gap raises a question for those who saw the partnership as a potential gateway to mass crypto adoption: where does digital finance fit into the product reaching MrBeast’s fans?
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After announcing that they had lost a combined 160 pounds over 163 days, Donaldson tells them their winnings total $350,000.
“You can’t carry all this money to your wedding, so I’m gonna deposit it into your Step account,” he said.
He then turns from the winners to his audience, which currently stands at over 100 million viewers on that video alone.
“Step is my brand new banking app that, in my opinion, is the most rewarding way to set yourself up for your financial future,” Donaldson says.
“Not only does it pay you to build credit, but it also helps you invest your money, manage your money.”
The promotion directs viewers to a QR code and advertises a $5 incentive after their first Step card purchase using their promotional code.
There is no mention of Bitcoin, Ethereum, or DeFi in the pitch.
Donaldson also refers to a “Step Bank account,” although Step’s website states that the company is a financial technology provider, not a bank.
What Happened to the $200 Million Crypto Connection?
As CCN previously reported, Bitmine’s investment fueled speculation that MrBeast could help introduce younger audiences to Ethereum and crypto.
In the January investment announcement, Beast Industries CEO Jeff Housenbold said:
“We look forward to exploring ways to further collaborate and incorporate DeFi into our upcoming financial services platform.”
Tom Lee and Bitmine’s $200 million equity stake in Beast Industries raised expectancy
Step introduced crypto trading in 2022, allowing underage users to participate with parental approval. It discontinued the service in 2024 before Beast Industries took ownership.
The prospect of a return drew attention from Sen. Elizabeth Warren, who questioned whether parental permission alone provided sufficient protection, given that the platform’s own marketing encouraged children to seek access.
In her March letter to Donaldson and Housenbold, Warren highlighted a Step video titled “How to Talk to Your Parents About Investing in Crypto.”
She argued that its guidance encouraged young viewers to overcome their parents’ objections to speculative investments.
“Despite Step’s careful claims that crypto investing by minors was only with the permission of a parent or guardian, Step published resources encouraging kids to pressure their parents into crypto investments,” Warren wrote.
As CCN previously reported, her inquiry sought answers about the company’s plans and safeguards for young customers.
Beast Industries, however, had not announced plans to introduce digital assets to Step when news outlets reported on the issue. In April, a company spokesperson said its future offering was still being assessed.
“Our primary motivation behind this deal is to improve the financial future of the next generation,” the spokesperson said.
MrBeast’s Crypto History Predates Bitmine
Donaldson’s involvement with digital assets stretches back years before getting the backing of Tom Lee.
In a 2021 appearance on Logan Paul’s IMPAULSIVE podcast, he said he had bought eight CryptoPunks and sold them for returns of roughly 20 to 30 times his investment.
His alleged trading activity has also attracted scrutiny.
Donaldson’s expansion into finance also follows disputes over how his entertainment business treats its participants and staff.
In September 2024, five contestants filed a lawsuit against the companies behind his Netflix show Beast Games.
The lawsuit alleged unsafe conditions, inadequate access to food and medical care, and a hostile environment for women.
This blew up, if you’re curious obviously we had ventilation for the smoke and a kill switch to cut off the fires. We had professionals test this extensively and the guy in the video as stated is a professional stunt man. I take safety more serious than you could ever imagine.
A separate controversy followed his September 2025 video featuring a professional stuntman navigating fire challenges for money, titled “Would You Risk Dying For $500,000?”
Donaldson responded that professionals had tested the challenges and that firefighters, emergency medical personnel, and fire-suppression systems were available.
MrBeast’s production business has also faced criticism from former employees over working conditions.
Former workers have described an emotionally draining environment, alleging public verbal abuse, manipulative management practices, and a failure to credit their contributions to major video ideas.
Separately, creators have called out whether the channel’s editing accurately represents competition results.
Other critics and former staff have alleged that some challenges were staged or that participants with personal connections to the production were presented as randomly selected contestants.
How Big Is MrBeast’s Audience?
YouTube confirmed that MrBeast reached 500 million subscribers on June 12, 2026, after becoming its most-subscribed channel in June 2024.
At the time of the milestone, YouTube said his real-life Squid Game recreation was approaching one billion views.
The scale makes even a small hypothetical conversion rate to Step extremely substantial.
One percent of 500 million subscriptions is five million—equivalent to roughly 71% of the seven million users Step advertises.
His reach also has a demonstrated fundraising dimension.
YouTube said the 2025 TeamWater campaign, organized by MrBeast and fellow YouTuber Mark Rober, brought together creators from 115 countries and raised $40 million for WaterAid.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
