Bitmine Immersion Technologies, Inc. · NYSE:BMNR
Bitmine Immersion Technologies — Investor Presentation (May 2026)
63 slides from Bitmine Immersion Technologies's investor presentation, May 11, 2026
Slide 1: Crypto Spring: ETH is the future of money
. . itmine (The Alchemy of 5% _) . 7 NYSE: BMNR Crypto Spring: ETH is the future of money
Slide 2: Disclaimers
BITMINE IMMERSION TECHNOLOGIES 2 Disclaimers ‘cone Senne imerson Tenses in. SHNE) maha presatatnavalian comecton ni an upon labuscess cpa stapes, Teiomaton cots peseatonsoenotpupatebeconesaelobeabincaaoro cata ‘This presontation contains atinprojstions estimates. admaketproitionsncung witht itaton p
Slide 3: Table of Contents
Table of Contents O1 Crypto Spring is here 02 ETH is the Future of Money (Elon says it is Mass and Energy) Bitmine primed for next bull cycle
Slide 4: Crypto Spring is here
O1 Crypto Spring is here
Slide 5: Source: Fundstrat
BITMINE » BMNR. Source: Fundtat
Slide 6: Crypto Spring: Ethereum up months consecutively
BITMINE » BMNR. CRYPTO SPRING: Ethereum up 3 months consecutively (so far) 50004 “A -| } F tha if d [i Tun” “Sép” ‘Déc” “Mar” “Jin” “Sép” “Dec” “Mar” “Jun” “Sép” ‘Déc” “Mar” “Jin” “Sép” “Dec” “Mar” “Jun” “Sep” ‘Dec’ “Mar” Jun 2021 | 2022 2023 2024 | 2025 2026 XETUSD Curney (XET-USD Cross Rate) ETH v
Slide 7: Ethereum: consecutive monthly gains never seen in crypto winter
BITMINE » BMNR. ETHEREUM: 3 consecutive monthly gains never seen in ‘crypto winter’ ’ 8192 4096 i U "! tanhay pity gh ze ite rst tel @ 2,317 — 2up {pine Zup 512 256 0.25 Augi5 May16 Feb17 Novi? Augi8 May19 Feb20 Nov20 Aug21 May22 Feb23 Nov23 Aug24 May25 Feb26 ‘Source: Funda, Statsarocalcullodbasodon
Slide 8: Ethereum: Correlated to Software and Growth stocks
BITMINE » BMNR. ETHEREUM: Correlated to Software and Growth stocks 1204 50004 1104 VW 40004 1004 35004 804 Software $IGV ©) Sep Dec Mar Jun Sep Dec Var 2024 2025 2026 XETUSD Curncy (XET-USD Cross Rate) IGV ETH vBHNR Daily 03SEP2024~13DEC2026 Copyright® 2026 Bloomberg Finance L.P. (09-May-2026 05:07:
Slide 9: Tom Lee: Adding Software to top sector ideas
BITMINE » BMNR. Tom Lee, CFA*C _” Head of Research ‘Source: Funda, Statsaocalculalod basedon BNINR wosky pressleaso Adding Software cv.0ss. to top sector ideas along With wacs.os0% wirsisi% eTHAvioi% « If correct, private credit risks diminishing The case for being long software is as follows: — sof
Slide 10: CNBC's Closing Bell
BITMINE » BMNR. CNBC's Closing Bell @ Bw NBCClosingBell Is the market bottom in? Here's why @fundstrat's Tom Lee thinks so: eh i ee 4 dee = cwco Tom Lee: The stock market bottom is in —=- From cnbe.com 3:57 PM - Apr 8, 2026 - 399.3K Views or tra @ivs Aw
Slide 11: Iran War: Ethereum best performing asset since start of War
BITMINE » BMNR. IRAN WAR: Ethereum best performing asset since start of War Relative Performance to S&P 500 since start of Iran Conflict Ethereum is the ‘thereum —s 170% ) Technolo} MEE, 16.3% Bitcoin 14.5% MSC! World Technology Magnificent 7 Russell 2000 Expanded Tech-Software ETF (IGV) MSCI World
Slide 12: Diversification: ETH gained 293X since 2016
BITMINE » BMNR. DIVERSIFICATION: ETH gained 293X since 2016 Dec 31, 2016 Values Current 2026 Values Startcapital %ETH 2016ETH ETH S&P 500 Total C $100,000 0.0% $0 ) $0 $230,482 $100,000 1.0% $1,000 $289,650 $228,177 $517,827 Z >7x return with $100,000 5.0% $5,000 ) $1,448,251 $218,958 : H _ just 5%
Slide 13: Hedge: Only 0.4% needed to protect against catastrophe
BITMINE » BMNR. HEDGE: Only 0.4% needed to protect against catastrophe Dec 31, 2016 Values ‘% Requi Cum Gain Asset Start capital Hedge 2016 Hedge Hedge Ethereum $100,000 $398 290X Bitcoin $100,000 14% $1,381 83X Magnificent 7 $100,000 12.4% $12,373 9x Technology ex-Mag 7 $100,000 20.7% $20,738 6x Si
Slide 14: ETH/BTC ratio: 2026 tailwinds argue for all time high
BITMINE » BMNR. a ETH/BTC ratio: 2026 tailwinds argue for ATH (all time high) in ratio Projected A) ETH/BTC: ETH/BTC: «100004 gee Fatio 0.08727 2222 0.09000: C:) 0.08000 4 0.070004 0.060004 0.050004 . 01040004 4 ETH/BTC: — 2 0.03202 0.020004 2018 2019 2020 2021 2022 2023 2024 2025 2026 XETUSD Curncy
Slide 15: ETH: Implied Fair Value based on ETH/BTC ratio
BITMINE » BMNR. 6 ETH: Implied Fair Value based on ETH/BTC ratio = $12k to $22k ETH/BTC ETH 8-yravg 2021 high “paymentrails” uN | \ | Vv 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,
Slide 16: Etherealize: The Path to $250,000 ETH
BITMINE » BMNR. 3 Etherealize & Bon Read the full Productive Money report by Etherealize here: $ Etherealize % $250,000 The Path to $250,000 ETH: Ethereum and the Era of Productive “— Money To download this report as a PDF and learn more about the "Productive Money’ thesis, visit productivemoney.org
Slide 17: Ethereum: Exiting a long consolidation
eITMINE ENN Projected ETHEREUM: Exiting a long consolidation ont 5x 54x agentic Al 227x $4,626 tokenization poe $1,366 3.365 0.5 0.25 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 ‘Source: Funda, Bloomberg, coinmarktcap
Slide 18: Future of Money
02 Future of Money (Elon says it is Mass and Energy)
Slide 19: Elon Musk: mass and energy
BITMINE » BMNR. 419 e Elon Musk @ Your ‘VS @elonmusk That’s why I say the system won’t use dollars as currency in the future. Just mass and energy. 1:52 AM - Feb 13, 2026 - 372.4K Views QO 1K t1 833 © 8.2K (N 696 & Source: Fundtat
Slide 20: BlackRock CEO on compute futures
BITMINE » BMNR. The Wolf Of All Streets @ Bn @scottmelker WATCH: BLACKROCK CEO LARRY FINK SAYS "I ACTUALLY BELIEVE A NEW ASSET CLASS WILL BE BUYING FUTURES OF COMPUTE, WE JUST DON'T HAVE ENOUGH COMPUTE POWER RIGHT NOW." 4:00 AM - May 6, 2026 - 308.9K Views O16 T1208 O 14K
Slide 21: Reid Hoffman: crypto critical in an AI world
BITMINE » BMNR. Kalshi Crypto @ {J @Kalshi Crypto « 4h $B ovr JUST IN: Billionaire LinkedIn Founder says crypto becomes critical in an Al world O91 1) 208 QO 1.6K ih 97K Rit Reid Hoffman @ YB @reidhoffman Never thought I'd see myself quoted by Kalshi! 12:47 PM : May 6, 2026 - 4,945 Views Ow 1 Oe De
Slide 22: Stablecoin transactions vs. Visa payments
BITMINE » BMNR. Source: Fundtat Bitwise @ g Well, that escalated quickly. tablecoin Transactions vs. Visa Payments Bitwise’ 431.2K 22
Slide 23: Grayscale: Tokenization megatrend just getting started
BITMINE » BMNR. GRAYSCALE Will Ogden Moore tlio Zach Pandl we believe much of the ~$300 trillion securities market — along with other types of assets like real estate — will migrate onchain Exhibit 4: Tokenization megatrend just getting started $trilion Tokenized Assets vs Traditional Markets Estima
Slide 24: Grayscale: Tokenization megatrend just getting started
BITMINE » BMNR. GRAYSCALE Will Ogden Moore tlio Zach Pandl we believe much of the securities market — along with other types of assets like real estate — will migrate onchain Exhibit 4: Tokenization megatrend just getting started $trilion Tokenized Assets vs Traditional Markets Estimated Total Value
Slide 25: Ethereum TVL and Token Mcap
BITMINE » BMNR. 25 Ethereum —@-TVL —@- Token Mcap $120b : $600b $100b $80b $60b $40b $200b $20b $100b $0 Source: Fundtat
Slide 26: Mapping architectures to the roadmap
Exhibit 10: Mapping architectures to the roadmap BITMINE » BMNR. ro = Blockchain Network Architecture and Tokenization Will Ogden Moore: tlio ro @0 en n- Provenance valanche Arbitrum Ethereum Networks that host a larger share of tokenized activity may capture a meaningful portion Institution-centric
Slide 27: Marc Andreessen: grand unification of AI and crypto
BITMINE » BMNR. "This is the grand unification of Al and crypto. Al agents are going to need money. " Marc Andreessen (founder of a16z) a Miles Deutscher @ 2g ~ This, singlehandedly, is why I'm stil bullish on crypto. Ifyou don't believe me, listen to Marc Andreessen (founder of at6z- the world's bi
Slide 28: Agentic AI: Comparison traditional rails vs crypto
BITMINE » BMNR. AGENTIC Al: Comparison traditional rails vs crypto Category What Agentic Al Needs Traditional Rails (Banks / APIs / Web2) Blockchain / Crypto Advantage Identity Authentication Unit of Payment Payments Speed Transaction Costs Programmability ‘Smart Contracts Global Access Composabilit
Slide 29: Financials: Top most profitable in USA today
BITMINE » BMNR. FINANCIALS: Top 10 most profitable in USA today Source: Fundtat Net Income ($ Millions) Ticker Name CY 2026 Employees 1 JPM JPMorgan Chase 59,918 300,000 2 BAC. Bank of America 32,863 3. WFC Wells Fargo & Co 21,555 4 ¢ Citigroup Inc. 18,785 5 MS Morgan Stanley 18,595 6 GS Goldman Sac
Slide 30: Financials: Mix in Jane Street + Tether
BITMINE » BMNR. FINANCIALS: Mix in Jane Street + Tether Source: Fundtat ) 1:100 employees Net Income ($ Millions) Name cy 2026 Employees JPMorgan Chase 59,918 300,000 Jane Street 40,000 3,000 Bank of America 32,863 Wells Fargo & Co 21,555 Citigroup Inc. 18,785 Morgan Stanley 18,595 Goldman Sachs 18,
Slide 31: Jane Street record quarter
iB | Bloomberg & g ~~ Jane Street notched a record quarter in the first three months of the year with $16.1 billion of trading revenue, more than double its haul in the first quarter of 2025 Net income also more than doubled from a year earlier, with Jane Street reporting $10.3 billion in the first
Slide 32: Jane Street record quarter
Bloomberg io} Jane Street notched a record quarter in the first three months of the year with $16.1 billion of trading revenue, more than double its haul in the first quarter of 2025 Net income also more than doubled from a year earlier, with Jane Street reporting $10.3 billion in the first quarter,
Slide 33: Financials: Mix in Jane Street + Tether
BITMINE » BMNR. FINANCIALS: Mix in Jane Street + Tether Source: Fundtat 33 ) 1:100 employees ) 1:1000 employees Net Income ($ Millions) Name Cy 2026 Employees JPMorgan Chase 59,918 300,000 Jane Street 40,000 3,000 Bank of America 32,863 Wells Fargo & Co 21,555 Citigroup Inc. 18,785 Morgan Stanley 18
Slide 34: Technology: Disruption reduces value of incumbency
BITMINE » BMNR. TECHNOLOGY: Disruption reduces value of incumbency Incumbent New entrant F Columbus Buggy Co, Automobile Studebaker, Durante-Dort GM, Ford, Audi, VW, Porsche a MCI, Bell Atlantic, GTE, SBC | Vodafone, T-Mobile, Telecel Technology Digital Media Hearst, Viacom, Newscorp Google, Meta, T
Slide 35: By 2035: Half of largest financial institutions native digital
BITMINE » BMNR. 35 BY 2035: Half of the largest financial institutions will be native digital Source: Fundtat ) 1:300 employees Net Income ($ Millions) Ticker Name CY 2035 Employees 41 JPM___JPMorgan Chase 107,303 300,000 (@ Native crypto bank 100,000 1,000 3 BAC __ Bank of America 58,852 C 4 Native
Slide 36: Bitmine building in crypto winter, primed for next bull cycle
Bitmine building in crypto winter, primed for next bull cycle
Slide 37: Building and stacking during the crypto mini-winter
BITMINE: Building and stacking during the crypto ‘mini-winter’ nvested into Eightco, the intersection of Al and identity Launched MAVAN, largest single staking operation in the World nvested $200 million to Beast ndustries, one of the world’s largest content creator Uplisted to NYSE ‘Big Board’ Reac
Slide 38: Bitmine: Building and stacking during the crypto mini-winter
BITMINE - MN BITMINE: Building and stacking during the crypto ‘mini-winter’ nvested into Eightco, the intersection of Al and identity Launched MAVAN, largest single staking operation in the World nvested $200 million to Beast ndustries, one of the world’s largest content creator Uplisted to NYSE ‘Bi
Slide 39: Moonshot: Eightco
BITMINE » BMNR. MOONSHOT: Eightco EIGHTCO Home About Holdings _Investor Relations v TREASURY OVERVIEW $321M
Slide 40: Bitmine Investment in Eightco (Worldcoin)
BITMINE » BMNR. 40 Bitmine Investment in Eightco (NASDAQ: ORBS) ©world + Founded in 2019 by Sam Altman (OpenAl CEO) and Alex Blania + Dedicated to building a global-scale proof-of-human network to distinguish humans from Al in a post-AGI world + End-to-end stack comprising of hardware, privacy- pres
Slide 41: Proof of Human: Non-humans' share of new content is rising
BITMINE » BMNR. PROOF OF HUMAN: Non-humans' share of new content is rising Polyraret a 75% Web Traffic i 53% Ena S 27% Stock Trading 44% Website Creation x 35% Product Reviews i 30% X.com x 20% Reddit 15% ‘Source: Polymarket St-he allt shar of trading vlume rom-wost prediction markt raders are losin
Slide 42: Reddit CEO considering human verification
BITMINE » BMNR. Reddit CEO considering requiring FacelD or human verification. ‘Source: Funda, Statsaocalculalod basedon BNINR wosky pressleaso Polymarket © g- 2Polymarket JUST IN: Reddit CEO says the company is considering requiring Face ID to ensure humanity in order to crack down on Al bots. Mar
Slide 43: Moonshot: Eightco's private holdings are undervalued
BITMINE » BMNR. MOONSHOT: We believe Eightco’s private holdings are undervalued The public ticker for private tech- Anthropic Databricks Opendl Anduril Ramp SpaceX Epic Games Flock Safety dbt (Fivetran) Vanta ‘Sours: Eight, VOX 20.7% 17.7% 9.9% 6.9% 5.1% 5.0% 3.5% 3.0% Openal Worldchain MrBeast Ethe
Slide 44: Building and stacking during the crypto mini-winter
BITMINE: Building and stacking during the crypto ‘mini-winter’ nvested into Eightco, the intersection of Al and identity Launched MAVAN, largest single staking operation in the World nvested $200 million to Beast ndustries, one of the world’s largest content creator Uplisted to NYSE ‘Big Board’ Reac
Slide 45: MAVAN: Now open for business
BITMINE » BMNR. MAVAN: Now open for business = MAVAN launched commercial service at end of March 2026. = MAVAN is the largest single staking operator in the World with >$14 billion staked. = MAVAN staking other clients assets representing >$2 billion USD and non- ETH assets including HYPE and SOL. ‘
Slide 46: Staking: BMNR now staking over 4.7 million ETH
BITMINE - BMNR. STAKING: BMNR now staking over 4.7 million ETH 6,034,371 5,206,790 # ETH Staked Over Time _ ine $408 $352 Annualized Staking Revenue by Week ($ Million) -86% nen 297 319 weir sake 78% 166 1¢0 189 20 176 171 172 174 187 184 177 196 aa 110 MULL a 12/28 4 V11 V/19 W265 2/1 2/8 2/15 2/22
Slide 47: Building and stacking during the crypto mini-winter
BITMINE: Building and stacking during the crypto ‘mini-winter’ nvested into Eightco, the intersection of Al and identity Launched MAVAN, largest single staking operation in the World nvested $200 million to Beast ndustries, one of the world’s largest content creator Uplisted to NYSE ‘Big Board’ Reac
Slide 48: Newest Moonshot: Bitmine $200 million investment
BITMINE » Mn Newest Moonshot: Bitmine $200 million investment we BEAST INDUSTRIES
Slide 49: Beast Financial: next Robinhood for GenZ
BITMINE » BMNR. 49 BEAST FINANCIAL: We believe could be the next Robinhood for GenZ US Generation Population Leading institution Baby Boomers 75 Schwab (millions) Blackrock ISLES ee Blackstone Robinhood Millennials 75 Sofi sei ine i Mr Beast dominates Chime Genz Financial Services GenAlpha
Slide 50: Great Wealth Transfer
BANK OF AMERICA PRIVATE 9aNk Will the 'Great Wealth Transfer’ transform the markets? Estimatec ealth t $46 trillion $39 trillion $15 trillion $6 trillion Baby boomers Gen X Millennials GenZ (born 1946-1964) (1965-1980) (1981-1996) (1997 or later) Source: Cerulli Associates, “The Cerulli Report: U.S.
Slide 51: Building and stacking during the crypto mini-winter
BITMINE: Building and stacking during the crypto ‘mini-winter’ nvested into Eightco, the intersection of Al and identity Launched MAVAN, largest single staking operation in the World nvested $200 million to Beast ndustries, one of the world’s largest content creator Uplisted to NYSE ‘Big Board’ Reac
Slide 52: NYSE: Bitmine is now traded on Big Board NYSE
BITMINE » Mn NYSE: Bitmine is now traded on Big Board NYSE aes | Bitmine is now Bitmine Immersion Technologies NYSE 5 (NYSE: BMNR) Announces traded on the Big Uplisting to New York Stock Exchange and Expansion of Share Board NYSE... : Repurchase Program to $4 Billion NYSE: 62
Slide 53: Building and stacking during the crypto mini-winter
BITMINE: Building and stacking during the crypto ‘mini-winter’ nvested into Eightco, the intersection of Al and identity Launched MAVAN, largest single staking operation in the World nvested $200 million to Beast ndustries, one of the world’s largest content creator Uplisted to NYSE ‘Big Board’ Reac
Slide 54: Alchemy of 5%: Reached 4% in just months
BITMINE » BMNR. 54 ALCHEMY OF 5%: Reached 4% in just 9 months aE ‘0 2026 June 2025 Dec 2025 June 2026 Dec 2026 ‘Sour: Funda, Statsareealeulatodbasedon BNINR wosky preserelease Bitine | The Alchomy oF 5%
Slide 55: Alchemy of 5%: Reached 4% in just months
BITMINE » BMNR. ALCHEMY OF 5%: Reached 4% in just 9 months A% eee | SO _~%, Slowpace ry Le pril 10, 3% 2026 f . eo of accumulation 77 Nov21, 2% -- 2025 ®W sep 21 1% 2025 @ Avg13, 0.1% 2025 @ June 30, 2025 June 2025 Dec 2025 June 2026 Dec 2026 ‘Source: Funda, Statsaocalculalod basedon BNINR wosky pre
Slide 56: DATs: track the price of treasury asset
DATS: DATS track the price of treasury asset... up or down
Slide 57: Outperformed ETH in 2025 and 2026
BITMINE » BMNR. BITMINE: Outperformed ETH in 2025 and 2026 2025: 2026: June 30 to Dec 31 Dec 31 to April 10 Outperformed +48,100bp Outperformed +310bp WV Ethereum 22% 503% BitMine
Slide 58: BMNR: Stock price follows ETH price
BITMINE eMINR. BMNR: Stock price follows ETH price (EJ legend 4 Track Z Annotate ©. Zoom h Select {Copy ticker N BMNR . BMNR US Equity
Slide 59: BMNR: Stock price follows ETH price
BMNR: Stock price follows ETH price BITMINE eMINR. ticker: BMNR Cee eee a **Cosfficient: YY 0.015? ETH + ETHishare accretion
Slide 60: Etherealize: The Path to $250,000 ETH
BITMINE » BMNR. 3 Etherealize & Bon Read the full Productive Money report by Etherealize here: $ Etherealize % $250,000 The Path to $250,000 ETH: Ethereum and the Era of Productive “— Money To download this report as a PDF and learn more about the "Productive Money’ thesis, visit productivemoney.org
Slide 61: BMNR: Stock price follows ETH price
BMNR: Stock price follows ETH price BITMINE eMINR. $5\000 |= = Se ee ee eee ticker: BMNR: tulad} $1,500 $1600 ====2 === 2==== 2222222222225 BMNR: $500 BMNR: $5,000 **Cosfficient: YY 0.015? ETH + ETHishare accretion 4 $22,000 $62,500 $250,000
Slide 62: Bitmine management team
BITMINE » BMNR. 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 experi
Slide 63: Thank You!
Thank You! By Bitmine ~ NYSE: SMNE SNVSE TENNEY.
Bitmine Immersion Technologies — Investor Presentation (May 2026) on 6ix