VanEck Mid-September 2025 Bitcoin ChainCheck

Summary While ETPs and Digital Asset Treasuries (“DATs”) continue to add Bitcoin and other cryptocurrencies, other crypto equities are stealing the ￰0￱ AI/HPC deals are de-risking Bitcoin miners’ pivots into AI/HPC hosting and cloud services, resulting in a dispersion in price performance and valuation ￰1￱ gaps across power assets, BTC treasuries, and AI/HPC strategies suggest that small-caps and new pivoters could drive the next leg of miner ￰2￱ continue to buy Bitcoin, AI-driven pivots lead to miner re-ratings, and wide valuation gaps suggest that small-caps and new pivoters could drive the next leg of miner ￰3￱ note that VanEck has exposure to ￰4￱ key takeaways for mid-August – mid-September: Institutions Scoop Up Bitcoin ( BTC-USD ), But DATs Underperform: While ETPs and Digital Asset Treasuries (“DATs”) continue to add Bitcoin and other cryptocurrencies, other crypto equities are stealing the ￰5￱ Miners Receive AI Re-Ratings: Surging AI/HPC deals are de-risking Bitcoin miners’ pivots into AI/HPC hosting and cloud services, resulting in a dispersion in price performance and valuation ￰6￱ All Miners Are Equal: Wide gaps across power assets, BTC treasuries, and AI/HPC strategies suggest that small-caps and new pivoters could drive the next leg of miner ￰7￱ of the Month Corporate Treasuries Widen Their Lead as Bitcoin's Marginal Buyer As Maximum Supply Approaches) .

In total, over 290 companies now own $163B+ in ￰8￱ only 270K BTC mined over the same period, the current rate of corporate demand outpaces Bitcoin production by a factor of ~4.3x. After including ETPs, other funds, and government holdings, total institutional demand outpaces production by a factor of ~6.7x . Institutions’ accelerating purchases suggest their growing appreciation of Bitcoin’s disinflationary supply, which gives it its unique store-of-value ￰9￱ now and the next halving expected in April 2028, only ~0.43M bitcoin will be ￰10￱ halving cycle (2028-2032) will yield a total of only ~0.33M bitcoins. Thereafter, only a final ~0.33M Bitcoins will ever be mined over the next 100+ ￰11￱ ChainCheck Monthly Dashboard and Highlights As of September 17th, 2025 30-day avg 30 day change (%) 1 365 day change(%) Last 30 days Percentile vsall-time history (%) Bitcoin Price $112,700 -4 91 99 Daily Active Addresses 705,353 -4 0 60 Daily New Addresses 308,809 -5 1 56 Daily Transactions 510,960 19 -22 75 Daily Inscriptions 71,972 -37 81 42 Total Transfer Volume ((USD)) $70,694,940,093 -2 44 90% Supply Active, last 180 days 23 3 -1 42% Supply Dormant for 3+ Years 44 -1 -5 90 Avg Fees ((USD)) $101,210.54 -29 78 80 Avg Fees ((BTC)) 0.89852 -26 -6 57 Percent of BTC Addresses in profit 95 -3 13 83 Unrealized profit/loss ratio 0.53 -5 14 74 Global Power Consumption (TWh) 190 7 56 100 Total Daily BTC Miner Revenues ((USD)) $53,432,811 -1 95 97 Total Crypto Equities' Market Cap * ((USD)) (MM) $306,825 -6 142 93 Transfer volume from Miners to Exchanges ((USD)) $18,285,892 -16 197 96 Bitcoin Dominance 58 -4 3 74 Bitcoin Futures Annualized Basis 7 -10 0 49 Mining Difficulty ((T)) 132 3 48 100 * DAPP market cap as a proxy, as of September 17th, 2025.

"All-time" data as of 6.8.23, not since index inception. 1 30 day change & 365 day change are relative to the 30-day avg, not ￰12￱ Trading ($) MoM Change (%) YoY Change (%) Asia Hours Price Change MoM 1 3 US hours Price Change MoM 0 1 EU hours Price Change MoM -1 2) impressive YoY accumulation, they have slowed relative to newcomer DATs that are focused on other tokens like Ethereum and ￰13￱ Share of Supply Held in Digital Asset Treasuries) of MVIS ® Global Digital Assets Equity Index (MVDAPP) fell 6% month-over-month as major Bitcoin “pure-play” components like MSTR and MARA fell following Bitcoin’s late summer highs. However, the index has gone on to set new cycle highs over the past ￰14￱ equities are showing market dispersion as the AI/HPC trade heats up, driving outperformance from a growing number of Bitcoin miners that are pivoting to AI while DATs and more pure-play miners lag.

AI-Pivoting Miners Outperform as Pure-Play Miners and DATs Lag Bitcoin * CORZ excluded due to pending stock-based merger with CRWV.) , pure-play miners (+4%) , and Bitcoin DATs (-38%) . The move marks an accelerating trend of miners being re-rated for the value of their scarce power assets, as AI-focused enterprises like Google, Microsoft, OpenAI, and AI neoclouds like CoreWeave escalate their capital expenditures to meet demand for AI ￰15￱ September 9th, Nebius Group ( NBIS ) secured a landmark deal with Microsoft, adding $17.4-$19.4B in revenues over five years to provide Microsoft Azure with expanded infrastructure capacity to NVIDIA’s latest AI ￰16￱ noted in its Q2 earnings call that its Intelligent Cloud segment showed the greatest growth, at 26% , compared to 16% growth from its Productivity and Business Processes segment and 9% growth in Personal ￰17￱ total, Microsoft’s capex grew ~$24B (27%) year-over-year to support demand for its cloud and AI ￰18￱ and CEO Satya Nadella stated that “Cloud and AI is the driving force of business transformation across every industry and sector.” Though NBIS is not a Bitcoin miner, by highlighting AI’s power capacity bottleneck, the deal helped catalyze a cascade of re-ratings across the hybrid Bitcoin-miner-to-AI-data-center ￰19￱ the strategic importance of power, NBIS’s Q2 2025 highlights the company’s emphasis on growing capacity from 220MW in 2025 to 1>GW in ￰20￱ on September 10th, OpenAI’s $300B , 5-year computing power deal with Oracle further added fuel to the fire, one of the largest cloud contracts ever ￰21￱ With Colocation Deals Have Already Pivoted Over Half Their MW Capacity * Based on an ￰22￱ Power Usage Effectiveness (“PUE”) ratio of 1.25.) , which was already a 39% discount to the $10.2B of pre-renewal hosting contracts it held with ￰23￱ situation worsened as CoreWeave’s stock declined, dragging the implied value of CORZ below $12 per share as of September ￰24￱ Seas calls this “a take-under” and deems it ￰25￱ Bitcoin miners are not being re-rated purely on their potential to provide colocation ￰26￱ miners are leaning into the more lucrative but capex-heavy business of owning and operating the GPUs ￰27￱ late August, IREN announced securing $102M in financing for a prior purchase of NVIDIA Blackwell B200 and B300 GPUs, structured as a 36-month lease for 100% of the purchase price for an estimated 9% interest ￰28￱ later, the company secured NVIDIA Preferred Partner status and receiving an additional $96M in financing to procure an additional 1.2k air-cooled B300s and 1.2k liquid-cooled GB300s for $168M , expanding its total GPU fleet to 10.9k NVIDIA GPUs, a 474% increase from the company’s ~1.9k operational GPUs in July.

Similarly, HIVE’s Buzz HPC struck a deal with Bell Canada, the country’s largest telecommunications provider, to provide the NVIDIA GPU clusters to Bell’s government and enterprise customers, though the terms of the deal remain undisclosed. BTDR, another miner with multi-GW capacity in search of colocation customers, also expanded its neocloud business to $8M ARR in July, with “significant growth expected from Q4” as compared to “immaterial” AI Cloud Service ARR as of its April annual ￰29￱ believe that with capital markets now offering single-digit financing for GPUs, Bitcoin miners with proven expertise in operating their own cloud AI services can drive better margins by being more vertically integrated and thus having greater negotiating leverage with colocation tenants.

WULF, CIFR, and RIOT Start to Trade Like AI Data Centers, While Other Pivoters Remain Overlooked) on its estimated $550M ARR from mining once it completes its EH/s expansion in Paraguay, slated for completion by Thanksgiving, for a total of $220M ￰30￱ further assume HIVE can earn 70% EBITDA margins on their $ 100M ARR cloud HPC target for 2026, totaling $70M EBITDA. Thus, HIVE’s $369M BTC-Adjusted EV / $290M EBITDA target implies 1.3x EV/EBITDA, almost half the 2.4x EV/EBITDA implied by the Bloomberg estimates we used for the BTC-Adjusted EV / EBITDA graph ￰31￱ partially attribute HIVE’s potential undervaluation to its relatively small enterprise value and sizable BTC stack, which tends to be overlooked by traditional financial data providers.)) is a decentralized digital currency without a central bank or single ￰32￱ can be sent from user to user on the peer-to-peer Bitcoin network without intermediaries.

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