American Bitcoin Corp (ABTC) 2026 Q1 法說會逐字稿

Good afternoon, everyone, and thank you for joining. Today is American Bitcoin's first quarter 2026 earnings call. (Operator Instructions) And as a reminder, this session is being recorded, and a transcript will be made available on abtc.com.

各位下午好，感謝各位撥冗參加。今天是 American Bitcoin 2026 年第一季財報電話會議。(接線員指示) 另外提醒各位，本次會議將被錄音，並將於 abtc.com 提供逐字稿。

I would now like to turn the call over to American Bitcoin's President and Interim Chief Financial Officer, Matt Prusak. Welcome, sir.

現在我想把電話會議交給 American Bitcoin 總裁兼代理財務長 Matt Prusak。歡迎您，先生。

Thank you. Good afternoon, everyone, and thank you for joining us today. Before we begin, I would like to remind everyone that during this call, we will make forward-looking statements within the meaning of the federal securities laws. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that may cause actual results to differ materially.

謝謝。各位下午好，感謝今天加入我們。在開始之前，我想提醒各位，在本次電話會議中，我們將在聯邦證券法的意義下作出前瞻性陳述。這些陳述係基於目前的預期與假設，並受風險與不確定性影響，可能導致實際結果出現重大差異。

For a detailed discussion of the risks and uncertainties that could cause actual results and offense to defer, please refer to our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K for the fiscal year ended December 31, 2025, and the subsequent quarterly report on Form 10-Q. We undertake no obligation to update or revise forward-looking statements to reflect events or circumstances after the date of this call, except as required by law.

關於可能導致實際結果與前述陳述出現重大差異的風險與不確定性之詳細討論，請參閱我們向美國證券交易委員會提交的文件，包括截至 2025 年 12 月 31 日止會計年度的最新 Form 10-K 年報，以及其後的 Form 10-Q 季報。除法律要求外，我們不承擔在本次電話會議日期之後更新或修訂任何前瞻性陳述以反映後續事件或情況的義務。

During this call, we will also discuss certain non-GAAP financial measures, including adjusted EBITDA. A reconciliation of these measures to the most directly comparable GAAP measures is included in our earnings release, which is available on the Investors section of our website and in our Form 8-K filed with the SEC.

在本次電話會議中，我們也將討論若干非 GAAP 財務衡量指標，包括調整後 EBITDA。這些指標與最直接可比的 GAAP 指標之調節表已包含於我們的財報新聞稿中；該新聞稿可於我們網站的投資人專區取得，並亦收錄於我們向 SEC 提交的 Form 8-K 文件中。

With that, I would like to turn the call over to Eric Trump, Chief Strategy Officer of American Bitcoin. Eric?

接下來，我想把電話會議交給 American Bitcoin 首席策略長 Eric Trump。Eric？

Good afternoon, everyone. It's wonderful to have you join us today.

各位下午好。很高興各位今天加入我們。

Just over a year ago, American Bitcoin did not exist. We launched on March 31, 2025, and went public on the Nasdaq on September 3 under a ticker symbol ABTC. Today, just eight months and three days after going public, we now own over 7,300 Bitcoin, own nearly 90,000 miners. And have quickly become one of the largest dedicated Bitcoin accumulation companies anywhere in the world. The pace at which this team has built American Bitcoin is something I'm incredibly proud of.

就在一年多前，American Bitcoin 還不存在。我們於 2025 年 3 月 31 日成立，並於 9 月 3 日以股票代號 ABTC 在納斯達克上市。今天，在上市後僅八個月又三天，我們已持有超過 7,300 枚比特幣，擁有近 90,000 台礦機。並迅速成為全球規模最大的專注比特幣累積公司之一。這個團隊打造 American Bitcoin 的速度，讓我感到無比自豪。

On our last call, I told you we were focused on two races, accumulating the most Bitcoin and doing it at the lowest cost. This quarter, we delivered on both. We mined 817 Bitcoin, more than any quarter in our history, and over one-third of our total Bitcoin mined since we launched this company.

在上一次電話會議中，我告訴各位我們專注於兩場競賽：累積最多的比特幣，並以最低成本做到。本季我們兩者都做到了。我們挖礦產出 817 枚比特幣，創下公司史上單季最高，且占自公司成立以來總挖礦產出的三分之一以上。

The underlying mining business was incredibly profitable, and we did not sell a single coin. Growing our holdings is what matters.

底層的挖礦業務獲利能力極強，而我們沒有賣出任何一枚比特幣。擴大我們的持有量才是最重要的。

We also continue to add to our reserve through disciplined treasury purchases. Our strategic Bitcoin reserves stood a [7,021] at quarter end. Up from 5,401 a year-end, a growth of more than 1,600 Bitcoin in a single quarter. And we have continued to aggressively accumulate virtually every day since.

我們也持續透過嚴謹的財庫採購來增加儲備。截至季末，我們的策略性比特幣儲備為 [7,021] 枚。較年末的 5,401 枚增加，單季成長超過 1,600 枚比特幣。而自那之後，我們幾乎每天都持續積極累積。

Lastly, we continue to evaluate opportunities to accelerate our Bitcoin accumulation beyond our core mining and treasury programs, including strategic acquisitions and leveraging our incredibly unique position in this market. Simply put, the fundamentals of what we are building at ABTC have never been stronger.

最後，我們持續評估在核心挖礦與財庫計畫之外，加速比特幣累積的機會，包括策略性併購，以及運用我們在此市場中極其獨特的地位。簡而言之，我們在 ABTC 所打造的基本面從未如此強勁。

First, we expanded our fleet. Our owned fleet now totaled nearly 90,000 miners with approximately 28.1 exahash per second of owned capacity, up from roughly 78,000 miners at year-end. On the last day of the quarter, we began energizing our Drumheller site and we're at full capacity by April 22. Mike will walk you through those details.

第一，我們擴充了礦機機隊。我們自有機隊目前合計接近 90,000 台礦機，自有算力約 28.1 EH/s（每秒百萬兆次雜湊），高於年末約 78,000 台礦機。在本季最後一天，我們開始為 Drumheller 場址通電啟用，並於 4 月 22 日達到滿載產能。Mike 會向各位說明相關細節。

Second, our Satoshis per share grew at approximately 20% in quarter one, from 554 at year-end to 663 at quarter-end. As we speak today, our Satoshis per share is over 690. Every share of American Bitcoin owns substantially more Bitcoin today than it did three months ago. That is our mission, and that is the ABTC story.

第二，我們每股 Satoshis 在第一季成長約 20%，由年末的 554 增至季末的 663。截至今天，我們每股 Satoshis 已超過 690。American Bitcoin 的每一股，今天所代表持有的比特幣都顯著高於三個月前。這就是我們的使命，也是 ABTC 的故事。

Third, the institutional adoption of Bitcoin is accelerating at a truly incredible pace. We are seeing this in conversations with investors, in ETF inflows, in financial products and offerings at the largest banks and financial institutions in the country and around the world, Chase, Schwab, BlackRock, Morgan Stanley, and virtually every other, as well as countless sovereign reserve discussions around the globe. American Bitcoin is positioned to be the category leader in this asset class as it continues to accelerate.

第三，比特幣的機構採用正以真正驚人的速度加速。我們在與投資人的對話、ETF 資金流入、以及全美與全球最大銀行與金融機構所推出的金融產品與服務中都看到了這一點，包括 Chase、Schwab、BlackRock、Morgan Stanley，以及幾乎所有其他機構；同時，全球各地也有無數主權儲備的討論正在進行。隨著此資產類別持續加速發展，American Bitcoin 已具備成為類別領導者的有利位置。

I want to thank Mike, Matt, Asher, and the entire team at American Bitcoin. The execution has been relentless, and I could not be more proud that we're leading the way right here in the United States of America.

我要感謝 Mike、Matt、Asher，以及 American Bitcoin 的全體團隊。執行力毫不鬆懈；我無比自豪我們正在美利堅合眾國本土引領這條道路。

Mike will walk you through the details. Go ahead, Mike.

接下來由 Mike 帶各位了解細節。Mike，請。

Thank you, Eric, and good afternoon, everyone. Q1 2026 was a quarter of continued momentum in a resilient business under adverse market conditions. Bitcoin declined approximately 22% quarter-over-quarter, which drove significant non-cash headwinds through our GAAP financials. But underneath those headline numbers, the business executed well. We produced more Bitcoin than any prior quarter. We expanded our fleet, we brought Drumheller online, and we continue to compound our strategic reserve.

謝謝你，Eric，各位下午好。2026 年第一季，在不利的市場環境下，我們的韌性業務仍延續動能。比特幣價格季對季下跌約 22%，使我們的 GAAP 財務數字出現顯著的非現金逆風。但在這些表面數字之下，業務執行表現良好。我們產出比以往任何一季都更多的比特幣。我們擴充了機隊、讓 Drumheller 上線，並持續複利式地擴大我們的策略性儲備。

Matt will go more deeply into the specifics, but the headline is clear. We mined more Bitcoin at a lower cost with a stronger margin profile than expected in a quarter where Bitcoin fell 22%. I'm going to cover our results across two layers, our mining platform and our treasury strategy, and then turn it over to Matt for the financial details.

Matt 會更深入說明細節，但重點很清楚。在比特幣下跌 22% 的一季中，我們以更低成本挖出更多比特幣，且毛利結構強於預期。我將從兩個層面說明我們的成果：挖礦平台與財庫策略，然後把電話交給 Matt 說明財務細節。

Let me start where the story always starts for us, the production engine. Our mining platform is the production engine of the company, and in Q1, it delivered its strongest quarter yet. We mined 817 Bitcoin in Q1, up from 783 in Q4 2025.

我先從我們故事一貫的起點談起：產出引擎。我們的挖礦平台是公司的產出引擎，而在第一季，它交出了迄今最強的一季表現。我們在第一季挖出 817 枚比特幣，高於 2025 年第四季的 783 枚。

To put that into perspective, Q1 production alone represents approximately 33% of our total Bitcoin mined since our launch on March 31 last year. That sequential increase came despite a significantly lower average Bitcoin price during the period and reflects the continued operational improvement across our site portfolio.

為了讓各位更有概念，僅第一季的產量就約占自去年 3 月 31 日成立以來我們總挖礦產出的 33%。即便期間比特幣平均價格顯著較低，仍能實現此一連續成長，反映我們在各場址組合上的持續營運改善。

January contributed 256 Bitcoin, February contributed 275 Bitcoin, and March contributed 286 Bitcoin, our highest monthly production on record. Our own capacity at quarter end was approximately 25 exahash per second.

1 月貢獻 256 枚比特幣，2 月貢獻 275 枚比特幣，3 月貢獻 286 枚比特幣，創下我們單月產量最高紀錄。截至季末，我們的自有算力約為 25 EH/s（每秒百萬兆次雜湊）。

After Drumheller's full energization was completed on April 22, total nameplate capacity increased to approximately 28.1 exahash per second across the fleet of nearly 90,000 miners, up from roughly 78,000 miners as of December 31. We are taking an increasing share of this network.

在 Drumheller 於 4 月 22 日完成全面通電後，整體礦機機隊（接近 90,000 台礦機）的總銘牌算力提升至約每秒 28.1 艾雜湊（EH/s），高於截至 12 月 31 日約 78,000 台礦機的水準。我們正在取得這個網路中愈來愈高的份額。

In Q1, we completed the acquisition of approximately 11,298 next-generation miners, adding approximately 3.05 exahash per second at an efficiency of approximately 13.5 joules per terahash. These units deployed to Hut 8's Drumheller site in Alberta.

在第一季，我們完成收購約 11,298 台新一代礦機，新增約每秒 3.05 艾雜湊（EH/s）的算力，能效約為每太雜湊 13.5 焦耳。這些設備已部署至 Hut 8 位於亞伯達省的 Drumheller 場址。

On March 31, the final day of the quarter, we began energizing Drumheller. First containers came online and hashed. By April 22, the remaining miners were fully energized. From an executed purchase agreement to a fully energized site in under two months, that is the execution velocity that our Hut 8 partnership enables.

3 月 31 日（本季最後一天），我們開始為 Drumheller 通電。第一批貨櫃上線並開始運算。到 4 月 22 日，其餘礦機已全面通電。從已簽署的採購協議到場址全面通電不到兩個月，這就是我們與 Hut 8 合作夥伴關係所帶來的執行速度。

Before I get into site-level detail, a structural note on the competitive landscape. Network difficulty has declined roughly 10% quarter-over-quarter, and we believe that reflects a durable reallocation of chip supply and power toward AI. Across the industry, miners are dismantling fleets for AI workloads.

在我進入各場址層級細節之前，先就競爭格局做一點結構性說明。網路難度季對季下降約 10%，我們認為這反映了晶片供給與電力正持續、結構性地重新配置至 AI。在整個產業中，礦工正拆解機隊以承接 AI 工作負載。

Once that infrastructure is redeployed, it does not return quickly. The competitive landscape is thinning, not thickening. The focused, scaled miners who remain on Bitcoin will benefit disproportionately. American Bitcoin is in that camp. We are not pivoting. We are doubling down.

一旦該等基礎設施被重新部署，就不會很快回流。競爭格局正在變得更稀薄，而不是更擁擠。仍專注且具規模、持續投入比特幣的礦工將獲得不成比例的受益。American Bitcoin 就屬於這一陣營。我們不會轉向。我們會加倍投入。

Matt will walk through the full financial detail, but I want to highlight one number. Our cost of mine fell to approximately $36,200 per Bitcoin in Q1, down from approximately $46,900 in Q4, a roughly 23% improvement in a single quarter. That discount to spot is the engine of this business.

Matt 會帶大家看完整的財務細節，但我想先強調一個數字。我們第一季每枚比特幣的挖礦成本降至約 36,200 美元，較第四季約 46,900 美元下降，單季改善約 23%。相對現貨價格的這個折價，是這門生意的引擎。

Our partnership with Hut 8 continues to provide operational leverage, infrastructure access, and competitive energy pricing. The asset-light model remains a structural advantage that allows us to concentrate capital where it compounds, miners and Bitcoin.

我們與 Hut 8 的合作持續提供營運槓桿、基礎設施取得，以及具競爭力的能源價格。輕資產模式仍是結構性優勢，使我們能將資本集中投入在能夠複利成長的地方：礦機與比特幣。

Site-level production was consistent throughout the quarter. Across our portfolio, all operating sites maintained stable output, and Drumheller began contributing its first Bitcoin in early April.

各場址層級的產量在本季全程保持一致。在我們的投資組合中，所有營運中的場址都維持穩定產出，而 Drumheller 於 4 月初開始貢獻其首批比特幣。

As mining produces the Bitcoin, the treasury strategy is what compounds it into a per-share ownership. Our strategic reserve grew from 5,401 Bitcoin as of December 31, 2025, to 7,021 Bitcoin at quarter end. An increase of approximately 1,620 Bitcoin in a single quarter or roughly 30% growth in 90 days. The growth came from two sources, mining production of 817 Bitcoin and treasury purchases of approximately 803 Bitcoin funded through our ATM equity program.

挖礦產出比特幣，而資金庫策略則是將其複利轉化為每股持有量。我們的策略性儲備從 2025 年 12 月 31 日的 5,401 枚比特幣，增至季末的 7,021 枚比特幣。單季增加約 1,620 枚比特幣，或 90 天內約 30% 的成長。成長來自兩個來源：挖礦產出 817 枚比特幣，以及透過我們的 ATM 股權計畫籌資所進行的資金庫買入約 803 枚比特幣。

For context, we had zero Bitcoin on March 31, 2025. We ended the year with 5,400. And in just the first quarter of fiscal 2026, we added another 1,620. The compounding is accelerating.

作為背景說明，2025 年 3 月 31 日我們持有的比特幣為零。我們在年底持有 5,400 枚。而在 2026 財年的第一季，我們又新增了 1,620 枚。複利正在加速。

Satoshis per share grew from 554 at year-end to approximately 663 at quarter-end, approximately a 20% increase in one quarter. Each share of American Bitcoin represents more Bitcoin today than it did 90 days ago. SPS is the answer to the dilution question.

每股聰（Satoshis per share）從年末的 554 增至季末約 663，單季增加約 20%。American Bitcoin 的每一股，今天所代表的比特幣數量比 90 天前更多。SPS 就是對稀釋問題的答案。

Our ATM program continued to supplement mining production with treasury purchases, and the math speaks for itself. SPS grew 20%, while sure count grew approximately 9%.

我們的 ATM 計畫持續以資金庫買入來補充挖礦產出，而數學結果不言自明。SPS 成長 20%，而股數增加約 9%。

I will now turn it over to Matt for the financial details. Matt.

接下來我把時間交給 Matt 說明財務細節。Matt。

Thank you, Mike. Good afternoon, everyone. Let me walk you through the numbers.

謝謝你，Mike。各位下午好。我帶大家看一下這些數字。

Total revenue for Q1 2026 was $62.1 million, compared with $78.3 million in Q4 2025. The sequential decline reflects the impact of significantly lower Bitcoin prices. In the three months ended March 31, 2026, Bitcoin price declined from approximately $87,500 to approximately $68,200.

2026 年第一季總營收為 6,210 萬美元，較 2025 年第四季的 7,830 萬美元下降。連續季度下滑反映比特幣價格顯著走低的影響。在截至 2026 年 3 月 31 日的三個月內，比特幣價格從約 87,500 美元下跌至約 68,200 美元。

Production was not the headwind. We mined 817 Bitcoin versus 783 in Q4. If you hold prices consistent at Q4 levels, Q1 revenue would have increased sequentially. Monthly revenue tracked Bitcoin's price trajectory, declining from January through March as spot prices compressed. This is a pure price effect, not an operational one.

產量並非逆風來源。我們挖出 817 枚比特幣，相較第四季的 783 枚。若將價格維持在第四季水準，第一季營收將會呈現連續季度成長。月度營收隨比特幣價格走勢而變動，隨著現貨價格走弱，營收自 1 月至 3 月逐月下滑。這純粹是價格效應，而非營運效應。

Cost of mining was $29.6 million for the quarter, exclusive of depreciation and amortization, compared to approximately $36.7 million in Q4 2025. Our Q1 cost for Bitcoin was approximately $36,200, a 23% sequential improvement from approximately $46,900 in Q4, driven by higher production volume spread across a stable, fixed cost base, and continued energy pricing discipline.

本季挖礦成本為 2,960 萬美元（不含折舊與攤銷），相較 2025 年第四季約 3,670 萬美元。第一季每枚比特幣成本約 36,200 美元，較第四季約 46,900 美元改善 23%，主要由更高的產量分攤在穩定的固定成本基礎上，以及持續的能源價格紀律所驅動。

Mining gross profit was approximately $32.5 million, with a gross margin of approximately 52%, compared to 53% in Q4. A 23% improvement in unit cost effectively absorbed the 22% decline in Bitcoin price, which is how gross margin held above 50%.

挖礦毛利約 3,250 萬美元，毛利率約 52%，相較第四季的 53%。單位成本改善 23% 有效吸收了比特幣價格下跌 22% 的影響，這也是毛利率得以維持在 50% 以上的原因。

Depreciation and amortization was approximately $26.6 million for the quarter, roughly flat with $26.6 million in Q4 2025, reflecting a stable fleet base through the quarter before the Drumheller additions.

本季折舊與攤銷約 2,660 萬美元，與 2025 年第四季的 2,660 萬美元大致持平，反映在 Drumheller 新增設備之前，本季機隊基礎保持穩定。

General and administrative expenses were approximately $6.9 million for the quarter, compared to $7.3 million in Q4 2025, roughly a 6% improvement.

本季一般及行政費用約 690 萬美元，較 2025 年第四季的 730 萬美元下降，約改善 6%。

G&A as a percentage of revenue was approximately 11% compared to roughly 9% in Q4. The ratio increased not because cost grew, but because revenue declined with a lower Bitcoin price.

一般及行政費用占營收比重約 11%，相較第四季約 9%。該比率上升並非因成本增加，而是因比特幣價格較低導致營收下降。

With the operating picture in hand, let me address the headline GAAP loss because the two tell very different stories about the same quarter. That loss for the quarter was driven primarily by a significant non-cash mark-to-market loss on the Bitcoin we hold and did not sell.

在掌握營運面情況後，我來說明 GAAP 虧損這個標題數字，因為兩者對同一季度呈現出截然不同的故事。本季虧損主要由我們持有且未出售之比特幣所產生的大額非現金按市價評價損失所致。

Under the fair value accounting rules, we're required to revalue our Bitcoin every quarter, which flows to the income statement in both directions. This quarter, Bitcoin was down, so we recognized the loss. In quarters where Bitcoin is up, we recognize a gain. It is an accounting mechanic on an asset we continue to hold.

依公允價值會計規則，我們必須在每一季對所持比特幣重新估值，並在損益表中雙向反映。本季比特幣下跌，因此我們認列損失。在比特幣上漲的季度，我們則認列收益。這是一項我們仍持有之資產的會計處理機制。

Q4 2025 recognized approximately a $112.2 million loss on digital assets, and Q1 2026 recognized approximately a $117.2 million loss on digital assets. This was partially offset by an approximate $37.3 million gain on derivatives related to our minor purchase agreement, consistent with and arising from a similar underlying arrangement as the $37.5 million gain recorded in Q4.

2025 年第四季就數位資產認列約 1.122 億美元損失，而 2026 年第一季就數位資產認列約 1.172 億美元損失。其中部分由與我們礦機採購協議相關的衍生性商品約 3,730 萬美元收益所抵銷，該收益與第四季認列的 3,750 萬美元收益一致，且源自類似的底層安排。

On the funding side, our capital structure continued to evolve in line with the accumulation strategy that Mike described. On the ATM program, cumulative proceeds through the end of the quarter totaled approximately $351.5 million, representing 16.7% of our $2.1 billion shelf capacity.

在資金籌措方面，我們的資本結構持續依照 Mike 所描述的累積策略演進。就 ATM 計畫而言，截至本季末的累計募資所得約為 3.515 億美元，約占我們 21 億美元貨架註冊額度的 16.7%。

During Q1, we issued approximately 84 million Class A shares for approximately $111 million in gross proceeds, adding to the 65.5 million shares issued in 2025 for $240.5 million.

在第一季期間，我們發行約 8,400 萬股 A 類普通股，取得約 1.11 億美元的總募資金額，並在 2025 年已發行 6,550 萬股、募得 2.405 億美元的基礎上再增加。

Looking ahead, we are focused on three priorities: first, continued FPS accretion, the dual accumulation model, mining at a structural discount supplemented by ATM-funded purchases. Is designed to compound per-share Bitcoin ownership across cycles. We are building for sustained compounding, not one-quarter spikes.

展望未來，我們聚焦三項優先事項：第一，持續提升 FPS 增益、雙重累積模式，以結構性折價進行挖礦並搭配以 ATM 資金支持的購買。其設計旨在跨週期複利提升每股比特幣持有量。我們打造的是可持續的複利成長，而非單一季度的尖峰。

Second, fleet deployment and optimization. With Drumheller fully energized as of April 22, our own fleet reached approximately 28.1 exahash per second of naplate capacity. The Drumhiller units at 13.5 joules per terahash will continue to improve our blended fleet efficiency as they ramp. We will continue to evaluate fleet refresh opportunities across the portfolio.

第二，機隊部署與最佳化。截至 4 月 22 日 Drumheller 已全面通電後，我們自有機隊名義算力容量達到約每秒 28.1 艾赫（EH/s）。隨著 Drumhiller 機組以每太哈希 13.5 焦耳的效率逐步爬坡，將持續改善我們整體機隊的加權平均效率。我們也將持續評估整體投資組合中的機隊汰換升級機會。

Third, operating leverage. Q1 G&A was approximately $6.9 million or roughly $2.3 million per month. As the mining platform scales, we expect G&A as a percentage of revenue to continue compressing.

第三，營運槓桿。第一季一般及行政費用（G&A）約為 690 萬美元，約每月 230 萬美元。隨著挖礦平台規模擴大，我們預期 G&A 占營收比重將持續下降。

With that, we are happy to take your questions.

接下來，我們很樂意回答各位的提問。

(Operator Instructions) Ben Sommers, BTIG.

(接線員指示) Ben Sommers，BTIG。

So when thinking about the decrease in network difficulty, how much of this do you attribute to public miners shifting toward AI versus more of a cyclical shift as Bitcoin prices largely struggled during the quarter?

在思考網路難度下降時，你們認為其中有多少可歸因於上市礦工轉向 AI，相較之下又有多少更像是週期性變化，因為本季比特幣價格大多表現疲弱？

Hi, Ben. Thanks for the question. Mike here. So the numbers speak for themselves. The difficulty is directly correlated with the number of machines and exahash that is online, and we're seeing public miners, US public miners, which make up a good portion of US hash rates. I believe the total US hash rate historically has been about a third of the total network and we're seeing hundreds of megawatts from the leading public miners shift towards AI.

嗨，Ben。謝謝你的問題。我是 Mike。數據本身已說明一切。難度與上線的機器數量及艾赫算力直接相關，而我們看到上市礦工、尤其是美國上市礦工（其占美國算力相當大的一部分）。我認為歷史上美國算力約占全網的三分之一，而我們正看到領先的上市礦工將數百兆瓦的電力轉向 AI。

That correlates with tens of exahash of compute coming offline, these are RAFs that are being pivoted towards AI GPUs and these are machines that are not easily able to find its way back onto the network. So that is what resulted in the network difficulty dropping about 6% this quarter.

這與數十艾赫的算力下線相呼應；這些是被轉向 AI GPU 的 RAFs，而這些機器並不容易再回到網路上。因此，這就是本季網路難度下降約 6% 的原因。

Super helpful. And then just wanted to talk about M&A quickly. I know we mentioned it a bit on the last earnings call, but as we think about the market as it currently sits with that transition from a lot of miners into AI and HPC, just how do you think about whether it's acquiring potential mining assets or even if it was another treasury balance, just how do you think about the current M&A market and where that stands for American Bitcoin?

非常有幫助。接著想快速談一下併購（M&A）。我知道上次財報電話會議有稍微提到，但當我們看目前市場，許多礦工正轉向 AI 與 HPC，在這樣的轉變下，你們如何看待是收購潛在的挖礦資產，或甚至是另一個金庫資產負債表？你們如何看待目前的 M&A 市場，以及對 American Bitcoin 而言目前處於什麼狀態？

We continue looking at opportunities, but our philosophy really ties back to one metric that guides all of our decision-making, which is our Satoshi per share. Is M&A, is a decision, is capital allocation going to improve that metric? Are we adding better Bitcoin exposure for our shareholders? And that is the mindset that will guide on how we review M&A opportunities.

我們持續在看機會，但我們的理念確實回到一個指標，這個指標引導我們所有決策，也就是每股聰（Satoshi per share）。無論是併購、決策或資本配置，是否能改善這個指標？我們是否為股東增加更好的比特幣曝險？這就是我們審視併購機會時所遵循的思維。

We are exploring a number of opportunities on the M&A side that allow us to further support the Bitcoin ecosystem, and we'll provide updates as those progress.

在併購方面，我們正在探索多項機會，以便進一步支持比特幣生態系；隨著進展，我們會提供更新。

And we have no further questions from our full audience at this time. I will turn it back to our leadership team for any additional or closing remarks.

目前我們的全體聽眾沒有更多問題。我將把時間交回給領導團隊，請他們做任何補充或結語。

Well, guys, thank you very much. This is Eric Trump. We are incredibly proud of this company. As I said in my opening remarks, we started it eight months or three days ago. It's amazing how much we've accomplished in that period of time. I would argue that there's very few companies anywhere, certainly in the space that have grown to the size and scale that we have.

各位，非常感謝。我是 Eric Trump。我們對這家公司感到無比自豪。正如我在開場致詞所說，我們是在八個月或三天前開始的。在這段時間內我們完成的成果令人驚嘆。我認為幾乎沒有多少公司——尤其是在這個領域——能成長到我們目前的規模與量級。

7,300 BTC plus right now in those eight months, 90,000 almost -- 90,000 miners (technical difficulty). Gross margin of 52.4%, cost to mine DTC of $36,000. The company is doing unbelievably well, and I truly think we've created one of the greatest brands in the space.

目前超過 7,300 枚 BTC，在這八個月內，將近 90,000——90,000 台礦機(技術性困難)。毛利率 52.4%，挖礦成本（cost to mine）DTC 為 36,000 美元。公司表現極其出色，我真心認為我們打造了這個領域最偉大的品牌之一。

So I'm incredibly proud of Asher. I'm incredibly proud of Mike and Matt and the entire team here. We're incredibly proud of the Hut 8 team, really our sister company. We're also really incredibly proud of the efficiency that we've built this company, again, having SG&A of roughly 11% is unheard of among our peers. And we want to do that.

所以我對 Asher 感到非常自豪。我對 Mike、Matt 以及整個團隊都感到非常自豪。我們也對 Hut 8 團隊——確實是我們的姊妹公司——感到非常自豪。我們也非常自豪於我們為公司建立的效率；再次強調，一般及行政費用（SG&A）約 11% 在同業中是前所未聞的。而我們希望做到這一點。

We're focused on every single penny. We want to do that because obviously, we believe our guiding star is the amount of Bitcoin that we can accumulate in our reserve and how many Satoshis per share represents our underlying equity, our underlying stock value. And it is our goal each and every day to increase those numbers and build a company that is truly unparalleled.

我們專注於每一分錢。我們之所以要這麼做，是因為顯然我們的指引之星，是我們能在儲備中累積多少比特幣，以及每股聰如何代表我們的內在權益、我們的內在股價價值。我們每天的目標就是提升這些數字，打造一家真正無可匹敵的公司。

There are two races in Bitcoin. One of them is who can accumulate the most, and then the second one is who can do so cheapest. We want to win the second race. We want to accumulate the most Bitcoin cheapest, and I believe that's a race that we're going to win. So I really appreciate the support, really appreciate the analysts on this call. Ben, you've really been fantastic. We've gotten to know each other, and thank you for the question, and we look forward to doing many more of these in the months and years to come.

在比特幣領域有兩場競賽。第一場是誰能累積最多；第二場是誰能以最低成本做到。我們想贏得第二場競賽。我們希望以最低成本累積最多比特幣，而我相信這場競賽我們會贏。所以我非常感謝大家的支持，也非常感謝本次電話會議上的分析師。Ben，你真的非常出色。我們彼此也更熟悉了，謝謝你的提問，我們期待在未來幾個月與幾年進行更多這樣的交流。

Ladies and gentlemen, this does conclude the American Bitcoin first quarter 2026 earnings conference call. We thank you all for your participation and you may now disconnect your lines.

各位女士、先生，American Bitcoin 2026 年第一季財報電話會議到此結束。感謝各位的參與，現在可以掛斷電話。