I would not as it is in my opinion not the type of beam you want to draw attention too.

How are you sure it's not a soffit? Not metal? Basements don't as a rule need help feeling less.

Love the ladder towel rack!!! Very cute. I would paint the beam the same color as the ceiling and not draw attention to it. Paint the vanity white, a new countertop and a new farmhouse faucet and better lighting will help with your look. Also a new rug!! Some farmhouse art will help as well.

I don’t know much about construction, but that looks like a soffit to me. With ductwork inside.

Of course you could wrap it to make it look like a beam but I don’t think I would. Paint to match the ceiling and ignore.

NOTE: It’s a load-bearing wood beam that runs the entire length of our basement. We know because we used drywall to cover it up some years ago. There is a large round air duct that runs next to it that we had enclosed in dry wall, too (that’s why one side of the beam is taller than the other).

These images gave me the idea.

Basco shower door with Autumn Leaves Pattern · More Info

Ross - Master Bath · More Info

You have to find out what's behind the drywall before you remove it. I'm betting you'll work with it when you find out.

Focus your attention and work on the other surfaces of the room. The towel ladder rack is not farmhouse and arranging your towels in such a complicated manner is unexplainable.

Here are examples of bathrooms in a farmhouse style. I hope the rest of your home is of the same style.

Leave it be. Nothing wrong with a little architectural character that isn't fake wood.

BeverlyFLADeziner, here are some photos of our recent kitchen & laundry room renovation. I'd like to stick to the same look/feel for this bathroom.

Lovely kitchen and laundry renovation. It looks like a classic interpretation of a modern farmhouse - no cliches here. The bathroom beam however feels cliche to me. Paint it the same color as the walls and ceiling to blend in. It is a narrow space and chopping it up even more with a beam seems to be the wrong way to go.

Your inspiration pick is of a tru bean. Your "beam" is more of a support beam and not really designed to be exposed. Plus it is a basement and the ceiling height is not that high. Leave it be as it is not a design element, it is purely structural.