Bitmine Immersion Technologies, Inc. · NYSE:BMNR
Bitmine Immersion Technologies — Shareholder Meeting (January 2026)
85 slides from Bitmine Immersion Technologies's shareholder meeting presentation, Jan 15, 2026
Slide 1: BitMine: The Alchemy of 5% – The 2026 Annual Stockholder Meeting
BitMine BMNR (The Alchemy of 5% ) The 2026 Annual Stockholder Meeting
Slide 2: Disclaimers
BITMINE IMMERSION TECHNOLOGIES 2 Disclaimers General Ditmine Immersion Technologies, nc. (*BMNR") is making this presentation avaiable in connection with an update on ils business operations and sleategies, The information contained inthis presentation ‘does not purport to be complete or fo be allin
Slide 3: Table of Contents
Table of Contents 01 2025 Recap: Emergence of Dominant DATs 02 Rapid Progress on Alchemy of 5% 03 4 Pillars of growth to drive stockholder value 04 Ethereum is the future of finance 05 Strong team driving transformation Ivstratve | ForDiscussion Purposes
Slide 4: 2025 Recap: Emergence of Dominant DATs
01 2025 Recap: Emergence of Dominant DATs
Slide 5: Bitcoin is the OG
BITMINE » BIN. Bitcoin is the OG Asset Price on Dec 31,2016 As of Sept 26, 2025 % change Ethereum $8.02 $3,931 48,915% Bitcoin $963.74 $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% S&P 500 2,238.83 6,643.70 197% Eurostoxx 50 3,290.52
Slide 6: Bitcoin is the OG
BITMINE » BIN. Bitcoin is the OG Asset Price on Dec 31, 2016 __As of Sept 26, 2025 % change 48,915% §) Bitcoin $963.74 $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% S&P 500 2,238.83 6,643.70 197% Eurostoxx 50 3,290.52 5,368.55 63% ee
Slide 7: Crypto is acting like 'crypto winter' is starting
BITMINE » BIN. Crypto is acting like “crypto winter” is starting Long-term @ & S&P 500 Nasdaqg100 MAG7_ govtbonds Gold Bitcoin Ethereum 61 162 es BgHH- Souce: Fundstrat
Slide 8: Crypto having a great year until October 10, 2025
BITMINE -BMNR Crypto having a great year until October 1'0, 2025 04 +40% Tan Feb War Bor Way Jun oat Fog Sep ‘Oct Nov 2025 XETUSD Curncy (XET-USD Cross Rate) BTC ETH vBMNR Daily 31DEC2024-113AN2026 Copyright® 2026 Bloomberg Finance L.P. Dec Jan 2026 -Jan-2026 10:50:12 lustative | ForDiscussinn Purpo
Slide 9: October was largest ever deleveraging in history of crypto
BITMINE - BMINR, OCT 10 was largest ever deleveraging in history of crypto BUSINESS INSIDER Ee MARKETS The crypto market has seen $1 trillion in value erased in this month's plunge into bear territory By Samuel O'Brient ® Bitcoin cratered on Thursday, leading risk assets lower after a big U-turn in
Slide 10: Crypto having a great year until October 10, 2025
BITMINE -BMNR Crypto having a great year until October 1'0, 2025 1504 704 04 50: 40. Jan Feb War for Way Jun Tat fos ‘Se ‘Oct Nov Dec Jan 2025 2026 XETUSD Curncy (XET-USD Cross Rate) BTC ETH vBMNR Daily 31DEC2024-113AN2026 Copyright® 2026 Bloomberg Finance L.P. 11-Jan-2026 10:50:12 lustatie | ForDis
Slide 11: Alchemy of 5%: BitMine steadily acquires ETH
BITMINE » BIN, ALCHEMY OF 5%: BitMine steadily acquires ETH Net DAT Purchase/Sale ($M) since 10/31/2025 BitMine Spat $2,406 $390 $143 E sa E a = $34,576 -$95 b N weoe wax SHEECE2 ELBRRRSELES TSE RRS SGtoaae Ph FECES °F 225°R GHG s*& g ao 2 <u Y Oem DATs @=: DATs “Purchase and sale information is bas
Slide 12: Liquidity: BitMine stock trades 14X more volume
BITMINE - BNR 12 LIQUIDITY: BitMine stock trades 14X more volume BitMine $12,845 $2,665 $1,527 $473 $216 $215 $124 BMNR SBET ETHM BTBT BTCS ETHZ FGNX ETH $ value Imustatve | For Diseusion Purposes ‘As of Jan 9, 2026 pose
Slide 13: Liquidity: BitMine stock trades 14X more volume
BITMINE » BIN. 2 LIQUIDITY: BitMine stock trades 14X more volume BitMine $12,845 <a 4.8X larger han #2 $2,665 $1,527 $473 $216 $215 $124 BMNR SBET ETHM BTBT BTCS ETHZ FGNX ETH $ value Imustatve | For Diseusion Purposes ‘As of Jan 9, 2026 pose
Slide 14: Liquidity: BitMine stock trades 14X more volume
BITMINE » BIN. 4 LIQUIDITY: BitMine stock trades 14X more volume (} BitMine _ oe <— 4.8X & aise larger 3 han #2 $2,665 $1,527 $473 $216 $215 $124 S113 [$100 moe SSSA 82 BMNR SBET ETHM BTBT BTCS ETHZ FGNX BMNR SBET BTBT ETHZ BTCS FGNX ETHM ETH $ value $ daily trading (60D) Imustatve | For Diseusion P
Slide 15: Liquidity: BitMine stock trades 14X more volume
BITMINE » BIN. 5 LIQUIDITY: BitMine stock trades 14X more volume BitMine 4.8X iene Ooi: om larger Shee) <= 13.8X larger han #2 than #2 $2,665 / $1,527 $473 $216 $215 $124 pal _ $16 $5 $4 §2 BMNR SBET ETHM BTBT BTCS ETHZ FGNX BMNR SBET BTBT ETHZ BTCS FGNX ETHM ETH $ value $ daily trading (60D) Imusta
Slide 16: BMNR+MSTR = ~90% DAT trading volume
BITMINE » BMINR, 16 BMNR+MSTR = ~90% DAT trading volume % of DATs $ Trading Volume* BitMine Stier 29% DATs 13% 59% ltusratve | Fer Discussion Purposes As ofan 2, 2026 reve
Slide 17: Rapid Progress on Alchemy of 5%
02 Rapid Progress on Alchemy of 5%
Slide 18: BitMine is already 68% on its way to 'Alchemy of 5' in 7 months
BITMINE BMINR 18 BitMine is already 68% on its way to ‘Alchemy of 5’ in 7 months 6,035 ETH held 4,111 4,168 32. ~~ SE ee é 9 3,313 68% 2,651 1,714 567 166 — June July August Sept Oct Nov Dec Jan Alchemy MTD lustative | ForDiscussinn Purposes
Slide 19: BitMine is already 74% including cash on hand
BITMINE BMINR BitMine is already 74% including cash on hand ETH held 4,484 4,111 4,168 cash 3,727 3,313 2,651 1,714 567 166 == 19 June July August Sept Oct Nov Dec Jan Jan MTD MTD** Alchemy lustative | ForDiscussinn Purposes
Slide 20: Treasury Holdings Growth - BMNR vs MSTR Comparison
BITMINE » BIN. Treasury Holdings Growth- BMNR vs MSTR Comparison Si $60,925 Treasury Holding Value ($M)-Log Scale $272 —MSTR —=BMNR 0 365 730 1,095 1,460 1,825 Rebased Day 0 = Start of Crypto Treasury Strategy lustative | For Discussion As of lan 9, 2026 Pur 20 poses
Slide 21: Pillars of growth to drive stockholder value
03 4 Pillars of growth to drive stockholdervalue
Slide 22: Roadmap
BITMINE - BMINR. Roadmap Made in America Validator Network Artwork and Culture ethereum foundation Governance and Technology Community Participant Select investments in bold ideas that enhance Ethereum Network Value (51% Treasury) like Google “Other Bets” BitMine 5% of the Ethereum MoonShots Network
Slide 23: Roadmap
Up to 9% of the balance BITMINE - BMINR. Roadmap Artwork and Culture ethereum foundation) Select investments Governance and in bold ideas that enhance Technology Ethereum Network Value («1% Treasury) lite Google ‘Other Bets’ Made in America Community BitMine 5% of the Ethereum Validator Network Part
Slide 24: Newest Moonshot: BitMine $200 million investment
BITMINE - BIN 24 Newest Moonshot: BitMine $200 million investment lustative | For Discussion Purposes
Slide 25: Moonshot: BitMine invests $200 million into Beast Industries
BITMINE - BMNR 25 MOONSHOT: BitMine invests $200 million into Beast Industries * BitMine will make a$200 million investment into Beast Industries. BitMine will be the largest strategic corporate investor in the company. = MrBeast is thenumber one content creatorin the World and the leading voice for
Slide 26: Trifecta: Potential Synergy Tom Lee + BitMine + Mr. Beast
BITMINE - BNR 26 TRIFECTA: Potential Synergy Tom Lee + BitMine + Mr. Beast #1 strategist for retail investors ‘Source: https:/wwwwthecashmerefund.com/portfolio -company/beast-industries lustative | For Discussion Purposes
Slide 27: Trifecta: Potential Synergy Tom Lee + BitMine + Mr. Beast
BITMINE - BNR 27 TRIFECTA: Potential Synergy Tom Lee + BitMine + Mr. Beast #1 strate gist for #1 holder ETH retail investors ETH is the future of finance BitMine se ( The Alchemy of 5% ) yy ‘Source: https:/wwwwthecashmerefund.com/portfolio -company/beast-industries lustative | For Discussion Purpose
Slide 28: Trifecta: Potential Synergy Tom Lee + BitMine + Mr. Beast
BITMINE - BNR 28 TRIFECTA: Potential Synergy Tom Lee + BitMine + Mr. Beast #1 content creator for GenZ, Gen Alpha and Millennials #1 strate gist for #1 holder ETH retail investors ETH is the future of finance BitMine 5 ( The Alchemy of 5% yy ‘Source: https:/wwwwthecashmerefund.com/portfolio -company
Slide 29: Who is MrBeast?
BITMINE - BNR 29 ‘WHOIS MRBEAST.? a. e Founder Of Beast Industries e Spectacle & Philanthropy e #1Creator In The World e 1.4 Billion Uniques e 1Billion Followers alia Beast Industries As of Sep 26, 2025
Slide 30: Rapid Growth & High Engagement Fuel MrBeast's Rise to #1
BITMINE » BMINR, 30 /— Rapid Growth & High Engagement Fuel = MRBEAST:'S RISE TO #1 ® a >) 2 ee SN ae Se ee OC) Ga es + @ mesenst 1018 183 422% 11500 21,800 B (3) MrBEAST 1.018 183M 3.6% +22% 2 @ tse 4 8 es es 2000 3 ® ‘Selena Gomez 76M. ™ 108% ™ 3 (3) hay Lame 250m a 1% os 3000 6 @ wnt cm mom 4 Q ce
Slide 31: MrBeast is the #1 Creator
BITMINE - BIN = MRBEAST. IS THE #1 CREATOR >) In the #1 Source of Media Consumption (YouTube) TOTAL TV USAGE BY DISTRIBUTOR MFBEAST. ° = =e 1.4B+ Uniques (~15% the world) TT 5B+ 175M+ = Avg. Views/Mo Hours/Mo Fox Pz 28% 2-5x Warmer Bos. Discovery pion 3.9 YOY Mins YTD More upload views than the top
Slide 32: MrBeast viewership scale
BITMINE BMNR Re MRBEAST, DE Every Year superion ux g ovosal" ton rox (o] opera eemunae ae, Tubi, NFL digital watched a MrBeast video with someone other than themselves Google Survey, july 2024 ‘Mr Beast Monthly Unique Video: GLOBAL | Main Longform ‘| Main Shorts Gaming M Beast 2Longform Ml Beast 2 S
Slide 33: The MrBeast Multiplier: Top Tier Collaborations
BITMINE - BNR 33 (— THE (VF BEAST, MULTIPLIER i Algorithmic Dominance Fuels Top Tier Collaborations @iordanmatter @NickD‘Ciovant embhd eFazeCian 20M subs Me subs 3Video integrations 10 ideo integrations ‘EI Tech Creator £#1Caming Crestor @stokesTWins T3OM+ subs 4Videointeyrations @Markober 7OM+ subs
Slide 34: Beast Games
BITMINE » BIN. 34 ( BEAST GAMES >) A global cultural phenomenon blending challenge, spectacle, and storytelling, with massive engagement across YouTube, social, and beyond. GLOBALREACH VIEWER SCALE IMPACT PARTNER #1 144M+ #1 coronation res MrBeast Gaming Show in 80+ Viewers Watched in Largest unscri
Slide 35: Our Why: Beast Philanthropy
BITMINE » BMINR, OUR WHY 41.9M $5M $30M+ 100+ 2000 MEALS IN AID TO (ORTH OF FOOD CLEFT DISTRIBUTED UKRAINE DONATED & PALATE | 60 (+50M LBS OF REFUGEES DISTRIBUTED REPAIRS (Gop) SURGERIES A MOVEMENT ALREADY IN MOTION Since 2020, Beast Philanthropy has quietly grown into one of the most effective glob
Slide 36: Beast Industries: Extending Our Lead
BITMINE » BIN. = BEAST [WDU/27KIES = Extending Our Lead 2023 2024 2025 2023 2024 2025 BEAST MEDIA PLATFORM FOLLOWERS, millions BEAST MEDIA PLATFORM VIEWS, billions \ NEW FANS ARE HIGHLY ENGAGED SUPER-CONSUMERS 1 Source: Beast Industries Iustrative | ForDiscussion Purposes As of Sep 26, 2025
Slide 37: BitMine pillars of growth
BITMINE BMINR 4 pillars of growth aw Maximize yield on Treasury Invest defi in “moonshots” Productize BitMine Bridge tradfi and defi lustative | ForDiscussinn Purposes
Slide 38: BitMine pillars of growth: Maximize yield on Treasury
BITMINE BMINR 4 pillars of growth Maximize yield " Optimize staking yield on Treasury « Pursue alpha strategies = Tom DeMark, DeMark Analytics, strategic advisor on tactical ETH purchases " Optimize yield on cash bid bid bid lustative | ForDiscussinn Purposes
Slide 39: BitMine current ETH holdings to generate significant yield
BITMINE » BIN. BitMine current ETH holdings to generate significant yield Expected yield Annual pre -tax income Treasury capital allocated Native staking, = including MAVAN Si2L billion Cash yield $1.0 billion Total BitMine BitMine Key assumptions: CESR yield for ETH is 2.91% Current momey market yi
Slide 40: ETH holdings yield at scale of 'alchemy of 5%'
BITMINE » BIN. 40 ETH holdings to generate significant yield at scale of ‘alchemy of 5%’ 5% of ETH and $3k ETH A C \ Treasury Annual capital Expected pre-tax allocated yield income Native staking, $18.1 2.8% to $507 to including MAVAN billion 3.0% $543 million $1.0 3.5% to $35 to $40 Cash yield bill
Slide 41: ETH holdings yield at scale of 'alchemy of 5%'
BITMINE » BIN. a4 ETH holdings to generate significant yield at scale of ‘alchemy of 5%’ 5% of ETH and $3k ETH 5% of ETH and $12k ETH A xX C \ C \ Treasury Annual Treasury Annual capital Expected pre-tax capital Expected pre-tax allocated yield income allocated yield income Native staking, $18.1 2.8
Slide 42: BitMine pillars of growth
BITMINE BMINR 42 4 pillars of growth Orbs and Worldcoin Maximize yield Invest defi in on Treasury “moonshots” Accelerate tokenization products a Pos @ * Work with L2 and defi ifs * Beast Industries “moonshot” ‘al tee bs pi lustative | ForDiscussinn Purposes
Slide 43: BitMine Investment in Eightco (ticker: ORBS)
BITMINE - BNR 43 BitMine Investment in Eightco (ticker: ORBS) ©world + Founded in 2019 by Sam Altman (OpenAl CEO) and Alex Blania + Dedicated to building a globalscale proofof-human network to distinguish humans from Al in a posAGI world + End-to-end stack comprising of hardware, privacy preserving
Slide 44: Eightco (ORBS): Overview
BITMINE - BMINR Eightco (SORBS): Overview 277,222,975 WLD 11,068 ETH $69.2M cash + stablecoins 17,740,428 Unique Humans Verified 1 44 INFINITY Auth Pilot Partnerships Proof of Human for Digital Assets and Financial Services mkraken coinbase Strategic Investment Proof of Human for Gaming and Digital
Slide 45: tokenization
Slide 46: Tokenization: reasons for the 'big unlock'
BITMINE - BMINR 46 Tokenization: 5 reasons for the “big unlock” Fractional Ownership: Tokenization divides equities into affordable fractions, broadening access to high-value investments. Reduced Costs and Efficiency: Tokenization automates processes, cuts intermediaries, lowers fees, speeds settlem
Slide 47: Tokenization: Taking Wall Street into the future
Tokenization: Taking Wall Street into the future
Slide 48: BlackRock tokenization
BITMINE BlackRock Bow sie clackite Tokenization is shaping the next evolution of global markets. In @TheEconomist, Larry Fink and Rob Goldstein discuss how tokenization can modernize market infrastructure, enhancing efficiency, transparency, and access by connecting traditional and digital finance.
Slide 49: Tokenization: Taking Wall Street into the future
BITMINE - BMINR Tokenization: Taking Wall Street into the future
Slide 50: Tokenization: 'Big unlock'
BITMINE - BMINR Tokenization: “Big unlock”
Slide 51: Tokenization: 'Big unlock' Fractional shares
BITMINE - BMINR Tokenization: “Big unlock’f Fractional shares
Slide 52: Tokenization: 'Big unlock' Factorize the business
BITMINE - BMINR Tokenization: “Big unlock’@ Factorize the business usvatve | ForDiscussionP 82 ruposes
Slide 53: Tokenization: 'Big unlock' TSLA
BITMINE - BMINR Tokenization: “Big unlock” TSLA ‘Souece: Fundstrat and BtMine lustative | ForDiscussion Pu 53 poses
Slide 54: Tokenization: 'Big unlock' TSLA
BITMINE - BMINR Tokenization: “Big unlock” TSLA ‘Souce: Fundsteatand BiMine Time tokenization: Buy NP Vof “eamings” on a “Specific” date. Product tokenization: Buy NP Vof specific product stream. Geographic tokenization: Buy NPV ofspecific region. Financial statement tokenization: Buy NPV of‘subscri
Slide 55: Tokenization: 'Big unlock' TSLA – Time tokenization
BITMINE - BMINR Tokenization: “Big unlock” TSLA ‘Souece: Fundstrat and BtMine Time tokenization lustative | ForDiscussion Pus 55 poses
Slide 56: Tokenization: 'Big unlock' TSLA – Time tokenization EPS
BITMINE - BMINR Tokenization: “Big unlock” TSLA ‘Souece: Fundstrat and BtMine 56 Time tokenization EPS 2036 |_| B fra a a Bl | a | (= | | EPS lustative | ForDiscussinn Purposes
Slide 57: Tesla shareholders approve Musk's $1 trillion pay plan
| S2CNBC Search quotes, news & videos, QQ WATCHLIST = MARKETS BUSINESS INVESTING TECH POLITICS VIDEO JINVESTINGCLUB™” PRO” ~ LIVESTREAM 2S 36 Tesla says shareholders approve Musk’s $1 trillion pay plan with over 75% voting in PO -y ear
Slide 58: Tokenization: 'Big unlock' TSLA token EPS
Tokenization: “Big unlock” TSLA fokode ken EPS Buy only 4 “2036 «
Slide 59: Tokenization: 'Big unlock' TSLA – Product tokenization
BITMINE - BMINR Tokenization: “Big unlock” TSLA ‘Souece: Fundstrat and BtMine Product tokenization lustative | ForDiscussion Pus 59 poses
Slide 60: Tokenization: 'Big unlock' TSLA – Product tokenization
BITMINE - BMINR 60 Tokenization: “Big unlock” TSLA Product tokenization FSD — Solar —Elon brain ‘Souece: Fundstrat and BtMine ustative
Slide 61: Tokenization: 'Big unlock' TSLA – Product tokenization
BITMINE - BMINR 61 Tokenization: “Big unlock” TSLA Product tokenization
Slide 62: BitMine pillars of growth: Productize BitMine
BITMINE BMINR 4 pillars of growth Maximize yield on Treasury Invest defi in “moonshots” 62 Productize BitMine * BitMine app coming « BitMine works with community ofstockholders * BitMine brand is strong we lustative | ForDiscussinn Purposes
Slide 63: BitMine app coming to you soon
BitMine app coming to you soon Ki (0186 2a | Enter Email to Connect with Bit lustatie | For Discussion Purposes
Slide 64: BitMine app coming to you soon
BITMINE » BIN. BitMine app coming to you soon ‘(Ge nee Enter Email to Connect with BitMine / : Hey, John + Goodies Opting Orca ops Presentation Recent Activity @) a As of Sep 26, 2025 64 lustatie | For Discussion Purposes
Slide 65: BitMine app coming to you soon
BITMINE » BIN. BitMine app coming to you soon wea \ \ 4 Hey, John » * Fo ee cence Oe ces Ais Api ht Fran rane renin ore & News Highlights oa tein Peto eit chara ess Recent Aetvty Enter Email to Connect with Bitrine Appoints Chief Financial Cicer and Chief Portfolio: “+A Holding eithine Sontag ic aeE
Slide 66: BitMine app coming to you soon
BITMINE » BIN. 66 BitMine app coming to you soon ~ ~ - yore ~e@> of \ / / Hey, John + a Wom Gear eis News & Media Gootae chairman's Message wt 0) Feed Bhi Apa ht Fran eran et a again nesing once Chairman's Messa e Nows Highights ona ren renee neers — tine Chen Message Tm Lee xine Se ait crak Nstae T
Slide 67: BitMine pillars of growth: Bridge tradfi and defi
BITMINE BMINR 67 4 pillars of growth Maximize yield Invest defi in Productize Bridge tradfi on Treasury “moonshots” BitMine and defi « BitMine top 50 most traded stock «= MAVAN largest staking entity in world « Bridge settlement layer lustative | ForDiseussion Purposes
Slide 68: MAVAN: Best in class staking
BITMINE » BIN. 68 MAVAN: Best in class staking = BitMine commercial staking subsidiary nameMAVAN : Made in America Va lidator Network *= MAVAN launching in early 2026. Once staking BitMine’s ETH holdings, MAVAN will be the largest commercial validator in the World. «= MAVAN will stake other proofofs
Slide 69: BitMine: Bridging Wall Street and Ethereum and DeFi
~_, . BitMine \” BitMine: Bridging WallStreet and Ethereum and Defi\ th atchemy of 5% Largest holder of ETH in the World ! ™ Moonshots | * MAVAN staking eo = EF partnership | = Investing in DeFi : = BitMine Labs
Slide 70: BitMine: Bridging Wall Street and Ethereum and DeFi
BITMINE -BMNR BitMine: Bridging WallStreet and Ethereum and Defi Brid ging Finance 4 = WallStreet connectivity !* Consumerservices ; ' * Strong brand <> ! = BitMine community = BitMine technology Largest holder of ETH in the World (BB) BitMine The Alchemy of 5% ! ™ Moonshots =" MAVAN staking | = EF
Slide 71: Ethereum is the future of finance
04 Ethereum Is the future of finance
Slide 72: 2025: major positive fundamentals, but terrible price action
2025: major positive fundamentals, but terrible price action
Slide 73: Best years of growth still ahead, 200X adoption ahead
BITMINE » BIN. Best years of growth still ahead, 200X adoption ahead = There are4.4 million Bitcoin addresses with >$10,000 balance. Bitcoin “Share” ofthese accounts is 0.5%. = Globally, there are 900 million individuals with >$10,000 in retirement, pension, brokerage accounts (per ICI, OECD, Federa
Slide 74: 2025: Many positive crypto milestones
BITMINE » BIN. 7 2025: Many positive crypto milestones . US Government passesp ro-c rypto le gis la tion, setting the standard for the Wester World ‘ SeveralUS states and US government plan or executed “Bitc oin Strategic Reserve” + Blackrock launches Bitc oin ETF in Jan 2024 and in 2025 becomes top
Slide 75: tokenization
Slide 76: Blockchain boon
| Blockchain boon Larry Fink and Rob Goldstein on how tokenisation could transform finance Ledgers haven’t been this exciting since the invention of double-entry book- keeping Now finance is entering the next major evolution in market infrastructure—one that could move assets faster and more securel
Slide 77: ETH/BTC ratio: 2025 tailwinds argue for ATH in ratio
erTwNe ni ETH/IBTC: ,, 2222 ETH/BTC ratio: 2025 tailwinds argue for ATH in ratio ETH/BTC: 0.10000 0.08727 0.09004NG tenn nnn nn ne ne nn een ee eee nee eee eee eee eee = 0.08000 0.07000 8-yr avg: 0.04790 0.060004 0.050004 ETH/BTC: * 0.03463 0.020004 2018 2019 2020 2021 2022 2023 2024 2025 XETUSD Cur
Slide 78: Standard Chartered: ETH outperformance expected
J standard = chartered Global Research Digital Assets 12 January 2026 ETH outperformance expected « Worse-than-expected BTC performance has lowered prospects for all digital assets « However, ETH’s specific drivers have improved; we see ETH-BTC returning to its 2021 highs e We lower our year-end ETH
Slide 79: ETH: Implied Fair Value based on ETH/BTC ratio = $12k to $22k
BITMINE » BIN. 79 ETH: Implied Fair Value based on ETH/BTC ratio = $12k to $22k ETH/BTC ETH 8-yr avg 2021 high “payment rails” Vv 0.0239 0.0359 0.0479 §0.0598 0.0873 0.1250 100,000 2,393 3,590 4,786 5,983 8,727 12,500 125,000 2,991 4,487 5,983 7,478 10,909 15,625 150,000 3,590 5,384 WAZ 8,974 13,091
Slide 80: BMNR: Stock price follows ETH price
BITMINE BMINR BMNR: Stock price follows ETH price [Bl Legend 4 Track 4 Annotate ©, Zoom fh Select (A Copy ticker: ( BMNR BMNR US Equity &
Slide 81: BMNR: Stock price follows ETH price
Slide 82: BMNR: Stock price follows ETH price
Slide 83: 05 Strong team driving transformation
Slide 84: BitMine management team
Slide 85: Thank You!
BitMine Immersion Technologies — Shareholder Meeting (January 2026) on 6ix