Bitmine Immersion Technologies, Inc. · NYSE:BMNR
Bitmine Immersion Technologies — Investor Presentation (March 2026)
103 slides from Bitmine Immersion Technologies's investor presentation, Mar 17, 2026
Slide 1: BitMine BMNR: The Alchemy of 5%
BitMine BMNR (The Alchemy of 5% ) Crypto best days ahead
Slide 2: Disclaimers
BITMINE IMMERSION TECHNOLOGIES 2 Disclaimers General Bitmine immersion Technologies, Inc. ("BMNR") is making this presentation available in connection with an update on its business operations and strategies. The information contained in this presentation ‘does not purport to be complete or to be al
Slide 3: Table of Contents
Table of Contents O1 Macro suggests Crypto bottoming 02 Crypto multiple adoption drivers —- Ethereum is central casting 03 The rise of dominant DATs O4 BitMine 4 pillars of growth Illustrative | For Discussion Purposes
Slide 4: Macro suggests Crypto bottoming
O1 Macro suggests Crypto bottoming
Slide 5: MACRO: Iran war is positive for growth stocks (and crypto)
BITMINE : BMNR 5 MACRO: Iran war is positive for growth stocks (and crypto) (= Oil prices likely above $100 for longer than many expect ) m Higher oil = risks for global growth = favors growth stocks = Crypto is highly correlated to growth stocks = Crypto outperforming since the Iran war started Ill
Slide 6: Polymarket: crude oil hit $100 by end of March
S&S Polymarket — Q Search polymarkets... Slicenuct “™ Trending Breaking New Politics Sports Crypto Iran Finance Geopolitics Tech Culture Economy Ww @ will crude oil (CL) hit_ by end of March? Pp e* aA 4 $100 i} = eI 243% 8c $5,234,026 Vol. 86% | buy Yes 88.56 Buy No 13.8 OrderBook Graph _ Resolution
Slide 7: Polymarket: crude oil hit $100 by end of June
S Polymarket Q_ Search polymarkets... @ Howit works 7A Trending Breaking New Politics Sports Crypto Iran Finance Geopolitics Tech Culture Economy Ww @ wit’ crude oft (CL) hit_by end of June? > %® 7 % $100 Y 252% Buy No 12.4¢ SEEEEE vol. £8 88% y eS ge eee 88% chance «52% 90% 75% 60% 45% 30% $963,369
Slide 8: MACRO: Iran war is positive for growth stocks (and crypto)
BITMINE : BMNR 8 MACRO: Iran war is positive for growth stocks (and crypto) = Oil prices likely above $100 for longer than many expect «é Higher oil = risks for global growth = favors growth Stocks | = Crypto is highly correlated to growth stocks = Crypto outperforming since the Iran war started Ill
Slide 9: Strait of Hormuz oil flow by country
ORIGIN ——» STRAIT OF HORMUZ —_—_————» DESTINATION The Strait of Hormuz's Oil Flow by Country | 5.35 mb/d # RODEN Around 25% of the world's maritime oil cieespish trade passes through the Strait of Hormuz Saudi Arabia 37.2% India 2.09 mb/d & 14.7% Other Asian 1.98 mb/d SUITES 13.9% Korea O% Tran 10.6
Slide 10: Strait of Hormuz oil flow by country
ORIGIN ——» STRAIT OF HORMUZ ——— > DESTINATION Saudi Arabia 37.2% Other Asian countries Total flow Oe, em 14.22 mb/d 1.9% Only Seudi Arabie and th reliably bypass the Strait th Petroline and Asia is the region most affected by a Closure of the Strait, making up 89% of the oil and condensate flows by
Slide 11: When GDP growth is scarce, growth stocks outperform
When GDP growth IS scarce, “growth stocks” outperform
Slide 12: GROWTH: Outperforming since Iran war started
BITMINE : BMNR GROWTH: Outperforming since Iran war started yi GOLD vs SPY \ MAG7 (MAGS vs SPY) 0.089} I Roundhill Magnificent Seven ETF / State Street SPY Software (IGV vs SPY) 04°05 «06 09 10 11 12 Mar 2026 Illustrative | For Discussion Purposes As of Feb 9, 2026
Slide 13: GROWTH: Outperforming since Iran war started
BITMINE : BMNR GROWTH: Outperforming since Iran war started GOLD vs SPY wT (MAGS vs SPY . mar { ) Software (IGV vs SPY) 0. | Wl Roundhill Magnificent Seven ETF / State Street SPI 27] 02 03 04 05 06 09 10 11 12 27102 03 04 05 06 09 10 11 12 026 Mar 2026 ty (Roundhil Mi ity (iShares Expanded Illustrat
Slide 14: MACRO: Iran war is positive for growth stocks (and crypto)
BITMINE : BMNR MACRO: Iran war is positive for growth stocks (and crypto) = Oil prices likely above $100 for longer than many expect m Higher oil = risks for global growth = favors growth stocks (= Crypto is highly correlated to growth stocks ) = Crypto outperforming since the Iran war started Illus
Slide 15: CRYPTO: Correlated to Software and Growth stocks
BITMINE : BMNR <5 CRYPTO: Correlated to Software and Growth stocks 1204 704 1154 1104 604 1054 1004 504 954 0 = 30 804 : Software $IGV 754 204 Mar Jun Sep Dec Mar Jun Sep Dec Mar 2024 | 2025 | 2026 IGV US Equity (iShares Expanded Tech-Software Sector ETF) IGV BTC vBMNR Daily 019AN2024-13MAR2026 Copy
Slide 16: MACRO: Iran war is positive for growth stocks (and crypto)
BITMINE : BMNR 16 MACRO: Iran war is positive for growth stocks (and crypto) = Oil prices likely above $100 for longer than many expect m Higher oil = risks for global growth = favors growth stocks = Crypto is highly correlated to growth stocks ( = Crypto outperforming since the Iran war started ) I
Slide 17: CRYPTO: Outperforming since Iran war started
BITMINE : BMNR CRYPTO: Outperforming since Iran war started 0.0214 iShares Bitcoin Trust ETF / State Street SPDR S&P 500 ETF Trust mishdfes Ethereum Trust ETF / State Street SPDR S&P 500 ETH 27 02 03 04 05 06 09 10 11 03 04 05 06 09 10 11 12 Mar 2026 Mar 2026 US Equity (iShares Bitcoin Trust ETF) Re
Slide 18: ETHEREUM: Bottoming soon
BITMINE : BMNR 18 ETHEREUM: Bottoming soon ( = Crypto outperforms gold as inflation hedge ) m Ethereum likely near end of ‘mini-crypto’ winter m Ethereum recoveries historically V-shaped bottoms Illustrative | For Discussion Purposes
Slide 19: Illustrative | For Discussion Purposes
Illustrative | For Discussion Purposes
Slide 20: GOLD vs BITCOIN: Gold looked better in the past year
BITMINE : BMNR GOLD vs BITCOIN: Gold looked better in the past year nm +73% 1604 1404 1204 -29% 60 Normalized As Of 02/10/2025 Last Price MGOLD SPOT $/0Z 173 MXBT-USD Cross Rate 71 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 2025 | 2026 GOLDS Comdty (GOLD SPOT $/0Z) BMNR Gold vs BTC Daily 10
Slide 21: GOLD: So large, it is bigger than S&P basically
BITMINE : BMNR GOLD: So large, it is bigger than SSP 500 basically... 41 41 39 21 20 5 i 202 —— " Gold Silver MAG7 S&P500_ Asia Europe Bitcoin Ethereum ex-MAG7 9 2 @ ¢ ‘Souce: Fundstrat
Slide 22: GOLD: So large, it is bigger than S&P basically
BITMINE : BMNR GOLD: So large, it is bigger than SSP 500 basically... Gold larger than 41 _thestockmarket 41 49 21 20 5 i 1302 ——__—_} Gold Silver MAG7 SSP500_ Asia Europe Bitcoin Ethereum ex-MAG7 9 2 @¢ ‘Souce: Fundstrat
Slide 23: GOLD: So large, it is bigger than S&P basically
BITMINE : BMNR GOLD: So large, it is bigger than SSP 500 basically... Gold larger than 41 _thestockmarket 41 ~~ 49 21 20 5 5.2 SB 1202 i Gold Silver MAG7 S&P500_ Asia Europe Gold Bitcoin Ethereum ex-MAG7 intraday ® &@ Jan 31 B a ‘Souce: Fundstrat 23
Slide 24: GOLD: So large, it is bigger than S&P basically
BITMINE : BMNR 24 GOLD: So large, it is bigger than SSP 500 basically... Gold larger than 41 _thestockmarket 41 ~~ 49 Gold intraday swing (1/31) 4X size of Bitcoin 5 . | | | 7 S02 Gold Silver MAG7 S&P500_ Asia Europe Bitcoin Ethereum ex-MAG7 9 2 @ 6 ‘Souce: Fundstrat intraday Jan 31
Slide 25: SOV: Since 1971, gold has underperformed inflation 48% of time
BITMINE : BMNR 25 SOV: Since 1971, gold has underperformed inflation 48% of time a Rolling 3-yr %: Gold less Core CPI Jan'78 Jan'82 Jan'86 Jan'90 Jan'94 Jan'98 Jan'02 Jan'06 Jan'lO Jan'l4 Jan'l8 Jan'22 Jan'26 ‘Souce: Fundstrat
Slide 26: SOV: Since 1971, gold has underperformed inflation 48% of time
BITMINE : BMNR re SOV: Since 1971, gold has underperformed inflation 48% of time a Rolling 3-yr %: Gold less Core CPI 48% of time (281 of 588 months): Gold 3-yr return below inflation Jan'78 Jan'82 Jan'86 Jan'90 Jan'94 Jan'98 Jan'02 Jan'06 Jan'lO Jan'l4 Jan'l8 Jan'22 Jan'26 ‘Souce: Fundstrat
Slide 27: SOV: Since Bitcoin, gold underperformed inflation 4% of time
BITMINE - BMNR SOV: Since Bitcoin, gold underperformed inflation 44% of time B Rolling 3-yr % Bitcoin less ‘Rolling 3-yr %: Gold less Core CPI Jan'l2 Jan'138. Jan‘l4— Jan'16—s Jan‘l6—s Jan'17_—s Jan‘1l8. = Jan'19.—s Jan'20.— Jan'21_—0s Jan'22)—s Jan'23.0 Jan'24.— Jan'25— Jan'26 ‘Souce: Fundstrat
Slide 28: SOV: Since Bitcoin, gold underperformed inflation 44% of time
BITMINE : BMNR SOV: Since Bitcoin, gold underperformed inflation 44% of time r Rolling 3-yr % Since 2012: 3% of time Bitcoin less (5 of 161 months): Bitcoin < inflation return ‘Rolling 3-yr %: Gold less Core CPI Jan'l2 Jan'138. Jan‘l4— Jan'16—s Jan‘l6—s Jan'17_—s Jan‘1l8. = Jan'19.—s Jan'20.— Jan'21
Slide 29: SOV: Since Bitcoin, gold underperformed inflation 44% of time
BITMINE : BMNR SOV: Since Bitcoin, gold underperformed inflation 44% of time r Rolling 3-yr % Since 2012: 3% of time Bitcoin less (5 of 161 months): Bitcoin < inflation return ‘Rolling 3-yr %: . . Gold less Core CPI Since 2012: 44% of time (71 of 161 months): Gold < inflation return, Jan'l2 Jan'138.
Slide 30: ETHEREUM: Bottoming soon
BITMINE : BMNR 30 ETHEREUM: Bottoming soon = Crypto outperforms gold as inflation hedge ( m Ethereum likely near end of ‘mini-crypto’ winter m Ethereum recoveries historically V-shaped bottoms Illustrative | For Discussion Purposes As of Feb 9, 2026
Slide 31: ETH: Advisor DeMark compares ETH to SPY 2011/1987
BITMINE : BMNR 31 ETH: Advisor DeMark compares ETH to SPY 2011/1987 ‘Market WIT® Home — Query Compare ChartfGeaph ® ‘Market WIT® Home Quay Compare ChartGragh — ED an Dai a 4501 Da 7 Correlation: 93% osu ETS ce Daly 2268 20D (Correlation: 89% seen ETH 2026 cs im 25009 S&P 500 1987 2e0ng ly SPxA67 we
Slide 32: ETH: Advisor DeMark compares ETH to SPY 2011/1987
BITMINE : BMNR ETH: Advisor DeMark compares ETH to SPY 2011/1987 32 1987 coaares lope 2087 ig 20887 Law 1234 hse 18157 S&P 500 93% 2026 si SPX 1987 89% ETH 2026 Q ‘iy ela S&P 500 F czasnns ' Open 2087 high 20587 Law 19284 coe 13457 ns Oh —"— cme OVS ——san=SCSCS SSCS Goanitaim aig — m f L ry 2011 if
Slide 33: ETH: Advisor DeMark compares ETH to SPY 2011/1987
BITMINE : BMNR ETH: Advisor DeMark compares ETH to SPY 2011/1987 1987 coaares lope 2087 hich 20587 Law 1234 hse 18157 S&P 500 93% 2026 si SPX 1987 89% ETH 2026 lt pi 500 2011 = i ne — ] a —"— cesta] Goanitaim aig czasnns Open 2087 high 20587 Law 19284 coe 13457 ns Oh an Os a ae ‘Market WIT® Home — Q
Slide 34: ETH: Realized price shows ETH near a low
BITMINE : BMNR 4 ETH: Realized price shows ETH near a low ETH price 3,600 $2,241 ETH $1,834 realized price “10% Delta (Price mins a nr 1 -30% Realized Price) as % of aie Realized Price 2021 2022 2023 2024 2025
Slide 35: ETH: Realized price shows ETH near a low
BITMINE : BMNR gs ETH: Realized price shows ETH near a low ETH price 3,600 $2,241 $1,834 ETH 2025 realized price jow 10% “10% Delta (Price nin MW i , 1 -30% Realized Price) as % of A% i a = (i) aie Realized Price -39% 2021 “uc 2023 2024 2025
Slide 36: ETH: Realized price shows ETH near a low
BITMINE : BMNR ETH: Realized price shows ETH near a low ETH price 3,600 $2,241 1a ETH 2025 Ly ,834 ane realized price jow 50% low 30% 10% “10% Delta (Price nin ww . nr 1 -30% Realized Price) as % of 94190 -22% aie Realized Price -39% 21% , 2021 “uc 2023 2024 2025
Slide 37: Crypto has outperformed other assets for the past decade
BITMINE : BMNR Crypto has outperformed other assets for the past decade , Asset Price on Dec 31,2016 _ As of Sept 26, 2025 % change W Ethereum 48,915% Bitcoin $063.74 $109,410 11,252% Nvidia $2.67 $178.19 6574% Nasdaq 100 (QQQ) $118.48 $595.97 403% Gold $1,151.70 $3,772.88 228% SEP 500 2,238.83 6,64
Slide 38: ETHEREUM: Bottoming soon
BITMINE : BMNR 38 ETHEREUM: Bottoming soon = Crypto outperforms gold as inflation hedge m Ethereum likely near end of ‘mini-crypto’ winter ( m Ethereum recoveries historically V-shaped bottoms ) Illustrative | For Discussion Purposes
Slide 39: ETHEREUM: drawdowns of 50% or more since 2018
BITMINE : BMNR 39 ETHEREUM: 8 drawdowns of 50% or more since 2018 = 4, 5. 6. 7. (8. -62% a 64% 61% 491% 2018 ror |_| 2020 | 2021 2022 2028 202s 2025 2026 HETUSD Curncy OLT-USD Cross Rate) ETM drawdowne VBHNA Dolly O6JANZO17-O5FEBSOIS as a LP. SS -Pav-2006 20:58:08 ‘Source: Fundstrat, Stats are calcu
Slide 40: ETHEREUM: 2025 saw a -64% drawdown and -46% in 2024
BITMINE : BMNR ETHEREUM: 2025 saw a -64% drawdown and -46% in 2024 Jan to March 2025 40 50004 40004 30004 -62% 2023 2024 2025 2026 XETUSD Curncy (XET-USD Cross Rate) ETH 3-yr decline vBMNR Daily 06JAN2023-10FEB2026 Copyright 2026 Bloomberg Finance L.P. 10-Feb-2026 03:11:11 ‘Source: Fundstrat, Stats
Slide 41: ETHEREUM: Each of drawdowns saw V-bottom recoveries
BITMINE : BMNR ETHEREUM: Each of 8 drawdowns saw V-bottom recoveries 4, 5. 6. 7. 8. ae -64% =| -91% ony 61% 2 | 2020 | e 020 XETUSD Curncy (XET-USD Cross Rate) ETH drawdowns VBMNR Daily 069AN2017-05FEB202 ‘Source: Fundstrat, Stats are calculated based on BMNR weekly press release a -62% 2022 2023 20
Slide 42: BOTTOMS: Markets bottom on bad news
BOTTOMS: Markets bottom on “bad news” Markets bottom on Jad news Discussion Purposes
Slide 43: Crypto multiple adoption drivers: Ethereum is central casting
02 Crypto multiple adoption drivers Ethereum is central casting
Slide 44: ETHEREUM: Multiple drivers of future network value
BITMINE : BMNR 44 ETHEREUM: Multiple drivers of future network value . Ethereumis the largest smart contract blockchain, supported by a large global community of dedicated developers. . Wall Street is rebuilding the financial system on the blockchain, driven by speed and efficiencies of blockchain.
Slide 45: ETHEREUM: Multiple drivers of future network value
BITMINE : BMNR ETHEREUM: Multiple drivers of future network value . Ethereumis the largest smart contract blockchain, supported by a large global community of dedicated developers. Wall Street is rebuilding the financial system on the blockchain, driven by speed and efficiencies of blockchain. . Ala
Slide 46: Ethereum To Benefit From Tokenization Wave, BlackRock Says
yahoo/finance Search for news, tickers or companies Ethereum To Benefit From Tokenization Wave, BlackRock Says Ethereum To Benefit From Tokenization Wave, BlackRock Says David Okoya ful Mlustrative | For Discussion Purposes January 28, 2026 - 6 min read
Slide 47: WALL STREET: Key reasons for using blockchains
BITMINE : BMNR ra WALL STREET: Key reasons for using blockchains » Ashared ledger is better than multiple databases and systems: Wall Street commonly use Ethereum tooling. Ethereum is the widely used blockchain = Tokenization offers 24/7 trading and improved collateral mobility: more RWA and stablec
Slide 48: WALL STREET: Key reasons for using blockchains
BITMINE : BMNR WALL STREET: Key reasons for using blockchains A shared ledger is better than multiple databases and systems: Wall Street commonly use Ethereum tooling. Ethereum is the widely used blockchain Tokenization offers 24/7 trading and improved collateral mobility: more RWA and stablecoins a
Slide 49: WALL STREET: Key reasons for using blockchains
BITMINE : BMNR a WALL STREET: Key reasons for using blockchains » Ashared ledger is better than multiple databases and systems: Wall Street commonly use Ethereum tooling. Ethereum is the widely used blockchain = Tokenization offers 24/7 trading and improved collateral mobility: more RWA and stableco
Slide 50: WALL STREET: Key reasons for using blockchains
BITMINE : BMNR WALL STREET: Key reasons for using blockchains A shared ledger is better than multiple databases and systems: Wall Street commonly use Ethereum tooling. Ethereum is the widely used blockchain Tokenization offers 24/7 trading and improved collateral mobility: more RWA and stablecoins a
Slide 51: WALL STREET: What we learned from Wall Street
BITMINE : BMNR WALL STREET: What we learned from Wall Street : Wall Street finally embracing blockchain, although t divide between “evangelists” and C-level buy-in. . Wall Street plans to use public blockchains, prioritizi 51 here is still a ng the use of reliable chains with entrenched and dedicate
Slide 52: Tech Companies Are Becoming Banks As Regulators Open The Door
p Comptroller Jonathan Gould @ @ go The OCC is supporting a healthy economy that provides the American people with access to banking services that meet their unique needs by aligning innovation with proper supervision. These Tech Companies Are Becoming Banks As Regulators Open The Door By Christer H
Slide 53: ETHEREUM: Multiple drivers of future network value
BITMINE : BMNR is ETHEREUM: Multiple drivers of future network value . Ethereumis the largest smart contract blockchain, supported by a large global community of dedicated developers. . Wall Street is rebuilding the financial system on the blockchain, driven by speed and efficiencies of blockchain.
Slide 54: Ethereum aims to be settlement layer for AI agents
yahoo/finance Search for news, tickers or companies E cryptosiate Ethereum aims to be settlement layer for Al agents with new decentralized infrastructure plans A glowing Ethereum crystal anchors a futuristic hall where a neural network of Al orbs and robotic arms route data blocks onto on-chain rai
Slide 55: Vitalik Buterin on Ethereum and AI
vitalik.eth @ Bo @vVitalikButerin Two years ago, | wrote this post on the possible areas that | see for ethereum + Al intersections: vitalik.eth.limo/general/2024/0... This is a topic that many people are excited about, but where | always worry that we think about the two from completely separate ph
Slide 56: AI: Key reasons for using blockchains
BITMINE : BMNR Al: Key reasons for using blockchains ( Agents need onchain sovereignty and persistent decentralized identities (DID), decoupled from centralized registries, identity providers, and certificate authorities. Al-agents and robots need cross-organization coordination needs a neutral shar
Slide 57: AI: Key reasons for using blockchains
BITMINE : BMNR a Al: Key reasons for using blockchains » Agents need onchain sovereignty and persistent decentralized identities (DID), decoupled from centralized registries, identity providers, and certificate authorities. Al-agents and robots need cross-organization coordination needs a neutral sh
Slide 58: AI: Key reasons for using blockchains
BITMINE : BMNR Al: Key reasons for using blockchains Agents need onchain sovereignty and persistent decentralized identities (DID), decoupled from centralized registries, identity providers, and certificate authorities. Al-agents and robots need cross-organization coordination needs a neutral shared
Slide 59: Crypto's Next Billion Users May Not Be Human
Crypto's Next Billion Users May Not Be Human — Brian Armstrong and CZ Say Al Agents Will Use Crypto Nvidia's deal with OpenAl rival, bitcoin prices rise as oil falis S 4 il RQ 0:00 / 0:59 Alex Shilina Tue, March 10, 2026 at 7:12 PM GMT+8 - 5 min read Illustrative | For Discussion Purposes
Slide 60: AI: Key reasons for using blockchains
BITMINE : BMNR ry Al: Key reasons for using blockchains » Agents need onchain sovereignty and persistent decentralized identities (DID), decoupled from centralized registries, identity providers, and certificate authorities. » Al-agents and robots need cross-organization coordination needs a neutral
Slide 61: ETHEREUM: Multiple drivers of future network value
BITMINE - BMNR 61 ETHEREUM: Multiple drivers of future network value . Ethereumis the largest smart contract blockchain, supported by a large global community of dedicated developers. : Wall Street is rebuilding the financial system on the blockchain, driven by speed and efficiencies of blockchain.
Slide 62: Blockchain for Content Creation and Distribution
Bluechip Technologies Asia | 3,437 cribers + Subscribe Blockchain for Content Creation and Distribution: Power to the Creators Bluechip Technologies Asia Illustrative | For Discussion Purposes
Slide 63: Newest Moonshot: BitMine $200 million investment
BITMINE - 63 Newest Moonshot: BitMine $200 million investment Illustrative | For Discussion Purposes
Slide 64: The rise of dominant DATs
03 The rise of dominant DATs
Slide 65: DATS: Microstrategy and BitMine are largest
BITMINE : BMNR rf DATS: Microstrategy and BitMine are 2 largest Total value of DAT ($million, log-scale) aye $52 billion B bor 4a TUL DD $10 billion = ry {mL} Zero | aS =Bitcoin mEthereum ™Cash or Other DAT Assets As of Jan 4, 2026 lWustrative | For Discussion Purposes Source: Fundstrat, Bloomberg
Slide 66: BMNR+MSTR = ~90% DAT trading volume
BITMINE : BMNR 68 BMNR+MSTR = ~90% DAT trading volume % of DATs $ Trading Volume* EY BitMine Other DATS 13% 59% Illustrative | For Discussion Purposes As of Jan 2, 2026
Slide 67: LIQUIDITY: BitMine stock trades 14X more volume
BITMINE : BMNR 67 LIQUIDITY: BitMine stock trades 14X more volume Bere BitMine & 48Xlarger St 560 = 13.8X larger than #2 than #2 $2,665 i nd $113 $100 $473 $916 $215 Bs ss aa mom Hs BMNR SBET ETHM BTBT BTCS ETHZ FGNX BMNR SBET BTBT ETHZ BTCS FGNX ETHM ETH $ value $ daily trading (60D) Illustrative |
Slide 68: DATS: DAT prices will track the price of the crypto
BITMINE - BMNR 68 DATS: DATS prices will track the price of the crypto As of Jan 4, 2026 Illustrative | For Discussion Purposes: ‘Source: Fundstrat, Bloomberg
Slide 69: DATS: DAT prices will track the price of the crypto
DATS: DATS prices will track the price of the crypto out jerforms Illustrative | For Discussion Purposes:
Slide 70: BITMINE: Outperformed ETH in 2025 and 2026
BITMINE : BMNR BITMINE: Outperformed ETH in 2025 and 2026 2025: June 30 to Dec 31 $ Ethereum BitMiHer? 22 70 Illustrative | For Discussion Purposes
Slide 71: BITMINE: Outperformed ETH in 2025 and 2026
BITMINE : BMNR 71 BITMINE: Outperformed ETH in 2025 and 2026 2025: June 30 to Dec 31 Outperformed +48,100bp u Ethereum E one i Illustrative | For Discussion Purposes
Slide 72: BITMINE: Outperformed ETH in 2025 and 2026
BITMINE : BMNR BITMINE: Outperformed ETH in 2025 and 2026 2025: June 30 to Dec 31 Outperformed +48,100bp $ Ethereum BitMiHer? ——_, | 22 | | -32 72 2026: Dec 31 to Feb 10 -21 Illustrative | For Discussion Purposes
Slide 73: BITMINE: Outperformed ETH in 2025 and 2026
BITMINE : BMNR ” BITMINE: Outperformed ETH in 2025 and 2026 2025: 2026: June 30 to Dec 31 Dec 31 to Feb 10 Outperformed +48,100bp Outperformed +1,100bp d Ethereum 22 ! -32 | Illustrative | For Discussion Purposes
Slide 74: BitMine pillars of growth
O4 BitMine 4 pillars of growth
Slide 75: 4 pillars of growth
BITMINE BMNR 75 A pillars of growth Maximize yield Invest defi in Productize Bridge tradfi on Treasury “moonshots” BitMine and defi ‘ w Bos, 4 ‘aul th iat hy
Slide 76: Maximize yield on Treasury
BITMINE BMNR 76 A pillars of growth Maximize yield * Optimize staking yield on Treasury « Pursue alpha strategies. MOZAYYX Capital executes 4 alpha strategies. Tom DeMark, DeMark Analytics, ' é strategic advisor on tactical ETH purchases ty « Optimize yield on cash 4 = Accretive capital markets acti
Slide 77: BMNR has zero debt and positive cash balance
BITMINE BMNR @fundstrat 9/ And it’s best to avoid excessive debt leverage in crypto when times are volatile - $BMNR has zero debt and has a positive cash balance - all of it earning SETH staking rewards and cash interest in money markets Thomas (Tom) Lee (not drummer) FSInsight.com @ {J
Slide 78: STAKING: BMNR now staking over 4.5 million ETH
BITMINE : BMNR STAKING: BMNR now staking over 4.5 million ETH 6,034,721 # ETH Staked Over Time 4,534,563 ‘75% 2,897,4592,897,459 3,040,4833,040,483 3,040,483 3,040,483 0 2,009,267 Hl 66 % 1,838,003 aw Bl 659,219 408,627 | $345 Annualized Staking Revenue by Week ($ Million) $259 enema ‘75% $166 $160
Slide 79: ALCHEMY OF 5%: ETH staking generates sizable and steady revs
BITMINE : BMNR ALCHEMY OF 5%: ETH staking generates sizable and steady revs $12k ETH Annualized Staking Revenue by Week ($ Million) - Log Scale $345 $259 $166 $160 $189 $207 $176 $171 $172 $174 $110 $59 * 3/7* a We afl 19 1/25 2/1 2/8 2/15 2/22 3/1 Alchemy ETH at $12k Illustrative | For Discussion P
Slide 80: ETH ACCRETION: BMNR vs other ETH DAT Cos.
BITMINE : BMNR 6 ETH ACCRETION: BMNR vs other ETH DAT Cos. —SBET —=BMNR Saas —ETHZ BitMine —FGNX —BTBT 9.7x —BTCS (DAT Start = 1.00x) 3.5x 88 BTCS 28x © 2.2. He 2.2% BIT DIGITAL SHAR EINK 11x FGNX Rebased $ Ethereum per share a ° ° x 0 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 160 DAT Start
Slide 81: Slide 81
Slide 82: Slide 82
Slide 83: Slide 83
Slide 84: Slide 84
Slide 85: Slide 85
Slide 86: Slide 86
Slide 87: Slide 87
Slide 88: Slide 88
Slide 89: Slide 89
Slide 90: Slide 90
Slide 91: Slide 91
Slide 92: Slide 92
Slide 93: Slide 93
Slide 94: Slide 94
Slide 95: Slide 95
Slide 96: Slide 96
Slide 97: Slide 97
Slide 98: Slide 98
Slide 99: Slide 99
Slide 100: Slide 100
Slide 101: Slide 101
Slide 102: Slide 102
Slide 103: Slide 103
Bitmine Immersion Technologies — Investor Presentation (March 2026) on 6ix