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Patrick Molley

Director and Senior Research Analyst at Piper Sandler & Co.

Patrick Moley, CFA is a Director and Senior Research Analyst at Piper Sandler specializing in FinTech, digital assets, exchanges, and trading companies. He covers a range of leading firms including Coinbase, Charles Schwab, Robinhood, IntercontinentalExchange, Block, PayPal, Upstart, and Cboe Global Markets, and is noted for actively engaging with over a dozen top sector names through industry research and earnings calls. Moley began his career in wealth management at LPL Financial, later joining Sandler O’Neill + Partners as an equity research associate in 2018 before moving to Piper Sandler, where he now provides in-depth sector analysis. He holds a bachelor's degree in accounting from Michigan State University and is a CFA Charterholder, reflecting strong professional credentials and expertise.

Patrick Molley's questions to Hut 8 (HUT) leadership

Question · Q3 2025

Patrick Moloney asked for an update on conversations with potential AI HPC tenants and inquired about the market's valuation of Hut 8's power pipeline relative to competitors, specifically the perceived discount on the 1.5 gigawatts under development.

Answer

CEO Asher Genoot addressed the valuation disconnect by stating that the market wants to see execution and proof of conversion for the power pipeline. Regarding AI HPC tenants, Genoot noted increased demand and emphasized a holistic approach to deals, considering customer commitments, financing, supply chain, and local relationships for timely delivery.

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Patrick Molley's questions to Coinbase Global (COIN) leadership

Question · Q2 2025

Patrick Molley from Piper Sandler questioned the economics of integrating decentralized exchanges (DEXs) into the Coinbase platform, asking about the monetization model and the potential risk of cannibalizing volume from its own centralized retail exchange.

Answer

CEO Brian Armstrong explained that monetization will primarily come from a trading fee at the brokerage layer, similar to its centralized offering. He also mentioned potential secondary revenue from sequencer fees if a DEX runs on Base and from Coinbase's own investments in certain DEX protocols. The strategy is framed as routing customer orders to the best execution venue.

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Question · Q2 2025

Patrick Molley from Piper Sandler asked about the economics of integrating decentralized exchanges (DEXs) into the Coinbase platform, inquiring about the monetization model and the potential risk of cannibalizing volume from its own centralized retail exchange.

Answer

CEO Brian Armstrong explained that monetization for DEX trades would occur at the brokerage layer through a trading fee, similar to its centralized exchange model. He noted additional potential revenue from sequencer fees if the DEX operates on the Base layer and from Coinbase's own investments in some of these decentralized exchanges. CFO Alesia Haas concurred with this assessment.

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