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    John Todaro

    Senior Analyst at Needham & Company

    John Todaro is a Senior Analyst at Needham & Company, specializing in crypto assets and blockchain sector research with coverage spanning leading digital asset firms such as Circle and publicly listed crypto exchanges. Ranked a top analyst by TipRanks, he is placed #45 of nearly 10,000 global analysts, holding a five-star rating with a 69% success rate and strong average returns. Todaro joined Needham in 2021 following a tenure as Director of Research & Markets at TradeBlock and co-founding a crypto asset management fund, and he began his financial career at Citigroup. He holds a B.A. from the University of Pennsylvania and is recognized as an expert regularly featured in major financial media.

    John Todaro's questions to IREN (IREN) leadership

    John Todaro's questions to IREN (IREN) leadership • FY 2025

    Question

    John Todaro asked about the average duration of AI cloud contracts relative to the GPU payback period. He also questioned if the success in cloud would lead IREN to de-emphasize HPC colocation deals and inquired about the company's target leverage ratio.

    Answer

    Chief Commercial Officer Kent Draper stated that contract lengths range from one month to three years, with newer Blackwell GPUs attracting longer, multi-year terms. He affirmed the cloud opportunity is 'extremely compelling' due to higher margins and shorter paybacks (2-4 years) compared to colocation, but the company continues to evaluate both models to maximize risk-adjusted returns. Chief Capital Officer Anthony Lewis added that the company's leverage will evolve as it scales, with a focus on maintaining a resilient balance sheet.

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    John Todaro's questions to Canaan (CAN) leadership

    John Todaro's questions to Canaan (CAN) leadership • Q2 2025

    Question

    John Todaro from Needham & Company asked for details on the Bitcoin treasury strategy, the potential for the stock to gain a premium like other treasury-focused companies, and whether Canaan employs yield-generating strategies on its holdings.

    Answer

    CFO James Cheng explained the treasury strategy is conservative, focusing on safety, long-term value, and liquidity. He outlined methods including collateralized financing to fund operations, placing Bitcoin in interest-bearing accounts for yield, and evaluating derivative strategies. Cheng emphasized that their vertically integrated model allows them to grow reserves through multiple channels, expressing confidence that the market will eventually recognize Canaan as a capable Bitcoin treasury company.

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    John Todaro's questions to Verrica Pharmaceuticals (VRCA) leadership

    John Todaro's questions to Verrica Pharmaceuticals (VRCA) leadership • Q2 2025

    Question

    John Todaro, on for Serge Belanger, asked about the expected growth trajectory for YCANTH in Q3 given seasonality, and sought an update on patient access, particularly regarding Medicaid coverage for pediatrics and commercial coverage in dermatology.

    Answer

    Jayson Rieger, President & CEO, stated that while the company does not provide forward guidance, molluscum is a year-round disease and they continue to see strong adoption from both pediatricians and dermatologists. He emphasized that growth is driven by continuously expanding access, with coverage improving each quarter across both Medicaid and commercial plans on the medical and pharmacy benefit side.

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    John Todaro's questions to Circle Internet Group (CRCL) leadership

    John Todaro's questions to Circle Internet Group (CRCL) leadership • Q2 2025

    Question

    John Todaro from Needham & Company inquired about the planned decentralization of the ARC blockchain, how its gas fees will be kept low, and whether the recent growth in USDC circulation could be attributed to the passage of the Genius Act.

    Answer

    Chairman, CEO & Co-Founder Jeremy Allaire directed the analyst to the light paper for details on ARC's novel fee mechanism. He stated the goal is for ARC to be run by a distributed network of vetted, professional validators. Regarding the Genius Act, he noted it's hard to correlate it directly to recent circulation growth but confirmed it has been a "catalytic moment," significantly increasing inbound commercial interest from major financial and tech institutions.

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    John Todaro's questions to Coinbase Global (COIN) leadership

    John Todaro's questions to Coinbase Global (COIN) leadership • Q2 2025

    Question

    John Todaro from Needham & Company, LLC. drilled into the USDC strategy, asking about growth potential beyond retail and institutional holdings, specifically through integrations with banks, neobanks, and remittance companies, and whether these would be considered 'on-platform' assets.

    Answer

    CFO Alesia Haas explained that Coinbase monetizes both on-platform USDC balances and benefits from overall ecosystem growth, using rewards to attract distribution partners. CEO Brian Armstrong added that stablecoins have a powerful network effect, and he believes USDC is positioned to win due to its regulated status and partner-friendly economic sharing model.

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    John Todaro's questions to Coinbase Global (COIN) leadership • Q2 2025

    Question

    John Todaro from Needham & Company asked about the growth potential for USDC on the Coinbase platform, specifically looking beyond retail and institutional holdings to opportunities with banks, neobanks, and remittance companies, and whether those integrations would count as on-platform balances.

    Answer

    CFO Alesia Haas stated that Coinbase benefits from both on-platform USDC balances and off-platform ecosystem growth, sharing revenue with Circle. She emphasized that bringing on more distribution partners grows the overall network effect. CEO Brian Armstrong added that payments are a network-effect business, and USDC is well-positioned to win due to its regulated status and partner-friendly economic sharing model.

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    John Todaro's questions to Coinbase Global (COIN) leadership • Q4 2024

    Question

    John Todaro of Needham & Company, LLC asked about the broader vision for Coinbase to become more than a brokerage, specifically how it can accelerate growth in stablecoins and tokenized real-world assets.

    Answer

    CEO Brian Armstrong affirmed this vision, stating that trust and ease of use are the primary differentiators. To drive adoption, he mentioned specific initiatives like fostering partnerships for stablecoins (e.g., with Stripe), offering USDC rewards, and adding more stablecoin trading pairs. He believes that eventually all financial assets, from real estate to private credit, will be tokenized and moved on-chain.

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    John Todaro's questions to Coinbase Global (COIN) leadership • Q3 2024

    Question

    John Todaro asked about the increase in Tether's trading volume on the platform and questioned if this indicated a competitive shift away from USDC.

    Answer

    CFO Alesia Haas clarified that the increase in Tether volume was partly due to a product update that made stablecoin pair trading easier and does not reflect a shift away from USDC. She emphasized that USDC was the fastest-growing major stablecoin in Q3, with its market cap reaching $36 billion, and that Coinbase is deeply integrating it across its products.

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    John Todaro's questions to CLEANSPARK (CLSK) leadership

    John Todaro's questions to CLEANSPARK (CLSK) leadership • Q3 2025

    Question

    John Todaro from Needham & Company asked for a clarification of the risks involved in the new yield generation strategy and inquired about the potential timeline and attractiveness of current M&A opportunities.

    Answer

    CFO Gary Vecchiarelli detailed the risk management of the yield strategy, explaining they use low-delta, short-duration covered calls and post only a fraction of the Bitcoin as collateral with vetted counterparties, reducing risk compared to lending. President and CEO Zachary Bradford described the M&A pipeline as robust but emphasized their disciplined approach, saying they reject most deals to ensure the best ROI for shareholders.

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    John Todaro's questions to CLEANSPARK (CLSK) leadership • Q2 2025

    Question

    John Todaro from Needham & Company asked if it was fair to start forecasting a specific yield from the treasury strategy and whether the reported pullback in spending by hyperscalers was making it easier to secure power and sites.

    Answer

    CFO Gary Vecchiarelli advised that while formal guidance isn't being provided, the company is internally targeting a conservative 4-6% annualized yield on its Bitcoin balance. CEO Zachary Bradford clarified that hyperscalers are cutting colocation contracts, not their own builds, due to the obsolescence of older data centers. He stated this does not mean overall power demand is decreasing, and CleanSpark's strategy of sourcing power in rural areas remains effective and unaffected.

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    John Todaro's questions to Cipher Mining (CIFR) leadership

    John Todaro's questions to Cipher Mining (CIFR) leadership • Q2 2025

    Question

    John Todaro of Needham & Company asked for details on the expected economic split in the HPC joint venture with Fortress, whether Black Pearl Phase 2 would use the same structure, and for clarification on the all-in cost per megawatt for a greenfield build.

    Answer

    CEO Tyler Page clarified the Fortress JV structure for Phase 1 envisions Cipher initially owning 20% of the equity, with potential to reach ~40% of total economics via promotes. He noted Phase 2 is not yet included but expects financing would be available. He also confirmed the all-in cost for a full HPC build would align with industry standards when accounting for sunk costs.

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    John Todaro's questions to Cipher Mining (CIFR) leadership • Q4 2024

    Question

    John Todaro asked about the exclusivity terms with SoftBank for HPC deals, whether hyperscaler interest preceded or followed the SoftBank investment, and the remaining duration of the fixed-price power contract at the Odessa facility.

    Answer

    CEO Tyler Page clarified that while under an NDA, the company could hold discussions but not sign a definitive HPC agreement with anyone other than SoftBank until the exclusivity period expired. He noted a "steady drumbeat" of pre-existing interest from hyperscalers and financing partners. Page confirmed the fixed-price power contract at Odessa runs until the end of July 2027 and discussed potential future pricing scenarios, suggesting a shift to a floating-price model could yield costs around $30 to $35 per megawatt-hour.

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    John Todaro's questions to Cipher Mining (CIFR) leadership • Q3 2024

    Question

    John Todaro of Needham & Company questioned whether Cipher would build an HPC data center on spec without a tenant lease and asked about the feasibility of a 2025 revenue start date for such a project.

    Answer

    CEO Tyler Page stated that Cipher would likely not build a full data center on spec, as tenant requirements are highly specific. The process would involve securing a letter of intent, finalizing a lease, and then using debt to finance the build. Regarding the 2025 timeline, Page acknowledged it's challenging but feasible for a site like Barber Lake, which already has an energized substation. The key gating item would be generators, but a tenant could start with lower uptime or bring their own equipment, making a late 2025 start possible.

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    John Todaro's questions to Robinhood Markets (HOOD) leadership

    John Todaro's questions to Robinhood Markets (HOOD) leadership • Q2 2025

    Question

    John Todaro of Needham & Company asked if the introduction of tokenized stocks, with pricing similar to equity markets, could eventually lead to fee compression in the broader crypto market.

    Answer

    CEO Vlad Tenev expressed doubt that tokenized securities would impact spot crypto pricing, noting that Robinhood has offered both side-by-side in the U.S. without a connection in how customers perceive pricing. He believes customers are ultimately agnostic to the underlying technology. CFO Jason Warnick agreed, pointing out that pricing already differs across asset classes like index options, futures, and equities.

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    John Todaro's questions to Robinhood Markets (HOOD) leadership • Q1 2025

    Question

    John Todaro from Needham & Company asked for a breakdown of the $1 billion in prediction market contracts traded, specifically how much was related to sports versus other events.

    Answer

    CEO Vladimir Tenev clarified that just under half of the $1 billion in contracts traded over the last six months was related to sports, including March Madness, the Masters, NHL, and NBA. He stated that the team is focused on improving discoverability as more contracts are added and sees vast potential in this nascent asset class.

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    John Todaro's questions to Robinhood Markets (HOOD) leadership • Q4 2024

    Question

    John Todaro asked about the potential for direct product launches around stablecoins to better monetize their growing adoption, following positive management commentary in December.

    Answer

    CEO Vladimir Tenev confirmed strong interest, highlighting a partnership on USDG, a stablecoin designed to pass yield to holders. He also revealed that Robinhood is increasingly using stablecoins for its own 24-hour settlements, believing this internal adoption will pioneer a broader institutional trend and create a tailwind for the technology.

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    John Todaro's questions to Robinhood Markets (HOOD) leadership • Q3 2024

    Question

    John Todaro asked about any future expenses associated with the new futures and index options offerings and also inquired about the driver behind the increase in crypto rebates to 48 basis points.

    Answer

    CFO Jason Warnick stated that the new trading products benefit from the company's existing technology infrastructure and 90% fixed cost base, which should lead to high incremental margins. Regarding crypto, he explained that the company has been experimenting with rebate levels to balance competitive pricing for customers with shareholder returns, leading to the increase from 35 basis points at the start of the year.

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    John Todaro's questions to CompoSecure (CMPO) leadership

    John Todaro's questions to CompoSecure (CMPO) leadership • Q1 2025

    Question

    John Todaro from Needham & Company inquired about the strategic vision for Arculus, particularly its potential as a tool for stablecoin payments versus a crypto cold storage solution. He also asked if the full-year guidance was conservative, given the strong potential of new programs like the Robinhood card.

    Answer

    CEO Jon Wilk confirmed that enabling stablecoin spending via traditional payment rails is an important component of the Arculus strategy, alongside its core multi-asset cold storage capabilities. Regarding guidance, Wilk acknowledged the company's DNA is generally conservative and that while they are excited about the potential of new programs, they are taking a measured approach to forecasting, consistent with their commitment to execute on stated goals.

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    John Todaro's questions to CompoSecure (CMPO) leadership • Q4 2024

    Question

    John Todaro of Needham & Company asked for the strategic rationale behind spinning off Resolute Holdings as a separate entity versus maintaining an internal team to handle M&A. He also requested more detail on the sales process for the Arculus authentication product, including typical contract lengths and sales cycle duration.

    Answer

    CEO Jonathan Wilk explained that the spin-off structure is believed to deliver superior long-term shareholder value, as the market tends to value the predictable revenue stream of an asset manager like Resolute differently. He emphasized the core mission of driving accretive M&A for CompoSecure remains unchanged. For Arculus, Wilk described a medium-length sales cycle that involves both card and fraud teams at client institutions, noting that fintechs tend to adopt the technology more quickly than larger banks.

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    John Todaro's questions to CompoSecure (CMPO) leadership • Q3 2024

    Question

    John Todaro from Needham & Company inquired about CompoSecure's M&A strategy, specifically whether it would target suppliers for margin expansion or new business segments for revenue growth. He also asked for Executive Chairman David Cote's long-term perspective on the Arculus digital authentication business.

    Answer

    CEO Jon Wilk stated that the M&A strategy is broad, looking 'up and down the value chain' at opportunities adjacent to their current business or aligned with the board's expertise. Executive Chairman David Cote expressed that while he is impressed with the Arculus technology, the company needs to improve its go-to-market strategy to help customers understand its fraud-prevention value.

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    John Todaro's questions to TERAWULF (WULF) leadership

    John Todaro's questions to TERAWULF (WULF) leadership • Q1 2025

    Question

    John Todaro asked if successfully delivering the initial buildings for Core42 would provide significant comfort to other potential enterprise or hyperscaler customers, and also inquired if the company would consider buying back its convertible notes.

    Answer

    CEO Paul Prager strongly agreed, stating that energizing the first data hall is a 'huge deal' that moves the company from 'promise to proof' and will be a major catalyst for new customer demand. CFO Patrick Fleury said that while buying back converts is a consideration, it is not a top priority due to the debt's long-term 2030 maturity and low 2.75% cash interest rate. Executing the build-out and project financing comes first.

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    John Todaro's questions to TERAWULF (WULF) leadership • Q4 2024

    Question

    John Todaro of Needham & Company asked about TeraWulf's customer strategy for new sites like Cayuga, particularly its view on hyperscalers versus the colocation model. He also sought clarity on future power costs and whether SG&A expenses are front-loaded for the HPC expansion.

    Answer

    CEO Paul Prager reaffirmed a preference for the higher-return colocation model but stated the company is open to working with any high-quality credit, including hyperscalers, that meets its return profile. CFO Patrick Fleury noted that recent high power prices were anomalous and should normalize. He also confirmed that the current SG&A run-rate is largely built out, implying high incremental margins on future revenue.

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    John Todaro's questions to TERAWULF (WULF) leadership • Q3 2024

    Question

    John Todaro asked if the company's HPC lease economic guidance ($1.3M-$1.8M per megawatt) could be increased given strong market demand, and inquired about the current status and any remaining sticking points in the ongoing lease negotiations.

    Answer

    CFO Patrick Fleury directed him to the existing investor deck slide for the economic framework and declined to comment on specific negotiation details, citing MNPI concerns. CEO Paul Prager reiterated the company's commitment to announcing a signed agreement by year-end, stressing that the primary focus is securing a high-quality, creditworthy partner to enable project financing, which is a key factor in the negotiations.

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    John Todaro's questions to Core Scientific, Inc./tx (CORZ) leadership

    John Todaro's questions to Core Scientific, Inc./tx (CORZ) leadership • Q1 2025

    Question

    John Todaro asked what factors increased management's confidence in hitting construction milestones compared to two months ago and sought clarity on the change in the CoreWeave CapEx funding arrangement, particularly the elimination of an escrow account.

    Answer

    CEO Adam Sullivan explained that confidence increases as a project gets closer to commissioning its first building, which provides greater clarity on executing future builds at that site. CFO Jim Nygaard clarified that the CapEx funding mechanism was changed for efficiency but the structure remains the same: Core Scientific receives funds from CoreWeave before paying contractors.

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    John Todaro's questions to Core Scientific, Inc./tx (CORZ) leadership • Q4 2024

    Question

    John Todaro asked if customers other than CoreWeave were considered for the Denton site expansion and sought clarification on the revised delivery timeline, particularly for the first 200 megawatts.

    Answer

    CEO Adam Sullivan responded that the Denton site was primarily slated for CoreWeave, but emphasized that the company's other 300 MW of potential capacity is being actively discussed with new customers to drive diversification. He confirmed a general pushout in the delivery schedule due to delays, making the overall ramp 'a little bit later' than first anticipated.

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    John Todaro's questions to Core Scientific, Inc./tx (CORZ) leadership • Q3 2024

    Question

    John Todaro inquired about the 100-megawatt reallocation from Bitcoin mining to HPC, asking if customer conversations were underway and confirming the retrofit cost estimate. He also sought clarification on the higher-than-expected Q3 HPC revenue.

    Answer

    CEO Adam Sullivan confirmed that competitive conversations with potential clients for the 100 MW are ongoing and that the retrofit cost estimate remains $5 million to $8 million per megawatt. CFO Denise Sterling clarified that the Q3 HPC revenue was higher due to a one-time adjustment for delivering capacity 30 days ahead of schedule, which resulted in recognizing an additional month of revenue.

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    John Todaro's questions to Core Scientific, Inc./tx (CORZ) leadership • Q3 2024

    Question

    John Todaro of Needham & Company inquired about the 100 megawatts being reallocated to HPC, asking if customer conversations were underway and confirming the retrofit cost. He also sought clarification on the higher-than-expected Q3 HPC revenue.

    Answer

    CEO Adam Sullivan confirmed that competitive conversations with potential clients for the 100 MW site were ongoing and that the $5 million to $8 million per megawatt retrofit cost estimate is accurate. CFO Denise Sterling clarified that Q3 HPC revenue was higher due to a one-time adjustment for delivering capacity 30 days ahead of schedule, which resulted in recognizing an additional month of revenue.

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    John Todaro's questions to Riot Platforms (RIOT) leadership

    John Todaro's questions to Riot Platforms (RIOT) leadership • Q1 2025

    Question

    John Todaro of Needham & Company sought to confirm that no Letter of Intent (LOI) is currently in place for a data center deal. He also asked for clarification on why Riot believes a build-to-suit model is preferable when some believe hyperscalers want powered shells.

    Answer

    CEO Jason Les confirmed no LOI is currently in place. He clarified that while hyperscalers are exploring all options, including powered shells, Riot believes a build-to-suit data center is the value-maximizing route for its specific assets and capabilities. He emphasized the company is committed to the data center path at Corsicana and is building the team to deliver on a full build.

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    John Todaro's questions to Riot Platforms (RIOT) leadership • Q4 2024

    Question

    John Todaro asked if recent market speculation about AI demand has changed the nature of conversations with hyperscalers. He also questioned how the Bitcoin and HPC businesses complement each other and whether Riot would consider spinning one off.

    Answer

    CEO Jason Les responded that they have not seen any change in demand from hyperscalers. He explained that the Bitcoin business acted as the 'reactor' that funded the asset growth which created the current HPC opportunity. He framed the two businesses as diversified paths to shareholder value rather than conflicting segments that would require a spin-off.

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    John Todaro's questions to Applied Digital (APLD) leadership

    John Todaro's questions to Applied Digital (APLD) leadership • Q3 2025

    Question

    John Todaro of Needham & Company asked for details on the AI cloud business assets for sale, specifically the lease terms on third-party data centers, and questioned the leasing strategy for the full 400 MW Ellendale campus.

    Answer

    CFO Mohammad Saidal Mohmand stated the third-party data center leases are typically 5-7 years. Executive Wesley Cummins confirmed the primary assets for sale are the GPUs and this capacity. Cummins also reiterated his expectation that a single tenant will lease the initial 400 MW Ellendale campus, clarifying that the second building is slated for revenue generation in Q3 2026.

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    John Todaro's questions to Applied Digital (APLD) leadership • Q1 2025

    Question

    John Todaro from Needham & Company asked about the economics of the two separate leases for the Ellendale campus (100 MW vs. 300 MW) and sought confirmation that the finalization process is now primarily clerical.

    Answer

    Executive Wesley Cummins confirmed the process is now largely clerical. He elaborated that while the two leases will have different structures—one being a colo sale lease and the other a more traditional yield-on-cost model—they are designed to be economically very similar and consistent with previously discussed financial models.

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    John Todaro's questions to Bitdeer Technologies (BTDR) leadership

    John Todaro's questions to Bitdeer Technologies (BTDR) leadership • Q3 2024

    Question

    John Todaro of Needham & Company, LLC requested clarification on the nature of "development partners" for the HPC opportunity, specifically if it could involve an equity split, and asked for insights on the relationship between the ASIC and Bitcoin cycles.

    Answer

    Executive Haris Basit confirmed they are considering models that include an equity split with partners, though no model has been chosen. Jeff LaBerge added this could involve an infrastructure fund or a development partner. Executive Jihan Wu explained that mining rig prices are driven by hash price, which could rise significantly with a higher Bitcoin price, though older fleets coming online could temper this.

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    John Todaro's questions to Hut 8 (HUT) leadership

    John Todaro's questions to Hut 8 (HUT) leadership • Q2 2024

    Question

    John Todaro inquired about the status of grid interconnect approvals for the company's 1.1-gigawatt development pipeline. He also asked for clarification on whether the 205-megawatt Texas Panhandle site could be fully dedicated to HPC and sought details on its development timeline.

    Answer

    CEO Asher Genoot clarified that all pipeline assets, including the Texas Panhandle site, are grid-connected with substations available. He confirmed that Hut 8 is in active discussions with potential customers for a large-scale HPC/AI build at the Panhandle site, as well as at other sites in their pipeline that may offer better fiber connectivity.

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    John Todaro's questions to Hut 8 (HUT) leadership • Q1 2024

    Question

    John Todaro from Needham & Company asked whether the new AI GPU cluster would be hosted in third-party or owned data centers, the associated CapEx, and for guidance on expected power costs for the self-mining business.

    Answer

    CEO Asher Genoot clarified that the first GPU cluster will be at a third-party data center to minimize execution risk and accelerate time-to-revenue. He added that there is an opportunity to upgrade two of their five owned data centers for high-density compute with additional CapEx. For power costs, he stated that the Q1 average of approximately $0.04/kWh is a fair target range, managed through their economic curtailment software.

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    John Todaro's questions to Hut 8 (HUT) leadership • Q1 2024

    Question

    Asked about the location of the new AI GPU cluster (third-party vs. own sites), the required CapEx for accommodation, and the expected average power cost for the self-mining business for the rest of the year.

    Answer

    The first GPU cluster is at a third-party data center to minimize execution risk. However, there is an opportunity to invest CapEx to upgrade two of their own five data centers for high-density compute. An average power cost of $0.03 to $0.04/kWh is a fair target, depending on hash price, as the company can control costs through economic curtailment.

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    John Todaro's questions to Hut 8 (HUT) leadership • Q1 2024

    Question

    John Todaro from Needham asked if the first AI GPU cluster would be housed in a third-party or owned data center, the associated CapEx, and for clarification on expected self-mining power costs for 2024.

    Answer

    CEO Asher Genoot clarified the first cluster will be at a third-party data center to minimize execution risk and accelerate time-to-revenue. He added that there is an opportunity to upgrade two of their five existing data centers for high-density compute with competitive CapEx. For power costs, Genoot affirmed that the Q1 average of approximately $0.04/kWh is a fair target, expressing confidence in their ability to manage costs through economic curtailment.

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    John Todaro's questions to Hut 8 (HUT) leadership • Q4 2023

    Question

    Questioned the timeline and strategy for the new GPU cluster, including whether a site would be built or co-located and when revenue is expected. Also asked about the plan for higher-cost hosted miners post-halving.

    Answer

    A full plan for the GPU cluster will be announced in the next quarter, with the goal of launching and generating revenue within the 2024 calendar year, potentially starting with a colocation strategy to enter the market quickly. Regarding the higher-cost hosted miners, the company is already in the process of moving them from third-party sites to their own vertically-integrated facilities (like the new Salt Creek site) to reduce power costs ahead of the halving.

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