Slide 1: The Alchemy of 5%: Crypto Bull Underway
$3, Biimine NYSE: BMNR NYSE: BMNP (the Alchemy of 5% Crypto Bull Underway This cycle likely the largest
Slide 2: Legal Disclosures and Disclaimers
BITMINE IMMERSION TECHNOLOGIES 2 Disclaimers LEGAL DISCLOSURES AND DISCLAIMERS ‘This presentation is being made available by Bit mine Immersion Technologies, Inc. ("BMNR" or the "Company’) in connection with a business update and does not purport to be complete or to contain all information that a p
Slide 3: Table of Contents
Table of Contents O1 “Full-blown” crypto bull market underway 02 This crypto bull should be larger than past cycles 03 Bitmine outperforming ETH in each cycle
Slide 4: "Full-blown" crypto bull market underway
O1 “Full-blown” crypto bull market underway
Slide 5: Large institutions confirming bull market underway
BITMINE - BNR BULL: Large institutions confirming “bull market” underway @ Ash D Jou Rowson, MASSIVE: && $1.8 Trillion Franklin Templeton’s crypto head says crypto is entering a new bull cycle. a encoin / U.S. Dollar FRANKLIN ©2-TEMPLETON ie) a O4 A a4 llustrative | For Discussion Purposes
Slide 6: Technicals: Bitcoin above the 200-day moving average
BITMINE - BNR TECHNICALS: Bitcoin above the 200-day moving average 0.12M4 0.1M4, 60000 4 200 dma MM Bitcoin - Last Price MSMAVG (200) 71156.40 2024 2025 2026 XBT Curncy (Bitcoin) XBT VEMNR Daily 27SEP2024-28SEP2026 Copyright® 2026 Bloomberg Finance LP. 27-Sep-2026 22:41:35, ‘Source: Fundstat, Stats
Slide 7: Technicals: Bitcoin above the 200-day moving average
BITMINE - BNR 7 TECHNICALS: Bitcoin above the 200-day moving average 0.12M4 ® 0.1M4 90000 = 200 dma 600004 \ 9M Bitcoin - Last Price MSMAVG (200) 71156.40 2024 2025 2026 Aug a) XBT Curncy (Bitcoin) XBT vBMNR Daily 27SEP2024-28SEP2026 Copyright® 2026 Bloomber ze >200dma ‘Source: Fundstat, Stats are c
Slide 8: Technicals: Bitcoin above the 200-day moving average
BITMINE - BNR TECHNICALS: Bitcoin above the 200-day moving average 200 dma 9M Bitcoin - Last Price MSMAVG (200) 71156.40 2024 2025 2 XBT Curncy (Bitcoin) XBT VBMNR Daily 27SEP2024-28SEP2026 Copyright® 2026 Bloor 27-Sep-2026 22:41:35, ‘Source: Fundstat, Stats are calculated based on BMNR weekly press
Slide 9: Technicals: Bitcoin above the 200-day moving average
BITMINE - BNR 9 TECHNICALS: Bitcoin above the 200-day moving average # instances 6M oun) (% time) forward return Win-ratio 1,765 en ex) *193% 80% i 4 Above 200D Below 200D \ 3 9M Bitcoin - Last Price MSMAVG (200) 71156.40 Aug 19 ere +1 0% 36% sercuney tan) ar won oaty raorrescs coos moa > 200 dma 27
Slide 10: Technicals: Bitcoin above the 200-day moving average
BITMINE - BMNR 10 TECHNICALS: Bitcoin above the 200-day moving average 0.2M4 40000 = 200004 100004 40004 20004 Bb 210004 4004 200 1004 404 200 dma |—MBitcoin - Last Price MSMAVG (200) 71157.71 < 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 XBT Curncy (Bitcoin) XBT vBMNR Dail
Slide 11: Technicals: Bitcoin above the 200-day moving average
BITMINE - BNR TECHNICALS: Bitcoin above the 200-day moving average 0.2M4 40000 = 200004 100004 40004 20004 210004 4004 200 1004 200 dma |—MBitcoin - Last Price MSMAVG (200) 71157.71 < 2013 2014 2015 2016 2017 2018 2019 XBT Curncy (Bitcoin) XBT vBMNR Daily 19JUL2012-28SEP2026 ‘Source: Fundstat, Stats
Slide 12: Technicals: Bitcoin above the 200-day moving average
BITMINE - BNR TECHNICALS: Bitcoin above the 200-day moving average 0.2M4 40000 = 200004 100004 bull bull 40004 20004 Bb 10004 200< eal bull 404 200 dma |—MBitcoin - Last Price MSMAVG (200) 71157.71 < 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 XBT Curncy (Bitcoin) XBT vBMNR
Slide 13: ETF Flows: Bitcoin YTD flows now positive
BITMINE - BNR 13 ETF FLOWS: Bitcoin YTD flows are now positive = bull market tsunami of cash came in over the past month ever since Bessent said it would increase bond buying which reminded everyone that the train has no brake pedal, only gas. Chart, story via @sidcoins US Bitcoin Fund Flows Flip Po
Slide 14: Asset performance relative to S&P since June 30, 2026
BITMINE - BNR Asset Performance relative to SSP 500 since June 30, 2026 6/30/26 to 9/18/26 o Ethereum Solana Bitcoin @ Energy MSCI World Energy Expanded Tech-Software ETF (IGV) Silver Spot Magnificent 7 Gold Spot Healthcare MSC! World Financials Financials MSC! World Comm. Services MSC! World Health
Slide 15: Asset performance relative to S&P since June 30, 2026
BITMINE - BNR Asset Performance relative to SSP 500 since June 30, 2026 6/30/26 to 9/18/26 o fi N Ethereum 65.2% Solana VW Bitcoin @ A2% Energy 18.9% cane ech Se me Crypto crushing oS ey macro assets bya “country mile” Gold Spot Healthcare MSC! World Financials Financials MSC! World Comm. Services M
Slide 16: Asset performance relative to S&P since June 30, 2026
BITMINE - BNR Asset Performance relative to SSP 500 since June 30, 2026 6/30/26 to 9/18/26 Energy MSCI World Energy Expanded Tech-Software ETF (IGV) Silver Spot Magnificent 7 Gold Spot Healthcare MSC! World Financials Financials MSC! World Comm. Services MSC! World Health Care MSC! World Materials M
Slide 17: DeMark: Confirming crypto bull underway
BITMINE - 8MNR DEMARK: Confirming Crypto bull underway We are confident Ethereum markets will continue to trade higher. When a market rallies 100% off of the low price, it is often an Tom DeMark indication of a potential trend Founder of DeMark Analytics reversal. ‘As of Sept 28, 2026
Slide 18: DeMark: Confirming crypto bull underway
BITMINE - 8MNR DEMARK: Confirming Crypto bull underway We are confident Ethereum markets will continue to trade higher. When a market rallies 100% off of the low price, it is often an Tom DeMark indication of a potential trend Founder of DeMark Analytics reversal. ‘As of Sept 28, 2026
Slide 19: 4-Year Cycle: Predicted bottom is October 5, 2026
BITMINE - BNR 4-YEAR CYCLE: Predicted Bottom is October 5, 2026 “ Orbion & @cryptorbion - Sep 25 (Jo ZP 10 DAYS LEFT UNTIL SBTC CYCLE BOTTOM 19 every cycle has run on the exact same clock and almost nobody is talking about it 2015 to 2017 -> 1,064d bull market 2017 to 2018 -> 364d bear market 2018 t
Slide 20: BNR
BITMINE - BNR llustrative | For Discussion Purposes
Slide 21: This crypto bull should be larger than past cycles
02 This crypto bull should be larger than past cycles
Slide 22: BNR
BITMINE - BNR 22 ys ptr ~ llustrative | For Discussion Purposes As of Sept 28, 2026
Slide 23: Bull cycle: why likely to be larger than other bull markets
BULL CYCLE: Why likely to be larger than other bull markets = Tokenization Is a bigger story than prior bulls = Flows: Wealth transfer + Institutions buying crypto «= DATs permanent capital = amplify next bull cycle = Crypto is a downstream Al story
Slide 24: Bull cycle: why likely to be larger than other bull markets
BULL CYCLE: Why likely to be larger than other bull markets ( = Tokenization is a bigger story than prior bulls ) = Flows: Wealth transfer + Institutions buying crypto «= DATs permanent capital = amplify next bull cycle = Crypto is a downstream Al story
Slide 25: ETH/BTC ratio: future tailwinds of tokenization and AI
BITMINE - 8MNR ETH/BTC ratio: Future tailwinds of Tokenization and Al Tokenization Agentic Al ICO boom 3 0.20000 ETH/BTC: NFTs 0.10000 Stablecoins 0.04238 0.03212 0.01809 erate) 0.01734 0.00400 0.00300 0.00200 0.0016 2016 2017 2018 | 2019 2020 2021 2022 2023 2024 2025 2026 XETUSD Curncy (XET-USD Cro
Slide 26: ETH/BTC ratio: future tailwinds of tokenization and AI
BITMINE - BNR ETH/BTC ratio: Future tailwinds of Tokenization and Al Tokenization Agentic Al Stablecoins 0.04238 0.03212 0.01734 0.01809 2016 2017 2018 | 2019 2020 2021 2022 2023 2024 2025 2026 XETUSD Curncy (XET-USD Cross Rate) ETH/BTC '18 vBMNR Daily 07AUG2015-17DEC2026 Copyright® 2026 Bloomberg F
Slide 27: ETH/BTC ratio: future tailwinds of tokenization and AI
BITMINE - BNR ETH/BTC ratio: Future tailwinds of Tokenization and Al Tokenization Agentic Al ICO boom = 0.20000 ETH/BTC: 0.10000 Stablecoins 0.04238 0.03212 0.01809 0.0016 2016 2017 2018 | 2019 2020 2021 2022 2023 2024 2025 2026 XETUSD Curncy (XET-USD Cross Rate) ETH/BTC '18 vBMNR Daily 07AUG2015-17
Slide 28: ETH/BTC ratio: future tailwinds of tokenization and AI
BITMINE - BNR ETH/BTC ratio: Future tailwinds of Tokenization and Al Tokenization ICO boom Agentic Al ETH/BTC: 0.03212 0.01734 0.0016 2016 2017 2018 | 2019 2020 2021 XETUSD Curncy (XET-USD Cross Rate) ETH/BTC '18 vBMNR Daily 07AUG2015-17DEC2026 ‘Source: Bloomberg and Fundstrat, 2022 2023 2024 2025 2
Slide 29: BlackRock CEO: countries racing to launch stablecoins
BITMINE - 8MNR- Etherealize %@ @Etherealize io - May 28 Bu 20 BlackRock CEO Larry Fink: Countries are racing to launch their own stablecoins “Every member of our government needs to wake up to the idea that these deficits are threatening our future and the value of the dollar. Let’s be clear, if we
Slide 30: Robinhood CEO on tokenization super cycle
Altcoin Daily @ Followback ]¥g@ Mumm @AltcoinDaily "Tokenization... We’re at the beginning of a SUPER CYCLE, and it’s going to take over the entire financial system" - Robinhood CEO Vlad Tenev 3:44 PM - Oct 1, 2026 - 166.2K Views 0 179 Tl 656 © 38k QQ 351 b
Slide 31: Robinhood CEO on crypto and real-world assets
BITMINE - BMNR con Coin Bureau % @coinbureau - Jul 6 Boor PREAY Q BULLISH: ROBINHOOD CEO EXPLAINS WHY CRYPTO IS THE FUTURE “| believe that the future of crypto is in real-world assets.” “If an asset is not tied to an underlying utility, it’s not a productive asset.” “Everything that is running on tr
Slide 32: Tokenization: $200 trillion of liquid assets tokenized
BITMINE - 8MNR TOKENIZATION: $200 trillion of liquid assets tokenized Figure 3: The equity market value was USD 99.3 trillion at Q1 2026 == STATE STREET. = INVESTMENT MANAGEMENT 32 Global Market Portfolio 2026 GMP USD Value _— Weights (%) © Equity $99.3T 45.0 @ Government bonds $43.6T 19.8 @ IG cred
Slide 33: Tokenization: $200 trillion of liquid assets tokenized
BITMINE - BVINR 33 TOKENIZATION: $200 trillion of liquid assets tokenized == STATE STREET. Figure 3: The equity market value was USD 99.3 trillion at Q1 2026 > GIVESTHENT MANAGEMENT Global Market Portfolio 2028 GMP USD Value _ Weights (%) © Equity $99.3T 45.0 J t t 3 — @ Government bonds $43.6T 19.8
Slide 34: Ethereum: Wall Street favors Ethereum
BITMINE : BMNR ETHEREUM: Wall Street favors Ethereum # Major tokenization wins: - Blackrock BUIDL - JPMorgan MONY - Securitize continues to primarily use Ethereum - Ondo Finance primarily launches on Ethereum = Layer 2 wins: - Robinhood chose to build on Arbitrum, Ethereum is security layer - Coinba
Slide 35: Ethereum: Wall Street favors Ethereum
BITMINE : BMNR ETHEREUM: Wall Street favors Ethereum # Major tokenization wins: - Blackrock BUIDL - JPMorgan MONY - Securitize continues to primarily use Ethereum - Ondo Finance primarily launches on Ethereum = Layer 2 wins: - Robinhood chose to build on Arbitrum, Ethereum is security layer - Coinba
Slide 36: Ethereum: Largest developer ecosystem
BITMINE - BNR ETHEREUM: Largest developer ecosystem B DEVELOPER REPORT [i EVM Stack by ELECTRIC’ CAPITAL A Ethereum @ Bitcoin = Solana SVM Stack ®) Stellar %) Polkadot Network Stack * Cosmos & Polygon ¢~3 Polkadot Arbitrum Exceeds all others combined As of Feb 9, 2026
Slide 37: ETH/BTC ratio
BITMINE - BNR ICO boom ETH/BTC: Stablecoing 0.04238 0.01809 erate) 0.01734 0.00400 0.00300 0.00200 0.0016 2016 2017 2018 | 2019 2020 2021 2022 2023 2024 2025 2026 XETUSD Curncy (XET-USD Cross Rate) ETH/BTC '18 vBMNR Daily 07AUG2015-17DEC2026 ‘Source: Bloomberg and Fundstrat, Copyright 2026 Bloomberg
Slide 38: Bull cycle: why likely to be larger than other bull markets
BULL CYCLE: Why likely to be larger than other bull markets = Tokenization Is a bigger story than prior bulls ( = Flows: Wealth transfer + Institutions buying crypto ) «= DATs permanent capital = amplify next bull cycle = Crypto is a downstream Al story
Slide 39: Wealth: $100 trillion of wealth transfer underway
BITMINE - BMNR WEALTH: $100 trillion of wealth transfer underway Bou @WOLE Terminal VLAD TENEV SAYS A $100 TRILLION WEALTH TRANSFER IS UNDERWAY He thinks technology can make private wealth services accessible to a much broader group of investors: CAN ROBINHOOD CA WEALTH TRANSF a H 2? CR IN ON TH AM
Slide 40: Inheritance: accelerated pace of inheritance in USA
BITMINE - 8MNR INHERITANCE: Accelerated pace of inheritance in USA Annual inheritance, per IRS ($ billions) 2019 2020 2021 2022 2023 2024e 2025e 2026e a 147 113 (171 i 237 i 347 425 550 a 675 llustrative | For Discussion Purt Source: IRS (link) and 2024 to 2026 estimates per Fundstrat Research 40 po
Slide 41: Inheritance: accelerated pace of inheritance in USA
BITMINE - BVINR a1 INHERITANCE: Accelerated pace of inheritance in USA Annual inheritance, per IRS ($ billions) oss Make sense why 2020 | 113 equities strong 2021 171 H 9 22 er 237 since 20234 2023 Source: IRS (link) and 2024 to 2026 estimates per Fundstrat Research
Slide 42: Inheritance: accelerated pace of inheritance in USA
BITMINE - 8MNR INHERITANCE: Accelerated pace of inheritance in USA Annual inheritance, per IRS ($ billions) 2022 2023 2024e 2025e 2026e Source: IRS (link) and 2024 to 2026 estimates per Fundstrat Research 2019-2021 $450 billion a 347 i 425 a 550 a 675 Illustrative | For Discussion Purposes
Slide 43: Inheritance: accelerated pace of inheritance in USA
BITMINE - BVINR 43, INHERITANCE: Accelerated pace of inheritance in USA Annual inheritance, per IRS ie 2019-2021 $450 billion 2026-2028 2023 | 347 $1.5T-$2.0T 2026e | 675 Source: IRS (link) and 2024 to 2026 estimates per Fundstrat Research
Slide 44: Wealth: Millennials likely to rotate away from private equity/debt
BITMINE BMNR WEALTH: Millennials likely to rotate away from Private Equity/Debt Figure 3: The equity market value was USD 99.3 trillion at Q1 2026 == STATE STREET. = INVESTMENT MANAGEMENT Global Market Portfolio 2026 GMP USD Value Weights (%) © Equity $99.3T 45.0 Government bonds $43.6T 19.8 Bi IG c
Slide 45: Wealth: Millennials likely to rotate away from private equity/debt
BITMINE - 8MNR 45 WEALTH: Millennials likely to rotate away from Private Equity/Debt Figure 3: The equity market value was USD 99.3 trillion at Q1 2026 == STATE STREET. = INVESTMENT MANAGEMENT Global Market Portfolio 2026 GMP USD Value Weights (%) © Equity $99.3T 45.0 Government bonds $43.6T 19.8 Bi
Slide 46: Asset performance relative to S&P since June 30, 2026
BITMINE - BNR Asset Performance relative to SSP 500 since June 30, 2026 6/30/26 to 9/18/26 o fi N Ethereum 65.2% Solana VW Bitcoin @ A2% Energy 18.9% cane ech Se me Crypto crushing oS ey macro assets bya “country mile” Gold Spot Healthcare MSC! World Financials Financials MSC! World Comm. Services M
Slide 47: Bull cycle: why likely to be larger than other bull markets
BULL CYCLE: Why likely to be larger than other bull markets = Tokenization Is a bigger story than prior bulls = Flows: Wealth transfer + Institutions buying crypto ( = DATs permanent capital = amplify next bull cycle ) = Crypto is a downstream Al story
Slide 48: DATs: Friends of crypto in a bull market
BITMINE - BNR 48. DATS: Friends of crypto in a bull market As of Sept 28, 2026 lustrative | For Discussion Purposes ‘Source: Fundstrat, Bloomberg
Slide 49: BNR
BITMINE - BNR 49 DWE DWF Ventures @ * Joo venxs = @DWF Ventures
Slide 50: Crypto treasury companies ranked by mNAV
BITMINE - BMI Crypto Treasury Goyperie vennes ts NAV, ranked by MNAV (mNAV = market capitaliz Bit Digital @ Stive © Hyperliquid Strategies Only 4 trade above NAV, including BMNR :,
Slide 51: Crypto treasury companies ranked by mNAV
BITMINE - Bh Crypto Treasury Companies OWE T assets ranked by mNAV {mNAV = market capitalization Bit Digitat Strive Hyperliquid Strategies BitMine nome Next bull... these women * FECOVEF CEA Industries Kindly {Nakamoto} Upex Hyperion DoF
Slide 52: BNR
BITMINE - BNR 82 llustrative | For Discussion Purposes As of Sept 28, 2026
Slide 53: DATs: Permanently reducing supply before next bull
BITMINE - BNR DATS: Permanently reducing supply... just before next “bull” Crypto % of ($ billions) Network © Ethereum (ETH) $21.4 7.0% ® Bitcoin (BTC) 108.7 6.5% = Solana (SOL) 2.4 3.3% Hyperliquid (HYPE) $2.8 14.1% Worldcoin (WLD) 0.1 7.5% Zcash (ZEC) 0.4 1.7% As of Sept 28, 2026
Slide 54: DATs: Permanently reducing supply before next bull
BITMINE - BNR 54 DATS: Permanently reducing supply... just before next “bull” Crypto % of 7% less supply ($ billions) Network y (versus prior bulls) Y Ethereum (ETH) $21.4 7.0% Bitcoin (BTC) 108.7 6.5% = Solana (SOL) 2.4 3.3% Hyperliquid (HYPE) $2.8 14.1% Worldcoin (WLD) 0.1 7.5% Zcash (ZEC) 0.4 1.7
Slide 55: Bull cycle: why likely to be larger than other bull markets
BULL CYCLE: Why likely to be larger than other bull markets = Tokenization Is a bigger story than prior bulls = Flows: Wealth transfer + Institutions buying crypto «= DATs permanent capital = amplify next bull cycle (: Crypto is a downstream Al story )
Slide 56: Ethereum: Downstream to AI trade
BITMINE - 8MNR ETHEREUM: Downstream to Al trade SMH DRAM MAGS IGV 56 ETH 6000-4 240-4 240-4 250-4 ncn 5000-4 220-4 2204 200-4 2004 = 200-4 180-4 180-4 200-4 3000-4 4 < ate a 150-4 150 om 2000-4 2204 1204 100 1000-4 _ =, 100 204 204 so Normalized As Of 05/27/20 OF Normalized As Of 07/17/2025 Normaliz
Slide 57: Ethereum: Downstream to AI trade
BITMINE - 8MNR ETHEREUM: Downstream to Al trade 57 SMH DRAM MAGS IGV ETH 6000-4 240-4 240-4 250-4 ncn 5000-4 220-4 2204 200-4 2004 =, 200-4 180-4 180-4 200-4 30004 1604 1604 150 ia 2000-4 2204 1204 1000-4 100. 100 204 Normalized As Of 05/27/20 OF Normalized As Of 07/17/2025 Normalized As Of 05/27/2
Slide 58: Grand unification of AI and crypto
BITMINE - BNR "This is the grand unification of Al and crypto. Al agents are going to need money. " Marc Andreessen (founder of a16z) ‘Source: Fundstrat a Miles Deutscher @ Subscribe oma This, singlehandedly, is why I'm still bullish on crypto. Ifyou don't believe me, listen to Marc Andreessen (foun
Slide 59: Non-humans increasing share of all content created
BITMINE - 8MNR Non-Humans Are Increasing Share of All Content Created Web Traffic Emails Stock Trading Website Creation Product Reviews X.com Reddit NASDAQ: ORBS
Slide 60: AI: AI agents can bypass captcha
BITMINE - BNR 60 Al: Al agents can bypass “captcha” must say 7:36 PM - Sep 24, 2026 - 405K Views O 215 t 69 watching ai agents bypass the "im not a robot" captcha is pretty meta i llustrative | For Discussion Purposes
Slide 61: AI: Keep humans in the loop
BITMINE - 8MNR Al: Keep humans in the loop «= Send unauthorized emails « Take over our bank accounts « Take over our social media « Take control of our assets = Getus fired « Alcreates its own banking system Illustrative | For Discussion Purposes As of Sept 28, 2026
Slide 62: BNR
BITMINE - BNR 62 ys ptr ~ llustrative | For Discussion Purposes As of Sept 28, 2026
Slide 63: Bitmine outperforming ETH in each cycle
03 Bitmine outperforming ETH in each cycle
Slide 64: Alchemy: Bitmine priorities as we near 5% of ETH
BITMINE - BMNR. 64 ALCHEMY: Bitmine priorities as we near 5% of ETH « Maintain maximum exposure to ETH in this bull market « 5% target, set to optimize shareholder value « Leverage substantial scale to optimize opportunities in tokenization and Ethereum ecosystem
Slide 65: Alchemy: Bitmine priorities as we near 5% of ETH
ALCHEMY: Bitmine priorities as we near 5% of ETH = Maintain maximum exposure to ETH in this bull market « 5% target, set to optimize shareholder value « Leverage substantial scale to optimize opportunities in tokenization and Ethereum ecosystem
Slide 66: Ethereum: Exiting a long consolidation
BITMINE - BNR 66 ETHEREUM: Exiting a long consolidation $4,626 0.5 0.25 + , T T T , T T T T T 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 ‘Source: Fundstrat, Bloomberg, coinmarketcap lustrative | For Discussion Purposes
Slide 67: Ethereum: Exiting a long consolidation
BITMINE - BNR 67 ETHEREUM: Exiting a long consolidation 54x eto 227X $4,626 4096 $1,366 0.5 0.25 + , T T T , T T T T T 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 ‘Source: Fundstrat, Bloomberg, coinmarketcap lustrative | For Discussion Purposes
Slide 68: Ethereum: Exiting a long consolidation ~25x?
BITMINE -EMNR Projected ETHEREUM: Exiting a long consolidation ~25x? 54x agentic Al a192 227X sRoyeble tokenization 4096 . $1,366 2048 2,700 0.5 0.25 + , T T T , T T T T T 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 ‘Source: Fundstrat, Bloomberg, coinmarketcap lustrative | For Discussion
Slide 69: BMNR: Stock price historically follows ETH price
BITMINE BMNR 69 BMNR: Stock price historically follows ETH price [EB] legend 4 Track Annotate ©, Zoom & Select Copy ticker: BMNR BMNR US Equity & 4200 4800 en Curncy
Slide 70: BMNR: Stock price historically follows ETH price
emme swe E3MNR: Stock price historically follows ETH price fe ticker: BMNR **Coefficient: 0.015 * ETH + ETH/share accretion
Slide 71: BMNR: Stock price historically follows ETH price
emme swe EBMNR: Stock price historically follows ETH price pune: : $4,000 - $5,000 -} -— -----------—--------------------------- ticker: BMNR eee Pee Cod BMNR: $300-500 BMNR: $1,200-1,500 ere eS : $22,000 $62,500 $250,000 $4,000-$5,000 I I | I I I I I | | | | | | | I I I | ‘are not intended to repre
Slide 72: Alchemy: Bitmine priorities as we near 5% of ETH
BITMINE - BNR ALCHEMY: Bitmine priorities as we near 5% of ETH = Maintain maximum exposure to ETH in this bull market ( « 5% target, set to optimize shareholder value ) - Leverage substantial scale to optimize opportunities in tokenization and Ethereum ecosystem llustrative | For Discussion Purposes
Slide 73: Bitmine: Achievements in first year of operations
BITMINE - 8MNR BITMINE: Achievements in first year of operations Reached 6.0 million ETH, 4.9% of the ETH supply Launched MAVAN, the largest single-staker operator in the world Partnering with Ethereum foundation 2.0 Set benchmark for ETH credit by issuing $BMNP, ETH perpetual preferred Largest cr M
Slide 74: Bitmine: Achievements in first year of operations
BITMINE - 8MNR BITMINE: Achievements in first year of operations = Reached 6.0 million ETH, 4.9% of the ETH supply Launched MAVAN, the largest single-staker operator in the world Partnering with Ethereum foundation 2.0 Set benchmark for ETH credit by issuing $BMNP, ETH perpetual preferred Largest cr
Slide 75: Alchemy of 5%: 5% target to optimize shareholder value
BITMINE - BNR ALCHEMY OF 5%: 5% target to optimize shareholder value 3 Bitmine —ETHOwned © KeyMilestone 6 million 4 million 2 million 1 million Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep 2025 2025 2025 2025 2025 2025 2026 2026 2026 2026 2026 2026 2026 2026 2026 llustrative | For Dis
Slide 76: Alchemy of 5%: 5% target to optimize shareholder value
BITMINE - BMNR. ALCHEMY OF 5%: 5% target to optimize shareholder value 3 Bitmine —ETHOwned @ KeyMilestone 4 million Took 15 months Jul Aug Sep Oct Nov Dec’ Jan Feb Mar Apr May Jun Jul Aug Sep 2025 2025 2025 2025 2025 2025 2026 2026 2026 2026 2026 2026 2026 2026 2026 lustrative | For Discussion Purpo
Slide 77: Alchemy of 5%: 5% target to optimize shareholder value
BITMINE - BMNR. ALCHEMY OF 5%: 5% target to optimize shareholder value 3 Bitmine ——ETH Owned @ Key Milestone 6 million 4 million 3 millioi 2 million 1million Jul Aug Sep Oct Nov Dec Jan Feb Sep 2025 2025 2025 2025 2025 2025 2026 2026 \ 2026 lustrative | For Discussion Purposes Source: Bitmine, Coinm
Slide 78: Ethereum: Exiting a long consolidation ~25x?
BITMINE -EMNR Projected ETHEREUM: Exiting a long consolidation ~25x? 54x agentic Al a192 227X sRoyeble tokenization 4096 . $1,366 2048 2,700 0.5 0.25 + , T T T , T T T T T 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 ‘Source: Fundstrat, Bloomberg, coinmarketcap lustrative | For Discussion
Slide 79: Ethereum: Exiting a long consolidation ~25x?
BITMINE -eMNR Projected, ETHEREUM: Exiting a long consolidation ~25x? 54x agentic Al a192 227X sRoyeble tokenization 4096 $1,366 2048 2,700 Bitmine acquires 5% a 0.25 + , T T T , T T T T 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 ‘Source: Fundstrat, Bloomberg, coinmarketcap lustrative |
Slide 80: Ethereum: Exiting outperform
cTHEREUM: Exiting OUtPEFfOrM mm,» 55x * ETH ww Tre ag ane 22/x $4,626 tokeniz 4086 8 }=— aa apn ttt—t—t~—~si, BR eee EH $1,366 2048 2,700 ntic Al tion ----+ Bitmine acquires 5% wane een e nner n en 2-222 ----f-- 0.25 + 1 r r 7 r 1 r : : — 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 ‘Sourc
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