Antalpha Platform Holding Co (ANTA) 2025 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to Antalpha second quarter 2025 earnings conference call. Today's call is being recorded. (Operator Instructions)

您好，感謝您的耐心等待。歡迎參加 Antalpha 2025 年第二季財報電話會議。今天的通話將會被錄音。（操作說明）

I would now like to turn the conference over to Chris Mammone, Managing Director of The Blueshirt Group and representative of his Investor Relation team. Mr. Mammone, please go ahead.

現在我謹將會議交給藍衫集團董事總經理兼投資人關係團隊代表克里斯·馬蒙。馬蒙先生，請繼續。

Thanks, Maggie. Please note that our remarks today will include forward-looking statements based on current expectations. These statements involve risks and uncertainties that could cause actual results to differ materially. For discussion of these risks, please refer to Antalpha's filings with the SEC. We do not undertake any obligation to update forward-looking statements except as required by law.

謝謝你，瑪吉。請注意，我們今天的發言將包含基於當前預期的前瞻性陳述。這些聲明涉及風險和不確定性，可能導致實際結果與預期結果有重大差異。有關這些風險的討論，請參閱 Antalpha 向美國證券交易委員會提交的文件。除法律要求外，我們不承擔更新前瞻性聲明的任何義務。

This call also contains references to unaudited non-GAAP financial measures. Reconciliations to the most comparable GAAP measures can be found in our press release and SEC filings.

本次電話會議也提及了未經審計的非GAAP財務指標。有關與最可比較的 GAAP 指標的調節表，請參閱我們的新聞稿和提交給美國證券交易委員會的文件。

Now I'd like to turn the call over to Herman for his remarks. Herman, please go ahead.

現在我想把電話交給赫爾曼，請他發表演說。赫爾曼，請繼續。

Good afternoon, everyone, and thank you for joining our second quarter 2025 earnings call.

各位下午好，感謝各位參加我們2025年第二季財報電話會議。

Q2 was a solid step forward in Antalpha's growth journey. We became a publicly traded company, grew revenue by close to 50% year over year, and introduced new lending products. We are well positioned in the infrastructure layer of mining and the broader crypto market. The strength of Antalpha's Prime's platform is reflected in our solid financial results and positive outlook.

第二季是Antalpha發展歷程中邁出的堅實一步。我們成為了一家上市公司，營收年增近 50%，並推出了新的貸款產品。我們在挖礦的基礎設施層面以及更廣泛的加密貨幣市場中佔據有利地位。Antalpha Prime平台的實力體現在我們穩健的財務表現和正面的前景。

Let me briefly highlight the operating takeaways for Q2, and then Paul will cover the financial highlights.

讓我先簡單介紹一下第二季的營運要點，然後保羅將介紹財務亮點。

Future revenue was up 49% year over year to $17 million which is an acceleration from the 41% growth reported in Q1. Sequentially, revenue was up 25%, meeting the high end of our guidance. Our adjusted EBITDA more than doubled to $3.8 million and EBITDA margin expanded to 22%, up from 13% a year ago. Reflecting the operating leverage of Antalpha's Prime's platform.

未來營收年增 49% 至 1,700 萬美元，比第一季報告的 41% 的成長速度加快。營收季增 25%，達到我們預期的高端水準。我們的調整後 EBITDA 翻了一番多，達到 380 萬美元，EBITDA 利潤率從一年前的 13% 擴大到 22%。反映了 Antalpha Prime 平台的營運槓桿作用。

In Q2, both the total number of institutional clients and average loan per client were up over 40% year over year. These strong results reflect customer stickiness and their desire to do more business with us over time, combined with robust net new client wins. Positive feedback from our clients indicate that they like the risk management system on Antalpha Prime. And that we provide friendly solutions to solve their mining issues after their purchase. In our nearly three years of operation, Antalpha has created a flywheel for our revenue to grow double digits and profits to grow triple digits on an annual basis.

第二季度，機構客戶總數和每位客戶的平均貸款額均較去年同期成長超過 40%。這些強勁的業績反映了客戶的忠誠度以及他們希望隨著時間的推移與我們開展更多業務的願望，再加上我們不斷贏得的新客戶數量。客戶的正面回饋表明他們喜歡 Antalpha Prime 的風險管理系統。我們會提供友善的解決方案，幫助他們在購買後解決採礦問題。在近三年的營運中，Antalpha 為我們創造了一個飛輪效應，使我們的收入每年實現兩位數成長，利潤每年實現三位數成長。

With the launch of Bitcoin ETFs last year and policy tailwinds for the crypto market, we believe we are in the early innings of Bitcoin adoption and accumulation; and there's a long way ahead for Bitcoin mining.

隨著去年比特幣 ETF 的推出以及對加密貨幣市場的政策利好，我們認為我們正處於比特幣普及和累積的早期階段；比特幣挖礦還有很長的路要走。

With the rapid growth of Bitcoin activity, the need for crypto-collateralized financing is accelerating. Bitcoin mining is a CapEx in operating expenditure intensive business. If you look at other similar industries, the amount of external financing is substantial. For example, GM financed 38.6% of GM retail auto sales in 2024. Similarly, according to the National Association of Realtors, last November, 74% of all home purchases in the US were financed. Bitcoin investors have a term for themselves. They're known as HODLers, short for “hold on for dear life.” They prefer to finance machine acquisitions and electricity costs so that they can fully benefit from Bitcoin appreciation.

隨著比特幣活動的快速成長，對加密貨幣抵押融資的需求也在加速成長。比特幣挖礦屬於營運支出密集產業的資本支出項目。如果你看看其他類似產業，你會發現外部融資的規模相當龐大。例如，通用汽車在 2024 年為其零售汽車銷售額的 38.6% 提供了融資。同樣，根據美國房地產經紀人協會的數據，去年 11 月，美國所有房屋購買交易中有 74% 是透過貸款完成的。比特幣投資者給自己取了個綽號。他們被稱為 HODLers，是“hold on for dear life”（死死抓住）的縮寫。他們更傾向於為機器購買和電力費用融資，以便能夠充分受益於比特幣升值。

Let me elaborate on how we are growing our total available markets. Our TAM is already substantial with global hashrate growing and our penetration low at 8.8%, yet we see many opportunities for increasing lending, and we're working on these initiatives.

讓我詳細說明一下我們是如何擴大總市場規模的。隨著全球算力成長，我們的TAM已經相當可觀，而我們的市場滲透率只有8.8%，但我們看到了許多增加貸款的機會，我們正在努力推進這些舉措。

First, we are expanding our TAM through margin lending against crypto collateral. Our Bitcoin margin loans reached a TVL of $1.2 billion at the end of Q2. During Q2, we expanded this service by working with Northstar to offer margin loans against Ethereum, which has a market cap of about $470 billion. Our clients have told us they invest in Ethereum and would like to use such crypto assets to secure financing. This addition would increase our lending scenario. In Q2, we test piloted Ethereum collateralized loans for two customers and reached a TVL of $53 million.

首先，我們正在透過以加密貨幣為抵押的保證金貸款來擴大我們的潛在市場規模。截至第二季末，我們的比特幣保證金貸款總鎖定價值 (TVL) 達到 12 億美元。第二季度，我們與 Northstar 合作，擴大了這項服務，提供以以太坊為抵押的保證金貸款，以太坊的市值約為 4,700 億美元。我們的客戶告訴我們，他們投資了以太坊，並希望使用此類加密資產來獲得融資。這項新增措施將擴大我們的貸款規模。第二季度，我們為兩位客戶測試了以太坊抵押貸款試點項目，總抵押額達到 5,300 萬美元。

Next, we are developing financial products for adjacent financing products for adjacent closely related markets. We see opportunities in inference compute and potentially other infrastructure-related services.

接下來，我們將為相鄰的密切相關市場開發相鄰的融資產品。我們看到了推理計算以及其他基礎設施相關服務領域的機會。

AI inference compute and Bitcoin mining operate in a similar environment, so financing AI compute infrastructure is natural for us. We can leverage many advantages of our current mining compute operations, including our strong network of vendors. The AI business is still in an early stage. NVIDIA inference machines are up and running in the US, and we will soon be able to make this available for our customers to test pilot.

AI 推理計算和比特幣挖礦在類似的環境中運行，因此為 AI 計算基礎設施提供資金對我們來說是自然而然的事情。我們可以利用現有挖礦運算營運的諸多優勢，包括我們強大的供應商網路。人工智慧產業仍處於早期階段。NVIDIA 推理機已在美國投入運行，我們很快就能讓我們的客戶進行試點測試。

Lastly, we're adding new clients by making it easy for public companies to enter Bitcoin mining. Antalpha has simplified Bitcoin mining operations to where a new entrant can add such business to their operations without previously having any mining know-how. By leveraging our industry expertise and our financing solutions as well as our network of service providers. This allows us to generate new business while our new lending clients return to healthy and profitable growth, a classic win-win scenario.

最後，我們透過簡化上市公司進入比特幣挖礦的流程來增加新客戶。Antalpha 簡化了比特幣挖礦操作，使得新進業者無需任何挖礦知識即可將此類業務添加到他們的營運中。透過利用我們的行業專長、融資方案以及服務提供者網路。這使我們能夠創造新的業務，同時我們的新貸款客戶也能恢復健康且有利可圖的成長，這是一個典型的雙贏局面。

An early success case study for us is Cango, ticker symbol, CANG. Cango initiated a strategic transition into the Bitcoin sector to improve business performance when their core business was faced with sluggish industry growth. After purchasing 50 extra hash of mining capacity, Cango is now generating significant revenue and free cash flow, albeit in digital form. In their July published reports, revenue surpassed an annualized run rate of $800 million assuming the current Bitcoin price. Their market cap is up more than 3X in the past year, currently at around $860 million. Cango is very happy with these results and has invited our CEO to join their board. Moore will work with the team to devise a new path in mining infrastructure with the cash flow that Cango generates from Bitcoin mining.

Cango（股票代碼：CANG）是我們早期成功的案例研究對象。當其核心業務面臨產業成長乏力時，Cango 啟動了向比特幣領域的策略轉型，以改善業務表現。在購買了 50 個哈希的額外挖礦能力後，Cango 現在正在產生可觀的收入和自由現金流，儘管是以數位形式。根據他們7月發布的報告，假設比特幣價格維持在當前水平，其年化收入將超過8億美元。過去一年，他們的市值成長了3倍多，目前約8.6億美元。Cango 對這些結果非常滿意，並已邀請我們的執行長加入他們的董事會。Moore 將與團隊合作，利用 Cango 從比特幣挖礦中獲得的現金流，為挖礦基礎設施規劃一條新道路。

Cango is just one example of the public companies adding Bitcoin mining to their business. Bitcoin mining is a good way to enter Bitcoin for a public company because you are not acquiring Bitcoin at any specific time, but over a period of time. Mining costs adjust downwards when Bitcoin prices drop. We're quite excited about newly listed entrants into the Bitcoin mining industry.

Cango只是眾多將比特幣挖礦業務納入其業務範圍的上市公司之一。對於上市公司而言，比特幣挖礦是進入比特幣領域的好方法，因為你不是在某個特定時間獲得比特幣，而是在一段時間內獲得比特幣。當比特幣價格下跌時，挖礦成本也會隨之下調。我們對新加入比特幣挖礦業的公司感到非常興奮。

Now let me turn our attention to digital gold. The market sentiment for crypto and gold are both favorable. In Q2, both Bitcoin and gold rallied significantly, driven by heightened demand for institutional safe haven assets.

現在讓我們把注意力轉向數位黃金。加密貨幣和黃金的市場情緒均較為樂觀。第二季度，受機構對避險資產需求增加的推動，比特幣和黃金價格均大幅上漲。

Bitcoin was up nearly 30% sequentially in Q2 and approximately 90% since halving last year and over 4 times since the beginning of 2023. Demand has driven -- has been driven by growing regulatory clarity in the US, inflows into Bitcoin ETFs, and listed company treasury strategies.

比特幣在第二季環比上漲近 30%，自去年減半以來上漲約 90%，自 2023 年初以來上漲超過 4 倍。需求推動了——是由美國監管局勢日益明朗、比特幣 ETF 資金流入以及上市公司財務策略所推動的。

Meanwhile, gold surged 26% in the first half, underpinned by persistent geopolitical tensions, inflationary concerns, and central banks diversification away from the US dollar. In Q2 alone, gold hit multiple all-time highs, supported by safe haven demand and portfolio rebalancing toward precious metals.

與此同時，受持續的地緣政治緊張局勢、通膨擔憂以及各國央行減少對美元的依賴等因素支撐，黃金價格上半年飆升了 26%。光是第二季度，黃金價格就多次創下歷史新高，這得益於避險需求和投資組合向貴金屬的再平衡。

In the same period, we saw multiple instances where Bitcoin and gold moved in opposite directions in reaction to headline news and broader global developments. This sort of behavior is welcome because it confirms the wisdom of our strategy, to hold digital gold as a balance to crypto volatility, just as investors hold bonds to balance an equity portfolio.

同期，我們看到比特幣和黃金的價格走勢多次相反的變化，這是由於頭條新聞和更廣泛的全球發展。這種行為值得歡迎，因為它證實了我們策略的明智性，即持有數位黃金來平衡加密貨幣的波動性，就像投資者持有債券來平衡股票投資組合一樣。

We have purchased $20 million of Tether Gold or XAUt, and plan to increase our gold holding over time. As we diversify our collateral position, we believe our clients will find interest in increasing the resiliency of their crypto denominated treasury holdings. For example, our clients have suggested that we expand our lending to XAUt collateralized loans or provide yield to XAUt holders, to name a few.

我們已購買了價值 2000 萬美元的 Tether Gold（XAUt），並計劃隨著時間的推移增加我們的黃金持有量。隨著我們抵押品配置的多元化，我們相信客戶會有興趣提高其以加密貨幣計價的國庫資產的抗風險能力。例如，我們的客戶建議我們將貸款業務擴展到以 XAUt 為抵押的貸款，或向 XAUt 持有者提供收益，等等。

The latter is an interesting idea… when you deposit gold in Switzerland, you pay a custody fee. Depositing digital gold with a custody service provider also requires an annualized custody fee, around 50 basis points, I’m told. That leads us to think… what if we can offer digital gold depositors a yield instead of a tax on storage. This could be a game changer, especially for a lending platform like Antalpha. Gold has a market cap of $23.5 trillion. That's about 80% of treasury bills market. Assuming 80% of the market cap of USDT plus USDC suggests the market size for digital gold could reach $200 billion.

後者是個有趣的想法……當你在瑞士存放黃金時，你需要支付保管費。據我了解，將數位黃金存入託管服務提供者還需要支付年化託管費，大約為 50 個基點。這讓我們不禁思考……如果我們能為數位黃金儲藏者提供收益而不是對儲存徵稅，那會怎麼樣呢？這可能會改變遊戲規則，尤其對於像 Antalpha 這樣的借貸平台而言。黃金市值達23.5兆美元。這大約佔國庫券市場的80%。假設 USDT 和 USDC 的市值佔總市值的 80%，則數位黃金的市場規模可能達到 2,000 億美元。

Before I conclude on my prepared remarks, I'd like to give a warm welcome to Derar Islim, our new Chief Operating Officer. Derar previously served as the CEO of Genesis and later as its ex-acting CEO. He brings deep experience in the crypto lending space, particularly in the US and EMEA. With our recent IPO, our participation at Bitcoin conferences in the US and the addition of seasoned industry leaders like Derar, we are building a foundation for international expansion into the US and into EMEA.

在我結束準備好的演講之前，我想熱烈歡迎德拉爾·伊斯利姆，我們新的營運長。德拉爾此前曾擔任 Genesis 的首席執行官，後來又擔任其代理首席執行官。他在加密貨幣借貸領域擁有豐富的經驗，尤其是在美國和歐洲、中東及非洲地區。憑藉我們最近的 IPO、我們在美國參加比特幣會議以及像 Derar 這樣經驗豐富的行業領袖的加入，我們正在為向美國和歐洲、中東及非洲地區進行國際擴張奠定基礎。

Now let me turn the call over to our CFO Paul Liang, who will share the details of our financial performance for Q2.

現在，我將把電話交給我們的財務長梁保羅，他將分享我們第二季的財務業績詳情。

Thank you, Herman. And hello to everyone joining us today on the call. I will walk you through Antalpha's financial highlights for the second quarter of 2025.

謝謝你，赫爾曼。大家好，歡迎今天參加電話會議的各位。我將帶您了解 Antalpha 2025 年第二季的財務亮點。

We reported total revenue of $17 million, representing 49% year over year growth. We achieved the high end of our guidance, reflecting strong demand across our core lending products.

我們公佈的總收入為 1700 萬美元，年增 49%。我們實現了預期目標的高端水平，這反映出市場對我們核心貸款產品的強勁需求。

Supply chain loan revenue reached $12.9 million, up 39% year over year. Driven primarily by growth of hashrate financing. As of the end of Q2, we financed 75.6 extra hash, representing 8.8% of global hashrate capacity—more than doubling our share from 3.7% a year ago.

供應鏈貸款收入達到 1,290 萬美元，年增 39%。主要受算力融資成長的推動。截至第二季末，我們額外資助了 75.6 倍的算力，佔全球算力容量的 8.8%——比一年前的 3.7% 翻了一番還多。

Margin loan revenue totaled $4.1 million, up 91% year over year. During the quarter, we test pilot Ethereum collateralized loans with two customers, which we believe will expand our TAM as well as our profit margin. Tech fees or margin loans are recognized on a net basis. We have gotten positive feedback for all these new offerings.

保證金貸款收入總計 410 萬美元，年增 91%。本季度，我們與兩位客戶測試了以太坊抵押貸款試點項目，我們相信這將擴大我們的潛在市場規模以及利潤率。技術費用或保證金貸款按淨額確認。我們收到的所有新產品都獲得了正面的回饋。

Total loan value or TVL reached $2 billion up 58% year over year, with supply chain loan TVL increasing 75% to $714 million. Margin loan TVL increased 50% to $1.3 billion, buoyed by strong Bitcoin price momentum.

貸款總額（TVL）達到 20 億美元，年增 58%，其中供應鏈貸款 TVL 成長 75%，達到 7.14 億美元。受比特幣價格強勁上漲的推動，保證金貸款總鎖定價值成長了 50%，達到 13 億美元。

In terms of profitability, our business model continues to demonstrate strong operating leverage.

就獲利能力而言，我們的商業模式持續展現出強大的營運槓桿作用。

In analyzing our loan performance, we are using the term net interest margin or NIM, which reflects the concept of yield earned after funding costs.

在分析我們的貸款績效時，我們使用淨利差或 NIM 一詞，它反映了扣除融資成本後所獲得的收益的概念。

With increasing brand recognition in the industry and positive word of mouth on our service from our clients, the NIM for both machine loans and hashrate loans expanded year over year. With machine loans up 47 basis points and hashrate loans up 24 basis points.

隨著業內品牌知名度的不斷提高以及客戶對我們服務的良好口碑，機器貸款和算力貸款的淨利潤率逐年增長。機器貸款上漲 47 個基點，算力貸款上漲 24 個基點。

In addition to increasing tech fee rate, our funding costs dropped to 5.2%, some 20 basis points from a year ago, supported by discipline, capital sourcing, and improved credit terms.

除了提高技術費率外，我們的融資成本也降至 5.2%，比一年前下降了約 20 個基點，這得益於嚴格的紀律、資金來源和改善的信貸條款。

Net interest margin on supply chain loans as a whole, however, was some 60 basis points year over year due to an increased mix of hashrate loans which outperformed in Q2, and reached approximately three quarter of our supply chain loans. The tech fee rate on Hashrate loan is lower than mining machine loans, which draw from one common capital pool.

然而，由於第二季表現優異的算力貸款比例增加，供應鏈貸款整體淨利差較去年同期下降約 60 個基點，約佔供應鏈貸款的四分之三。算力貸款的技術費率低於礦機貸款，因為礦機貸款的資金來自同一個公共資金池。

Our NIM on margin loans increased to 1.3%, an improvement of 10 bps from a year ago, driven by pricing leverage and the recognition of the increasing value of Antalpha Prime brings to our loan partners.

我們的保證金貸款淨利差增至 1.3%，比一年前提高了 10 個基點，這主要得益於定價槓桿作用以及對 Antalpha Prime 為我們的貸款合作夥伴帶來的日益增長的價值的認可。

Excluding funding causes and $2.6 million in stock-based compensation, operating expenses were $6.2 million in Q2, up 40% year over year. This was primarily driven by an increase in marketing activities, as well as higher general and administrative expenses. For example, in May, we participated in Bitcoin 2025 Las Vegas, which gave us substantial visibility, as we prepare to enter the US market. Compared with last year, G&A expenses increased in Q2 as we incurred professional fees and added more public-company expenses to our -- experience to our G&A team.

除去資助項目和 260 萬美元的股票選擇權費用，第二季營運費用為 620 萬美元，年增 40%。這主要是由於行銷活動的增加以及一般和行政費用的增加所致。例如，今年 5 月，我們參加了拉斯維加斯比特幣 2025 大會，這讓我們獲得了相當大的知名度，因為我們正準備進入美國市場。與去年同期相比，第二季度一般及行政費用有所增加，因為我們產生了專業費用，並且增加了更多上市公司費用——為我們的一般及行政團隊積累了經驗。

Non-GAAP net income was $3.3 million compared to $1.1 million in the same period of last year.

非GAAP淨收入為330萬美元，去年同期為110萬美元。

Adjusted EBITDA was $3.8 million, up 147% year over year, with EBITDA margin expanding to 22% compared to 13% in Q2 last year.

經調整後的 EBITDA 為 380 萬美元，年成長 147%，EBITDA 利潤率從去年第二季的 13% 擴大到 22%。

Turning to Q3 financial outlook. Assuming Bitcoin remains at $110,000 level, we expect Q3 revenue to be between $21 million to $22 million, representing 62% to 69% year over year growth.

接下來展望第三季財務前景。假設比特幣價格保持在 11 萬美元，我們預計第三季營收將在 2,100 萬美元至 2,200 萬美元之間，年增 62% 至 69%。

Adjusted EBITDA margin was 22% in Q2, and we expect Q3 adjusted EBITDA margin to be in similar range between 20% to 24%.

第二季調整後 EBITDA 利潤率為 22%，我們預計第三季調整後 EBITDA 利潤率將在 20% 至 24% 的類似範圍內。

This concludes our prepared remarks, and we are now ready to begin Q&A session.

我們的演講到此結束，現在準備開始問答環節。

Operators, please prompt for the first question.

操作員請提示第一個問題。

(Operator Instructions)

（操作說明）

[Dillon Heslin, Roth Capital Partners].

[狄龍·赫斯林，羅斯資本合夥人]。

First, to start, I was wondering if you guys could go into a bit more color on some of the new product offerings like GPUs, any sort of timeline on when you'd be looking at that and how your go to market strategy and economics on GPUs might differ from your current product offerings.

首先，我想請教各位，能否詳細介紹一下你們的新產品，例如GPU，以及你們計劃何時推出這些產品，還有你們在GPU方面的市場推廣策略和經濟效益與目前產品有何不同？

Okay. Yeah, so for our AI compute, we're still testing the product. We haven't got into the stage of pilot testing. We think, ultimately, the terms are going to be similar to mining, we're going to require LTV, we're going to require a tech fee, and then, we're probably going to have something similar to a two year cause usually that's a minimum where an investor of compute want to take out a loan. Where we are right now is setting up the machines itself and be able to run it and be able to capture the total cost and everything.

好的。是的，對於我們的人工智慧運算，我們仍在測試產品。我們還沒有進入試點測試階段。我們認為，最終條款會與挖礦類似，我們會要求貸款價值比 (LTV)，我們會要求技術費，然後，我們可能會有類似兩年的期限，因為通常這是計算投資者想要貸款的最低期限。我們現在正在做的就是設定機器本身，使其能夠運行，並能夠記錄總成本等等。

Secondly, we're working with a partner to create a site in which if you are an investor of these compute machines, you're able to be able to sell this compute to a developer and so forth. So the idea is we're getting into NVIDIA inference compute for two reasons, right? One thing is you can do mining for POW, the other one is, you can send, resell this compute to a developer. So we're looking at both options. I think when those two are available, then it gives ROI to the investors and then that's where we'll probably, do more of these loans.

其次，我們正在與合作夥伴共同創建一個網站，如果您是這些計算機器的投資者，您就可以將這些計算機器出售給開發人員等等。所以我們進入 NVIDIA 推理計算領域的原因有兩個，對吧？一方面，你可以進行 POW 挖礦；另一方面，你可以將這種運算能力轉售給開發者。所以我們正在考慮這兩種方案。我認為，當這兩種情況都出現時，就能為投資人帶來投資回報，屆時我們可能會發放更多這類貸款。

Great, thank you, and as a follow up, how quickly do you think you can roll out Ethereum backed product, and do you think that can apply to other top cryptos like Solana or some of the others in the market?

太好了，謝謝。另外，您認為以太坊支援的產品多久可以推出？您認為這是否也適用於其他主流加密貨幣，例如 Solana 或市場上的其他一些加密貨幣？

I think we're going to take one step at a time. I think that the key thing with these marginals is being able to be stable and so forth. So we're going to test Ethereum and then we'll see how it goes. I think you have the right line of thought to say, hey, if Ethereum works, do we then expand? I think we want to take it one step at a time and see how we work with Ethereum. As you know, Ethereum is a big market; there’s a lot of believers. There's a lot of opportunity for it because of all the application development and so forth. So we'll take this first step and then sure enough, later on, if our investors accumulate a lot of Solana and they need to use that as collateral or they have other things, then I think at that point we'll make that judgment.

我認為我們應該一步一步來。我認為對於這些邊緣群體來說，關鍵在於能否保持穩定等等。所以我們將測試以太坊，然後看看效果如何。我認為你的想法是對的，那就是，如果以太坊成功了，我們是否應該擴張？我認為我們應該一步一步來，看看我們如何與以太坊合作。如你所知，以太坊是一個巨大的市場；有很多信徒。由於應用程式開發等行業的蓬勃發展，這方面有很多機會。所以我們會踏出這第一步，然後，可以肯定的是，以後如果我們的投資者積累了大量 Solana，並且他們需要將其用作抵押品或有其他用途，那麼我認為到那時我們會做出判斷。

Great, thank you.

太好了，謝謝。

Yeah, I think all these major tokens, including digital gold and so forth, these are things that, I think is our upside -- are opportunities to continue to explore.

是的，我認為所有這些主要代幣，包括數位黃金等等，這些都是我們的優勢所在——是值得我們繼續探索的機會。

Thank you.

謝謝。

[Edward Engel], Compass Point.

[愛德華‧恩格爾]，指南針點。

Hi guys, thanks for taking my question. I just kinda wanted to touch on how you guys are feeling about Bitcoin price levels today and I guess how aggressive you're allowed to be with your loan book. Are you feeling good about where things are today or are you expecting some sort of pullback and I guess if not does that let you be a bit more aggressive with the loan book, as we kind of look in the second half of the year. Thanks.

大家好，感謝你們回答我的問題。我只是想簡單聊聊大家對目前比特幣價格水準的看法，以及你們在貸款業務方面可以採取的激進程度。你對目前的情況感到滿意嗎？還是預期會出現某種程度的回檔？如果不是，那是否意味著你可以在貸款業務方面更加積極主動一些，因為我們預計下半年的情況會比較樂觀？謝謝。

That's a very good question. We are a risk management company, so we take risk management as a top priority. So, it's important for a lending institution to be lasting decades and decades. So it's important to realize that when you're looking at, being in the crypto market, you need to be able to look at cycles. There are going to be up cycles, they're going to be down cycles. So what that means is from a product offering, you got to be able to address both types of cycles and in between.

這是一個很好的問題。我們是一家風險管理公司，所以我們把風險管理放在第一位。因此，對於一家貸款機構來說，能夠持續經營數十年至關重要。因此，重要的是要意識到，當你專注於加密貨幣市場時，你需要能夠觀察週期。經濟會有上漲週期，也會有下跌週期。這意味著，從產品供應的角度來看，你必須能夠滿足這兩個週期以及兩者之間的各種需求。

So if you look at how we're growing, and where the products are growing, for example, margin loans are doing very well. So when Bitcoin continues to grow, people want margin loans, it's more flexible, right? You meet your LTV, if LTV gets too low, you could take it out, your Bitcoin, if LTV gets too high, you got to then, be able to get that LTV down in a very short manner. So that kind of product does well and it's driving our growth, right? If you go back to '22, '23 where you we were before this whole Bitcoin, bull market where Bitcoin was not doing as well, in those periods, people tend to buy machines over financing, so you had more machine loans, right? And then that extends over two years. So we can have different products for different environments. And then for Hashrate loans, we're not as sensitive to the cycle because as Bitcoin is a net profitable business and at the end of every month after the investor is able to accumulate that Bitcoin mining for the whole month, we then help them pay the bill at the end of the month.

所以，如果你看看我們的成長方式，以及產品的成長方向，例如，保證金貸款的表現就非常好。所以當比特幣持續成長時，人們需要保證金貸款，它更靈活，對吧？如果 LTV 過低，你可以取出你的比特幣；如果 LTV 過高，你就必須盡快降低 LTV。所以這類產品銷售情況良好，並且正在推動我們的成長，對吧？如果你回到 2022 年、2023 年，也就是比特幣牛市之前，那時比特幣的表現並不好，在那些時期，人們傾向於直接購買機器而不是透過貸款購買，所以機器貸款就更多了，對吧？然後這個過程會持續兩年。這樣我們就可以針對不同的環境提供不同的產品。至於算力貸款，我們對週期不那麼敏感，因為比特幣是一項淨盈利的業務，每個月月底，投資者積累了當月的比特幣挖礦收益後，我們會幫助他們支付月底的賬單。

So it's always accredited to whatever collateral holding that they have. So this thing continues whether it's in, winner or a crypto, bull market, right? So I think it's having these kind of products, so as we're looking at Ethereum, as we're looking at other products and so forth, it would be able to make our overall business even more sound and as we enter digital gold, that would make our collateral, right, even more stable. So these are the things that we're looking at from a risk management perspective, as long as the collateral is there to support the loan, we're not as concerned, and I think our customers will follow our step in diversifying. So that's why we think, with Bitcoin, having done so well over the last two years at some point people are going to be on a defensive play. People want a more stable -- stability in their crypto. So going into digital gold, I think makes sense, right, before anything happens, they take that long position and so forth. So I think customer over time will see how we play and they're going to mimic what we do and then that creates more transaction activities.

所以，收益總是歸於他們所持有的任何抵押品。所以無論市場是贏家還是加密貨幣牛市，這種情況都會持續下去，對吧？所以我認為，擁有這類產品，例如我們關注的以太坊，以及其他產品等等，將使我們的整體業務更加穩健；而當我們進入數位黃金領域時，這將使我們的抵押品更加穩定。所以，從風險管理的角度來看，這些都是我們正在考慮的問題。只要有抵押品來支持貸款，我們就不太擔心，而且我認為我們的客戶也會效仿我們進行多元化投資。所以我們認為，比特幣在過去兩年裡表現如此出色，以至於人們在某個時候會採取防禦性策略。人們想要更穩定的加密貨幣。所以，我認為投資數位黃金是有意義的，對吧？在任何事情發生之前，他們會建立多頭部位等等。所以我認為，隨著時間的推移，顧客會看到我們是如何運作的，他們會模仿我們的做法，然後這將創造更多的交易活動。

Oh, that makes sense. And then, some two other quick ones, did you talk about the target LTV you have for Ethereum I guess is like different than the BTC loans?

哦，原來如此。還有兩個問題想問一下，您之前有提到以太坊的目標 LTV 嗎？我猜它和比特幣貸款的目標 LTV 應該不一樣吧？

It's in a similar range.

兩者的數值相近。

Okay, and then just one more for me, the -- looks like the, tech, financing fee, or sorry, not the tech, the tech platform fee, actually increased in the second quarter, to a new all-time high. I guess how are you thinking about, I guess your fee rates across the board, whether it's, the tech financing fee or the tech platform fee is there any more opportunity to increase those over time?

好的，我還有一個問題，看起來是技術融資費，或者抱歉，不是技術費，是技術平台費，實際上在第二季度上漲到了歷史新高。我想問的是，您是如何考慮各項收費標準的？無論是技術融資費還是技術平台費，未來是否還有提高這些費用的機會？

Yeah, I mean, I think it's a function of the market, right? So when the whole crypto market is good, there's more demand for these type of loans, and with our brand getting better known, the fact that we're now public under SEC scrutiny, people feel more comfortable with their crypto deposit, their collateral, so forth. I think all these things are positive for a brand and positive for us to be able to give us more value to the customer, so people are willing to pay more. So I think there's a potential upside, especially if we go into the US market, what we notice is that in the US market, people charge much more than, for example, in the Asian market. So I'm pretty excited about that opportunity.

是的，我的意思是，我認為這取決於市場，對吧？所以當整個加密貨幣市場行情良好時，對這類貸款的需求就會增加，而且隨著我們的品牌知名度越來越高，加上我們現在在美國證券交易委員會的審查下公開上市，人們對他們的加密貨幣存款、抵押品等等也感到更加放心。我認為所有這些對品牌來說都是正面的，對我們能夠為客戶提供更多價值也是正面的，因此人們也願意支付更多費用。所以我認為這其中存在潛在的成長空間，尤其是在我們進入美國市場之後，我們注意到，在美國市場，人們的收費比例如亞洲市場要高得多。所以我對這個機會感到非常興奮。

Great, thanks, and now yeah, congrats on the quarter.

太好了，謝謝。對了，恭喜你本季業績出色。

Kevin Dede, HC Wainwright.

Kevin Dede，HC Wainwright。

Hi, Herman, I'm Paul. Thanks for taking my question. This is Michael Donovan on the line for Kevin. When looking at depreciation cycles -- Hello, when looking at depreciation cycles for infer hardware, how will you manage residual value risk and protect loan margins when financing inference compute equipment versus Bitcoin mining?

嗨，赫爾曼，我是保羅。謝謝您回答我的問題。這是邁克爾·多諾萬在為凱文做電話。在考慮折舊週期時——您好，在考慮推理硬體的折舊週期時，與比特幣挖礦相比，在為推理計算設備融資時，您將如何管理殘值風險並保護貸款利潤率？

That's a very good question. So that's one of the reasons why we're taking the time to pilot test our machines. So, you're looking at several things, right? You're looking at, first of all, what is the return if you're doing PWO -- POW, mining, what is the return if you were to resell, compute to developers, right? At the same time, you're looking at your total cost of operation.

這是一個很好的問題。所以，這也是我們花時間對機器進行試點測試的原因之一。所以，你考慮的是好幾個方面，對吧？首先，你要考慮的是，如果你進行 PWO（工作量證明）挖礦，收益是多少？如果你將運算資源轉售給開發者，收益又是多少？同時，你還要考慮你的總營運成本。

So, what's your breakeven point? So, to answer your question, we obviously make calculations on these type of things when we do it, but when we're actually running this operation, then we got to experiment. So, once we have the data point to support that, then that's how we will structure our loans. This is very similar when we first, started with BTC mining.

那麼，你的損益平衡點是多少呢？所以，回答你的問題，我們顯然會在做這類事情的時候進行計算，但是當我們實際執行這個操作時，我們就需要進行實驗。所以，一旦我們有了數據點來支持這一點，我們就會按照這個方式來安排貸款。這和我們最初開始挖比特幣時的情況非常相似。

So I think what we have advantage in this area is that we understand because we've been in Bitcoin mining for so long, we have operations across 10 states. We understand at the municipality level, what's the cost of operation, what's the cost of electricity, how good is the internet connection lines, all the various factors to support the operation. So we make a good determination on which state, which site to do the thing, and then we got to have the compute running for a while to be able to have data to support. Can we really, you know, keep this cost at the level that we had originally planned? At the same time, we have to work with partners to say, well, our customers will come in to buy these machines. They're looking for ROI. How much can we sell these computes? So we got to have the partners so that we could redistribute the compute if we need to and then also try POW mining at the same time.

所以我認為我們在這一領域的優勢在於，我們了解比特幣挖礦，因為我們從事比特幣挖礦已經很久了，我們的業務遍及 10 個州。我們了解市政層面的營運成本、電力成本、網路連接線路狀況等各種支援營運的因素。因此，我們能夠很好地確定在哪個州、哪個站點執行該操作，然後我們需要讓計算運行一段時間，以便能夠獲得資料支援。我們真的能把成本控制在原計劃的水平嗎？同時，我們必須與合作夥伴共同努力，告訴他們，我們的客戶會來購買這些機器。他們追求的是投資報酬率。這些計算機我們能賣多少？所以我們需要合作夥伴，以便在需要時重新分配運算資源，同時也可以嘗試 POW 挖礦。

So to answer your question, it's not just one factor, it's all of this because customers are coming in to make an investment looking at ROI. We need to test this operation and before we can make that loan risk management decision, and that's exactly what we're doing.

所以回答你的問題，這不僅僅是一個因素，而是所有這些因素共同作用的結果，因為客戶來這裡是為了進行投資，他們關注的是投資回報率。我們需要測試這項操作，才能做出貸款風險管理決策，而這正是我們正在做的。

That's helpful, Herman. One follow up question, how much of Antalpha's growth is from existing clients scaling up versus entirely new relationships and how do you expect that mix to evolve, particularly outside of Asia?

那很有幫助，赫爾曼。還有一個後續問題，Antalpha 的成長有多少來自現有客戶的規模擴大，又有多少來自全新的合作關係？您預計這種組合將如何演變，尤其是在亞洲以外的地區？

Yeah, I think in my preparing remarks we talked about new customers, 40% of it is new customers. So, you saw a number of customer growth this quarter compared to last quarter. We're seeing significant growth in the number of customers, but obviously from a revenue amount, from a low amount, new customers, they come in, it's middle of the quarter and so forth, so proportionally they're going to take up less.

是的，我想在我的準備演講稿中我們談到了新客戶，其中 40% 是新客戶。因此，與上季度相比，本季客戶數量有所增長。我們看到客戶數量顯著增長，但顯然從收入金額來看，新客戶數量較少，他們是在季度中期等時候加入的，所以按比例來說，他們所佔的比例會比較少。

So I think that's one point. We are extending outside of Asia. Our brand is getting a better, customer have done -- many of them have had a relationship with us, taking out loans for multi-years. So our good service ‘cause, especially when you're a minor, what you need is the handholding after, right? You're buying a machine, you're hoping a return, over the next few years.

所以我覺得這是一點。我們正在向亞洲以外的地區拓展業務。我們的品牌越來越好，客戶也做得越來越好——他們中的許多人與我們建立了聯繫，多年來一直與我們保持貸款關係。所以，我們的優質服務——因為，特別是當你還是未成年人時，你需要的是事後的扶持，對吧？你買一台機器，希望在未來幾年內獲得回報。

So, whereas if you buy the machine yourself, then it's yours. Everything afterwards, you got to figure out how to operate it. We're trying to handhold our customers to go through all of that. So it's very important for sales, you get that service support. So I think it's all of this our brand, the fact that we're now listed, the fact that we're applying for a license in Singapore, the fact that, we're giving them good service, post sales, buying the machines and so forth. I think all of that is helping people in this industry, and that's why not in addition to out of outside of Asia, we're expanding in addition to, listed companies who have to do their disclosure and so forth, feel comfortable coming in and making this a significant part of their overall business.

所以，如果你自己買了這台機器，那麼它就是你的了。之後的一切，都得你自己想辦法操作。我們正在盡力指導客戶完成所有這些步驟。所以對於銷售來說，獲得售後服務支援非常重要。所以我覺得這一切都與我們的品牌有關，我們現在已經上市，我們正在申請新加坡的營業執照，我們為他們提供良好的售後服務，購買機器等等。我認為所有這些都有助於業內人士，因此，除了亞洲以外，我們還在不斷擴張，上市公司也因為需要進行資訊揭露等而感到安心，並將此作為其整體業務的重要組成部分。

Great, thank you, Herman.

太好了，謝謝你，赫爾曼。

Thank you, Michael.

謝謝你，麥可。

Darren Aftahi, ROTH.

Darren Aftahi，ROTH。

Hey guys, I apologize for jumping on late. It's a bunch of conference calls, but wanted to ask a few things, Herman, on the customer profile of the new customers of 40% you referenced, is there any way to kind of, I guess one, frame up what these customers look like and then two, when they start working with you, is this dipping their toe in the water? Are they jumping into the deep end, kind of give us a general sense for what pipeline with new customers, not necessarily your new customers, but the ones that are being on board and what they could look like, 6, 12, 18 months from now in terms of aggregate, kind of value.

大家好，很抱歉我來晚了。雖然有很多電話會議，但我想問幾個問題，Herman，關於你提到的 40% 新客戶的客戶概況，有沒有辦法，我想，第一，描述一下這些客戶的特徵，第二，當他們開始與你合作時，這是否只是他們的試水之舉？他們是否在貿然進入深水區？能否大致介紹一下新客戶的通路狀況？不一定是你們的新客戶，而是那些正在加入的客戶，以及他們在未來 6 個月、12 個月、18 個月內的整體價值。

And then, I'm curious with the Ethereum and digital gold when you guys talk about pilots, what are some of the KPIs you're sort of looking at in order to go from pilot to full kind of roll out?

然後，我很好奇，關於以太坊和數位黃金，當你們談到試點計畫時，為了從試點階段過渡到全面推廣，你們關注的關鍵績效指標 (KPI) 有哪些？

And then, my last one was just this is more of a theoretical question, but you know there's a lot of talk now with so much adoption of Bitcoin and whether it's in the US or other parts of the world and these potentially being put into people's retirement accounts, etc. That maybe the four year cycle won't hold the same bell curve it has in the past, and maybe that doesn't happen immediately, but I guess the general question is you being a risk management platform is, what are your general thoughts about kind of peaks versus crypto winners and does your business become a little bit more maybe stable peak to trough as you kind of grow in the out years thanks.

最後一個問題更偏理論性，但你知道，現在比特幣被廣泛接受，無論是在美國還是世界其他地區，人們都在討論比特幣可能被投入退休帳戶等等。有人認為，四年周期可能不會像過去那樣呈現常態分佈，而且這種情況可能不會立即發生。但我想問的是，作為一個風險管理平台，你們對加密貨幣市場的高峰和贏家有什麼看法？隨著你們業務的成長，未來幾年市場是否會變得更加穩定，高峰到谷底的波動也會更加平緩？謝謝。

Okay, let me, answer these questions in reverse order. I think, let me take the Bitcoin peak and trough, and, I send some concern with current pricing that price could be volatile. That's why we're in the business of Bitcoin mining and not helping people buy spot gold, right. So if you're buying spot, you're making a prediction that the current price makes sense that in the future it's going to continue to go up, right?

好的，讓我倒序回答這些問題。我認為，讓我來分析一下比特幣的峰值和谷值，我對目前的價格走勢表示擔憂，因為價格可能會波動較大。這就是為什麼我們從事比特幣挖礦業務，而不是幫助人們購買現貨黃金，對吧。所以，如果你買現貨，就等於預測當前價格合理，未來價格還會繼續上漲，對吧？

Whereas Bitcoin mining is, you're buying a machine, this thing does mining for several years and when prices are high, you're going to reap rewards with better prices, but your cost, especially electricity cost is going to be higher. When prices are low, your related costs are going to come down. So you're really more -- I always frame that like buying machine is more like a multi-year option of going into go kind of, cost average over time. So they're not as sensitive to as if you just say, hey, I have this much money, it's a one-time let's bet on this price.

而比特幣挖礦則是，你買了一台機器，這台機器可以挖礦好幾年，當價格高的時候，你就能獲得更高的收益，但你的成本，尤其是電費，也會更高。物價低的時候，你的相關成本也會降低。所以你實際上更像是——我總是這樣描述：購買機器更像是一種多年選擇，隨著時間的推移，成本平均下來。所以他們不像你那樣敏感，如果你說：“嘿，我有這麼多錢，我們一次性押注這個價格吧。”

That way you could be wrong, and you would bust. If you could be right, you could make a lot of money. Right, so, Bitcoin mining is kind of a de-risk way of being able to do that cost average over time. So that's why for us using the machine as collateral, using Bitcoin as collateral and so forth, we deploy similar risk management measurements. So that's why I think our business is probably better than transactional business, which probably does much higher when the price is high and then probably much lower when, price is low.

那樣的話，你就有可能判斷錯誤，然後就失敗了。如果你能預測正確，就能賺很多錢。沒錯，比特幣挖礦是一種降低風險、實現長期成本平均化的方法。所以，對於我們使用機器作為抵押品、使用比特幣作為抵押品等等的情況，我們採取了類似的風險管理措施。所以我覺得我們的業務可能比交易型業務要好，交易型業務在價格高的時候業績可能更好，而在價格低的時候業績可能更差。

Okay. Second question is pilot gold, what are we going to do? Ultimately, I think, for us as a lending platform, obviously, if you have a large balance sheet, if you have a lot of gold, if you have, being able to have less volatility with your collateral, this business has ability to run much much longer, much much more stable, so that's what we're looking at. If you look at our, end of Q2, there's about $3 billion worth of BTC supporting our loan, right? If you look at the total facilitated loans, there's $3 billion to do that. We've had a great run in the last two years, and we think that we want the overall collateral to be more defensible.

好的。第二個問題是試辦金，我們該怎麼辦？最終，我認為，對於我們這樣的借貸平台來說，顯然，如果你擁有龐大的資產負債表，如果你擁有大量的黃金，如果你能夠降低抵押品的波動性，那麼這項業務就能夠運行更長時間，更加穩定，這就是我們所關注的。如果你看我們第二季末的數據，你會發現大約有價值 30 億美元的比特幣支持我們的貸款，對吧？如果查看已促成的貸款總額，就會發現有 30 億美元可用於此目的。過去兩年我們取得了巨大的成功，我們希望整體抵押品更具防禦性。

To do that, I think you need to have a blend of digital gold versus Bitcoin, just like if someone were to make an investment, sure enough, equities have higher growth. Sure enough, if you have like high tech or some of the other ones, they go really fast, but if you're looking at, a 10 year horizon. You want your portfolio to have less volatility, then you probably want to carry some bonds, right? So the bond and equity thing, I think it's analogous to digital assets when there's a lot of people looking at crypto, you want something to balance that. I think part of it is the overall holding, part of it is you want to have a channel for a flight to safety, right?

我認為，要做到這一點，你需要將數位黃金與比特幣結合起來，就像如果有人要進行投資，股票當然會有更高的成長。沒錯，如果你投資的是高科技產品或其他一些產品，它們的價格上漲速度確實很快，但如果你著眼於未來十年，情況就不同了。如果你希望你的投資組合波動性更小，那麼你可能想要持有一些債券，對嗎？所以，我認為債券和股票之間的關係類似於數位資產，當很多人都在關注加密貨幣時，你需要一些東西來平衡這種局面。我認為一部分原因是整體的掌控，一部分原因是你想為安全飛行提供一個管道，對吧？

You see certain shocks in the last six months, and if you have a chance to fly to safety when there are these phenomenal global shocks and so forth, then people feel more comfortable in going there, so I think that's where we are with a digital gold looking at this. And plus, if you go to Asia, if you go to like, the Chinese culture, the South, East and many countries and so forth, people hold physical gold, they feel more comfortable. A big part of Asia was in war with they lived through wars in our lifetime. So therefore people feel more comfortable with holding gold.

在過去六個月裡，我們看到了一些衝擊，如果在發生這些巨大的全球性衝擊時，有機會飛往安全的地方，那麼人們會更願意去那裡，所以我認為這就是我們看待數位黃金的現狀。而且，如果你去亞洲，例如中國文化地區、南方、東方以及許多其他國家等等，那裡的人們持有實體黃金，會感到更自在。亞洲很大一部分地區都處於戰爭狀態，我們的親人經歷了我們這一代所經歷的戰爭。因此，人們更願意持有黃金。

But we think holding physical gold is not as good as, for example, holding, Tether gold, you have a great counterparty and this thing, you can actually take a Tether gold to the Swiss government and be able to redeem a bar. These kind of things that makes it much easier than than previously. If you buy a lot of gold, where are you going to store it? You have to pay for storage costs. So we're testing all of these out, we think there's a huge opportunity gold is $23.5 trillion, 80% of the T bill.

但我們認為持有實體黃金不如持有 Tether 黃金，例如，你有一個很棒的交易對手，而且你實際上可以拿著 Tether 黃金去瑞士政府兌換金條。這些因素使得事情比以前容易得多。如果你買了很多黃金，你打算把它存放在哪裡？您需要支付倉儲費用。所以我們正在測試所有這些，我們認為這是一個巨大的機會，黃金價值 23.5 兆美元，佔國債的 80%。

So if you just take, for example, 1% of that's over $200 billion right, just as when you look at USDT and USDC 1% of Treasury bill, right, I think Digital gold has the opportunity to $200 billion. So we're looking at number one, buying gold to stabilize our collateral, and secondly, where's the opportunity for people to hold more digital gold versus a physical gold and then make it more convenient, make it more safe, have them a peace of mind because it's something that they could, go after redeem the gold bar if they want to. Okay, so we're testing those things out and then as we have more information we'll share with you in future quarters.

例如，如果只看其中的 1%，那就是超過 2,000 億美元，對吧？就像 USDT 和 USDC 佔國庫券 1% 一樣，我認為數位黃金有機會達到 2,000 億美元。所以，我們首先要考慮的是購買黃金來穩定我們的抵押品；其次，要考慮的是讓人們有機會持有更多數位黃金而不是實體黃金，使其更方便、更安全，讓他們安心，因為他們可以隨時贖回金條。好的，我們正在測試這些功能，之後我們會根據掌握的資訊在未來幾季與大家分享。

Okay. Last question is customer mix. So our customers, well, if you look at, the last 2.5 years, we started out with just traditional miners, people who really know how to do mining who's been doing it before. We're making it easier because we're allowing them to select so many sites in the states and we have people to help them do operations so they don't have to physically be in the US, travel to the US, right? So as we start deploying that, what we find is that people who are just interested in Bitcoin mining can now participate.

好的。最後一個問題是客戶組成。所以我們的客戶，如果你回顧過去 2.5 年，我們最初只服務於傳統的礦工，也就是那些真正懂得如何採礦、並且以前就從事過採礦工作的人。我們讓這一切變得更簡單，因為我們允許他們在美國境內選擇很多地點，而且我們還有人員幫助他們進行運營，這樣他們就不必親自到美國，也不必前往美國，對吧？因此，當我們開始部署這項技術時，我們發現，現在對比特幣挖礦感興趣的人也可以參與其中了。

So you have, the Cangos of the world with their public company, you have family offices, you have other people that, have not done so well with some of their core businesses that are coming in and say, hey, look, this is relatively light operation. You don't have to put a lot of people behind this thing and you can make this thingwork. So you can think of us getting that over 40% number of customer growth. Some of that is still traditional miners. We probably have many of the larger private miners in Asia.

所以，像 Cango 這樣的公司，他們擁有上市公司；還有家族辦公室；以及其他一些核心業務做得不太好的人，他們進來後說：“嘿，你看，這是一個相對輕鬆的業務。”你不需要投入很多人力就能把這件事做好。所以你可以想像我們實現了超過 40% 的客戶成長。其中一些仍然是傳統的礦工。我們可能擁有亞洲許多規模較大的私人礦業公司。

Some of that coming in are probably smaller, but overall, our average loan per customer is close to $40 million. So we're still talking about sizable customers and we're just seeing them branching out, those that are traditionally, who knows BTC mining and more and more as a proportion, those that less -- knows less about mining but just interested in doing Bitcoin, and they want to have this cost average strategy rather than, buying at spot prices. So that's what we're seeing as a trend.

其中有些貸款金額可能較小，但總體而言，我們每位客戶的平均貸款額接近 4,000 萬美元。所以我們仍然在談論規模較大的客戶，我們看到他們正在拓展業務範圍，包括那些傳統上了解比特幣挖礦的客戶，以及越來越多對挖礦了解較少但對比特幣感興趣的客戶，他們希望採用成本平均法，而不是按現貨價格購買。這就是我們目前看到的趨勢。

Thank you. That concludes the Q&A session. We will turn the call back to Herman for closing remarks. You may go ahead.

謝謝。問答環節到此結束。我們將把電話轉回給赫爾曼，請他作總結發言。你可以繼續了。

Thank you, operator. To conclude on Q2, as we move forward, we remain focus on risk management first, scaling globally and delivering long-term value to our shareholders. We are proud of the momentum that our team has built in the first half of 2025. Our year over year revenue growth rate has accelerated from 41% in Q1 to 49% in Q2, and we are forecasting the revenue growth rate to accelerate to in the 60% range on a year over year basis. As a fintech platform, 40% of our incremental revenue in Q2 flow to the bottom line, increasing our EBITDA margin from 13% to 22%.

謝謝接線生。總結第二季度，展望未來，我們將繼續把風險管理放在首位，在全球範圍內擴大規模，並為股東創造長期價值。我們為團隊在 2025 年上半年的進展感到自豪。我們的年收入成長率已從第一季的 41% 加速到第二季的 49%，我們預測年營收成長率將加速到 60% 左右。作為金融科技平台，我們第二季新增收入的 40% 轉化為淨利潤，使我們的 EBITDA 利潤率從 13% 提高到 22%。

With the current administration embarking on US, the crypto capital of the world, and building a strategic Bitcoin reserve, Antalpha, as a Bitcoin mining infrastructure play, stands to benefit from policy tailwinds. Looking ahead, we're excited about the early stage of mainstream adoption for Bitcoin, or entry into the US market and the potential opportunity to increase our TAM.

隨著本屆政府著手建立世界加密貨幣之都美國，並建立戰略性比特幣儲備，作為比特幣挖礦基礎設施的 Antalpha 有望從政策順風中受益。展望未來，我們對比特幣進入主流市場或進入美國市場以及增加我們潛在市場規模的機會感到興奮。

We also plan to deepen our treasury strategy and digital gold to increase resilience on our collateral. In the process, also to assist our clients to de-risk their crypto holdings. With global asset allocation increasingly shifting toward digital assets, digital gold will become an important part of digital asset holding, we believe, serving both as a hedge against inflation and stabilizing agent against macro volatility.

我們還計劃深化我們的資金管理策略和數位黃金，以提高我們抵押品的韌性。在此過程中，也是為了幫助我們的客戶降低其加密貨幣持有的風險。隨著全球資產配置日益轉向數位資產，我們認為，數位黃金將成為數位資產持有的重要組成部分，既可以對沖通貨膨脹，又可以穩定宏觀經濟波動。

This concludes our call today. Have a great day.

今天的通話到此結束。祝你有美好的一天。

Thank you again for joining our call. You may now disconnect.

再次感謝您參加我們的電話會議。您現在可以斷開連線了。