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CEO Samir Tabar responded that broader adoption validates the asset and benefits all participants. He emphasized Bit Digital's long history of actively staking ETH to compound value, contrasting it with static holdings. Tabar also highlighted the company's large stake in White Fiber as a unique source of potential non-dilutive capital to grow its ETH position, noting that ETH treasury companies offer investors access to staking yields that ETFs may not provide.

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Billy Krassakopoulos, head of the data center business, confirmed that they are seeing 'very strong and positive demand' from both hyperscalers and medium-sized neo clouds for capacity that is planned to come online later in the year, with more news expected in the coming months.

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CEO Samir Tabar affirmed that a separation is being studied to unlock the higher valuation multiples of the pure-play HPC business and to improve financing options by creating a 'cleaner story' for lenders wary of crypto. Regarding Enovum, Tabar highlighted the extensive development pipeline, and Enovum CEO Billy Krassakopoulos added that he is most excited about bringing new capacity online to meet strong 2025 customer demand.

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CTO Nazar Khan noted the deal's unique structure addresses both capacity and financing, setting a new model. CEO Paul Prager added that he expects it to be seen as a major endorsement, highlighting that Google likely chose TerraWolf for its site infrastructure, execution on the Core42 project, liquid-cooling expertise, and experienced management team.

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CEO Paul Prager noted that near-term demand is strong for sites with ready power, and medium-term demand will be high as new generation struggles to keep pace. Regarding mining, he stated they can't control hash rate but can focus on low-cost production, with a long-term strategy to redeploy those megawatts to higher-value HPC. CFO Patrick Fleury added that the mining business proved resilient in a tough Q1 and is now operating profitably again.

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CEO Ben Gagnon affirmed their belief that the stock is undervalued and stated they will continue to actively buy back shares as long as the market disconnect exists. He noted that massive investments from major players like Amazon and CoreWeave near their sites validate the region's potential as an AI hub, which significantly strengthens their position in customer conversations.

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CEO Ben Gagnon described the demand for HPC data centers as 'insatiable,' dismissing short-term market headlines as irrelevant to long-term, multi-billion-dollar investment cycles. He emphasized that the primary bottleneck for growth in the AI sector is power, not chips, and compared the current environment to the early days of the internet, stating that Bitfarms sees no slowdown in demand or investment from potential clients.

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CEO Ben Gagnon acknowledged the different cultures of the mining and HPC industries, noting HPC's higher capital intensity demands more stringent diligence. He emphasized that Bitfarms has hired key internal experts and engaged strategic advisors to bridge this gap and apply their core competencies effectively. He reported that this professional approach has been received very well by potential partners.

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CFO Gary Vecchiarelli clarified that the plan is to use 40% of the HODL balance to generate a target 4% yield on the entire treasury, ramping up over the next year. President and CEO Zachary Bradford noted that while they evaluate all options for their power assets, Bitcoin mining currently provides superior returns. Both executives agreed that treasury companies are a positive tailwind for Bitcoin adoption.

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CFO Gary Vecchiarelli noted that with the book value exceeding the market cap, equity is not an attractive funding source. CEO Zachary Bradford added that reinvesting in CapEx to mine more Bitcoin is the current priority over buybacks. Vecchiarelli confirmed strong market appetite for Bitcoin-collateralized lending. Bradford affirmed that bolt-on acquisitions remain a key interest, especially at advantageous valuations as competitors exit the space.

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Executive Zachary Bradford attributed the company's success to a focus on the intersection of all key performance indicators, not just one, driven by the team's perseverance. Executive Gary Vecchiarelli noted that while Bitcoin ETFs are positive for adoption and could be part of a future treasury strategy, it is too early to determine their direct impact on the company's operations.

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CEO Asher Genoot described HPC demand as strong but cyclical among customers, with a trend towards larger, geographically diverse campuses. On regulation, he expressed gratitude for the current pro-business environment in the U.S., stating that the company's focus is on execution rather than advocating for specific changes.

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CEO Asher Genoot described HPC demand as robust but cyclical by customer, with a growing acceptance of regional diversity for large-scale campuses. On regulation, he expressed satisfaction with the current pro-business environment in the U.S., stating the company's focus is on execution rather than lobbying for specific new rules.

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Executive Chairman Michael Saylor identified clarifying the digital assets taxonomy (distinguishing securities, commodities, and tokens) as the most needed regulatory step. EVP & CFO Andrew Kang noted that demand for their offerings has grown with each IPO, attracting more institutional, retail, and high-net-worth interest, and mentioned potential for international offerings and filling out the yield curve.

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CEO Jason Les attributed the recent rise in global hash rate to a lag effect, where miners are now deploying hardware ordered six months prior when Bitcoin's price began to increase. He believes growth is global but highlighted that publicly traded miners in the United States continue to be significant contributors to the network's expansion.

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