Bullish (BLSH) 2025 Q3 法說會逐字稿

Good morning, and thank you for standing by. My name is John, and I will be your conference operator today. At this time, I would like to welcome everyone to the Bullish global third-quarter 2025 earnings call. (Operator Instructions)

早上好，感謝您的耐心等待。我叫約翰，今天我將擔任你們的會議接線生。此時此刻，我謹代表 Bullish 全球公司，歡迎大家參加 2025 年第三季財報電話會議。（操作說明）

I would now like to turn the conference over to Michael Fedele, VP of Finance. Please go ahead.

現在我將把會議交給財務副總裁邁克爾費德勒。請繼續。

Good morning. Welcome to our third-quarter earnings call. I'm Michael Fedele, Vice President of Finance, and I'm joined on today's call by our Chief Executive Officer, Tom Farley; Chief Financial Officer, David Bonanno; and Director of Corporate Development, Liam Foley.

早安.歡迎參加我們的第三季財報電話會議。我是財務副總裁邁克爾·費德勒，今天與我一起參加電話會議的還有我們的執行長湯姆·法利、財務長大衛·博納諾和企業發展總監利亞姆·福利。

This call will contain forward-looking statements, including those relating to our expected performance and business opportunities. These statements are not assurances of future performance. They are subject to risks and uncertainties, and our actual results could differ materially. For more details on these risks, please refer to today's earnings press release and our SEC filings, including our prospectus dated August 12, 2025. We undertake no obligation to update or revise any forward-looking statements.

本次電話會議將包含前瞻性陳述，包括與我們預期績效和業務機會相關的陳述。這些聲明並不構成對未來業績的保證。它們存在風險和不確定性，我們的實際結果可能與預期有重大差異。有關這些風險的更多詳情，請參閱今天的獲利新聞稿和我們向美國證券交易委員會提交的文件，包括我們於 2025 年 8 月 12 日發布的招股說明書。我們不承擔更新或修改任何前瞻性陳述的義務。

This call will also include a discussion of non-IFRS financial measures. A reconciliation of these measures to the most directly comparable IFRS metrics can be found in our earnings press release and presentation, which also contain additional information regarding non-IFRS financial measures and key performance indicators.

本次電話會議也將討論非國際財務報告準則下的財務指標。這些措施與最直接可比較的 IFRS 指標的核對情況，可在我們的獲利新聞稿和簡報中找到，其中還包含更多有關非 IFRS 財務指標和關鍵績效指標的資訊。

I'll now turn the call over to Tom.

現在我將把電話交給湯姆。

Thank you, Michael. Thank you all for joining our call today. I'm Tom Farley, the Chairman and CEO of Bullish. We're pleased to share that Bullish continues to win. For Q3 2025, Bullish reported record adjusted revenue of $76.5 million, record adjusted EBITDA of $28.6 million, and record adjusted net income of $13.8 million. As Dave will discuss here shortly and can be seen from the provided guidance, we expect more records coming for 2025 as a whole.

謝謝你，麥可。感謝各位今天參加我們的電話會議。我是湯姆法利，Bullish 的董事長兼執行長。我們很高興地宣布，看漲策略繼續保持優勢。Bullish公佈2025年第三季業績，調整後營收創歷史新高，達到7,650萬美元；調整後EBITDA也創歷史新高，達到2,860萬美元；調整後淨利同樣創歷史新高，達到1,380萬美元。正如Dave稍後將要討論的，從公司提供的業績指引中也可以看出，我們預計2025年全年業績將再創新高。

In the last six weeks, our momentum has only increased. On October 31, we fully launched our options franchise, and the early results are encouraging. We also launched our US exchange business and have onboarded marquee customers in the early days.

在過去的六週裡，我們的勢頭有增無減。10月31日，我們全面推出了選擇權業務，初步結果令人鼓舞。我們也推出了美國外匯業務，並在早期階段吸引了許多知名客戶。

We have signed up many new liquidity services customers here in Q4, including high-profile crypto projects. Our index business is gaining traction with many launches of US-based ETFs and other listed products tied to our benchmarks. Our media business growth has accelerated in Q4, now registering in our weekly and monthly reports as the top crypto news site globally measured by views.

我們在第四季度簽約了許多新的流動性服務客戶，其中包括一些備受矚目的加密貨幣專案。我們的指數業務正在取得進展，推出了許多與我們的基準指數掛鉤的美國ETF和其他上市產品。我們的媒體業務在第四季度加速成長，目前在我們的周報和月報中，按瀏覽量計算，我們已成為全球排名第一的加密貨幣新聞網站。

I will now share some context on where Bullish sits within the broader crypto ecosystem before moving on to discuss our business successes in greater depth. For several years now, Bullish has intentionally positioned ourselves at the intersection of three strong ongoing trends that are driving crypto evolution.

接下來，我將介紹 Bullish 在更廣泛的加密貨幣生態系統中的定位，然後再深入探討我們的業務成功。多年來，Bullish 一直有意將自身定位在推動加密貨幣發展的三大強勁趨勢的交匯點上。

One, increasing regulatory clarity with regulations that require infrastructure businesses and their customers to operate in a compliant and responsible fashion. Two, increasing numbers of traditional finance institutions operating in crypto in meaningful ways. And three, growing tokenization of major asset classes on the back of the successful tokenization of the US dollar via stablecoins.

第一，透過制定法規，提高監管的透明度，要求基礎設施企業及其客戶以合規和負責任的方式運作。第二，越來越多的傳統金融機構以有意義的方式參與加密貨幣業務。第三，隨著美元透過穩定幣成功代幣化，主要資產類別的代幣化也不斷成長。

We are more convinced than ever that we are on the right path. We are squarely positioned at the center of each of these trends. We are proud of our regulatory footprint and are pleased with the ongoing institutional adoption that we are helping to drive. However, I'd like to expand on this third trend: tokenization.

我們比以往任何時候都更加確信，我們走在正確的道路上。我們正處於這些趨勢的核心位置。我們為自身的監管影響力感到自豪，並對我們正在推動的持續機構採納感到欣慰。不過，我想進一步闡述第三個趨勢：分詞。

Tokenization refers to the process of turning traditional financial assets into crypto assets. We believe this trend will be the most transformational crypto value proposition of the next decade, and we are positioned to be leaders in this space through our liquidity services platform. In fact, the tokenization trend gave rise to our liquidity services business back in 2023.

代幣化是指將傳統金融資產轉化為加密資產的過程。我們相信，這一趨勢將成為未來十年加密貨幣領域最具變革性的價值主張，而我們的行動服務平台將引領這一領域。事實上，代幣化趨勢催生了我們於2023年推出的流動性服務業務。

The first major asset that was successfully tokenized was the US dollar in the form of stablecoins. As dollars were tokenized, stablecoin issuers turned to service providers such as Bullish for help, to help them tokenize the US dollar. We saw a market need for listings, liquidity and visibility as these new tokens bridge the chasm from TradFi to blockchain. We spent most of the years 2022, 2023, and 2024 in build mode to meet these needs, and we call the collection of these products, liquidity services, before tokenization was even the hot word on everyone's lips.

第一個成功代幣化的主要資產是美元，以穩定幣的形式實現。隨著美元代幣化，穩定幣發行者開始尋求 Bullish 等服務提供者的協助，以實現美元代幣化。我們看到，隨著這些新代幣彌合傳統金融與區塊鏈之間的鴻溝，市場對代幣上市、流動性和可見性的需求日益增長。為了滿足這些需求，我們在 2022 年、2023 年和 2024 年的大部分時間裡都處於構建模式，我們將這些產品的集合稱為流動性服務，而當時代幣化甚至還不是人人都在談論的熱門詞彙。

Today, for stablecoins, we are writing smart contracts, enabling bridging from one layer, one blockchain to another. We are listing stablecoins against many other assets on a compliant and regulated global exchange. We are providing liquidity both on Bullish and on DeFi protocols, and we are marketing these stablecoins through our Consensus and CoinDesk properties.

如今，對於穩定幣，我們正在編寫智慧合約，以實現不同層級、不同區塊鏈之間的橋接。我們將穩定幣上線到合規且受監管的全球交易所，並與許多其他資產進行交易。我們為 Bullish 和 DeFi 協議提供流動性，並透過我們的 Consensus 和 CoinDesk 平台推廣這些穩定幣。

In short, with our liquidity services offering, we have built a tokenization platform, and it has become our fastest-growing business. But that is not what excites us the most. The trend of tokenizing assets other than the US dollar is in the first inning. These tokenization services have the potential to continue scaling meaningfully as more and more assets and asset classes are listed on chain in the years ahead.

簡而言之，憑藉我們的流動性服務，我們建立了一個代幣化平台，並且它已成為我們成長最快的業務。但這並非最令我們興奮的地方。將美元以外的資產代幣化的趨勢尚處於起步階段。未來幾年，隨著越來越多的資產和資產類別上鍊，這些代幣化服務有可能繼續實現顯著的規模化發展。

This includes substantially every major asset class you can think of. We look at the successful tokenization of the dollar, stablecoins as a roadmap for the future tokenization of these new asset classes. And as a partner for substantially all dollar and euro-backed stablecoins, we've learned the value of developing a rich set of capabilities specifically suited to helping that asset class tokenize.

這幾乎涵蓋了你能想到的所有主要資產類別。我們將美元代幣化和穩定幣的成功視為未來這些新型資產類別代幣化的路線圖。作為幾乎所有美元和歐元支持的穩定幣的合作夥伴，我們已經認識到開發一套專門用於幫助該資產類別代幣化的豐富功能的重要性。

We continue to evolve our services targeted at stablecoins. For example, Bullish now has direct mint/burn capabilities with nearly every stablecoin issuer and also advanced API orchestration tools that allow seamless movement between fiat and stables, powering our partners' growth. We believe that each new asset class will also require incremental asset-specific capabilities alongside our standard offering of the three core services every asset issuer needs to tokenize: listings, liquidity, and visibility.

我們將繼續改進針對穩定幣的服務。例如，Bullish 目前已與幾乎所有穩定幣發行方建立了直接的增發/銷毀功能，並擁有先進的 API 編排工具，可實現法幣與穩定幣之間的無縫轉換，從而助力合作夥伴的業務增長。我們相信，每一種新的資產類別都需要額外的、針對特定資產的功能，而我們目前提供的三大核心服務——上幣、流動性和可見性——則是資產發行方代幣化所必需的。

With this additional functionality need in mind, we have submitted an application with the SEC to receive regulatory approval as a transfer agent, which will further supplement our tokenization and liquidity services strategy for US securities. We look forward to sharing more of our future plans with you over the months ahead, and we look forward to taking this tokenization journey with you.

考慮到這一額外的功能需求，我們已向美國證券交易委員會提交申請，以獲得作為過戶代理人的監管批准，這將進一步補充我們針對美國證券的代幣化和流動性服務策略。我們期待在接下來的幾個月與您分享更多未來的計劃，也期待與您一起踏上這段代幣化之旅。

Now excitement about our liquidity service platform's potential for future tokenization growth aside, how is it doing right now? Our services continue to be sought after. We're adding new and diversified customers, and our momentum has continued into Q4. In the third quarter, we added a record number of liquidity services partners, and our active partner count is up 100% sequentially.

暫且拋開我們對流動性服務平台未來代幣化成長潛力的興奮之情，它目前的表現如何？我們的服務依然備受青睞。我們正在增加新的、多元化的客戶群，而這種成長勢頭延續到了第四季。第三季度，我們新增了創紀錄數量的流動性服務合作夥伴，活躍合作夥伴數量較上季增加了 100%。

We're on track for another strong quarter in Q4, building on the success of our existing Layer 1 blockchain relationships with market leaders such as Solana, Ripple, and TRON. We have further broadened our Layer 1 blockchain relationships that we are supporting with liquidity services, adding four additional blockchain ecosystems: Canton, Cardano, Midnight, and VeChain to our scope of services since we last spoke.

我們預計在第四季度再次取得強勁的業績，這得益於我們與 Solana、Ripple 和 TRON 等市場領導者建立的現有 Layer 1 區塊鏈合作關係的成功。自上次交流以來，我們進一步擴大了我們透過流動性服務支援的 Layer 1 區塊鏈關係，新增了四個區塊鏈生態系統：Canton、Cardano、Midnight 和 VeChain。

We are also pleased to share that our collaboration with the Solana Foundation continues to develop constructively. In the first quarter of this engagement, Bullish minted more than 80% of our stablecoins on Solana. And Solana's total stablecoin value locked. That is how many dollars are tokenized on Solana, grew by more than 40% during that quarter.

我們也很高興地宣布，我們與索拉納基金會的合作正在穩步推進。在此次合作的第一季度，Bullish 在 Solana 上鑄造了超過 80% 的穩定幣。Solana 的穩定幣總鎖定價值（即 Solana 上代幣化的美元數量）在該季度增長了 40% 以上。

Shifting gears to discuss our very successful options trading launch, I'd like to first take a step back and remind everyone why we are so excited about this opportunity for Bullish. Crypto options are the most rapidly growing asset class in this space. They've grown to more than $200 billion in monthly trading volume just last month, up more than 230% from the same period last year.

接下來，我想轉而討論我們非常成功的選擇權交易業務上線。首先，我想回顧一下，為什麼我們對 Bullish 的這個機會感到如此興奮。加密貨幣選擇權是該領域成長速度最快的資產類別。光是上個月，它們的月交易量就成長到超過 2,000 億美元，比去年同期成長超過 230%。

Furthermore, given the complex nature of options as well as the sophisticated user base, we are well positioned to carve out substantial market share in this asset class. And we expect to see that asset class grow by multiples in the coming years.

此外，鑑於選擇權的複雜性以及其使用者群體的專業性，我們完全有能力在該資產類別中佔據可觀的市場份額。我們預計，未來幾年該資產類別將實現數倍成長。

Turning to the specifics of our own progress. Our exchange launched in full and without risk caps at the tail end of October. In just over two weeks, we've already traded well over $1 billion of volume. And as of today, we have approximately $1 billion in open interest. Our best day was yesterday, where we traded $240 million, about 4% market share by our definition.

接下來，我們來具體談談自己的進展。我們的交易所於10月底全面上線，且不設風險上限。短短兩週多時間，我們的交易量就已經超過了10億美元。截至今日，我們的未平倉合約約為10億美元。昨天是我們業績最好的一天，交易額達到 2.4 億美元，以我們的定義，約佔市場份額的 4%。

I'm really excited by the traction we've attained right out of the gate, and I expect it to become a significant contributor to our financial performance going forward. Look, I've been involved with a lot of these derivatives launches over the years, including very successful ones and a few that I'd rather not discuss. This one has all the hallmarks of a big winner.

我對我們一開始就取得的進展感到非常興奮，我預計它將成為我們未來財務表現的重要貢獻者。你看，這些年來我參與過很多衍生品的發行，其中有些非常成功，有些我寧願不去討論。這輛車具備所有大賣的特質。

Our last earnings call occurred less than 24 hours after we received our prestigious BitLicense. We indicated that receipt of this license marked the final step in enabling US onboarding for prospective Bullish exchange clientele. We also shared that it will take time for these US-based customers to go live given their institutional nature and the typical lengthy onboarding process for these types of customers. But with all that said, we are pleased to share that we've already actively onboarded many new customers, including various retail brokers with millions of customers like Webull and Moomoo, institutional brokers such as Cantor Fitzgerald, a very large crypto custodian, and other institutional clients.

我們上次財報電話會議是在獲得享有盛譽的BitLicense許可證不到24小時後舉行的。我們指出，獲得此許可證標誌著潛在的 Bullish 交易所客戶在美國註冊的最後一步。我們也提到，鑑於這些美國客戶的機構性質以及這類客戶通常較長的入職流程，這些美國客戶需要一段時間才能上線。儘管如此，我們很高興地宣布，我們已經積極地接納了許多新客戶，包括像 Webull 和 Moomoo 這樣擁有數百萬客戶的零售經紀商，像 Cantor Fitzgerald 這樣的大型加密貨幣託管機構等機構經紀商，以及其他機構客戶。

So things are progressing more quickly than we anticipated just a couple of months ago when we last gathered. Our US-based clientele value our already liquid global order book, which helped us launch without any zero to one or cold start liquidity problems. We are encouraged by our early progress in the US and look forward to continuing to seize market share in the months to come.

所以，事情進展比我們幾個月前上次聚會預想的要快得多。我們位於美國的客戶非常重視我們現有的全球流動性訂單簿，這幫助我們順利啟動，沒有遇到任何從零到一或冷啟動流動性問題。我們對在美國的早期進展感到鼓舞，並期待在未來幾個月繼續搶佔市場份額。

Outside of the United States, we continue to make steady progress growing our exchange. During the quarter, we've added some of the largest retail brokerages in Europe, the Middle East, and Latin America and integrated various crypto-focused hedge funds or asset managers that have already started trading derivatives on our platform.

在美國以外，我們的交易所也在穩步發展。本季度，我們新增了歐洲、中東和拉丁美洲一些最大的零售經紀公司，並整合了多家專注於加密貨幣的對沖基金或資產管理公司，這些公司已經開始在我們的平台上交易衍生性商品。

Shifting to information services. Our CoinDesk business continues to perform well, supported by significant accomplishments in our indices business. We are pleased to share that since our last earnings call just two months ago, our indices have underpinned an additional five of six total newly launched US-based exchange-traded crypto products as well as four additional global ETPs. During the span, we also won six new benchmark switches from competitors and have two active ETP filings for the CoinDesk 20 Index.

轉向資訊服務業。在指數業務取得重大成就的支持下，我們的 CoinDesk 業務持續表現良好。我們很高興地宣布，自兩個月前上次財報電話會議以來，我們的指數已為六款新推出的美國交易所交易加密貨幣產品中的五款以及四款全球交易所交易產品提供了支持。在此期間，我們還從競爭對手那裡贏得了六個新的基準轉換，並且有兩個活躍的 ETP 文件正在申請加入 CoinDesk 20 指數。

On the CoinDesk Insights or media side, we continue to successfully capture more market share against competitors with our market-leading and accessible crypto content. And coindesk.com continues to be a highly sought-after destination for advertising. We have also successfully launched CoinDesk Research, a subscription-based vertical dedicated to delivering high-quality research and analysis.

在 CoinDesk Insights 或媒體方面，我們憑藉著市場領先且易於取得的加密貨幣內容，持續成功地從競爭對手手中奪取更多市場份額。同時，coindesk.com 仍是備受追捧的廣告投放平台。我們還成功推出了 CoinDesk Research，這是一個基於訂閱的垂直領域，致力於提供高品質的研究和分析。

CoinDesk Research also serves as a natural extension and upsell to our liquidity services clientele. The thesis that we can land and expand is proving to be true. There are many examples of existing customers in Q3 and so far in Q4, choosing to take advantage of new Bullish company products and services in addition to their existing products and services.

CoinDesk 研究也是我們流動性服務客戶的自然延伸和增值服務。我們能夠登陸並擴張的論點正在被證明是正確的。第三季和第四季至今，有許多現有客戶選擇在現有產品和服務之外，利用 Bullish 公司的新產品和服務。

Overall, we continue to win, and we continue to execute on the vision that Dave and I laid out when we first joined Bullish. We're proud of our success to date, and we believe that we're just getting started. We're just getting started on a macro level because tokenization of securities and other real-world assets and the shift of financial market infrastructure has only just begun.

總的來說，我們繼續取得勝利，並繼續執行我和戴夫在最初加入 Bullish 時所製定的願景。我們為迄今為止所取得的成就感到自豪，並相信這只是個開始。從宏觀層面來看，我們才剛起步，因為證券和其他現實世界資產的代幣化以及金融市場基礎設施​​的轉變才剛開始。

And we're just getting started today at Bullish generally because we believe we have or are pursuing the right mix of licenses, technology, talent, and experience to be a winner in a world that is rapidly shifting on chain. We will continue to execute with focus, discipline, and momentum as we position Bullish for sustained growth in 2026 and beyond.

今天，我們 Bullish 才剛剛起步，因為我們相信，我們擁有或正在尋求合適的許可證、技術、人才和經驗組合，能夠在這個快速變化的區塊鏈世界中成為贏家。我們將繼續保持專注、自律和勢頭，為 Bullish 在 2026 年及以後的持續成長做好準備。

With that, I'll turn the call over to Dave, our CFO, my partner, to review the quarter in more detail.

接下來，我將把電話交給我們的財務長、我的合夥人戴夫，讓他更詳細地回顧一下本季的情況。

Thank you, Tom, and good morning, everyone. I'll start by walking through our third-quarter results and then provide additional context about our operating performance before sharing our outlook for the fourth quarter. As a reminder, reconciliations of our non-IFRS metrics can be found in the back of today's presentation as well as in our 6-K filing published earlier today.

謝謝你，湯姆，大家早安。我將首先回顧我們第三季度的業績，然後提供有關我們營運表現的更多背景信息，最後分享我們對第四季度的展望。提醒各位，您可以在今天簡報的背面以及我們今天早些時候發布的 6-K 檔案中找到我們非 IFRS 指標的調節表。

Total adjusted revenue for the third quarter was $76.5 million, up 34% sequentially and 72% year over year, exceeding the high end of our guidance. Third-quarter SS&O revenue, which includes liquidity services and all CoinDesk-branded products, reached $49.8 million, up over 50% versus 2Q and over 300% versus the prior year's quarter. Through the first three quarters of this year, SS&O revenue represents 53% of total adjusted revenue year to date compared to 28% for the full year 2024.

第三季調整後總收入為 7,650 萬美元，季增 34%，年增 72%，超過了我們預期的上限。第三季SS&O（包括流動性服務和所有CoinDesk品牌產品）營收達4,980萬美元，較第二季成長超過50%，較去年同期成長超過300%。今年前三個季度，SS&O營收佔年初至今調整後總營收的53%，而2024年全年這一比例預計為28%。

Adjusted operating expenses for the third quarter were $47.9 million, down 2% from 2Q 2025. Adjusted EBITDA for the third quarter was $28.6 million, up 253% sequentially and 271% year over year. And lastly, adjusted third-quarter net income was $13.8 million. As our business continues to scale, we are pleased with our cost control and high incremental margins, which we expect to continue into the future.

第三季調整後的營運費用為 4,790 萬美元，比 2025 年第二季下降 2%。第三季調整後 EBITDA 為 2,860 萬美元，季增 253%，年增 271%。最後，經調整後的第三季淨收入為 1,380 萬美元。隨著業務規模的不斷擴大，我們對成本控制和高增量利潤率感到滿意，並期望未來能夠繼續保持這一水平。

Turning to our current financial performance. Quarter-to-date trading volume through November 17 stands at $126 billion, with an average trading spread of 1.7 basis points. Our November month-to-date trading spreads are averaging 1.8 basis points, up from the 1.6 basis points you will have seen in our October monthly metrics. We expect materially higher transaction revenue for the full fourth quarter as compared to the second and third quarters of 2025, driven by higher volatility and increased active trading customers.

接下來談談我們目前的財務表現。截至 11 月 17 日，本季累計交易量為 1,260 億美元，平均交易價差為 1.7 個基點。我們 11 月至今的交易價差平均為 1.8 個基點，高於您在 10 月的月度指標中看到的 1.6 個基點。我們預計，受市場波動加劇和活躍交易客戶增加的推動，2025 年第四季的交易收入將比第二季和第三季大幅成長。

Turning now to our Q4 guidance. We expect SS&O revenue between $47 million and $53 million and adjusted operating expenses between $48 million and $50 million. We remain confident in the outlook for our financial performance and believe Bullish is well positioned to deliver sustained and profitable growth in the coming quarters.

現在來看我們第四季的業績預期。我們預計SS&O業務收入在4,700萬美元至5,300萬美元之間，調整後營運支出在4,800萬美元至5,000萬美元之間。我們對公司的財務業績前景依然充滿信心，並相信 Bullish 已做好充分準備，在未來幾季實現持續獲利成長。

Thank you for joining us today. And with that, I'll turn it back to Tom for closing remarks.

感謝您今天蒞臨。接下來，我將把發言權交還給湯姆，請他作總結發言。

Thank you very much. And as we said last time, thank you very much for your continued attention to Bullish and following along with the story. And we appreciate your time today, and we'll open it up for Q&A.

非常感謝。正如我們上次所說，非常感謝您一直以來對 Bullish 的關注和對我們報導的持續關注。感謝您今天抽出時間，接下來我們將開放問答環節。

(Operator Instructions) Ken Worthington, JPMorgan.

（操作說明）肯‧沃辛頓，摩根大通。

I wanted to focus on liquidity services. So maybe starting, you mentioned that the number of stablecoins doubled this quarter. About how many stablecoins are you servicing? And then also, you mentioned previously that the pipeline of non-stablecoin tokens was starting to dominate that pipeline. How do the economics look for non-stablecoin tokens compared to stablecoins?

我想專注於流動性服務。所以，或許可以從你提到的穩定幣數量在本季翻了一番開始說起。你們目前提供大約多少種穩定幣的服務？而且，您之前也提到過，非穩定幣代幣的發行管道開始主導該管道。與穩定幣相比，非穩定幣代幣的經濟效益如何？

And then I'll wrap the follow-up in here, too. Coinbase launched a service related to ICOs. To what extent does that compete with your non-stablecoin promotion business? Thank you.

然後，我也會在這裡總結後續內容。Coinbase推出了一項與ICO相關的服務。這在多大程度上會與您的非穩定幣推廣業務構成競爭？謝謝。

Thanks, Ken. Good to hear from you. I was probably doing my thing where I'm speaking too fast. The -- just to clarify your question, actually, the liquidity services figures, high level that I quoted refer to all liquidity services customers. That is to say we are not saying we doubled our stablecoin customers.

謝謝你，肯。很高興收到你的來信。我當時可能說話太快了。為了澄清你的問題，實際上，我引用的流動性服務數據（高層數據）指的是所有流動性服務客戶。也就是說，我們並不是說我們的穩定幣用戶數量翻了一番。

In fact, off the top of my head, my guess is that we did not double the number of our stablecoin customers. We doubled the overall. So inclusive of, for example, the four Layer 1 blockchains that I described as well as stablecoin issuers.

事實上，我憑直覺猜測，我們的穩定幣客戶數並沒有翻倍。我們使總數翻了一番。因此，這包括我所描述的四個 Layer 1 區塊鏈以及穩定幣發行者。

So -- but just to answer maybe the thrust of your question regardless, we continue to add stablecoin customers, which is consistent with our going-in thesis, I think not too dissimilar from your own, that with the GENIUS Act, we will continue to see growth in the number of stablecoin issuers. And what we're seeing is the new issuers need those three tokenization or liquidity services products as much as everyone else: the listing, liquidity and visibility.

所以——但無論如何，為了回答你問題的重點，我們繼續增加穩定幣客戶，這與我們最初的設想一致，我認為這與你自己的想法也並無太大出入，即隨著《GENIUS法案》的實施，我們將繼續看到穩定幣發行者數量的增長。我們看到的是，新發行方和其他人一樣，同樣需要這三種代幣化或流動性服務產品：上市、流動性和可見性。

But what's perhaps even more exciting is we're proving the product market fit for these services extends far beyond stablecoin issuers. And so during the quarter, we saw more of a, quite frankly, even mix among kind of three broad categories, which are stablecoin issuers, Layer 1 blockchains, and then third, just token crypto project issuers. So in other words, not a Layer 1 or a stablecoin, and we're seeing more of a blend.

但或許更令人興奮的是，我們正在證明這些服務的產品市場契合度遠遠超出了穩定幣發行方。因此，在本季度，我們看到三大類項目之間的混合更加均衡，坦白說，這三大類分別是穩定幣發行方、Layer 1 區塊鏈，以及代幣加密項目發行方。換句話說，它既不是 Layer 1 代幣，也不是穩定幣，我們看到的是一種混合型代幣。

Just to touch on that, I'll let Dave kind of clarify if I butchered any of those figures and coming back to you, Ken. And then on the ICO platform, like, where we've really focused is the highest quality crypto platforms. And that's consistent with our kind of reason for being, which is servicing the institutional customers.

簡單提一下，如果我之前的數據有誤，就讓戴夫來澄清一下。肯，再說回你。關於ICO平台，我們真正關注的是最高品質的加密貨幣平台。這與我們存在的意義——服務機構客戶——是一致的。

By and large, they're less interested in the tail of crypto. They're more interested in $1 billion or at least $0.5 billion market cap and up crypto projects. And so, so far, what you described at a competitor versus where we're focusing are just kind of fundamentally two different kind of fields of inquiry. So we're kind of focused on sticking to our knitting, building out our liquidity services in our core market and really enjoying the ride as our TAM expands in real time.

總的來說，他們對加密貨幣的尾部不太感興趣。他們更感興趣的是市值達到 10 億美元或至少 5 億美元的加密貨幣項目。所以，到目前為止，你所描述的競爭對手的情況和我們關注的重點，從根本上來說，是兩個不同的研究領域。因此，我們專注於做好自己的本職工作，在核心市場建立流動性服務，並享受TAM即時擴張帶來的喜悅。

Yeah, Ken, to your question about the stablecoin liquidity service agreements. As we mentioned before, we are partnered with basically every stablecoin out there, except for USDT currently. I believe that count is about 9 or 10 total stablecoins, both euros and dollar-based partners. With regards to the opportunity to further monetize stablecoins versus non-stablecoin partners, in general, we do see the ability to use our partners' assets that are stablecoins to do other revenue-generating activities just given the broad-based utility of stablecoins throughout crypto, DeFi and otherwise. But we are also able to find other opportunities with the nonstable partners.

是的，肯，關於你提出的穩定幣流動性服務協議的問題。正如我們之前提到的，我們目前幾乎與所有穩定幣都有合作關係，除了 USDT。我認為總共有大約 9 到 10 種穩定幣，包括歐元和美元計價的合作夥伴。至於穩定幣相對於非穩定幣合作夥伴的進一步獲利機會，總的來說，鑑於穩定幣在加密貨幣、DeFi 及其他領域的廣泛應用，我們認為可以利用合作夥伴的穩定幣資產進行其他創收活動。但我們也能與不穩定的合作夥伴找到其他機會。

It depends. Each one of these is a little bit bespoke with varying degrees of utility and contract sizes. We're excited about both sides of the pipeline. And both sides of the pipeline are growing, albeit right now with more emphasis on the nonstable portion given the next wave of, say, GENIUS compliance stablecoins has really yet to go live. But we expect a new wave of those to begin late fourth quarter, early first quarter, and we expect to pick up some new significant wins, which we'll talk about early next year.

這取決於。這些產品各有特色，實用性和合約規模也各不相同。我們對這條管道的兩端都感到興奮。目前，由於下一波穩定幣（例如符合 GENIUS 標準的穩定幣）尚未正式上線，因此管道兩端都在增長，但更側重於非穩定幣部分。不過，我們預計新一波穩定幣將於第四季末或第一季初推出，屆時我們將取得一些重大進展，具體情況我們將在明年初公佈。

Peter Christiansen, Citi.

彼得‧克里斯蒂安森，花旗集團。

Tom, David, congrats on the execution momentum here. Really impressive stuff here. I want to double-click into the motivation to seek transfer agent capabilities and licensure. Obviously, there's opportunities with some of the coin indices and perhaps even bespoke products. But just curious, how do you think about the competitive landscape or setup for maybe some more commodity type of RWAs out there, single stocks? How are you seeing that competitive setup?

湯姆、大衛，祝賀你們在執行上的進展。這真的令人印象深刻。我想深入探討我尋求過戶代理能力和執照的動機。顯然，一些硬幣指數甚至定制產品都存在機會。我只是好奇，您如何看待市場上一些更偏向商品型風險加權資產（RWA）的競爭格局或設置，例如個股？你如何看待這種競爭格局？

And then as a follow-up, I was just curious if you could speak to some of the performance you saw out of the AMM during some of the heightened volatility that we've seen in recent weeks. Obviously, spreads look pretty healthy there. But just curious if there's any other operating metrics that you think are useful for us to consider. Thank you.

然後，作為後續問題，我很好奇您能否談談在最近幾週我們看到的劇烈波動期間，AMM 的表現如何。顯然，那裡的市場行情看起來相當不錯。不過，我很好奇您是否認為還有其他營運指標值得我們考慮。謝謝。

Sure. Good to hear from you, Pete. Two very meaty topics. I'll endeavor to answer the first, and Dave will take the second. I talked a bit in my prepared remarks about this tokenization trend fairly broadly. But I'd like to add a little more context and kind of contour given your question.

當然。很高興收到你的來信，皮特。兩個非常有價值的話題。我會盡力回答第一個問題，第二個問題由戴夫回答。我在事先準備好的演講稿中已經比較全面地談到了這種分詞趨勢。但鑑於你的問題，我想補充一些背景資訊和大致情況。

When you think about stablecoins, they're really just the US dollar, and it's a question, okay, how do I take the US dollar? I'm going to speak in colloquial terms here for maybe people who aren't crypto heads in this all day every day.

當你想到穩定幣時，它們實際上是美元，問題在於，好吧，我該如何獲得美元？我在這裡要用簡單易懂的語言來解釋，因為可能有些人並不是每天都關注加密貨幣的專業人士。

But you got the US dollar and then how do I take this US dollar and put it on blockchain, so I can use it for commerce. That is the act of tokenizing the US dollar.

但是，如果你有美元，我該如何將這些美元放到區塊鏈上，以便我可以在區塊鏈上用它來進行商業交易？這就是美元代幣化的行為。

Well, if you think about the types of people who do it, some are super crypto native. Think Tether or Circle. And some are less crypto native. I think more recently, you've seen in the news, Western Union, for example. And then some are somewhere in the middle and think of PayPal or others of their hill.

嗯，想想那些從事加密貨幣領域的人，有些人是加密貨幣領域的資深人士，例如 Tether 或 Circle。而有些人則對加密貨幣的了解相對較少。我認為最近，你在新聞中也看到了，例如西聯匯款。還有一些人則處於中間位置，他們會想到PayPal或其他與立場相近的公司。

And so now those say, okay, I want to take the dollar, and I want to tokenize it. They can do some of that -- those necessary tasks all on their own. But some firms look at it and they go, wow, there's a whole lot of expertise here, and I can't do it on my own. And you can think about, okay, how do you get from non-tokenized to tokenized and you can lay out a spectrum of products and services.

所以現在有人說，好吧，我想把美元代幣化。他們可以獨立完成其中一些必要的任務。但有些公司看到這種情況後會想，哇，這裡面牽涉到很多專業知識，我一個人做不了。您可以思考，如何從非代幣化過渡到代幣化，並列出一系列產品和服務。

For example, do you write the actual smart contract to create the tokens or not? Do you write the effectively Excel spreadsheet or Oracle database on the blockchain that tabulates which accounts own which amount of tokens? Or do you go to a vendor for that? Do you go get the state-by-state licenses in the United States or the federal licenses now required under GENIUS? Or do you rent those?

例如，你是自己編寫創建代幣的智能合約，還是不自己寫？您是否在區塊鏈上編寫有效的 Excel 電子表格或 Oracle 資料庫，以統計哪些帳戶擁有哪些數量的代幣？還是你會去找供應商辦理？你會去辦理美國各州的許可證，還是現在根據 GENIUS 系統要求的聯邦許可證？還是你們租的？

So those are all sort of tokenization services, if you will. And we looked at that and we said, we're going to stick to our knitting, and we're going to do those services that we're really good at. And we said we're going to focus on the active listing the token, not just listing the token stand-alone, but listing the token against many other tokens -- listing the token, not just as a spot transaction, but as a perpetual future, a dated future, an options contract, doing it on a compliant regulated exchange, thereby conferring a certain level of respect to those asset issuers. We're going to focus on the liquidity provision, making sure that even in moments of distress, there are bids and offers available for those newly tokenized tokens, if you will, use the same word twice.

所以，這些都可以看成是某種形式的代幣化服務。我們考慮了一下，然後說，我們要堅持做我們擅長的編織工作，我們要提供我們真正擅長的服務。我們說過，我們將專注於代幣的積極上市，不僅僅是單獨上市，而是將代幣與其他多種代幣進行交易——不僅作為現貨交易，還將作為永續期貨、有日期期貨、期權合約等形式上市，並在合規的監管交易所進行，從而提升這些資產發行人的信譽度。我們將著重於流動性保障，確保即使在市場動盪時期，這些新代幣化代幣也能有買賣報價。

And then finally, the visibility. We own the premier properties in crypto. There is no debate about that. CoinDesk is number one for views in the world for crypto news site. CoinDesk is where important institutional people and companies gather twice a year in Asia and the US, and we can help these stablecoins and tokens get their message out, okay? That's been our strategy.

最後，還有能見度。我們擁有加密貨幣領域最優質的資產。這點毋庸置疑。CoinDesk是全球瀏覽量最高的加密貨幣新聞網站。 CoinDesk每年兩次在亞洲和美國匯聚重要的機構人士和公司，我們可以幫助這些穩定幣和代幣傳播訊息，好嗎？這就是我們的策略。

So now your question is, hey, tell us about this transfer agent element. Well, we're looking at the world, and we're saying, boy, it feels like the next domino to drop here or at least the next enormous domino to drop, there will be other little tests along the way, is the US securities market, whether that be single stocks or fixed income or what have you.

所以現在你的問題是，嘿，跟我們講講這個轉帳代理環節吧。我們環顧世界，不禁感嘆，下一個倒下的骨牌，或者至少是下一個巨大的多米諾骨牌，以及隨之而來的其他一些小考驗，就是美國證券市場，無論是個股、固定收益產品還是其他什麼。

And what we've drifted into and stablecoins, our customers have pulled us into it, is we now have a more expansive offering than just the dead simple listing liquidity and visibility. I gave the example of the API orchestration. I gave you the example of the direct mint earn. And I gave you the example of we're now writing those smart contracts ourselves to facilitate bridging from Layer 1 to Layer 1.

而我們逐漸涉足的穩定幣領域，也是我們的客戶將我們拉入的領域，使得我們現在提供的服務比簡單的上市流動性和可見性更加廣泛。我舉了 API 編排的例子。我舉了直接賺取薄荷糖的例子。我舉了一個例子，我們現在正在自己編寫這些智能合約，以促進從第 1 層到第 1 層的橋接。

Well, what the transfer agent license gives you the ability to do is more actively engage with asset issuers who are tokenizing US securities to offer more robust listings, liquidity, and visibility, but also some services around the margin, such as writing the actual smart contract for them or tabulating who owns of what security. That is the license you go for in the US under the SEC regime that gives you the freedom to be able to offer those additional services to securities issuers, whether in a tokenized or, frankly, a certificated form.

嗯，過戶代理許可證賦予你的能力是更積極地與將美國證券代幣化的資產發行人互動，從而提供更強大的上市、流動性和可見性，以及一些邊緣服務，例如為他們編寫實際的智能合約或統計誰擁有哪些證券。這是你在美國根據美國證券交易委員會 (SEC) 的規定所獲得的許可證，它賦予你向證券發行人提供這些額外服務的自由，無論是以代幣化的形式，還是坦率地說，以證書的形式。

So that gives you a little more of the thinking behind that, Pete. Hopefully, that narrative -- it was a long one. Hopefully, it wasn't too boring, but gives you a sense of where we're headed.

這樣你就能更清楚地了解背後的思路了，皮特。希望這段敘述——雖然很長——沒有太枯燥，但能讓你對我們未來的方向有所了解。

And regarding dealer --

關於經銷商--

Go ahead.

前進。

No, you're playing the arms dealer side, right?

不，你扮演的是軍火商一方，對吧？

Yeah. We just want to be helpful in this tokenization wave. We think it's huge, Pete. Just one more quick anecdote, Dave is going to punch me. But we went out and we started this tokenization effort really in earnest, we started building the features in 2022.

是的。我們只是想為這波代幣化浪潮貢獻一份力量。我們認為這意義重大，皮特。再講一個簡短的小故事，戴夫要揍我了。但是我們走出去，真正認真地開始了代幣化工作，我們在 2022 年開始建立相關功能。

We productized it in 2023. It really took off in 2024. We called it liquidity services, but it was tokenization. We went in January of 2025 this year. And if you go back, Pete, this around the time we started talking to you. And you look at our deck, we talked all about tokenization and there was kind of a big yawn.

我們於 2023 年將其產品化。它在2024年真正起飛。我們稱之為流動性服務，但實際上就是代幣化。我們今年（2025年）1月去的。皮特，如果你回顧一下，大概就是我們開始跟你談話的時候。看看我們的簡報，我們一直在討論代幣化，結果卻有點冷場。

People just really weren't too excited about it. That's how much has changed in the year 2025. It's the regulatory regime here. It's also just the technologies of the Layer 1s are that much more robust. People have realized it's ready for prime time. People now realize that the benefits of tokenization are real, being able to use those tokens more easily as collateral in a more efficient manner. I'm now speaking on a regular basis to the heads of the very largest banks in the world who are preparing for this wave.

人們對此並不太感興趣。這就是2025年發生的巨大變化。問題出在這裡的監管體系。還有一點就是，第一層（Layer 1）的技術更加強大。人們已經意識到代幣化已經成熟。人們現在認識到代幣化的好處是實實在在的，能夠更輕鬆、更有效率地將這些代幣用作抵押品。我現在經常與全球最大銀行的負責人交流，他們都在為這股浪潮做好準備。

And so we've seen this coming. At times, we felt a little crazy because of the looks we were getting across the table, but we've been preparing for it, and we just want to be a part of helping our customers make this leap.

所以，我們早就預料到這種情況會發生。有時，看到對面的人投來的異樣目光，我們感覺自己有點瘋了，但我們一直在為此做準備，我們只是想幫助我們的客戶實現這一飛躍。

And Pete, with regards to your question around the volatility experience, probably you're referring to mostly October 10, the AMM performance in the -- performance of the exchange in totality, we're really proud and pleased with our performance and the way the technology held up.

皮特，關於你提出的波動性體驗問題，你可能主要指的是 10 月 10 日 AMM 的表現——就交易所整體表現而言，我們對我們的表現以及技術的表現感到非常自豪和滿意。

Every couple of quarters or so, we get really kind of a feature moment to advertise the difference of AMM liquidity versus what we see in other club order books. Way more depth was preserved on our order books during the flash crash on October 10 than you saw in other venues, notably the other offshore venues, where liquidity just absolutely evaporated in major assets like Solana.

每隔幾個季度，我們就會迎來一個重要的時刻，來宣傳 AMM 流動性與其他俱樂部訂單簿之間的差異。在 10 月 10 日的閃崩期間，我們的訂單簿保留了比其他交易場所（尤其是其他離岸交易場所）更多的深度，而其他離岸交易場所的流動性在 Solana 等主要資產中完全蒸發了。

Our spot prices had far fewer wicks, smaller wicks, our derivative systems had far fewer liquidations than you saw in other venues. And as a whole, we're really proud of the way the system held up. We had a lot of trading revenue that day, and that went noticed by our customers. And I do think that there is a lot of discussion underway in the market more broadly around the way that derivatives and marketing systems and order books function in, say, less regulated venues versus our own.

我們的現貨價格波動幅度更小，震級也更低，我們的衍生性商品系統清算次數也遠低於其他交易場所。總的來說，我們對系統的整體表現感到非常自豪。那天我們的交易收入很高，客戶們都注意到了這一點。而且我認為，更廣泛的市場正在進行許多討論，討論的焦點在於衍生性商品、行銷系統和訂單簿在監管較少的場所與我們自己的場所的運作方式有何不同。

Just one more comment on that. I remember way back in kind of 2022, I had a [launch] with one of the most prominent executives at trading firm in our industry. And he said, I suggest you, Tom, as somebody who's been around kind of clearing and derivatives your whole career, go look at how these perpetual futures markets work on these other venues. You'll be appalled.

關於這一點，我還有一點要補充。我記得大概在 2022 年，我和業內一家交易公司最傑出的高管之一一起舉辦了一場[產品發布會]。他說：“湯姆，我建議你，你整個職業生涯都在清算和衍生品領域工作，去看看其他場所的永續期貨市場是如何運作的。”你會感到震驚的。

And I did exactly that. I spent a weekend doing a deep dive and came back to our team and said, we will never do that. It is wrong what happens on these markets. What we saw on October 10 is positions were liquidated for fully collateralized accounts. It's a heads, I win, tails, you lose approach from these unregulated venues. And it underscores for you why real institutions are never going to do business there.

我照做了。我花了一個週末進行深入研究，然後回到團隊跟我說，我們絕對不會那麼做。這些市場上發生的事情是錯誤的。10 月 10 日我們看到的情況是，所有有全額抵押的帳戶的部位都被清算了。這些不受監管的場所採取的是一種「正面我贏，反面你輸」的賭博方式。這也讓你更加明白，為什麼真正的機構永遠不會在那裡開展業務。

They're just not. Real institutions need to know when they're hedged, they're hedged. Their position isn't just going to evaporate in the dead of night when they have gains on it on a fully collateralized basis.

他們根本不是。真正的機構需要知道，當他們進行對沖時，他們就已經進行了對沖。他們的部位不會在夜深人靜之時憑空消失，尤其是在他們已經獲得收益且有全額抵押的情況下。

Dan Fannon, Jefferies.

丹‧範農，傑富瑞集團。

Wanted to follow up on SS&O more broadly. Obviously, a lot of momentum, strong third quarter. But then when we look at the 4Q guide, it is basically flat at the midpoint. So can you talk about that -- squaring that with the kind of longer-term growth opportunity from a revenue perspective and the momentum in the business today versus kind of near-term revenue outlook?

想更廣泛地了解一下 SS&O 的情況。顯然，勢頭強勁，第三季表現突出。但當我們查看第四季度業績指引時，會發現其中段基本持平。那麼，您能否談談這方面的問題—從收入角度來看，如何平衡長期成長機會和當前業務發展勢頭與近期收入前景之間的關係？

Yeah, sure. Thanks, Dan. Great to hear from you. Taking the second part of your question first. We remain very confident in the growth outlook for subscription services and other revenue looking forward.

當然可以。謝謝你，丹。很高興收到你的來信。先回答你問題的第二部分。我們對訂閱服務和其他收入的未來成長前景仍然充滿信心。

We see the pipeline filling up, new projects coming along. We believe tokenization more broadly is potentially a very large tailwind for that line item. Specifically on the Q4 guide, there are a couple of different cross currents there.

我們看到專案儲備不斷增加，新專案也接踵而至。我們認為，更廣泛的代幣化可能會對該項投資產生巨大的推動作用。具體來說，在第四季度指南中，存在著幾種不同的交叉趨勢。

I'd say, one, we do continue to experience broad-based growth across pretty much all line items in SS&O in terms of customer wins and new contracts, as Tom has mentioned. Somewhat offsetting that growth would one be seasonality. The fourth quarter is the only quarter this year with zero events revenue. The third quarter did feature our DC policy event and EDGE conferences. So there was some revenue in the third quarter from events, which will not occur again in the fourth quarter.

我想說，第一，正如 Tom 所提到的，我們在 SS&O 的幾乎所有項目上都繼續經歷廣泛的增長，包括客戶獲勝和新合約。季節性因素在一定程度上抵消了這種增長。今年第四季是唯一一個活動收入為零的季度。第三季我們舉辦了華盛頓特區政策活動和 EDGE 會議。因此，第三季有一些活動帶來的收入，但第四季不會再有這類活動了。

Additionally, there's a little bit of impact from large price -- downward price movement in the broader digital asset space, which affects partially the indices business, some of our lending business and to a lesser extent, liquidity services, but that is largely offset by the broad-based growth. There's a little bit of a timing element as well, whereas a lot of the new contract signings during the fourth quarter are coming middle end of the quarter versus the third quarter, where we had extreme momentum both in the second quarter leading into the early third quarter.

此外，數位資產領域整體價格的大幅下跌也帶來了一些影響，這在一定程度上影響了指數業務、部分貸款業務以及流動性服務，但這些影響很大程度上被整體成長所抵消。時機也是一個重要因素，第四季許多新合約的簽署都發生在季度中後期，而第三季度則不然，我們在第二季到第三季初都保持著強勁的勢頭。

And so when you put all that in the blender, we come out with the guidance you see in front of you today, which is flat to modest growth.

因此，當我們把所有這些因素綜合起來考慮時，就得到了你今天看到的指導意見，那就是平穩增長或適度增長。

Great. That's very helpful. And then I was hoping you could just provide a little more commentary around the momentum post the BitLicense approval. You talked about a few onboardings. But I guess, could you expand upon those comments and talk about kind of the pipeline and how you see the kind of ramping up of that customer base as we go into, obviously, fourth quarter, but more importantly, into next year?

偉大的。那很有幫助。然後，我希望您能就 BitLicense 批准後的勢頭再做一些評論。你談到了一些新進員工入職培訓。但我想，您能否就這些評論展開談談，談談銷售管道，以及您如何看待我們進入第四季度，更重要的是進入明年時客戶群的成長情況？

Yeah, sure, Dan. As I said, we've had kind of more early wins and notable early wins than I think we were expecting to be able to reveal to you given that there were only two months or eight weeks between our two earnings calls. So some really good early momentum.

好的，丹。正如我所說，考慮到兩次財報電話會議之間只有兩個月或八週的時間，我們取得的早期勝利和顯著的早期勝利比我們預期能夠向你們透露的要多得多。所以開局勢頭非常好。

I would say the other thing that's positive is the pipeline has filled up very, very quickly and has many exciting names who will be known to you and have things like bank or investments in their title and have the potential to really move the needle.

另一個積極的方面是，人才儲備很快就被填滿了，其中有很多令人興奮的名字，你肯定聽說過他們，他們的頭銜裡有銀行或投資之類的東西，他們有潛力真正推動事情的發展。

I guess the downside is we have seen other than a bunch of early adopters who were quick to sign an agreement, it's hard. Like it's a slog. And I think some of this goes back to FTX, frankly, because we still get questions that are pretty clearly tailored to avoiding an FTX-like situation, where the diligence is just very robust. Hey, let's go through your SOC reports. Let's go through your cyber reports. We want to see more working papers in addition to just the publicly available audit.

我覺得缺點在於，除了少數早期用戶迅速簽署協議之外，其他人很難做到這一點，就像一場持久戰。坦白說，我認為這其中有些原因要追溯到 FTX，因為我們仍然會收到一些問題，這些問題顯然是為了避免類似 FTX 的情況，FTX 的盡職調查非常嚴格。嘿，我們一起來看看你的安全營運中心（SOC）報告。我們一起來看看您的網路安全報告。除了公開的審計報告外，我們還希望看到更多的工作底稿。

So everything feels good and about on track, and we have some positive upside surprises in terms of the number of big customers who have already signed and have come on board as well as the size of the pipeline, but it's going to take some time.

所以一切感覺都很好，基本上都在按計劃進行，我們在已簽約和加入的大客戶數量以及項目儲備規模方面也獲得了一些積極的驚喜，但這還需要一些時間。

Brett Knoblauch, Cantor Fitzgerald.

布雷特·諾布勞赫，坎托·菲茨杰拉德。

Tom, I think we're expecting kind of CLARITY Act to get put through the Trump's desk before the end of the year and signed. Could you maybe explain to us what you're expecting that will do to your business, particularly from the liquidity services front?

湯姆，我認為我們預計在年底前，類似《澄清法案》這樣的文件會提交到川普的辦公桌上並由他簽署。您能否解釋一下您預計這將對您的業務產生什麼影響，尤其是在流動性服務方面？

Sure. And good to hear from you, Brett. I wish this call were Monday and not today. I'll be meeting with 7 or 8 of the 100 US Senators, including many or most of those who are actively involved in, I guess, what was called in the house, the CLARITY Act, but more broadly a market structure bill tomorrow and Friday on the Hill, Brett. So I'll have a lot better sense.

當然。很高興收到你的來信，布雷特。我希望這通電話是在星期一而不是今天。明天和週五，我將在國會山莊會見100位美國參議員中的七八位，其中包括許多或大多數積極參與眾議院所謂的“CLARITY法案”（更廣泛地說，是一項市場結構法案）的議員，布雷特。這樣我就能更清楚地了解狀況了。

I love hearing that the premise of your question was around a bill getting passed this year. You're a bit more optimistic than I am. I am very optimistic that it will get passed because I'm seeing bipartisan support. And I think it will be very helpful for the crypto industry, largely because of preemption, in other words, not having to go to each of the 50 states to get their very particular, in some cases, approvals for operating in the crypto business.

我很高興聽到你的問題是關於今年通過的一項法案。你比我樂觀一些。我對它的通過非常樂觀，因為我看到了兩黨的支持。我認為這對加密貨幣行業非常有幫助，主要是因為可以提前獲得批准，換句話說，不必前往美國 50 個州分別獲得他們非常具體的（在某些情況下）加密貨幣業務運營批准。

I think that will -- that in and of itself will be a boon for infrastructure providers like Bullish. And I think providing the legal certainty, much like it has on the stablecoin side, will bring in many institutions and tokenization participants, asset issuers, for example. So getting that done will be great for growth, and I very much would like to see it. And I think it will only be helpful for our business. But I will know a lot more in the next 48 hours, Brett.

我認為這本身對像 Bullish 這樣的基礎設施提供者來說就是一件好事。我認為，提供法律確定性，就像穩定幣方面所做的那樣，將會吸引許多機構和代幣化參與者，例如資產發行人。所以，完成這件事對發展大有裨益，我非常希望看到它實現。我認為這對我們的業務只有好處。但在接下來的48小時內，我會知道更多信息，布雷特。

And look, there's a lot to come. I suspect the House Ag will come out with a whole new version of their proposed bill. I suspect that will have to be negotiated with -- I mean, pardon me, Senate Ag, that will have to be negotiated to some extent with Senate Banking. But then ultimately, there will be a conference procedure with the Senate and the House to make sure that we produce a bill that makes sense for our country and for this industry, and we will be a very active participant in that as evidenced by where I'm spending the next two days.

而且，未來還有很多事情要做。我懷疑眾議院農業委員會將會提出一個全新版本的法案提案。我懷疑這在某種程度上需要與——我是說，抱歉，參議院農業委員會——參議院銀行委員會進行協商。但最終，參議院和眾議院將舉行會議，以確保我們制定對我國和本行業都合理的法案，我們將積極參與其中，正如我接下來兩天的行程所表明的那樣。

Awesome. And then maybe just on the US momentum. It feels like that launch happened a bit sooner than we were expecting and then adoption was much faster than we were expected. Could you maybe pinpoint why it happened so fast and how it's been so good? And kind of what you're expecting, I guess, from the US business, maybe the rest of this year and into next year?

驚人的。然後或許就靠美國的這股動能了。感覺這次發布比我們預期的要早一些，而且用戶接受度也比我們預期的要高得多。您能否具體說明為什麼這件事發生得這麼快，以及為什麼效果這麼好？我猜，你對美國市場今年剩餘時間和明年的發展預期大概是什麼？

Yeah. I'm going to get PTSD while I give you this answer. So we made a couple of faithful decisions over the last couple of years. One of them -- I'm totally happy that we did it, and it's ultimately something that I can share with you as an investment thesis, frankly, but it brought us a lot of pain and heartburn.

是的。我感覺回答這個問題的時候都要得創傷後壓力症候群了。所以，在過去幾年裡，我們做了一些明智的決定。其中之一——我非常高興我們做了這件事，坦白說，最終我可以把它作為投資理念與你分享，但這確實給我們帶來了很多痛苦和煩惱。

And what we did, Brett, is we said we're going to go get the toughest regulatory approvals in the world for the provision of spot crypto trading as an exchange. All of them. We're going to get Hong Kong. We're going to go to the freaking Germans, the BaFin, known as the toughest, most thorough regulator. We're going to go to the New Yorkers. Not only are we going to go to the New Yorkers who are known for being very discerning about handing out BitLicenses, we're going to wait to launch in the US. And on top of all that, and we're going to go to the Brits and we're going to get benchmark administration license.

布雷特，我們所做的就是，我們決定要獲得世界上最嚴格的監管批准，才能作為交易所提供現貨加密貨幣交易服務。所有批准我們都要拿到。我們要拿下香港。我們要去找德國人，也就是聯邦金融監理局（BaFin），它以嚴格、徹底的監管而聞名。我們將前往紐約。我們不僅要前往以發放BitLicense非常謹慎而聞名的紐約，而且還要等到紐約之後再在美國推出產品。除此之外，我們還要去英國，爭取取得基準管理許可。

And on top of all that, we're not just going to ask them for licenses like every other crypto exchange has asked for, which is, hey, let me operate an exchange within your jurisdictions and let me operate everything within the four walls of your country. We're going to go to them and we're going to say, we want to have one global order book where men from Hong Kong's bid offer can interact with Gerhard's offer or offer to sell sitting in Munich or Elaine in New York's bid can interact with so and so's offer in France.

除此之外，我們不會像其他加密貨幣交易所那樣，僅僅要求他們頒發許可證，也就是，嘿，讓我在你們的管轄範圍內運營交易所，讓我在你們國家的四面牆內運營一切。我們將去和他們談談，告訴他們，我們希望有一個全球統一的訂單簿，讓香港的投標報價可以與慕尼黑的 Gerhard 的報價或出售報價進行互動，或者讓紐約的 Elaine 的投標報價與法國某某的報價進行互動。

And that was very difficult because imagine telling a regulator, especially a particularly provincial regulator that, hey, yeah, we'll onboard in your regime and we'll hold the customer funds in your regime, but we need to be able to operate a single global order book. And so it took us probably two years longer than it would have -- maybe you could say should have -- if we had taken the shortcut approach, which is what nearly every other crypto exchange has done.

這非常困難，因為試想一下，你要告訴監管機構，尤其是地方監管機構，我們會同意遵守你們的監管規定，也會在你們的監管規定下保管客戶資金，但我們需要能夠運作一個統一的全球訂單簿。因此，如果我們採取捷徑，也就是幾乎所有其他加密貨幣交易所都採取的捷徑，我們可能要多花兩年時間——或許應該說，我們應該花更長時間。

But the benefit finally is accruing to us, which is when we get that BitLicense and we, quote-unquote, open for business, all it really means is these customers have been knocking on our door for two years. We can just say, okay, you're cool, come on in, we've approved you. We've done the KYC/AML. We'll hold your funds in the US. We'll onboard you in the US. But the liquidity is right there. You can trade tomorrow and interact with all of our customers all around the world.

但最終我們還是受益了，當我們拿到BitLicense，正式開始營業時，實際上意味著這些客戶已經求助兩年了。我們可以說，好的，你們沒問題，進來吧，我們已經批准了。我們已經完成了 KYC/AML 流程。我們會將您的資金存放在美國。我們將在美國為您辦理入職手續。但流動性就在那裡。您明天就可以開始交易，並與我們遍布全球的所有客戶互動。

So that's what enabled us to kind of get into business so quickly and which -- and the reason why it may look a little different than what you're used to from others.

所以，正是這一點讓我們能夠如此迅速地開展業務，也正因如此，我們的業務看起來可能與你以往所見的有所不同。

Brian Bedell, Deutsche Bank.

Brian Bedell，德意志銀行。

Congrats on the good momentum here. Maybe just talk about another angle on the US traction. Dave, you quoted some pretty good metrics for trading volume so far in 4Q. We typically think of a lot of the onboarding here is contributing to SS&O. But can you talk about the new customer momentum contributing organically to the trading volume outlook? And is that something that has the potential to grow even faster than SS&O just from the US angle alone?

恭喜你們目前取得的良好勢頭。或許可以從另一個角度談談美國的經濟成長。Dave，你引用了一些關於第四季迄今為止交易量的相當不錯的指標。我們通常認為，這裡的許多入職培訓都有助於 SS&O。但您能否談談新客戶的成長動能如何自然地推動交易量前景？僅從美國市場來看，它是否有可能比 SS&O 成長得更快？

Yeah. So thanks for the question. The -- our user counts across the board are continuously hitting new all-time highs. So that is definitely beneficial. This is for trading customers.

是的。謝謝你的提問。我們的用戶數量全面創下歷史新高。所以這肯定是有益的。這是針對交易客戶的。

That is definitely beneficial to the trading volumes. It's always difficult to disaggregate the attribution of more customers versus volatility price or our own internal pricing changes. But when you put them all together, we are certainly realizing more trading revenues, more trading volumes per unit volatility than we have in the past. It is good to see a little bit of fallback in the market. It does bring to light the diversified revenue streams we have with exceptionally strong transaction revenue that we've had so far in the first half of here in the fourth quarter.

這無疑有利於交易量。要區分客戶數量增加、價格波動或我們內部價格變動等因素的影響，總是很困難的。但綜合來看，我們確實實現了比以往更高的交易收入，單位波動率下的交易量也更高。市場出現一些回檔是件好事。這確實突顯了我們多元化的收入來源，以及我們在第四季度上半年迄今取得的異常強勁的交易收入。

We continue to believe that over the course of 2026, the US will become a major contributor to that. We're also extremely pleased with the launch of options. We expect options to be a major contributor to our transaction revenues next year. And we're pleased with the overall momentum we've seen on the exchange trading side.

我們仍然相信，到 2026 年，美國將成為其中的主要貢獻者。我們對選擇權的推出也感到非常滿意。我們預計選擇權交易將成為明年交易收入的主要貢獻者。我們對交易所交易方面的整體發展勢頭感到滿意。

And a lot of that is around cross-sells, our liquidity services, our ability to trade in and out of different stablecoins and our laser focus on institutions, the products and services that they need are all paying off.

其中許多都與交叉銷售、我們的流動性服務、我們買賣不同穩定幣的能力以及我們對機構的精準關注有關，他們需要的產品和服務都取得了成效。

Yeah. And just to add one element to that. Options -- I don't want to oversell it because we're still single-digit market share. But the early days have been a bit of a revelation. And what we're realizing is a couple of things.

是的。我還要補充一點。選擇權－我不想過度吹捧，因為我們目前的市佔率仍然只有個位數。但初期階段卻帶來了一些意想不到的驚喜。我們意識到兩件事。

One, it's all organic from a product perspective. Obviously, we didn't have options when we gathered two months ago. So when I say we did $240 million yesterday, that's all organic, of course. But it's also organic to a great extent, in a customer sense. The options customer base is quite different than the linear customer base, so like the spot customer base.

第一，從產品角度來看，它完全是有機的。顯然，兩個月前我們聚在一起的時候，我們別無選擇。所以，當我說我們昨天實現了 2.4 億美元的收入時，這當然全部都是自然成長。但從顧客的角度來看，它在很大程度上也是自然而然形成的。選擇權客戶群與線性客戶群截然不同，就像現貨客戶群一樣。

So that's been really good in bringing new customers on to the platform, which is exciting. But then more broadly, we're realizing there's a real need in the market for an options exchange that allows customers in a single account to be able to trade spot and perps and data futures and options on a liquid compliant exchange with portfolio margining. And it feels like we hit the market just right on this one. So I'm excited. Stay tuned.

所以這對於吸引新客戶加入平台真的很有幫助，這令人興奮。但更廣泛地說，我們意識到市場確實需要一個選擇權交易所，允許客戶在一個帳戶中，在一個流動性強、合規的交易所交易現貨、期貨、數據期貨和選擇權，並進行投資組合保證金交易。感覺我們這次的上市時機把握得恰到好處。我很興奮。敬請關注。

Yeah, that's great news. And then just on the incremental margins, Dave, you referenced obviously high incremental margins. Fair to say that it's higher on the trading side than the SS&O side or not necessarily the case?

是的，那真是個好消息。然後，關於增量利潤率，Dave，你顯然提到了很高的增量利潤率。可以肯定地說，交易方面的比例高於證券、證券及營運方面，還是不一定？

Probably, I'd say that's fair to say on the SS&O side, you do have the events business, which is our only line item that features any meaningful variable costs. So in total, probably a bit more on the trading side.

或許可以說，就 SS&O 方面而言，你們確實有活動業務，這是我們唯一包含任何有意義的可變成本的項目。所以總的來說，交易方面可能稍微多一點。

You'll notice incremental margins in the third quarter were actually above 100%. That was due to more advertising spend in the second quarter for an event than there was in the third quarter. If you look at the guidance and the kind of current run rate of the transaction revenues for the fourth quarter, you can pencil out not quite over 100% incremental operating margins, but definitely well north of 80%.

你會注意到第三季的增量利潤率實際上超過了 100%。這是因為第二季某項活動的廣告支出比第三季多。如果看業績指引和第四季交易收入的當前運行速度，可以估算出增量營業利潤率不會超過 100%，但肯定會遠高於 80%。

And we continue to look forward to demonstrating the operating leverage in the business to demonstrating the benefits of the diversified revenue streams and having that begin to play through in hopefully a more volatile environment than we got in the second and third quarters of this year. Hopefully, that persists into 2026, and we look forward to posting more earnings, higher margins and demonstrating that operating leverage that we've been talking about.

我們期待繼續展現業務的營運槓桿作用，展現多元化收入來源的優勢，並希望這些優勢能夠在比今年第二季和第三季更加動盪的環境中開始發揮作用。希望這種勢頭能夠持續到 2026 年，我們期待著實現更高的盈利、更高的利潤率，並展現我們一直在談論的經營槓桿效應。

(Operator Instructions) Chris Brendler, Rosenblatt.

（操作說明）克里斯布倫德勒，羅森布拉特。

Congrats on the results as well. Maybe a little bit of an education for me, but I just wanted to ask about the monthly metrics on the spread side. I would have thought the options business would have been higher than spot. And so a function of it's early? Or am I just not thinking about that correctly?

也恭喜你取得這樣的成績。或許這對我來說是一次學習的機會，但我只是想問價差的月度指標。我原以為選擇權交易量會高於現貨交易量。所以，這是因為時間還早嗎？或者我的思路錯了？

And then the other question would just be the negative spread in perpetual futures in October. I imagine that's volatility related. Just give me a little color there on what drove the negative spread, so much larger negative spread in October for perpetual futures. Thanks.

另一個問題就是10月永續期貨的負價差。我想這應該跟市場波動有關。請您詳細解釋一下導致負價差的原因，10月永續期貨的負價差為何如此大？謝謝。

Yes, sure. So on the options side, early days, we continue, as we do with all the products to experiment with our pricing. And as I've mentioned before, we are always solving for maximizing our total adjusted transaction revenue per unit of volatility. That's across all of the products.

當然可以。所以在選擇權方面，目前還處於早期階段，我們會像對待所有產品一樣，繼續嘗試不同的定價策略。正如我之前提到的，我們始終致力於最大化每單位波動率下的調整後交易總收入。所有產品都是如此。

The products do tend to work together. And so we've seen benefits from changing prices in certain products with the volumes or maybe revenues we get out of other products. So still early days on the spreads with regards to options, but we look forward to updating you on that as we go. And that is also why we report the monthly exchange metrics so everyone can keep track in essentially real time along with us.

這些產品確實往往能相互促進。因此，我們發現，透過調整某些產品的價格，可以提高其他產品的銷售或收入，從而帶來收益。目前選擇權價差分析仍處於早期階段，但我們隨時會向您報告最新進展。這也是為什麼我們會公佈每月匯率指標的原因，這樣大家就可以和我們一起即時追蹤匯率走勢。

With regards to the perpetual futures spread in October, yeah, the volatility was largely the driver behind the negative spread there. Zooming out, though, we continue to make good progress on perpetual futures. We do hope that the ramping up of the options activity will filter down into perpetuals as well, and we can kind of move that into positive territory here going forward.

關於10月份的永續期貨價差，是的，波動性是造成負價差的主要原因。但從更宏觀的角度來看，我們在永續期貨領域持續取得良好進展。我們希望選擇權交易活動的增加也能帶動永續合約市場的發展，並有望在未來推動永續合約市場向改善。

It will be variable. It will be somewhat volatility dependent, but we're pleased with the progress, and we look forward to making more progress on perpetual futures.

這取決於具體情況。雖然會受到市場波動的影響，但我們對目前的進展感到滿意，並期待在永續期貨領域取得更多進展。

Rayna Kumar, Oppenheimer.

Rayna Kumar，奧本海默。

This is Guru on for Rayna. And thanks a lot for taking our question. With options now officially live on the platform, can you maybe just help us understand the potential capital efficiencies that you'd now be able to offer through greater cross-margining capabilities?

這裡是Rayna的Guru。非常感謝您回答我們的問題。既然選擇權交易已正式上線，您能否幫助我們了解一下，透過更強大的交叉保證金能力，您現在能夠提供哪些潛在的資本效率提升？

And also going forward, given the role that tokenized assets can play here and just improving collateral management, do you see any specific near-term opportunities, perhaps just expanding your relationship with Circle beyond USDC and into USYC? Or just any other tokenized money market product, right?

展望未來，考慮到代幣化資產在這裡可以發揮的作用以及改進抵押品管理，您是否看到任何具體的近期機會，例如將您與 Circle 的合作關係從 USDC 擴展到 USYC？或任何其他代幣化的貨幣市場產品，對吧？

And if I can squeeze another one in directly in relation to the prior question. With options revenue likely becoming material in early '26, when can we actually expect perhaps revenue to turn positive? Thank you.

如果我能再補充一個與上一個問題直接相關的問題就好了。鑑於選擇權收入可能在2026年初開始變得可觀，我們究竟何時才能真正預期收入會轉正？謝謝。

Thank you, boy, a lot there. So in terms of options, one of the benefits that we have, along with that one global order book is one matching engine. And so when you look across the other exchanges, both regulated and unregulated that offer options, they tend to have different matching engines for different jurisdictions. They have a different matching engine for options than they do for perps. In one very notable case, they have a different matching engine for spot and a different matching engine for perps and a different matching engine for options.

謝謝你，孩子，真是太感謝了。因此，就選擇而言，我們擁有的優勢之一，除了一個全球訂單簿之外，還有一個匹配引擎。因此，當你查看其他提供選擇權的交易所，包括受監管的和不受監管的交易所時，你會發現它們往往針對不同的司法管轄區有不同的撮合引擎。他們為嫌疑人選擇的配對引擎與為罪犯選擇的配對引擎不同。在一個非常值得注意的案例中，他們為「目標」使用了不同的匹配引擎，為「嫌疑犯」使用了不同的匹配引擎，為「選項」使用了不同的匹配引擎。

And so it's very difficult to then aggregate trades and positions back into a single global account. For us, we've always just focused on building simply. We have a single matching engine. We allow customers in a single account to place all of their derivatives transactions as well as their spot transactions and the corresponding collateral that arises from those spot transactions and a single global order book. And so what that enables us to do is just put our thinking cap on and have smart, sensible margining where we capture from each customer the lowest possible margin we can, but no less.

因此，很難將交易和持倉匯總到一個全球帳戶。對我們來說，我們一直都專注於打造簡潔的產品。我們只有一個匹配引擎。我們允許客戶在一個帳戶中處理所有衍生性商品交易、現貨交易以及由此產生的相應抵押品，並使用一個全球訂單簿。因此，這使我們能夠開動腦筋，制定明智的利潤率，從每位客戶那裡獲取盡可能低的利潤，但不能低於這個數字。

So for example, if a customer has sold Bitcoin calls, but they hold Bitcoin collateral, you can take that account and you can provide a reasonable margin. If a customer owns a highly correlated crypto asset and they have sold short another highly correlated crypto asset, you can provide some offset, not a total offset, but some offset.

例如，如果客戶賣出了比特幣看漲期權，但他們持有比特幣抵押品，你可以接受該帳戶並提供合理的保證金。如果客戶持有高度相關的加密資產，並且賣空了另一個高度相關的加密資產，您可以提供一些對沖，不是完全對沖，而是提供一些對沖。

This is the sort of thing -- look, it's not simple, and it's not made for an easy sound bite, but providing that portfolio margining is kind of the lifeblood of the options trading community. That's what they need, and that's why they've rallied to us.

就是這種事——你看，這並不簡單，也不容易用一句話概括，但提供投資組合保證金可以說是期權交易界的命脈。這就是他們需要的，也是他們聚集在我們身邊的原因。

I was joking with a colleague yesterday, an old colleague of mine, and he was pointing out that the old company we worked at had just been approved for a new VAR-based margining system that had been in the works for 12 years. So that gives you a sense of how complex this can be. But the beauty for us is we were able to start with something very efficient, which is what's leading to this early success, and it will only become more efficient over time as we have a chance to evolve it.

昨天我和一位同事開玩笑，他是我的一位老同事，他指出我們以前所在的公司剛剛獲準採用一套新的基於VAR的保證金系統，這套系統已經籌備了12年。由此可見，這其中的複雜性可見一斑。但對我們來說，最棒的是我們從非常有效率的東西開始，這正是我們早期成功的原因，而且隨著我們有機會不斷發展，它只會變得越來越有效率。

And regarding your question around tokenization, money markets as collateral, et cetera, we continue to follow the customers and the customer demand. We see tokenization of a variety of different assets opening up new opportunities for us, both across liquidity services and the exchange as collateral trading pairs and otherwise. So we think with hopefully, the passage of the market infrastructure bill as well, a lot of new opportunities will come out of tokenization that touch many parts of our business.

至於您提出的關於代幣化、貨幣市場作為抵押品等問題，我們將繼續關注客戶和客戶需求。我們看到各種不同資產的代幣化為我們開闢了新的機遇，無論是在流動性服務方面，還是在交易所作為抵押品交易對等方面。因此，我們認為，隨著市場基礎設施​​法案的通過，代幣化將帶來許多新的機遇，這些機會將影響我們業務的許多方面。

With regards to perpetual futures, we're not providing any specific guidance on transaction revenues. That's not something we've been doing. However, again, we do provide the monthly exchange data so that you can follow along at home in basically real time. And as I said earlier, we continue to see progress in that line item. We think 2026 will be a better year than 2025, which was notably better than 2024. But stay tuned and continue to watch the monthly metrics for updates on all of the transaction revenue line items.

關於永續期貨，我們不提供任何關於交易收入的具體指引。我們並沒有這樣做。不過，我們再次提供每月匯率數據，以便您在家中基本上可以即時追蹤匯率走勢。正如我之前所說，我們在該專案上持續看到進展。我們認為 2026 年會比 2025 年更好，而 2025 年又明顯優於 2024 年。但請繼續關注，並密切留意每月指標，以獲取所有交易收入項目的最新資訊。

Joseph Vafi, Canaccord.

Joseph Vafi，Canaccord。

Great progress. Just one quick one for me here on the spot spreads. I know there was some incremental pricing power in Q2. Maybe we just kind of drill down on that just a little bit more and some of the efforts there and what you're seeing in the spot market in Q3 and early Q4. Thank you.

進展順利。我這裡就快速地做一個簡單的現場分析。我知道第二季有一定的定價權。或許我們可以更深入地探討一下這方面，以及我們在第三季和第四季初現貨市場所做的努力和觀察到的情況。謝謝。

Yeah. Thanks, Joe. The progress there has been -- yes, I think we touched on this in the last call. The second quarter, we spent a good amount of time iterating on our pricing structure in general. It was also a particularly low volatility environment.

是的。謝謝，喬。那方面確實取得了一些進展——是的，我想我們上次通話時也談到了這一點。第二季度，我們花了大量時間對我們的整體定價結構進行迭代調整。同時，當時的市場波動性也特別低。

Those two things combined to create what were we hope to be anomalously low spreads during the quarter. You've clearly seen them rebound quite strongly off the lows seen in say, May and June-type timeframe. Again, we continue to optimize for total adjusted transaction revenue per unit volatility. We feel pretty good with where we are today. But there's always changes going on within the market, within our customer base, within volatility.

這兩個因素結合起來，造就了我們原本希望在本季出現的異常低的價差。很明顯，它們已經從五、六月的低點強勁反彈。我們再次持續優化每單位調整後交易總收入的波動性。我們對目前的狀況感到非常滿意。但市場、客戶群和市場波動總是在不斷變化。

And so we'll continue to experiment and spread -- with the spreads. Higher spreads are not necessarily always what we're targeting. We're targeting higher adjusted transaction revenue. There may be circumstances where slightly lower spreads lead to more volume, which more than offsets the decrease in spreads. But I think where we are today represents a reasonably good baseline moving forward.

因此，我們將繼續試驗和推廣——推廣這些醬料。我們追求的未必總是更高的價差。我們的目標是提高調整後的交易收入。在某些情況下，略微降低價差可能會導致成交量增加，從而抵消價差下降的影響。但我認為我們目前所處的位置代表著一個相當不錯的未來發展基準。

Although, again, I will reiterate, it's a very dynamic situation in the market, and we will continue to make changes to optimize for total adjusted transaction revenue.

不過，我再次重申，市場情勢瞬息萬變，我們將繼續做出調整，以優化調整後的總交易收入。

I just want to highlight, we do have to stop right at the opening bell. And I know there's a couple of other people in the queue, and we will make sure to circle back and get to you after this call and also make sure that we call on you early on the next call.

我只想強調一點，我們必須在開球鈴響時立即停止。我知道還有幾個人在排隊，我們會在這次通話結束後儘快聯繫到您，並確保在下次通話時第一時間聯繫到您。

Bill Papanastasiou, KBW.

Bill Papanastasiou，KBW。

Just a quick one for me. Now that you've successfully secured the BitLicense and have expanded into the US, I'm just curious what's next? Are there any remaining geographies that you're looking to tackle and secure a Tier 1 license? Or will the focus remain on consolidating existing markets into the global order book? Thank you.

我只需要簡單回答一下。既然您已經成功獲得了 BitLicense 並拓展到了美國市場，我很好奇接下來您有什麼計劃？您是否也希望開拓其他地區並獲得一級授權？或者，公司的重點是否會繼續放在將現有市場整合到全球訂單簿上？謝謝。

Yeah, that great question. Not really. I'll just highlight the UK still has not propagated any legislation around crypto trading, and that will come at some point. But no, we have the Asia band, the Europe band, and now the US band.

是的，問得好。並不真地。我只想強調一點，英國目前還沒有推出任何關於加密貨幣交易的立法，但這遲早會實現的。不，我們有亞洲樂隊、歐洲樂隊，現在又有美國樂隊了。

There will be incremental spot licenses we will look to pick up, but it's frankly not even noteworthy enough to discuss on this call other than the UK. But this is a continuing game of licenses. And it's not just for spot, but for derivatives and our index business as well. And so it's like we have full-time staff. This is all they do. And they'll just constantly be gathering licenses, and we'll be sharing those with you. But the big ones geographically are covered.

我們也會爭取一些零星的電台牌照，但坦白說，除了英國以外，其他地區都不值得在這次電話會議上討論。但這是一場永無止境的許可證遊戲。而且這不僅適用於現貨交易，也適用於衍生性商品和我們的指數業務。所以，我們就像有全職員工一樣，他們只做這些。他們會不斷收集許可證，我們會把這些許可證分享給你們。但地理位置較大的那些都已覆蓋。

So I just want to jump in because I know Gautam and Owen and Ed, you guys are in queue. Sincere apologies. If I were less verbose, we would have gotten through it all. If I could answer all the questions like Dave. And we'll make sure that we get to you guys early next time, and we'll also circle back over the next 24, 48 hours and have discussions with each of you individually.

所以我想插一句，因為我知道 Gautam、Owen 和 Ed，你們都在排隊。真誠地道歉。如果我少說些話，我們就能順利解決所有問題了。如果我能像戴夫一樣回答所有問題就好了。下次我們會確保儘早聯繫到你們，並且在接下來的 24 到 48 小時內，我們會再次聯繫你們每個人，進行單獨討論。

And finally, I just want to say thank you all again for following along with the Bullish story and look forward to three months from now being able to tell you about everything we've accomplished in the meantime. Much appreciated.

最後，我再次感謝大家一直以來對 Bullish 故事的關注，並期待三個月後能夠向大家報告我們這段時間以來所取得的所有成就。非常感謝。

Ladies and gentlemen, that concludes the question-and-answer session and today's conference call. We would like to thank you all for your participation. You may now disconnect your lines. Have a pleasant day, everyone.

女士們、先生們，問答環節和今天的電話會議到此結束。感謝各位的參與。現在您可以斷開線路了。祝大家今天過得愉快。