Bitmine Immersion Technologies, Inc. · NYSE:BMNR
Bitmine Immersion Technologies — Investor Presentation (September 2025)
55 slides from Bitmine Immersion Technologies's investor presentation, Sep 2, 2025
Slide 1: BMNR Is Building the World's Premier Ethereum Treasury
BMNR Is Building the World’s Premier Ethereum Treasury A category-defining digital asset platform focused on increasing ETH held per share while strengthening the Ethereum ecosystem through strategic treasury management and native protocol participation C The Alchemy of 5% 5)
Slide 2: Disclaimers
BITMINE IMMERSION TECHNOLOGIES Disclaimers General Bitmine Immersion Inc. ("BMNR") ‘to contain all of require. through ('SEC") wwwbitminetech.io. Forward-Looking Statements ct of budget: id pl ludi ited to, ‘management for future operations. Words such as “anticipate,” “believe, Inadditc late,” “exp
Slide 3: Table of Contents
Table of Contents O1 Introduction 02 The Ethereum Macro Supercycle 03 Ethereum Network Value O4 Digital Asset Treasury Fundamentals 05 BMNR Financials and Strategy Illustrative | For Discussion Purposes
Slide 4: Introduction
O1 Introduction
Slide 5: Our Mission + Philosophy
BITMINE - BMNR 5 Our Mission + Philosophy Our goal is to increase shareholder value by acquiring ETH in our treasury and increasing the ETH held per share and to achieve a 5% stake in the Ethereum network Ethereum may see exponential growth driven by the “ChatGPT” moment in crypto as stablecoins hav
Slide 6: The BitMine Story - Exponential Growth
BITMINE - BMNR 6 The BitMine Story - Exponential Growth ce ime -_— $0 $15MM $250MM $8,985MM Mining Equipment Bitcoin Ethereum Crypto + Treasury Cash February 2025 June 2025 July 2025 Present Illustrative | For Discussion Purposes Dollar igh time
Slide 7: Our Partners in Exponential Growth
BITMINE - BMNR Our Partners in Exponential Growth mozavyx 04 [W] eanrers mekraken GSR FALCON "CG (C) galaxy sic FOUNDERS FUND Sie Illustrative | For Discussion Purposes
Slide 8: We Study The Greats ...
BITMINE - BMNR 8 We Study The Greats ... 1. Customer Obsession 2. Great Art = Alchemy 3. Innovate Relentlessly Steve Jobs - Creator Leonardo Da Vinci - Artist Nikola Testa - Inventor Illustrative | For Discussion Purposes
Slide 9: ... To Deliver Shareholder Value
BITMINE - BMNR ... [O Deliver Shareholder Value BitMine = n/1 Scale Tactics Mission Largest ETH Safe, Secure, DAT Compliant Illustrative | For Discussion Purposes
Slide 10: Led by Our Chairman
BITMINE - BMNR 10 Led by Our Chairman Thomas J. Lee, CFA Thomas Lee is a Managing Partner and the Head of Research at Fundstrat Global Advisors. He is an accomplished Wall Street strategist with over 25 years of experience in equity research, and has been top ranked by Institutional Investor every y
Slide 11: The Ethereum Macro Supercycle
02 The Ethereum Macro Supercycle
Slide 12: In 1971, USD went "fully synthetic"
BITMINE - BMNR In 1971, USD went “fully synthetic”
Slide 13: August 1971
BITMINE - BMNR August 1971 H | STO RY Nixon Ends Convertibility of U.S. Dollars to Gold and Announces Wage/Price Controls August 1971 With inflation on the rise and a gold run looming, President Richard Nixon's team enacted a plan that ended dollar convertibility to gold and implemented wage and pri
Slide 14: In 1971, the USD became fully "synthetic"
BITMINE - BMNR 4 In 1971, the USD became fully “synthetic” US financial system ' innovation born Find Create market for Store of value “synthetic dollar” Gold Wall Street Illustrative | For Discussion Purposes
Slide 15: Wall Street innovation exploded in years post-1971
BITMINE - BMNR Wall Street innovation exploded in 15 years post-1971 Exchange traded funds Zero-coupon sepsoo Ponds Index Interest futures rate swaps Mortgage Currency Backed Swaps) Debit securities Money Currency nee Market futures funds Synthetic dollar 1978 70s late 1972 1971 1971 ‘Souce: Fundstr
Slide 16: Financial institutions of the top largest cos in the world
BITMINE - BMNR 16 Financial institutions 7 of the top 30 largest cos in the world Rank 4 Name * Market Cap ¢ "1 a i Tesla $1.076T 21 J&s Johnson & $426.68 B TSLA Johnson | 4 $4.247T ~ BE Microsoft (2 Pee ted $828 22.8 ») Costco icroso 2M ser ORES 2 @& $41834B "2 Walmart iB BS 773.94 B 3 @& Are Gwen
Slide 17: Ethereum having its "1971" moment
BITMINE - BMNR Ethereum having its “1971” moment
Slide 18: Ethereum having its "1971" moment
BITMINE - BMNR Ethereum having its “1971” moment Real world assets becoming “synthetic” (tokenized)
Slide 19: The GENIUS Act Sets The Stage for a Stablecoin Boom
BITMINE - BMNR 7 The GENIUS Act Sets The Stage for a Stablecoin Boom Opens a new frontier for crypto innovation by establishing a clear federal regulatory framework while preserving a strong state pathway for stablecoin issuance. Defines a payment stablecoin as a digital asset used for payment or se
Slide 20: SEC Project Crypto: Moving Wall Street onto Blockchain
BITMINE - BMNR 20 SEC Project Crypto: Moving Wall Street onto Blockchain The SEC unveiled "Project Crypto" in July 2025 under Chairman Paul Atkins Igniting a pro-crypto era by committing to modernize securities regulations, drive blockchain adoption across Wall Street, and position the U.S. as the u
Slide 21: In 2025, real world becoming "digital"
BITMINE - BMNR 21 In 2025, real world becoming “digital” (2025 ) Wall Street building here Find “Digital” Create market for Store of value “digital assets” Bitcoin Ethereum LN Vv Dollar igh ti Mustrative | For Discussion Purposes
Slide 22: Wall Street to innovate on the blockchain next 10-15 years
BITMINE - BMNR Wall Street to innovate on the blockchain next 10-15 years Stablecoins Monetize Intellectual propert Monetize Tokenize Reputation Tokenize Real estate Tokenize Credit Equities 2025 }= ‘Souce: Fundstrat Modernize data collection Monetize royalties Monetize loyalty programs Verify agent
Slide 23: Ethereum's ChatGPT Moment = Widespread Use Cases
BITMINE - BMNR Ethereum’s ChatGPT Moment = Widespread Use Cases in Development by US Corporates ee mie Dimon says JPMorgan Chase will get involved in stablecoins as fintech threat looms Robinhood gives out tokens of OpenAl and SpaceX in Europe. Stock hits en: record 2020 2021 2022 2023 2024 2025 202
Slide 24: STABLECOINS: Treasury Sec. Bessent sees multi-trillion market
BITMINE - BMNR 24 STABLECOINS: Treasury Sec. Bessent sees multi-trillion market eg Treasury Secretary Scott Bessent o@ io) SecScottBessent Recent reporting projects that stablecoins could grow into a $3.7 trillion market by the end of the decade. That scenario becomes more likely with passage of the
Slide 25: Ethereum: majority of stablecoin creations happening
BITMINE - BMNR Ethereum: majority of stablecoin creations happening AdrianoFeria.eth sad) @ @ oe @AdrianoFeria Ethereum just added about $6.3B of stablecoins in the past 7 days. That’s equivalent to: 1. More than half of all the stablecoins Solana has managed to capture in over 5 years. 2. More than
Slide 26: Real-World Use Cases Are Expanding for ETH...
BITMINE - BMNR 26 Real-World Use Cases Are Expanding for ETH... Tokenized Asset Value by Network ($M) $15,000 / Ethereum @) Zksync Era $10,000 I Stellar © Aptos $5,000 HB Solana ©) Other $0 11124 11122 111123 111124 11125 ‘Source: wa.xyz Illustrative | For Discussion Purposes
Slide 27: Ethereum is also where AI to be building on blockchain
BITMINE - BMNR Ethereum is also where Al to be building on blockchain Lal . ee Coin Bureau @ @coinbureau BRETH’S ENTERING ITS “2017 BITCOIN” MOMENT! Tom Lee says SETH could be on the verge of its own 120x run as regulation opens doors, Wall Street's stablecoins piles in, and Al converges with crypto
Slide 28: Ethereum could be AI's key to decentralization
G7 COINTELEGRAPH ee Martin Young The future of money Apr 15, 2025 Ethereum could be Al’s key to decentralization, says former core dev According to Eric Conner, former Ethereum core developer, the blockchain network offers a robust framework for ethical Al by combining transparency through verifiabl
Slide 29: Ethereum is Productive...
BITMINE - BMNR Ethereum is Productive... One way to think about ETH’s “digital utility” is in terms of how oil (ETH) functions as a productive asset versus gold (BTC) as an inert store of value + Ethereum’s function as digital oil is integral to its ecosystem + By enabling computations on its blockc
Slide 30: ... As ETH Supply (Inflation) Tightens
BITMINE - BMNR ... AS ETH Supply (Inflation) Tightens ETH vs BTC: Supply Over Time Byzantium ) 4 Constantinople a7 EIP-150 14% 12% Halving 10% 8% 6% ° EIP-1559 4% The Merge Halving Halving 2% %YOY Change in Circulating Suppy Illustrative | For Discussion Purposes
Slide 31: ...And the Market Rewards Productivity
BITMINE - BMNR .And the Market Rewards Productivity EXXON MOBIL (XOM): Case Study of Asset Valuation For 28 years, XOM was the top 5 largest in SGP 500 valued on a multiple of oil reserves or P/NAV 31 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Slide 32: Ethereum Network Value
03 Ethereum Network Value
Slide 33: The bigger the base, the bigger the breakout
BITMINE - BMNR The bigger the base, the bigger the breakout é T 2018 2019 2020 2021 2022 2023 2024 2025 XETUSD Curncy (XET-USD Cross Rate) ETH Ethereum vBMNR Monthly 31DEC2011-31AUG2025 Copyright® 2025 Bloomberg Finance L.P. 30-Aug-2025 18:35:02
Slide 34: ETH/BTC ratio: 2025 tailwinds argue for ATH in ratio
ETH/BTC: ,, BITMINE - BMNR 2222 ETH/BTC ratio: 2025 tailwinds argue for ATH in ratio ETH/BTC: 0.100004 0.08727 00900046 ptt nnn nn nnn nnn nnn nnn ncn ncn ncn nsnccne - 0.08000 4 roel) | Svrave: 0.04790 0.05000 4 ee ee Lee eT eee eee ree me: || A eae eee ee ETH/BTC: 0.04032 0.03000 4 0.02598 | 0.020
Slide 35: ETH: Implied Fair Value based on ETH/BTC ratio = $12k to $22k
ETH: Implied Fair Value based on ETH/BTC ratio = $12k to $22k ETH/BTC 8-yravg 2021 high v v 0.0239 0.0359 | 0.0479 0.0598} 0.0873 0.1250 0.2500 0.3500 100,000] 2,393 3,590| 4,786 | 5,983) 8,727 | 12,500 25,000 35,000 125,000] 2,991 4,487] 5,983 | 7,478] 10,909 | 15,625 31,250 43,750 150,000] 3,590 5
Slide 36: Potential Ethereum Network Value Summary
BITMINE - BMNR Potential Ethereum Network Value Summary Estimated ETH Value Sum Current ETH Value SAT $3T $7T! $0.5T Estimated ETH Value Potential 14x | ETH ~S60k 1. Hypothetical toETH Note: ETH Network Share based on $3,700 ETH price and 120MM tokens = $4448 (vs. $4.4k today) Illustrative | For Dis
Slide 37: US Banking System - Illustrative Replacement Cost
BITMINE - BMNR US Banking System - Illustrative Replacement Cost Opportunity Top US Banks Market Cap (JPM, BAC, WFC, GS, C) ~$2T Share of Commercial Banking Assets ~52% Hypothetical Implied Value of US Banking System ~$3.8T ETH Network TAM = US Banking System ~$3.8T Fed H.8 dataf Illustrative | For
Slide 38: US Payment Rails - Illustrative Network Value
BITMINE - BMNR US Payment Rails - Illustrative Network Value ACH + SWIFT Transaction Count VISA + Mastercard Transaction Count ~400B x ETH Gas Price (gwei) x Gas per ERC-20 Transaction? ~65K (1.30 gwei x 50,000 gas) x ETH Price ~$3,700 = Potential ETH Network Revenue* Multiple* ETH Payment Rails TAM
Slide 39: ETH: Implied Fair Value based on ETH/BTC ratio = $12k to $22k
BITMINE - BMNR 29 ETH: Implied Fair Value based on ETH/BTC ratio = $12k to $22k ETH/BTC ETH 8-yravg 2021 high “payment rails” v v v 0.0239 0.0359 0.0479 0.0598 0.0873 0.1250 0.2500 0.3500 100,000] 2,393 3,590 4,786 5,983 8727 12,500| 25,000 | 35,000 125,000] 2,991 4,487 5,983 7,478 10,909 15,625] 31
Slide 40: Fundstrat's Mark Newton: ETH could reach $9k early January
BITMINE - BMNR a Fundstrat’s Mark Newton: ETH could reach $9k early January Mark Newton, Head of Technical Strategy Fundstrat (on August 31,2025) “Ethereum remains bullish with regards to technical trend and momentum and further gains look likely in September which might run into October before a sh
Slide 41: Digital Asset Treasury Fundamentals
O04 Digital Asset Treasury Fundamentals
Slide 42: Ways to increase ETH per share
BITMINE - BMNR 42 5 ways to increase ETH per share Ol | Issue stock at a premium to the dollar value ETH held per share 02 Issue equity-linked securities to monetize the volatility embedded in both the stock and the underlying ETH held | 03 Income from operations and invest into more ETH | 04 Earn s
Slide 43: ETH Treasury cos are crypto infrastructure businesses
BITMINE - BMNR 43 ETH Treasury cos are crypto infrastructure businesses 01 Ethereum is a proof of stake blockchain, so ETH Treasury companies secure the network 02 ETH generates a staking yield, effectively revenues for ETH Treasury companies 03 Staking secures the ETH network, hence providing enhan
Slide 44: Joe Lubin, Sharplink Chairman, sees Wall Street staking ETH
BITMINE - BMNR Joe Lubin, Sharplink Chairman, sees Wall Street staking ETH AD Joseph Lubin @ (J You Yes, Wall Street will stake (ETH) because they currently pay for their infrastructure and Ethereum will replace much of the many siloed stacks they operate on (e.g. JPMorgan probably operates on sever
Slide 45: DAT Case: Microstrategy Created A Roadmap
BITMINE - BMNR 45 DAT Case: Microstrategy' Created A Roadmap MSTR: a 35x return since Bitcoin pivot h i Since 2020 (start of / anil DAT), MicroStrategy Ane " gain from $13 to ' $335 sS = ¥/| =— N 8 8 6 883s 8 $13. 8/11/20: “Bitcoin Pivot” 202 2021 2022 1 with consent DAT st Illustrative | For Discus
Slide 46: MSTR: Best performing large-cap since pivot to BTC DAT
BITMINE - BMNR MSTR: Best performing large-cap since pivot to BTC DAT Michael Saylor @ [ Yu @saylor SMSTR is the #1 performing large-cap U.S. stock (out of ~1,400) since adopting the Bitcoin Standard. Annualized Returns of Top US Public Stocks since Aug 10, 2020 93% 88% 83% 82% 81% 80% 74% fo | | |
Slide 47: Treasury Case Study: Driving 25x Total Return vs. Underlying Crypto Return of 10x
BITMINE - BMNR Treasury Case Study: Driving 25x Total Return vs. Underlying Crypto Return of 10x Price at Treasury Start BTC @ $11k Sark $108k 0x ) — 10% due to $BTC Bitcoin rising 8/11/2020 2/11/2021 from $11k to $118k MSTR Strategy® biianied sr scey ei (25x ) — 15% implied due to treasury strategy
Slide 48: BMNR Financials & Strategy
O05 BMNR Financials & Strategy
Slide 49: Bitmine is 2nd largest Crypto Treasury in the World
BITMINE - BMNR Bitmine is 2™ largest Crypto Treasury in the World Total value of DAT ($million, log-scale) | Fr ron) Bt N@NS # Ye 8 =a a a of N ~~ o PO ss. 8948 Sana] 1. Spot Price as of SPM ET of 8/31/2025. Source: Fundstrat Note: For’ Not an indication of = Bitcoin m= Ethereum 49 $69,004 Illustrat
Slide 50: Treasury Holdings Growth - BMNR vs MSTR Comparison
BITMINE - BMNR Treasury Holdings Growth - BMNR vs MSTR Comparison 204,800 Strategy® 68,067 ran ° iN) i ro) ro) DAT Holdings $Value ($ Million, Log scale) 400 —MSTR 2020 2021 2022 2023 2024 2025 Illustrative | For Discussion Purposes
Slide 51: Treasury Holdings Growth - BMNR vs MSTR Comparison
BITMINE - BMNR 51 Treasury Holdings Growth - BMNR vs MSTR Comparison $8,979(E) BitMine Strategy? 8,912 Treasury Holding Value ($M) - Log scale —MSTR #=BMNR ie) 100 200 300 400 500 600 700 800 900 1,000 1,100 1,200 Rebased Day 0 = Start of Crypto Treasury Strategy Illustrative | For Discussion Purpos
Slide 52: Treasury Holdings Growth - BMNR vs MSTR Comparison
BITMINE - BMNR Treasury Holdings Growth - BMNR vs MSTR Comparison Treasury Holding Value ($M) - Log scale —MSTR #=BMNR 0 365 730 1,095 1,460 1,825 Rebased Day 0 = Start of Crypto Treasury Strategy Illustrative | For Discussion Pur poses
Slide 53: One of most liquid stocks in the US equity markets
BITMINE - BMNR BITMINE: One of most liquid stocks in the US equity markets For the week ending Aug 29 For the week ending Aug 29 Market SD Avg Daily Market 5D AvgDaily Cap $Volume Cap $Volume Ticker Name Sector ($M) ($M) Ticker Name Sector (sm) ($M) 1 NVDA_ NVIDIAComp Technology $4,232,574 $39,117 2
Slide 54: Roadmap - Looking Ahead
BITMINE - BMNR 54 Roadmap - Looking Ahead Artwork and Culture = ethereum foundation AL Select investments Governance and in bold ideas that enhance Technology Ethereum Network Value (<1% Treasury) like Google “Other Bets” Made in America Community BitMine 5% of the Ethereum Validator Network Partici
Slide 55: Thank You!
Thank You!
Bitmine Immersion Technologies — Investor Presentation (September 2025) on 6ix