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    Joshua Siegler

    Research Analyst at Cantor Fitzgerald

    Joshua Siegler is Director and Head of Crypto & Fintech Research at Cantor Fitzgerald, focusing on coverage of digital assets, financial technology, and related sectors including companies like Terawulf, Porch Group, and CleanSpark. With a record of 227 ratings across 20 stocks and a price target met ratio near 65%, he has generated an average return of 45.6% and notable performance on recommendations such as CleanSpark with over 117% realized return in under three weeks. Siegler began his career at J.P. Morgan Asset Management, moved to Evercore ISI as Senior Equity Research Associate covering over 30 payments and IT services companies, and joined Cantor Fitzgerald in January 2021 before recently transitioning to a principal role at 10T Holdings. He holds a B.B.A. in Finance and Government from William & Mary, has deep expertise in the digital asset ecosystem, and maintains FINRA registration with relevant securities licenses.

    Joshua Siegler's questions to IREN (IREN) leadership

    Joshua Siegler's questions to IREN (IREN) leadership • Q3 2024

    Question

    Joshua Siegler from Cantor Fitzgerald asked for color on the exploration of a colocation model for the HPC business and about market dynamics and unit economics post-halving.

    Answer

    Co-Founder and Co-CEO Daniel Roberts explained that colocation is being explored, but the company must weigh the opportunity cost against owning and operating its own compute. Regarding post-halving dynamics, he noted the hash rate remains robust and reiterated IREN's focus on accretive organic growth, contrasting its $30 million per exahash build cost with the market's $135 million valuation, making organic growth a clear choice over M&A.

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    Joshua Siegler's questions to Hut 8 (HUT) leadership

    Joshua Siegler's questions to Hut 8 (HUT) leadership • Q4 2023

    Question

    Asked about the strategy for timing capital deployment on new miners, considering potential price increases during a bull market, and whether diversifying into new verticals like AI would improve access to financing.

    Answer

    The company's primary focus is securing scarce energy infrastructure, which they see as the main bottleneck, not the availability of miners. They have over 1,000 MW of energy capacity under exclusivity and will time miner purchases to maximize returns, confident in their proven ability to scale operations. They confirmed that diversification creates different asset classes (e.g., data centers, GPUs) which attracts a wider pool of investors and enables more favorable project-level financing, lowering the overall cost of capital.

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