Slide 1: Third Quarter 2025 Earnings Presentation
Third Quarter 2025 Earnings Presentation NOVEMBER 14, 2025
Slide 2: Disclaimer
DISCLAIMER This presentation has been prepared by ETHZilla Corporation (“ETHZilla” or the “Company”) solely for information purposes. The Company is making this presentation available in connection with an update on its business operations and strategies. This presentation does not contain all relev
Slide 3: The ETHZilla Evolution
THE ETHZILLA EVOLUTION Today August 4 September 2 September 25 What’s next $425M Private Ether.fi Partnership Puffer Partnership # Tokenize and list RWAs on Liquidity.io to expand access to the Placement # Announced the deployment # Investing into the crypto asset class and generate additional infra
Slide 4: More Than a Digital Asset Treasury, ETHZilla Is a Leading Financial Technology Company
MORE THAN A DIGITAL ASSET TREASURY (DAT), ETHZILLA IS A LEADING FINANCIAL TECHNOLOGY COMPANY POWERED BY ETH Our business model: 1 Buy & Hold ETH 2 Deployment for Enhanced Yield 3 Tokenization Engine & Growth of RWAs Generation ETHZilla holds ETH as the ETHZilla deploys its ETH to ETHZilla plans to a
Slide 5: ETHZilla's Allocation Strategy
ETHZILLA’S ALLOCATION STRATEGY ETHZ puts ETH to work across protocols, compounding value through yield generation rather than simple price appreciation. As of November 13, 2025 Yield ETH USD Protocol Allocation Allocation3 14% Pr otocol 1 21% Protocol 1 Staking / restaking1 12,875 $44mm Pr otocol 2
Slide 6: ETHZ Yield Strategy Significantly Outperforms Peers
ETHZ YIELD STRATEGY SIGNIFICANTLY OUTPERFORMS PEERS Yield from Active ETH Management 1 7.5% # 7.5% ETH-denominated yield in Q3, outperforming traditional ETH staking and all major peers # Run rate yield is expected to normalize to 3.5-4.5% percent in 4Q until the company is 2.8% in a position to acc
Slide 7: Tokenization of Real-World Assets (RWA)
TOKENIZATION OF REAL-WORLD ASSETS (RWA) Tokenization is moving private and real-world assets on-chain, and we are seeing growing institutional adoption Growth Drivers # Global Financial Institutional adoption is accelerating + BlackRock launched BUIDL tokenized fund + Galaxy Digital launched GalaxyO
Slide 8: Stablecoins Are Driving On-Chain Activity
STABLECOINS ARE DRIVING ON-CHAIN ACTIVITY Stablecoin Supply By Chain ($millions) 1 300,000 With $200B+ outstanding and Millions trillions settled annually, we 250,000 believe the growth of stablecoins reinforces ETH as core financial 200,000 infrastructure, creating sustained demand and greater liqu
Slide 9: Ethereum Scales Through Layer 2's
ETHEREUM SCALES THROUGH LAYER 2’S Stablecoin Transfer Volume ($millions) 5,250,000 As activity grows on L2 networks 4,250,000 like Arbitrum, Optimism, and Base, Ethereum’s role as the 3,250,000 settlement layer is reinforced, which is expected to drive 2,250,000 demand, deeper liquidity, and greater
Slide 10: Investment in Liquidity.io Provides Foundation for Tokenization
INVESTMENT IN LIQUIDITY.IO PROVIDES FOUNDATION FOR TOKENIZATION Investment Terms Strategic Rationale # ETHZilla is purchased 15% of parent company of # Secures exclusive access to a regulated exchange, Liquidity.io at a $100mm valuation accelerating ETHZilla's tokenization + compliance # ETHZilla in
Slide 11: Market Opportunity
MARKET OPPORTUNITY ETHZIlla is focused on defensive, acyclical industries that are expected to provide investors exposure to cash yielding assets. Core Verticals Securitized Debt Real-World Assets # Government Backed # Equipment Loans # Commercial Real # Auto Loans Estate # Credit Card Loans # Natur
Slide 12: Executing Today, Scaling for Tomorrow
EXECUTING TODAY, SCALING FOR TOMORROW Our Vision # Deployed 257M to ETH L2 protocols # Become a leading facilitator of DeFi transactions and asset digitization across Ethereum Layer 2 networks. # Generated 4.1M in protocol yield # Generate superior yield on our ETH asset. # Took a 15% stake in Liqui
Slide 13: Financial Results
FINANCIAL RESULTS
Slide 14: ETHZilla by the Numbers
ETHZILLA BY THE NUMBERS $4.1 M $8.5 M Revenue Adj. EBITDA 70% $445 M NAV Treasury Deployment # 14 As of 9/30/25
Slide 15: Consolidated Income Statement (Non-GAAP)
CONSOLIDATED INCOME STATEMENT (NON-GAAP) H@IJ7CCO)<ILMILO@7I; <I;NIC7LO@HL)N@O@HNH;@N)IM)IMHLO@7I;N C7$(0II%&1$9&*(";3"<0(<"5(&I15"(1:I%$0&D C%$1%970"9D MGF)2A.)2AF..)-G+2A().+?.? MGF)2A.)+*+.)-G+2A().+?.? N.02.-8.F)F"G N.02.-8.F)F"G !"!# !"!$ !"!# !"!$ !"#"$%"& '(((((((((((((((()*++,( '((((((((((((
Slide 16: Disciplined Capital Allocation Driving Shareholder Value
DISCIPLINED CAPITAL ALLOCATION DRIVING SHAREHOLDER VALUE Deploying ETH to generate Building the RWA Returning capital via share on-chain cash flows tokenization platform repurchases $257M deployed across EtherFi $15M strategic investment for 15% . Repurchased 2,099,472 shares for and Puffer to gener
Slide 17: Fourth Quarter Outlook
FOURTH QUARTER OUTLOOK # The Company expects revenue-generating RWAs on chain in the coming weeks. # The Company anticipates positive adjusted EBITDA in the fourth quarter. # L2 protocol yield is expected to range between 3.5% and 4.5% in the fourth quarter, supported by continued deployment across
Slide 18: Thank You
THANK YOU ir@ethzilla.com ir.ethzilla.com LinkedIn @ETHZilla_ETHZ
Slide 19: Non-GAAP Financial Measures and Reconciliations
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS In addition to its reported operating results in accordance with U.S. generally accepted accounting principles (GAAP), ETHZilla has included in this presentation certain financial measures that are considered non-GAAP financial measures, including the
Slide 20: Non-GAAP Financial Measures and Reconciliations
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS !"#$%&'()*#+), %F'()*+()*'++(,F-)*.(+-/+/(0+1)+,2+'(3"4 %F'()*+(-5-+((+-/+/(0+1)+,2+'(3"4 !"!# !"!$ !"!# !"!$ -.%quot;#I'0.$!1')),$23'0$I'#%"#("#4#039;5.3*%"'#) 6$$$$$$$$$$$$!789:;<=, 6$$$$$$$$$$$$$$$$!L?7, 6$$$$$$$$$$$$!