Slide 1: Third Quarter 2025 Earnings Presentation
Third Quarter 2025 Earnings Presentation NOVEMBER 14, 2025
Slide 2: Disclaimer and forward-looking statements
This presentation has been prepared by ETHZilla Corporation (“ETHZilla” or the “Company”) solely for information purposes. The Company is making this presentation available in connection with an update on its business operations and strategies. This presentation does not contain all relevant informa
Slide 3: The ETHZilla Evolution
# 3 THE ETHZILLA EVOLUTION August 18 Rebranding # Unveiled new strategic direction and rebranded as ETHZilla Corporation and began trading under the ticker “ETHZ” on August 18 August 4 $425M Private Placement # The private placement was led by Electric Capital and Harbor Island and was the launch of
Slide 4: More than a digital asset treasury, a financial technology company powered by ETH
# 4 MORE THAN A DIGITAL ASSET TREASURY (DAT), ETHZILLA IS A LEADING FINANCIAL TECHNOLOGY COMPANY POWERED BY ETH Our business model: 2 ETHZilla deploys its ETH to leading DeFi protocols, where it earns differentiated staking yields in excess of typical fixed income returns ETHZilla plans to acquire r
Slide 5: ETHZilla's Allocation Strategy
# 5 ETHZILLA’S ALLOCATION STRATEGY Notes: ETH was purchased at an average price of $4,057 as of 11/13/25. (1) Earning rewards by validating and securing one or more blockchain protocols. Past performance is not indicative of future performance. Staking and Liquid Staking yield is subject to fluctuat
Slide 6: ETHZ Yield Strategy Significantly Outperforms Peers
# 6 ETHZ YIELD STRATEGY SIGNIFICANTLY OUTPERFORMS PEERS 1) Source: Electric Capital as of 11/13/2025 2) Traditional staking refers to the staking of ETH at the Ethereum protocol level, earning only native staking rewards without the use of additional yield - enhancing strategies # 7.5% ETH - denomin
Slide 7: Tokenization of Real-World Assets (RWA)
# 7 TOKENIZATION OF REAL - WORLD ASSETS (RWA) Tokenization is moving private and real - world assets on - chain, and we are seeing growing institutional adoption Growth Drivers # Global Financial Institutional adoption is accelerating + BlackRock launched BUIDL tokenized fund + Galaxy Digital launch
Slide 8: Stablecoins Are Driving On-Chain Activity
# 8 STABLECOINS ARE DRIVING ON - CHAIN ACTIVITY With $200B+ outstanding and trillions settled annually, we believe the growth of stablecoins reinforces ETH as core financial infrastructure, creating sustained demand and greater liquidity for holders. # Ethereum hosts ~55% of all stablecoins 2 Stable
Slide 9: Ethereum Scales Through Layer 2s
# 9 ETHEREUM SCALES THROUGH LAYER 2’S Source: Artemis As activity grows on L2 networks like Arbitrum, Optimism, and Base, Ethereum’s role as the settlement layer is reinforced, which is expected to drive demand, deeper liquidity, and greater institutional legitimacy. Stablecoin Transfer Volume ($mil
Slide 10: Investment in Liquidity.io Provides Foundation for Tokenization
# 10 INVESTMENT IN LIQUIDITY.IO PROVIDES FOUNDATION FOR TOKENIZATION # ETHZilla is purchased 15% of parent company of Liquidity.io at a $100mm valuation # ETHZilla invested $5mm cash & issued $10mm of restricted ETHZ common shares to parent company of Liquidity.io # ETHZilla has exclusive right to l
Slide 11: Market Opportunity: Core Verticals
# 11 ETHZIlla is focused on defensive, acyclical industries that are expected to provide investors exposure to cash yielding assets. Core Verticals MARKET OPPORTUNITY Primary Verticals # Banks # Consumer Lenders # Fund Managers # FinTech Lenders # Aerospace Real - World Assets # Equipment # Commerci
Slide 12: Our Vision: Executing Today, Scaling for Tomorrow
# 12 Our Vision EXECUTING TODAY, SCALING FOR TOMORROW # Deployed 257M to ETH L2 protocols # Generated 4.1M in protocol yield # Took a 15% stake in Liquidity.io # Become a leading facilitator of DeFi transactions and asset digitization across Ethereum Layer 2 networks. # Generate superior yield on ou
Slide 13: Financial Results
be FINANCIAL RESULTS
Slide 14: ETHZilla by the Numbers
# 14 ETHZILLA BY THE NUMBERS As of 9/30/25 $4.1 M Revenue 70% Treasury Deployment $445 M NAV $8.5 M Adj. EBITDA
Slide 15: Consolidated Income Statement (Non-GAAP)
# 15 CONSOLIDATED INCOME STATEMENT (NON - GAAP) September 30, September 30, 2024 2025 2024 2025 $ - $ 4,110 $ - $ 4,110 Revenues - - - 4,110 - - - 4,110 Total cost of revenues Gross income 3,472 227,954 596 224,605 Selling, general and administrative expense (3,472) (223,844) (596) (220,494) Operati
Slide 16: Non-GAAP financial measures
# 16 In addition to its reported operating results in accordance with U.S. generally accepted accounting principles (GAAP), ETHZilla has included in this presentation certain financial measures that are considered non - GAAP financial measures, including the following: • Adjusted EBITDA • Adjusted n
Slide 17: Non-GAAP Financial Measures and Reconciliations
# 17 NON - GAAP FINANCIAL MEASURES AND RECONCILIATIONS (in thousands) 2024 2025 2024 2025 $ (1,659) $ (212,008) $ (532) $ (208,671) Net income (loss) from continuing operations - - - - Income tax benefit - - - - Depreciation and amortization 29 320 11 320 Interest expense (1,630) (211,688) (522) (20
Slide 18: Disciplined Capital Allocation Driving Shareholder Value
# 18 DISCIPLINED CAPITAL ALLOCATION DRIVING SHAREHOLDER VALUE Deploying ETH to generate on - chain cash flows Building the RWA tokenization platform Returning capital via share repurchases $257M deployed across EtherFi and Puffer to generate recurring on - chain cash flows and support expansion of t
Slide 19: Fourth Quarter Outlook
# 19 FOURTH QUARTER OUTLOOK # The Company expects revenue - generating RWAs on chain in the coming weeks. # The Company anticipates positive adjusted EBITDA in the fourth quarter. # L 2 protocol yield is expected to range between 3 . 5 % and 4 . 5 % in the fourth quarter, supported by continued depl
Slide 20: Thank You
THANK YOU i r.ethzilla.com LinkedIn @ ETHZilla_ETHZ ir@ethzilla.com