Well, welcome everyone. That was quite an introductory video. And it's my first time seeing it, 'cause Marcy wanted to make it a surprise. I've got a presentation, but before I dive into it, I just wanna make some sort of opening comments, especially 'cause those on the live stream are just hearing us begin this. So, first, I do wanna recognize the folks that organized and put this shareholder meeting together in Las Vegas. So that's Marcy Simon of Agent of Change and her team over there. At the end of this sort of programming content, Marcy will come on stage and explain some of the other fun things that are gonna follow the formal presentation of some of the content. I do wanna recognize several constituents that are behind BitMine. So I'm gonna start with the board of directors, which if you can all just stand up at once. If you don't mind, there's gonna be seven standing up. Okay, great. Board of directors. And I'd like to recognize those from BitMine's executive management team. So everyone who is from BitMine, please just stand up. Great. I'd also like to recognize some key partners for us. One of them is Mosaic Capital, and if there's folks from Mosaic here, if you could stand up. I believe there should be a couple. I see some hands waving in the back. Yeah. Okay. Of course, our outside counsel, Mike Blankenship, and the team from Winston & Strawn, they've been critical, critical partners as we forge as a crypto treasury. So Mike and-- and Mike was up here with me earlier, but where's Mike and team? They're back there. Okay. And, I recognize a couple of PIPE investor, original PIPE investors here, Seth and others. So if you are part of the original PIPE, could you please stand? And I see Adam here. Please stand up. These guys, helped us fund the initial transformation of BitMine. I believe I see Ash from the Ethereum Foundation here. So, Ash, could you please stand up? Ash is from the Ethereum Foundation. Okay, and then, of course, I'm not gonna ask all the stockholders to stand up, but I do wanna recognize you guys 'cause, one, I appreciate you making the journey out here. It's the first-ever shareholders meeting we have. We tried to make this a fun event for you, and we have some content for you to learn. But it really means a lot to us because we're here to serve the shareholders and really do right by the stock. Okay, so let me just click forward on this presentation. Okay, so I put together a presentation for our annual stockholder meeting, and here's some disclaimers. Again, just like the proxy statement, I hope you read it line to line. But here's the agenda. I wanna give you a recap of 2025, which was the year that we transformed BitMine. I wanna give you an update on progress about the Alchemy of 5% and what it could mean. I do wanna spend a lot of time talking about the four pillars of growth to drive stockholder value, and this is gonna apply to 2026 and beyond. Then I wanna go back to why Ethereum is the future of finance, and of course, that we've got the team in place to drive transformation. Okay, I think it's a year - we need to recap 2025 because the year was where a lot of digital asset treasuries came onto the scene, by our count, over 80. But in that 12-month period, by the end of last year, we have now seen the emergence of what I would call dominant DATs. Okay, first, just a reminder, I want you to think about holding periods. At Fundstrat, we first wrote about Bitcoin in 2017, and let's look at how Bitcoin has... At that time, we said you'd wanna own 1% of Bitcoin. And let's see how it did compared to other assets. A lot of these other assets I would still own, but as you can see, Bitcoin, in that time period that's passed, has gone from $960 through September 26, which we just wanna record before the liquidation event, $109,000. That's a 112 times return. It outperformed NVIDIA, which went from $2- $178, which is massive already, 65x. It beat Nasdaq, it beat gold, which went from $1,100- $3,800, and it beat the S&P, which went from 2,200 to 6,600. So, if you put 1% into Bitcoin, that was a good insurance bet because it really crushed everything else. But Ethereum did even better. You can see Ethereum went from $8 to $3,900. That's almost a 490 times return. Okay. But last year, crypto kind of disappointed. You can see gold did great, the Mag Seven did well, Nasdaq did well, S&P did well, and you can see Bitcoin and Ethereum actually were down for the year. So in some ways, it made many people wonder, has a crypto winter started, or was even last year a crypto winter? Keep in mind that crypto was doing great until October 10th of last year. So Ethereum was up 40% and Bitcoin was up 33%. But then we had the crypto mass liquidation event. $1 trillion of value was wiped out. As many of you know, it was the largest de-leveraging event in the history of crypto, even bigger than what happened with FTX, and they estimate over 2 million crypto accounts were wiped out, went to zero. Many market makers and even crypto exchanges had their balance sheets hurt. So the industry, since October 10, has been limping along. In 2022, November 2022, when FTX collapsed, it took eight weeks before the market began to show signs of life. So if you asked us this year, it's a larger event, but when would crypto begin to maybe find its bottom? It would be December 10. And, you know, post-October 10, as you can see, Ethereum fell basically by half, and Bitcoin fell by 36%. So here we are, but if you kind of squint, you can see since late December, Bitcoin and Ethereum have begun to claw their way back. Okay. Now, think about that. It was the largest liquidation event in the history of the crypto industry. So crypto treasuries were built to go public and outperform ETFs by buying crypto. Since October 31, only two crypto companies bought any crypto in size. MicroStrategy, from December 31 to the end of the year, bought $2.9 billion worth of Bitcoin, which is a lot. Metaplanet bought $330 million of Bitcoin. And among the Ethereum treasuries, only one crypto treasury bought any Ethereum, which was BitMine, which bought $2.4 billion worth of Ethereum. And in fact, two Ethereum treasuries actually sold Ethereum, okay? So if you think about accretion by buying ETH accretively or buying Bitcoin accretively, it's only two companies. Now, let's think about other dimensions about Ethereum treasury dominance. One is just the size of the balance sheet, dollar value of Ethereum held. These numbers, of course, are a little stale, but BitMine is around $13 billion, and that is basically five times larger than the next largest Ethereum treasury. But the lifeblood of a crypto treasury is trading volume. BitMine trades $1.6 billion a day, and as you know, we publish weekly stats, but routinely, BitMine is a top 50 most traded stock in America. Top 50. And as you can see, that's 14 times larger than number two in crypto treasury. So if you're looking at what institutions want, institutions want a really liquid stock that they can buy without disturbing the price. Well, we trade $1.6 billion a day, so they can, you know, they can buy $1 billion in a day. But the next smallest crypto ETH treasury only trades $100 million a day. It would be very hard for them to put $1 billion to work. So again, that's the comparative dominance. And so, my takeaway is in 2025, because of October 10th, it has shown who are the dominant crypto treasuries, and, and it really, in my mind, is two, MicroStrategy and BitMine. And, between the two of us, it's 90% of all crypto trading volume, for DATS. So the other 78 companies represent 10% of the volume. Okay, so let's jump to part two, which is the company's made rapid progress on getting to 5% of Ethereum. So that was our mission statement on June 30th, when we launched the Ethereum treasury, funded by our PIPE investors, two of which are here today. In those ensuing six, seven months, as you can see, we wanted to get to 6 million ETH tokens, and in 6 months, we're at 4.2 million ETH. So we're 68% of the way to 5%. We originally thought this would take 5 years, but we're 68% of the way there in seven months. Now... Oh, thank you. Now, we have cash, $1 billion of cash on the balance sheet. So if we add the cash and said, "Let's buy Ethereum with the cash," we would have 4.5 million ETH tokens, which means we're 75% of the way to the alchemy of 5%. So we believe if you believe this trajectory... BitMine should cross 5% sometime this year, assuming the seven months continue to hold. As you can see, we studied the blue-chip standard for crypto treasury, which is MicroStrategy. As you can see here, we have $13 billion of ETH, including cash, in roughly 7 months. At the same point, MicroStrategy had $3.4 billion of Bitcoin. In fact, we accumulated as much Ethereum as MicroStrategy accumulated, which took them roughly 1,300 days or 4 years. Okay, so now that we've stacked some ETH, I think you need to think—'cause many of you might get angry at us, 'cause I've seen it on Twitter. Like, "Tom, if you got ETH, then don't do anything else. You're just gonna stake it, okay? But then I think you're misunderstanding what happens if you have a substantial stake as a-- and especially as a validator, you know, in a proof of stake network, in one of the most important blockchains in the world today. I mean, Ethereum, in our view, is gonna be the future of finance. So we have 5%. Imagine, like, someone saying, 'Hey, there's this really tall kid, okay? He's, like, seven feet tall, so we're just gonna have him clean gutters 'cause he's so tall,' you know? Like, your best use, best return should be like: 'Oh, he should be a basketball player or something, right? Not a roof cleaner.' Okay, so that's what I'm saying. You have to imagine, if you own 5% of Ethereum, and it's the most important blockchain in the world, and it's gonna be the future of finance, and it'll be the settlement layer for almost everything else, I don't know if you'd want us to just be staking ETH, and then that's it. And, like, but that's what a lot of people. Many of you might even think that's what you want, but let me just try to open your imagination to some things that would make sense. First, when we made our first presentation about BitMine, we gave you this roadmap. We said, we're gonna have a made-in-America validator network. We're gonna be a community part, a participant, especially with the Ethereum Foundation and, Ash, who, was one of the key folks there. We also wanted to do moonshots. Okay, these are select investment and ideas that would really enhance the future value of Ethereum. Of course, we wanted to get to 5% of ETH. So I wanna focus on this moonshots, and at the time we wrote this in our first presentation from July, we said we would use up to 5% of the balance sheet to do moonshots. Now, 5% today is $700 million. So you should realize we've been giving you this idea that we would take 5% of the balance sheet, $700 million, and our balance sheet will grow, but we want to do moonshots that will strengthen Ethereum's competitive position. So today, we announced one of the moonshots, okay? You might be confused, so I'll explain to you why, this is not confusing, okay? We made a $200 million investment into Beast Industries. I would say if someone said, "What are you expecting to accomplish?" If this was just like: "Hey, I'm gonna make a $200 million bet into Beast," no-brainer, okay? Because he is... Well, I'm gonna skip around. I'm gonna jump. Because he is the iconic content creator of our generation. There is nobody more important to Gen Z, Gen Alpha, and Millennials. Now, I'm looking at the room. Okay, I'm gonna guess - okay, that the representative population of Gen Z, Gen Alpha is not here, okay? Because, otherwise, you guys would be using a lot of slang I don't understand. I see some Millennials, but I see a lot of Gen X and a lot of baby boomers, okay? So the thing is that you might think that we have gone off the rails, but that's not the thing. Okay, MrBeast is the number one content creator in the world, and if you're not following how important he is, first of all, he has 1 billion followers, okay? 1 billion, like one— There's seven billion people on this planet. He has one in seven people following him. But I'm gonna say I only think there's three million people with, like, internet accounts. He has, like, a third of all people that are on the internet following him. That's reach. For instance, he has the only person with more followers that are celebrities is Ronaldo, Cristiano Ronaldo, okay? And of all the creators, he has a billion. The next is... I can't really read the name. I believe he's— I need my magnifiers. Okay, 300 million. He is a giant among content creators, and fact is, nobody's gonna be able to become MrBeast again. There's I would say it's almost impossible for someone to, in the next 10 years, to get 1 billion followers, and he's created this organically. In fact, if you look at YouTube usage MrBeast has more viewership than Walt Disney or Netflix or NBC or Paramount, Fox, Warner Bros. or Amazon. Nobody is, nobody's more watched in streaming world than MrBeast, okay? And think about that for a minute. And the Super Bowl, which is like considered, you know, the global event, gets 256 million views on that event. Every twice a month, MrBeast puts out a video, and each one gets 252 million views. His content is more watched than the Super Bowl. Okay? So he has 535 million views a month out of his one billion followers. They are super engaged. And now he does all these collaborations. That's the key word, okay? He collaborates with all these people that you might care about, somewhere on this grid, okay? But he does content with them. And, guess what? Well, actually, let me just jump forward. Well, yeah, let me back up then. Okay, so that's where it comes with us. So again, I'm gonna start with what I just said. So if it was just a $200 million investment, guys, this is a no-brainer. This guy is the most important content creator in the world, and BitMine was invited to invest in their capital structure. Look at who else is allowed to invest: Social Capital, which is Chamath, Alpha Wave, MrBeast himself, he owns 51% of the company. We're the largest corporate and strategic investor in his company. So we are big, okay? What do I think that investment's worth? Okay, I can make a forward statement 'cause I'm not Beast Industries, but I think we're gonna easily make a moonshot return on that, you know, 10x. But that's not the reason, okay? So he's the number one content creator, and now we have substantial call option value on any future consumer service developed by each, okay? Now, I wanna read what Jeff Housenbold, their CEO, actually stated. Sorry, I'm gonna have to pull this up on my phone. About this investment that we made, and I want you to listen carefully to his words. Okay, what he said was, "We are excited to welcome Tom Lee and BitMine as new investors in Beast Industries, joining our current top-tier venture investors." And we're not a venture investor, we're a strategic corporate. "Their support is a strong validation of our vision, strategy, and growth trajectory, and it provides additional capital to achieve our goal to become the most impactful entertainment brand in the world." Okay, so we're helping them get to their goal. "We look forward to exploring ways to further collaborate," see, that's the word, "and incorporate DeFi into our upcoming financial services platform." So think about this, if you want Ethereum to be part of the future of finance, it kind of makes sense to have a connection to the most important content creator in the world, okay? So again, if you were angry and you downvoted our investment in MrBeast, you're allowed to change your down vote. Okay, so I just want to explain the potential synergy. So you have... Okay, someone says the number one investor for retail investors, okay, me. The number one holder of Ethereum in the world, okay? We own more Ethereum than anybody, and it's the future of finance, plus the number one content creator in the world. I mean, guys, that's the option value. I mean, that's the moonshot potential, and that's what we just put BitMine on a trajectory for another moonshot beyond just the money we earn from staking. Okay. Now, lastly, if you wanna know where we could have potential collaborations, I'll give you some thoughts. For instance, do any of you guys watch Beast Games? Yeah. Okay, like, it's huge. It's the number one show in 80 countries. Number one show in 80 countries. 144 million people watched it in the first 25 days. It's the number one scripted-unscripted show in Prime Video history. 50 million families watched it in the first 25 days. I mean, this is driving Amazon growth, and it broke 67 world records. Well, would it make sense for BitMine to be a sponsor partner with MrBeast in one of the episodes? Yeah. Right? That makes perfect sense. Well, that's what we're gonna have synergy from by being their largest corporate strategic investor. And by the way, something that the Mosaic partners and I, Matt from there here, and Shen's missing, but one of the things that was super compelling to us is that the corporate values of Beast Industries. If you're not aware, they are a very philanthropic group. MrBeast himself is extremely charitable. Beast Philanthropy has grown into one of the biggest giving engines in the world, okay? They've raised hundreds of millions of dollars for things like refugees, food, prosthetics, surgeries, it's incredible. So we have corporate values aligned, again, with what I think is the most important content creator in the world. Okay. So hopefully, and I took a lot of time to explain that, you understand this was a smart move, okay? We're not doing something crazy with shareholder capital. And they're growing, by the way. Look at his follower count is up 30% year-over-year. I mean, pretty soon, his follower count's gonna include, like, Mars inhabitants, 'cause he's gonna cover the whole planet, right? After seven billion- Or it'll be like, you know, frozen eggs and stuff. And 41% growth of views. Okay, so that takes us back to our strategy going forward. We have four pillars of growth because, again, I don't think, as shareholders, you want us to just simply be staking ETH and buying ETH, especially as we get close to 5%. So let me explain to you our four pillars of growth. The first is to maximize yield on Ethereum. Okay, so we're gonna optimize the staking yield. The CESR benchmark is 2.8. We're gonna try to do better. One way we do it, at least one way that we've talked about it, is to pursue alpha strategies. Now, the, the entity that'll execute this for us is Mosaic Capital, but we also have an advisor, Tom DeMark, of DeMark Analytics. For those who are boomers or older Gen X, Tom DeMark is iconic. He is the one of the most famous market timing people. He has won so many awards. He only has two clients. I believe he's disclosed his. Well, I don't think he's disclosed his first client, so I'm not gonna name it. We are his only other client, and I showed you that slide where we bought 2.4 billion of ETH in the last two months. Tom DeMark's strategies, along with Mosaic's execution, probably saved us $400 million on those purchases. So think about that. We bought ETH in a way that made you guys money. So don't shake your fist at ETH when it's down. We like it when it's declining, okay? All right, but here's where I can give you some imagination. We have 13 billion of ETH. So imagine Proposal 2 didn't pass, and we're stuck in the water. We don't buy another dollar of ETH for the rest of the history of the company. But using the staking yield and with some optimization, that would generate $367 million-$390 million a year in rewards. We have $1 billion in cash. That would generate another $35 million-$40 million. The company will generate $400 million-$433 million a year in pre-tax income. That's more than $1 million a day, and that's been achieved in six months. I think a company that goes from zero to, in seven months, a company that can make $400 million a year, that's quite an achievement. But, of course, thank you for the stockholders for getting us here. But let's think about a future scenario. Let's say that ETH's price stays at 3,000, but we get to 5% of ETH. That number rises to $542 million-$583 million. But I think ETH is grossly undervalued, okay? Let's say a proper price for ETH is 12,000, okay? And I'll explain in a later section how I get to 12. Then the annual rewards and interest jump to $2 billion-$2.2 billion, okay? That would make us one of the 20 most profitable companies in America, so... Or maybe 30th most, but it's really up there, okay? So that's why, if our vision is correct on Ethereum, and we're generating this level of rewards and income, you don't want us to just be a staking entity. Okay, that gets us to the second, which is we want to invest in moonshots. So far, we've done two. We will do more. Orbs and Worldcoin. We want to accelerate tokenization products. We wanna work with the L2s and the DeFis, the leading projects, including something like Lighter. We'll-- I'm gonna have a fireside chat with Vlad today about Lighter and why you really should pay attention to Lighter and its token. You know, we're really excited about this Beast Industries moonshot. Okay, just to remind you, BitMine invested in Orbs $20 million. Worldcoin, it was founded in 2019 by Sam Altman, who's the OpenAI CEO, and Alex Blania. They have built an incredible technology for proof of human. It is the only way to verify your humanity today, using an iris scan. They're not scanning your iris. They're using your iris to create a cryptographic hash, but that is unique. Out of seven billion people, that would be the only number, cryptographically unique identification. It's the only thing more secure is a fingerprint. And Eightco's done well. They hold 10% of the circulating supply of Worldcoin, 11,000 ETH, $69 million in cash, and they've verified 17 million humans. The Worldcoin app, if you haven't downloaded it, it's almost an omni app. It's that good... and they've done some cool pilot partnerships to do proof of human verification, sort of a single sign-on with Kraken and Coinbase. And they've also made strategic investments into something like Mythical. Okay, and of course, you know, tokenization is the future, and that's why we wanna do moonshots into tokenization. I might fork this conversation for a bit to explain to you tokenization, because I think people are underestimating how important it is. Tokenization does give you fractional ownership. It reduced cost and efficiency, 24/7 trading, enhanced transparency and security, increased liquidity, okay? But I think it's really taking Wall Street into the future, okay? So it's a huge evolution. And in fact, Larry Fink said, "It's the biggest innovation since double ledger accounting." He's the CEO of BlackRock. So I'll just give you some examples of tokenization, and I'm sorry, this is taking longer than expected, but I had to explain to you Mr. Beast. So first, to tokenize something, you could just do fractional ownership. So you could say, take the painting and fractionalize it, and this is what you own. But what we believe is more important is to factorize an asset. So let's say you took the painting, you broke it down into the colors, okay? And it'd be the equivalent of, like, take a company and break it down to its components. Then you can decide that you just wanna own a factor. So I'll give you an example for Tesla. You can time tokenize the company. You can base it on... Remember, Tesla's stock price is the sum of all future earnings. You could pick a single earnings year to own. It's a product tokenization. You could break it into its products, the present value of its products. You can do geographic tokenization, and you can tokenize the financial statement. Okay, let's give an example of time. All the future earnings of Tesla, and we know Elon Musk gets paid on his 2036 earnings, okay? So you might just wanna buy the earnings for that year 'cause he's gonna obviously have some enormous upside number to get paid, and that would be a lottery ticket. 'Cause imagine, you don't own any of the earnings for Tesla for the next nine years, and you just own it for the tenth year. That's a huge way to make a bet. If you believe in Elon Musk, that would probably be the bet I would make, and you wouldn't pay a lot for it 'cause it's 10 years from now. You can product tokenize. You know, he's got EVs, Robotaxis. I left off Optimus Prime, Full Self-Driving solar. And remember, this, if you look at Tesla's stock price, it's the sum of all the future product streams that are here. I forgot Optimus Prime. Then there's gonna be this plug, which is the growth of Tesla in the future, which is Elon's brain. You can just make a bet on Elon's brain in the future, okay? That's the kind of tokenization that can happen with smart contracts, and, and that's what I think a company like Lido, that project, could be the ones working with us to develop these tokenized products. That would be a future moonshot, right? We also. The third pillar of growth is we wanna productize BitMine. There's an app coming. We have a huge community of dedicated shareholders, and, the BitMine brand is strong. It's interesting, when we did the initial transformation for BitMine, we're like: Wait, we're an Ethereum treasury company. Why? And that was, BitMine was a BitMine mining company. Shouldn't we change the name? Well, seven months later, I think we like the BitMine name. We're gonna keep it. And, of course, I've got a BitMine lapel pin here. So, an app is coming, and it's being developed by an outside technical team. Now, you might wonder, what are we gonna offer on it? That's what you have to wait to find out. Okay. Okay, so next, the final pillar of growth is that we're gonna bridge TradFi and DeFi. And TradFi means traditional finance and consumer services. Again, because we believe Ethereum is gonna be the future settlement layer and the future of finance, and we're the largest holder of Ethereum, we should act as that bridge. We're the top 50 most traded stock. Maven, when it launches, is gonna be the largest staking entity in the world. So once we launch Maven, we're the biggest staking operator in the world. I mean, think about that. Like, we're not gonna be small fry trying to get market share. We'll be the biggest, and that means we can actually act as a settlement layer for a lot of other, for Ethereum and maybe other tokens as well. So Maven, as you know, it's gonna be best-in-class staking. Again, we're really don't wanna dive into too many details before we reveal it, but this is what we've told you so far. Okay, so you can see where things sit. We're the largest holder of Ethereum in the world. We're gonna bridge things in finance and in DeFi. So you should, you realize the roadmap's quite optimistic ahead for us. I'm gonna have to fly through this 'cause I think I am running over time. So Ethereum's the future of finance, okay? Let me fly, take us to this slide. You're five minutes. Five minute warning. I am? Okay. Five minute warning. If you're gonna think about Ethereum's price, you should think of it as its relative importance versus Bitcoin. Because the ETH-BTC ratio is essentially saying, is Ethereum doing better than digital gold. And as the ratio goes up, that means smart contracts are more valuable than digital gold, and so that's how you should think about that price ratio. Currently, Ethereum to BTC is 0.03463. Okay. In 2021, that ratio was 0.08727. In my opinion, and many opinions, of the team here at BitMine, Ethereum is more useful now than it was in 2021. I mean, the fees have come down, the amount of developers has expanded vastly. A use case has massively emerged, which is stable coins, and now there's tokenization, and of course, there's gonna be a bridge into the consumer through things like Beast Industries, right? So, in fact, Standard Chartered, which is, we think, we've seen a lot of Wall Street research. I think Geoffrey Kendrick does some of the best work. He says 2026 is the year of Ethereum. He sees the ETH-BTC ratio returning to its 2021 highs. Okay, so he's using that metric. Okay, well, let's think about that ratio. There's three sets of columns here, okay? See the middle set of green? Okay. Yeah, I mean, it's a little hard to see on the screen. So that's the 2021 high ratio, 0.0873. And then we put a little horizontal line because we expect Bitcoin to get to $250,000 this year. So if Bitcoin gets to $250,000, and Ethereum trades at its high relative to Bitcoin, Ethereum's at $22,000, and it's currently $3,200. So you see the massive upside in Ethereum. Well, is that good or bad for BitMine stock? See, I went to Bloomberg, did what they call a historical correlation. The X-axis is Ethereum's price since July. The Y-axis is BitMine's stock price. You can see if Ethereum's price goes up, BitMine's stock price goes up. So the correlation is, like, 90-something percent, which makes, like, intuitive sense. Okay, well, let's shrink that a little bit and say, what if Ethereum gets to 22,000? What does this trend line project to? $500 price for BitMine. If Ethereum gets to 60,000, the stock price is $1,500. And of course, if Joe Lubin is correct, which, as you know, he's been dedicated to Ethereum, and I think he has a good argument for it. He thinks Ethereum gets to 250,000, BitMine stock price is $5,000. First of all, that's why we need the share authorization, because, I mean, how many people can buy a $5,000 share? Like, you know, people are gonna buy, like, one share or 0.1 shares, right? So that's the upside. And then finally, we have a strong team, which I already introduced, but, you know, here are some of the members of the executive team.