American Bitcoin Corp (ABTC) 2025 Q3 法說會逐字稿

Morning and welcome to American Bitcoin’s third quarter 2025 financial results conference call. Speaking on today’s call are Co-Founder and Chief Strategy Officer, Eric Trump; Chief Executive Officer Mike Ho; Executive Chairman, Asher Genoot; and President and Interim Chief Financial Officer, Matt Prusak. Following their remarks, we will open the line for questions. This call is being recorded, and a transcript will be made available on American Bitcoin’s website.

早安，歡迎參加 American Bitcoin 2025 年第三季財務業績電話會議。出席今天電話會議的有：聯合創始人兼首席戰略官埃里克·特朗普；首席執行官邁克·何；執行董事長阿舍爾·吉諾特；以及總裁兼臨時首席財務官馬特·普魯薩克。他們發言結束後，我們將開放提問環節。本次通話正在錄音，通話記錄將發佈在 American Bitcoin 的網站上。

In addition to the press release issued earlier today, American Bitcoin’s full quarterly report on Form 10-Q is available at abtc.com and on the company’s Edgar profile at sec.gov. Unless otherwise indicated, all figures discussed today are in US dollars. Certain statements made during this call may constitute forward-looking statements within the meaning of applicable securities laws. These statements reflect current expectations and are subject to risks and uncertainties that could cause actual results to differ materially.

除了今天稍早發布的新聞稿外，American Bitcoin公司的完整季度報告（10-Q表格）可在abtc.com網站以及sec.gov網站上該公司的EDGAR檔案中查閱。除非另有說明，今天討論的所有數字均以美元計價。本次電話會議中某些陳述可能構成適用證券法意義上的前瞻性陳述。這些陳述反映了當前的預期，但存在風險和不確定性，可能導致實際結果與預期有重大差異。

Certain key risks are detailed in the company’s SEC filings. Except as required by law, the company undertakes no obligation to update or revise any forward-looking statements. During the call, management may reference non-GAAP measures such as adjusted EBITDA. Management believes these metrics, alongside GAAP results, provide valuable insight into the company’s performance. Reconciliations of GAAP and non-GAAP results are included in the tables accompanying today’s press release available on the company’s website.

該公司向美國證券交易委員會提交的文件詳細列出了某些關鍵風險。除法律另有規定外，本公司不承擔更新或修改任何前瞻性聲明的義務。在電話會議期間，管理層可能會提及非GAAP指標，例如調整後的EBITDA。管理層認為，這些指標與 GAAP 結果一起，能夠為公司業績提供有價值的見解。GAAP 和非 GAAP 結果的調整表包含在今天發布的新聞稿的表格中，可在公司網站上查閱。

With that, I’ll turn the call over to Eric Trump, Co-Founder and Chief Strategy Officer of American Bitcoin.

接下來，我將把電話交給美國比特幣聯合創始人兼首席策略長艾瑞克·川普。

Good morning, everybody. Welcome to American Bitcoin’s inaugural earnings conference call. It’s an incredible honor to share our vision and our progress with you today as we begin this journey as a newly listed company on the Nasdaq. It’s really hard to believe that exactly seven months and 15 days ago, we started this journey. American Bitcoin was formed on March 31, 2025. On September 3, five months and three days later, we had our public debut on the Nasdaq.

大家早安。歡迎參加美國比特幣公司首次財報電話會議。今天，我們作為一家在納斯達克上市的新公司，開啟了這段旅程，能夠與大家分享我們的願景和進展，我們感到無比榮幸。很難相信，就在七個月十五天前，我們開始了這段旅程。美國比特幣成立於2025年3月31日。9月3日，五個月零三天後，我們在納斯達克上市。

Today, November 14, two months and 11 days after that, we’re climbing the ladder each and every day. Today, we’re the 25th largest public accumulator, and we’re adding Bitcoin every single day. We truly believe that the traditional financial system is long overdue for transformation, and we believe that Bitcoin can drive that transformation. We believe that it is the solution.

今天是 11 月 14 日，距離那一天已經過了兩個月 11 天，我們每天都在攀登高峰。如今，我們是全球第 25 大比特幣公共累積機構，而且我們每天都在增加比特幣。我們堅信傳統金融體系亟需變革，而我們相信比特幣能夠推動這項變革。我們相信這是解決辦法。

Yet for so many years, investors didn’t have access to Bitcoin or it was complex, opaque, and convoluted. American Bitcoin has built a bridge to that gap to make Bitcoin ownership efficient, transparent, and accessible through the public equity markets. Our mission is to give investors the most efficient, compounding exposure to what we believe is the most important asset class of our time. Bitcoin is an asset that’s gone up on average of 70% a year, year over year, over the last decade. In fact, just a couple of minutes ago, I looked back at exactly two years ago from today, and Bitcoin price was roughly $36,500. It’s amazing how far we’ve gone.

然而多年來，投資者要不是無法接觸到比特幣，就是比特幣要不是複雜、不透明且令人困惑。American Bitcoin 已經搭建起一座橋樑，彌合了這一差距，使比特幣的持有變得高效、透明，並且可以透過公開股票市場獲得。我們的使命是為投資者提供最有效、最具複利效應的投資機會，讓他們能夠接觸到我們認為當今最重要的資產類別。比特幣是一種資產，在過去十年中，其價格平均每年上漲 70%。事實上，就在幾分鐘前，我回顧了兩年前的今天，當時比特幣的價格約為 36,500 美元。令人驚嘆的是，我們已經走了這麼遠。

In doing so, we aim to set the global benchmark for Bitcoin infrastructure, reserves, and innovation, and we plan to do that right here in the United States of America, in Texas, using American infrastructure and American energy. Our strategy is straightforward: to maximize Bitcoin per share through rapid, efficient accumulation. We achieve this through a dual model. One is mining Bitcoin, and we’re doing so at roughly 50% of the cost of buying it in the open markets, something that very few people anywhere in the world can match. Second, managing our reserves through disciplined, market-driven treasury strategies. This model is designed to compound value by converting capital invested into incremental Bitcoin ownership for our shareholders.

我們的目標是為比特幣基礎設施、儲備和創新樹立全球標桿，我們計劃在美國德克薩斯州，利用美國的基礎設施和能源來實現這一目標。我們的策略很簡單：透過快速、高效的積累，最大化每股比特幣的價值。我們透過雙模型來實現這一點。其一是挖比特幣，而且我們挖比特幣的成本大約只有公開市場購買成本的 50%，這在世界上幾乎是無人能及的。第二，透過嚴謹的、市場驅動的財務策略來管理我們的儲備。該模型旨在透過將投資資本轉化為股東的比特幣所有權增量來創造複利價值。

The third quarter demonstrates the strength of our model. It’s truly been amazing to see our incredible growth. We’ve executed with speed, with discipline, and with precision, and incredibly low SG&A, scaling our operations and building our reserves. Since our Nasdaq debut, we’ve added over 3,000 Bitcoin to our reserves, steadily advancing among the world’s leading public Bitcoin treasuries. That is just in two months and 11 days.

第三季的數據證明了我們模式的優勢。親眼見證我們有如此驚人的發展，真是令人驚嘆。我們以極快的速度、嚴謹的紀律和精準的執行力，以及極低的銷售、一般及行政費用，擴大了我們的營運規模，並累積了我們的儲備。自從我們在納斯達克上市以來，我們已向儲備金中增加了 3000 多枚比特幣，穩步躋身世界領先的公開比特幣金庫之列。僅僅兩個月零十一天就發生了這種情況。

It’s early, but we’re just getting started, and we’re only going to accelerate from here. I could not be more proud of this incredible team of my incredible co-founders with me, Mike Ho and Asher Genoot. There is no team that will work harder. There is no team that is more committed. We truly love what we’re doing.

現在還為時過早，但我們才剛起步，而且我們只會從這裡開始加速發展。我為我的傑出共同創辦人 Mike Ho 和 Asher Genoot 組成的這支傑出團隊感到無比自豪。沒有哪個團隊會比他們更努力。沒有哪一隊比他們更投入。我們真心熱愛我們正在做的事情。

With that, I’ll turn it over to Mike to discuss third quarter results and the operational progress behind our incredible milestones.

接下來，我將把發言權交給麥克，讓他來討論第三季業績以及我們取得這些令人矚目的里程碑背後的營運進度。

Thanks, Eric, and good morning, everyone. The vision Eric outlined is the foundation of everything we do. Today, I’ll discuss the progress we made towards this vision during the third quarter. At the core of American Bitcoin is a singular objective: to compound long-term Bitcoin ownership per share. We view Bitcoin per share expressed today and Satoshis per share as the most accurate expression of our intrinsic value. Calculated by dividing Bitcoin held by shares outstanding, it is what we believe to be the best measure of how effectively we translate capital into incremental Bitcoin ownership for our investors. Our goal is to deliver the most efficient compounding exposure to the asset class in the market. This objective guides our decision-making from how we deploy capital to how we scale operations.

謝謝你，艾瑞克，大家早安。艾瑞克提出的願景是我們一切工作的基礎。今天，我將討論我們在第三季為實現這一願景所取得的進展。美國比特幣的核心目標只有一個：提高每股比特幣的長期持有價值。我們認為，以今天的比特幣每股價值和聰每股價值來衡量，最能精確地表達我們的內在價值。透過將持有的比特幣數量除以流通股數量來計算，我們認為這是衡量我們如何有效地將資本轉化為投資者比特幣所有權增量的最佳指標。我們的目標是提供市場上最有效的資產類別複利曝險。這個目標引導著我們從資本部署到營運規模擴大等各個面向的決策。

It is underpinned by a differentiated dual accumulation model that integrates industrial-scale asset-light Bitcoin mining operations with a disciplined, market-driven Bitcoin treasury strategy. Our integrated mining operations enable us to expand our reserves at a structural discount to spot. Our treasury strategy shapes how our reserves are held, optimized, and deployed to drive compounding growth in Bitcoin per share. Together, they form a self-reinforcing flywheel that delivers a structural advantage we believe neither conventional Bitcoin treasury vehicles nor traditional Bitcoin miners can replicate. While conventional vehicles accumulate Bitcoin as spot, we mine at less than half the costs. Traditional miners, meanwhile, often dilute returns through heavy infrastructure CapEx and overhead.

它以差異化的雙重累積模式為基礎，將工業規模的輕資產比特幣挖礦業務與嚴謹的、市場驅動的比特幣國庫策略相結合。我們一體化的採礦作業使我們能夠以低於現貨價格的結構性折扣擴大儲量。我們的資金管理策略決定了我們如何持有、優化和部署儲備金，從而推動比特幣每股價值的複合成長。它們共同構成了一個自我增強的飛輪，帶來了一種結構性優勢，我們相信這種優勢是傳統的比特幣資金庫工具和傳統的比特幣礦工都無法複製的。傳統車輛以現貨形式累積比特幣，而我們挖礦的成本不到一半。同時，傳統礦業公司往往會透過巨額基礎設施資本支出和管理費用來稀釋收益。

By contrast, our asset-light model, enabled by an extensive commercial partnership with Hut 8, enables us to channel a greater share of capital directly into hash rate growth and reserve expansion, amplifying capital efficiency and the compounding effects of our model. That advantage was evident this quarter as our results reflected the structural leverage embedded in this model. We more than doubled the scale of our mining operations after exercising our purchase option for approximately 14.8 exahash of new miners at the Vega site.

相較之下，我們與 Hut 8 建立了廣泛的商業合作關係，從而實現了我們的輕資產模式，使我們能夠將更大比例的資金直接投入到哈希率增長和儲備金擴張中，從而提高資本效率並增強我們模式的複利效應。本季度，這一優勢顯而易見，我們的業績反映了該模式中蘊含的結構性槓桿作用。在行使購買選擇權後，我們在 Vega 礦場購買了約 14.8 exahash 的新礦機，使我們的挖礦業務規模擴大了一倍多。

By quarter end, our capacity totaled 25 exahash with an average fleet efficiency of 16.3 joules per terahash. Today, these metrics position American Bitcoin alongside leading pure-play miners. That operational step change translated directly into financial performance. Revenue more than doubled quarter over quarter to $64.2 million, outpacing cost of revenue growth, which rose from $15.3 million to $28.3 million over the same period.

到季度末，我們的總產能達到 25 艾哈希，平均車隊效率為每太哈希 16.3 焦耳。如今，這些指標使美國比特幣與領先的純礦工並駕齊驅。這一營運層面的變革直接轉化為財務績效。營收季增超過一倍，達到 6,420 萬美元，超過了營收成長成本（同期從 1,530 萬美元增至 2,830 萬美元）。

As a result, gross margin expanded 7 points to 56%, up from 49% last quarter, demonstrating the operating leverage inherent in our model and the structural benefit of producing Bitcoin below spot costs. That leverage held even in a volatile environment. Even amid Bitcoin price volatility, profitability improved. Despite a $5.5 million mark-to-market loss on digital assets this quarter versus a $3 million gain last quarter, net income still increased from $3.4 million to $3.5 million and adjusted EBITDA nearly doubled to $27.7 million.

因此，毛利率成長了 7 個百分點，達到 56%，高於上一季的 49%，這表明我們模式中固有的營運槓桿作用以及以低於現貨成本生產比特幣的結構性優勢。即使在動盪的環境下，這種優勢依然存在。即使在比特幣價格波動的情況下，獲利能力也有所提高。儘管本季數位資產按市值計價虧損 550 萬美元，而上一季獲利 300 萬美元，但淨收入仍從 340 萬美元增至 350 萬美元，調整後 EBITDA 幾乎翻了一番，達到 2,770 萬美元。

Our efficiency advantage extends beyond the data center. SG&A represented only 13% of revenue in the third quarter, underscoring the scalability of our partnership-driven model with Hut 8. Our lean operating model enables us to direct the majority of capital toward productive growth rather than fixed costs, strengthening returns on invested capital. Ultimately, the clearest expression of this model is in reserve growth.

我們的效率優勢不僅限於資料中心。第三季銷售、一般及行政費用僅佔營收的 13%，凸顯了我們與 Hut 8 合作驅動模式的可擴充性。我們精簡的營運模式使我們能夠將大部分資本用於生產性成長而不是固定成本，從而提高投資資本的回報率。歸根究底，這款模型最清晰的體現就是儲備成長。

Since April 1, 2025, we have scaled our Bitcoin reserves from zero to 3,418 Bitcoin through mining and market purchases, inclusive of encumbered Bitcoin, which is equivalent to 371 Satoshis per share at quarter end. This growth validates our thesis. Disciplined execution and structural cost advantage deliver compounding Bitcoin ownership per share.

自 2025 年 4 月 1 日起，我們透過挖礦和市場購買，將比特幣儲備從零增加到 3,418 個比特幣，其中包括已抵押的比特幣，相當於季度末每股 371 聰。這一增長驗證了我們的論點。嚴謹的執行和結構性的成本優勢可帶來每股比特幣持有量的複合成長。

Looking ahead, our priorities are twofold. In mining, we continue to focus on scaling our operations. Our partnership with Hut 8 provides access to a robust pipeline of power assets and a proven greenfield development platform, the same capability that underpinned Hut 8’s track record of rapid, capital-efficient expansion.

展望未來，我們的工作重點有兩個面向。在採礦領域，我們將繼續專注於擴大業務規模。我們與 Hut 8 的合作使我們能夠獲得強大的電力資產儲備和成熟的綠地開發平台，而這正是 Hut 8 快速、高效擴張的基石。

We believe this partnership will enable us to continue scaling rapidly while limiting development risk and deploying into infrastructure purpose-built for high-density ASIC computes. Coupled with access to next-generation ASIC technology, we believe this positions us to scale with industry-leading development speed, hash rate density, and mining efficiency.

我們相信，此次合作將使我們能夠繼續快速擴展規模，同時限制開發風險，並部署到專為高密度 ASIC 運算而建置的基礎架構中。結合下一代 ASIC 技術，我們相信這將使我們能夠以領先業界的開發速度、哈希率密度和挖礦效率實現規模化發展。

In treasury, our focus remains on disciplined Bitcoin per share accretion. We continue to evaluate market-driven strategies for reserve optimization, balancing yield, liquidity, and long-term accumulation to compound ownership rapidly and cost-efficiently. As we seek to expand Bitcoin ownership per share and continue to compound that ownership through disciplined execution, we remain focused on deepening our structural advantage over both conventional treasury vehicles and traditional miners.

在資金管理方面，我們仍專注於穩定提升每股比特幣價值。我們將繼續評估以市場為導向的儲備優化策略，平衡收益、流動性和長期積累，以快速、經濟高效地實現所有權的複利成長。我們力求擴大每股比特幣持有量，並透過嚴謹的執行不斷鞏固這一持有量，同時，我們也將繼續專注於深化我們相對於傳統國庫工具和傳統礦工的結構性優勢。

Ultimately, we believe enduring value is built through consistent, repeatable performance that compounds ownership and widens advantage over time. That principle defines how we operate today and how we intend to create lasting shareholder value in the years ahead. Operator, please open the line for Q&A.

最終，我們相信持久價值是透過持續、可重複的表現來建立的，這種表現能夠隨著時間的推移不斷累積所有權並擴大優勢。這項原則決定了我們今天的營運方式，以及我們未來幾年創造持久股東價值的計畫。接線員，請開通問答線。

(Operator Instructions)

（操作說明）

Brian Dobson, Clear Street.

Brian Dobson，Clear Street。

Hi, thanks very much for taking my question. As you look out over the landscape in the United States, there’s tremendous demand for megawatts coming from the HPC providers. How do you plan to compete for that? I suppose what gives you a special advantage as you look to grow your portfolio?

您好，非常感謝您回答我的問題。放眼美國，你會發現高效能運算供應商對兆瓦級電力有著巨大的需求。你打算如何參與競爭？我想問，在您尋求擴大投資組合的過程中，是什麼讓您擁有獨特的優勢？

Hey, good to hear you again, Brian. This is Asher speaking. One thing that people do not think about as much today is the community’s impact and their ability to choose what infrastructure that is built. You are starting to see this more locally now with some hyperscalers pulling out of communities that do not want them there.

嘿，很高興再次聽到你的消息，布萊恩。我是阿舍爾。如今人們不太會想到的一件事是社區的影響以及他們選擇建造何種基礎設施的能力。現在，這種現像在在地化程度越來越高，一些超大規模企業正在撤出不歡迎它們的社群。

We believe that as Americans continue to adopt more and more Bitcoin, they will care where the infrastructure that secures that Bitcoin is located. You do not want that infrastructure being located in countries dominated by China or Russia or Iran. We need to build a large percentage of that infrastructure in the United States if Americans are going to put the value of their assets into Bitcoin and believe in that store of value.

我們相信，隨著越來越多的美國人接受比特幣，他們會更加關心保障比特幣安全的基礎設施位於何處。你肯定不希望這些基礎建設位於中國、俄羅斯或伊朗等國家。如果美國人要將資產價值投入比特幣並相信這種價值儲存手段，我們就需要在美國建造很大一部分基礎設施。

We think, number one, there’s going to be a community impact that wants to make sure that they can help contribute to the overall Bitcoin network. Secondly, not all loads are created equal. If we think about the load profiles of AI data centers versus Bitcoin compute and Bitcoin mining, they’re very, very different. Use our Vega site, for example.

我們認為，首先，這將對社區產生影響，社區希望確保他們能夠為整個比特幣網路做出貢獻。其次，並非所有的負載都相同。如果我們考慮一下人工智慧資料中心與比特幣計算和比特幣挖礦的負載情況，就會發現它們非常非常不同。例如，可以使用我們的 Vega 網站。

Our Vega site is located in a co-op territory in Amarillo, Texas, right outside in Vega. What makes that site unique is we are now way over 95% of the overall co-op territory load profile. During peak coincidental moments, the utility is going to want that co-op to load shed. Unless we load shed, that’s going to create an issue for them in their transmission delivery charges.

我們的 Vega 站點位於德克薩斯州阿馬裡洛市的合作社區域內，就在 Vega 郊區。該網站的獨特之處在於，我們現在的合作區域總負載佔比已遠遠超過 95%。在用電高峰期，電力公司會希望合作社進行限電。除非我們採取限電措施，否則這將為他們的輸電費用帶來問題。

By having the ability to have a curtailable load, which is what Bitcoin is, we’re able to consume low-cost power because we have a behind-the-meter site that’s interconnected to the grid at the wind farm at the Vega facility. Meanwhile, we’re able to support the grid when they need, and AI loads today just cannot do that.

比特幣具有可削減負載的能力，因此我們可以消耗低成本電力，因為我們有一個位於表後的站點，該站點與 Vega 設施風電場的電網相連。同時，我們能夠在電網需要時提供支持，而如今的人工智慧負載卻無法做到這一點。

Number one, the reason why you’ll be able to continue to grow is because we’re able to consume power and profiles of power that other assets and data centers and manufacturing facilities won’t. Second, we believe that something that isn’t spoken about today is communities will have much more of a say of what gets built into their backyards. By increasing Bitcoin adoption across the US, we think there’ll be more and more support to make sure that the Bitcoin security stays within the US as well.

第一，你們能夠繼續發展的原因是，我們能夠消耗其他資產、資料中心和製造設施無法消耗的電力和電力類型。其次，我們認為，如今人們很少談及的一點是，社區將對在其後院建造什麼擁有更大的發言權。我們認為，隨著比特幣在美國的普及，將會有越來越多的支持來確保比特幣的安全性也留在美國。

Fedor Shabalen, B. Riley Securities.

Fedor Shabalen，B. Riley Securities。

Thank you very much, operator, and good morning, everyone. My question is about your treasury strategy. Do you consider any kind of active management of your holdings, such as issuing preferred instruments or any other kind of hybrid securities like some of your peers have done?

非常感謝接線員，大家早安。我的問題是關於你們的資金管理策略。您是否考慮對您的持股進行任何形式的積極管理，例如發行優先股或其他類型的混合證券，就像您的一些同行所做的那樣？

The second part of the question is, what are your expectations for consolidation in the digital asset treasury space, and how do you think about opportunistic M&A? Thank you.

問題的第二部分是，您對數位資產財務領域的整合有何預期？您如何看待機會主義併購？謝謝。

Yeah, absolutely. Thanks for that question. When we think about our realm of possibilities of bringing on additional capital from the debt markets, from the convert markets, from the fixed income markets, we see that it is a multi-pronged strategy that we can deploy at different stages of the company. Fixed income is a massive market globally. In many markets internationally, fixed income is larger than equity markets.

是的，絕對的。謝謝你的提問。當我們考慮從債務市場、可轉換債券市場、固定收益市場獲得額外資金的可能性時，我們發現這是一個多管齊下的策略，我們可以在公司發展的不同階段實施。全球固定收益市場規模龐大。在國際上許多市場，固定收益市場規模大於股票市場規模。

When you have high yield being at about 7% annually, and when you look at any five-year CAGR of Bitcoin since the course of its existence being in the double digits, last five years being 50%, that is a clear arbitrage. When we look at fixed income relative to the stage of our company today, we’re focused on building our collateral package and increasing our equity value.

當比特幣的年收益率高達 7% 左右，並且自其誕生以來任何五年的複合年增長率都達到兩位數，過去五年更是達到了 50%，這顯然是一個套利機會。當我們審視公司目前所處的固定收益階段時，我們專注於建立抵押品組合併提高股權價值。

When we look at bringing on debt, we understand how cyclical Bitcoin can be and the volatility. What we’re focused on is solving for tenure, solving for downside protection, and not being backed into a corner of having any margin calls. Fixed income is an incredible market, as demonstrated by sailor and his perpetual preferred products. It is something that we will closely monitor. For the time being, we’ll be looking at increasing our equity holdings to increasing our stack.

當我們考慮舉債時，我們了解比特幣的周期性和波動性。我們關注的是解決期限問題、解決下行風險保護問題，以及避免陷入追繳保證金的困境。固定收益市場是一個不可思議的市場，正如水手和他長期青睞的產品所證明的那樣。我們會密切關注此事。目前，我們將著眼於增加股權持有量，以增加我們的股票儲備。

To your second question, when we think about M&A, there are other considerations when we look at other treasury companies. It’s not as simple as purchasing their shares or purchasing their Bitcoin holdings at par. I think we’ll continue exploring opportunities as they come.

關於你的第二個問題，當我們考慮併購時，在檢視其他財務公司時，還有其他一些需要考慮的因素。這並非像以面額購買他們的股票或比特幣持有量那麼簡單。我認為我們會繼續探索各種機會。

When we look at the other treasury companies that exist out there, if a company is trading under MNAV, M&A in theory would be accretive. The reality is when you announce an M&A transaction from the point you announce it when you close, and we know all too much about it through our merger from US Bitcoin Corp to Hut 8, and then our merger from American Bitcoin to Gryphon, it takes time.

當我們觀察其他現有的財務公司時，如果一家公司的交易價格低於 MNAV，那麼從理論上講，併購將會帶來增值。現實情況是，從宣布併購交易到最終完成，這需要時間。我們透過 US Bitcoin Corp 與 Hut 8 的合併，以及 American Bitcoin 與 Gryphon 的合併，對此深有體會。

You have to go through the SEC review process. During that period of time, does that company trade above MNAV because of the announcement of the merger and what happens there? Also, a lot of the companies that have gone public have gone public through reverse mergers. That means there were existing operating businesses, more likely than not, that were not very, very strong, which is why they were willing to do a reverse merger.

你必須經過美國證券交易委員會的審查程序。在此期間，由於宣布合併，該公司股價是否會高於 MNAV？如果是，接下來會發生什麼事？此外，很多上市的公司都是透過反向收購上市的。這意味著，當時存在的營運業務很可能實力並不強，所以才願意進行反向收購。

You also take on the skeletons and the baggage for those existing operating businesses. Although on paper it looks extremely accretive, we’re also sensitive to execution risk and the ability to actually capture that accretive value creation that pencils out. We’re actively looking at the markets both on what are interesting targets, but also which ones allow us to actually execute and play out that thesis.

你也要接手那些現有營運企業的遺留問題和包袱。雖然從紙上看它似乎極具增值潛力，但我們也對執行風險以及能否真正實現盈利增長的價值創造保持敏感。我們正在積極關注市場，不僅關注哪些目標有趣，還關注哪些目標能讓我們真正執行和實現這個理論。

Chris Brendler, Rosenblatt.

克里斯布倫德勒，羅森布拉特。

Hi, thanks. Good morning and congrats on the inaugural results here. I’d like to hear a little more about your expansion strategy, especially when it comes to ASICs. Sort of the initial, I guess, the initial thoughts on the uniform factor at the Vega site and how that’s going and where you expect to lean into ASICs from a manufacturer, from a cooling perspective, and from an efficiency perspective. Thanks.

您好，謝謝。早安，恭喜你們在這裡取得的首屆成績。我想多了解你們的擴張策略，尤其是在ASIC方面。我想，這算是最初的想法，關於 Vega 網站上的統一因素，以及它的進展情況，還有作為製造商，你希望在 ASIC 領域從散熱和效率的角度進行哪些改進。謝謝。

Thanks for that question. Vega was a first of its kind where we are bringing direct-to-chip liquid cooling and a uniform factor as commonly found in traditional data centers. Our Vega deployment carries some of the highest efficiencies available in the market for ASICs. This quarter, for example, the average hash price was around $0.056. Based on the efficiency of our Vega deployment, our gross profitability was about $0.18 per kilowatt-hour when you take the denomination of a cent per kilowatt-hour.

謝謝你的提問。Vega 是首款採用直接晶片液冷技術，並具備傳統資料中心常見的均勻散熱性能的產品。我們的 Vega 部署方案擁有市場上 ASIC 晶片中最高的效率之一。例如，本季平均哈希價格約為 0.056 美元。根據我們 Vega 部署的效率，以每千瓦時 1 美分計算，我們的毛利潤約為每千瓦時 0.18 美元。

When we look at ASIC purchases, we introduced the novel concept of being able to pledge Bitcoin against the purchase. What that allows us to do is maintain our Bitcoin upside. When companies look to purchase ASICs, they take dilution, they take in US dollars, and they swap that US dollar exposure for ASICs.

在研究 ASIC 礦機購買時，我們引入了一個新穎的概念，即可以用比特幣作為購買抵押。這樣做可以讓我們維持比特幣的上漲動能。當公司想要購買 ASIC 時，他們會面臨股權稀釋，他們會接受美元，然後他們會將這些美元曝險換成 ASIC。

Our pledge concept allows us to maintain our Bitcoin upside optionality while introducing a second vertical of upside of Bitcoin exposure through the ASICs. We will continue monitoring opportunities where we underwrite the profitability and availability of the ASICs when it’s accretive to our shareholders. The considerations we’ll take there are where are our hash price assumptions, what is the price per terahash, what is the efficiency, what we see on the roadmap in terms of future generations of ASICs and their efficiencies as well.

我們的質押概念使我們能夠在保持比特幣上漲期權的同時，透過 ASIC 引入第二個比特幣上漲風險敞口。我們將繼續關注那些能夠為股東帶來收益並提高ASIC獲利能力的機會。我們將考慮的因素包括：我們的哈希價格假設是什麼，每太哈希的價格是多少，效率是多少，以及我們在路線圖上看到的下一代ASIC及其效率。

(Operator Instructions)

（操作說明）

This concludes the question and answer period. I would like to turn the call back to management for any further remarks.

問答環節到此結束。我想把電話轉回給管理階層，詢問他們是否有其他意見。

We really appreciate everyone for listening in today on our inaugural earnings call. The story to take away from this call is that American Bitcoin is a very young company. Started March 31, a little over seven months old. We’re a public company that’s about three months old as well. Nasdaq told us during our bell ringing, we’re probably one of the fastest public companies to have gone public from inception to bell ringing.

非常感謝大家今天收聽我們的首次財報電話會議。從這通電話中我們可以了解到，American Bitcoin 是一家非常年輕的公司。始於3月31日，至今已有七個多月。我們是一家成立大約三個月的上市公司。納斯達克在我們敲鐘時告訴我們，我們可能是從成立到敲鐘上市速度最快的上市公司之一。

What we’re excited by is what we’ve done during that period of time and the foundation that’s setting for the future. We’ve increased Bitcoin per share. We’ve become one of the largest miners in the world, essentially overnight. We’ve been able to mine Bitcoin at almost a 50% discount to the markets. Our Bitcoin per share has increased roughly 50% since we’ve gone public in the last three months.

令我們感到興奮的是，我們在那段時間所取得的成就，以及它為未來奠定的基礎。我們提高了每股比特幣的價格。我們幾乎在一夜之間就成為了世界上最大的礦業公司之一。我們挖比特幣的成本比市價低了近 50%。自我們上市以來的三個月裡，我們的每股比特幣價格上漲了約 50%。

When you think about American Bitcoin, it is what are you investing in, what is the future of this company? Our goal is simple: increase Bitcoin per share and allow shareholders to have a yield on their underlying Bitcoin. We are able to achieve that through three structural advantages. One, we have a philosophical advantage. We believe that hash rate and the securitization of this Bitcoin network should be in the United States.

當你考慮投資美國比特幣時，你會想：你投資的是什麼？這家公司的未來是什麼？我們的目標很簡單：提高每股比特幣的價值，讓股東從他們持有的比特幣中獲得收益。我們能夠實現這一目標，主要得益於三個結構性優勢。第一，我們擁有哲學上的優勢。我們認為比特幣網路的哈希率和證券化應該由美國負責。

We are building assets in communities where you have excess generation that is built with transmission systems and large loads that cannot go there. We have been able to continue to grow and get support from communities that we built. The second is this unique relationship between American Bitcoin and Hut 8. American Bitcoin is able to invest in ASICs through these unique and bespoke seller financing structures.

我們正在一些社區建立資產，這些社區擁有過剩的發電能力，但輸電系統和大負載無法輸送到那裡。我們得以持續發展壯大，並得到我們所建立的社區的支持。第二點是American Bitcoin和Hut 8之間這種獨特的關係。American Bitcoin 可以透過這些獨特且客製化的賣方融資結構投資 ASIC 礦機。

Meanwhile, Hut 8 is able to invest in the infrastructure stack. Hut 8 can ask for a longer return because they’re long megawatts. American Bitcoin can focus on spending its capital on assets that it wants a two-year payback to be able to generate through Bitcoin mining. Many companies who have that ambition are unable to do it unless they have two large public vehicles that are able to invest in infrastructure and invest in Bitcoin in a very synergistic way.

同時，Hut 8 能夠投資於基礎建設。8 號小屋可以要求更長的回報期，因為它們是長兆瓦。美國比特幣可以專注於將其資本用於那些希望透過比特幣挖礦在兩年內收回成本的資產。許多有此雄心壯志的公司，除非擁有兩個大型公共機構，能夠以高度協同的方式投資基礎設施和比特幣，否則都無法實現這一目標。

Lastly, the economical advantage that we have. As we’ve seen, playing out this strategy is working. We have been able to mine Bitcoin at a 56% gross margin this last quarter. That includes energy costs. That includes the colocation fees that we have for Hut 8. That doesn’t fall into the DNA line.

最後，我們還有經濟優勢。正如我們所看到的，執行這項策略是有效的。上個季度，我們的比特幣挖礦毛利率達到了 56%。這包括能源成本。這包括我們為 8 號機房支付的託管費用。那不屬於DNA範疇。

As we think about the overall advantage that we have, our energy costs alone only made up for a much smaller percentage of the Bitcoin that we mined. We had about a 69% margin when we think about real-time energy rates relative to our mining exahash. What we are very excited by is the opportunity to show the growth trajectory of this company, why we are not a Bitcoin mining company, why we are not a treasury company. We take the best of those worlds and are building a world-class accumulator that is able to increase Bitcoin per share for our shareholders in the long term.

當我們考慮我們所擁有的整體優勢時，僅能源成本就只占我們挖到的比特幣的一小部分。從即時能源價格與挖礦算力（Exahash）的關係來看，我們的利潤率約為 69%。我們非常興奮的是有機會展示這家公司的發展軌跡，以及為什麼我們不是一家比特幣挖礦公司，為什麼我們不是金庫公司。我們取長補短，打造世界級的比特幣累積器，從長遠來看，這將提高我們股東的每股比特幣價值。

Hey guys, maybe I’ll wrap up with this, really, to the co-founders of this company, Mike and Asher. They’ve put every aspect of their heart and soul into this company. To Matt, he’s doing such an incredible job every single day. We are deeply committed. There is no team in the world that could have come as far as we have in seven and a half months.

嘿，各位，也許我最後要向這家公司的共同創辦人麥克和阿舍爾致謝。他們傾注了全部心血和靈魂到這家公司。在馬特看來，他每天都做得非常好。我們對此深信不疑。世界上沒有任何一支球隊能在短短七個半月內取得我們這樣的成績。

Every single day, I look as we leapfrog company after company, many of them, quite frankly, being our friends as we climb the Bitcoin ladder. I believe in this asset as much as any asset, and I’m a hard asset guy. I always have been. You look back exactly 24 months ago, exactly 24 months ago when Bitcoin was at $36,500, and look how far we’ve come. It has been the number one performing asset over the last decade.

每天，我都看到我們超越一家又一家公司，坦白說，其中很多公司都是我們在比特幣階梯上的朋友。我相信這項資產的價值，不亞於任何其他資產，而我本身就是一個重視硬資產的人。我一直都是。回想24個月前，比特幣的價格是36,500美元，看看我們走了多遠。過去十年，它一直是表現最佳的資產。

It is an asset that’s wanted worldwide as we speak at every single conference around the globe. People are embracing it. People are treasuring it. People are putting it on the balance sheets from the biggest companies to the biggest family offices to the largest governments. We could not be more thrilled to be in this race. Anytime we get into a race, we get into that race to win.

它是一種全球都亟需的資產，在世界各地的每一場會議上都能看到它的身影。人們欣然接受了它。人們都很珍惜它。從最大的公司到最大的家族辦公室，再到最大的政府機構，都在將其納入資產負債表。能夠參與這場比賽，我們感到無比激動。我們參加比賽的目標就是贏。

That is certainly what we want to do and will do here. There are really two races. Who can accumulate the most Bitcoin and who can accumulate the most Bitcoin cheapest? I believe with every ounce of my heart and soul, we are going to win the second race. We are going to accumulate the most Bitcoin, and we are going to do it the cheapest based on all the structural advantages that you just heard about.

這當然是我們想做而且將會在這裡做的事情。實際上存在兩個種族。誰能累積最多的比特幣？誰又能以最低的成本累積最多的比特幣？我發自內心地相信，我們一定會贏得第二場比賽。我們將累積最多的比特幣，並且基於你剛才聽到的所有結構性優勢，我們將以最低的成本做到這一點。

All the analysts out there, thank you. Many of you have become friends. We really appreciate you following our journey. We look forward to seeing everybody soon. I think that concludes the call.

感謝所有分析師。你們中的許多人都成了我的朋友。非常感謝您一路關注我們。我們期待很快與大家見面。我想通話到此結束了。

This concludes today’s call. Thank you for attending. You may now disconnect and have a wonderful rest of your day.

今天的電話會議到此結束。謝謝各位的出席。現在您可以斷開連接，祝您今天餘下的時間愉快。