82 slides from Bitmine Immersion Technologies's conference presentation, Dec 4, 2025
Slide 1: The Crypto Supercycle Intact
The Crypto Supercycle intact ‘ BINANCE ” BLOCKCHAIN WEEK oectmscns-2
Slide 2: Thomas J. Lee, CFA
BITMINE BVINR 7/17/2025 Thomas J. Lee, CFA Fundstrat Global Head of Research Fundstrat Capital Chief Investment Officer BitMine Immersion Chairman of Board fundstrat capital BitMine
Slide 3: Social media handles
x.com (@fundstrat @BIitMNR 7/17/2025
Slide 4: Disclaimers
BITMINE IMMERSION TECHNOLOGIES 4 Disclaimers General _Bitmine immersion Technologies, inc, ("BMNR*) Is making this presentation available in connection with an update on ts business operations and strategie. The information contained inthis presentation does ‘ot purpor to be complete orto be all-ncl
Slide 5: Table of Contents
Table of Contents 01 2025: It’s all about tokenization 02 Crypto prices likely bottomed, Bitcoin “4-year cycle” to break 03 Ethereum is the future of finance 04 Why Tokenization is a huge unlock for Wall Street 05 The Large-scale Digital Asset Treasuries transforming Iustratve | For Discussion Purpo
Slide 6: 2025: It's all about tokenization
01 2025: It’s all about tokenization
Slide 7: Bitcoin is the OG
BITMINE - BMNR Bitcoin is the OG Asset Price onDec 31,2016 AsofSept26,2025 % change Nvidia $2.67 $178.19 574% 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% nn eal 861.97 1,325.58 54% High-yield (HYG) $86.66 $80.9
Slide 8: Bitcoin is the OG
BITMINE - BMNR Bitcoin is the OG Asset Price on Dec 31,2016 _ As of Sept 26, 2025 % change 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% MSCl
Slide 9: 2025: major positive fundamentals, but terrible price action
2025: major positive fundamentals, but terrible price action
Slide 10: 2025: Many positive crypto milestones
BITMINE - BMNR 2025 : Many positive crypto milestones US Government passes pro-crypto legislation, setting the standard for the Western World Several US states and US govemment plan or executed “Bitcoin Strategic Reserve” Blackrock launches Bitcoin ETF in Jan 2024 and in 2025 becomes top 5 highest f
Slide 11: Purposes
Iustratve | For Discussion Purposes
Slide 12: Ethereum's ChatGPT Moment = Widespread use cases
BITMINE - BMNR 2 Ethereum’s ChatGPT Moment = Widespread use cases in development by US Corporates mie Dimon says JPMorgan Chase will get involved in stablecoins as intech threat looms Robinhood gives out tokens of OpenAl and SpaceX in Europe. Stock hits record ez nd BNY Team Up to Tokenize ‘ket Fund
Slide 13: Blockchain boon: Larry Fink on tokenisation
BITMINE - BMINR | Blockchain boon Larry Fink and Rob Goldstein on how tokenisation could transform finance Ledgers haven’t been this exciting since the invention of double-entry book- keeping Now finance is entering the next major evolution in market infrastructure—one that could move assets faster
Slide 14: BlackRock CEO says he was wrong about Bitcoin
Bitcoin Archive @ @BitcoinArchive BITMINE » BVINR JUST IN: && BlackRock CEO Larry Fink says he was WRONG about Bitcoin and crypto "This is a very glaring, public example of a big shift in my opinions." 11:57 AM - Dec 3, 2025 - 156.3K Views Iustratve | For Discussion Purposes O 123 sie © 19x R221 &
Slide 15: Best years of growth still ahead, 200X adoption ahead
BITMINE - BMNR 6 Best years of growth still ahead, 200X adoption ahead = There are 4.4 million Bitcoin addresses with >$10,000 balance. Bitcoin “share” of these accounts is 0.5%. = Globally, there are 900 million individuals with >$10,000 in retirement, pension, brokerage accounts (per ICI, OECD, Fe
Slide 16: Blockchain: Still relevant for the digital revolution
BITMINE - BMNR 16 BLOCKCHAIN: Still relevant for the digital revolution = De-centralized trust and permissionless = Borderless and instant settlement = Immutability and programmability = Incentive-aligned consensus mechanisms = Composable and programmable Iustratve | For Discussion Purposes
Slide 17: Crypto prices likely bottomed, Bitcoin 4-year cycle to break
02 Crypto prices likely bottomed, Bitcoin “4-year cycle” to break
Slide 18: Crypto is acting like crypto winter is starting
BITMINE - BMNR Crypto is acting like “crypto winter” is starting ncn @ S&P500 Nasdaqg100 MAG7_ govtbonds Gold Bitcoin Ethereum 61 23 16 21 BH .- ‘Souoe: Fundetrat ~~ -7
Slide 19: The Selling Nobody Can Explain
BITMINE » BVINR 19 MarketRecap | The Selling Nobody Can Explain a Written by Jeff Dorman, CFA % Dec 1, 2025 OF) So again, ex post, we can at least try to rationalize some of the moves lower in the market. But this persistent weakness certainly has us scratching our heads
Slide 20: Bitcoin: YTD, weakness only started after October 10th
BITCOIN: YTD, the weakness only started after October 10th ] hi Pathay A, i Mi , Ny afl I w My a “ty y i / \ age M yl ‘aa \ , l Lins ph : \ \ ' October 10th | t Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov XBTUSD Curncy (XBT-USD Cross Rate) BTC YTD Bitcoin vBMN Daily 01JAN2025-02DEC2025 Copyright 2 2
Slide 21: Weakness: Multiple explanations
BITMINE - BMNR WEAKNESS: Multiple explanations Quantum risk to Bitcoin Crypto winter starting October 10" liquidation wipe out Al stocks capturing mindshare Microstrategy risk they will ‘Sell their bitcoin” MSCI Index committee to exclude DATs Tether FUD with SSP ratings downgrade Iustratve | For Di
Slide 22: Bitcoin: YTD, weakness only started after October 10th
BITCOIN: YTD, the weakness only started after October 10th 36% ' f Mh " ut 0.12M4 iat \4 I \ \ i 1 . | Wi " y | October 10th Jan Feb Mar Apr May Jun Jul Aug Sep : Oct Nov XBTUSD Curncy (XBT-USD Cross Rate) BTC YTD Bitcoin vBMN Daily 01JAN2025-02DEC2025 Copyright® #2 2025 Bloomberg Finance L.P. 02-De
Slide 23: Social post on cycle turning
BITMINE » BVINR 2%. Bruno Trader Yu @BrunoTrade87 The FTX collapse. 8 weeks of darkness. Then the spark. Oct 10, 2025 history rhymes. Mark this: between Dec 5-10, the cycle turns. By month’s end, alts may revisit their Dec 2024 glory. You’ve been warned. Iustratve | For Discussion Purposes
Slide 24: BitMine engages Tom DeMark as Strategic Advisor
BITMINE - BMINR BitMine (BMNR) Engages Legendary Tom DeMark and DeMark Analytics, LLC as Strategic Advisor DeMark to provide BitMine systematic and Al tools to optimize ETH accumulation BitMine is the largest buyer and holder of ETH in the world as it moves towards the ‘alchemy of 5%’ BitMine is the
Slide 25: Crypto is acting like crypto winter is starting
BITMINE - BMNR Crypto is acting like “crypto winter” is starting 110,288 96,798 82,353 FEDES 69,822 54,156 rT ) rT) ay ay 3-9 9 Qn 3 10/27/2025 = 11/3/2025: 11/10/2025 11/17/2025 1/24/2025 =: 12/1/2025 12/8/2025 ‘Souoe: Fundetrat &
Slide 26: Bitcoin: 4-year cycle
BITMINE - BMNR 26 BITCOIN: 4-year cycle 3.9lyears | 3.91 years e 3.91lyears q 3.91years >: 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 XBTUSD Curncy (XBT-USD Cross Rate) BTC Bitcoin vBHNR Monthly 30SEP2010-15NOV2025 Copyright® 2025 Bloomberg
Slide 27: Why?
Slide 28: Bitcoin Price Cycle: Possible Explanations
BITMINE - BMNR 28 BITCOIN PRICE CYCLE: Possible Explanations = Halving cycle — 4-year cycle = Monetary Policy = Speculation cycle - NYSE Margin Debt = Gold vs Bitcoin vs Copper ratio = Business Cycle — ISM Manufacturing Iustratve | For Discussion Purposes
Slide 29: Cycle? Bitcoin halving
BITMINE - BMNR 28 CYCLE? Bitcoin halving : 3.91years 3.9lyears 3.91years = 3.91 years i halving halving 1000- 00 halvi ing Block reward Block reward after ‘100 Halving Block height at before halving halving (bitcoin per BH count Date halving (bitcoin per block) block) 10 4 halvin 2.00 8 1 11/27/2012
Slide 30: Cycle? A lot of things are on a 4-year cycle
BITMINE - BVINR CYCLE? A lot of things are on a 4-year cycle Event Frequency U.S. Presidential Election Every 4 years Leap Year Every 4 years Summer Olympics Every 4 years Winter Olympics Every 4 years FIFA World Cup (Men) Every 4 years UEFA Euro Every 4 years Rugby World Cup Every 4 years Cricket O
Slide 31: Cycle? Copper vs Gold
BITMINE - BMNR CYCLE? Copper vs Gold ‘Sauce: Bloomberg eo”. re] 31 HBITCOIN ‘The previous three low signals in the Copper/Gold ratio marked the beginning, We now have a fourth low signal in this ratio. of a BTC bull run, AO 494K lustrative | For Discussion Purposes
Slide 32: Cycle? Copper vs Gold
BITMINE - BMNR CYCLE? Copper vs Gold _ copper 0.304 0.254 0.204 Industrial activity eaking Industrial activity Copper/ peaking Gold ratio 2 Industrial activity —————— ES Industrial => Monetary one Gold Industrial base iene activity peaking 0.104 Generic 1st "He" Future / Gold Spot $/02 on 11/16/25 0
Slide 33: 4-year cycle: Copper/Gold ratio vs Bitcoin
BITMINE - BMNR 4-year cycle: Copper/Gold ratio vs Bitcoin 3.9lyears 3.9lyears 3.9lyears 3.91 years >< pit o44/| ~ Copper/ He _Goldratio | Ast 'HG' Future / Gold Spot $/0z on 11/16/25 0.12 2, soft ate ay an, Las Lara an a, Ia. as | Tops Len xaTuS5 Carney (481-060 Cross Rate) BTC biteoin vBMAR Hnthy S
Slide 34: 4-year cycle: Copper/Gold ratio vs Bitcoin
BITMINE - BMNR 34 4-year cycle: Copper/Gold ratio vs Bitcoin 3.9lyears 3.9lyears 3.91years 3.9lyears Not signaling top Copper/ Gold ratio | 1st Ws! Fue / Gold Spot $/0r on 11/16/25 0.12 a cr coma Vdchen Ab hat AUS 1s Ls [ay lala. mals XBTUSD Cimey (XBT-USO Cross Rate) BTC Bitcoin VBHNR Monthly SOSEP
Slide 35: Cycle? ISM Manufacturing
BITMINE - BMNR 36 CYCLE? ISM Manufacturing Indust! ISM = Business activity co 404 Industrial Industrial peaning activity activity ISM above 50 = expansion Industrial peaking peaking ISM below 50 = contraction activity peaking ISM Manufacturing |NEISM Manufacturing PMI SA - Last Price 48.7 amt | ana
Slide 36: Cycle? ISM Manufacturing
BITMINE - BMNR CYCLE? ISM Manufacturing 3.9lyears | 3.91 years e 3.91lyears q 3.91years Mt B >¢ vi¢ pit 36 IsM Wiotmuiarig oo a “ine woManufacturing 2014 | 20s | 2016 | 2017 | 208 |, 2020 onsite ane aaie pet amo eke ciate) 208 nck wad XBTUSD Curncy (XBT-USD Cross Rate) BTC Bitcoin vBMNR Monthly 30SE
Slide 37: Cycle? ISM Manufacturing
BITMINE - BMNR CYCLE? ISM Manufacturing : 3.91years : Not 1000- i 37 3.91 years 3.91years 3.9lyears 400 signaling 390 ee tap wwowaitstoer atsbaatte nang Se 2 al be ae | Teg aaa ae XBTUSD Curncy (XBT-USD Cross Rate) BTC Bitcoin vBHNR Monthly 30SEP2010-15NOV2025 Copyright® 2025 Bloomberg Finance LP. ‘
Slide 38: Bitcoin Price Cycle: Possible Explanations
BITMINE - BMNR BITCOIN PRICE CYCLE: Possible Explanations . Halvifig)cycle — 4-year cycle <— too many things “4-years” . Monéialy Policy <— No relationship 3 Spectlation cycle —- NYSE Margin Debt <= Right 1 of 3 cycles = Gold vs Bitcoin vs Copper ratio © No sign of Top = Business Cycle - ISM Manufac
Slide 39: Why would Bitcoin not break 4-yr cycle
If US industrial cycle broke 4-yr cycle If copper-gold broke 4-yr cycle Why would Bitcoin not break 4-yr cycle
Slide 40: Bitcoin: HODL
Slide 41: Ethereum is the future of finance
03 Ethereum is the future of finance
Slide 42: Ethereum in 2025 is having its 1971 moment
Ethereum in 2025 Is having its “1971” moment
Slide 43: Wall Street: Many are building projects on Ethereum
BITMINE - BMNR WALL STREET: Many are building projects on Ethereum S rip.eth @ ic) the financial system is being rebuilt on ethereum BlackRock Pr J.PMorgan SUBS @switt VISA Bshopity ows Sa” > any # Robinhood (©) 4 P@ usec FRANKLIN W TEMPLETON Fidelity Deutsche Bank coinbase «am DBS cceis BaillieGiff
Slide 44: TVL: Ethereum dominates
BITMINE - BMNR ay TVL: Ethereum dominates ¥ DefiLlama Ethereum: (67.99%) ‘Souoe: Fundetrat
Slide 45: Fusaka upgrade
BITMINE - BMNR ‘Souce: X.com $ Ethereum @ Yu The Fusaka upgrade is today. Ethereum is securely scaling. 411M ° ra 8 Dm] b
Slide 46: Ethereum won the smart contract war
BITMINE - BMNR ‘Souce: X.com SamAltcoin.eth @ @ icomn 'SAMALTCOIN_ETH SBTC and SETH are kings tif Bitcoin OG flat out says Ethereum won the smart contract war. Developers and stablecoin liquidity confirm it. He suspects Coinbase's Base L2 + ETH is shaping up to be the strongest combo for crypto mass
Slide 47: The bigger the base, the bigger the breakout
BITMINE - BMNR ar The bigger the base, the bigger the breakout oe $4,866 afr fatty pty ta nl tl l 7 , t $1,385
Slide 48: ETH/BTC ratio: 2025 tailwinds argue for ATH in ratio
ETH/BTC: ,, 2222 BITMINE - BMNR ETH/BTC ratio: 2025 tailwinds argue for ATH in ratio 4 ETH/BTC: wang LY 0.08727 0.04790 ETH/BTC: 0.03314 0.020004 2018 2019 2020 2021 2022 2023 2024 2025 XETUSD Cumcy (NET-USD Cross Rate) ETH BTC VBMINR Daily 08*€82018-30DEC2025 ‘Copyright® 2025 Bloomberg Finance L.P.
Slide 49: ETH: Implied Fair Value based on ETH/BTC ratio
BITMINE - BMNR 49 ETH: Implied Fair Value based on ETH/BTC ratio = $12k to $22k ETH/BTC 8-yravg 2021 high uN ee oe W 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 1
Slide 50: ETH: Implied Fair Value based on ETH/BTC ratio
BITMINE - BMNR 60 ETH: Implied Fair Value based on ETH/BTC ratio = $12k to $22k ETH/BTC ETH 8-yravg 2021 high “payment rails” 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 = 15,625 31
Slide 51: Why Tokenization is a huge unlock for Wall Street
04 Why Tokenization is a huge unlock for Wall Street
Slide 52: Larry Fink: beginning of the tokenization of all assets
BITMINE » BVINR BlackRock CEO Larry Fink: We’re at the beginning of the tokenization of all assets +#32.02 +2.77%N% STREAM 2 CNBC+
Slide 53: Tokenization: reasons for the big unlock
BITMINE - BVINR 53 Tokenization: 5 reasons for the “big unlock” = Fractional Ownership: Tokenization divides equities into affordable fractions, broadening access to high-value investments. = Reduced Costs and Efficiency: Tokenization automates processes, cuts intermediaries, lowers fees, speeds set
Slide 54: Tokenization: Taking Wall Street into the future
Tokenization: Taking Wall Street into the future Ethereum
Slide 55: BlackRock on tokenization
BITMINE - BIN ... BlackRock J Tokenization is shaping the next evolution of global markets. In @TheEconomist, Larry Fink and Rob Goldstein discuss how tokenization can modernize market infrastructure, enhancing efficiency, transparency, and access by connecting traditional and digital finance. Read
Slide 56: Tokenization: Taking Wall Street into the future
BITMINE - BVINR Tokenization: Taking Wall Street into the future < a sake > we A
Slide 57: Tokenization: Big unlock
BITMINE - BVINR Tokenization: “Big unlock”
Slide 58: Tokenization: Big unlock > Fractional shares
BITMINE - BVINR Tokenization: “Big unlock” > Fractional shares
Slide 59: Tokenization: Big unlock > Factorize the business
BITMINE - BVINR Tokenization: “Big unlock” > Factorize the business aE
Slide 60: Tokenization: Big unlock TSLA
BITMINE - BVINR Tokenization: “Big unlock” TSLA
Slide 61: Tokenization: Big unlock TSLA
BITMINE - BVINR Tokenization: “Big unlock” TSLA ‘Souoe: Fundetratand Biting ¢ n Time tokenization: Buy NPV of “earnings” on a “specific” date. Product tokenization: Buy NPV of specific product stream. Geographic tokenization: Buy NPV of specific region. Financial statement tokenization: Buy NPV of “
Slide 62: Tokenization: Big unlock TSLA
BITMINE - BVINR Tokenization: “Big unlock” TSLA ‘Souoe: Fundetratand Biting Time tokenization 62
Slide 63: Tokenization: Big unlock TSLA
BITMINE - BVINR Tokenization: “Big unlock” TSLA ‘Souoe: Fundetratand Biting 6 Time tokenization EPS 2036 | |_| i |_| |_| |_| | oO |_| |_| oO Oo EPS
Slide 64: Tesla shareholders approve Musk pay plan
BITMINE - BVINR 1 <%CNBC Search quoterinews Zvideor QQ) warcnuist | Jon =| == MARKETS BUSINESS INVESTING TECH POLITICS VIDEO INVESTING CLUB PRO” © LIVESTREAM Ss 136 Tesla says shareholders approve Musk’s $1 trillion pay plan with over 75% voting in favor ‘ “ 10-year plan EPS 2025 ‘Souoe: Fundstrat a
Slide 65: Tokenization: Big unlock TSLA
BITMINE - BVINR Buy only “2036 EPS” | Tokenization: “Big unlock” TSLA Time =| ‘Souoe: Fundetratand Biting
Slide 66: Tokenization: Big unlock TSLA
BITMINE - BVINR Tokenization: “Big unlock” TSLA > q ‘Souoe: Fundetratand Biting Product tokenization 66
Slide 67: Tokenization: Big unlock TSLA
BITMINE - BVINR 67 Tokenization: “Big unlock” TSLA Product tokenization ‘Souoe: Fundetratand Biting
Slide 68: Tokenization: Big unlock TSLA
BITMINE - BVINR 68 Tokenization: “Big unlock” TSLA Product tokenization —Elon brain * “Elon Brain”
Slide 69: Large-Scale Digital Asset Treasuries Transforming
05 Large-Scale Digital Asset Treasuries Transforming
Slide 70: ETH Treasury cos are crypto infrastructure businesses
BITMINE - BMNR 70 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 enhan
Slide 71: Alchemy of 5%: BMNR ranked #39 by daily volume
BITMINE - BNR mn ALCHEMY OF 5%: BMNR ranked #39 by 5-day avg daily $ volume == == MSTR: #17 oma cea i) 36 AMAT Applied Materials Inc Technology $200,953 $1,774 fo ee i] 370 MA Mastercard Ine Financials $490,664 $1,770 Seen tae i | 38_crm Salesforce Inc Technology $219,474 1,762 eed / | [39 BMNR __ B
Slide 72: BMNR+MSTR = over 92% DAT trading volume
BITMINE - BNR 72 BMNR+MSTR = over 92% DAT trading volume % of DATs $ Trading Volume* |B) BitMine Other DATs 8% 64% Iustratve | For Discussion Purposes As ofNov 28, 2025
Slide 73: Bitmine ranks #2 DAT in both size and liquidity
Bitmine ranks #2 DAT in both size and liquidity Total value of DAT ($million, log-scale) 20D Avg $ Volume ($M) $3,640 $686 $632 (i $534 (i) s494 $500 $462 (i $453 BTBT $456 =Bitcoin SQNS | $2 GME $431 CANG | $1 434HK [$374 =" Ethereum NXTT | $1 abeey im ae = Cash or Other DAT Assets tate bs Iustratv
Slide 74: MicroStrategy: Building a Digital Credit Vehicle
BITMINE - BMNR MICROSTRATEGY: Building a “Digital Credit Vehicle” 7% Strategy® We have built the world’s first Digital Credit Vehicle. $2.2Miday $3.6B/day 6.1 bps 2 Strategy® As ofNov 28, 2025 Iustratve | For Discussion Purposes
Slide 75: BitMine: Bridging Wall Street and Ethereum and DeFi
ee BitMine \* BitMine: Bridging Wall Street and Ethereum and Defi \_ the aichemy of 5% Largest holder of ETH in the World
Slide 76: BitMine: Bridging Wall Street and Ethereum and DeFi
BitMine \" BitMine: Bridging Wall Street and Ethereum and Defi \_ the aichemy of 5% Largest holder of ETH in the World MAVAN: 2.9% yield $400 million income
Slide 77: BitMine: Bridging Wall Street and Ethereum and DeFi
BitMine \" BitMine: Bridging Wall Street and Ethereum and Defi \ sre Alchemy of 5% 882. cash Largest holder of 38 — Moonshots ETH in the World 20 Bitcoin MAVAN: 2.9% yield oan & $400 million Vv income BtiMine Iustratve | For Discussion Purposes
Slide 78: BitMine: Bridging Wall Street and Ethereum and DeFi
ee BitMine \" BitMine: Bridging Wall Street and Ethereum and Defi \_ the aichemy of 5% Largest holder of a ETH in the World Bert ™ Moonshots = MAVAN staking <> = EF partnership ® Investing in DeFi ™ BitMine Labs Iustratve | For Discussion Purposes As ofNov 28, 2025
Slide 79: BitMine: Bridging Wall Street and Ethereum and DeFi
BITMINE - BMNR BitMine: Bridging Wall Street and Ethereum and Defi BitMine The Alchemy of 5% Largest holder of a ETH in the World Eset = Wall Street ™ Moonshots connectivity | * MAVAN staking ™ Consumer services | © EF partnership ™ Strong brand —_ F = Investing in DeFi = BitMine community Bridging
Slide 80: Roadmap - Looking Ahead
BITMINE - BMNR Roadmap - Looking Ahead Artwork and Culture ethereum foundat Select investments Governance and {in bold ideas that enhance Technology Ethereum Network Value (<1% Treasury) ike Google “Other Bets" Made in America Community BitMine Validator Network Participant MoonShots 5% of the Ether
Slide 81: Roadmap - Looking Ahead
Slide 82: Thank You!