Bitmine Immersion Technologies, Inc. · NYSE:BMNR
Bitmine Immersion Technologies — Investor Presentation (November 2025)
65 slides from Bitmine Immersion Technologies's investor presentation, Nov 17, 2025
Slide 1: BMNR is Building the World's Premier Ethereum Treasury
BMNR is Building the World’s Premier Ethereum Treasury Acategory-defining digital asset platform focused on increasing ETH held per share while strengthening the Ethereum ecosystem through strategic treasury management and native protocol participation C The Alchemy of 5% 5)
Slide 2: Disclaimers
BITMINE IMMERSION TECHNOLOGIES 2 Disclaimers Goneral _Bitmine immersion Technologies, Inc. ("BNR") Is making this presentation available in connection wit an update on Its business operations and strategies. The information contained in ths presentation does ‘ot purport to be complete oF tobe allinc
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 fundstrat capital BitMine
Slide 4: Table of Contents
Table of Contents 01 Bitcoin “4-year cycle” and why likely not at play 02 Ethereum Network Value 03 Why Tokenization is a huge unlock for Wall Street 04 Digital Asset Treasury Fundamentals lustre | ForDiscussion Purposos
Slide 5: Bitcoin "4-year cycle" and why likely not at play
01 Bitcoin “4-year cycle” and why likely not at play
Slide 6: BITCOIN: 4-year cycle
BITMINE - BMNR BITCOIN: 4-year cycle 3.9lyears 3.91 years _ 3.91years — 3.91 years BS i 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 Financ
Slide 7: Why?
Slide 8: Bitcoin Price Cycle: Possible Explanations
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
Slide 9: CYCLE? Bitcoin halving
BITMINE - BNR 8 CYCLE? Bitcoin halving 3.9lyears 3.91years 3.91lyears 3.91years B p< D4 halving halving 1000- oo Block reward Block reward after ‘100 Halving Block height at before halving halving (bitcoin per a count Date halving (bitcoin per block) block) 10 4 2.00 1 11/27/2012 210,000 50 25 1.00-
Slide 10: 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 Leap Year Summer Olympics Winter Olympics FIFA World Cup (Men) UEFA Euro Rugby World Cup Cricket ODI World Cup Commonwealth Games Copa América Every 4 years Every 4 years Every 4 years Every 4 yea
Slide 11: 4-year cycle: Fed M2 liquidity
BITMINE - BNR u 4-year cycle: Fed M2 liquidity 3.9lyears 3.91years 3.91lyears 3.91years ¢ 4 zois | 2016 | 2017 | zor | 2020 | 2021 | 2022 | 2008 | 2028 | 2025 cane) BNR Hor Daily SOSeP010seNjz02S Cap 205 Boober Face LP. son 39649 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 |
Slide 12: CYCLE? Fed M2 liquidity
BITMINE - BNR 2 CYCLE? Fed M2 liquidity 3.9lyears 3.91years 3.91lyears 3.91years ¢ D4 |B Federal Reserve Honey Supply M2 YoY % Change - Last Price 4.5, zois | 2016 | 2017 | aoe | 2019 | 2020 | 2001 | 2022 | 2022 | 2024 | 2005 0.020 voi /Ncange) en Yor ony SOse2010-SaNzeas Copy 205 eonber Pace LPs Se
Slide 13: CYCLE? Margin Debt
BITMINE - BMNR CYCLE? Margin Debt Margin Statistics Pursuant to FINRA Rule 4521(d), FINRA member firn submit, on a settlement d as of the last bu thly variations in the reporte ‘Sauce: Bloomberg publishes u month. FINRA di FINS da ying margin re required to. ¢ following customer information: MOST RE
Slide 14: CYCLE? Margin Debt
BITMINE - BMNR CYCLE? Margin Debt 3.9lyears 3.91years 3.91lyears 3.91years BS i 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 Finance LP
Slide 15: CYCLE? Margin Debt
BITMINE - BNR 6 CYCLE? Margin Debt 3.9lyears 3.91years 3.91lyears 3.91years vi¢ Sv...” NOPE t6o NYSE Margin Debt 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 Copyr
Slide 16: CYCLE? Copper vs Gold
BITMINE - BMNR CYCLE? Copper vs Gold ‘Sauce: Bloomberg t= a #BITCOIN ‘The previous three low signals in the Copper/Gold ratio marked the beginning of a BTC bull run. We now have a fourth low signal in this ratio. AO 494K ie) strate 16 For Discussion Purposos
Slide 17: CYCLE? Copper vs Gold
BITMINE - BMNR CYCLE? Copper vs Gold copper Industrial Industrial activity 0:35) activity — eaking Industrial activity ow pein Industrial Gold Monetary activity 0 ; base eaking Industrial P activity 0.254 peaking 0.204 0154 012) 0.104 1 Generic 1st HG’ Future / Gold Spot $/02 on 11/16/25 0.12 Tao |
Slide 18: 4-year cycle: Copper/Gold ratio vs Bitcoin
BITMINE - BMNR 4-year cycle: Copper/Gold ratio vs Bitcoin 3.9lyears 3.91years 3.91lyears 3.91years B r< r< Beceem Gee wa i} second Ate ate ats Las Lapa | as | ang, ca | ale ap, Lopes xoTuS5 Cimey (184-085 Grose se ‘iC Blteoin wBUAR Monthly 9bseP2010-ASNOVS005 Copyright® 2025 Bloomberg Finance LP. 15
Slide 19: 4-year cycle: ISM Manufacturing
BITMINE - BNR 19 4-year cycle: ISM Manufacturing 3.9lyears 3.9lyears 3.9lyears 3.91lyears BS i ' Not signaling top Generic 1st "HG! ee eos nie sou Ae at at | as Lari, Las "a ana [a xBTUSD Cumey (RETAUSD Cross Rate) TC Bitcoin vBNAR Monthly 3USEP2OI0-ISNOVZ0IS Copyright® 2025 Bloomberg Finance LP. oo
Slide 20: CYCLE? ISM Manufacturing
BITMINE - BNR 20 CYCLE? ISM Manufacturing Sea ISM = Business activity activity 14 udaal Industrial peaking ; activity activity ISM above 50 = expansion peaking Industrial peaking ISM below 50 = contraction activity peaking 55 454 «404 BISM Manufacturing PMI SA - Last Price 48.7 2our_| 2012 | 2013 |
Slide 21: CYCLE? ISM Manufacturing
BITMINE - BNR 24 CYCLE? ISM Manufacturing 3.9lyears 3.91years 3.91lyears 3.91years B vi re 0.04 0.02.44 8 15H Manufacturing PHI SA - Last Price 48.7 a5 TT all 7 TI T 2h | aoa], ae) | aend | zon | goad | ann 1095] 1, seal L aero] Lazar] Lzamr ||, ages |1_aee |1 aes wont te apn Rana aes aod alec ask)
Slide 22: CYCLE? ISM Manufacturing
BITMINE - BNR 22 CYCLE? ISM Manufacturing 3.9lyears 3.91years 3.91lyears 3.91years vi¢ Not signaling top 0.04 i 0.02.44 8 15H Manufacturing PHI SA - Last Price 48.7 wala at aia eco dot lela" a tate] a 08 [ass Lea. XBTUSD Curncy (XBT-USD Cross Rate) BTC Bitcoin vBHNR Monthly 30SEP2010-15NOV2025 Copyr
Slide 23: Bitcoin Price Cycle: Possible Explanations
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
Slide 24: Bitcoin Price Cycle: Possible Explanations
BITMINE - BMNR BITCOIN PRICE CYCLE: Possible Explanations 7 Halvifig)cycle — 4-year cycle <— too many things “4-years” 7 Monéialy Policy <— No relationship . Spectilation cycle — NYSE Margin Debt <= Right 1 of 8 cycles = Gold vs Bitcoin vs Copper ratio 8 © No sign of Top = Business Cycle - ISM Manuf
Slide 25: Bitcoin price cycles: Likely follow industrial activity (and gold)
Bitcoin price cycles: Likely follow industrial activity (and gold)
Slide 26: BITCOIN: HOLD
BITCOIN: HOLD
Slide 27: Table of Contents
27 Table of Contents 01 Bitcoin “4-year cycle” and why likely not at play 02 Ethereum Network Value 03 Why Tokenization is a huge unlock for Wall Street 04 Digital Asset Treasury Fundamentals lustre | ForDiscussion Purposos
Slide 28: Ethereum Network Value
02 Ethereum Network Value
Slide 29: The bigger the base, the bigger the breakout
BITMINE - BMNR The bigger the base, the bigger the breakout $4,866 V oy ; ae q 29
Slide 30: Thomas Lee on crypto market weakness
BITMINE - BMNR Thomas (Tom) Lee (not drummer) FSinsight.c. @ Bion jundstral ‘To me, the weakness in crypto has the all the signs ~ of a market maker (or two) with a major “hole” in their balance sheet Sharks circling to trigger a liquidation / dumping of prices S8TC Is this pain short-term? Yes Does
Slide 31: CMC Crypto Fear and Greed Index
@ CoinMarketCap Cryptocurrencies Dashboards DexScan_ Exchanges Community Products © Pomtose ¢ Wetci a Bom = GB =-@ a cmc Crypto Fe Fear and Greed Index | seromis Monet ceric Disco Gre Jex, 3 tool that analy ‘market trends with re Falak rs Fear and Greed index Chart soy CMC Crypto Fear and Greed Inde
Slide 32: Ethereum blockspace consumption at all time high
BITMINE - BMNR Leon Waidmann @ @ =) ©: 4 People keep declaring ETH dead. The chain keeps doing the opposite. Ethereum blockspace consumption has been rising almost nonstop for a decade, and just printed a new all time high in 2025. You don't get this from hype. You get this from real economic aetivi
Slide 33: Ethereum's real economy grew 3x faster than ETH's price
BITMINE - BMNR | Milk Road & Ethereum’s real economy grew 3x faster than ETH’s price. ‘eon Waldmann @@ = People keep decarng ETH dead Since 2020, the supply of stablecoins sitting on Ethereum is up 65.5x. tereum boczpace consumption hac bef ‘decade, andor printed anew al tine Meh Stablecoin supply F
Slide 34: BitMine / BMNR / ETH / ORBS
Za BitMine / BMNR/ETH/ ORBS SamAlrcoin.eth 8 @ tcoin_eth - Nov5 Bou Raoul says Bitcoin won’t make the Mag 7 of crypto. BITMINE - BMNR Explains why Ethereum holds the most value, most builders, most activity, mann @ = © ¢ ; bechacremesirdod pee fal ik Ray and the most security. Theta eens doing the o
Slide 35: Ethereum in 2025 is having its "1971" moment
Ethereum in 2025 is having its “1971” moment
Slide 36: Wall Street: Many are building projects on Ethereum
BITMINE - BMNR WALL STREET: Many are building projects on Ethereum Qrron o the financial system is being rebuilt on ethereum BlackRock Pr J.PMorgan HUBS Gswit VISA Gshopity ows SaP”—_>Bny # Robinhood (©) 4 Ost @~ many Fidelity Wy cotache Bank coinbase >. DBS caceis BaillieGifford” GUGGENHEIM Variick
Slide 37: TVL: Ethereum dominates
BITMINE - BNR a7 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%) ‘Souoe: Fundetrat
Slide 38: ETH/BTC ratio: 2025 tailwinds argue for ATH in ratio
ETH/BTC: ,, 222? BITMINE - BMNR ETH/BTC ratio: 2025 tailwinds argue for ATH in ratio 4 ETH/BTC: o.1mo4 0.08727 eo ae 8-yr avg: 0.04790 ETH/BTC: ° 0.03314 0.020004 2018 2019 2020 2021 2022 2023 2024 2025 XETUSD Cumcy (XET-USD Cross Rate) ETH BTC VBMINR Daily 08*€52018-30DEC2025 ‘Copyright® 2025 Bloom
Slide 39: ETH: Implied Fair Value based on ETH/BTC ratio
BITMINE - BMNR 29 ETH: Implied Fair Value based on ETH/BTC ratio = $12k to $22k ETH/BTC 8-yravg 2021 high 4 | | WV 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 43,75
Slide 40: ETH: Implied Fair Value based on ETH/BTC ratio
BITMINE - BMNR 40 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 3
Slide 41: Table of Contents
an Table of Contents 01 Bitcoin “4-year cycle” and why likely not at play 02 Ethereum Network Value 03 Why Tokenization is a huge unlock for Wall Street 04 Digital Asset Treasury Fundamentals lustre | ForDiscussion Purposos
Slide 42: Why Tokenization is a huge unlock for Wall Street
KS) Why Tokenization is a huge unlock for Wall Street
Slide 43: BlackRock CEO Larry Fink: beginning of tokenization of all assets
BITMINE - BVIN BlackRock CEO Larry Fink: We’re at the beginning of the tokenization of all assets +32.02 +2.77%N 10-YR_+268.14% \ 917 583 250 STREAM 3&CNBC+ a
Slide 44: Tokenization: reasons for the "big unlock"
BITMINE - BVINR 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 settlement
Slide 45: Tokenization: Taking Wall Street into the future
Tokenization: Taking Wall Street into the future
Slide 46: Tokenization: Taking Wall Street into the future
BITMINE - BVINR Tokenization: Taking Wall Street into the future
Slide 47: Tokenization: "Big unlock"
BITMINE - BVINR Tokenization: “Big unlock”
Slide 48: Tokenization: "Big unlock" > Fractional shares
BITMINE - BVINR rah : Tokenization: “Big unlock” > Fractional shares .
Slide 49: Tokenization: "Big unlock" > Factorize the business
BITMINE - BVINR Tokenization: “Big unlock” > Factorize the business aE 49
Slide 50: Tokenization: "Big unlock" TSLA
BITMINE - BVINR Tokenization: “Big unlock” TSLA ‘Souoe: Fundetratand Biting
Slide 51: Tokenization: "Big unlock" TSLA
BITMINE - BVINR Tokenization: “Big unlock” TSLA ‘Souoe: Fundetratand Biting 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 “subs
Slide 52: Tokenization: "Big unlock" TSLA Time tokenization
BITMINE - BVINR Tokenization: “Big unlock” TSLA q Rp ‘Souoe: Fundetratand Biting Time tokenization 82
Slide 53: Tokenization: "Big unlock" TSLA Time tokenization EPS
BITMINE - BVINR Tokenization: “Big unlock” TSLA ‘Souoe: Fundetratand Biting Time tokenization EPS 2036 | |_| i |_| |_| |_| | oO |_| |_| oO Oo EPS
Slide 54: Tesla shareholders approve Musk's $1 trillion pay plan
BITMINE - BVINR 1 s2CNBC Search quotes, news & videos QQ WATCHLIST == MARKETS BUSINESS INVESTING TECH POLITICS VIDEO INVESTINGCLUB PRO LIVESTREAM Tesla says shareholders approve Musk’s $1 trillion pay plan with over 15% voting in favor 10-year plan EPS 2025 ‘Souoe: Fundstrat and Eine
Slide 55: Tokenization: "Big unlock" TSLA Time tokenization
BITMINE - BVINR tokenization Tokenization: “Big unlock” TSLA Time =| Buy only “2036 EPS” ” | ‘Souoe: Fundetratand Biting
Slide 56: Tokenization: "Big unlock" TSLA Product tokenization
BITMINE - BVINR Tokenization: “Big unlock” TSLA Product tokenization ‘Souoe: Fundetratand Biting
Slide 57: Tokenization: "Big unlock" TSLA Product tokenization
BITMINE - BVINR Tokenization: “Big unlock” TSLA zr. ‘Souoe: Fundetratand Biting \ H \ hd 87 Product tokenization ll —— Solar —Elon brain
Slide 58: Tokenization: "Big unlock" TSLA Product tokenization
BITMINE - BNR 58 Tokenization: “Big unlock” TSLA Product tokenization —Elon brain _€ ¥ = ‘Souoe: Fundetratand Biting
Slide 59: Table of Contents
59 Table of Contents 01 Bitcoin “4-year cycle” and why likely not at play 02 Ethereum Network Value 03 Why Tokenization is a huge unlock for Wall Street 04 Digital Asset Treasury Fundamentals lustre | ForDiscussion Purposos
Slide 60: Digital Asset Treasury Fundamentals
04 Digital Asset Treasury Fundamentals
Slide 61: BMNR ways to increase ETH per share
BITMINE - BMNR 1 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 62: ETH Treasury cos are crypto infrastructure businesses
BITMINE - BMNR 62 ETH Treasury cos are crypto infrastructure businesses O1 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 63: Roadmap - Looking Ahead
BITMINE - BMNR Roadmap - Looking Ahead Artwork and Culture == = ethereum foundation S| =m — Governance and Technology Made in America Community Validator Network Participant Select investments in bold ideas that enhance Ethereum Network Value (<1% Treasury) lke Google “Other Bets” BitMine MoonShots
Slide 64: Roadmap - Looking Ahead
BITMINE - BNR ea Roadmap - Looking Ahead Ih Artwork and Culture = 3 foundation Select investments Governance and in bold ideas that enhance Technology Ethereum Network Value (<1% Treasury) like Google “OtherBets" Made in America Community BitMine 5% of the Ethereum Validator Network Participant Moon
Slide 65: Thank You!
Thank You!
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