John Todaro

Wes clarified the 3.5-4 GW target, said power is in the pipeline, and that delivering ~1 GW/yr in '29-'30 is the main constraint.

Wes said ChronoScale will secure smaller grid-tied sites outside Applied's large campuses, potentially multiple hundreds of MW.

Saidal said NOI margins should rise post-RFS as sites mature and campuses add buildings (economies of scale); no single firm target, and timing varies by region.

Wes said the 7-campus simultaneous limit could go higher but he won't overextend; execution/delivery and operations must stay dialed in, with supply chain the real limit.

Wes acknowledged every lease is different and utility guarantees have been newer for them, but said he cannot point to a market-wide change -- each campus has its own nuances and he feels the leases are on track to sign this year.

Wes said the company keeps finding more power opportunities weekly; current in-flight projects are all organic, with third-party options under continual evaluation.

Wes credited design and construction refinements since 2022, standardized SKUs and suppliers, and secured MEP supply for confidence in on-time, on-budget delivery.

Wes (question taken by Austin Ortiz for John Todaro) said South Dakota power will be available in 2026; the gating item is a sales-tax exemption for data center IT equipment that 41 other states already have.

Direct, reiterated the expectation that a single customer takes the full 400 MW Ellendale campus, with building 2 ready for service end of Q2 CY2026.

Direct, third-party data center leases run generally five to seven years with extensions; GPUs and some software are the primary assets in the sale.

Direct: the two leases use different structures (a colo-style $/kW lease and a yield-on-cost model) but are economically similar; management confirmed the process is now mostly clerical.

Les gave extensive color on the calculated marketing approach for the site but declined to identify the tenant, noting LOIs remain subject to uncertainty.

Management cited hyperscaler earnings confirming growing CapEx and continued compute shortages, noting different buyers are in different phases of their buying cycle and Riot is positioned to rapidly respond to customer interest.

Management confirmed discussions advanced considerably with no gating items, noting ability to check the box affirmatively on the vast majority of hyperscaler requirements validates their methodical preparation approach.

Management outlined the progression from basis of design to technical discussions to commercial phase, noting the AMD deal materially increased quality and seriousness of inbound interest and targeting additional announcements in 2026.

Management confirmed flexibility for both configurations but noted all serious Corsicana interest has been for the entire site, suggesting single-tenant is the most likely outcome there.

Jason Chung confirmed active evaluation of power expansion opportunities but noted a higher threshold for allocation of time and resources given the existing portfolio that needs development.

Management declined to comment on specific discussions but cited hyperscaler commentary validating growing power bottlenecks, emphasizing focus on high-quality credit tenants and derisked delivery timelines.

Management firmly rejected the Bitcoin mining fallback framing, stating full commitment to the data center path as the value-maximizing approach.

Management confirmed no LOI exists, clarified that build-to-suit maximizes Riot's value though hyperscalers are evaluating all structures.

Despite analyst raising market skepticism about AI demand, management said they have not seen any change in hyperscaler interest levels.

Management framed Bitcoin as the foundational growth engine that funded the asset base now enabling AI/HPC, rejecting the premise of incompatibility.

Harry detailed Sealy (Batch Zero go status with 2025 ERCOT approval), Brazoria phase I go status, and 300 MW still awaiting base-load vs studied-load determination.

Matt said there was no demand pullback and inbound inquiries ramped over the prior 48 hours, especially for the Washington, Georgia site.

Gary Vecchiarelli said newly deployed efficient immersion miners should push hashrate toward 55 by year-end, subject to Bitcoin price and network difficulty; a direct, quantified answer.

Matt Schultz said the lead tenant conversation is consistent with prior framing with no new update; a direct but limited answer.

Management acknowledged a clear Sandersville frontrunner it is co-designing with, but declined to name it or fully close the competitive picture.

Harry confirmed the Georgia/MEAG power at Sandersville is not subject to forced curtailment, supporting an AI campus use case.

Todaro pressed on risks in the 40% yield strategy; Vecchiarelli detailed delta and duration management and reduced counterparty risk through partial collateral.

Gary declined formal yield guidance but reiterated a 4% to 6% annualized target on the treasury; partial.

Emilie noted institutional weakness was driven by lower volatility reducing Deribit options demand, but underlying engagement was strong with loan balances at all-time high of $1.4B.

Alesia declined to provide intra-quarter USDC data, pointing to the shareholder letter's year-end figures only.

Alesia explained dual monetization: on-platform (100% economics) and off-platform (50% share). Brian added that stablecoins have network effects and USDC is best positioned as largest regulated dollar stablecoin.

Brian confirmed the vision of Coinbase as a primary financial account spanning brokerage, banking, and payments. Cited $30T stablecoin volume growing 3x YoY and the goal to tokenize all asset classes.

Allaire cited Circle's founding role in the x402 Foundation, USDC's roughly 99% agentic-payment share and network effects extending into the LLM and intelligence layer.

Allaire said the presale was $222M at $3B FDV; 60% of tokens are earmarked for ecosystem grants, airdrops and incentives, with focus on the mainnet launch.

Allaire cast Arc as a general-purpose economic OS and a liquidity/distribution hub for any tokenized asset via CCTP interoperability.

Allaire declined to break out on-platform USDC by use case; emphasized partnerships with growth-oriented distribution platforms.

Vlad described basic infrastructure fixes at Bitstamp driving institutional share gains. Shiv added institutional lending is simple working capital provision leveraging Robinhood's balance sheet.

Vlad argued customers are asset-class agnostic on pricing. Jason drew analogy to different pricing across index options, futures, equities, and options. Each asset class stands on its own.

Vlad confirmed just under half of the 1 billion prediction market contracts were sports-related including March Madness, the Masters, NHL and NBA. Plans to expand contract breadth and improve discoverability.

Vlad highlighted USDG partnership on Global Dollar Network for yield-bearing stablecoin. Noted Robinhood uses stablecoin for weekend settlements internally, signaling institutional adoption tailwind.