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

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

    Mike Colonnese's questions to Bitfarms Ltd (BITF) leadership • Q2 2025

    Question

    Mike Colonnese from H.C. Wainwright & Co. asked for details on the $400 million total CapEx for Panther Creek, its implications for deal economics, and the process required to convert its Quebec Bitcoin mining sites to HPC data centers.

    Answer

    CFO Jeff Lucas stated the $400 million CapEx is an estimate for a full build-out ready for large GPUs, which may vary by customer. CEO Ben Gagnon added they are optimizing for both ROIC and long-term revenue. Regarding Quebec, Gagnon explained that converting mining megawatts to data center megawatts requires a novel regulatory approval process. While politically supported, the timeline is uncertain, with a tentative target of 2027-2028 for conversion.

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

    Mike Colonnese's questions to CleanSpark Inc (CLSK) leadership • Q3 2025

    Question

    Mike Colonnese of H.C. Wainwright & Co., LLC inquired about the deployment timeline for the 200 megawatts of available contracted power and sought management's perspective on the current M&A landscape for Bitcoin miners.

    Answer

    President and CEO Zachary Bradford explained that the immediate focus is on delivering the next 10 exahash, which will use a portion of the 200 megawatts, with plans for the remainder to be announced soon. He also described the M&A pipeline as 'very robust,' particularly in the private space, noting potential opportunities as other miners pivot to HPC.

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

    Mike Colonnese's questions to Hut 8 Corp (HUT) leadership • Q2 2025

    Question

    Mike Colonnese from H.C. Wainwright & Co., LLC inquired about the use of proceeds from American Bitcoin's private placement and the likelihood of exercising the Bitmain purchase option.

    Answer

    CEO Asher Genoot stated that American Bitcoin's capital is dedicated purely to acquiring Bitcoin or Bitcoin-generating ASICs. He added that Hut 8 is satisfied with the economics of its current hosting agreement with Bitmain, and any exercise of the option by American Bitcoin would further benefit Hut 8 through its equity stake.

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    Mike Colonnese's questions to Hut 8 Corp (HUT) leadership • Q2 2025

    Question

    Mike Colonnese of H.C. Wainwright & Co., LLC inquired about the use of proceeds from American Bitcoin's private placement and the likelihood of exercising the purchase option with Bitmain.

    Answer

    CEO Asher Genoot stated that American Bitcoin's capital will be used exclusively to acquire Bitcoin or ASICs, reinforcing its status as a pure-play accumulation vehicle. He added that Hut 8 is comfortable with its current Bitmain hosting agreement, as its economics are enhanced by the stake in American Bitcoin.

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