29 slides from Bitmine Immersion Technologies's proxy contest presentation, Jan 2, 2026
Slide 1: Why Vote YES to: Authorized Shares Increase
Why Vote YES to: Authorized Shares Increase Vote YES
Slide 2: Schedule 14A Proxy Statement Information
UNITED STATES BITMINE SECURITIES AND EXCHANGE CO shington, D.C. 20549 CHEDULE 14A Rule 142-101) INFORMATION REQUIRED IN PROXY STATEMENT CHEDULE 144A INFORMATIO Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 Check the appropriate box: Preliminary Proxy Statement Conf
Slide 3: Notice of Annual Meeting of Stockholders
NOTICE OF ANNUAL MEETING OF STOCKHOLDERS BITMINE BMNR Date: Thursday, January 15, 2026 Time: 12:00 p.m., Pacific Time Place: Wynn Las Vegas, 3131 Las Vegas Blvd S, Las Vegas, Nevada 89109 Record Date: December 8, 2025. Only stockholders of record at the close of business on the Record Date are entit
Slide 4: Proposal - The Charter Amendment Proposal
BITMINE PROPOSAL 2 —- THE CHARTER AMENDMENT PROPOSAL On December 8, 2025, the Board unanimously adopted and declared the advisability of an amendment to the Amended and Restated Certificate of Incorporation (the “Charter’) to increase the total number of shares of Common Stock the Company is authori
Slide 5: Proposal - The Charter Amendment Proposal
BITMINE PROPOSAL 2 —- THE CHARTER AMENDMENT PROPOSAL On December 8, 2025, the Board unanimously adopted and declared the advisability of an amendment to the Amended and Restated Certificate of Incorporation (the “Charter’) to increase the total number of shares of Common Stock the Company is authori
Slide 6: Proposal - Increase authorized shares to 50,000,000,000
BITMINE BMNR PROPO ‘PROPOSAL On Decemb: \ — /) ind declared the advisability . ) ed Certificate of Incorporatio1 WHYYMY ver of shares of Common StoCneut wunipary is auuiurizea ne rssue tom 500,000,000 shares to 50,000,000,000 shares (the “Charter Amendment”). The Board further directed that the Char
Slide 7: SHARES: Why the need to increase authorized shares
SHARES: Why the need to increase authorized shares
Slide 8: SHARES: Why the need to increase authorized shares
BITMINE - BMNR SHARES: Why the need to increase authorized shares = Capital markets activities, including ATM, convertibles, warrants = Opportunistic acquisitions, need shares € Needed to accommodate share splits )
Slide 9: BMNR: Stock price follows ETH price
BITMINE BMNR BMNR: Stock price follows ETH price [E] Legend 4 Track 4 Annotate ©, Zoom h Select f Copy ticker: y i BMNR , BMNR US Equity Ilustrative | For Discussion Purposes
Slide 10: BMNR: Stock price follows ETH price
BITMINE BMNR BMNR: Stock price follows ETH price 4 Track 4 Annotate ©, Zoom h Select (§ Copy Coefficient: One So — 0.015 * ETH + ETH/share acaretion, * — —— .7 > — GAD NR rorice ‘tracks ETH BMNR US Equity os G 2800 3000 3200 3400 3600 3800 4000 4200 4400 4600 4800 XETUSD Curncy Ilustrative | For Dis
Slide 11: Ethereum is the future of finance
BITMINE - BMNR Ethereum is the future of finance
Slide 12: BlackRock on tokenization
BITMINE - ce BlackRock g 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. Read more:
Slide 13: BlackRock CEO: beginning of tokenization of all assets
SQUAWK ON THE STREET BlackRock CEO Larry Fink: We’re at tthe beginning of the tokenization of all assets BITMINE - BMNR BLACKROCK 1,187.14 +32.02 +2.77%N™ S 1% 10-YR +268.14% 1,250 cnec [ine > STREAM “¢ CNBC+ Illustrative | For Discussion Purposes
Slide 14: Wall Street: Many are building projects on Ethereum
BITMINE - BMNR, WALL STREET: Many are building projects on Ethereum ‘Souce: X.com S rpeth © i QZ - the financial system is being rebuilt on ethereum BlackRock |) J.PMorgan UBS @switt VISA Gshopify ows Sa” —_>sny # Robinhood © FB D@ usec FRANKLIN » TEMPLETON, Fidelity \ Deutsche Bank coinbase «—™ DBS
Slide 15: TVL: Ethereum dominates
BITMINE - BMNR. 15 ¥ DefiLlama TVL: Ethereum dominates OP Mainnet: (0.31%) Vaulta: (0.31%) Polygon: (0.89%) Avalanche: (1.66%) Solana: (8.85%) Ethereum: (67.99%) ‘Souce: Fundstrat
Slide 16: ETH/BTC ratio: 2025 tailwinds argue for ATH in ratio
BITMINE : BNR ETH/BTC: 222? 16 ETH/BTC ratio: 2025 tailwinds argue for ATH in ratio 4 ETH/BTC: 0.08727 e Vv 8-yr avg: 0.04790 ETH/BTC: ° 0.03314 0.020004 2018 2019 2020 2021 2022 2023 | 2024 2025 XETUSD Curncy (XET-USD Cross Rate) ETH BTC vBMNR Daily 08FEB2018-30DEC2025 Copyright® 2025 Bloomberg Fin
Slide 17: ETH: Implied Fair Value based on ETH/BTC ratio
BITMINE - BMNR. 7 ETH: Implied Fair Value based on ETH/BTC ratio = $12k to $22k ETH/BTC ETH 8-yravg 2021 high “payment rails” gs | | VW 0.0239 0.0359 0.0479 0.0598 0.0873 100,000] 2,393 3,590 4,786 5,983 8,727 125,000| 2,991 4,487 5,983 7,478 10,909 150,000] 3,590 5,384 7,179 8974 13,091 200,000} 4,
Slide 18: BMNR: Stock price follows ETH price
BITMINE BMNR BMNR: Stock price follows ETH price . Legend 4 Track 4 Annotate ©, Zoom h Select ( Copy ticker: y BMNR US Equity Ilustrative | For Discussion Purposes
Slide 19: BMNR: Stock price follows ETH price
smn one EBMNR: Stock price follows ETH price ticker: BMNR **Coefficient: 0.015 * ETH + ETH/share accretion Illustrative | For Discussion Purpos
Slide 20: BMNR: Stock price follows ETH price
smn one EBMNR: Stock price follows ETH price BMNR: $5,000 | — — — ticker: BMNR $1,500) ————--- > UN $22,000 $62,500 $250,000 **Coefficient: 0.015 * ETH + ETH/share accretion Illustrative | ForDiscussion Purposes
Slide 21: SHARES: Splitting shares requires more shares
BITMINE BMNR SHARES: Splitting shares requires more shares Implied Required split BMNR (to reset to ETH price price** $25) $22,000 ——* $500 20:1 $62,500 ——-» $1,500 60:1 **Coefficient: 0.015 * ETH + ETH/share accretion Illustrative | For Discussion Purposes
Slide 22: SHARES: Splitting shares requires more shares
BITMINE BMNR SHARES: Splitting shares requires more shares Implied BMNR ETH price price** Required split (to reset to $25) $22,000 > $500 $62,500 ———» $1,500 $250,000 —_» $5,000 **Coefficient: 0.015 * ETH + ETH/share accretion 20:1 60:1 100:1 S/O — 426 12/9/25 $500 $1,500 $5,000 New 426 426 426 Ilus
Slide 23: SHARES: Splitting shares requires more shares
BITMINE BMNR SHARES: Splitting shares requires more shares Implied Required split BMNR (to reset to ETH price price** $25) S/O 12/9/25 $22,000 ——* $500 20:1 $500 $62,500 ——» $1,500 60:1 $1,500 $250,000 ——» $5,000 100:1 $5,000 42.584 New **Coefficient: 0.015 * ETH + ETH/share accretion Illustrative |
Slide 24: SHARES: Why the need to increase authorized shares
SHARES: Why the need to increase authorized shares
Slide 25: SHARES: Why the need to increase authorized shares
BITMINE - BMNR SHARES: Why the need to increase authorized shares = Capital markets activities, including ATM, convertibles, warrants = Opportunistic acquisitions, need shares € Needed to accommodate share splits )
Slide 26: Shareholder Vote Deadline
Shareholder Vote Deadline: 11:59pm ET Jan 14, 2026 Vote YES
Slide 27: Chairman's Message - December 2025
( sitsine Chairman's Message - December 2025 (4 December 29, 2025 é ° THe CHaIrniian’S Message ' Shareholder Vote Deadline - Jan 14, 2026 | BitMine The Alchemy of 5% Tom Lee, Chairman of BitMine Immersion Tec! Fe Global Advisors, delivers an imp upcoming shareholder vote. Tom outlines the vot WJ Vie
Slide 28: Shareholder Meeting: January 15, 2026 Vote YES
Shareholder Meeting: January 15, 2026 Vote YES : mn January 15, 2026 Illustrative | For Discussion Purposes
Slide 29: Thank You!
Thank You! Vote YES