Slides
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January 2026
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2Disclaimer This presentation has been prepared by ETHZilla Corporation (“ETHZilla” or the “Company”) solely for information purposes. This presentation does not constitute an offer to sell or the solicitation of an offer to buy or acquire securities of the Company in any jurisdiction or an inducement to enter into investment activity, nor may it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. Specifically, this presentation does not constitute a “prospectus” within the meaning of the U.S. Securities Act of 1933, as amended (the “Securities Act”). Current and prospective investors are encouraged to conduct their own analysis and review of information contained in this presentation as well as important additional information through the United States Securities and Exchange Commission (the “SEC”) EDGAR system at www.sec.gov and on our website at www.ethzilla.com. 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 information relating to the Company or its securities, particularly with respect to the risks and special considerations involved with an investment in the securities of the Company. No securities of the Company may be offered or sold in the United States without registration with the SEC or an exemption from such registration pursuant to the Securities Act and the rules and regulations thereunder. Certain information contained in this presentation was obtained from various sources, including third parties, and has not been independently verified. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness, correctness or reasonableness of the information or the sources presented or contained herein. By receiving this presentation, you acknowledge and agree that none of the Company or any of its affiliates, shareholders, controlling persons, directors, officers, employees, agents, advisors or representatives will be liable (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation. This presentation speaks as of October 30, 2025. The information presented or contained in this presentation is subject to change without notice. Neither the delivery of this presentation nor any further discussions of the Company or any of its affiliates, shareholders, controlling persons, directors, officers, employees, agents, advisors or representatives with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since that date. This presentation contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other applicable securities laws. All statements other than statements of historical fact are forward-looking statements, including, but not limited to, statements regarding the Company's future financial position, business strategy, budgets, projected costs, and plans and objectives of management for future operations. These statements refer to many things, including and not limited to, the future value of any digital asset and/or another cryptocurrency, the management of a sophisticated cryptocurrency treasury strategy, including its participation in DeFi protocols, and future performance, and all other statements that are not historical facts, or that are intended to be forward looking statements, should be read as forward looking statements. There are risks associated with the contemplated transactions, including regulatory and legal uncertainty, risks of loss associated with the industry, line of business, trade, customers, partners, custodians, and vendors of the Company, and other risks. Historical facts are presented without intent to persuade. These statements can be recognized by the use of words such as “believe,” “expect,” “anticipate,” “potential,” “create,” “intend,” “could,” “should,” “would,” “may,” “plan,” “seek”, “will,” “look,” “future,” “assume,” “continue,” or the negative of such terms or other variations thereof, or words of similar substance or meaning. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ from those in the forward-looking statements as a result of various factors and assumptions, that could cause actual results to differ materially from those contained in any forward-looking statement and which are inherently subject to significant uncertainties and contingencies that are or may be difficult or impossible to predict and are or may be beyond our control. The Company and its affiliates, shareholders, controlling persons, directors, officers, employees, agents, advisors and representatives assume no obligation to and do not undertake to update such forward-looking statements to reflect future events or circumstances. All trademarks, service marks, and trade names of any party of their respective affiliates used herein are trademarks, service marks, or registered trade names of such party or its respective affiliate, respectively, as noted herein. Any other product, company names, or logos mentioned herein agree the trademark and/or intellectual property of their respective owners, and their use is not alone intended to, and does not alone imply, a relationship with any party, or an endorsement or sponsorship by or of any party. Solely for convenience, the trademarks, service marks and trade names referred to in this presentation may appear without the ®, TM or SM symbols, but such references are not intended to indicate, in any way, that any party of the applicable rights owner will not assert, to the fullest extent under applicable law, their rights or the right of the applicable owner or licensor to these trademarks, service marks and trade names. Actual results may vary greatly from any assumptions or models built in reliance on this presentation. Results may vary due to market conditions, unforeseen circumstances, competition, an unforeseen change in how regulators in the USA or elsewhere categorize ETH, and results are subject to a multitude of risks, uncertainties, and changes. Those include but are not limited to, market conditions, the regulatory landscape defining the particular digital asset, the value of ETH, the ongoing security of the Ethereum ecosystem, technical and custodial risks, and other risks of loss. Recipients of this presentation must not construe anything contained herein as constituting financial, investment, legal, tax or other advice of any kind. Recipients should seek advice from their own advisors as to these matters. For a description of the risks relating to an investment in the Company, we refer you to the “Forward-Looking Statements,” “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s periodic and current filings with the SEC, including Form 10-Qs, Form 10-Ks and Form 8-Ks, filed with the SEC available at www.sec.gov.
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3Tokenization of real-world assets (RWA) ETHZilla is a next generation financial technology company: a digital platform designed to generate differentiated cash flow and bring real-world assets on-chain•Yield – ETHZilla acquires and holds yield-generating assets on our balance sheet until they are tokenized •Tokenization – Monetizing and tokenizing real-world assets (RWAs) on Ethereum L2 protocols to create new on-chain cash flows•Access – Scale and partnerships seek to unlock participation in high-value DeFi opportunities and integrations not generally available to most investors ETHZILLA IS A LEADING FINANCIAL TECHNOLOGY COMPANY BRINGING DEFI INFRASTRUCTURE TO TRADITIONAL FINANCE ACQUIRE + TOKENIZEGENERATE YIELD REINVEST AND EXPANDDISTRIBUTE RETURNSCompound gains into new tokenized assetsReturn yield to ETHZ and token holders Earn operating income from asset use
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LEADERSHIP TEAM McAndrew Rudisill, Chairman and CEO •25 years experience private and public equity & credit markets•Founder Pelagic Capital Advisors •Former Chief Investment Officer, Capital Vacations•Former Chief Investment Officer, Bridger AerospaceJohn Saunders, CFO •25 years experience in accounting, finance & capital markets•Former CFO, Ascent Vision Technologies•Former SVP, Finance, Bridger Aerospace BOARD OF DIRECTORS Jason New•Vice Chairman, Investment Banking, Lazard •Former CEO Onex Corp.•Former Sr. Managing Director, Blackstone•Co-founder, Novawulf Digital Management Angela Dalton•Founder, Signum Growth Capital•Cofounder Evercore Equities•Former Managing Director, UBS•Former Managing Director, Guggenheim Partners Michael Edwards•Former Head of US Business at Arrowgrass Capital Partners•Former Deputy CIO Weiss Advisors•Former PM, D.E. Shaw•Former M&A Banker, Credit Suisse Andrew Suckling•Founder and Partner, Verulam LLC, Metals Trading House•Non-executive Chairman, Cadence Minerals•Former Partner, Ospraie Management Crystal Heter•COO, Tallgrass Energy•General Manager Rockies Express Pipeline•Former Director, Kinder Morgan Ryan Smith•President and CEO, U.S. Energy Corp•Former CFO, Emerald Oil•Former VP Investment Banking, Canaccord Genuity John Kristoff, SVP Corp Comm & IR •35 years experience in fintech marketing, communications and investor relations•Former CMO, Diebold-Nixdorf•Former Head of IR, EXL Service Seasoned Leadership
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5Strong Balance Sheet to Accelerate Tokenization Strategy & Monetization •RWA tokens offer the highest risk adjusted yield available in asset markets US GENIUS Act TOKENIZED RWA CASH FLOWS CREATE VALUE UNCORRELATED TO ETH PERFORMANCE
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6Liquidity.io: Regulated financial institution with an exchange ETHZILLA HAS EXCLUSIVE ACCESS TO LIST ETHEREUM L2 TOKENS ON THE LIQUIDITY.IO REGULATED EXCHANGE, CREATING A DEFENSIBLE COMPETITIVE MOAT •FINRA-licensed broker/dealer•Transfer agent•Custodian – MPC custody wallet•Regulated securities exchange•Digital asset trading partnership•Delivers a bank-grade compliance and distribution engine with KYC/KYB, onboarding, and workflow automation to accelerate enterprise adoption•Enables compliant primary and secondary market liquidity for ETHZilla-issued tokenized RWAs
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7The flywheel in action: from acquisition to access YieldFees, Origination Capital Allocation+ USDFuture Expanded Capital Base RWA Securitization Deal Flow Tokenization Revenue Exclusive Partnership Tokenization CapabilityDeFi InfrastructureFuture Token Markets Today Today Today Future RWA Origination Platform Partners
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8The ETHZilla RWA Tokenization Strategy is well underway
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9Illustrative path from RWA to on-chain token I. BORROWER APPLICATION & FUNDING II. LOAN AGGREGATION & EXECUTION III. LOAN PORTFOLIO TOKENIZED IV . TOKEN LISTED V. A S S E T M A N AG E M E N T•Borrower enters ecosystem•Initial data entered (e.g., loan amount, property, etc.) •Token becomes tradable asset•Incremental assets used to acquire new loans/assets •Approved loans are funded & aggregated•Loans warehoused for tokenization •Ledgers of token owners established•Cash flows distributed monthly •Loan servicing handled by ETHZ partners•Token portfolio asset management handled by ETHZ (1) The first tokenized portfolios are expected to launch in early 2026
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10Value through tokenization 3. ASSET MANAGEMENT FEES Creation of tokenized investment products on Liquidity.io from those assets, generating revenue and origination fees when they are sold, which can then be reinvested into acquiring additional assets to tokenize
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11ETHZilla’s strategic pillars in scaling RWA tokenization ETHZilla expands investor access to income-producing real-world assets by transforming them into regulated, tokenized products available through exchange-based platformsThis model enables broader participation, improved liquidity, and global reach for asset classes with traditionally limited access Investing in Ethereum’s Layer 2 networks supports the infrastructure that makes on-chain finance scalable for real-world useAs demand for efficient, transparent, tokenized markets grows, these networks will underpin on-chain activity, driving adoption, liquidity, and yield for ETHZilla Converting real-world assets into digital, on-chain instruments tradable and accessible globallyThis unlocks liquidity, transparency, and efficiency in previously inaccessible markets, creating new revenue streams and expanding ETHZilla’s reach across traditional and decentralized finance ETHZilla is an integrated platform for bringing real-world assets on-chain, combining capital, tokenization infrastructure, and exclusive distributionBy operating across origination, structuring, and exchange access, ETHZilla defines how institutional-grade assets are tokenized and traded within the Ethereum ecosystem ACCESSYIELD SCALEECOSYSTEM LEADER
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12At the inflection point in tokenized RWA adoption 2026-2028Market Formation•Tokenization of credit, fund, and real asset products becomes more established, supported by clearer regulatory framework 2028-2030Capital Markets Integration•Tokenization incorporated into issuance and settlement workflows•Market infrastructure begin to support on-chain assets alongside existing systems 2032+Systemic adoption•Tokenization expected to become foundational to capital markets infrastructure•On-chain assets become a default component of global financial markets TOKENIZATION IS MOVING PRIVATE AND REAL-WORLD ASSETS ON-CHAIN AND INSTITUTIONS ARE EMBRACING THE SHIFT 2024-2026Early Adoption•Early-stage RWA tokenization led by a small group of crypto-native and public companies•Early regulation paves the way for increased institutional adoption We are here •Regulatory clarity through US GENIUS Act and EU frameworks accelerating institutional adoption and regulation•Efficiency gains: instant settlement, fractional ownership, programmable yield distribution•DeFi integration: tokenized real-world assets on L2s will be real collateral in the ETH ecosystem 2030-2032Institutional Adoption•Tokenized products expected to become embedded in fund and banking platforms•Global regulatory alignment projected to enable cross-border issuance and trading
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13Tokenization of real-world assets (RWA)
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14ETHZilla’s Priorities in RWA -Estimated TAM of ~$14bn-High-yield, high-quality asset class historically accessible only to select private lenders-Rate-locked homeowners represent future refinance and home-equity activity-Nonbank lenders and affordability-focused products can expand buyer participation Modular Home LoansAerospace Equip.Real Estate Market OverviewETHZ Advantage -Estimated TAM of ~$350bn-Diverse market with a wide range of credit spectrums-Multi-hundred-billion TAM annually-Recurring demand for higher-value financing-Multiple points of origination-Digital lending is expanding access and efficiency in auto loans Car Loans -AI-driven underwriting to reduce risk-Exclusive access to deep origination network of over 20,000 car dealerships, credit unions and banks -Proven platform that has processed $5bn+ in auto loans -Exclusive access to an institutional-grade lending and servicing platform for manufactured housing -AI-enabled system has serviced over 5,000 loans -Estimated TAM of ~$200bn-Growth in aerospace, maritime, mining, and healthcare is driving demand-Digital and AI tools are improving leasing efficiency and scale-Demand for specialized and advanced equipment is creating new opportunities -Members of ETHZ leadership have deep relationships in the aerospace industry -Exclusive relationship with one of the largest aircraft equipment leasing companies-Opportunity to expand into maritime and related areas -Multi-trillion-dollar TAM-Fractionalized interests in real estate ownership for investment purposes in high demand-Digital transformation is reshaping the market, with North America leading adoption-Demand for increased liquidity -The size of this segment and inefficiencies in current system make this an attractive sector for tokenization -Future focus for ETHZ InfrastructurePowerOther IMMEDIATE TERMMEDIUM TERMLONG TERM Shipping ETHZ’s priorities reflect a phased approach: immediate focus on asset classes already in motion, medium-term expansion into adjacent markets such as real estate and shipping, and longer-term opportunities across additional real-world asset verticals as tokenization adoption broadens.
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15Capital deployment roadmap 2026 RWA CAPITAL DEPLOYMENT AUM TARGET$250M-$350M 050100150200250300350400 1Q'262Q'263Q'264Q'26 * RWA capital deployment seeds a parallel tokenization engine, with asset growth driving token issuance, exchange activity, and recurring fee revenue over time. AUM CASHFLOW GENERATION FROM TOKENIZED OPERATING ASSETS EXPECTED TO DRIVE EQUITY VALUE OVER TIME
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PLATFORMPARTNERSHIPS 16
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17Liquidity.io: leading infrastructure bringing RWA on-chain BRIDGING PRIVATE MARKETS AND BLOCKCHAIN, ENABLING SEAMLESS TRADING OF TOKENIZED REAL-WORLD ASSETS ON ETHEREUM Eric Choi •COO, Satschel, Inc.•CEO, Liquidity.io•CEO, ARQ Securities•Managing Director, CRT Capital Group Coleman Church •CEO Liquidity.io•Managing Director, Mizuho•Managing Director, Citigroup•VP, Emerging Markets, Goldman Sachs Experience Experience
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18Zippy: an online lending platform built for the defi era GIVING MANUFACTURED HOUSING INSTANT FINANCING INFRASTRUCTURE WHILE PROVIDING INSTITUTIONAL-GRADE SERVICING FOR INVESTORS Ben Halliday •Co-founder & CEO, Zippy•Co-Managing Partner, CapRock Communities•VP, Technology and Disruptive Technologies, JP Morgan Chase Key Individual
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19Karus: The AI Engine Powering the Future of Auto Finance KARUS IS AN AI-DRIVEN UNDERWRITING & CREDIT ANALYTICS PLATFORM TRANSFORMING HOW CONSUMER AUTO LOANS ARE PRICED, APPROVED, AND MANAGED •Co-founder & CEO, Karus•COO, Vaultbank.io•COO, Tokenvault•Co-founder, Random Forest Capital (acquired by Franklin Templeton) Experience Aaron Travis Key Individual