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CEO Jeremy Allaire directed Todaro to the ARC light paper, explaining that a novel fee mechanism will ensure predictable, low-cost transactions priced in USDC. He added that the goal is a large, geographically distributed network of vetted, professional validators. Regarding the Genius Act, Allaire stated it's hard to correlate recent USDC growth directly to the law but noted a significant increase in inbound commercial engagement from major financial and tech institutions globally, calling it a 'catalytic moment' for mainstream adoption.

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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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CEO Adam Sullivan explained that confidence grows as they get closer to commissioning the first building at a site, which provides greater clarity on executing future buildings. CFO Jim Nygaard clarified that the CapEx arrangement's substance hasn't changed; CoreWeave is still required to fund the CapEx. The change simply eliminated the escrow mechanism for efficiency, and Core Scientific will not make payments to contractors until funds are received from CoreWeave.

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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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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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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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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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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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Haris Basit and Jeff LaBerge confirmed that partnership models involving an equity split are being considered, but a final structure has not been chosen. Jihan Wu explained that ASIC rig prices are correlated with the hash price, which is driven by the Bitcoin price. He noted that while recent price increases are positive, a more significant move is needed to drive hash price higher due to latent supply from older rigs.

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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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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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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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