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    Chris Brendler • Rosenblatt Securities

    Chris Brendler's questions to Hut 8 Corp (HUT) leadership

    Chris Brendler's questions to Hut 8 Corp (HUT) leadership • Q2 2025

    Question

    Chris Brendler of Rosenblatt Securities asked about the future of existing hosting contracts and whether American Bitcoin would be prioritized, and inquired about project financing for HPC sites.

    Answer

    CEO Asher Genoot stated that Hut 8's vision is to be 'long megawatts,' enabling them to serve a diverse customer base that includes American Bitcoin, other Bitcoin miners, and HPC clients. He confirmed they are actively engaged with lenders to secure project financing for new developments and will announce details as agreements are finalized.

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    Chris Brendler's questions to Hut 8 Corp (HUT) leadership • Q2 2025

    Question

    Chris Brendler from Rosenblatt Securities inquired about the prioritization of power assets between American Bitcoin and third parties, and plans for project financing for HPC developments.

    Answer

    CEO Asher Genoot explained that Hut 8's goal is to be 'long megawatts' to serve a variety of customers, including American Bitcoin and other third parties across different industries. He also confirmed they are actively working with lenders on project financing for new developments and will disclose details as deals materialize.

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    Chris Brendler's questions to Cipher Mining Inc (CIFR) leadership

    Chris Brendler's questions to Cipher Mining Inc (CIFR) leadership • Q2 2025

    Question

    Chris Brendler of Rosenblatt Securities asked for an update on the Barber Lake HPC deal timeline, the nature of its progress, and any exclusivity timelines with Fortress. He also sought to reconcile the rising power cost estimate with a stable cost of revenue.

    Answer

    CEO Tyler Page described the Barber Lake deal progress as a 'crab walk'—uneven but moving forward—and remains confident a deal will be signed this year, prioritizing the 'right deal' over the 'fastest deal'. He clarified the 3.1¢/kWh power cost is a forward-looking estimate including the new Black Pearl site, while recent stable cost of revenue reflects the historical mix dominated by the lower-cost Odessa PPA.

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    Chris Brendler's questions to Galaxy Digital Inc. (GLXY) leadership

    Chris Brendler's questions to Galaxy Digital Inc. (GLXY) leadership • Q2 2025

    Question

    Chris Brendler of Rosenblatt Securities asked about the long-term growth strategy for the data center business, including the pace of expansion, and sought updated thoughts on potentially separating the data center and digital asset businesses.

    Answer

    President & CIO Christopher Ferraro stated the growth strategy is methodical, focusing on excellent execution and building a base of high-quality assets before accelerating. Founder, CEO & Director Michael Novogratz added that the two businesses will remain under one roof as long as the combination creates value, but they would consider a split if markets indicated it was more accretive.

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    Chris Brendler's questions to MARA Holdings Inc (MARA) leadership

    Chris Brendler's questions to MARA Holdings Inc (MARA) leadership • Q2 2025

    Question

    Chris Brendler of Rosenblatt Securities conducted an in-depth interview covering MARA's strategic direction, including the balance between its core Bitcoin mining business and high-performance compute (HPC) ambitions. He questioned the company's sovereign data strategy, particularly its plans for international partnerships in regions like Saudi Arabia and France, and how this compares to the UAE venture. Brendler also probed MARA's 3-gigawatt power pipeline, the adoption of hydrocooling technology, quarterly production volatility, and the company's perspective on the growing trend of Bitcoin treasury companies. Finally, he asked about the long-term strategy for MARA's own substantial Bitcoin holdings, including active management for yield generation and future capital expenditure plans.

    Answer

    Chairman and CEO Fred Thiel detailed MARA's focus on being a category leader in Bitcoin mining while strategically expanding into sovereign data and AI inference through partnerships with governments and energy companies. He emphasized a disciplined growth strategy focused on controlling energy assets, targeting 50% of revenue from international sources by 2028. Thiel also addressed production volatility, attributing it to seasonal curtailment, and expressed caution about the 'frothy' market for pure-play treasury companies, highlighting MARA's identity as an operator. CFO Salman Khan explained that MARA actively manages its Bitcoin treasury to generate yield, with nearly a third of its holdings deployed in strategies to create cash flow. Khan also confirmed that the company's 75 exahash target for year-end is almost fully funded, with only $150 million in miner capital remaining.

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