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    Michael Colonnese • H.C. Wainwright & Co., LLC

    Michael Colonnese's questions to Bitfarms Ltd (BITF) leadership

    Michael Colonnese's questions to Bitfarms Ltd (BITF) leadership • Q1 2025

    Question

    Michael Colonnese inquired about the specific capital expenditure details for the 500-megawatt HPC data center buildout at Panther Creek and asked about the potential for further optimizing power costs for the Bitcoin mining fleet.

    Answer

    CFO Jeff Lucas and CEO Ben Gagnon explained that the master development plan for Panther Creek, which will detail expenditures, is nearly complete. Gagnon noted the $300 million Macquarie facility could fund either the full 500MW of powered land infrastructure or the initial substation and first HPC building. Regarding mining costs, Gagnon highlighted marginal efficiency gains from remaining miner installs and significant optimization opportunities from energy trading in the PJM market to maximize free cash flow rather than targeting a specific power price.

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    Michael Colonnese's questions to Bitfarms Ltd (BITF) leadership • Q4 2024

    Question

    Michael Colonnese asked about the due diligence timelines for prospective HPC/AI customers, how they might utilize the assets, the expected timing for reaching the 21 exahash target, and the potential for expanding mining capacity further.

    Answer

    CEO Ben Gagnon estimated a 9-12 month due diligence timeline for hyperscalers and noted that Bitfarms can offer a spectrum of solutions from powered land to full build-to-suit. He stated that reaching 21 EH/s depends on completing miner repairs and upgrades in Q2, and reiterated no plans for major new miner purchases, preferring to focus capital on long-term infrastructure and potentially grow hashrate via hosting.

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    Michael Colonnese's questions to Galaxy Digital Inc. (GLXY) leadership

    Michael Colonnese's questions to Galaxy Digital Inc. (GLXY) leadership • Q1 2025

    Question

    Michael Colonnese asked how Galaxy envisions traditional finance (TradFi) firms entering the digital asset space and the implications for its business, and whether Galaxy is observing the same uptick in institutional Bitcoin interest mentioned by others.

    Answer

    Founder and CEO Michael Novogratz responded that TradFi firms are moving in a 'crawl, walk, run' fashion, with a particular focus on tokenization, and Galaxy aims to stay ahead through domain expertise. On Bitcoin, he confirmed seeing increased adoption driven by both macro tailwinds and a growing global adoption cycle, which he views as the most critical driver for the crypto industry's health.

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    Michael Colonnese's questions to Galaxy Digital Inc. (GLXY) leadership • Q4 2024

    Question

    Michael Colonnese inquired about the major crypto themes Galaxy sees playing out for the rest of the cycle, where the company will focus its resources, and the perceived probability of the U.S. government creating a strategic Bitcoin reserve.

    Answer

    CEO Michael Novogratz identified stablecoins and the tokenization of real-world assets (RWA) as key themes, noting Galaxy's involvement through its AllUnity stablecoin venture and market-making activities. He assessed the probability of a U.S. Bitcoin reserve as 'higher than you might think' due to enthusiasm from figures in the new administration, which could spur other nations to follow suit.

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    Michael Colonnese's questions to CleanSpark Inc (CLSK) leadership

    Michael Colonnese's questions to CleanSpark Inc (CLSK) leadership • Q2 2025

    Question

    Michael Colonnese inquired about CleanSpark's outlook for network hash rate growth in 2025, its market share objectives amid competitor pivots to AI, and how its digital asset management strategy differentiates it from peers.

    Answer

    CEO Zachary Bradford stated that network hash rate growth has plateaued, creating a favorable environment for CleanSpark to maintain and grow its current ~5% market share. CFO Gary Vecchiarelli detailed the treasury strategy, describing option premiums as 'juicy' and citing an example of a one-week covered call yielding 2.4%. He explained this creates a 'treasury flywheel' to fund operations, pay down debt, or reinvest.

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    Michael Colonnese's questions to CleanSpark Inc (CLSK) leadership • Q1 2025

    Question

    Michael Colonnese asked for details on CleanSpark's Bitcoin treasury management strategy and the expected cadence of hashrate growth to its 50 exahash target.

    Answer

    Executive Gary Vecchiarelli explained that the company is currently evaluating counterparties for its treasury strategy via an RFP process, planning a gradual 'crawl, walk, run' approach. Executive Zachary Bradford added that the hashrate expansion to 50 EH/s is expected to have an even, monthly cadence over the next six months, utilizing existing and nearby greenfield sites.

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    Michael Colonnese's questions to CleanSpark Inc (CLSK) leadership • Q3 2024

    Question

    Michael Colonnese inquired about the status and timeline for finalizing the GRIID acquisition, asking what steps remain. He also questioned the strategic rationale behind acquiring GRIID, particularly why it was chosen over other potentially lower-priced M&A opportunities in the pipeline.

    Answer

    CEO Zachary Bradford explained that the GRIID acquisition's closing is contingent on the SEC's review process for the S4 filing, making the timeline dependent on the regulator. Bradford clarified that GRIID's primary value lies in its robust pipeline of opportunities and established relationships in Tennessee, which provides a strategic advantage for rapid future growth that justifies the deal, rather than just its immediate megawatts.

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    Michael Colonnese's questions to Bitdeer Technologies Group (BTDR) leadership

    Michael Colonnese's questions to Bitdeer Technologies Group (BTDR) leadership • Q4 2024

    Question

    Michael Colonnese asked about the impact of US-China trade tensions on ASIC competitor delays, the potential increase in demand for SEALMINERs, the company's manufacturing capacity for future rigs, and the revenue recognition process for ASIC sales.

    Answer

    Chief Strategy Officer Haris Basit and Chairman and CEO Jihan Wu stated they are monitoring news on trade tensions but have not experienced direct impacts, expressing hope for a smooth resolution. Haris Basit noted that while future wafer capacity from TSMC is expected to increase, they do not preannounce allocations. Head of Capital Markets Jeff LaBerge clarified that revenue from ASIC sales is recognized upon final delivery to the customer, with down payments held on the balance sheet until then.

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    Michael Colonnese's questions to Bitdeer Technologies Group (BTDR) leadership • Q4 2024

    Question

    Michael Colonnese of H.C. Wainwright & Co. asked about the impact of U.S.-China trade tensions on ASIC deliveries, Bitdeer's manufacturing capacity for future miners, and the revenue recognition process for its ASIC sales.

    Answer

    Chief Strategy Officer Haris Basit and Chairman and CEO Jihan Wu stated they have not directly experienced competitor shipping delays but noted the issue seems to be resolving. Haris Basit also explained that while the company has a strong partnership with TSMC, it does not pre-announce future wafer capacity. Head of Capital Markets Jeff LaBerge clarified that revenue from ASIC sales is recognized upon final delivery to the customer, not when deposits are received.

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    Michael Colonnese's questions to Bitdeer Technologies Group (BTDR) leadership • Q3 2024

    Question

    Michael Colonnese asked about Bitdeer's market share goals in the ASIC business and its strategy for competing with established players, as well as the expected future level of its hosting business.

    Answer

    Jihan Wu explained that Bitdeer aims to win market share through superior technology, rig stability, and supply chain transparency, though he noted that semiconductor capacity is a constraint. Jeff LaBerge added that the hosting business is not expected to grow significantly, as the company will prioritize allocating future capacity to its own self-mining operations.

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    Michael Colonnese's questions to Cipher Mining Inc (CIFR) leadership

    Michael Colonnese's questions to Cipher Mining Inc (CIFR) leadership • Q3 2024

    Question

    Michael Colonnese of H.C. Wainwright asked how repurposing part of the Black Pearl site for HPC would affect the company's 2025 hash rate outlook and inquired about the remaining CapEx for the site's development.

    Answer

    CEO Tyler Page clarified that the 35 EH/s year-end 2025 forecast assumes a full Bitcoin mining build-out at Black Pearl, which contributes about 21.5 EH/s. Any allocation to HPC would proportionally reduce that hash rate. For CapEx, Page detailed that Phase 1 (150 MW) requires about $77 million more in infrastructure spending. He noted that the company has options (not obligations) to purchase next-gen miners for about $340 million but also has flexibility to repurpose older machines.

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    Michael Colonnese's questions to Coinbase Global Inc (COIN) leadership

    Michael Colonnese's questions to Coinbase Global Inc (COIN) leadership • Q3 2024

    Question

    Michael Colonnese inquired about potential gaps in Coinbase's product portfolio and whether the company is more likely to build versus buy to fill them, also asking if M&A activity might accelerate with regulatory clarity.

    Answer

    President and COO Emilie Choi highlighted a history of successful M&A and noted current focus areas include international expansion, the Base ecosystem, and payments utility. CEO Brian Armstrong added that the company follows a 'build, buy, and invest' strategy but is selective with large M&A due to the difficulty of successful integration.

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    Michael Colonnese's questions to Riot Platforms Inc (RIOT) leadership

    Michael Colonnese's questions to Riot Platforms Inc (RIOT) leadership • Q3 2024

    Question

    Michael Colonnese asked about the significant delta between Riot's deployed and operating hash rate, inquiring about the company's target utilization rate going forward. He also questioned Riot's appetite for M&A and the current deal environment.

    Answer

    CEO Jason Les stated that Riot is targeting a utilization rate greater than 95%, excluding power curtailment, and expects improvements to continue through year-end. EVP and Head of Corporate Development Jason Chung added that Riot sees a robust deal flow, particularly from private miners facing capital constraints, and remains disciplined in its M&A approach.

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    Michael Colonnese's questions to HIVE Digital Technologies Ltd (HIVE) leadership

    Michael Colonnese's questions to HIVE Digital Technologies Ltd (HIVE) leadership • Q1 2025

    Question

    Michael Colonnese of H.C. Wainwright & Co., LLC inquired about HIVE's strategy for converting 20 megawatts of Bitcoin mining capacity to High-Performance Computing (HPC), asking about specific site locations, the go-to-market plan (self-owned GPUs vs. colocation), and the associated unit economics.

    Answer

    President and CEO Aydin Kilic identified the New Brunswick and Boden, Sweden sites for the HPC conversion, noting their suitability for retrofitting, which offers significant time and CapEx savings compared to greenfield builds. Kilic explained that the strategy would likely be a hybrid model, balancing the high revenue potential of self-owned GPUs with the lower CapEx of colocation, given the substantial investment required to fully equip 20 megawatts with GPUs like the H-100.

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    Michael Colonnese's questions to Hut 8 Corp (HUT) leadership

    Michael Colonnese's questions to Hut 8 Corp (HUT) leadership • Q2 2024

    Question

    Michael Colonnese requested more specific timing for the fleet upgrade and the total wholly-owned developed megawatts. He also asked about the HPC business, specifically the utilization rate of deployed GPUs, whether the $20 million annual revenue forecast assumes 100% utilization, and the go-to-market strategy for future expansion (GPU-as-a-service vs. co-location).

    Answer

    CEO Asher Genoot stated that Hut 8 is in active discussions with manufacturers and financing partners for the fleet upgrade, emphasizing the importance of right timing and pricing. He confirmed the company has about 1 gigawatt of wholly-owned megawatts, including JVs. For the HPC business, Genoot clarified the revenue forecast does not assume 100% utilization. He outlined a two-pronged strategy: continuing the GPU-as-a-service model with a dedicated team and pursuing large-scale, long-term co-location deals for multi-hundred megawatt customers.

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    Michael Colonnese's questions to Hut 8 Corp (HUT) leadership • Q1 2024

    Question

    Michael Colonnese of H.C. Wainwright asked for a breakdown of the Managed Services revenue, specifically the contribution from the Ionic Digital deal, the megawatts managed, and how that revenue stream is expected to scale.

    Answer

    CEO Asher Genoot explained that Q1 revenue included contributions from both the new Ionic deal (which began mid-quarter) and the final phase of the Kearney and Granbury contracts. The Ionic agreement covers over 300 megawatts and is structured with a fixed annual service fee of over $20 million, plus pass-through costs and equity incentives. He confirmed the full run-rate of this fee will be reflected starting in Q2.

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    Michael Colonnese's questions to Hut 8 Corp (HUT) leadership • Q1 2024

    Question

    Michael Colonnese of H.C. Wainwright inquired about the portion of Q1 Managed Services revenue driven by the Ionic Digital deal and how that revenue stream is expected to scale.

    Answer

    CEO Asher Genoot explained that Q1 revenue included contributions from both legacy sites and the new Ionic deal, which started mid-quarter. He detailed the Ionic agreement as a 4-year contract for over 300 MW, featuring a pass-through cost model plus an annual service fee exceeding $20 million and equity incentives. Genoot confirmed the full run-rate for this fee will be reflected starting in Q2 2024 and highlighted the strategic goal of building an institutional-grade operational service for the industry.

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    Michael Colonnese's questions to IREN Ltd (IREN) leadership

    Michael Colonnese's questions to IREN Ltd (IREN) leadership • Q3 2024

    Question

    Michael Colonnese of H.C. Wainwright & Co., LLC inquired about the evolution of customer conversations for the AI cloud business, its growth outlook, and the power costs at the Childress facility.

    Answer

    Co-Founder and Co-CEO Daniel Roberts explained that after focusing on the 30 exahash bitcoin mining plan, the company is now re-engaging with AI customers and developing an on-demand service. Director of Investor Relations Lincoln Tan added that the average power cost at Childress was $0.033 per kilowatt-hour, with facilities operating at near 100% uptime and curtailment decisions being purely economic.

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