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Brett Noble

Research Analyst at Cantor Fitzgerald

Brett Noble is an equity research analyst at Cantor Fitzgerald, specializing in covering a range of US-listed companies within key sectors such as financials, real estate, and consumer discretionary. He is recognized for his insightful analysis and extensive company coverage, frequently publishing actionable recommendations that have contributed to robust investment decisions, though specific performance metrics or rankings are not publicly available. Noble’s career trajectory includes several years with Cantor Fitzgerald, where he advanced to his current analyst position, but previous employment details remain undisclosed. He maintains all standard industry credentials, including relevant FINRA registrations and securities licenses, supporting his professional standing in the financial industry.

Brett Noble's questions to Bitfarms (BITF) leadership

Question · Q3 2025

Brett Noble asked about Bitfarms' capital allocation preferences between colocation and GPU Cloud as a Service, and which business model or site is prioritized for getting online sooner.

Answer

Ben Gagnon (CEO and Director, Bitfarms) stated that the Washington site is expected to be fully online first, followed by Sharon, with Panther Creek's phases extending into 2027. He explained that capital allocation prioritizes managing critical project timelines and ensuring cloud opportunities are cost-effective and affordable, noting that Washington's smaller scale makes cloud feasible and fully funded, while larger Pennsylvania campuses are better suited for colocation due to financing ease.

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Question · Q3 2025

Brett Noble inquired about the timeline for expanding power capacity at Pennsylvania sites (Panther Creek, Scrubgrass), the CapEx for GPU Cloud as a Service at Washington (excluding GPUs), and the capital allocation preference between colocation and cloud strategies.

Answer

Ben Gagnon (CEO) indicated positive developments for Panther Creek power expansion (ISA to ESA conversion, load study for 500+ MW), with phase III/IV likely after phase II, and ISA conversion potentially quick. He confirmed Washington CapEx excludes GPUs and construction, with attractive GPU financing options being explored. He stated Washington would be the first site online, followed by Sharon, with colocation being easier to finance for larger Pennsylvania campuses.

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