Will Cops

Will Cops asked for Virtu's updated thoughts on participating in prediction markets, specifically whether sports or non-sports contracts would represent a more attractive entry point.

Answer

Co-President and Co-COO Joe Molluso expressed general optimism for new markets but highlighted the lack of perfect regulatory or legal certainty, necessitating careful evaluation. He noted that certain prediction markets are more similar to Virtu's current trading activities than outright sports bets, and the firm would investigate market-making and cross-exchange arbitrage opportunities within this space.

Will Cops asked for Virtu's updated thoughts on participating in prediction markets and whether sports or non-sports contracts would represent a more attractive entry point.

Answer

Co-President and Co-COO Joe Molluso expressed optimism for new markets and asset classes, noting Virtu is connecting to venues and establishing relationships. He emphasized caution due to regulatory and legal uncertainties. Joe Molluso also stated that certain markets, like those involving market-making activities and cross-exchange arbitrage, are more similar to Virtu's current trading operations than outright sports bets.

Will Cops of Piper Sandler asked about any shifts in demand or decision-making timelines from potential AI/HPC tenants and inquired about the potential structure of project-level financing for data center developments.

Answer

CEO Jason Les confirmed that demand from hyperscalers remains robust, citing public commentary from major tech companies about increasing CapEx. He explained that financing options will be chosen to maximize value and secure the best cost of capital, noting that the quality of the tenant will significantly influence the financing terms available. He mentioned that no specific financing structure is set, but they are working with advisors Evercore and Northland.