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    Edward Engel • Compass Point Research & Trading, LLC

    Edward Engel's questions to Canaan Inc (CAN) leadership

    Edward Engel's questions to Canaan Inc (CAN) leadership • Q2 2025

    Question

    Edward Engel of Compass Point Research & Trading asked about changes in customer demand for ASICs since May and whether market sentiment has rebounded to Q1 levels.

    Answer

    CEO Nanjing Zhang confirmed seeing positive changes in market demand since July, with North American institutional customers adapting to the new tariff environment. He highlighted that strong demand in Asia and other regions during Q2 offset the temporary weakness in the U.S. market. Zhang also noted that tariffs created an unusual market situation where machines intended for the U.S. were sold at discounts elsewhere.

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    Edward Engel's questions to Galaxy Digital Inc. (GLXY) leadership

    Edward Engel's questions to Galaxy Digital Inc. (GLXY) leadership • Q2 2025

    Question

    Edward Engel from Compass Point Research & Trading, LLC asked if Galaxy's PIPE deal investments in treasury companies are meaningful for its balance sheet and if the ERCOT approval timeline for new capacity differs from the existing pipeline.

    Answer

    President & CIO Christopher Ferraro explained that these investments are relatively small, as the primary focus is on partnering with companies that value Galaxy's franchise and services. He also clarified that the new 1 GW interconnect request is on a similar timeline to the existing 1.7 GW in the backlog, with both now totaling 2.7 GW under study with ERCOT.

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    Edward Engel's questions to Robinhood Markets Inc (HOOD) leadership

    Edward Engel's questions to Robinhood Markets Inc (HOOD) leadership • Q2 2025

    Question

    Edward Engel of Compass Point Research & Trading LLC asked if Robinhood's mindset has changed on applying for a banking license, given recent industry trends and their own banking product rollouts.

    Answer

    CEO Vlad Tenev stated that while they previously applied for a charter in 2019, the partnership model has proven more effective for delivering superior products like high-yield cash sweep with multiplicative FDIC protection. He confirmed that they have found all necessary capabilities through partnerships so far, but remain nimble and could reevaluate if the balance shifts, especially regarding future lending products.

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