Bitmine Immersion Technologies, Inc. · NYSE:BMNR
Bitmine Immersion Technologies — Investor Presentation (July 2026)
72 slides from Bitmine Immersion Technologies's investor presentation, Jul 16, 2026
Slide 1: Bitmine: The Alchemy of 5%
Bitmine (_ The Alchemy of 5% ) NYSE: BMNR- Ethereum the cure for “Uncanny Valley of Wealth”
Slide 2: Disclaimers
BITMINE IMMERSION TECHNOLOGIES: 2 Disclaimers Forward-Looking Statements, ‘This presentation contains forward-looking statements within the meaning ofthe Private Securities Litigation Reform Act of 1996 and other applicable securities laws. All statements other than statements of historical fact are
Slide 3: Table of Contents
Table of Contents Oil Macro a headwind in early 2026, but growing signs of bottom 02 Ethereum is the cure for the Uncanny Valley of Wealth 03 Bitmine primed for next bull cycle
Slide 4: Macro headwinds in early 2026, but signs of a bottom
O1 Macro headwinds in early 2026, but signs of a bottom
Slide 5: BITMINE - BNR.
BITMINE - BNR.
Slide 6: Macro mostly headwinds so far in 2026
BITMINE - BNR. re Macro mostly headwinds so far in 2026 C = Monetary policy flipped from dovish to “hawkish neutral” ) * Clarity Act in limbo =» AlFOMO = Financial sector underperform vs broader market = Crypto spring is not a “straight line” higher Mustrative | For Discussion Purposes ‘As of Feb 9,
Slide 7: FED: Market removed 4 cuts from Fed expectations in 2026
BITMINE - BNR. FED: Market removed “4 cuts” from Fed expectations in 2026 Pron, MWIRP Est Number of Moves Priced in for the US - Futures Model - Last Price 1.28 Feb 27 Mar 16 Mar 31 Apr 15 Apr 30 May 15 May 29 Jun 15 Jun 30 Jul 14 2026 | JUSOANM DEC2026 Index (WIRP Est Number of Moves Priced in for
Slide 8: JUNE CORE CPI: Negative inflation
BITMINE JUNE CORE CPI: Negative inflation Core CPI %MoM, %YoY, and %-Point Contribution = services ex-housin (a) (b) (©) @=(a(b) Gore Consumer Price index - Jun 2026 Weight Prior Mol Prior CTG MoM @ Chan 24 o7 13 0 ) Motor vehicle maintenance and repair Recreation service Other personal service Car
Slide 9: Inflation story weaker
Slide 10: Macro mostly headwinds so far in 2026
BITMINE - BNR. on Macro mostly headwinds so far in 2026 = Monetary policy flipped from dovish to “hawkish neutral’ C = Clarity Actin limbo ) =» AlFOMO = Financial sector underperform vs broader market = Crypto spring is not a “straight line” higher Mustrative | For Discussion Purposes ‘As of Feb 9,
Slide 11: CLARITY ACT: Polymarket sees 44%
BITMINE - BNR. CLARITY ACT: Polymarket sees x% Crypto - Trump Clarity Act signed into law in 2026? Se 44% chance -~2:« 90% 75% 44% 50% probability 45% 30% $1,588,265 Vol. @ Jan 1, 2027 1H 6H 1D 1W 1M ALL % & "
Slide 12: CLARITY ACT: Industry experts are more optimistic of passage
BITMINE - BNR. CLARITY ACT: Industry experts are more optimistic of passage Sl Bitcoin Magazine @ @BitcoinMagazin« FD JUST IN: 83 Coinbase Vice . Chair on the odds of Clarity Act passing: "We are on the 1 yard line. The momentum is unmistakeable. We are very optimistic about it becoming law." CRYPTO
Slide 13: CLARITY ACT: Sen. Lummis optimistic
BITMINE - BNR. CLARITY ACT: Sen. Lummis optimistic \ Senator Cynthia Lummis @ @Senlummis « 5h Jur We've been working on the Clarity Act every day for 10 months, and we'll introduce bill text in the next few days — it's time to land this plane. This is about helping law enforcement fight illicit fina
Slide 14: Macro mostly headwinds so far in 2026
BITMINE - BMNR “ Macro mostly headwinds so far in 2026 = Monetary policy flipped from dovish to “hawkish neutral’ * Clarity Act in limbo C. alFOMO ) = Financial sector underperform vs broader market = Crypto spring is not a “straight line” higher Mustrative | For Discussion Purposes ‘As of Feb 9, 20
Slide 15: AI FOMO: 86% of VC dollars went into AI
BITMINE - BNR. 15 Al FOMO: 86% of VC dollars went into Al =Search FORTUNE F subscribe Bag In 2026 so far, U.S. VCs have deployed a record-shattering $412.7 billion. Almost none of it is trickling down. e) Allie Garfinkle . Al deals constituted 86% of all those venture dollars, and a jarring 91% of c
Slide 16: AI FOMO: Eventually stock market gains slow
BITMINE - BNR. Al FOMO: Eventually stock market gains slow... Ou Squawk Box @ fe, fon @SquawkCNBC "| think you're starting to see a little bit of the wheels come off,’ says @chamath of Al spending & profits. cnb.cx/44pCx1Y r CHAMATH PALIHAPITIYA 1:25 PM - Jul 14, 2026 - 94.5K Views 1 O 108 so 16
Slide 17: Macro mostly headwinds so far in 2026
BITMINE - BNR. Ww Macro mostly headwinds so far in 2026 = Monetary policy flipped from dovish to “hawkish neutral’ * Clarity Act in limbo » AlFOMO C =__Financial sector underperform vs broader market ) = Crypto spring is not a “straight line” higher Mustrative | For Discussion Purposes ‘As of Feb 9,
Slide 18: YTD: Financials are the worst sector in the S&P
BITMINE - BNR. YTD: Financials are the worst sector in the S&6P 500 ; Financials second worst sector YTD 18
Slide 19: Macro mostly headwinds so far in 2026
BITMINE - BNR. Macro mostly headwinds so far in 2026 = Monetary policy flipped from dovish to “hawkish neutral’ * Clarity Act in limbo =» AlFOMO = Financial sector underperform vs broader market Mustrative | For Discussion Purposes ‘As of Feb 9, 2026
Slide 20: ETH: DeMark sees risk-reward to the upside
BITMINE - BNR. ETH: DeMark sees risk-reward to the upside DeMark Analytics: “Everything appeared to be in order for a market bottom except, as noted previously, the lack of a strict combo 13 countdown. Bottom line, Ethereum risk-reward is to the upside and, as reported weeks ago, Ethereum has bottom
Slide 21: ETH: DeMark sees ETH similar to S&P after 1987
BITMINE - BNR. ETH: DeMark sees ETH similar to SGP 500 after 1987 Home Query Compare —_Chart/Graph Market WIT® studies 07/10/2026 Open 1747.77 High 1810.12 Low 1736.65 Close 1787.95 XETUSD analog XETUSD Curncy Daily 2026 vs SSP 500 INDEX Jul 2026 Daily 1987 XETUSD Current | | #°° SPX 1987 Correlatio
Slide 22: ETH: Suttmeier sees bottom signs
BITMINE - BNR. ETH: Suttmeier (former BofA Technical Strategist) sees bottom signs SUTTMEIER Ethereum: Signs of a tactical bottom Zi me 6 TECHNICAL STRATEGIES 220% 7/9/2026 - Crypto alert! Ethereum (ETH/USD) is stabilizing on a tactical basis. Daily closes above the 13-, 26-, and 40-day moving avera
Slide 23: The future market for Ethereum is exponential
02 The future market for Ethereum is exponential
Slide 24: The market may ignore business success for a while
“The market may ignore business success for a while, but eventually will confirm it.” 1987 Shareholder Letter Warren Buffett Chairman Berkshire Hathaway
Slide 25: TAM: ETH 2.0 means ETH is money
BITMINE - BNR. TAM: ETH 2.0 means ETH is money [ zone | zotr | zoas | aoie | zozn | 20a | 2022 | 2023 | 2024 | as | 2008
Slide 26: TAM: ETH 2.0 means ETH is money
BITMINE - BNR. TAM: ETH 2.0 means ETH is money ma “ge 81.875 drawdown [ zone | zotr | zoas | aoie | zozn | 20a | 2022 | 2023 | 2024 | as | 2008
Slide 27: Rage quitting at the bottom
Slide 28: ETHEREUM: Wall Street favors Ethereum
BITMINE - BNR. ETHEREUM: Wall Street favors Ethereum = Major tokenizations wins: - Blackrock BUIDL - JPMorgan MONY - Securitize continues to primarily use Ethereum - Ondo Finance primarily launches on Ethereum = Layer 2 wins: - - Coinbase Base L2 leader in TVL - Kraken launches Ink L2 on Optimism ch
Slide 29: ROBINHOOD CHAIN: It's a big deal
BITMINE - BNR. ROBINHOOD CHAIN: It’s a big deal con Coin Bureau % @coinbureau : Jul 6 [ome 8°) BULLISH: ROBINHOOD CEO EXPLAINS WHY CRYPTO IS THE FUTURE “1 believe that the future of crypto is in real-world assets.” “tf an asset is not tied to an underlying utility, it’s not a productive asset.” “Eve
Slide 30: ROBINHOOD CHAIN: It's a big deal
BITMINE - BNR. ROBINHOOD CHAIN: It’s a big deal con Coin Bureau @ ( bureau « Jul 9 Diez aad ficnccns es CHAIN JUST FLIPPED HYPERLIQUID IN DEX VOLUME Robinhood Chain processed more than $560 MILLION in DEX volume over the past 24 hours, setting a new all-time high and overtaking Hyperliquid. Daily ac
Slide 31: ROBINHOOD CHAIN: It's a big deal
BITMINE - BNR. ROBINHOOD CHAIN: It’s a big deal 31 Thomas (Tom) Lee (not drummer) FundstratD... @ "@ Gn fundstrat The @RobinhoodApp Chain quickly turned into a massive breakout product garnering more volume than many established crypto DEX... - uses $ETH as the native gas token - transaction fees de
Slide 32: ROBINHOOD CHAIN: It's a big deal
BITMINE - BNR. e SCENIC SIE CHAIN: It’s a big deal Robinhood has >27M customers worldwide, is a crypto forward company * The Robinhood Chain on Arbitrum, the Ethereum Layer-2, and inherit Ethereum's security ¢ Robinhood Chain uses ETH as its native gas token, where transaction fees are denominated i
Slide 33: ROBINHOOD CHAIN: It's a big deal
BITMINE - BNR. 23 ROBINHOOD CHAIN: It’s a big deal Viad Tenev @ Gu ¥ @vladtenev While we’re building robinhood chain to be the best chain for RWA.... it works great for memes too 11:23 PM : Jul 7, 2026 + 3.7M Views © 2.4K tT) 2.4K © 9.3K [592 it Mustrative | For Discussion Purposes
Slide 34: ETHEREUM: Largest developer ecosystem
BITMINE - BNR. 34 Exceeds all ETHEREUM: Largest developer ecosystem : . g P y others combined gB DEVELOPER REPORT 7 EVM Stack 3,796 by ELECTRIC) CAPITAL ‘ Ethereum 2,886 @ Bitcoin 88 = Solana 760 SVM Stack 760 Stellar 491 §) Polkadot Network Stack 461 =< Cosmos 362 @ Polygon 357 <3 Polkadot 317 @ Ar
Slide 35: ETHEREUM: Top ecosystem in each continent
BITMINE - ETHEREUM: Top ecosystem in each continent Top 3 ecosystems by continent Continent #1 by developer share #2 by developer share #3 by developer share Asia + Ethereum Solana Polygon Ethereum S Polkadot North America Ethereum Base ©O IcP South America Polygon
Slide 36: The market may ignore business success for a while
“The market may ignore business success for a while, but eventually will confirm it.” 1987 Shareholder Letter Warren Buffett Chairman Berkshire Hathaway
Slide 37: TAM: Amazon 2.0 dramatic rise in addressable market
BITMINE - BNR. TAM: Amazon 2.0 dramatic rise in addressable market Top of range + == 7 Cas) AWS ieanenee Kn ~lel=l= we | 09 |e | 0s Fos Jor | 8 [|e Weiter caer namics cen eau aT
Slide 38: TAM: Amazon 2.0 dramatic rise in addressable market
BITMINE - BNR. TAM: Amazon 2.0 dramatic rise in addressable market | AMZN2.0 . $6 to $241 1504 } amazon | 1004 Amazon 1.0 504 AWS Amazon 2.0 Al Bae 2 = i Amazon studios i launchi | we = Gp le ole eg all 95] 9 | 0 | ot |e | os | ot | es | 06 | or | 06 | 09 | AMZN US Equity (Amazon.com Inc) AMZN LT VB
Slide 39: TAM: Nvidia 2.0 is focal point of AI
BITMINE - BNR. TAM: Nvidia 2.0 is focal point of Al Top of range Nvidia 1.0 fr S (sie) GPUs . CUDA ope) platform mining | wh, ave sey | zw at [a Ss | at ae azn at [na | a | atu | aa a] ae [en | sa
Slide 40: TAM: Nvidia 2.0 is focal point of AI
BITMINE - BNR. 40 TAM: Nvidia 2.0 is focal point of Al Nvidia 2.0 NVDA 2.0 —————_____ , $1 to $197 Blackwell 7" announced | iW | ae Vit Chat@PpT Nvidia 1.0 launched | CUDA GPUs | platform Crypto mining T H ° | 09 ot | oe | 03 foot | es | oe | er | 08 Foe Po ae fase fas |e [a | ae ap Fae | an Poze |
Slide 41: JPMORGAN: Not the JPMorgan that saved America in 1907
BITMINE - BNR. a JPMORGAN: Not the JPMorgan that saved America in 1907 w Washington jutual JPMORGAN CHASE & Co. THE co CHASE “od IN x; a MANHATTAN wrERceamot)-E . Morgan > BANK Mlustrative | For Discussion Purposes
Slide 42: TAM: JPMorgan post-GFC becomes a global bank
BITMINE - BNR. TAM: JPMorgan post-GFC becomes a “global bank” , Top of JPMorgan range JPMorgan 1.0 acquires $70 JPMorgan | acquires ; Bear Stearns merges Chemical | Bank i | PO ae [ytd ves | awoasse | aps-10 zcocea | ons-t09 201-201 iffe =) =
Slide 43: TAM: JPMorgan post-GFC becomes a global bank
BITMINE - BNR. 43 TAM: JPMorgan post-GFC becomes a “global bank” JPMorgan 2.0 Xd sm JPM 2.0 $58 to $334 2004 } 1504 acquires Mt JPMorgan 1.0 Bear Stearns \ } / 100; asi | onto | agssag | 2om-200e | nous 2009 | zenozons isan | 220-204 JPM US Equity (JPMorgan Chase & Co) JPM LT vBMNR Daily 283UL1985-0
Slide 44: TAM: ETH 2.0 means ETH is money
BITMINE - BNR. TAM: ETH 2.0 means ETH is money Stablecoins ETH 1.0 =| —— rad \ — NeT $4,868 $ on. es | 200 | ane [soe | 20m | a | soem | aa J ance | aes | 2s
Slide 45: Ethereum 2.0: The cure for the Uncanny Valley of Wealth
Ethereum 2.0 The cure for the Uncanny Valley of Wealth
Slide 46: Japanese roboticist Masahiro Mori and the Uncanny Valley
BITMINE - BNR. Japanese roboticist Masahiro Mori in 1970 published the essay titled FAA DO FE (Bukimi no Tani) literally "Uncanny Valley."
Slide 47: The uncanny valley is a hypothesis
The uncanny valley is a hypothesis describing the unsettling feeling people often get when they encounter something that looks almost human—but k “4 not quite.
Slide 48: The Uncanny Valley of Wealth
BITMINE - BNR. The “Uncanny Valley of Wealth” <— Y-axis =? es x = fea 2 = is) is} Q = fe} 7) iS oO = 5} a y % of wealth created by Al
Slide 49: The Uncanny Valley of Wealth
BITMINE - BNR. The “Uncanny Valley of Wealth” a Al growing share of our income Machine to machine economy Agentic-tradi ng Complex ulti-task reasoning Human satisfaction with Al % of wealth created by Al
Slide 50: Human satisfaction with AI
BITMINE - BNR. Human satisfaction with Al Complex Multi-task reasoning The “Uncanny Valley of Wealth” z oa nt iS . as ay Al growing share of our income Machine to machine economy Agentic-tradi ng Alcreates more wealth than user % of wealth created by Al
Slide 51: AI: What could a powerful AI do to us?
BITMINE - BNR. Al: W ‘As of Feb 9, 2026 hat could a “powerful” Al do to us? Send unauthorized emails Take over our bank accounts Take over our social media Take control of our assets Get us fired Al creates its own banking system 61 Mustrative | For Discussion Purposes
Slide 52: Stanford grads walk out on Google CEO
BITMINE - BNR. XX? XXX ‘Source: Fundstrat, Bloomberg, coinmarketoap stanford + 11d ag Stanford grads walk out of their commencement when Google CEO Sundar Pichai takes the stage 1/Publicreakout + : Stanford grads walk out of their commencement when Google CEO Sundar Pichai takes the stage 52
Slide 53: UNCANNY VALLEY: Anti-AI groups already in force
BITMINE - UNCANNY VALLEY: Anti-Al groups already in force ‘Source: Fundstrat, Bloomberg, coinmarketoap
Slide 54: UNCANNY VALLEY: Terminator the movie
BITMINE - UNCANNY VALLEY: Terminator the movie THE CONVERSATION World Podcasts Local
Slide 55: Non-Humans Are Increasing Share of All Content Created
Non-Humans Are Increasing Share of All Content Created Polymarket [exa Web Traffic 53% Emails [eg Stock Trading 44% Website Creation 35% Product Reviews 30% X.com Fy Reddit [| NaspaG:oRBS
Slide 56: Marc Andreessen: 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 Miles Deutscher © Subscribe Jemma This, singlehandedly, is why I'm still bullish on crypto. Ifyou don't believe me, listen to Marc Andreessen (fou
Slide 57: AI: How do we maintain the kill switch?
BITMINE - BNR. - Al: How do we maintain the “kill switch’? . Gove(fimpnt No thanks . Finanéiel nstitutions No thanks . Techrdiggy Company No thanks =» Smart Contract Blockchain Mustrative | For Discussion Purposes As of Feb 9, 2026
Slide 58: Human satisfaction with AI
BITMINE - BNR. Human satisfaction with Al Blockchains Al growin, share oe between ilies humans and Al Machine to machine economy Agentic-tradi ng Fear of Al creates more wealth multi-task comes than user reasoning % of wealth created by Al
Slide 59: Bill Gates explains internet to Letterman
BITMINE - BNR. 1995 Bill Gates explains internet to Letterman Gates: “you can listen to a baseball game” Letterman: “like a radio?” Audience laughter Gates: “but you can listen to it anytime” Letterman: “like a tape recorder?” Audience laughter
Slide 60: Ethereum Co-founder Predicts ETH 100x Price Surge
BITMINE - BNR. CMC Crypto News Ethereum Co-founder Predicts ETH 100x Price Surge Joseph Lubin forecasts that massive institutional adoption will drive Ethereum to unprecedented levels.
Slide 61: The Path to $250,000 ETH
BITMINE - BNR. ‘Source: Fundstrat ( he Etherealize @ WW e@ctherealize Read the full Productive Money report by Etherealize here: $} Etherealize @ Or Money To download this report as a PDF and learn more about the "Productive Money’ thesis, visit productivemoney.org As of April 2026, the combined mon
Slide 62: TAM: ETH 2.0 means ETH is money
BITMINE - BNR. TAM: ETH 2.0 means ETH is money —— ETH 2.0 ° New foundation era 500 ¢ Agentic-Al 222 $1,875 Ke) ¢ Settlement layer forfinanda $25,000 $250,000 ¢ ETH is money wi rie y $75,000 3 ( $250,000 Stablecoins [anae [ oar | anus | aoae | 2020 | scan | 2oz2 | aoe | 20a | a0es | 200s eos carrey (
Slide 63: Bitmine primed for next bull cycle
03 Bitmine primed for next bull cycle
Slide 64: BITMINE: Achievements in first year of operations
BITMINE - BNR. - BITMINE: Achievements in first year of operations = Reached 5.74 million ETH, 4.8% of the ETH supply = Launched MAVAN, the largest single-staker operator in the world = Moonshot including Beast Industries, Eightco, A+ and others = Partnering with Ethereum foundation 2.0 = First ETH
Slide 65: ETH 2.0: Bitmine lead investor Ethereum Foundation spin-offs
BITMINE - BNR. ETH 2.0: Bitmine lead investor Ethereum Foundation spin-offs Ethlabs@ ‘anon: profit R&D lab for Ethereum and ETH Pathladsog E 5 187K od “(0 Gg Following Ethereum Institutional @ Ethereum. Institutional ~ (OG | Following ‘adoption of Ethereum < Ethsystems @ EthSystems @ Bulding confide
Slide 66: BMNP: Bitmine 9.5% Perpetual Preferred
BITMINE BMNR BMNP: Bitmine 9.5% Perpetual Preferred ticker: BMNP Lot hy. b i 2 & & 8 & S & & & ®» ® i 2 € 7 & 8 » 8B WD Jun 2026 I Jul 2026 EPO61112 Pfd (BitMine Immersion Technologies Inc) BMNP vBMNR Daily 07JUN2026-143UL2026 Copyright 2026 Bloomberg Finance L.P. 14-Jul-2026 16:26:16
Slide 67: Goals for foreseeable future
BITMINE - BNR. BITMINE: Goals forseeable future 67 = Slowly reach 5% ETH supply » Fund additional Ethereum Foundation spins, including key partners and “public goods” = Identify and invest in financial services and crypto unicorns = Strengthen Ethereum ecosystem Mustrative | For Discussion Purposes
Slide 68: BMNR: Stock price follows ETH price
BITMINE BMNR 68 BMNR: Stock price follows ETH price legend 4 Track Annotate ©, Zoom h& Select & Copy ticker: {2 BMNR 4 55 ol i BMNR US Equity & 8 ‘|
Slide 69: BMNR: Stock price follows ETH price
omave one BMNR: Stock price follows ETH price $5,000 -} —- ----—-—-—-—-—-- —-—--—--—-- —- -- -- -- -- -- -- === Pied een ae Co BMNR: $300-500 BMNR: $1,200-1,500 BMNR: @ $4,000-$5,000 “Coefficient: 0.015 * ETH + ETH/share accretion 4’ $22,000 $62,500 $250,000
Slide 70: The big money is not in the buying and selling, but in the waiting
“The big money is not in the buying and selling, but in the waiting.” é 3 Charlie Munger Vice Chairman, Berkshire Hathaway 1924-2023
Slide 71: Bitmine management team
BITMINE - BNR. Bitmine management team Thomas "Tom" Lee Chairman Thomas Lee is a Managing Partner and the Head of Research at Fundstrat, Chief Investment Officer of Fundstrat Capital and the Chairman of the Board of BitMine. He is an accomplished Wall Street strategist with over 30 years of experien
Slide 72: Thank You!
Thank You! By Bitmine ” NYSE: BMNR |
Bitmine Immersion Technologies — Investor Presentation (July 2026) on 6ix