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Analyst
Chris Brendler
Period: Reporting periods mapped to calendar 2025 Q2 – 2026 Q2 (5 quarters; questions recorded in 4).
- Questions
- 13on tracked calls
- Challenge rate
- 23%3 of 13 questions
- Companies
- 1questioned at least once
- Reporting periods
- 4with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 13 of 13 questions from 1 company
MARAMarathon Digital Holdings, Inc.13 questions · 4 reporting periods · 3 of 13 challenging
Calendar 2026 Q2
we should think about the revenue opportunity from Exaion, EDF as well as I do not know if you talked about it at all
Show response
HUM is an eight-digit annual business, not material near term; Exaion revenues start in the low eight digits and are expected to grow as it diversifies its customer base.
Second question was on Starwood and just thinking back to our very helpful meeting we had in Vegas
Show response
Management said tenant demand exceeded initial expectations, the financial calculus is unchanged, and it is pleased with Starwood's execution.
Calendar 2026 Q1
the G&A line has seen a pretty significant increase over the last couple of quarters
Show response
Salman attributed elevated costs to transformative-deal expenses and reorganization, and guided the recurring run-rate lower than Q1 while continuing to isolate nonrecurring items.
are you striving to be more of an investment-grade credit and use more traditional equity funding methods in 2026?
Show response
Salman said HPC-conversion financings are typically investment-grade or backstopped, and that recurring triple-net lease cash flows would improve MARA's credit profile over time.
Calendar 2025 Q4
how much would you expect in the sort of back of the envelope, the economics on this joint venture
Show response
Fred declined to give JV economics, saying they depend on the tenant and site, but indicated projects are much larger than 40-50 MW (e.g., a 200+ MW Texas site convertible to hyperscaler use).
Calendar 2025 Q2
is there a point where you would think about potentially selling some of your bitcoin
Show response
Fred said MARA would sell bitcoin if the cost of holding became prohibitive or, as in 2023, to fund operating expenses, acting as fiduciaries for shareholders.
I would love to just hear your sort of 10,000-foot view on the bitcoin mining business as it stands today.
Show response
Fred argued few miners have transitioned to HPC successfully, new entrants (Tether, Bitmain/Cango) are arriving, and MARA stays focused on mining plus sovereign/inference AI.
How much of the 75 exahash year end target has been already funded as of this quarter?
Show response
Salman said nearly all of the 75 exahash target is funded except roughly $150 million, with some additional electron-related capital possible.
how much of your bitcoin stack are you willing to try to monetize?
Show response
Salman said the goal is generating cash-flow yield (covered calls, trading) not price hedging, that roughly a third of bitcoin is now activated, and MARA will expand step by step.
Does that suggest that you potentially will enter this business directly?
Show response
Fred said the model is partnerships with government-owned energy companies in regions like Europe and the Gulf where sovereign data demand is high.
is it increasing competition from hyperscalers that is impacting the queue for power assets?
Show response
Fred framed the slower pace as a deliberate shift to controlling energy assets and partnerships, expecting it to feed growth over the next 2 to 3 years.
Was there any sort of structural uptime or downtime or curtailment that impacted those numbers significantly?
Show response
Fred cited seasonality and Texas curtailment, plus maintenance cycles and a modest degree of positive mining luck, as drivers of month-to-month variability.
I'd love to get your current thoughts on the bitcoin treasury and how we should see that difference play out
Show response
Fred likened crypto treasury companies to ICOs, warned mNAV will compress toward 1 forcing some to sell, and stressed MARA mines its own bitcoin rather than buying at the top.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| MARA Marathon Digital Holdings, Inc. | 13 | 23%3 of 13 questions |
- MARAMarathon Digital Holdings, Inc. · 13 questions23%3 of 13 questions
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2025 Q2 | 8 | 25%2 of 8 questions | 1 |
| 2025 Q3 | No questions recorded | — | — |
| 2025 Q4 | 1 | 100%1 of 1 question | 1 |
| 2026 Q1 | 2 | 0%none of 2 questions | 1 |
| 2026 Q2 | 2 | 0%none of 2 questions | 1 |
- 2025 Q28 questions · challenge rate 25% (2 of 8 questions) · 1 company
- 2025 Q3No questions recorded
- 2025 Q41 question · challenge rate 100% (1 of 1 question) · 1 company
- 2026 Q12 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2026 Q22 questions · challenge rate 0% (none of 2 questions) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Capital Allocation6
- Demand3
- Competitive Dynamics3
- Cloud & AI2
- Margin2
- Capex Investment2
- Revenue Growth1
- Cost Pressure1
- Credit1
- Geographic Expansion1
Show all 11 topics
- M&A1