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Justin Pan

Research Analyst at Clear Street Markets LLC

Justin Pan is an Associate at Clear Street LLC, specializing in equity research and market analysis, with a background that includes a role as an Equity Research Associate at Citigroup Global Markets. He has experience covering a range of market capitalizations and sectors, providing value-added macro and quantitative insights to institutional clients. Justin began his analyst career at Citigroup in 2022 before joining Clear Street as an Associate in 2025, and he holds an undergraduate degree from the University of Chicago. While performance metrics and specific company coverage are not explicitly detailed in public records, his professional background demonstrates a foundation in finance and research within major financial institutions.

Justin Pan's questions to Cipher Mining (CIFR) leadership

Question · Q2 2025

Justin Pan from Clear Street inquired about the potential cost differences of the hybrid Bitcoin/HPC model for Black Pearl Phase 2 compared to a pure-play build, and whether this flexible strategy would be applied to future sites.

Answer

CEO Tyler Page stated the initial flexible build would cost about $1.5 million per megawatt, with further costs for higher-tier HPC upgrades dependent on tenant needs. He confirmed this modular approach is being considered for future sites like Stingray to accommodate rapid technology cycles and maintain optionality.

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