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    Mike Colonnese

    Research Analyst at H.C. Wainwright & Co., LLC

    Mike Colonnese is Managing Director and Senior Technology Analyst at H.C. Wainwright & Co., specializing in cryptocurrency, blockchain, and fintech research. He covers publicly listed companies including Bitcoin Depot, Coinbase Global, Hive Digital Technologies, IREN, Hut 8, Bitfarms, Cipher Mining, and Riot Platforms, and maintains a notable track record with a recent average return of 31.9% and a success rate of approximately 57%. Colonnese began his career in private wealth management at Fidelity Investments, held equity research roles at Sidoti & Company, Wells Fargo, Bank of America, and Cantor Fitzgerald, and joined H.C. Wainwright after leading Cantor's crypto and blockchain research. He holds a CFA charter, an MBA in Finance from Sacred Heart University, a bachelor's from the University of Connecticut, and has over 13 years’ experience in financial services.

    Mike Colonnese's questions to Bitcoin Depot (BTM) leadership

    Mike Colonnese's questions to Bitcoin Depot (BTM) leadership • Q2 2025

    Question

    Mike Colonnese from H.C. Wainwright & Co., LLC asked about the key assumptions behind the company's Q3 revenue and adjusted EBITDA guidance. He also sought details on the criteria for expanding into two potential new international markets.

    Answer

    Scott Buchanan, Director, COO, and Principal Financial Officer, explained that the guidance is driven by the maturation of existing kiosks, new deployments from inventory, and sustained cost optimization. CEO Brandon Mintz detailed that international expansion decisions are based on factors like local Bitcoin adoption, total addressable market (TAM), and the regulatory environment, which may require securing licenses or partnerships.

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    Mike Colonnese's questions to Bitfarms (BITF) leadership

    Mike Colonnese's questions to Bitfarms (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 (CLSK) leadership

    Mike Colonnese's questions to CLEANSPARK (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 (HUT) leadership

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

    Question

    Inquired about the specific timing for the mining fleet upgrade, the total wholly-owned megawatt capacity, the utilization rate assumptions for the HPC business's revenue forecast, and the company's preferred go-to-market strategy for future HPC expansion (GPU-as-a-service vs. co-location).

    Answer

    The executive explained that fleet upgrade timing depends on ongoing negotiations for pricing and financing. The company has about 1 gigawatt of wholly-owned capacity (including JVs). The HPC revenue forecast is based on average partner utilization, not 100%. For future expansion, the company is pursuing both the GPU-as-a-service model and large-scale co-location deals in parallel.

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    Mike Colonnese's questions to Argo Blockchain (ARBK) leadership

    Mike Colonnese's questions to Argo Blockchain (ARBK) leadership • Q3 2023

    Question

    Asked about the company's geographic focus for future growth and expansion opportunities.

    Answer

    While the company has a strong history in Canada, they consider themselves nimble, flexible, and geographically agnostic. They are open to growth opportunities anywhere with favorable conditions, evaluating locations from Quebec and Texas to the deserts of Oman.

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