Bitmine Immersion Technologies, Inc. · NYSE:BMNR
Bitmine Immersion Technologies — Investor Presentation (July 2025)
32 slides from Bitmine Immersion Technologies's investor presentation, Jul 27, 2025
Slide 1: BMNR is Building the World's Premier Ethereum Treasury
BMNR is Building the World’s Premier Ethereum Treasury A category-defining digital asset platform focused on increasing ETH held per share while strengthening the Ethereum ecosystem through strategic treasury management and native protocol participation The Alchemy of 5% 7/17/2025
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 all
Slide 3: Table of Contents
3 Table of Contents 01 Introduction 02 The Ethereum Macro Trade 03 Ethereum Network Value 04 Digital Asset Treasury Fundamentals 05 BMNR Financials and Strategy Illustrative | For Discussion Purposes
Slide 4: Introduction
4 01 Introduction
Slide 5: Our Mission + Philosophy
BITMINE · BMNR 5 Our Mission + Philosophy Our goal is to increase shareholder value by acquiring ETH in our treasury and increasing the ETH held per share and to achieve a 5% stake in the Ethereum network Ethereum may see exponential growth driven by the “ChatGPT” moment in crypto as stablecoins hav
Slide 6: The BitMine Story - Exponential Growth
BITMINE · BMNR 6 The BitMine Story - Exponential Growth $0 $15MM $250MM $2,700MM Mining Equipment Bitcoin Ethereum Crypto + Treasury Cash February 2025 June 2025 July 2025 Present Illustrative | For Discussion Purposes Dollar value represents approximate value of BMNR treasury through time
Slide 7: Our Partners in Exponential Growth
BITMINE · BMNR 7 Our Partners in Exponential Growth Illustrative | For Discussion Purposes
Slide 8: We Study The Greats
BITMINE · BMNR 8 We Study The Greats … 1. Customer Obsession 2. Great Art = Alchemy 3. Innovate Relentlessly Steve Jobs - Creator Leonardo Da Vinci - Artist Nikola Tesla - Inventor Illustrative | For Discussion Purposes
Slide 9: To Deliver Shareholder Value
BITMINE · BMNR 9 … To Deliver Shareholder Value = n/1 People Partners Structure Scale Tactics Mission Tom Lee Kraken Hold ETH in Largest ETH Safe, Secure, + Elite crypto FalconX Treasury DAT Compliant 5% of ETH native & tradfi Galaxy Illustrative | For Discussion Purposes
Slide 10: Led by Our Chairman
BITMINE · BMNR 10 Led by Our Chairman Thomas J. Lee, CFA Thomas Lee is a Managing Partner and the Head of Research at Fundstrat Global Advisors. He is an accomplished Wall Street strategist with over 25 years of experience in equity research, and has been top ranked by Institutional Investor every y
Slide 11: The Ethereum Macro Trade
11 02 The Ethereum Macro Trade
Slide 12: Ethereum's ChatGPT Moment = Widespread Use Cases in Development by US Corporates
BITMINE · BMNR 12 Ethereum’s ChatGPT Moment = Widespread Use Cases in Development by US Corporates Illustrative | For Discussion Purposes
Slide 13: The GENIUS Act Sets The Stage for a Stablecoin Boom
BITMINE · BMNR 13 The GENIUS Act Sets The Stage for a Stablecoin Boom Opens a new frontier for crypto innovation by establishing a clear federal regulatory framework while preserving a strong state pathway for stablecoin issuance. Defines a payment stablecoin as a digital asset used for payment or se
Slide 14: Real-World Use Cases Are Expanding for ETH
BITMINE · BMNR 14 Real-World Use Cases Are Expanding for ETH… Ethereum ZKsync Era Stellar Aptos Solana Other Illustrative | For Discussion Purposes Source: rwa.xyz
Slide 15: As ETH Supply (Inflation) Tightens
BITMINE · BMNR 15 … As ETH Supply (Inflation) Tightens ETH vs BTC: Supply Over Time Illustrative | For Discussion Purposes
Slide 16: Ethereum is Productive
BITMINE · BMNR 16 Ethereum is Productive… One way to think about ETH’s “digital utility” is in terms of how oil (ETH) functions as a productive asset versus gold (BTC) as an inert store of value + Ethereum’s function as digital oil is integral to its ecosystem + By enabling computations on its block
Slide 17: And the Market Rewards Productivity
BITMINE · BMNR 17 …And the Market Rewards Productivity EXXON MOBIL (XOM): Case Study of Asset Valuation For 38 years, XOM was the top 5 largest in S&P 500 …valued on a multiple of oil reserves or P/NAV Top 5 Illustrative | For Discussion Purposes
Slide 18: Ethereum Network Value
18 03 Ethereum Network Value
Slide 19: Potential Ethereum Network Value Summary
BITMINE · BMNR 19 Potential Ethereum Network Value Summary Estimated Replacement Cost Value $4T Estimated Payments Volume Value $3T Estimated ETH Value Sum $7T1 Current ETH Value $0.4T Estimated ETH Value Potential 18x ETH ~$60k (vs. $3.8k today) 1. Hypothetical valuation frameworks applied to ETH n
Slide 20: US Banking System - Illustrative Replacement Cost
BITMINE · BMNR 20 US Banking System - Illustrative Replacement Cost Replacement Cost Global Banking System - Valuation Framework Opportunity Top US Banks Market Cap (JPM, BAC, WFC, GS, C) ~$2T ~$4T Share of Commercial Banking Assets ~52% Hypothetical Implied Value of US Banking System ~$3.8T ETH Net
Slide 21: US Payment Rails - Illustrative Network Value
BITMINE · BMNR 21 US Payment Rails - Illustrative Network Value Payments Volume Payments Volume - Valuation Framework Opportunity ACH + SWIFT Transaction Count ~50B VISA + Mastercard Transaction Count ~400B Annual Transaction Count Volume1 ~450B ~$3T x ETH Gas Price (gwei) x Gas per ERC-20 Transacti
Slide 22: Digital Asset Treasury Fundamentals
22 04 Digital Asset Treasury Fundamentals
Slide 23: 5 ways to increase ETH per share
BITMINE · BMNR 23 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 24: ETH Treasury cos are crypto infrastructure businesses
BITMINE · BMNR 24 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 25: Treasury Case Study: Driving 30x Total Return vs. Underlying Crypto Return of 11x
BITMINE · BMNR 25 Treasury Case Study: Driving 30x Total Return vs. Underlying Crypto Return of 11x Price at End of Price Treasury Spot Price 6 Months Increase $MSTR price rise: Start $11k $47k $118k → 11x due to $BTC Bitcoin rising BTC 8/11/2020 2/11/2021 11x from $11k to $118k MSTR $13.49 8/11/202
Slide 26: DAT Case: Microstrategy Created A Roadmap
BITMINE · BMNR 26 DAT Case: Microstrategy1 Created A Roadmap MSTR: a 35x return since Bitcoin pivot $455 35x Gain (3,400%) Since 2020 (start of DAT), MicroStrategy gain from $13 to $455 $13 8/11/20: “Bitcoin Pivot” 1. with consent from Michael Saylor. DAT = digital asset treasury Illustrative | For
Slide 27: Treasury Holdings Growth - BMNR vs MSTR Comparison
BITMINE · BMNR 27 Treasury Holdings Growth - BMNR vs MSTR Comparison $2,687 / $265 Illustrative | For Discussion Purposes
Slide 28: BMNR Financials & Strategy
28 05 BMNR Financials & Strategy
Slide 29: BMNR NAV Detail
BITMINE · BMNR 29 BMNR NAV Detail BitMine Treasury NAV per Share as of July 27, 2025 Amount Spot Price Current NAV Build Ethereum Held 600,000 $3,8251 $2,295MM Bitcoin Held 192 $118,8161 $23MM Treasury Cash $369MM Treasury NAV $2,687MM Fully Diluted Shares 117.6MM NAV per Share $22.84 1. Bloomberg p
Slide 30: ETH Holdings - BitMine Growing ETH per share Rapidly
BITMINE · BMNR 30 ETH Holdings - BitMine Growing ETH per share Rapidly BitMine Treasury Growth Value July 8, 2025 Creation July 27, 2025 Ethereum Held + BTC $265 million + $2.4 billion = $2.7 billion and Cash Fully Diluted Shares 67 million + 51 million = 118 million NAV per Share $4 + $19 = $23 Ill
Slide 31: Roadmap - Looking Ahead
BITMINE · BMNR 31 Roadmap - Looking Ahead 5% Artwork and Culture Select investments Governance and in bold ideas that enhance Technology Ethereum Network Value (<1% Treasury) like Google “Other Bets” Made in America Community BitMine 5% of the Ethereum Validator Network Participant MoonShots Network
Slide 32: Thank You!
Thank You!
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