BitMine Immersion Technologies, Inc. (BMNR) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon, everybody. I've only got 15 minutes, but I have like 60 slides I want to go through. So I may talk fast because there's a lot to cover. My message to you is that I know you might be depressed. You might even have friends who've given up on crypto, but Keep in mind, this is still very early days for crypto. I think the best days of crypto are ahead. So I want to cover this in a few parts. The first is I want to talk about why gold kind of won 2025. But I think this is the year that Bitcoin is going to resume its narrative as a store of value. The second is that crypto still has multiple adoption drivers, and why I think Ethereum is gonna be one of the central casting characters. And then the third part, which again, in 15 minutes I'm gonna cover three things, is why there's the rise of dominant DATs, and why Bitmine is probably your best way to have exposure to Ethereum. Okay, so Gold One 2025. You know, if you think about this, both are stores of value, but gold rose 73% in the past year, while Bitcoin is down 29%. And I think this caused a lot of people to throw in the towel around Bitcoin, and I think it's part of the reason why we're in a mini winter. There's five reasons gold can do well, okay? The first is geopolitical uncertainty. But in that scenario, crypto should do well. The second is dovish central banks. And in that scenario, crypto should do well. The third is currency debasement, which has been happening. And again, gold does well and crypto does well. But there's two other scenarios where crypto won't keep up with gold. One is if there's a lot of price momentum in precious metals. And the second is that if there's a loss in the fiat system entirely, because as you know, Bitcoin is digital money. And if we stop using money altogether, Bi...