Bitmine Immersion Technologies, Inc. · NYSE:BMNR
Bitmine Immersion Technologies — Investor Presentation (June 2026)
121 slides from Bitmine Immersion Technologies's investor presentation, Jun 2, 2026
Slide 1: The Alchemy of 5%
5B Bitmine The Alchemy of 5% NYSE: BMNR Crypto Spring: ETH Is the future of money
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 purportto be complete or to be all-
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) 03 Bitmine primed for next bull cycle
Slide 4: Crypto Spring is here
O1 Crypto Spring is here
Slide 5: ETHEREUM: Exiting a long consolidation
BITMINE - BMNR, ETHEREUM: Exiting a long consolidation 2048 2,365 0.5 0.25 + T T T T T T T T T T 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 ‘Source: Fundstrat, Bloomberg, coinmarketcap
Slide 6: ETHEREUM: Exiting a long consolidation
BITMINE - BMNR, ETHEREUM: Exiting a long consolidation 8192 4096 2048 1024 512 256 128 i ees ff °° Sees consolidation consolidation 0.5 0.25 + T consolidation 2015 2016 2017 2018 2019 2020 2021 ‘Source: Fundstrat, Bloomberg, coinmarketcap 2022 2023 2024 2025
Slide 7: As of Apr 13, 2026
BITMINE - BMNR, As of Apr 13, 2026 fr Donald J. Trump @ + @realDonaldTrump Iran really wants to make a deal, and it will be a good one for the U.S.A. and those that are with us. But don’t the Dumocrats, and various seemingly unpatriotic Republicans, understand that it is MUCH tougher for me to prope
Slide 8: WTI: If war ends, major top is in
BITMINE « BMNR, WTI: If war ends, major top is in | WTI oil, weekly since 2021 ih \ ‘; ' Mi, i Mt haw, Yh i
Slide 9: WTI: If war ends, major top is in
BITMINE « BMNR, WTI: If war ends, major top is in | MM, g i i it he el Nie ") $40 oil? “| Terror premium collapse
Slide 10: ETHEREUM: Inversely correlated to oil
BITMINE - BMNR 10 ETHEREUM: Inversely correlated to oil 216.0120} XETUSD db . (XET-USD Cross Rate) - Last Price 216.0120 _ 0.404 & ETH Why i { bali My bhi i | -0.204 Highest ever and inverse correlation | T T 2018 2019 2020 2021 | 2022 | 2023 | 2024 2025 | 2026 SPX Index (S&P 500 INDEX) vBMNR ETH Oi
Slide 11: OIL: Extended high oil pushes core inflation higher
OIL: Extended high oil pushes core inflation higher WTI oil YoY% BITMINE - BMNR: 1 ii cc Aad lt a il am i _ 0 yy ill, i I | I pal ps CPI Urban Consumers Energy combats ] Price Change 1 bal Percent 67 ESMAVG (12) 26 I i | a | 1990-1994 | 1995-1999 2000-2004 2005-2009 2010-2014 2015-2019 2020-2024 CPU
Slide 12: FOMC Minutes April 2026
BITMINE - BMNR: 12 Minutes of the Federal Open Market Committee April 28-29, 2026 "Several participants highlighted that it would likely be appropriate to lower the target range for the federal funds rate once there are clear indications that disinflation is firmly back on track or if solid signs em
Slide 13: Brian Armstrong on the Clarity Act
BITMINE - BMNR, As of Apr 13, 2026 4 Etherealize % g ~— @Etherealize io Brian Armstrong on the Clarity Act: “I think it will unlock a lot of institutional capital that will flow to the space broadly” “The Clarity Act is about much more than stablecoins and rewards. | think it will create a lot of op
Slide 14: Polymarket: Clarity Act odds
BITMINE - BMNR, (i & Polymarket Q Search polymarkets... “Trending Breaking New Politics Sports Crypto Esports Crypto - Trump Clarity Act signed into law in 2026? 56% chance 410% Qaee Vol. © Jan 1, 2027 Iran Finance ° a Geopolitics Tech Culture Economy <p % QA 75% 1H 6H 1D 1W 1M ALL % ey As of Apr 13
Slide 15: Jamie Dimon on Clarity Act and stablecoin yield
BITMINE - BMNR Nic Q @nicrypto - May 30 a> . »' Jamie Dimon just told Congress he “will have nothing to do" with the CLARITY Act if it allows stablecoin issuers to pay yield. "The banks will not accept it” Meanwhile, JPMorgan recently filed for its own tokenised money market fund - designed to funct
Slide 16: Clarity Act and stablecoin rewards debate
BITMINE - BMNR, Nic Q @nicrypto - May 30 a> . »' Jamie Dimon just told Congress he “will have nothing to do" with the CLARITY Act if it allows stablecoin issuers to pay yield. aa Since when do banks get to decide on legislation? The way | understand basic government from the 10th grade is that our e
Slide 17: Trump on U.S. Crypto Reserve
BITMINE - BMNR, ‘Source: Fundstrat, (we Donald J. Trump @ + @realDonaldTrump And, obviously, BTC and ETH, as other valuable Cryptocurrencies, will be the heart of the Reserve. | also love Bitcoin and Ethereum! Donald J. Trump @ + @realDonaldTrump - Mar 2, 2025 A U.S. Crypto Reserve will elevate this
Slide 18: Kevin Warsh on Bitcoin
BITMINE - BMNR ‘Source: Fundstrat, (t Glimpse @ io] \ @GlimpseMarkets Kevin Warsh: Bitcoin is the newest coolest software that will allow us to do things we could never have done before. 8:18 AM - May 31, 2026 - 2,620 Views Nee) 5 113 O45 As &/ 18
Slide 19: MACRO: Macro bullish on equities and risk-assets until 2030-2035
BITMINE - BMNR, 19 MACRO: Macro bullish on equities and risk-assets until 2030-2035 # Americans age 30-48 5-year % change 20% 15% 10% 5-yr % change 5% 0% -5% 1935 1937 1939 1941 1943 As of Apr 13, 2026 ome Primary OS SAQQeESARerkeno SSAESEBEERSZESE BASASSAAAaaaaag a lebt leverage (age 30-48) - 5-yr
Slide 20: MACRO: Macro bullish on equities and risk-assets until 2030-2035
BITMINE - BMNR, MACRO: Macro bullish on equities and risk-assets until 2030-2035 20% # Americans age 30-48 5-year % change Millennials GenZ GenAlpha 15% © oo 10% e a a Co 2 2 ca J P 9% fs. 0% === Primary debt leverage (age 30-48) - S-yr % chg historical © = Primary debt leverage (age 30-48) - 5-yr %
Slide 21: MACRO: Macro bullish on equities and risk-assets until 2030-2035
BITMINE - BMNR: 21 MACRO: Macro bullish on equities and risk-assets until 2030-2035 20% # Americans age 30-48 1s% 9-year % change 10% of === Primary debt leverage (age 30-48) - 5-yr % chg historical ® Primary debt leverage (age 30-48) - 5-yr % chg US Census forecast S&P 500 10-year % change, 0% 4 a
Slide 22: MACRO: Macro bullish on equities and risk-assets until 2030-2035
BITMINE - BMNR, 22 MACRO: Macro bullish on equities and risk-assets until 2030-2035 20% 15% 10% 5% 5-yr % change 0% -5% 600% 500% 400% 300% 200% 100% 0% 4 (100%) # Americans age 30-48 5-year % change ore === Primary debt leverage (age 30-48) - 5-yr % chg historical S&P 500 S&P 500 = & Primary debt l
Slide 23: ‘Source: Fundstrat,
BITMINE - BMNR, ‘Source: Fundstrat, 23
Slide 24: Future of Money
QO2 Future of Money (Elon says it is Mass and Energy)
Slide 25: ETHEREUM: Drivers for the future value of ETH
BITMINE - BMNR, ETHEREUM: Drivers for the future value of ETH/ ethereum » Agentic-Al and Robots =» Wall Street tokenization » Ethereum as amonetary unit » Ethereum moving beyond foundation-centric 25
Slide 26: ETHEREUM: Drivers for the future value of ETH
BITMINE - BMNR: 26 ETHEREUM: Drivers for the future value of ETH/ ethereum C » Agentic-Al and Robots +) =» Wall Street tokenization » Ethereum as amonetary unit » Ethereum moving beyond foundation-centric
Slide 27: AGENTIC AI: Milestones since 2023
BITMINE - BMNR, AGENTIC Al: Milestones since 2023 March 2023 March 2024 October 2024 Mid-2025 Dec 2023 Early 2026 May 2026 May 2026 ‘Source: Fundstrat, System OpenAl Chat GPT 4.0 Cognition Anthropic Al systems Tesla Optimus Gen2 Ukraine OpenAl Figure Al Capability First model capable of complex reas
Slide 28: AGENTIC AI: Milestones since 2023
BITMINE - BMNR, 28 AGENTIC Al: Milestones since 2023 System Capability (March 2023 OpenAl Chat GPT 4.0 First model capable of complex reasoning +) March 2024 Cognition Al used terminal, browser and editor autonomously. October 2024 Anthropic Claude could click, type, navigate applications and websit
Slide 29: AGENTIC AI: Milestones since 2023
BITMINE - BMNR, 29 AGENTIC Al: Milestones since 2023 System Capability March 2023 OpenAl Chat GPT 4.0 First model capable of complex reasoning March 2024 Cognition Al used terminal, browser and editor autonomously. October 2024 Anthropic Claude could click, type, navigate applications and websites M
Slide 30: AGENTIC AI: Milestones since 2023
BITMINE - BMNR, AGENTIC Al: Milestones since 2023 System Capability March 2023 OpenAl Chat GPT 4.0 First model capable of complex reasoning March 2024 Cognition Al used terminal, browser and editor autonomously. October 2024 Anthropic Claude could click, type, navigate applications and websites Mid-
Slide 31: AGENTIC AI: Milestones since 2023
BITMINE - BMNR, 3 AGENTIC Al: Milestones since 2023 System Capability March 2023 OpenAl Chat GPT 4.0 First model capable of complex reasoning March 2024 Cognition Al used terminal, browser and editor autonomously. October 2024 Anthropic Claude could click, type, navigate applications and websites Mi
Slide 32: Non-Humans Are Increasing Share of All Content Created
BITMINE Non-Humans Are Increasing Share of All Content Created Polymarket Web Traffic Emails Stock Trading Website Creation a o x Product Reviews nN 9 z X.com Reddit | NASDAQ: ORBS ‘Source: Fundstrat,
Slide 33: 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) ‘Source: Fundstrat, a Miles Deutscher @ Subscribe Wome This, singlehandedly, is why I'm still bullish on crypto. If you don't believe me, listen to Marc Andreessen
Slide 34: AGENTIC AI: Comparison traditional rails vs crypto
BITMINE - BMNR, AGENTIC Al: Comparison traditional rails vs crypto Traditional Rails (Banks / APIs/ Category What Agentic Al Needs Web2) ih Blockchain / Crypto Advantage “sy C ; — , Fragmented (logins, KYC per platform, | Self-sovereign identity (wallets, Identity Persistent, global, machine-native
Slide 35: ETHEREUM: Downstream to AI trade
BITMINE - BMNR, ETHEREUM: Downstream to Al trade SMH DRAM aud 240-4 | 228) 220-4 220-4 200-4 200-4 18044 18044 160-4 160-4 1404 1404 12044 12044 100 100 80<4 804 Normalized As Of 05/27/20 Normalized As Of 04/02/2026 60 Mi Vantck Semiconductor ETF - Last Ml Roundhill Memory ETF - Last Pric 2025 2026
Slide 36: ETHEREUM: Downstream to AI trade
BITMINE - BMNR, ETHEREUM: Downstream to Al trade / SMH \ DRAM aud 240-4 (228) 220-4 220-4 200-4 200-4 1804 1804 160-4 160-4 1404 1404 12044 12044 100 100 80<4 804 Normalized As Of 05/27/20 Normalized As Of 04/02/2026 60 Mi Vantck Semiconductor ETF - Last] 4. | Ill Roundhill Memory ETF - Last Pric \
Slide 37: ETHEREUM: Downstream to AI trade
BITMINE - BMNR, ETHEREUM: Downstream to Al trade SMH {f DRAM \ MAGS IGV ETH aad 240-4 104 204 204 220-4 L204 foo x04 x04 200-4 00-4 4 2004 204 180-4 so bso 504 sw 160-4 60-4 0-4 wo wo 140-4 40-4 0-4 w4 wo Lf 120-4 1204 pal asd a 100 hoo ” tera! roy { 204 204 eo o4 0 Pela eal ete raf cellist reat led
Slide 38: ETHEREUM: Downstream to AI trade
BITMINE - BMNR, ETHEREUM: Downstream to Al trade SMH DRAM {f MAGS \ IGV ETH aad 240-4 204 no 20 BS 220-4 220-4 x04 n04 2204 200-4 200-4 2004 2004 204 180-4 180-4 1504 504 sw 160-4 1604 wo wo 04 1404 140-4 104 104 od =, 120-4 1204 oa asd a 100 100 ” tera! roy { 204 8044 w4 oo 0. Normalized As Of 05/2
Slide 39: ETHEREUM: Downstream to AI trade
BITMINE - BMNR, ETHEREUM: Downstream to Al trade Downstream users of Al SMH DRAM MAGS / IGV \ ETH aad 240-4 204 204 20 BS 220-4 220-4 x04 n04 2204 200-4 200-4 2004 200-4 204 180-4 180-4 1504 504 20-4 160-4 1604 wo wo 104 1404 140-4 104 104 wo =, 120-4 1204 oa ued a 100 100 - tera! roy { 204 8044 w4
Slide 40: ETHEREUM: Downstream to AI trade
BITMINE - BMNR, ETHEREUM: Downstream to Al trade SMH DRAM aud 240-4 | 228) 220-4 220-4 200-4 200-4 18044 18044 160-4 160-4 1404 1404 12044 12044 100 100 80<4 8044 Normalized As Of 05/27/20 Normalized As Of 04/02/2026 60 Mi Vantck Semiconductor ETF - Last Ml Roundhill Memory ETF - Last Pric 2025 2026
Slide 41: ETHEREUM: Correlated to Software and Growth stocks
BITMINE - BMNR: 41 ETHEREUM: Correlated to Software and Growth stocks 1204 5000 Software has turned higher f 1104 Software $IGV Sep Dec Mar Jun Sep Dec Mar Jun 2024 | 2025 2026 XETUSD Curncy (XET-USD Cross Rate) IGV ETH vBMNR Daily 03SEP2024-13DEC2026 Copyright® 2026 Bloomberg Finance L.P. 31-May-20
Slide 42: ETHEREUM: Drivers for the future value of ETH
BITMINE - BMNR: 42 ETHEREUM: Drivers for the future value of ETH/ ethereum » Agentic-Al and Robots < «» Wall Street tokenization ) » Ethereum as amonetary unit » Ethereum moving beyond foundation-centric
Slide 43: Larry Fink on compute futures
BITMINE - BMNR The Wolf Of All Streets @ {J - @scottmelker WATCH: BLACKROCK CEO LARRY FINK SAYS "I ACTUALLY BELIEVE A EW 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 O 126 11 208 O 1.4K N 336 b 43
Slide 44: Reid Hoffman on crypto and AI
BITMINE - BMNR JUST IN: Billionaire LinkedIn Founder says crypto becomes critical in an Al Kalshi Crypto @ & @kalshi Crypto: 4h oi Never thought I'd see myself quoted by Kalshi! 12:47 PM - May 6, 2026 - 4,945 Views Oi ti QO 65 RE pal + world O91 TQ 208 © 1.6K it 97K A ft Reid Hoffman @ (J @reidhoffm
Slide 45: Bitwise post
BITMINE - BMNR, ‘Source: Fundstrat, se Bitwise @ g Well, that escalated quickly. sul Bitwise 131.2K 45
Slide 46: Tokenization megatrend just getting started
BITMINE - BMNR, GRAYSCALE Will Ogden Moore Zach Pandl we believe much of the ~$300 trillion securities market — along with other types of assets like real estate — will migrate onchain ‘Source: Fundstrat, Exhibit 1; Tokenization megatrend just getting started $ trillion Tokenized Assets vs Tradition
Slide 47: Tokenization megatrend just getting started
BITMINE - BMNR, GRAYSCALE Will Ogden Moore Zach Pandl we believe much of the securities market — along with other types of assets like real estate — will migrate onchain ‘Source: Fundstrat, Exhibit 1; Tokenization megatrend just getting started $ trillion Tokenized Assets vs Traditional Markets Esti
Slide 48: Ethereum TVL and token market cap
BITMINE - BMNR Ethereum —@-TVL —@- Token Mcap $120b $600b $100b $500b $80b $400b $60b $300b $40b $200b $20b $100b $0 $0 2017 2019 2021 2023 2025 ‘Source: Fundstrat, 48
Slide 49: Mapping architectures to the roadmap
Exhibit 10: Mapping architectures to the roadmap BITMINE - BMNR, GRAYSCALE’ -_ - Blockchain Network Architecture and Tokenization S~ witogden Moore aN 4 Zach Pandl Q we Wy > Canton ite) nce Le he BASE Arbitrum Networks that host a larger share of tokenized activity may capture a meaningful portion I
Slide 50: FINANCIALS: Top most profitable in USA today
BITMINE - BMNR, FINANCIALS: Top 10 most profitable in USA today ‘Source: Fundstrat, Net Income ($ Millions) Ticker Name CY 2026 Employees 1 JPM JPMorgan Chase 59,918 300,000 2 BAC Bank of America 32,863 a WFC Wells Fargo & Co 21,555 4 ¢ Citigroup Inc. 18,785 5 MS Morgan Stanley 18,595 6 GS Goldman S
Slide 51: FINANCIALS: Mix in Jane Street + Tether
BITMINE - BMNR, FINANCIALS: Mix in Jane Street + Tether ‘Source: Fundstrat, 51 Jane C ) 1:100 employees Net Income ($ Millions) Ticker Name CY 2026 Employees 1 JPM JPMorgan Chase 59,918 300,000 2 Jane Street 40,000 3,000 3 BAC Bank of America 32,863 4 WFC Wells Fargo & Co 21,555 5 C Citigroup Inc. 1
Slide 52: Jane Street record quarter
(gE 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 ti billion in the first
Slide 53: 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 $10.3 billion in the first quarter,
Slide 54: FINANCIALS: Mix in Jane Street + Tether
BITMINE - BMINR 54 FINANCIALS: Mix in Jane Street + Tether Net Income ($ Millions) Name CY 2026 Employees JPMorgan Chase 59,918 300,000 Jane Street 40,000 3,000) 1:100 employees Bank of America 32,863 Wells Fargo & Co 21,555 Citigroup Inc. 18,785 Morgan Stanley 18,595 Goldman Sachs 18,045 Tether 15,
Slide 55: TECHNOLOGY: Disruption reduces value of incumbency
BITMINE - BMNR, 55 TECHNOLOGY: Disruption reduces value of incumbency Incumbent New entrant Automobile Columbus Buggy Co, . Studebaker, Durante-Dort ee Mobile ; ; Technology MCI, Bell Atlantic, GTE, SBC Vodafone, T-Mobile, Telecel Digital Media Hearst, Viacom, Newscorp Google, Meta, TikTok Cloud com
Slide 56: TECHNOLOGY: Disruption reduces value of incumbency
BITMINE - BMNR, 56 TECHNOLOGY: Disruption reduces value of incumbency Overestimate value of incumbency (incumbent Y New entrant Automobile Columbus Buggy Co, . Studebaker, Durante-Dort GM, Ford, Audi, VW, Porsche Mobile Technology MCI, Bell Atlantic, GTE, SBC Vodafone, T-Mobile, Telecel Digital Medi
Slide 57: TECHNOLOGY: Disruption reduces value of incumbency
BITMINE - BMNR, TECHNOLOGY: Disruption reduces value of incumbency Incumbent New entrant ) Automobile Columbus Buggy Co, . Studebaker, Durante-Dort ee ee Mobile ; ; Technology MCI, Bell Atlantic, GTE, SBC Vodafone, T-Mobile, Telecel Digital Media Hearst, Viacom, Newscorp Google, Meta, TikTok Cloud c
Slide 58: BY 2035: Half of the largest financial institutions will be native digital
BITMINE - BMNR, 58 BY 2035: Half of the largest financial institutions will be native digital ‘Source: Fundstrat, ) 1:300 employees ) i ) ) Net Income ($ Millions) Ticker Name CY 2035 Employees 1 JPM JPMorgan Chase 107,303 300,000 C 2 Native crypto bank 100,000 1,000 3 BAC Bank of America 58,852 C 4
Slide 59: ETHEREUM: Drivers for the future value of ETH
BITMINE - BMNR: 59 ETHEREUM: Drivers for the future value of ETH/ ethereum » Agentic-Al and Robots «» Wall Street tokenization C » Ethereum as a monetary unit +) » Ethereum moving beyond foundation-centric
Slide 60: Elon Musk: mass and energy
BITMINE - BMNR, 60 @ Elon Musk @ {Jw ‘Zs @elonmusk That’s why | 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 O 1K tl 833 OQ 8.2K [J] 696 ae ‘Source: Fundstrat,
Slide 61: Future money is compute and energy
BITMINE - BMNR, 61 @ Elon Musk @ {J -- ‘Zs @elonmusk That’s why | say the system won’t use dollars as currency in the future. Just mass and energy. a F gy: Future money is 1:52 AM - Feb 13, 2026 - 372.4K Views compute and energy © 1k T1833 © 8.2K [] e96 ALi ‘Source: Fundstrat,
Slide 62: Digital Assets: ETH internal metrics improve
BITMINE SS Digital Assets Internal metrics for Ethereum (ETH) continue to improve — transaction numbers and Geoff Kendrick total value locked (measured in ETH terms) both remain close to all-time highs. However, the ETH price continues to underperform in both absolute and relative terms — ETH-USD ha
Slide 63: Digital Assets - Ethereum - Improving internal metrics
BITMINE - BMNR, Digital Assets — Ethereum — Improving internal metrics x — ah Digital Assets - Ethereum — Improving internal metrics =} Summarize this email Kendrick, Geoffrey | view ETH’s performance very much as Jeff Bezos described AMZN share price during the 2001 tech bubble burst. This quote, f
Slide 64: Digital Assets - Ethereum - Improving internal metrics
x A : at Digital Assets - Ethereum - Improving internal metrics [= Summarize this email Kendrick, Geoffre: KG ' y PUBLIC | view ETH’s performance very much as Jeff Bezos described AMZN share price during the 2001 tech bubble burst. This quote, from a 2018 speech encapsulates the point: “The stock is
Slide 65: The Path to $250,000 ETH
BITMINE - BMNR, ‘Source: Fundstrat, iy Aj. Etherealize @ io} \ WV Read the full Productive Money report by Etherealize here: $ Etherealize @ 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 p
Slide 66: ETH/BTC ratio: 2026 tailwinds argue for ATH
BITMINE - BMNR: 66 ETH/BTC ratio: 2026 tailwinds argue for ATH (all time high) in ratio 0.100004 0.09000 4 0.08000 4 0.070004 0.060004 0.050004 004000 0.020004 Projected 4 ETH/BTC: ETH/BTC: V_ eB ° 0.08727 2222 B 8-yr avg: 0.04790 ETH/BTC: 2 0.03202 2018 2019 2020 2021 2022 2023 2024 2025 2026 XETUS
Slide 67: ETH: Implied Fair Value based on ETH/BTC ratio
BITMINE - BMNR: 67 ETH: Implied Fair Value based on ETH/BTC ratio = $12k to $22k ETH/BTC ETH 8-yr avg 2021 high “payment rails” uN | \ | V 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 1
Slide 68: ETHEREUM: Exiting a long consolidation
BITMINE - BMNR, ETHEREUM: Exiting a long consolidation 8192 4096 2048 1024 512 256 128 i ees ff °° Sees consolidation consolidation 0.5 0.25 + T consolidation 2015 2016 2017 2018 2019 2020 2021 ‘Source: Fundstrat, Bloomberg, coinmarketcap 2022 2023 2024 2025 68
Slide 69: ETHEREUM: Exiting a long consolidation
BITMINE - BMNR, 69 ETHEREUM: Exiting a long consolidation 54x a9 2 2 7X $4,626 #086: $1,366 0.5 0.25 + T T T T T T T T T T 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 ‘Source: Fundstrat, Bloomberg, coinmarketcap
Slide 70: ETHEREUM: Exiting a long consolidation
BITMINE - BMNR, 70 ETHEREUM: Exiting a long consolidation 54x a9 2 2 7X $4,626 #086: $1,366 0.5 0.25 + T T T T T T T T T T 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 ‘Source: Fundstrat, Bloomberg, coinmarketcap
Slide 71: ETHEREUM: Exiting a long consolidation
BITMINE - BMNR, ETHEREUM: Exiting a long consolidation 54x 8192 2 2 1X #4828 tokenization 4096 : $1,366 2048 2,365 0.5 0.25 + T 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 ‘Source: Fundstrat, Bloomberg, coinmarketcap
Slide 72: ETHEREUM: Exiting a long consolidation
BITMINE - BMNR, 72 ETHEREUM: Exiting a long consolidation 54x agentic Al 8192 2 2 1X #4828 tokenization #086: $1,366 2 365 0.5 0.25 + T T T T T T T T T T 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 ‘Source: Fundstrat, Bloomberg, coinmarketcap
Slide 73: ETHEREUM: Drivers for the future value of ETH
BITMINE - BMNR, ETHEREUM: Drivers for the future value of ETH/ ethereum » Agentic-Al and Robots «» Wall Street tokenization » Ethereum as amonetary unit < » Ethereum moving beyond foundation-centric 73
Slide 74: Vitalik Buterin on Ethereum Foundation austerity
BITMINE - BMNR, ‘Source: Fundstrat, ( iy vitalik.eth @ g . — self-sovereignty, security and privacy. ) we @VitalikButerin In these five years, the Ethereum Foundation is entering a period of mild austerity, in order to be able to simultaneously meet two goals: 1. Deliver on an aggressive roadmap tha
Slide 75: Ethereum Foundation holdings
BITMINE - BMNR, 75 Ethereum Foundation © (1 *dezsse $244 ,015,889.08 | Ovn| Ey BALANCES HISTORY TOKEN BALANCES HISTORY PROFIT & LOSS © m4 an an 14m 12M 10M 0 104,000 2016 2018 2620 2022 2024 2026 ET H ‘Source: Fundstrat,
Slide 76: Ethereum Foundation holdings
BITMINE - BMNR, Ethereum Foundation © 76 $244 ,015,889.08 | Ovn| Ey BALANCES HISTORY 14M 17% 12M 10M 8M 6M 4M 2m 1% 2016 2018 2026 ‘Source: Fundstrat, TOKEN BALANCES HISTORY PROFIT & LOSS © 1W 1M 3M ALL 0.3% 0.1% e 2022 © 104,000 2024 2026 ETH
Slide 77: TREASURY: Treasuries offset Ethereum Foundation sales
BITMINE - BMNR, TREASURY: Treasuries offset Ethereum Foundation sales Ethereum Foundation (% of ETH supply) 0.1% & 0.3% = March 2025 May 2026 ‘Source: Fundstrat, 77
Slide 78: TREASURY: Treasuries offset Ethereum Foundation sales
BITMINE - BMNR, TREASURY: Treasuries offset Ethereum Foundation sales 6.9% ETH Treasuries (% of ETH supply) Ethereum Foundation (% of ETH supply) 0.1% e 0.3% = 0.4% March 2025 May 2026 ‘Source: Fundstrat, 78
Slide 79: TREASURY: Treasuries offset Ethereum Foundation sales
BITMINE - BMNR, TREASURY: Treasuries offset Ethereum Foundation sales ETH Treasuries (% of ETH supply) Bitmine is 4.5%, or65% of total Ethereum Foundation (% of ETH supply) 0.1% e 0.3% = 0.4% March 2025 May 2026 ‘Source: Fundstrat, 79
Slide 80: FOUNDATION: Role of foundation evolving post-2024
BITMINE - BMNR, 80 FOUNDATION: Role of foundation evolving post-2024 = Fund public goods — Support core protocol development, security research, audits, developer tools, documentation, and education that private companies have little incentive to fund. = Provide legal and operational infrastructure
Slide 81: FOUNDATION: Pre-2024, foundation was the quasi-corporation
Slide 82: FOUNDATION: Pre-2024, foundation was the quasi-corporation
Slide 83: FOUNDATION: Post-2024, foundation role evolved and narrowed
Slide 84: SCALE: Moving beyond a foundation-centric model
Slide 85: SCALE: Moving beyond a foundation-centric model
Slide 86: SCALE: Moving beyond a foundation-centric model
Slide 87: SCALE: Moving beyond a foundation-centric model
Slide 88: Rage quitting at the bottom
Slide 89: Bitmine primed for next bull cycle
Slide 90: BITMINE: Building and stacking during the crypto 'mini-winter'
Slide 91: BITMINE: Building and stacking during the crypto 'mini-winter'
Slide 92: MOONSHOT: Eightco
Slide 93: Bitmine Investment in Eightco (NASDAQ: ORBS)
Slide 94: PROOF OF HUMAN: Non-humans' share of new content is rising
Slide 95: Reddit CEO considering requiring FaceID or human verification
Slide 96: MOONSHOT: We believe Eightco's private holdings are undervalued
Slide 97: BITMINE: Building and stacking during the crypto 'mini-winter'
Slide 98: MAVAN: Now open for business
Slide 99: STAKING: BMNR now staking over 4.7 million ETH
Slide 100: BITMINE: Building and stacking during the crypto 'mini-winter'
Slide 101: Newest Moonshot: Bitmine $200 million investment Beast Industries
Slide 102: BEAST FINANCIAL: We believe could be the next Robinhood for GenZ
Slide 103: Will the 'Great Wealth Transfer' transform the markets?
Slide 104: BITMINE: Building and stacking during the crypto 'mini-winter'
Slide 105: NYSE: Bitmine is now traded on Big Board NYSE
Slide 106: BITMINE: Building and stacking during the crypto 'mini-winter'
Slide 107: ALCHEMY OF 5%: Reached 4% in just 9 months
Slide 108: ALCHEMY OF 5%: Reached 4% in just 9 months
Slide 109: ALCHEMY OF 5%: Reached 4% in just 9 months
Slide 110: ALCHEMY OF 5%: Reached 4% in just 9 months
Slide 111: DATS: DATS track the price of treasury asset... up or down
Slide 112: BITMINE: Outperformed ETH in 2025 and 2026
Slide 113: BITMINE: Outperformed ETH in 2025 and 2026
Slide 114: BITMINE: Outperformed ETH in 2025 and 2026
Slide 115: BITMINE: Outperformed ETH in 2025 and 2026
Slide 116: BMNR: Stock price follows ETH price
Slide 117: BMNR: Stock price follows ETH price
Slide 118: The Path to $250,000 ETH
Slide 119: BMNR: Stock price follows ETH price
Slide 120: Bitmine management team
Slide 121: Slide 121
Bitmine Immersion Technologies — Investor Presentation (June 2026) on 6ix