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AMERICAN BITCOIN Building America’s Bitcoin Infrastructure Backbone NOVEMBER 2025
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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain statements contained in this presentation may constitute forward-looking information and forward-looking statements (collectively, “forward-looking statements”) within the meaning of United States and other applicable securities laws. All statements, other than statements of historical fact, in this presentation that address activities, events or developments that American Bitcoin Corp. or any of its affiliates (“ABTC”, “American Bitcoin” or the “Company”) expect or anticipate will or may occur in the future, including but not limited to statements relating to: the Company’s goals and objectives and its ability to achieve such goals and objectives, the broad adoption of Bitcoin, the Company’s ability to become a trusted platform in the Bitcoin ecosystem, the Company’s ability to accumulate Bitcoin, the Company’s plans for its Bitcoin holdings, the Company’s partnership with Hut 8, the Company’s ability to leverage Hut 8’s infrastructure, operations, power and expertise, among other things, liquidity for the Company’s securities, the Company’s expected financial and operational growth, the Company’s plans for future capital allocation, the demand for the Company’s offering in the market, the cost of energy, future site deployments and expansion, the Company’s ability to leverage public markets and secure financing upon favorable terms or at all, the scale of the Company’s operations, future fundraising plans, exahash capacity and growth, the availability of Bitcoin mining equipment, electrification of future sites and deployment of production capacity, valuation and trading multiples, trading in the Company’s securities, the value of the Company’s and its personnel’s brand and network, and volatility in the price of the Company’s and its peers’ securities, are forward-looking statements. When used in this presentation, the words “may”, “will”, “would”, “should”, “could”, “expects”, “trends”, “indications”, “estimates”, “anticipated”, “predictive”, “likely”, “looking to”, “potential”, or the negative or other variations of these words, or other similar or comparable words or phrases suggesting future events or outcomes, are typically intended to identify forward-looking statements. Forward-looking statements contained in this presentation reflect the Company’s current expectations and are subject to uncertainty and changes in circumstances that may cause actual results or events to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are based on estimates and assumptions made by management based on management’s knowledge, experience, and perception of historical trends, current conditions and expected future developments, as well as other factors that management believes are appropriate in the circumstances. Although the Company’s management believes that the assumptions made and the expectations represented by such statements are reasonable, including information and assumptions about the market, there can be no assurance that the forward-looking statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such forward-looking statements. Many factors could cause the Company’s actual results, performance or achievements, or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the following factors: the competition from current and future competitors; risks related to the Company’s partnerships and material contracts; risks related to the Company’s ability to scale its operations and Bitcoin reserve; failure of critical systems; geopolitical, social, economic, and other events and circumstances; cybersecurity threats and breaches; hazards and operational risks; dependence on key personnel; having a limited operating history; entering into new offerings or lines of business; price fluctuations and rapidly changing technologies; failing to grow hashrate; purchasing miners; relying on third-party mining pool service providers; uncertainty in the development and acceptance of the Bitcoin network; Bitcoin halving events; competition from other methods of investing in Bitcoin; concentration of Bitcoin holdings; potential liquidity constraints; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; trading volatility; and other risks described from time to time in the Company’s filings with the U.S. Securities and Exchange Commission. In particular, see the Company’s recent and upcoming annual and quarterly reports and other continuous disclosure documents, which are available under the Company’s EDGAR profile at www.sec.gov. All of the forward-looking statements included in this presentation are qualified by these cautionary statements. These factors are not intended to represent a complete list of the factors that could impact the Company, and other factors and risks could impact actual results, performance and achievements; however, these factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward- looking statements prove incorrect, actual results may vary materially from those described in this presentation as intended, planned, anticipated, believed, sought, proposed, estimated, forecasted, expected, projected or targeted and such forward-looking statements included in this presentation should not be unduly relied upon. The impact of any one assumption, risk, uncertainty or other factor on a particular forward-looking statement cannot be determined with certainty because they are interdependent and the Company’s future decisions and actions will depend on management’s assessment of all information at the relevant time. The forward-looking statements contained in this presentation are made as of the date of this presentation, and Hut 8 expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law. Except where otherwise indicated herein, the information provided herein is based on matters as they exist as of the date of preparation and not as of any future date and will not be updated or otherwise revised to reflect information that subsequently becomes available, or circumstances existing or changes occurring after the date of preparation. NO OFFER OR SOLICITATION This presentation is not intended to and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended (the “Securities Act”) or in a transaction exempt from the registration requirements of the Securities Act. THIRD PARTY INFORMATION This presentation includes market and industry data which was obtained from various publicly available sources and other sources believed by the Company to be true. Although the Company believes it to be reliable, it has not independently verified any of the data from third party sources referred to in this presentation or analyzed or verified the underlying reports relied upon or referred to by such sources, or ascertained the underlying assumptions relied upon by such sources. The Company does not make any representation as to the accuracy of such information. NOTICE REGARDING LOGOS AND TRADEMARKS All logos, trademarks, and brand names used throughout this presentation belong to their respective owners. 2AMERICAN BITCOIN
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3AMERICAN BITCOIN Crypto is the future. America must lead the way. American Bitcoin will set the standard. ERIC TRUMP AMERICAN BITCOIN CO-FOUNDER & CHIEF STRATEGY OFFICER OF AMERICAN BITCOIN
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4AMERICAN BITCOIN MISSION VISION MODEL CORE OBJECTIVES DESIRED FUTURE MINE EFFICIENTLY. BUILD RESERVE. LEAD ECOSYSTEM. Achieve top-tier scale, producing Bitcoin below market cost OUR OBJECTIVE Build America’s Bitcoin Infrastructure Backbone Maximize Bitcoin accumulation via operations & capital markets access Become the trusted platform unifying the American Bitcoin ecosystem Capital-Light Mining Strategy Maintain an asset -light approach using high-efficiency ASICs Leverage Hut 8 partnership for infrastructure, operations, and power Prioritize resource allocation to core growth by maintaining lean SG&A and tightly controlled corporate overhead PROVEN CAPABILITY Leverage Hut 8's energy advantagefor rapid execution with a proven team Offer public markets exposure to strategic, long-term Bitcoin holdings Utilize unique American Bitcoin identity and co -founder network for significant market visibility and liquidity 4 Strategic Infra Partnership Lean Operational Approach Achieve Mining Leadership Enhanced BTC Exposure Fuel Brand & Reach Lead Bitcoin Ecosystem Build Bitcoin Reserve Mine Bitcoin Efficiently AMERICAN BITCOIN ASPIRES TO BECOME A CATEGORY LEADER IN THE BITCOIN ECOSYSTEM
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5AMERICAN BITCOIN Why Now? Why Us? THE MARKET GAP ABTC IS POSITIONING ITSELF TO ASSUME SECTOR LEADERSHIP THE ABTC ADVANTAGE Leadership Vacuum Fragmented Ecosystem Hut 8 Operational Engine Strategic Reach BITCOIN LACKS CLEAR U.S. LEADERSHIP AND ECOSYSTEM COHESION, CREATING AN OPPORTUNITY TO UNIFY AND LEAD Core Bitcoin services remain disjointed and complex for many. Everyday Americans seek trusted, lower- cost Bitcoin ecosystem access and drive demand for a unified platform We believe Bitcoin's $2T+ ecosystem 1 lacks a focused, trusted American leader to provide guidance through its complex landscape. Existing players often struggle with inefficiency or diluted strategy, creating a clear opening for ABTC ABTC CAN LEVERAGE ITS UNIQUE OPERATIONAL POWER AND TRUSTED BRAND REACH TO CUT THROUGH THE MARKET'S COMPLEXITY AND DELIVER SIMPLIFIED, RELIABLE BITCOIN ACCESS FOR AMERICANS ABTC leverages the powerful American Bitcoin brand, network, and team for significant built-in audience reach, media attention, and platform visibility ABTC harnesses Hut 8’s proven acumen in rapid site deployment, powered by a low -cost U.S. energy pipeline for significant scale & speed-to-market MARKET CONTEXT Why Now? Why Us? Seizing the American Bitcoin Opportunity MARKET FRAGMENTATION COMBINED WITH ABTC’S EXPECTED ADVANTAGES, ENABLES A PATH TO ESTABLISH MARKET LEADERSHIP Source: 1. CoinMarketCap as of October 9, 2025
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6AMERICAN BITCOIN TEAM Expert Operators: Purpose-Built to Execute Layered Strategy THE EXPERTISE TO EXECUTE ACROSS MINING (LAYER 1), TREASURY (LAYER 2), AND THE BITCOIN ECOSYSTEM (LAYER 3) Executive Vice President of the Trump Organization Co-founder of World Liberty ($WLFI) Chief Strategy Officer of Hut 8 (NASDAQ & TSX: HUT) Co-founder of US Bitcoin Corp. (merged with Hut 8) Pioneer in institutional Bitcoin mining since 2012 Chief Executive Officer of Hut 8 (NASDAQ & TSX: HUT) Amongst the youngest CEOs of publicly traded companies globally Co-founder of US Bitcoin Corp. (merged with Hut 8) Forbes 30 under 30: Energy Asher Genoot EXECUTIVE CHAIRMAN Eric Trump CO-FOUNDER & CSO Matt Prusak PRESIDENT & INTERIM CFO Mike Ho CEO & DIRECTOR Former Chief Executive Officer of Ionic Digital Former Chief Commercial Officer of Hut 8 & US Bitcoin Corp. Former Chief Business Officer of Curative; delivered 25 million COVID tests Donald Trump Jr. STRATEGIC ADVISOR Executive Vice President of the Trump Organization Advisory Board of Dominari Holdings (NASDAQ: DOMH)
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CONFIDENTIAL & PROPRIETARY – PROPERTY OF AMERICAN BITCOIN AMERICAN BITCOIN Our Plan: A Layered Strategy SECTION 01 CATEGORY REDEFINITION: FROM HASHRATE OPERATOR TO END-TO-END BITCOIN ECOSYSTEM STACK
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8AMERICAN BITCOIN STRATEGY OVERVIEW ABTC is a Full Stack Bitcoin Play Layer 1 - Operational Foundation Layer 2 - Bitcoin Accumulation Layer 3 - Ecosystem Amplification Our mission is to establish America as the undisputed leader of the global Bitcoin economy The foundation of our model is a Bitcoin mining platform engineered for rapid, cost-efficient Bitcoin production at below-market cost Our treasury strategy leverages public market access and disciplined deployment to accelerate BTC-per-share growth SCALING FROM PREMIER MINER TO STRATEGIC BITCOIN ACCUMULATOR WHILE ESTABLISHING THE FOUNDATION FOR ECOSYSTEM LEADERSHIP
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9AMERICAN BITCOIN Note: 1. Of total hashrate, ~21.9 EH/s was operational as of September 30, 2025 ; 2. Data compared as of September 30, 2025 vs. September 1, 2025; 3. Data compared as of September 30, 2025 vs. June 30, 2025; 4. Revenue and cost of revenue metrics are based off mining business metrics for three months ended September 30, 2025 in 10-Q filings; 5. Corporate SG&A includes payroll and general & administrative expenses and excludes stock-based compensation for three months ended September 30, 2025 in 10-Q filings. In addition, ABTC’s 12.5% includes one-time transaction costs related to GRYP merger Source: SEC EDGAR filings LAYER 1 – OPERATIONAL FOUNDATION Forging an Industry-Leading Foundation RAPIDLY SCALING HIGH-PERFORMANCE MINING OPERATIONS WITH ADVANCED EFFICIENCY ABTC’s cost structure positioned to drive superior economics vs. peers Leveraging Hut 8’s infrastructure, ABTC operates with one of the lowest cost bases in the industry and leads with one of the lowest SG&A as a percentage of revenue at only 12.5 % – e.g., ~$50.2K cost of revenue per BTC mined in Q3 2025 increased QoQ only by 0.9% Cost-Efficient Bitcoin Production Energy and Infrastructure Leverage Capitalizes on energy access and infrastructure, driving ~16.3 J/TH efficiency at hashrate of 25.0 EH/s1 in Q3 2025 Scalable Mining Foundation Harnesses our scaled, high -throughput mining base to anchor BTC reserves in an operating business accumulating BTC at a structural discount – e.g., BTC in reserve increased ~1.4x in 30 days2 and increased QoQ ~8.5x in 3 months 3
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10AMERICAN BITCOIN 2 ASSET-LIGHT SPEED AND CAPITAL EFFICIENCY New mining sites delivered by Hut 8 in rapid succession at competitive infrastructure costs per megawatt Nearly 100% of ABTC growth capital directed to ASICs & Bitcoin accumulation OPERATIONAL EXCELLENCE AND DE-RISKING Execution risk limited through Hut 8’s deep industry experience Hut 8's optimized costs provide a predictable low-cost structure for ABTC to produce BTC and leverage ongoing operational efficiencies BUILT-IN SCALABILITY AND ALIGNMENT Access to Hut 8’s substantial energy development pipeline provides a roadmap for future low-cost expansion Hut 8’s partnership creates strategic alignment with ABTC’s growth and success Accelerated Deployment Capital Focused on Hashrate Turnkey Expertise Cost Efficiency Vast Energy Pipeline Deeply Aligned Interests LAYER 1 – OPERATIONAL FOUNDATION Hut 8 Partnership: Critical Operational Advantage LAYERED MASTER PLAN IS TO SCALE FROM EFFICIENT MINER TO STRATEGIC TREASURY, CREATING AMERICA'S CORE BITCOIN PLATFORM
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11AMERICAN BITCOIN Speed and Scale Agreement with Hut 8 to provide access to 205 MW from ERCOT Grid (Texas) and a wind farm Building America’s Bitcoin Backbone with Hut 8 Hut 8 Vega site is one of the largest mining facilities spanning 162K sq. ft. Hut 8 took <1 year from site acquisition (July ‘24) to initial energization (June ‘25) – timelapse Hut 8 Architecture 120,000 gallons of direct-to-chip liquid cooling Rack-based architecture supports 180-kW / rack, 50% higher than 120-kW requirement of NVIDIA Blackwell GPUs Supports up to 17,280 BITMAIN servers Source: Hut 8 Press Release: Hut 8 Energizes Vega Data Center as of June 30, 2025 LAYER 1 – OPERATIONAL FOUNDATION
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12AMERICAN BITCOIN Growth Roadmap: Path to ~50 EH/s LINE-OF-SIGHT TO ~50 EH/S OF SELF-MINING CAPACITY WITH AN AVERAGE EXPECTED FLEET EFFICIENCY OF <15 J/TH ~10 EH/s as of March 31, 2025 ~24 EH/s as of September 1, 2025 ~35 EH/s ~50 EH/s Launch ABTC launches as a majority- owned subsidiary of Hut 8 Phase 1 $220M Private Financing BITMAIN Option Exercised at Vega Site Phase 2 Illustrative Phase 3 Illustrative <15 J/TH <16 J/TH16.3 J/TH 21.2 J/TH LAYER 1 – OPERATIONAL FOUNDATION
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13AMERICAN BITCOIN Where Treasury Meets Mining Excellence AMERICAN BITCOIN COMBINES BTC TREASURY INTENTIONS WITH A WORLD-CLASS BTC MINING OPERATION LAYER 2 – BITCOIN ACCUMULATION
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14AMERICAN BITCOIN 01 Access Strategic Capital for Growth Economies of Scale Utilize public markets and diverse funding options to raise capital, accelerating Bitcoin accumulation beyond mining output Accumulate Long-Term Holdings Build and adaptively manage Bitcoin reserve to support balance sheet strength and enhance shareholder value At-the-market (ATM) offering to sell up to $2.1B primary shares on NASDAQ under ticker ABTC Leverage Public Market Access Purchase BTC tranches from capital raised and leverage potential BTC price appreciation – BTC price increased ~90% since 2024 halving1 and ~117% avg. YoY growth since 20202 ABTC's NASDAQ listing enables capital market access to leverage our scale, and brand visibility Layer 1’s scale, efficiency, and credibility are critical prerequisites for Layer 2’s execution LAYER 2 – BITCOIN ACCUMULATION Growing our Bitcoin Reserve: The Strategic Value Engine LEVERAGING STRONG FUNDAMENTALS AND BRAND-DRIVEN VALUATION POTENTIAL TO BUILD LARGE-SCALE RESERVE SOUGHT BY INVESTORS Scale unlocks compounding benefits across equity value, volatility, cost of capital, and mining output, reinforcing Bitcoin reserve accumulation engine Self-reinforcing cycle enhances both equity and Bitcoin reserve value over time 1. Market Data as of October 7, 2025 and halving data from April 19, 2024; 2. Market data from January 1, 2020 to January 1, 2025 04 02 03
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15AMERICAN BITCOIN 04 PUBLIC INVESTORS MAY PREFER TO EFFECTUATE BTC ADOPTION THROUGH TRADITIONAL EQUITY MARKETS STRATEGIC TREASURY MANAGEMENT & CAPITAL ALLOCATION CAN CREATE VALUE BEYOND PASSIVE BTC HOLDING 03 HIGHER VOLATILITY THAN BTC OPENS DIVERSE OPTIONS MARKET 02 ATTRACTS CAPITAL BY MAKING IT EASIER FOR INVESTORS TO MONETIZE VOLATILITY VS. PHYSICAL BTC BENEFITS THAT ALLOW PUBLIC BTC TREASURIES TO TRADE AT A MULTIPLE TO BTC NAV 01 LAYER 2 – BITCOIN ACCUMULATION Why Do Public BTC Treasuries Benefit From mNAV Premiums? MNAV PREMIUMS ARE DRIVEN BY COMPARATIVE BENEFITS VERSUS TRADITIONAL BITCOIN ETFS, INVESTMENT VEHICLES, AND PHYSICAL BTC Note: Market-to-Net Asset Value (mNAV) is a valuation multiple that compares a company’s market capitalization to the value of its Bitcoin holdings (i.e., market cap ÷ BTC NAV)
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16AMERICAN BITCOIN HOW ABTC COMPARES TO PEERS & OTHER PUBLIC MARKET ALTERNATIVES Mines BTC at lower cost than market purchases to provide less dilutive treasury growth vs. peer accumulation strategies Committed to BTC treasury growth via mining and strategic market purchases Capitalize on equity market premiums to fund BTC acquisition at favorable cost of capital Fortress balance sheet reinforces scarcity value and long- term shareholder alignment Strategic HODL & Reserve Growth Brand reach and media presence broadens capital access and investor awareness Publicly-listed entity provides flexible, rapid capital deployment capabilities Disciplined ATM execution aiming to maximize BTC per share accretion Demonstrated ability to raise capital efficiently Capital Market Access & ATM Posture Mining approach reduces market purchase premiums & fees that are incurred by peer accumulation strategies Highly competitive SG&A demonstrates premier operational efficiency Lean corporate overhead enhances capital allocation to productive BTC generation Exceptional Cost Discipline & Liquidity Runway Integrated model captures value across BTC management & development chain Many pure-play BTC treasuries command premium mNAV multiples in public markets Hybrid model combines treasury upside with mining cash flows Strategically positioned for operational outperformance and valuation expansion Peer Positioning THE AMERICAN BITCOIN APPROACH LAYER 2 – BITCOIN ACCUMULATION ABTC’s Disciplined Approach to Capital & Treasury Management AMERICAN BITCOIN IS POSITIONED TO CAPITALIZE ON STRUCTURAL ADVANTAGES THAT ARE EXPECTED TO COMPOUND OVER TIME
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17AMERICAN BITCOIN Select Digital Asset Treasuries Last Twelve Months Of Share Price Performance 1 Digital Asset Treasuries are Outperforming the Market Note: 1. Data as of September 30, 2025; 2. Data as of November 11, 2025 Source: BitcoinTreasuries.net; Yahoo Finance; NASDAQ LAYER 2 – BITCOIN ACCUMULATION Ticker NASDAQ: MSTR LTM Return1 91.1% Bitcoin Held2 641,692 Ticker NASDAQ: CEP LTM Return1 123.1% Bitcoin Held2 43,514 Ticker NASDAQ: MTPLF TYO: 3350 LTM Return1 473.7% Bitcoin Held2 30,823 Bitcoin Ethereum
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18AMERICAN BITCOIN Mining & Treasury Stocks Beat the Market Note: Past performance is not indicative of future results; Source: Market data as of September 30, 2025 over the last three years from TradingView and NASDAQ LAYER 2 – BITCOIN ACCUMULATION 2023 2024 2025 3,000% 3,200% 3,400% 2,800% 2,600% 2,400% 2,200% 2,000% 1,800% 1,600% 1,400% 1,200% 1,000% 800% 600% +487% +291% +171% +132% +87% +70% +1,418% +945%
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19AMERICAN BITCOIN KEY INPUTS Scale And Efficiency Trusted American Brand Broad Audience Reach Strategic Bitcoin Reserve Expanded Service Capabilities Widespread Bitcoin Exposure Ecosystem Leadership Significant Value Creation UNLOCK ACCESS TO EXPAND SCALE LAYER 3 – ECOSYSTEM AMPLIFICATION Amplifying Value: America’s Bitcoin Infrastructure Backbone LEVERAGING FOUNDATIONAL SCALE, BRAND, AND TREASURY TO LEAD THE BITCOIN ECOSYSTEM
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20AMERICAN BITCOIN LAYER 3 – ECOSYSTEM AMPLIFICATION America Dominates Bitcoin ~40% Estimated American ownership of Bitcoin supply $790B+ Estimated value of Bitcoin held by Americans ~95% U.S. ownership of Bitcoin by public firms ~36% U.S. share of global Bitcoin hashrate $42B+ Value of Bitcoin mined by U.S. companies since 2021 $30B+ Bitcoin mining investments in the U.S. since 2021 Source: River Research Report as of May 2025
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CONFIDENTIAL & PROPRIETARY – PROPERTY OF AMERICAN BITCOIN AMERICAN BITCOIN Layered Strategy Lasting Value SECTION 02 BUILDING AMERICA’S END-TO-END BITCOIN PLATFORM
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22AMERICAN BITCOIN THE CASE FOR OUR STRATEGY Building Enduring Value and Unlocking the Bull Case OUR ULTIMATE VISION IS TO BUILD ENDURING VALUE ACROSS ALL FACETS OF THE BITCOIN ECOSYSTEM Leverage Public Market Listing Establish ABTC as the premier public vehicle for investors seeking exposure to large-scale Bitcoin holdings Utilize scaled miner status, brand visibility, and trading volume for capital markets access Build Bitcoin Reserve Focus on Long-Term Accumulation Activate public market mechanisms (e.g., ATM, Convertible Notes) to accelerate Bitcoin accumulation beyond mining capacity Manage mined and acquired Bitcoin, prioritizing long-term holding while retaining flexibility for value optimization Access Strategic Capital Prove Speed-to-Hashrate Playbook MINE BITCOIN EFFICIENTLY BUILD BITCOIN RESERVE LEAD BITCOIN ECOSYSTEM LAYER 1 LAYER 2 Leverage and expand our low-cost power for lasting operational edge Repeat our accelerated site deployment cycle LAYER 3 Harness Energy Pipeline Advantage Target Hashrate Market Leadership Drive hashrate growth through strategic site expansions and miner fleet upgrades Become North America’s largest self-mining operator Expand Mining Capacity Build Integrated Bitcoin Platform Utilize retained Bitcoin as a dynamic strategic reserve and liquidity engine for hedging, collateral, and capital base growth Create an integrated platform with core Bitcoin technologies for partners and developers Employ Bitcoin-Native Treasury Serve as Ecosystem Focal Point Generate revenue streams from our Bitcoin infrastructure beyond block rewards Establish ABTC as the trusted hub where partners, capital, and developers converge Monetize Infra Surface Area
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23AMERICAN BITCOIN THE CASE FOR OUR STRATEGY Institutional Adoption of Bitcoin is Still Near Zero Source: BofA Global Fund Manager Survey referenced in BitBO as of August 18, 2025 THE BOFA SURVEY POLLED 211 MANAGERS OVERSEEING $504 BILLION IN ASSETS, SUGGESTING THAT CRYPTO ALLOCATIONS REMAIN MORE SYMBOLIC THAN STRATEGIC 97% 3% Of institutional fund managers have zero exposure to crypto in their portfolios Avg. allocation to digital assets amongst the 3% with crypto exposure
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24AMERICAN BITCOIN THE CASE FOR OUR STRATEGY Note: MSTR’s institutional ownership increased to 51% for the three months ended September 30, 2025 according to NASDAQ IR Insight Source: 1. Bitcoin Magazine and CoinMarketCap as of April 25, 2025; 2. Simply Wall St as of April 8, 2025 Digital Asset Treasury Companies Drive Institutional Adoption DATS OFFER EXPOSURE WITHOUT THE ONBOARDING COMPLEXITIES OF CRYPTO-NATIVE PRODUCTS
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25AMERICAN BITCOIN THE CASE FOR OUR STRATEGY Global Institutions Have Embraced Bitcoin 30+ 1.6M ~$178B Spot Bitcoin ETFs launched globally BTC Holdings (Spot ETFs) BTC Value (Spot ETFs) Source: Bitcoin Treasuries by BiTBO as of October 13, 2025
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26AMERICAN BITCOIN THE CASE FOR OUR STRATEGY BlackRock’s Bitcoin ETF Amassed Over $84B AUM in Under 20 Months Bitcoin (IBIT) $84B 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10B 20B 30B 40B 50B 60B 70B 80B Source: BlackRock, CryptoQuant; Bankless as of October 3, 2025 90B BLACKROCK’S GOLD ETF TOOK 20 YEARS TO REACH $33B AUM; BLACKROCK’S BITCOIN ETF TOOK LESS THAN A YEAR Gold (IAU) $33B
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27AMERICAN BITCOIN 200+ 1M+ ~$120B Publicly Listed Companies Holding BTC with… BTC Acquired Yielding… BTC Value NOTABLE EXISTING BITCOIN TREASURY COMPANIES PUBLICLY LISTED COMPANIES WITH BTC ON BALANCE SHEET THE CASE FOR OUR STRATEGY Public Companies Have Embraced Bitcoin Source: Bitcointreasuries.net as of October 13, 2025; NASDAQ BTC closing price as of October 12, 2025
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28AMERICAN BITCOIN THE CASE FOR OUR STRATEGY Bitcoin Holders Have Staying Power Total Market Cap: $800B+ as of Dec. 2023 Source: CryptoSlate as of November 2023 & December 2023; CoinMarketCap as of December 2023 Has not moved for at least one year ~70% Has not moved in over five years ~30% Total Market Cap: $2T+ as of Oct. 2025
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29AMERICAN BITCOIN THE CASE FOR OUR STRATEGY Ancient Supply Expected to Grow to ~30% by 2035 Catalyzed by ETFs and Treasuries Ancient Supply Projected Ancient Supply 35% 30% 25% 20% 15% 10% 5% 0% 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Projected Ancient Supply Incl. Public Companies Note: Ancient Supply refers to Bitcoin that has not moved for 10 years or more, representing a cohort of ultra long-term holders; Source: Fidelity Digital Assets Research via Glassnode & Public Company Filings and Announcements as of June 8, 2025