Bitmine Immersion Technologies, Inc. · NYSE:BMNR
Bitmine Immersion Technologies — TOKEN2049 Singapore (October 2025)
47 slides from Bitmine Immersion Technologies's conference presentation, Oct 14, 2025
Slide 1: Wall Street's Biggest Macro Shift Since the Gold Standard
TOKEN2049 GLOBAL ~” TOKEN 2049 SINGAPORE Wall Street’s Biggest Macro Shift Since the Gold Standard
Slide 2: Disclaimers
BITMINE IMMERSION TECHNOLOGIES: Disclaimers General Bitmine Immersion Technologies, ne. (‘BMNR”) is making this presentation avalabl in connection with an update on its busines operations and strategies. Theinformation contained inthis presentation {does not purport to be complete oro be alLinclusiv
Slide 3: Thomas J. Lee, CFA
BITMINE-BMNR, Thomas J. Lee, CFA Fundstrat Global Head of Research Fundstrat Capital Chief Investment Officer BitMine Immersion Chairman of Board (s ———! fundstrat capital Ld BitMine lustralve | For Discussion Purposes
Slide 4: Table of Contents
Table of Contents eal The Biggest Macro Shift since USD went off Gold standard in 1971 02 Wall Street and Al are building on the Blockchain 03 Ethereum Network Value 04 Digital Asset Treasury Fundamentals Mustrative | ForDiscussion Purposes
Slide 5: Biggest Macro Shift since USD off Gold in 1971
O1 Biggest Macro Shift since USD off Gold in 1971
Slide 6: Bitcoin is the OG
BITMINE-BMNR, Bitcoin is the OG Asset Price on Dec 31,2016 AsofSept26, 2025 % change Nvidia $2.67 $178.19 6574% Nasdaq 100 (QQQ) $118.48 $595.97 403% Gold $1,151.70 $3,772.88 228% SEP 500 2,238.83 6,643.70 197% Eurostoxx 50 3,290.52 5,368.55 63% oe 861.97 1,325.58 54% High-yield (HYG) $86.66 $80.92
Slide 7: Bitcoin is the OG
BITMINE-BMNR, Bitcoin is the OG Asset Price on Dec 31, 2016 __ As of Sept 26, 2025 % chan; 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% SEP 500 2,238.83 6,643.70 197% Eurostoxx 50 3,290.52 5,368.55 63% oe 861.
Slide 8: In 1971, USD went "fully synthetic"
BITMINE-BMNR, In 1971, USD went “fully synthetic”
Slide 9: Nixon Ends Convertibility of U.S. Dollars to Gold
BMNR a August 1971 HISTORY 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 price controls
Slide 10: In 1971, the USD became fully "synthetic"
BITMINE-BMNR, 10 In 1971, the USD became fully “synthetic” US financial system . innovation born Find Create market for Store of value “synthetic dollar” Mustrative | ForDiscussion Purposes
Slide 11: Wall Street innovation exploded in years post-1971
BITMINE-BMNR, Wall Street innovation exploded in 15 years post-1971 Exchange traded funds Zero- coupon SSP 500 Bond Index 1989 Interest futures rate Mortgage Currency Swaps Backed swaps securities 987 Synthetic Money Currency dollar Market futures cards Rael 1971 1971 ‘Sauce: Fundstat a
Slide 12: Financial institutions of the top largest cos in the world
BITMINE-BMNR, 2 Financial institutions 7 of the top 30 largest cos in the world Rank 1 5 4 5 at 10 ‘Sauce: Coinmarkel Cap — RACE 1) Tesla $1.076T NVIDIA $4247 az (2m JPMorgan chaze —gazas28) (2m JPMorgan chaze —gazas28) Chase 828.82 B Microsoft $3.76 st ste Walmart $773.948 © $3405 Sasi Tencent $706
Slide 13: Wall Street and AI are building on the Blockchain
02 Wall Street and Al are building on the Blockchain
Slide 14: The GENIUS Act Sets The Stage for a Stablecoin Boom
BITMINE-BMNR, uu 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 15: SEC Project Crypto: Moving Wall Street onto Blockchain
BITMINE-BMNR, 15 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 modemize securities regulations, drive blockchain adoption across Wall Street, and position the U.S. as the und
Slide 16: In 2025, real world becoming "digital"
BITMINE-BMNR, 16 In 2025, real world becoming “digital” (2025 ) : Wall Street building here Find “Digital” Create market for Store of value “digital assets” Bb Bitcoin Ethereum LN Mustrative | ForDiscussion Purposes
Slide 17: Bitcoin >$1 million per coin as BTC surpasses Gold value
BITMINE-BMNR, Bitcoin >$1 million per coin as BTC surpasses Gold value Value of Gold ($/oz) $2,627 $3,000 $4,000 $5,000 $6,000 o 10% $92,010 $105,072 $175,120 $210,144 3 25% $230,025 $262,680 $350,240 $437,800 $525,360 3 50% $460,050 $525,360 $700,480 $875,599 $1,050,719 4 75% $690,076 $788,039 $1,0
Slide 18: Wall Street to innovate on the blockchain next 10-15 years
BITMINE-BMNR, Wall Street to innovate on the blockchain next 10-15 years Monetize Intellectual prope! Monetize Tokenize Reputation Tokenize Realestate Tokenize — Gregit 2025 Stablecoins Modemize data Monetize collection royalties Monetize loyalty programs Verify agentic Al Proof of humanity ‘Sauce:
Slide 19: Ethereum's ChatGPT Moment = Widespread Use
BITMINE-BMNR, 19 Ethereum’s ChatGPT Moment = Widespread Use Cases in Development by US Corporates Jamie 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 record Up to Tokenize ploring Imustratve
Slide 20: STABLE COINS: USA wants stablecoins to gain
STABLE COINS: USA wants stablecoins to gain USD dominance by market: - 27% of global GDP - 57% central bank reserves - 88% of financial market trades - 100% of stablecoin denomination Stablecoins collectively 12‘ largest holder of US Treasuries. Above $1.1T and would become the largest.
Slide 21: AI: a16z Rationale For Moving Onto The Blockchain
BITMINE-BMNR, Al: a16z Rationale For Moving Onto The Blockchain 11 Al x crypto crossovers a162's Sam Broner, Jay Drain Jr, Matt Gleason, Liz Harkavy, Scott Duke Kominers, Carra Wu, Guy Wuollet The economics of the internet are already changing. As the open web collapses into a prompt bar, we have to
Slide 22: Exhibit A: Tether (and Circle)
BITMINE-BMNR, 22 Exhibit A: Tether (and Circle) Market Cap Rank Bank Name (USD Billions) Country 1 JPMorgan Chase $869.08 USA 2 Bank of America 386.71 USA 3 Industrial and Commercial Bank of China 346.06 China 4 Agricultural Bank of China 319.35 China 5 Wells Fargo 272.32 USA 6 Citigroup 255.58 USA
Slide 23: Exhibit A: Tether (and Circle)
BITMINE-BMNR, Exhibit A: Tether (and Circle) Market Cap Rank Bank Name USD Billions: Country 1 JPMorgan Chase $869.08 USA 2 Tether $500.00 Global JPMorgan tether J Market value $869 billion $500 billion Employees 317,233 150 Market value peremployee $2.79 million $3.33 billion ‘Sauce: Fundstral
Slide 24: Ethereum Network Value
03 Ethereum Network Value
Slide 25: Ethereum in 2025 is having its "1971" moment
BITMINE-BMNR, Ethereum in 2025 is having its “1971” moment
Slide 26: WALL STREET: Many are building projects on Ethereum
BITMINE-BMNR, WALL STREET: Many are building projects on Ethereum Qo" gw the financial system is being rebuilt on ethereum BlackRock. |) J.PMorgan UBS @swit VISA Bshopity ows Sa” >eny ff Robinhood (©) ¥ O06 £6 GA Hs8c FRANKLIN ‘XN A TEMPLETON Fidelity Deutsche Bank coinbase <—™ DBS caceis BaillieGif
Slide 27: TVL: Ethereum dominates
BITMINE-BMNR, ar OP Mainnet: (0.31%) Vaulta: (0.31%) Polygon: (0.89%) Avalanche: (1.66%) Arbitrum: (2.63%) ~~ Tron: (4.76%) —~ TVL: Ethereum dominates ¥ DefiLlama BSC: (6.12%) Bitcoin: (6.48%) Solana: (8.85%) Ethereum: (67.99%) ‘Sauce: Fundstat
Slide 28: SWIFT: Experiments with onchain on Ethereum Layer 2
BITMINE-BMNR, SWIFT: Experiments with onchain on Ethereum Layer 2 ‘Sauce: Xeom a The Block &% @TheBlock_ Swift experiments with onchain migration using Ethereum Layer 2 Linea: report ‘Swift experiments with onchain migration using Ethereum Layer 2 Linea: report 28
Slide 29: Ethereum is also where AI to be building on blockchain
BITMINE-BMNR, Ethereum is also where Al to be building on blockchain ‘Sauce: Xeom die Coin Bureau % @coinbureau SRETH’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
Slide 30: Ethereum could be AI's key to decentralization
G7 COINTELEGRAPH & 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 verifiable
Slide 31: The bigger the base, the bigger the breakout
TMINE - BNR 299 The bigger the base, the bigger the breakout 4 $4,866 = iN ” 5 $90 am mo | ap aa mm aot as XETUSD Curncy (XET-USD Cross Rate) ETH Ethereum vBMNR Monthly 25DEC2011-30SEP2025 Copyright® 2025 Bloomberg Finance L.P. 29-Sep-2025 14:17:26 ‘Sauce: Bloomberg
Slide 32: ETH/BTC ratio: 2025 tailwinds argue for ATH
emTNe- BNR ETH/BTC: 222? ETH/BTC ratio: 2025 tailwinds argue for ATH in ratio 4 ETH/BTC: 0.08727 ee 8-yravg: 0.04790 ETHIBTC: 0.03640 0.02000 2018 2019 2020 2021 2022 2023 2024 2025 XETUSD Curncy (XET-USD Cross Rate) ETH BTC vBMNR Daily 08FEB2018-30DEC2025 Copyright 2025 Bloomberg Finance L.P. 29-Se
Slide 33: ETH: Implied Fair Value based on ETH/BTC ratio = $12k to $22k
BITMINE-BMNR, 33 ETH: Implied Fair Value based on ETH/BTC ratio = $12k to $22k ETH/BTC 8-yravg 2021 high 4 | | VW 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
Slide 34: ETH: Implied Fair Value based on ETH/BTC ratio = $12k to $22k
BITMINE-BMNR, 34 ETH: Implied Fair Value based on ETH/BTC ratio = $12k to $22k ETH/BTC ETH 8-yravg 2021 high “payment rails” uN | | | VW 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
Slide 35: Digital Asset Treasury Fundamentals
O4 Digital Asset Treasury Fundamentals
Slide 36: Ways to increase ETH per share
BITMINE-BMNR, 36 5 ways to increase ETH per share 01 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 staking
Slide 37: DAT Case: Microstrategy Created A Roadmap
BITMINE-BMNR, 37 DAT Case: Microstrategy! Created A Roadmap MSTR: a35xretum since Bitcoin pivot = — / ——s eas paneer $13 8/11/20: “Bitcoin Pivot” g he Since 2020 (start of DAT), MicroStrategy gain from $13 to $335 Mustrative | ForDiscussion Purposes
Slide 38: Treasury Case Study: Driving 25x Total Return vs. Underlying Crypto Return of 10x
BITMINE-BMNR, 38 Treasury Case Study: Driving 25x Total Return vs. Underlying Crypto Return of 10x Price at End of : Price Treasu Spot Price’ ser 6 Months P Increase $MSTR price rise: pee ®@ $11k $47k $108k (10x ) — 10 due to $8TC Bitcoin rising See a from $11k to $118k 13.49 100.99 335.3: a i MSTR
Slide 39: Bitmine is 2nd largest Crypto Treasury in the World
BITMINE-BMNR, 39 Bitmine is 2"¢ largest Crypto Treasury in the World Total value of DAT ($million, log-scale) $69,004 =Bitcoin mEthereum 1. Spot Price as of PPM ET of 81/2025, Source: Fundstat Mustrative | ForDiscussion Purposes Note: Frilustralive purposes only. Nolan indicalion offulurereturns.
Slide 40: Treasury Holdings Growth - BMNR vs MSTR Comparison
BITMINE-BMNR, 40 Treasury Holdings Growth - BMNR vs MSTR Comparison Strategy® 68,067 Treasury Holding Value ($M) - Log scale —MSTR #=BMNR S785, 0 365 730 1,095 1,460 1,825 Rebased Day 0 = Start of Crypto Treasury Strategy Mustrative | ForDiscussion Purposes
Slide 41: ALCHEMY OF 5%: BMNR ranked #26 by 5-day avg daily $ volume
BITMINE-BMNR, ALCHEMY OF 5%: BMNR ranked #26 by 5-day avg daily $ volume Fer the wookending $0p26 Marist cap SO AvgDaily me seco (om) __ volume (500 1 TSA Tea Dissetonary #IAG8 396 ——s00.812 2 NVOA —NVDIACOR Tecnology 3430001790828, 3 AAR peptone Technology $9,701126 815798, 4 ANN Amazoncomine Disre
Slide 42: ALCHEMY OF 5%: BMNR+MSTR = 84% DAT trading volume
BITMINE-BMNR, 42 ALCHEMY OF 5%: BMNR+MSTR = 84% DAT trading volume BM | R % of DATs $ Trading Volume* BitMine 34% MSTR 52% tusratve | For Disoussion Purposes ‘As of Sep26, 2025
Slide 43: Treasury Holdings Growth - BMNR vs other ETH DAT Cos.
BITMINE-BMNR, 43 Treasury Holdings Growth - BMNR vs other ETH DAT Cos. —~SBET |B) BitMine S=EMNR —ETHZ —FGNX 9.3x —BTBT —BTCS 1.00x) 8 BTCS 3.9x Rebased $ Ethereum per share (DAT Start SHARPLINK GAMING re = o oO x Ox FGNX 0 10 20 30 40 50 60 70 80 90 100 110 120 DAT Start = Day 0 Mustrative | ForDis
Slide 44: ETH Treasury cos are crypto infrastructure businesses
BITMINE-BMNR, a” 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 enhanc
Slide 45: Roadmap - Looking Ahead
BITMINE-BMNR, Roadmap - Looking Ahead | i 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 (<1% Treasury) like Google “Other Bets” BitMine MoonShots 5% ofthe
Slide 46: Roadmap - Looking Ahead
BITMINE-BMNR, Roadmap - Looking Ahead Made in America Validator Network Artwork and Culture ethereum foundation Governance and Technology Community ‘Select investments in bold ideas that enhance Ethereum Network Value (<1% Treasury) like Google “Other Bets” BitMine MoonShots 5% ofthe Ethereum Networ
Slide 47: Thank You!
Thank You!
Bitmine Immersion Technologies — TOKEN2049 Singapore (October 2025) on 6ix