Bitmine Immersion Technologies, Inc. · NYSE:BMNR
Bitmine Immersion Technologies — Investor Presentation (February 2026)
105 slides from Bitmine Immersion Technologies's investor presentation, Feb 26, 2026
Slide 1: BitMine BMNR 2026 Outlook
BitMine BMNR (The Alchemy of 5% ) 2026 Outlook Best days ahead
Slide 2: Disclaimers
BITMINE IMMERSION TECHNOLOGIES 2 Disclaimers General Bitmine immersion Technologies, Inc. ("BMNR") is making this presentation available in connection with an update on its business operations and strategies. The information contained in this presentation ‘does not purport to be complete or to be al
Slide 3: Table of Contents
Table of Contents O1 Signs of meaningful bottom of crypto prices coming in first half 2026 02 Crypto multiple adoption drivers —- Ethereum is central casting 03 The rise of dominant DATs O4 BitMine 4 pillars of growth Illustrative | For Discussion Purposes
Slide 4: Signs of meaningful bottom of crypto prices coming in first half 2026
O1 Signs of meaningful bottom of crypto prices coming in first half 2026
Slide 5: ETHEREUM: drawdowns of 50% or more since 2018
BITMINE : BMNR 5 ETHEREUM: 8 drawdowns of 50% or more since 2018 = 4, 5. 6. 7. (8. -62% a 64% 61% 491% 2018 ror |_| 2020 | 2021 2022 2028 202s 2025 2026 HETUSD Curncy OLT-USD Cross Rate) ETM drawdowne VBHNA Dolly O6JANZO17-O5FEBSOIS as a LP. SS -Pav-2006 20:58:08 ‘Source: Fundstrat, Stats are calcul
Slide 6: ETHEREUM: 2025 saw a -64% drawdown and -46% in 2024
BITMINE : BMNR ETHEREUM: 2025 saw a -64% drawdown and -46% in 2024 Jan to March 2025 50004 40004 30004 -62% 2023 2024 2025 2026 XETUSD Curncy (XET-USD Cross Rate) ETH 3-yr decline vBMNR Daily 06JAN2023-10FEB2026 Copyright 2026 Bloomberg Finance L.P. 10-Feb-2026 03:11:11 ‘Source: Fundstrat, Stats are
Slide 7: ETHEREUM: Each of drawdowns saw V-bottom recoveries
BITMINE : BMNR ETHEREUM: Each of 8 drawdowns saw V-bottom recoveries 30004 § 83888 ° Li ‘Source: Fundstrat, Stats are calculated based on BMNR weekly press release
Slide 8: ETHEREUM: Each of drawdowns saw V-bottom recoveries
ETHEREUM: Each of 8 drawdowns saw V-bottom recoveries + ¢ these 8. | N ‘Source: Fundstrat, Stats are calculated based on BMNR weekly press release imustrauve | Fur uscussion Purposes:
Slide 9: BOTTOMED? Best opportunities are after a drawdown
BITMINE : BMNR BOTTOMED? Best opportunities are after a drawdown ; Think Fall 2018 a Think Fall 2022 Ae
Slide 10: ETH: Realized price shows ETH near a low
BITMINE : BMNR 10 ETH: Realized price shows ETH near a low ETH price 3,600 $2,241 ETH $1,834 realized price “10% Delta (Price mins a nr 1 -30% Realized Price) as % of aie Realized Price 2021 2022 2023 2024 2025
Slide 11: ETH: Realized price shows ETH near a low
BITMINE : BMNR 11 ETH: Realized price shows ETH near a low ETH price 3,600 $2,241 $1,834 ETH 2025 realized price jow 10% “10% Delta (Price nin MW i , 1 -30% Realized Price) as % of A% i a = (i) aie Realized Price -39% 2021 “uc 2023 2024 2025
Slide 12: ETH: Realized price shows ETH near a low
BITMINE : BMNR 12 ETH: Realized price shows ETH near a low ETH price 3,600 $2,241 1a ETH 2025 Ly ,834 ane realized price jow 50% low 30% 10% “10% Delta (Price nin ww . nr 1 -30% Realized Price) as % of 94190 -22% aie Realized Price -39% 21% , 2021 “uc 2023 2024 2025
Slide 13: ETH: Realized price shows ETH near a low
BITMINE : BMNR 13 ETH: Realized price shows ETH near a low ETH price 3,600 ETH 2025 VW realized price jow rr 10% “10% — Delta (Price minu -30% Realized Price)as%of aie Realized Price -39% 2021 ZuZe -21% -22%
Slide 14: ETH: Retracing prior rally shows near low
BITMINE : BMNR ETH: Retracing prior rally shows near low 2018 2019 | 2020 | 2021 2022 2023 2024 2025 2026 XETUSD Curncy (XET-USD Cross Rate) ETH retrace 2026 vBMNR Monthly 25DEC2011-30DEC2026 Copyright 2026 Bloomberg Finance L.P. 24-Feb-2026 18:19:03 14
Slide 15: ETH: Retracing prior rally shows near low
———_— me _— - nrior ull
Slide 16: ETH: Retracing prior rally shows near low
BITMINE : BMNR ETH: Retracing prior rally shows near low 04 bull run bull run run 4000 = hy 2018 2019 | 2020 2021 2022 2023 2024 2025 | 2026 XETUSD Curncy (XET-USD Cross Rate) ETH retrace 2026 vBMNR Monthly 25DEC2011-30DEC2026 Copyright 2026 Bloomberg Finance L.P. 24-Feb-2026 18:18:36 16
Slide 17: ETH: Retracing prior rally shows near low
BITMINE : BMNR ETH: Retracing prior rally shows near low 04 bull run bull run run 4000 won i" = it M 2018 2019 | 2020 2021 2022 2023 2024 2025 | 2026 XETUSD Curncy (XET-USD Cross Rate) ETH retrace 2026 vBMNR Monthly 25DEC2011-30DEC2026 Copyright 2026 Bloomberg Finance L.P. 24-Feb-2026 18:18:36 17
Slide 18: ETH: Retracing prior rally shows near low
BITMINE : BMNR ETH: Retracing prior rally shows near low 6000 5000 4000 30004 84% 300 I _ 1 af a retrace *] Me Ml 2018 2019 XETUSD Curncy (XET-USD Cross Rate) ETH retra 9 6% ‘0 | retrace, INR Monthly 25DEC2011-30DEC2026 2022 2023 2024 Copyright 2026 Bloomberg Finance L.P. 2025 | 2026 24-Feb-2026 18:
Slide 19: ETH: Retracing prior rally shows near low
BITMINE : BMNR 19 ETH: Retracing prior rally shows near low hygtte. 4 \__l = 84% 90% 1000 bu Il | ' run q Fs retrace retrace al 7. px a ny 0 9 6 i 0 2018 2019 t! ‘0 | 2021 2022 2023 2024 2025 | 2026 XETUSD Curncy (XET-USD Cross Rate) ETH retre! ©! AGE NR Monthly 2506C2011-30DEC2026 Copyright 2026 Bl
Slide 20: ETH: Retracing prior rally shows near low
BITMINE : BMNR ETH: Retracing prior rally shows near low i) gets Fi “Te __{ 84% bull elt ian th t 83% retrace | retrace 2018 2019 0 2021 2022 2023 2024 2025 | 2026 XETUSD Curncy (XET-USD Cross Rate) ETH L fe trace ye lonthl ly 25DEC2011-30DEC2026 Copyright 2026 Bloomberg Finance L.P. 24-Feb-2026 18:
Slide 21: ETH: Retracing prior rally shows near low
BITMINE : BMNR 21 ETH: Retracing prior rally shows near low bull run retrace retrace Similar to a 2 _ 2020 bottom 2018 2019 XETUSD Curncy (XET-USD Cross Rate) ETH 2021 2022 2023 2024 | 2025 | 2026 ly 25DEC2011-30DEC2026 Copyright 2026 Bloomberg Finance L.P. 24-Feb-2026 18:18:36 ‘0 biel LF ACE na Joo
Slide 22: BOTTOMS: Other signs of a bottom
BITMINE : BMNR BOTTOMS: Other signs of a “bottom” As of Feb 9, 2026 Ethereum price “undercuts” $1,740 > create a V-shaped bottom. Could happen by mid-March Markets “bottom” on bad news > Clarity Act delayed and crypto prices rise Time passes to create the bottom > Bottoms take time and could happen
Slide 23: BOTTOMS: Other signs of a bottom
BITMINE : BMNR BOTTOMS: Other signs of a “bottom” = Ethereum price “undercuts” $1,740 > create a V-shaped bottom. Could happen by mid-March = Markets “bottom” on bad news > Clarity Act delayed and crypto prices rise = Time passes to create the bottom > Bottoms take time and could happen organically
Slide 24: BOTTOMS: Other signs of a bottom
BITMINE : BMNR 24 BOTTOMS: Other signs of a “bottom” = Ethereum price “undercuts” $1,740 > create a V-shaped bottom. Could happen by mid-March = Markets “bottom” on bad news > Clarity Act delayed and crypto prices rise = Time passes to create the bottom > Bottoms take time and could happen organical
Slide 25: BOTTOMS: Markets bottom on bad news
BOTTOMS: Markets bottom on “bad news” Markets bottom on Jad news Discussion Purposes
Slide 26: CLARITY ACT: If delayed, but crypto rises, sign of bottom
CLARITY ACT: If it is delayed, but crypto rises > sign of bottom g Polymarket Q Search polymarkets... @ How it works A Trending Breaking New Politics Sports Crypto Finance Geopolitics Earnings Tech Culture World 1 Crypto - Trump Clarity Act signed into law in 2026? 48% chance +: 90% 75% 60% = 48% 30
Slide 27: SMSTR becomes world's most shorted stock
BITMINE : BMNR As of Feb 9, 2026 as im QBLATEST: SMSTR BECOMES WORLD'S MOST SHORTED STOCK AMID $7B SBTC LOSSES Michael Saylor's SMSTR has surged to the #1 position globally for short interest. This comes as investors aggressively bet against the company following approximately $7 billion in unrealiz
Slide 28: Mike Alfred post on Jane Street and Bitcoin
BITMINE : BMNR 8 Mike Alfred @ G- @mikealfred Just got off the phone with my inside guy at Jane Street. He said his desk was given an urgent memo by management last night ordering an immediate cessation of all manipulative trading on Bitcoin. His team immediately shut off the 10am algo. He thinks BT
Slide 29: BOTTOMS: Markets bottom on bad news
BOTTOMS: Markets bottom on “bad news” Markets bottom on Jad news Discussion Purposes
Slide 30: BOTTOMS: Other signs of a bottom
BITMINE : BMNR 56 BOTTOMS: Other signs of a “bottom” = Ethereum price “undercuts” $1,740 > create a V-shaped bottom. Could happen by mid-March = Markets “bottom” on bad news > Clarity Act delayed and crypto prices rise = Time passes to create the bottom > Bottoms take time and could happen organical
Slide 31: ETH: Tracking SPY in 2011 > March bottom
BITMINE : BMNR 31 ETH: Tracking SPY in 2011 > March bottom Market WIT® Home Query Compare Chart/Graph ® & SPX VS ETH @® Studies XETUSD Curncy Daily 2026 vs S&P 500 INDEX x jex Daily 2011 oa 3500.0 ETH 2026 fh iyi bel Thal Sha 3000.0 aalf Thy r +] FI t Lua a 2500.0 hy ee LDL! TW S&P 500 4 Hee nl! n]n
Slide 32: ETH: Tracking SPY in 2011 > March bottom
BITMINE : BMNR 32 ETH: Tracking SPY in 2011 > March bottom Market WIT® Home Query Compare Chart/Graph ® & SPX VS ETH @® Studies XETUSD Curncy Daily 2026 vs S&P 500 INDEX x jex Daily 2011 oa 3500.0 ETH 2026 fh iyi bel Thal Sha 3000.0 aalf Thy r +] FI t Lua a 2500.0 hy ee LDL! TW S&P 500 ica nh FP 201
Slide 33: ETH: Tracking SPY in 2011 > March bottom
BITMINE : BMNR 4 ETH: Tracking SPY in 2011 > March bottom Market WIT® Home Query Compare Chart/Graph ® & SPX VS ETH @® Studies ___ KETUSD Curncy Dai Daily z 2026 vs S&P 500 INDEX 4 Daily 2011 oa ETH 2026 fh iyi bel Tha bs my 3000.0 2500.0 Fy pat r L, fu hua ‘| | a Mab ral Th! q | S&P 500 { Slight tu
Slide 34: ETH: Tracking SPY in 2011 > March bottom
BITMINE : BMNR 4 ETH: Tracking SPY in 2011 > March bottom Market WIT® Home Query Compare Chart/Graph ® & SPX VS ETH @® Studies ___ KETUSD Curncy Daily 2026 vs S&P 500 INDEX 4 Daily 2011 oa ETH 2026 fh iyi bel Tha bs my 3000.0 pet 2500.0 J ra Ln a hua hy Mant J ig i] 2000.0 S&P 500 _ 2011 02/16/2026
Slide 35: ETH: Tracking SPY in 2011 > March bottom
BITMINE : BMNR gs ETH: Tracking SPY in 2011 > March bottom Market WIT ® Home Query Compare Chart/Graph @® & SPX VS ETH, 3 Bi ) @ Studies XETUSD Curncy Daily 2026 vs S&P 500 INDEX Daily 2011 5 o ETH 2026, wr End of March 35000 ifthe y Par) 3000.0 i poh | i | . i “ F L. a a Mel ly iy Slight Mid- 4, a.
Slide 36: ETH: Tracking SPY in 2011 > March bottom
BITMINE : BMNR 3g ETH: Tracking SPY in 2011 > March bottom Query Compare —Chart/Graph ® @ joe i!) 0 ily 2026 vs S&P 500 INDEX SPX Index Daily 2011 5 fe EndofMarch 3000.0 LDL ae Tu S&P 500 2011 02/16/2026 Open 1957.8 High 2022.3 Low 1944.6 ea Close 1969.7 <€
Slide 37: BOTTOMS: Other signs of a bottom
BITMINE : BMNR a BOTTOMS: Other signs of a “bottom” = Ethereum price “undercuts” $1,740 > create a V-shaped bottom. Could happen by mid-March = Markets “bottom” on bad news > Clarity Act delayed and crypto prices rise = Time passes to create the bottom > Bottoms take time and could happen organicall
Slide 38: Software stocks vs Bitcoin
BITMINE - CF) an Beane ed od 38 Software stocks are struggling again today. $IGV (iShares Software ETF) is essentially back to last week's panic lows. “Programmable Money" (Bitcoin) vs Software Stocks I S&P North American Expanded Technology Software Index Spot BTC Price } I $IGV oF Aug 1,24 Illustr
Slide 39: IGV Software ETF: Could be bottoming
BITMINE : BMNR IGV Software ETF: Could be bottoming Software ETF $IGV Weekly, past 12 months 108.17 24.6969 0 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 2025 2026 IGV US Equity (iShares Expanded Tech-Software Sector ETF) TD Combo vib Weekly 24FEB2025-24FEB2026 Copyright 2026 Bloomberg Finance L
Slide 40: IGV Software ETF: Could be bottoming
BITMINE : BMNR IGV Software ETF: Could be bottoming Software ETF $IGV Weekly, past 12 months 108.17 24.6969 0 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 2025 2026 IGV US Equity (iShares Expanded Tech-Software Sector ETF) TD Combo vib Weekly 24FEB2025-24FEB2026 Copyright 2026 Bloomberg Finance L
Slide 41: IGV Software ETF: Could be bottoming
BITMINE : BMNR IGV Software ETF: Could be bottoming ——— 4 Pam Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 2025 2026 IGV US Equity (iShares Expanded Tech-Software Sector ETF) TD Combo vib Weekly 24FEB2025-24FEB2026 Copyright® 2026 Bloomberg Finance L.P. 24-Feb-2026 20:12:59]
Slide 42: BOTTOMS: Other signs of a bottom
BITMINE : BMNR z BOTTOMS: Other signs of a “bottom” = Ethereum price “undercuts” $1,740 > create a V-shaped bottom. Could happen by mid-March = Markets “bottom” on bad news > Clarity Act delayed and crypto prices rise = Time passes to create the bottom > Bottoms take time and could happen organicall
Slide 43: Illustrative Purposes
Illustrative | For Discussion Purposes
Slide 44: GOLD vs BITCOIN: Gold looked better in the past year
BITMINE : BMNR GOLD vs BITCOIN: Gold looked better in the past year nm +73% 1604 1404 1204 -29% 60 Normalized As Of 02/10/2025 Last Price MGOLD SPOT $/0Z 173 MXBT-USD Cross Rate 71 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 2025 | 2026 GOLDS Comdty (GOLD SPOT $/0Z) BMNR Gold vs BTC Daily 10
Slide 45: GOLD: So large, it is bigger than S&P basically
BITMINE : BMNR GOLD: So large, it is bigger than SSP 500 basically... 41 41 39 21 20 5 i 202 —— " Gold Silver MAG7 S&P500_ Asia Europe Bitcoin Ethereum ex-MAG7 9 2 @ ¢ ‘Souce: Fundstrat
Slide 46: GOLD: So large, it is bigger than S&P basically
BITMINE : BMNR GOLD: So large, it is bigger than SSP 500 basically... Gold larger than 41 _thestockmarket 41 ~~ 49 21 20 5 i 1302 =a Gold Silver MAG7 S&P500_ Asia Europe Bitcoin Ethereum ex-MAG7 9 2 @ ¢ ‘Souce: Fundstrat
Slide 47: GOLD: So large, it is bigger than S&P basically
BITMINE : BMNR GOLD: So large, it is bigger than SSP 500 basically... Gold larger than 41 _thestockmarket 41 ~~ 49 21 20 5 5.2 SB 1202 i Gold Silver MAG7 S&P500_ Asia Europe Gold Bitcoin Ethereum ex-MAG7 intraday ay &@ Jan 31 B a ‘Souce: Fundstrat a7
Slide 48: GOLD: So large, it is bigger than S&P basically
BITMINE : BMNR 48 GOLD: So large, it is bigger than SSP 500 basically... Gold larger than 41 _thestockmarket 41 ~~ 49 Gold intraday swing (1/31) 4X size of Bitcoin 5 . | | | 7 S02 Gold Silver MAG7 S&P500_ Asia Europe Bitcoin Ethereum ex-MAG7 9 2 @ 6 ‘Souce: Fundstrat intraday Jan 31
Slide 49: SOV: Since 1971, gold has underperformed inflation 48% of time
BITMINE : BMNR 49 SOV: Since 1971, gold has underperformed inflation 48% of time oO Rolling 3-yr %: Gold less Core CPI Jan'78 Jan'82 Jan'86 Jan'90 Jan'94 Jan'98 Jan'02 Jan'06 Jan'lO Jan'l4 Jan'l8 Jan'22 Jan'26 ‘Souce: Fundstrat
Slide 50: SOV: Since 1971, gold has underperformed inflation 48% of time
BITMINE : BMNR my SOV: Since 1971, gold has underperformed inflation 48% of time oO Rolling 3-yr %: Gold less Core CPI 48% of time (281 of 588 months): Gold 3-yr return below inflation Jan'78 Jan'82 Jan'86 Jan'90 Jan'94 Jan'98 Jan'02 Jan'06 Jan'lO Jan'l4 Jan'l8 Jan'22 Jan'26 ‘Souce: Fundstrat
Slide 51: SOV: Since Bitcoin, gold underperformed inflation
BITMINE - BMNR SOV: Since Bitcoin, gold underperformed inflation 44% of time B Rolling 3-yr % Bitcoin less ‘Rolling 3-yr %: Gold less Core CPI Jan'l2 Jan'138. Jan‘l4— Jan'16—s Jan‘l6—s Jan'17_—s Jan‘1l8. = Jan'19.—s Jan'20.— Jan'21_—0s Jan'22)—s Jan'23.0 Jan'24.— Jan'25— Jan'26 ‘Souce: Fundstrat
Slide 52: SOV: Since Bitcoin, gold underperformed inflation 44% of time
BITMINE : BMNR SOV: Since Bitcoin, gold underperformed inflation 44% of time r Rolling 3-yr % Since 2012: 3% of time Bitcoin less (5 of 161 months): Bitcoin < inflation return ‘Rolling 3-yr %: Gold less Core CPI Jan'l2 Jan'138. Jan‘l4— Jan'16—s Jan‘l6—s Jan'17_—s Jan‘1l8. = Jan'19.—s Jan'20.— Jan'21
Slide 53: SOV: Since Bitcoin, gold underperformed inflation 44% of time
BITMINE : BMNR SOV: Since Bitcoin, gold underperformed inflation 44% of time r Rolling 3-yr % Since 2012: 3% of time Bitcoin less (5 of 161 months): Bitcoin < inflation return ‘Rolling 3-yr %: . . Gold less Core CPI Since 2012: 44% of time (71 of 161 months): Gold < inflation return, Jan'l2 Jan'138.
Slide 54: Illustrative Purposes
Illustrative | For Discussion Purposes
Slide 55: Crypto multiple adoption drivers
02 Crypto multiple adoption drivers Ethereum is central casting
Slide 56: ETHEREUM: Multiple drivers of future network value
BITMINE : BMNR 56 ETHEREUM: Multiple drivers of future network value . Ethereumis the largest smart contract blockchain, supported by a large global community of dedicated developers. . Wall Street is rebuilding the financial system on the blockchain, driven by speed and efficiencies of blockchain.
Slide 57: ETHEREUM: Multiple drivers of future network value
BITMINE : BMNR ETHEREUM: Multiple drivers of future network value 57 . Ethereumis the largest smart contract blockchain, supported by a large global community of dedicated developers. Wall Street is rebuilding the financial system on the blockchain, driven by speed and efficiencies of blockchain. .
Slide 58: WALL STREET: What we learned from Wall Street
BITMINE : BMNR WALL STREET: What we learned from Wall Street : Wall Street finally embracing blockchain, although t divide between “evangelists” and C-level buy-in. . Wall Street plans to use public blockchains, prioritizi here is still a ng the use of reliable chains with entrenched and dedicated c
Slide 59: Tech companies becoming banks as regulators open the door
p Comptroller Jonathan Gould @ @ go The OCC is supporting a healthy economy that provides the American people with access to banking services that meet their unique needs by aligning innovation with proper supervision. These Tech Companies Are Becoming Banks As Regulators Open The Door By Christer H
Slide 60: ETHEREUM: Multiple drivers of future network value
BITMINE : BMNR ry ETHEREUM: Multiple drivers of future network value . Ethereumis the largest smart contract blockchain, supported by a large global community of dedicated developers. . Wall Street is rebuilding the financial system on the blockchain, driven by speed and efficiencies of blockchain.
Slide 61: Vitalik Buterin on Ethereum and AI
vitalik.eth @ Bo @vVitalikButerin Two years ago, | wrote this post on the possible areas that | see for ethereum + Al intersections: vitalik.eth.limo/general/2024/0... This is a topic that many people are excited about, but where | always worry that we think about the two from completely separate ph
Slide 62: Ethereum and AI intersections
Survive A Enabling Cypherpunk trustless mountain and man vision private Al with local interaction LLMs Infrastructure <« tes Make much better . markets economic layer for and Al governance a reality Ethereum as an Illustrative | For Discussion Purposes
Slide 63: ETHEREUM: Multiple drivers of future network value
BITMINE : BMNR re ETHEREUM: Multiple drivers of future network value . Ethereumis the largest smart contract blockchain, supported by a large global community of dedicated developers. . Wall Street is rebuilding the financial system on the blockchain, driven by speed and efficiencies of blockchain.
Slide 64: Blockchain for content creation and distribution
Bluechip Technologies Asia | 3,437 cribers + Subscribe Blockchain for Content Creation and Distribution: Power to the Creators Bluechip Technologies Asia Illustrative | For Discussion Purposes
Slide 65: Newest Moonshot: BitMine $200 million investment
BITMINE - 65 Newest Moonshot: BitMine $200 million investment Illustrative | For Discussion Purposes
Slide 66: The rise of dominant DATs
03 The rise of dominant DATs
Slide 67: DATS: Microstrategy and BitMine are largest
BITMINE : BMNR si DATS: Microstrategy and BitMine are 2 largest Total value of DAT ($million, log-scale) aye $52 billion B bor 4a TUL DD $10 billion = ry {mL} Zero | aS =Bitcoin mEthereum ™Cash or Other DAT Assets As of Jan 4, 2026 lWustrative | For Discussion Purposes Source: Fundstrat, Bloomberg
Slide 68: BMNR+MSTR = ~90% DAT trading volume
BITMINE : BMNR 68 BMNR+MSTR = ~90% DAT trading volume % of DATs $ Trading Volume* EY BitMine Other DATS 13% 59% Illustrative | For Discussion Purposes As of Jan 2, 2026
Slide 69: LIQUIDITY: BitMine stock trades 14X more volume
BITMINE : BMNR cc) LIQUIDITY: BitMine stock trades 14X more volume Bere BitMine & 48Xlarger St 560 = 13.8X larger than #2 than #2 $2,665 i nd $113 $100 $473 $916 $215 Bs ss aa mom Hs BMNR SBET ETHM BTBT BTCS ETHZ FGNX BMNR SBET BTBT ETHZ BTCS FGNX ETHM ETH $ value $ daily trading (60D) Illustrative
Slide 70: DATS: DAT prices will track the price of the crypto
BITMINE - BMNR 70 DATS: DATS prices will track the price of the crypto Illustrative | For Discussion Purposes:
Slide 71: DATS: DAT prices will track the price of the crypto
DATS: DATS prices will track the price of the crypto out jerforms Illustrative | For Discussion Purposes:
Slide 72: BITMINE: Outperformed ETH in 2025 and 2026
BITMINE : BMNR BITMINE: Outperformed ETH in 2025 and 2026 2025: June 30 to Dec 31 $ Ethereum BitMiHer? 22 72 Illustrative | For Discussion Purposes
Slide 73: BITMINE: Outperformed ETH in 2025 and 2026
BITMINE : BMNR ” BITMINE: Outperformed ETH in 2025 and 2026 2025: June 30 to Dec 31 Outperformed +48,100bp u Ethereum E one i Illustrative | For Discussion Purposes
Slide 74: BITMINE: Outperformed ETH in 2025 and 2026
BITMINE : BMNR BITMINE: Outperformed ETH in 2025 and 2026 2025: June 30 to Dec 31 Outperformed +48,100bp $ Ethereum BitMiHer? ——_, | 22 | | -32 74 2026: Dec 31 to Feb 10 -21 Illustrative | For Discussion Purposes
Slide 75: BITMINE: Outperformed ETH in 2025 and 2026
BITMINE : BMNR é BITMINE: Outperformed ETH in 2025 and 2026 2025: 2026: June 30 to Dec 31 Dec 31 to Feb 10 Outperformed +48,100bp Outperformed +1,100bp d Ethereum 22 ! -32 | Illustrative | For Discussion Purposes
Slide 76: BitMine pillars of growth
O4 BitMine 4 pillars of growth
Slide 77: 4 pillars of growth
BITMINE BMNR 7 A pillars of growth Maximize yield Invest defi in Productize Bridge tradfi on Treasury “moonshots” BitMine and defi & £ £ es zs re oY, ‘ th ‘ail se ‘ail j /
Slide 78: 4 pillars of growth: Maximize yield on Treasury
BITMINE BMNR 78 A pillars of growth Maximize yield * Optimize staking yield on Treasury « Pursue alpha strategies. MOZAYYX Capital executes 4 alpha strategies. Tom DeMark, DeMark Analytics, ' é strategic advisor on tactical ETH purchases ty « Optimize yield on cash 4 = Accretive capital markets acti
Slide 79: Zero debt and positive cash balance
BITMINE BMNR @fundstrat 9/ And it’s best to avoid excessive debt leverage in crypto when times are volatile - $BMNR has zero debt and has a positive cash balance - all of it earning SETH staking rewards and cash interest in money markets Thomas (Tom) Lee (not drummer) FSInsight.com @ {J
Slide 80: STAKING: Annualized staking revs $202mm vs $34mm
BITMINE : BMNR STAKING: Annualized staking revs $202mm vs $34mm on Jan 1 $420 Annualized Staking Revenue by Week ($ Million) 0 $301 Eee hi | 72 % Fully staked mo 9202 ETH $189 *eee ee $166 $160 48% $110 a $34 12/28 1/11 2/8* Alchemy Illustrative | For Discussion Purposes ‘Source: Fundstrat, Stats ar
Slide 81: ALCHEMY OF 5%: ETH staking generates sizable and steady revs
Slide 82: ETH ACCRETION: BMNR vs other ETH DAT Cos.
Slide 83: 4 pillars of growth
Slide 84: Newest Moonshot: BitMine $200 million investment Beast Industries
Slide 85: MrBeast announces acquiring Step
Slide 86: BEAST FINANCIAL: The next Robinhood-Sofi-Chime for GenZ
Slide 87: BEAST FINANCIAL: The next Robinhood-Sofi-Chime for GenZ
Slide 88: BEAST FINANCIAL: The next Robinhood-Sofi-Chime for GenZ
Slide 89: BEAST FINANCIAL: The next Robinhood-Sofi-Chime for GenZ
Slide 90: BEAST FINANCIAL: The next Robinhood-Sofi-Chime for GenZ
Slide 91: Will the 'Great Wealth Transfer' transform the markets?
Slide 92: Who is MrBeast?
Slide 93: MrBeast is the #1 Creator
Slide 94: BitMine Investment in Eightco (ticker: ORBS)
Slide 95: 4 pillars of growth
Slide 96: 4 pillars of growth
Slide 97: MAVAN: Best in class staking
Slide 98: BitMine: Bridging Wall Street and Ethereum and Defi
Slide 99: BitMine: Bridging Wall Street and Ethereum and Defi
Slide 100: ETH: Implied Fair Value based on ETH/BTC ratio = $12k to $22k
Slide 101: BMNR: Stock price follows ETH price
Slide 102: BMNR: Stock price follows ETH price
Slide 103: BMNR: Stock price follows ETH price
Slide 104: BitMine management team
Slide 105: Thank You!
BitMine Immersion Technologies — Investor Presentation (February 2026) on 6ix