MintMark Capital
Private & Confidential
Wholesale Investors Only

Private Offer Notice

This page relates to a private offer.

This page relates to a private offer of fully paid ordinary shares by MintMark Capital Limited, made under section 708 of the Corporations Act 2001 (Cth) to wholesale and sophisticated investors by personal invitation.

If you have not been invited to this page, please do not proceed — but if you'd like to be considered, leave your details and a member of the MintMark team will contact you to discuss whether you qualify.

Wholesale and sophisticated investors only. This is not a prospectus or disclosure document and has not been lodged with ASIC.

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The fully paid ordinary shares under the Phase 1 Foundation Raise are offered only to wholesale and sophisticated investors under section 708 of the Corporations Act 2001 (Cth).

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Four acknowledgements

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Important notice — wholesale investors only. Prepared by MintMark Capital Limited for a proposed offer of ordinary shares to sophisticated and wholesale investors under s708 of the Corporations Act 2001 (Cth). Not a prospectus; not lodged with ASIC; general information only. Investment involves significant risk, including Bitcoin price volatility; shares are illiquid and s707(3) transfer restrictions apply. Seek independent advice. Confidential.

Confidential Investor Presentation · August 2026

Phase 1 Foundation Raise Deck

Tap any slide to view it full-screen.

Slide 01Cover — Phase 1 Capital Raise
Confidential Investor Presentation · August 2026
Phase 1 Capital Raise

Australia'sBitcoinTreasury

The first dedicated public Bitcoin treasury company structured for institutional capital formation, disciplined governance, and a clear pathway to public listing.

$1.75M
Initial Equity Raise
Issue Price
$0.175
Equity Offered
10%
Post-Money
$17.5M
Structure
Non-Listed Public Ltd
01Non-Listed Public Ltd · IPO Pathway
02Bitcoin as Primary Reserve Asset
03Institutional Governance from Inception
04Australian First Mover · Global Proof of Concept
MintMark Capital Ltd · Confidential · August 2026 Wholesale Investors Only Slide 01
Slide 02Strategic Context
Confidential Investor Presentation · August 2026
I
Part I

Strategic Context

The Macro Foundation for a Bitcoin Treasury

MintMark Capital Ltd · Confidential · August 2026 Wholesale Investors Only Slide 02
Slide 03Currency Debasement Is Structural — Not Cyclical
Confidential Investor Presentation · August 2026

Currency Debasement Is Structural — Not Cyclical

Australian M3 Money Supply (RBA) Expansion vs Purchasing Power (1980–2026)


M3 Money Supply Expansion
— Australia
A$3.45T
4T 3T 2T 1T 0 A$0.06T A$0.21T A$0.42T A$1.18T A$2.17T A$3.45T 1980 1990 2000 2010 2020 Today 2008 — GLOBAL FINANCIAL CRISIS 2020 — COVID STIMULUS & QE
~60×
increase in M3 broad money supply
since 1980
Purchasing Power of AUD
(1980 = $1.00 · vs consumer prices, CPI)
~$0.19
$1.00 $0.75 $0.50 $0.25 $0.00 Starting value: $1.00 1980 1990 2000 2010 2020 2025
~81%
loss of purchasing power
since 1980
System Characteristics
  • Debt-driven monetary system
  • Continuous credit expansion
  • Policy-backstopped

Expanding money supply structurally erodes purchasing power over time.

Sources: RBA Statistical Table D3 (Monetary Aggregates), April 2026 · ABS Consumer Price Index. Decade figures rounded.
MintMark Capital Ltd · Confidential · August 2026 Wholesale Investors Only Slide 03
Slide 04The Real Hurdle Rate
Confidential Investor Presentation · August 2026

The Real Hurdle Rate

What it takes to beat currency debasement — after inflation, and after tax.


The Inflation Gap — Australia · 2019–2026
0% +20% +40% +60% 2019 2020 2021 2022 2023 2024 2025 2026 Sources: RBA Statistical Table D3 — Monetary Aggregates · ABS CPI · indexed Jan 2019 · to mid-2026 NEW MONEY CREATED SINCE 2019 ~A$1.25T M3 has grown ~58% since 2019 — more than half again. Money is created as debt; the supply cannot grow without the debt growing with it. THE GAP 2.4× grew faster than CPI +58% M3 MONEY SUPPLY +24% PRICES (CPI)

Money grew more than twice as fast as prices — CPI misses where new money flows: assets like housing and shares.
The shaded gap is unreported debasement: ~7.9% a year.

What You Must Earn — Just to Stand Still
~3.6% / yr
Beat the CPI basket
~7.9% / yr
Beat the money supply — the real erosion
~14.9% / yr
+ tax on
nominal gains
real erosion
~7.9%
The Real Hurdle · earn 14.9%, keep 7.9% after 47% tax
Even just beating CPI, after tax, is ~6.8% / yr. The bar is high even on the conservative, inflation-only reading.
Real hurdle, by entity the rate scales with each entity’s tax: Company (30%) ~11.3%  ·  SMSF (15%) ~9.3%  ·  Top individual (47%) ~14.9%

To merely stand still — after real erosion and the tax on nominal gains — an Australian investor must earn about ~14.9% a year, just to keep ~7.9%. Almost nothing does.

Even the best term deposit — ~5.0%, taxed at 47% — nets just ~2.7%, against a ~14.9% hurdle. The "safe" option loses real wealth fastest.

12-month term deposit, representative competitive rate, Australian banks, 2026 (RBA cash rate ~4.1%).

MintMark Capital Ltd · Confidential · August 2026 Wholesale Investors Only Slide 04
Slide 05Bitcoin's 13-Year Performance Record
Confidential Investor Presentation · August 2026

Bitcoin's 13-Year Performance Record

Annualised CAGR by asset class · 2013–2025 · Price return basis, excluding dividends


~96%
Bitcoin annualised CAGR · 2013–2025
Best-performing asset class · $1 invested in 2013 → $6,482 in 2025 · price-return basis
100% 80% 60% 40% 20% 0% ~96% Best performing ~64% ~19% ~13% ~9% ~7.5% ~5% ~2% Bitcoin NVIDIA Nasdaq 100 S&P 500 Small Caps Gold ASX 200 Em. Mkts The most-owned equity index on earth still doesn’t clear the bar ✗ THE REAL HURDLE — ~14.9%
The “safe” assets aren’t even on this chart. Cash, bonds and term deposits produce no capital growth — their return is income, taxed away. The best term deposit (~5%) nets just ~2.7% after tax.
Performance Consistency · 2013–2025
9 of 13
years Bitcoin was the #1 performing major asset class — best or worst, never in between.
Versus the Real Hurdle · ~14.9%
3 of 8
major asset classes clear the hurdle — and the S&P 500 is not one of them.
Bitcoin has outperformed every major asset class over 13 years.
Sources: StatMuse · FRED · SlickCharts · Nasdaq Index Fact Sheet · Russell 2000 (small caps) · MSCI Emerging Markets · CAGR Jan 2013 – Dec 2025, price-return basis · M3: RBA, 2019–2025 · Past performance not indicative of future returns
MintMark Capital Ltd · Confidential · August 2026 Wholesale Investors Only Slide 05
Slide 06Every Asset You Trust Has Crashed This Hard
Confidential Investor Presentation · August 2026

Every Asset You Trust Has Crashed This Hard

Below the line — how far each asset fell. Above the line — the years it took to climb back to its prior all-time high.


YEARS TO RECOVER WORST DRAWDOWN 30y 20y 10y 0% −20% −40% −60% −80% Bitcoin 2018 cycle ~3 yrs −84% Nasdaq 100 Dot-com 2000 15 yrs −83% Nikkei 225 Bubble 1989 ~34 yrs −82% Silver 2011 peak ~14.5 yrs −72% Euro STOXX 50 2000 → 2009 low ~25 yrs −67% S&P 500 GFC 2008 ~5.5 yrs −57% ASX 200 GFC 2008 ~12 yrs −54% Gold 2011–15 ~9 yrs −45% PRIOR HIGH
What this proves

Everyone crashes.
Only one comes back fast.


Bitcoin · ~3 yrs
The deepest fall in the set — and the fastest recovery, repeated across four cycles.
Four 75%+ drawdowns since 2011 — 2011 · 2014–15 · 2018 · 2022 — each reclaimed within ~3 yrs. Every other bar here is a once-in-a-generation event.
Equity indices · 5 to 34 years
Nasdaq, S&P, ASX, Euro STOXX & Japan's Nikkei all recovered — but Japan's investors waited 34 years to get back to even — the longest wait in developed-market history.
Commodities · 9 to 13 years
Gold & Silver — the classic "safe havens" — still took the better part of a decade-plus to reclaim their highs.
The honest framing

Volatility was never the risk. The risk is an asset that falls and stays down. On that test, Bitcoin has the best record on this chart.

Same crash depth as the Nasdaq dot-com bust — recovered 5× faster, and does it every cycle.
Worst drawdown vs. years to reclaim prior ATH
Each asset in its defining era · provisional
Sources: Peak-to-trough drawdowns & time to reclaim prior ATH · Nasdaq 100 dot-com · Euro STOXX 50 dot-com · Silver 2011 · S&P 500 & ASX 200 GFC · Gold 2011 · Bitcoin 2018 · Price-return basis · Figures provisional pending final verification.
MintMark Capital Ltd · Confidential · August 2026 Wholesale Investors Only Slide 06
Slide 07Bitcoin Has Risen 8–66× From Every Previous Low
Confidential Investor Presentation · August 2026

Bitcoin Has Risen 8–66× From Every Previous Low

Each cycle low far higher than the last; each drawdown shallower — we are entering during a live −53% drawdown


A$ US$ 212K140K 182K120K 121K80K 61K40K 00 66× +6,467% 22× +2,056% +713% −84% −78% −53% $19.7K $69K $126K $0.2K $3.2K $15.5K ENTRY · TODAY ~$59.5K 201420162018 2020202220242026 Bitcoin price (US$ / A$) Gain from cycle low to next high Drawdown from high
Each low higher than the last. In a drawdown, every disciplined dollar buys more Bitcoin per share — volatility is fuel, not threat (Part IV).
Sources: Bitcoin USD cycle highs & lows, peak-to-trough drawdowns · ATH ~US$126K (Oct 2025); current ~US$59.5K, ≈53% drawdown · Figures provisional, as at 30 June 2026, pending final verification.
MintMark Capital Ltd · Confidential · August 2026 Wholesale Investors Only Slide 07
Slide 08Bitcoin as Strategic Reserve Capital
Confidential Investor Presentation · August 2026

Bitcoin as Strategic Reserve Capital

Macro Characteristics of Digital Hard Money


Bitcoin Is:
  • Finite — 21 million supply cap

    Programmatically fixed. Cannot be inflated by any authority.

  • Decentralised & transparent

    No single point of control. Every transaction publicly verifiable.

  • Independent of sovereign expansion

    Cannot be debased by central bank policy or government spending.

  • Increasingly adopted

    Strategy, Metaplanet, Capital B and sovereign nations leading adoption.

Fiat Expansion
AUD $100 notes
Government Bonds~22%
Sovereign & semi-govt securities
Corporate Debt~13%
Investment grade bonds & credit
Bank Deposits~11%
Term deposits & at-call
Cash Reserves~7%
Operational & liquidity holdings
↑ Continuously Expanding
Each unit loses purchasing power over time
Hard Digital Reserve
Bitcoin coin
Reserve Asset
Scarce · 21M Cap
Transparent
Fixed Supply
21,000,000
Maximum Bitcoin ever — fixed by protocol forever. No central bank. No exceptions.
In an Environment of Sustained Fiat Expansion:

Bitcoin is emerging as the digitisation of hard reserve capital — offering scarcity, transparency and independence that fiat cannot provide.

  • 01

    A long-term store of value

    Appreciates against fiat over multi-year cycles as money supply expands.

  • 02

    A hedge against currency debasement

    Fixed supply protects purchasing power that fiat continuously erodes.

  • 03

    A strategic reserve for corporate balance sheets

    Increasingly held by public companies as treasury reserve alongside cash.

Bitcoin represents the digitisation of hard reserve capital within modern capital markets.
MintMark Capital Ltd · Confidential · August 2026 Wholesale Investors Only Slide 08
Slide 09Where Bitcoin Sits in ~US$825 Trillion of Global Wealth
Confidential Investor Presentation · August 2026

Where Bitcoin Sits in ~US$825 Trillion of Global Wealth

Bitcoin is a fraction of gold, which is a fraction of the whole — drawn to scale.


Global Wealth Context — area drawn to scale · August 2026

All values in US dollars · ₿ price ~US$64,000 (~A$90,000)

Real estate Debt securities Equities Broad money (M2/M3) Gold ~$393T · 47.7% ~$145T · 17.6% ~$127T · 15.4% ~$123T · 14.9% ~$31T · 3.8% Art & Coll. Silver
The asymmetry today ~0.16%

About 4% of gold alone — and roughly the size of all the world’s above-ground silver.

The rotation arithmetic ~US$8.2T

A 1% reallocation of global wealth equals roughly US$8.2 trillion — about six times Bitcoin’s entire market capitalisation.

Illustrative scale — not a forecast
The fixed denominator 21M coins

About 95.6% are already mined. Supply cannot respond to demand — price is the only adjustment mechanism.

Art & collectibles~$2.6T · 0.3%
Silver~$1.3T · 0.2%
₿ Bitcoin~$1.3T · ~0.16% · ~4% of gold
Small rotations into a small, fixed-supply asset are large events for that asset.
Drawn to scale on ~US$825T of measured global wealth. ₿ ~US$64,000 (~A$90,000) · A$1 = ~US$0.71 (August 2026)Illustrative scale — not a forecast
  • Real estate — Savills World Research, 2024
  • Debt securities — BIS & SIFMA, 2024
  • Equities — WFE via SIFMA, 2024
  • Broad money — central-bank data (CEIC), 2024
  • Gold — WGC, ~219,900t × ~US$4,400/oz
  • Art & collectibles — Deloitte & ArtTactic 2025 (UHNWI)
  • Silver — Silver Institute, ~19.3B oz × ~US$65/oz
  • Bitcoin — ~20.07M ₿ × ~US$63,700, CoinGecko, 12 Aug 2026
MintMark Capital Ltd · Confidential · August 2026 Wholesale Investors Only Slide 09
Slide 10Validation & Positioning
Confidential Investor Presentation · August 2026
II
Part II

Validation & Positioning

Global Proof. Australian Implementation.

MintMark Capital Ltd · Confidential · August 2026 Wholesale Investors Only Slide 10
Slide 11The Institutional Constraint
Confidential Investor Presentation · August 2026

The Institutional Constraint

Mandate-Driven Capital Inefficiency


  • Under the legacy financial system, capital allocators are largely restricted to:
    • Equity
    • Credit
  • The overwhelming majority of global institutional capital operates within mandates that restrict direct commodity ownership — including Bitcoin
  • Institutions want Bitcoin exposure but their mandates prohibit direct ownership — creating structural demand for a compliant access vehicle
The Opportunity
  • Institutions seek Bitcoin exposure but cannot hold it directly
  • A corporate equity wrapper solves this — institutions hold shares in MintMark Capital instead
  • No equivalent dedicated Bitcoin treasury vehicle currently exists in Australia
This structural inefficiency creates a first-mover opportunity for MintMark Capital.
Asset Class Access Under Mandate
Global Investable Capital
EQUITY
Permitted
CREDIT
Permitted
— Mandate Restriction —
COMMODITIES / BITCOIN🔒
Restricted
$
A$4.44T
of Australian superannuation capital sits under mandates that restrict direct Bitcoin ownership
Source: APRA Quarterly Superannuation Performance, 31 Mar 2026
Mandate-Restricted Capital Pools
Pool
Australia
Global
Superannuation & Pension Funds
A$4.44T
~$58.5T
Bank Deposits & Cash
A$2.0T
~$100T
Managed Investment Pools
A$1.5T
~$140T
Total Addressable Capital
A$7.9T
$200T+
MintMark Capital Ltd · Confidential · August 2026 Wholesale Investors Only Slide 11
Slide 12The Bitcoin Treasury Model
Confidential Investor Presentation · August 2026

The Bitcoin Treasury Model

Corporate Structure Bridging Fiat Capital and Digital Reserve Assets


Traditional Corporate Legacy Model

Institutional Capital

Equity and debt raised from capital markets

Equity / Debt

Bonds, shares, credit facilities — proceeds held as cash

A$
Fiat Cash Reserves
  • Fiat-denominated monetary reserves
  • Expandable monetary supply — can be inflated
  • Continuously eroded by inflation over time
  • Subject to central bank policy and intervention
Bitcoin Treasury Company MintMark Model

Institutional Capital

Same equity and debt raised from the same capital markets

Equity / Debt

Same capital structure — proceeds converted directly into Bitcoin

Bitcoin Reserve Asset
  • Scarce digital reserve — 21M capped supply
  • Programmed fixed supply — cannot be inflated
  • Independent of sovereign monetary expansion
  • Appreciates against fiat over time
vs
Same capital markets. Different reserve asset.
MintMark Capital Ltd · Confidential · August 2026 Wholesale Investors Only Slide 12
Slide 13Global Proof of Concept
Confidential Investor Presentation · August 2026

Global Proof of Concept

Publicly Listed Bitcoin Treasury Companies — Verified July 2026


Bitcoin treasury strategy is now validated across global public markets on three continents.

United States·NASDAQ: MSTR
BTC Holdings 843,775 ~4.0% of total supply
Avg. Cost / BTC $75,476 Total cost ~$63.7B
BTC Yield · 2024 +74.3% BTC per share growth
  • Pioneer of the corporate Bitcoin treasury model since August 2020
  • Raised $25.3B in 2025 via equity & debt to fund BTC accumulation
  • Continues weekly accumulation — 843,775 BTC as at July 2026
Japan·TSE: 3350.T
BTC Holdings 43,000 ~$2.7B market value
Avg. Cost / BTC $94,792 Total cost ~$4.1B
BTC Yield · 2025 +568.2% BTC per share growth
  • Asia's first listed Bitcoin treasury company — launched April 2024
  • Targeting 100,000 BTC by end of 2026 via equity & debt raises
  • Proves the model in non-US regulated markets — Tokyo Stock Exchange
France / Europe·Euronext: ALCPB
BTC Holdings 3,139 ~$196M market value
Avg. Cost / BTC $105,117 Total cost ~$330M
BTC Yield · Yr One +1,657.7% BTC per share growth
  • Europe's first listed Bitcoin treasury vehicle — launched November 2024
  • Listed on Euronext Growth Paris — regulated EU capital markets
  • Targeting 1% of Bitcoin's supply by 2033 via ATM & equity raises
Observed Market Dynamics
BTC per share is now the primary performance metric across all treasury companies
Model validated across US, Japanese and EU regulatory regimes
ATM equity programs the proven primary mechanism for BTC accumulation
MintMark Capital represents Australia's first dedicated Bitcoin Treasury Company.
198 publicly listed companies globally · holding Bitcoin on their balance sheets — a combined
~1.27M BTC (~6% of total supply) as at August 2026
0 zero dedicated Bitcoin Treasury Companies listed on the ASX — the market gap MintMark Capital addresses
† Australian ASX companies DigitalX (DCC) and Locate Technologies (LOC) hold incidental BTC as a minor treasury allocation but neither operates as a dedicated Bitcoin Treasury Company under the Strategy/Metaplanet model.
Sources: BitcoinTreasuries.net · BitcoinMiningStock.io · SEC 8-K filings · CoinGecko · Verified July 2026
MintMark Capital Ltd · Confidential · August 2026 Wholesale Investors Only Slide 13
Slide 14First Mover Positioning
Confidential Investor Presentation · August 2026

First Mover Positioning

Pre-Institutional Adoption Entry


MintMark Capital Limited is positioned to become Australia's first dedicated public Bitcoin treasury company — ahead of domestic bank, wealth platform, and superannuation adoption.

  • Pre-Mandate Adoption Exposure

    Ahead of Australian institutional capital mandates emerging

  • Pre-Bank Adoption Exposure

    Ahead of bank and financial institution balance sheet integration

  • Pre-mNAV Expansion

    Prior to structural premium recognition in the Australian market

  • Pre-Scale Capital Advantage

    Before treasury growth enables progressively lower-cost funding

  • Structural Adoption Upside

    Positioned ahead of broad digital reserve acceptance across A$7.9T in institutional pools

Early equity precedes institutional capital formation.

Australian Institutional Bitcoin Adoption Curve
Phase 4 demand: ASX, ANZ, Commonwealth Bank, NAB, Westpac, Superannuation A$4.44T
ADOPTION & VALUE Phase 1 Current Position Australia — June 2026 Phase 2 Phase 3 Balance Sheet Integration Phase 4 0 Years 1 Year 2 Years 3 Years 4 Years 5 Years 2024 2025 2026 2027 2028 2029 PRE-INSTITUTIONAL ALLOCATION PHASE
MintMark Capital Ltd · Confidential · August 2026 Wholesale Investors Only Slide 14
Slide 15Australian Market Opportunity
Confidential Investor Presentation · August 2026

Australian Market Opportunity

A$7.9T of Australian institutional capital sits outside Bitcoin entirely


Australian Capital Pools vs Potential Bitcoin Allocation
Unlocked demand — A$7.9T mandate-restricted capital vs a 0.5% allocation to Bitcoin
AUD Trillions 4.50 4.00 3.50 3.00 2.50 2.00 1.50 1.00 0.50 0.00 A$4.44T A$2.00T A$1.50T A$0.040T Superannuation Bank Deposits Asset Mgmt Pools 0.5% to Bitcoin

A 0.5% allocation across Australia's estimated A$7.9T in mandate-restricted capital would equate to over A$40 billion in re-allocatable demand — validating the need for a compliant, listed Bitcoin treasury vehicle.

Reallocation Scenarios · A$7.9T Pool
0.5%
Conservative
A$40B
Below US early-mover levels — Wisconsin pension ~0.1%, Harvard 0.84% AUM
1.0%
Base Case
A$79B
Within BlackRock's "reasonable range" of 1–2% for multi-asset portfolios
2.0%
Upside
A$159B
Upper bound — same portfolio risk as a Magnificent Seven equity allocation
Why Capital Cannot Access Bitcoin Today
Mandate Restrictions
Investment charters prohibit direct cryptocurrency holdings for most institutional vehicles.
No Compliant Local Vehicle
Zero dedicated Bitcoin treasury companies on ASX — institutions have no listed Australian option.
Regulatory & Custodial Barriers
ASIC frameworks and custodial requirements limit direct ownership for regulated funds.
The MintMark Answer
Corporate Equity Wrapper
Institutions hold MintMark shares — not Bitcoin directly. Mandate-compatible. First-mover capital before institutional access evolves.
The Opportunity: Provide Australia's First Institutional-Grade Bitcoin Treasury Vehicle
MintMark Capital Ltd · Confidential · August 2026 Wholesale Investors Only Slide 15
Slide 16The Company
Confidential Investor Presentation · August 2026
III
Part III

The Company

Structure, Governance & Strategic Model

MintMark Capital Ltd · Confidential · August 2026 Wholesale Investors Only Slide 16
Slide 17Founding Board & Governance
Confidential Investor Presentation · August 2026

Founding Board & Governance

Founding Shareholders & Leadership


Michael Kokkinos

Michael Kokkinos

Founder & CEO, Director

Founder & architect of the treasury-first strategy — conceived and structured MintMark Capital from inception.

  • Former Founder & CEO, Dimension Property Group — A$2.5B in institutional assets
  • Founder, Launch Corporation — A$300M property development pipeline
Paul Lodge

Paul Lodge

Executive Chairman, Director

Founder & Managing Director, Lodge Partners (AFSL 246271) — one of Australia's leading independent corporate advisory firms.

  • 30+ years in Australian capital markets — equity raisings, IPOs, M&A
  • Led A$2B+ in IPOs and capital transactions across multiple sectors
Nathan Lodge

Nathan Lodge

Executive Director — Investor Relations

15+ years in stockbroking, private capital markets and wholesale investor engagement across Australian and international markets.

  • Bridges company strategy with institutional capital — primary investor interface
  • Experienced in Corporations Act s708 wholesale equity structuring
Andrew Gaffney

Andrew Gaffney

Corporate Structuring & Legal Governance (Advisory)

Equity capital markets partner specialising in IPOs, ASX compliance and public company structuring.

  • Advised on 30+ IPOs and major secondary raisings
  • Recognised Capital Markets lawyer — Legal500 Asia Pacific
Marty Kendall

Marty Kendall

Strategic Treasury Advisor (Advisory)

Co-founder of mNAV.com — the Bitcoin-native treasury analytics platform used by public and pre-IPO treasury companies and their investors.

  • Advises treasury companies internationally on the metrics that define the model — mNAV, Bitcoin per Share, BTC Yield & NAV
  • 28 years as an Executive Engineer leading major infrastructure programs
MintMark Capital Ltd · Confidential · August 2026 Wholesale Investors Only Slide 17
Slide 18The MintMark Capital Model
Confidential Investor Presentation · August 2026

The MintMark Capital Model

Australia's Dedicated Public Bitcoin Treasury Framework


Structure

Non-Listed Public Company (Ltd)

Incorporated as a public company from inception — not a private trust, fund or managed investment scheme

Two-Year Audit Record Begins Immediately

Continuous financial audit from day one — satisfying ASX listing requirements for a clean IPO pathway

Designed for Institutional Capital

Board composition, governance framework and reporting standards built to institutional grade from the outset

Wholesale Investor Structure

Offered under Corporations Act 2001 s708 — accessible within existing sophisticated investor mandates

Mandate

Pre-Listing — Acquire Bitcoin — Secured Convertible Note

Phase 2 treasury accumulation — note proceeds converted to Bitcoin as the primary reserve

Post-Listing — Acquire Bitcoin — Accretive Equity Raises

From listing, equity raised at a premium — only when accretive to BTC per share

Operate Under Disciplined Governance

Every capital allocation decision governed by the BTC per share accretion standard

Position for Institutional Capital & IPO

Build the audit record, balance sheet and governance credentials required for public listing

Treasury construction is the foundation — balance sheet strength is what creates every option that follows.
Phased Pathway
01

Phase 1 · Foundation We Are Here

Equity funds operations — the two-year audit clock starts Day 1

02

Phase 2 · Treasury

Bitcoin accumulated on the treasury balance sheet under the Secured Convertible Note

03

Phase 3 · Listing

Notes convert — accretive capital raises begin; BPS discipline governs every raise (Slides 22–23)

04

Post-Listing

Balance-sheet monetisation — the end game (Slide 20)

MintMark
Is Not
A Fund

No management fees, no redemptions, no NAV units

A Trading Operation

No speculation, no derivatives, no market timing

A Bitcoin Miner

No operational Bitcoin exposure or energy risk

Leveraged

No debt in this raise — equity only

Today: a pure treasury vehicle — not a trading company.
As the treasury matures: Bitcoin-backed income products, lending facilities and capital markets activity become possible —
built on a balance sheet foundation strong enough to support them.
MintMark Capital Ltd · Confidential · August 2026Wholesale Investors OnlySlide 18
Slide 19Long-Term Strategic Evolution
Confidential Investor Presentation · August 2026

Long-Term Strategic Evolution

From Treasury to Bitcoin-Backed Capital Platform


Phase 2 — Treasury Function

Bitcoin Accumulation
Under the Secured Note

Accumulate Under the Secured Convertible Note

Treasury Bitcoin acquired under the note programme — Series A up to $21M · Series B to $100M total pre-IPO

90–95% Straight to the Balance Sheet

90–95% of note proceeds to Bitcoin — straight to the balance sheet, per the Information Memorandum

Security & Custody Framework

Custody with Zerocap, Australian custodial provider — segregated cold storage, Lloyd's-insured; GSA first-ranking, PPSR-registered via the Security Nominee

Audit Record Builds Toward Listing

Two-year audit record and institutional governance compound toward listing readiness

Phase 3 — Listing & Accretive Growth

Accretive Growth
From Listing

Subject to scale & regulatory alignment

Notes Convert at Listing

Series A converts at listing at a 20% discount — governed by the BPS Discipline Test

Accretive Equity Raises Become Possible

From listing, equity can be raised at a premium — and only when accretive to BTC per share

BPS Compounds With Market Access

Bitcoin per share is the governing metric — after a listing, each disciplined raise adds more BTC per share than it dilutes

Market Re-Rating Cycles

As BTC per share grows, the market revalues the treasury — the mNAV premium expands in cycles, enabling the next accretive raise (Slides 22–23)

Post-Listing — Strategic End State (Objective)

Bitcoin-Native
Capital Markets Platform

Apply Monetisation Strategies

Bitcoin-backed digital credit, yield and lending products applied to the matured balance sheet — income without liquidation (Slide 20)

Structured Bitcoin Capital Markets

Full suite of Bitcoin-backed capital markets products for institutional and wholesale markets

Institutional Investment Access Layer

MintMark becomes the primary listed vehicle for Australian institutional Bitcoin exposure

Adoption by Banks, Funds & Platforms

Banks, superannuation funds and wealth platforms access Bitcoin economics through MintMark equity

Treasury
Listing
End State — Digital Credit
Treasury is the foundation.Bitcoin-backed digital credit is the end game.
MintMark Capital Ltd · Confidential · August 2026Wholesale Investors OnlySlide 19
Slide 20The End Game Is Digital Credit
Confidential Investor Presentation · August 2026

The End Game Is Digital Credit

Bitcoin is ~0.16% of measured global wealth. We accumulate now to build the balance sheet that underwrites Bitcoin-backed digital credit.


The Adoption Runway
Bitcoin is roughly ~0.16% of measured global wealth today — on a path to increase up to 1–10% as it integrates into traditional finance.
Each bar below · share of measured global wealth — a base of ~US$825T
0.16%
~US$1.3T
Today · we are here ~US$64K
1%
~US$8.2T
Base case ~US$390K
10%
~US$82T
Bull case ~US$3.9M
A roughly 6× to 60× runway from here as Bitcoin and traditional finance integrate. Implied price — illustrative, 21M coins on a broadly stable global-asset base; not a forecast.
The Treasury Playbook
Accumulate we are here
Bitcoin reserve, now.
Fortress Balance Sheet
Audit record + governance.
Digital Credit
Compounds Bitcoin per Share — without issuing new shares.
For centuries, credit was issued against gold. Bitcoin-backed credit is the same pattern — the same instrument families of secured bonds, notes and hybrid securities, now issued against digital collateral.
Bitcoin-Backed Credit Today · The Global Debt Market It Can Address
~US$73B >US$346T
The Australian Opportunity
No listed local pure-play yet occupies this ground. MintMark is building the same foundation for Australian institutions — the primary listed vehicle as adoption reaches our market.
Adoption is coming to Australia. Every Bitcoin we accumulate now is foundation we cannot repurchase later — so we accelerate for shareholders today.
Sources: Global debt ~US$346T (IIF Global Debt Monitor, Q3 2025). Bitcoin-backed credit ~US$73B outstanding and Bitcoin's ~0.16% share of measured global wealth are third-party / industry estimates. Implied prices at 1% (base) and 10% (bull) assume the 21M maximum coin supply on a broadly stable global-asset base of ~US$825T — illustrative scale, not a price forecast. The 1–10% adoption path is a thesis. Credit expansion is subject to scale, balance-sheet strength and regulatory alignment; this raise is equity-only.
MintMark Capital Ltd · Confidential · August 2026 Wholesale Investors Only Slide 20
Slide 21Value Creation Mechanics
Confidential Investor Presentation · August 2026
IV
Part IV

Value Creation Mechanics

How MintMark Capital Compounds Equity Value

MintMark Capital Ltd · Confidential · August 2026 Wholesale Investors Only Slide 21
Slide 22The Treasury Flywheel
Confidential Investor Presentation · August 2026

The Treasury Flywheel

Structured Capital Compounding Model


A disciplined Bitcoin treasury compounds value through a repeatable capital cycle — each rotation increases BTC per share, strengthens the balance sheet, and expands the market premium that enables the next raise.

The Cycle Drives
  • Balance sheet appreciation
  • Market revaluation cycles
  • Efficient capital formation
Over Time, Disciplined Execution May Result In
  • Compounding Bitcoin per Share — every accretive raise adds more BTC per share than it dilutes
  • Improved Capital Efficiency — larger treasury enables credit instruments alongside equity
  • Cyclical mNAV Premium Expansion — market revalues as BTC per share grows
Capital Instruments
  • Equity raises when mNAV conditions support accretive issuance
  • Convertible notes deployed selectively to preserve mNAV premium
mNAV expansion is market-driven and cyclical.
Treasury discipline is structural and controllable.
MintMark Treasury Flywheel — 5 stages: Raise Capital, Acquire Bitcoin, Balance Sheet Grows, Market Revaluation, BTC per Share Increases
MintMark Capital Ltd · Confidential · August 2026 Wholesale Investors Only Slide 22
Slide 23How MintMark Capital Equity Compounds
Confidential Investor Presentation · August 2026

How MintMark Capital Equity Compounds

Equity value is driven by four structural drivers


Driver 01

Bitcoin Price
Appreciation

High $0 Now Future

Treasury value grows passively

Every Bitcoin held appreciates as demand grows against fixed supply of 21 million coins — no action required by management.

Driver 02

Bitcoin per Share
Growth

BTC/share Raise 1 0.013 BTC/share Raise 2 0.023 BTC/share +71% Raise 3 0.034 BTC/share +48%

Structural accretion per raise

Each accretive raise increases BTC per share — shareholders own more Bitcoin per share after every capital cycle, regardless of price.

Driver 03

mNAV Premium
Expansion

NAV Net Asset Value 1.00 ×1.4 MARKET PRICE 1.4× mNAV premium Market values treasury above book

Market re-rates the treasury

As BTC per share grows and governance credibility builds, investors apply a premium to NAV — the same mechanism that drives Strategy's valuation.

Driver 04

Balance Sheet
Monetisation

ASSETS Bitcoin Treasury Reserve Cash & Working Capital EQUITY Shareholder Equity As treasury matures: income layer

Treasury becomes a productive asset

As the balance sheet scales, Bitcoin-backed lending and structured products generate income — without liquidating the treasury position.

Equity performance is not solely price-driven. It is governed by capital structure and disciplined treasury execution.
MintMark Capital Ltd · Confidential · August 2026 Wholesale Investors Only Slide 23
Slide 24Risk Framework — What We Can and Cannot Control
Confidential Investor Presentation · August 2026

Risk Framework — What We Can and Cannot Control

Four risks. Honest about each. Engineered responses to every one within our control.


Risk 01

Bitcoin
Price Risk

Outside Our Control

Bitcoin price is volatile. It has fallen 50–80% in prior cycles and will be volatile again. We cannot predict it, manage it, or protect you from it — and neither can anyone else.

This is your Bitcoin conviction decision, not ours. We share this risk with every Bitcoin holder on earth.

Slide 23 Proof
BPS grew +75% while Bitcoin fell −35%. Volatility is temporary. Bitcoin per share is cumulative.
Risk 02

mNAV
Compression

Expected · Does Not Hurt BPS · When Listed

Every Bitcoin treasury company sees mNAV compress as it matures. Strategy fell from ~4× to ~1.4×. Metaplanet from downward. This is the natural lifecycle — not a failure.

The critical point: every BPS gain from every accretive raise is permanent. mNAV compression cannot erode it. The mNAV 1.0× column in the Slide 23 model is the honest, no-optimism floor.

Slide 23 Model Proof
BPS +92%, mNAV 1.0× alone = 5.8× vs passive 3×. The advantage survives at the floor.
Risk 03

Dilutive
Raising

Eliminated by Design

Raising capital below break-even mNAV quietly destroys Bitcoin per share — issuing too many shares per Bitcoin acquired, diluting every existing holder.

MintMark's BPS discipline rule removes this entirely. We do not raise equity below break-even mNAV. Full stop. Raise 3 in the Slide 23 model failed the test and was rejected. The discipline is the product.

Slide 23 Model Proof
Raise 3 was rejected at mNAV 1.2× — below the 1.37× break-even. Board discipline, not market conditions, protected BPS.
Risk 04

Sub-1× mNAV
Scenarios

Instrument Changes · Not the Mission · After Listing

When mNAV falls below the equity break-even, equity raising is suspended — but Bitcoin accumulation is not.

Zero or low-coupon convertible notes provide the alternative pathway. Conversion is structured to trigger only when the share price exceeds a 20–30% premium — meaning mNAV has already recovered and the BPS test is passing before a single new share is issued. The treasury never pauses. Only the instrument adapts.

Saylor's Playbook
Strategy raised billions via near-zero coupon notes during mNAV compression — continuing BTC accumulation throughout. Metaplanet paused equity, not accumulation.
We cannot protect you from Bitcoin price risk. We can absolutely protect your Bitcoin per share from management action — in every market condition.
MintMark Capital Ltd · Confidential · August 2026 Wholesale Investors Only Slide 24
Slide 25Key Risks & Disclosure
Confidential Investor Presentation · August 2026

Key Risks & Disclosure

Investment in MintMark Capital Limited involves risk. The following summary outlines key risk factors but is not exhaustive of the risks faced by the Company or by investors. Investors should seek independent financial, legal and tax advice before making any investment decision.


Nature of Investment

Investment in Shares should be considered speculative. There is no guarantee with respect to dividends, returns of capital or the market value of Shares. No public market currently exists and the investment is illiquid prior to ASX listing.

Regulatory Risk

Changes in laws, taxation, regulation or accounting standards may adversely impact the Company’s operations or strategy, including potential changes to Bitcoin classification in Australia.

Bitcoin Volatility

The Company’s strategy is directly exposed to Bitcoin price movements, which are highly volatile and may materially impact asset values and returns. Past performance is not indicative of future results.

Cyber & Custody Risk

Exposure to cybersecurity threats, data breaches or custody infrastructure failures may result in loss or reputational damage. Multi-signature cold storage protocols mitigate this risk.

Business & Execution Risk

The Company is in an early-stage implementation phase. Execution depends on capital availability, operational scalability and the ability to monetise Bitcoin holdings.

Key Personnel Risk

The Company is reliant on its executive team. Loss of key personnel or inability to recruit qualified replacements may materially affect its ability to execute strategy.

Foreign Exchange Risk

Bitcoin is priced in USD. Fluctuations in the AUD/USD exchange rate are unpredictable and may materially impact the AUD value of the Company’s Bitcoin holdings and returns.

Capital Requirements

Future growth depends on the Company’s ability to raise additional capital. There is no assurance that funding will be available on favourable terms or at all.

Service Provider Risk

Reliance on third-party providers introduces counterparty risk, including potential service failure or default, exposing the Company to adverse market movements while sourcing replacements.

Dilution Risk

Future capital raises may dilute existing Shareholders.

Listing Risk

There is no guarantee the Company will be successful in its objective to achieve a public listing, or that any listing will occur within the targeted timeframe or at all.

This summary is not exhaustive. Investment may result in partial or total loss of capital. Past performance and forward-looking statements are not a reliable indicator of future performance.
This presentation does not constitute a prospectus or disclosure document under the Corporations Act 2001 (Cth) and is intended solely for the named recipient. The Company makes no guarantee of returns, income or capital preservation.
MintMark Capital Ltd · Confidential · August 2026 Wholesale Investors Only Slide 25
Slide 26Back Cover
Confidential Investor Presentation · August 2026
MintMark Capital
Australia's Dedicated Bitcoin Treasury Company
Compounding Bitcoin Per Share
This presentation is confidential and provided to wholesale investors only under s708 of the Corporations Act 2001 (Cth). Full disclosures in the Indicative Term Sheet and Subscription Agreement.
MintMark Capital Ltd · Confidential · August 2026 Wholesale Investors Only Slide 26

Expression of Interest

Register your interest.

Once we've reviewed your details, our Investor Relations team will personally email you your Investor Pack, which will include a covering letter explaining each step, the Indicative Term Sheet, the Application to Subscribe for Shares and the wholesale investor certification forms — usually within one business day. Return the completed Application with your certification and certified ID, and once verified we'll send the Subscription Agreement for electronic signature.

Open the EOI form
Founder & CEO · Director
Michael Kokkinos
Emailmichael@mintmarkcapital.com.auDirect+61 417 355 305
Executive Director · Investor Relations
Nathan Lodge
Emailnathan@mintmarkcapital.com.auDirect+61 433 325 494
Investment Enquiries
MintMark Capital
Emailinvest@mintmarkcapital.com.au