68 slides from Bitmine Immersion Technologies's conference presentation, Feb 11, 2026
Slide 1: BitMine Consensus 2026: The Alchemy of 5%
E*CoinDesk BitMine pMNR consensus ( The Alchemy of 5% ) 2026 Best days ahead for crypto
Slide 2: Disclaimers
BITMINE IMMERSION TECHNOLOGIES 2 Disclaimers General ‘itmine immersion Technologies, nc. ("BIR") is making this presentation available in connection with an update on its business operations and strategies. The information contained in this presentation does ‘ot purport o be complete or tobe alkincl
Slide 3: Table of Contents
Table of Contents Ol Gold won 2025 but Bitcoin still critical store of value 02 Crypto multiple adoption drivers —- Ethereum is central casting 03 The rise of dominant DATs O04 BitMine 4 pillars of growth lustrative | For Discussion Purposes
Slide 4: Gold won 2025 but Bitcoin still critical store of value
O1 Gold won 2025 but Bitcoin still critical store of value
Slide 5: Gold in 2026
Gold a lustrative | For Discussion Purposes
Slide 6: Gold vs Bitcoin: Gold looked better in the past year
BITMINE - BMNR. 6 GOLD vs BITCOIN: Gold looked better in the past year +73% 1604 1404 1204 2 =) -29% 60-1 Normalized As Of 02/10/2025 Last Price GOLD SPOT $/0Z 173 MXBT-USD Cross Rate 71 Feb” Mar Apr May Jun Sul Aug Sep Oct Nov Dec Jan Feb 2025 2026 GOLDS Comdty (GOLD SPOT $/0Z) BHINR Gold vs BTC Da
Slide 7: Gold: Rising in 2026 but crypto and equities fell
GOLD: Rising in 2026 but crypto and equities fell 9DZDe? Gold Silver Crypto Equities Geopolitical uncertainty 7) @ @ Central banks dovish FX debasement — Yen and/or USD Price momentum Metals Loss of faith in fiat system oe 8 8 eo 7
Slide 8: Gold: Rising in 2026 but crypto and equities fell
GOLD: Rising in 2026 but crypto and equities fell 9DZDe? Gold Silver Crypto Equities Geopolitical uncertainty 7) @ @ x] Central banks dovish @ thisis 2026: Gold up, rv) everything else down FX debasement — Yen and/or USD Price momentum Metals Loss of faith in fiat system
Slide 9: Gold: So large, it is bigger than S&P basically
BITMINE - BMNR. GOLD: So large, it is bigger than SGP 500 basically... AL AL 39 at 20 5 i =, ——— Gold Silver MAG7 S&SP500_ Asia Europe Bitcoin Ethereum ex-MAG7 og @ ¢
Slide 10: Gold: So large, it is bigger than S&P basically
BITMINE - BMNR. 10 GOLD: So large, it is bigger than SGP 500 basically... Gold larger than “1 thestockmarket “ — 39 21 20 : [ | 13 02 Gold Silver MAG7 S&SP500_ Asia Europe ex-MAG7 sauce: Furst Bitcoin Ethereum @ ¢
Slide 11: Gold: So large, it is bigger than S&P basically
BITMINE - BMNR. GOLD: So large, it is bigger than SGP 500 basically... Gold larger than 41 thestockmarket “ 39 21 20 5 5.2 LJ 802 =n Gold Silver MAG7 S&P500_ Asia Europe Gold Bitcoin Ethereum ex-MAG7 intraday oN & Jan 31 r zy ua
Slide 12: Gold: So large, it is bigger than S&P basically
BITMINE - BMNR. 2 GOLD: So large, it is bigger than SGP 500 basically... Gold larger than 41 thestockmarket “ 39 Gold intraday swing (1/31) or 4X size of Bitcoin 20) | 5 i || ; 13° gg Gold Silver MAG7 S&P500_ Asia Europe Gold Bitcoin Ethereum ex-MAG/ intraday oN & Jan 31 r zy
Slide 13: Since 1971, gold has underperformed inflation 48% of time
BITMINE - BMNR. 13 SOV: Since 1971, gold has underperformed inflation 48% of time o Rolling 3-yr %: Gold less Core CPI Jan'78 Jan'82 Jan'86 Jan'90 Jan'94. Jan'98 Jan'02. Jan'06 Jan'10. Jan'14. Jan'18—s Jan'22_—sJan'26 souce:Fundetat
Slide 14: Since 1971, gold has underperformed inflation 48% of time
BITMINE - BMNR. wu SOV: Since 1971, gold has underperformed inflation 48% of time o Rolling 3-yr %: Gold less Core CPI 48% of time (281 of 588 months): Gold 3-yr return below inflation Jan'78 Jan'82 Jan'86 Jan'90 Jan'94. Jan'98 Jan'02. Jan'06 Jan'10. Jan'14. Jan'18—s Jan'22_—sJan'26 souce:Fundetat
Slide 15: Since Bitcoin, gold underperformed inflation 44% of time
BITMINE - BMNR. 16 SOV: Since Bitcoin, gold underperformed inflation 44% of time cc) Rolling 3-yr % Bitcoinless ‘Rolling 3-yr %: Gold less Core CPI Jan'12) Jan'13- 0 Jan'14. Jan"15Jan"16.Jan'17_—Jan"18 ss Jan'19. Jan'20. Jan'21.Jan'22. Jan'23.Jan'24—Jan'25—Jan'26 souce:Fundetat
Slide 16: Since Bitcoin, gold underperformed inflation 44% of time
BITMINE - BMNR. 16 SOV: Since Bitcoin, gold underperformed inflation 44% of time Since 2012: 3% of time (5 of 161 months): Bitcoin < inflation return cc) Rolling 3-yr % Bitcoinless ‘Rolling 3-yr %: Gold less Core CPI Jan'12) Jan'13- 0 Jan'14. Jan"15Jan"16.Jan'17_—Jan"18 ss Jan'19. Jan'20. Jan'21.Jan
Slide 17: Since Bitcoin, gold underperformed inflation 44% of time
BITMINE - BMNR. wv SOV: Since Bitcoin, gold underperformed inflation 44% of time Since 2012: 3% of time (5 of 161 months): Bitcoin < inflation return cc) Rolling 3-yr % Bitcoinless eG ‘Rolling 3-yr %: . . Gold less Core CPI Since 2012: 44% of time (71 of 161 months): Gold < inflation returi Jan'12)
Slide 18: Slide 18
Slide 19: Crypto multiple adoption drivers: Ethereum is central casting
02 Crypto multiple adoption drivers Ethereum Is central casting
Slide 20: Ethereum: drawdowns of 50% or more since 2018
BITMINE - BMNR. 20 ETHEREUM: 8 drawdowns of 50% or more since 2018 4. 5. 6. 7. 8. EGR -62% g 39 9Gs88 H Masta
Slide 21: Ethereum: 2025 saw a -64% drawdown and -46% in 2024
BITMINE - BMNR. 2 ETHEREUM: 2025 saw a -64% drawdown and -46% in 2024 50004 Jan to March 2025 4000-4 30004 62% 2023 2024 | 2025 2026 XETUSD Curncy (XET-USD Cross Rate) ETH 3-yr decline vBHNR Daily 06JAN2023-10FEB2026 Copyright 2026 Bloomberg Finance L.P. 10-Feb-2026 03:11:11 ‘Source: Fundstrat, Stat
Slide 22: Ethereum: Each of drawdowns saw V-bottom recoveries
BITMINE - BMNR. 22 ETHEREUM: Each of 8 drawdowns saw V-bottom recoveries eg ge Daes
Slide 23: — a |
— a |
Slide 24: Think Fall 2022
Think Fall 2022 A: Think April 2025 (see
Slide 25: Ethereum: Multiple drivers of future network value
BITMINE - BMNR. 25 ETHEREUM: Multiple drivers of future network value . Ethereum is the largest smart contract blockchain, supported by a large global community of dedicated developers. . Wall Street is rebuilding the financial system on the blockchain, driven by speed and efficiencies of blockchain
Slide 26: Wall Street: What we learned from Wall Street
BITMINE - BMNR. 26 WALL STREET: What we learned from Wall Street Wall Street finally embracing blockchain, although there is still a divide between “evangelists” and C-level buy-in. Wall Street plans to use public blockchains, prioritizing the use of reliable chains with entrenched and dedicated com
Slide 27: Tech companies becoming banks as regulators open the door
Q Comptroller Jonathan Gould © g ‘The OCC is supporting a healthy economy that provides the American people with access to banking services that meet their unique needs by aligning innovation with proper supervision. These Tech Companies At Becoming Banks As Regulators Open The Door By Christer Holl
Slide 28: Vitalik Buterin post on Ethereum and AI
vitalik.eth @ Bo @vitalikBu' Two years ago, | wrote this post on the possible areas that | see for ethereum + Al intersections: vitalik.eth.limo/general/2024/0... This is a topic that many people are excited about, but where | always worry that we think about the two from completely separate philoso
Slide 29: Ethereum as an economic layer for AI
Enabling trustless and private Al interaction Cypherpunk mountain man vision with local LLMs Infrastructure Ethereum as an economic layer for Al > Impact Make much better markets and governance areality Mustrative | Foe
Slide 30: Blockchain for Content Creation and Distribution: Power to the Creators
| Bluechip Technologies Asia ee Blockchain for Content Creation and Distribution: Power to the Creators ] Bluechip Technologies Asia
Slide 31: The rise of dominant DATs
03 The rise of dominant DATs
Slide 32: DATs: Microstrategy and BitMine are largest
DATS: Microstrategy and BitMine are 2 largest = Total value of DAT ($million, log-scale) $52 billion = $10 billion = proud SOT! z= an CO! SR SOc ‘Ol ep) GOAN ee Mom Bonz: nee GRMN DOS = Bitcoin mEthereum m Cash or Other DAT Assets Urs: ga ZOO)! G~< As ofan 4, 2026 lustrative | For Discussion Purpose
Slide 33: BMNR+MSTR = ~90% DAT trading volume
BITMINE - BMNR. 33 BMNR+MSTR = ~90% DAT trading volume % of DATs $ Trading Volume* |B} BitMine Other DATs 13% 59% lustrative | For Discussion Purposes As of Jan2, 2026
Slide 34: Liquidity: BitMine stock trades 14X more volume
BITMINE - BMNR. 3H LIQUIDITY: BitMine stock trades 14X more volume Sen © Bitmine <& 4.8X larger $1,560 qu 13.8Xx larger than #2 than #2 $2,665 $1,527 $473 $916 $215 $124 Sus $100 e442 7 7 BMNR SBET ETHM BTBT BTCS ETHZ FGNX BMNR SBET BTBT ETHZ BTCS FGNX ETHM ETH $ value $ daily trading (60D) lustrati
Slide 35: BitMine: Outperformed ETH in 2025 and 2026
BITMINE - BMNR. BITMINE: Outperformed ETH in 2025 and 2026 2025: June 30 to Dec 31 d Ethereum 22 pint os 36
Slide 36: BitMine: Outperformed ETH in 2025 and 2026
BITMINE - BMNR. BITMINE: Outperformed ETH in 2025 and 2026 2025: June 30 to Dec 31 Outperformed +48,100bp jp" % Ethereum 22 503 BitMine™ 26
Slide 37: BitMine: 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 Feb 10 Outperformed +48,100bp Vv Ethereum 22 -32 503 “21 BitMine™
Slide 38: BitMine: Outperformed ETH in 2025 and 2026
BITMINE - BMNR. 38 BITMINE: Outperformed ETH in 2025 and 2026 2025: 2026: June 30 to Dec 31 Dec 31 to Feb 10 Outperformed +48,100bp Outperformed +1,100bp jp" a % Ethereum 22 -32 503 “21 BitMine™
Slide 39: BitMine pillars of growth
O04 BitMine 4 pillars of growth
Slide 40: BMNR: 4 pillars of growth
BITMINE BMINR A pillars of growth Maximize yield Invest defi in Productize Bridge tradfi on Treasury “moonshots” BitMine and defi 40
Slide 41: Maximize yield on Treasury
BITMINE BMINR A pillars of growth Maximize yield on Treasury a Optimize staking yield Pursue alpha strategies. MOZAYYX Capital executes alpha strategies. Tom DeMark, DeMark Analytics, strategic advisor on tactical ETH purchases Optimize yield on cash Accretive capital markets activities.
Slide 42: Avoid excessive debt leverage in crypto
BITMINE BMINR 42 @fundstrat 9/ And it’s best to avoid excessive debt leverage in crypto when times are volatile - SBMNR has zero debt and has a positive cash balance - all of it earning $ETH staking rewards and cash interest in money markets Thomas (Tom) Lee (not drummer) FSInsight.com @ [ono
Slide 43: Staking: Annualized staking revs $202mm vs $34mm on Jan
BITMINE - BMNR. STAKING: Annualized staking revs $202mm vs $34mm on Jan 1 $420 Annualized Staking Revenue by Week ($ Million) 9 $301 4TY% 72% ae Fully staked ee ETH $189 eo 82 9 $166 $160 ——— = = TTT A8% i il L ll 12/28 4 v19 2/8* Alchemy lustrative | For Discussion Purposes ‘Source: Fundstrat, Stat
Slide 44: Alchemy of 5%: ETH staking generates sizable and steady revs
BITMINE - BMNR. ALCHEMY OF 5%: ETH staking generates sizable and steady revs Annualized Staking Revenue by Week ($ Million) - Log Scale $12k ETH ™,! $420 $301 $166 $160 $189 $202 $110 = il ia Vi 119 1/25 2/8 2/8* Alchemy ‘Source: Fundstrat, Stats calculated basod on BMNR weekly press release lustrat
Slide 45: ETH accretion: BMNR vs other ETH DAT Cos.
BITMINE - BMNR. 48 ETH ACCRETION: BMNR vs other ETH DAT Cos. ~~SBET <BMNR . 2 ETHZ 1B) BitMine —renx —BTBT —BTCS 1.00x) (DAT Start 3.5x S&B BTCS 28x © SHARPLINK Rebased $ Ethereum per share 2.2) . er 2.2X BIT DIGITAL Lx FGNX - =) ° x 0 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 160 DAT Start
Slide 46: Invest in DeFi moonshots: Orbs and Worldcoin
BITMINE BMINR 46 A pillars of growth Maximize yield Invest defi in Orbs and Worldcoin on Treasury “moonshots” Accelerate tokenization products 4 % » Work with L2 and defi on » Beast Industries “moonshot” ‘ail ty
Slide 47: Newest Moonshot: BitMine $200 million investment in Beast Industries
BITMINE - BMNR 07 Newest Moonshot: BitMine $200 million investment is “THe INDUSTRIES" lustrative | For Discussion Purposes
Slide 48: MrBeast announces acquisition of Step
BITMINE BMINR weer OB o- @MrBeast I'm so excited to share that we are acquiring the financial services app, @step Nobody taught me about investing, building credit, or managing money when | was growing up. That's exactly why we’re joining forces with Step! | want to give millions of young people the
Slide 49: Beast Financial: The next Robinhood-Sofi-Chime for GenZ
BITMINE - BMNR. BEAST FINANCIAL: The next Robinhood-Sofi-Chime for GenZ Generation US Size Leading institution Baby Boomers 75 Schwab (es a9
Slide 50: Beast Financial: The next Robinhood-Sofi-Chime for GenZ
BITMINE - BMNR. BEAST FINANCIAL: The next Robinhood-Sofi-Chime for GenZ Generation US Size Leading institution Baby Boomers 75 Schwab (es Blackrock Genx 96 Blackstone 50
Slide 51: Beast Financial: The next Robinhood-Sofi-Chime for GenZ
BITMINE - BMNR. BEAST FINANCIAL: The next Robinhood-Sofi-Chime for GenZ Generation US Size Leading institution Baby Boomers 75 Schwab =: Blackrock Genx 66 Blackstone — Robinhood Millennials 75 Sofi Chime 61
Slide 52: Beast Financial: The next Robinhood-Sofi-Chime for GenZ
BITMINE - BMNR. 62 BEAST FINANCIAL: The next Robinhood-Sofi-Chime for GenZ Generation US Size Leading institution Baby Boomers 75 Schwab =: Blackrock Genx 96 Blackstone — Robinhood Millennials 75 Sofi Chime Genz 69 Financial GenAlpha oul Sarvicas © INDUSTRIES
Slide 53: Beast Financial: The next Robinhood-Sofi-Chime for GenZ
BITMINE - BMNR. 53 BEAST FINANCIAL: The next Robinhood-Sofi-Chime for GenZ Generation US Size Leading institution Baby Boomers 75 Schwab =: Blackrock Genx 96 Blackstone — Robinhood Millennials 75 Sofi Mr Beast Shine Beast mele Financial BEAST GenAlpha Sarvicas INDUSTRIES
Slide 54: Will the 'Great Wealth Transfer' transform the markets?
BANK OF AMERICA 7 _—privare BANK Will the 'Great Wealth Transfer’ transform the markets? time $39 trillion $6 trillion Baby boomers Gen X (born 1946-1964) (1965-1980) ed wealth to be inherited t hrough 2 $46 trillion Millennials (1981-1996) $15 trillion GenZ (1997 or later) Source: Cerulli Associate
Slide 55: Beast Industries overview
BITMINE - BMNR. 55 e Founder Of Beast Industries e Spectacle & Philanthropy e #1Creator In The World e 1.4 Billion Uniques e 1Billion Followers ee Beast Industries ‘As of Sep 20, 2025
Slide 56: MrBeast is the #1 creator
BITMINE - BMNR. a ‘SOURCE: Nelsen’ Meda Distributor Gage. Shares based on total vewing minutes to Warmer Bros. Discovery MRBEAST. IS THE #1 CREATOR In the #1 Source of Media Consumption (YouTube) TOTAL TV USAGE BY DISTRIBUTOR MRBEAST, = — 1.4B+ Uniques (~15% the world) TT ~ ds | 5B 175M+ rt Te Age a
Slide 57: BitMine Investment in Eightco (Worldcoin)
BITMINE - BMNR. BitMine Investment in Eightco (ticker: @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- preserving blockc
Slide 58: Productize BitMine
BITMINE BMINR A pillars of growth Maximize yield on Treasury Invest defi in “moonshots” 58 Productize BitMine » BitMine app coming » BitMine works with community of shareholders » BitMine brand is strong we
Slide 59: Bridge TradFi and DeFi
BITMINE BMINR 59 A pillars of growth Maximize yield Invest defi in Productize Bridge tradfi on Treasury “moonshots” BitMine and defi r . BitMine top 50 most traded ‘I stock » MAVAN largest staking entity in a id world . Bridge settlement layer
Slide 60: MAVAN: Best in class staking
BITMINE - BMNR. 60 MAVAN: Best in class staking » BitMine commercial staking subsidiary named MAVAN: Made in America Validator Network » MAVAN launching in early 2026. Once staking BitMine’s ETH holdings, MAVAN will be the largest commercial validator in the World. » MAVAN will stake other proof of
Slide 61: BitMine: Bridging Wall Street and Ethereum and DeFi
BITMINE - BMNR. BitMine: Bridging Wall Street and Ethereum and Defi a BitMine The Alchemy of 5% Largest holder of ETH inthe World Moonshots MAVAN staking EF partnership Investing in DeFi BitMine Labs lustrative | For Discussion Purposes
Slide 62: BitMine: Bridging Wall Street and Ethereum and DeFi
BITMINE - BMNR. BitMine BitMine: Bridging Wall Street and Ethereum and Defi\ F®aichemy of 5% ee er ee ee Largest holder of as il , (Beli Finance ETH in the World | per ! » Wall Street : » Moonshots connectivity { : ; ' ' | =» MAVAN staking ' = Consumer services: : . | = EF partnership ' = Strong bra
Slide 63: ETH: Implied Fair Value based on ETH/BTC ratio = $12k to $22k
BITMINE - BMNR. 63 ETH: Implied Fair Value based on ETH/BTC ratio = $12k to $22k ETH/BTC & Vv 8-yr avg } 2021 high t ETH “payment rails” 0.0239 0.0359 0.0479 0.0598 0.0873 0.1250 100,000 2,393 3,590 4,786 5,983 8,727 12,500 © 125,000 2,991 4,487 5,983 7,478 10,909 15,625 = 150,000 3,590 5,384 WATE 8
Slide 64: BMNR: Stock price follows ETH price
BITMINE BMINR BMNR: Stock price follows ETH price io Legend 4 Track 4 Annotate ©, Zoom h Select Copy ticker BMNR ,, BMNR US Equity
Slide 65: BMNR: Stock price follows ETH price
BITMINE BMINR ticker: BMNR BMNR: Stock price follows ETH price ee eee 65 “Coefficient: YW 0.015 * ETH + ETH/share accretion
Slide 66: BMNR: Stock price follows ETH price
BMNR: Stock price follows ETH price BMNR: BITMINE BMINR $5,000 $5,000 | —--_-_-$_§$_-§_§_-§___ ticker: BMNR 5B i BMNR: $500 | nN $22,000 $62,500 $250,000 “Coefficient: YW 0.015 * ETH + ETH/share accretion
Slide 67: 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 experie
Slide 68: Thank You!
Thank You!