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Chris Brenner

Senior Research Analyst at Rosenblatt Securities

Chris Brendler is a Senior Research Analyst at Rosenblatt Securities, specializing in FinTech and Crypto with coverage that includes major firms such as Coinbase Global, Marathon Digital, and Galaxy Digital. He has maintained a success rate of 56% and an average return per rating of 7.4% according to TipRanks, with his most profitable call yielding a 341% return on Everi Holdings. Brendler joined Rosenblatt in 2019 after serving as Vice President of Investor Relations at MARA Holdings and holding research roles at D.A. Davidson, Stifel, and Legg Mason. He is a CFA charterholder with a B.A. from the University of Virginia and an M.B.A. with Honors from the University of Chicago, and has received industry recognition including Wall Street Journal Best on the Street, multiple StarMine awards, and Institutional Investor Runner-Up rankings.

Chris Brenner's questions to TERAWULF (WULF) leadership

Chris Brenner's questions to TERAWULF (WULF) leadership • Q2 2025

Question

Chris Brenner asked to quantify the benefit to financing terms from the new Google partnership, inquired if the annual expansion target was accelerating, and questioned if the prior 70% LTV financing target was still relevant.

Answer

CFO Patrick Fleury described the Google partnership as a 'game changer' for their credit profile, making prior financing targets like 70% LTV 'out the door' and no longer relevant. CTO Nazar Khan explained the 150-200 MW annual expansion target is based on financing and execution capacity, which could potentially increase following this transaction.

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