Bullish (BLSH) 2025 Q4 法說會逐字稿

Thank you for standing by. At this time, I would like to welcome everyone to the Bullish Global fourth-quarter 2025 earnings call and Q&A. (Operator Instructions) I would now like to turn the call over to Michael Fedele, Vice President of Finance. You may begin.

感謝您的耐心等待。在此，我謹代表 Bullish Global 向大家歡迎參加 2025 年第四季財報電話會議及問答環節。（操作員指示）現在我將把電話轉交給財務副總裁邁克爾·費德勒。你可以開始了。

Good morning, and welcome to our fourth 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. 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.

早上好，歡迎參加我們第四季財報電話會議。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、首席財務官大衛·博納諾和企業發展總監利亞姆·弗利。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實際情況有重大差異。

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. This call will also include a discussion of non-IFRS financial measures. A reconciliation of these metrics 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. I'll now turn the call over to Tom.

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。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。這些指標與最直接可比較的 IFRS 指標的核對結果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。現在我將把電話交給湯姆。

Thanks, Michael. Thanks, everyone, for joining our call, and good morning. It is great to be with you. I'm Tom Farley, Chairman and CEO of Bullish. We have a lot to cover today.

謝謝你，麥可。感謝各位參加我們的電話會議，早安。和你在一起真好。我是湯姆法利，Bullish 的董事長兼執行長。今天我們要講的內容很多。

We closed 2025 with strong momentum and have continued to execute on the vision we laid out during our IPO process and in the subsequent quarters. We focus on serving institutions, and we are winning a wave of institutional business in the US and globally. The next wave of digital assets growth is taking shape in the form of tokenization of real-world assets and the institutional adoption of blockchain technology. I believe this will be a huge 20-year long institutional flood powered by Bullish's purpose-built offerings.

2025 年末，我們保持了強勁的發展勢頭，並繼續執行我們在 IPO 過程中以及隨後幾季制定的願景。我們專注於服務機構客戶，並且正在美國乃至全球贏得大量機構客戶。下一波數位資產成長浪潮正在形成，其形式為現實世界資產的代幣化和區塊鏈技術的機構化應用。我相信這將是一場持續 20 年的機構投資者湧入浪潮，而 Bullish 的專門產品將推動這場浪潮。

In 2025, we executed on our core objectives. We captured the first wave of traditional finance institutions flowing into the digital asset space. We scaled our liquidity services into an indispensable tokenization offering for issuers of stable coins and other digital assets. We launched options trading in Q4 and scaled rapidly in terms of our market position. We locked down our Tier 1 licenses, including the New York bit license, Mika in Europe and additional authorizations from Hong Kong's SFC and Germany's Boston and we achieved a key milestone of entering the public markets.

2025年，我們達成了核心目標。我們捕捉了傳統金融機構湧入數位資產領域的第一批浪潮。我們將流動性服務擴展為穩定幣和其他數位資產發行者不可或缺的代幣化產品。我們在第四季度推出了期權交易，並在市場份額方面迅速擴大了規模。我們獲得了包括紐約比特牌照、歐洲Mika牌照以及香港證監會和德國波士頓證券交易委員會的額外授權在內的第一級牌照，實現了進入公開市場的關鍵里程碑。

We executed on a strong fourth quarter financially as well. We earned record SS&O revenue of $54.6 million, an increase of 284% year-over-year and our adjusted EBITDA was $44.5 million, an increase of 55% from the prior quarter and 181% from the same period in the preceding year. While 2025 was a great year, I'm even more excited for 2026. For several years now, Bullish has intentionally positioned ourselves at the intersection of three strong ongoing trends that are driving digital asset evolution. Trend one is that increasing regulatory clarity is requiring infrastructure businesses like bullish and their customers to operate in a compliant and responsible fashion.

我們在第四季的財務表現也十分強勁。我們實現了創紀錄的 SS&O 收入 5,460 萬美元，年成長 284%；調整後的 EBITDA 為 4,450 萬美元，比上一季成長 55%，比上年同期成長 181%。雖然 2025 年很棒，但我對 2026 年更加期待。多年來，Bullish 一直有意將自身定位在推動數位資產發展的三大強勁趨勢的交匯點上。趨勢一是監管透明度的提高要求像 Bullish 這樣的基礎設施企業及其客戶以合規和負責任的方式運作。

Trend two is that the number of traditional finance institutions operating in digital assets is increasing dramatically. And trend three is that tokenization use cases are expanding exponentially, including from major asset classes on the back of the successful tokenization of the US dollar via stable coins. These trends happen sequentially and now they're happening all at once with each Trend, reinforcing the momentum of the others. We're hitting this inflection point here in 2026.

趨勢二是，從事數位資產業務的傳統金融機構數量正在急劇增加。第三個趨勢是代幣化應用場景呈指數級增長，包括主要資產類別，這得益於美元透過穩定幣成功代幣化。這些趨勢原本是依序發生的，而現在它們同時發生，每個趨勢都加強了其他趨勢的發展動能。我們將在2026年迎來這個轉捩點。

In 2026, we are laser-focused on our top three priorities that position us at the intersection of these trends. First, we will continue our exceptional growth in our exchange, prioritizing growth in the regulated institutional derivatives market as well as building our US presence for all products. Second, we will further establish ourselves as a clear market leader in successful tokenization of real-world assets by scaling our liquidity services offering and widening our tokenization services and global regulatory footprint to meet the market's needs. And third, we will accelerate our already market-leading positions in the digital assets, indices and insight spaces.

2026 年，我們將重點放在三大優先事項，使我們處於這些趨勢的交匯點。首先，我們將繼續保持交易所的卓越成長勢頭，優先發展受監管的機構衍生性商品市場，並擴大我們在美國所有產品的市場份額。其次，我們將透過擴大流動性服務範圍、拓展代幣化服務和全球監管覆蓋率，進一步鞏固我們在現實世界資產代幣化領域的市場領導地位，以滿足市場需求。第三，我們將加速鞏固我們在數位資產、指數和洞察領域的市場領先地位。

While the last four months have seen digital asset prices drop precipitously, our business continues to grow, and we were built to take advantage of opportunities created by volatility in bear markets as well. In fact, we believe that this current malaise will present promising opportunities to grow bullish organically as well as through M&A. We are more convicted than ever that our institutional positioning is the right approach at the right time. The next big leg of digital assets growth will be driven by institutional adoption. During tough times like these, our strong balance sheet and solid reputation positions us to bring on institutional clients that other less reputable or less capitalized firms simply cannot.

儘管過去四個月數位資產價格暴跌，但我們的業務仍在持續成長，而且我們從一開始就致力於抓住熊市波動帶來的機會。事實上，我們認為當前的低迷狀態將為公司透過內生成長以及併購實現牛市成長提供充滿希望的機會。我們比以往任何時候都更加確信，我們目前的機構定位是在正確的時間採取的正確方法。數位資產的下一波成長將由機構採用率推動。在像現在這樣艱難的時期，我們強大的資產負債表和良好的聲譽使我們能夠吸引其他信譽較差或資本較少的公司根本無法吸引的機構客戶。

In summary, we expect that bullish can and will thrive in 2026 despite a rough macro beginning to the year for our industry. Shifting to the business update. In the fourth quarter, and sequentially, over each month of 2025, we had all-time highs in monthly active customers and set records for total customer funds on platform and open interest for perps and options. The growth of active trading clients on our platform is accelerating around the world, in Europe, Asia and the United States, we are seeing a wave of institutions onboarding that include notable broker-dealers, divisions of commercial banks, and the world's largest digital assets electronic communications network, for example, among others. The launch of options has attracted a whole new set of institutional clients onto our platform.

總而言之，儘管今年年初我們行業的宏觀經濟狀況不佳，但我們預計多頭市場在 2026 年仍能蓬勃發展。接下來進入業務更新環節。在 2025 年第四季以及之後的每個月，我們的每月活躍客戶數量都創下了歷史新高，平台上的客戶總資金以及期貨和選擇權的未平倉合約數量也創下了紀錄。我們平台上的活躍交易客戶數量正在全球範圍內加速成長，在歐洲、亞洲和美國，我們看到一波機構客戶湧入，其中包括知名經紀交易商、商業銀行部門以及全球最大的數位資產電子通訊網路等。選擇權的推出為我們的平台吸引了大批全新的機構客戶。

These new customers are now initiating trades across our spot and perps products as well. Honing in on the options launch, we went live on October 29 and the uptake in volumes and open interest has been remarkable over just about three months. By the end of the quarter, we were over $2 billion in open interest. And earlier this year, we hit a high of more than $4 billion of open interest as well as reaching a high of 29% volume market share. We are now the clear number two Bitcoin options platform by open interest globally.

這些新客戶現在也開始在我們現貨和預製產品上進行交易。選擇交易正式上線，我們在 10 月 29 日正式推出，短短三個月內，交易量和未平倉合約量都出現了顯著增長。到季度末，我們的未平倉合約超過 20 億美元。今年早些時候，我們的未平倉合約量達到了 40 億美元的高位，成交量市佔率也達到了 29% 的高點。以未平倉合約量計算，我們現在是全球排名第二的比特幣選擇權平台。

The launch phase of our option strategy is complete. We are now focused on continuing to gain share and aspire to be the options trading market leader. Our tight spreads and one global order book continue to resonate with clients and set us apart from the competition. Our singular order book allows our institutional clients to cross-margin their spot futures and options positions in real time and also to access deep liquidity. We have reacted to client demand and are proud of the progress we have made in the short time since launching.

我們的選擇權策略啟動階段已經完成。我們現在專注於繼續擴大市場份額，並力爭成為期權交易市場的領導者。我們優惠的價差和統一的全球訂單系統持續受到客戶的青睞，使我們從競爭對手中脫穎而出。我們獨特的訂單簿使我們的機構客戶能夠即時交叉保證金其現貨期貨和選擇權頭寸，並獲得充足的流動性。我們積極回應客戶需求，並為自成立以來在短時間內取得的進展感到自豪。

We're also continuing to add to our regulatory toolkit. We're now registered to act as a transfer agent and we're actively exploring other licenses, including DCO, DCM, broker-dealer and ATS licenses in the United States to help enhance our positioning in the multiyear tokenization mega trend. The ability to gain broad regulatory access throughout the world is a feature of our business model that we believe is rare in our industry and is only becoming more important over time. We intend to list tokenized securities here in 2026, and we're working with the market and regulators to successfully execute on this objective. We look forward to keeping everyone updated on progress throughout the year.

我們也在不斷擴充我們的監管工具包。我們目前已註冊成為過戶代理人，並且正在積極探索其他許可證，包括美國的 DCO、DCM、經紀交易商和 ATS 許可證，以幫助增強我們在多年代幣化大趨勢中的地位。我們認為，能夠在世界範圍內獲得廣泛的監管准入是我們商業模式的一個特點，這在業內非常罕見，而且隨著時間的推移，這一特點只會變得越來越重要。我們計劃於 2026 年在此上市代幣化證券，我們正在與市場和監管機構合作，以成功實現這一目標。我們期待在這一年持續向大家報告進度。

Speaking of tokenization, our liquidity services business continues to find new use cases and deliver exceptional value to our partners. We believe the service is tailor-made for tokenization and we are increasingly seeing demand from asset issuers tokenizing real-world assets. To take a step back, imagine you're a tokenized asset issuer, to launch that token, you need to design the token, write the smart contract code, possibly perform KYC and AML and hold a white list. And finally, tabulate ownership. The good news is that you've tokenized your assets.

說到代幣化，我們的流動性服務業務不斷發現新的應用場景，並為我們的合作夥伴創造卓越價值。我們相信這項服務是為代幣化量身定制的，而且我們越來越看到資產發行方對現實世界資產進行代幣化的需求。退一步想，假設你是一個代幣化資產發行方，要發行該代幣，你需要設計代幣，編寫智能合約程式碼，可能還需要進行 KYC 和 AML 認證，並持有白名單。最後，統計所有權資訊。好消息是，您已經將您的資產代幣化了。

The bad news is that, that was the easy part. For your token to truly be a success, there are several value-added services that you still require. First, you must get the token listed. The listing is typically unregulated and unregulated venues. Second, you must ensure a two-sided marketplace with ample liquidity to allow for efficient trading.

壞消息是，那隻是最簡單的部分。要讓您的代幣真正成功，您還需要一些增值服務。首先，您必須取得所列出的令牌。此列表通常指不受監管的場所。其次，必須確保雙邊市場具有充足的流動性，以進行高效率交易。

Third, you must ensure that the token is being marketed properly and is amply visible to the broader market. High-caliber assets also tend to have research reports, research analysts, not dissimilar from many of our friends here on this call, help investors better understand the assets, its value proposition and its potential. Bullish is now powering our partners' growth with the listing, liquidity, marketing and now research that they need to maximize their success. These value-added services are required both for tokenization of real-world assets such as dollars in the form of stable coins as well as tokenization of other financial market products. We remain exceptionally pleased with the growth of liquidity services for all of these types of customers.

第三，你必須確保代幣得到妥善的推廣，並在更廣泛的市場中得到充分的曝光。高品質資產往往也會有研究報告，研究分析師（與我們今天在座的許多朋友類似）會幫助投資人更了解這些資產、其價值主張及其潛力。Bullish 現在透過提供上市、流動性、行銷以及現在的研究等服務，協助我們的合作夥伴實現成長，從而最大限度地提高他們的成功率。這些增值服務對於將美元等現實世界資產以穩定幣的形式代幣化以及其他金融市場產品的代幣化都是必需的。我們對面向所有這些類型客戶的流動性服務的成長感到非常滿意。

In Q4, we added Iota, Vijan, Paxos and midnight. We've also added Canton, the token for the real-world asset-focused chain. And earlier this year, USD AI, the first decentralized credit protocol that connects stable coin liquidity directly to real-world compute cash flows. Looking ahead, our pipeline remains strong. We continue with a rapid new listing pace, expecting to list five new partner assets, including Fidelity's new stable coin in this week alone.

第四季度，我們新增了 Iota、Vijan、Paxos 和 midnight。我們還添加了 Canton，這是專注於現實世界資產的區塊鏈的代幣。今年早些時候，USD AI 推出了首個去中心化信用協議，該協議將穩定幣流動性直接連接到現實世界的計算現金流。展望未來，我們的產品線依然強勁。我們繼續保持快速的新資產上線速度，預計僅在本週就將上線五項新的合作夥伴資產，其中包括富達的新穩定幣。

When major financial institutions, stablecoin issuers and other digital asset clients choose a partner for liquidity services, they gravitate to bullish because we are the only solution of its kind in the market, offering listing, liquidity and marketing and research. Shifting gears to our Information Services business, CoinDesk Indices completed a breakout year. We served as benchmark data provider for 30 different single-token ETFs launched in 2025 and were especially dominant in the fourth quarter, listing 15 of the 39 new digital asset ETFs brought to market. We're winning mandates from top-tier issuers like ARC and Pro shares, and we're well positioned to win license agreements for upcoming single-token ETFs from other major traditional finance players. Next week, we expect Intercontinental Exchange (inaudible) for ICE to launch a series of futures benchmark to our CoinDesk Indices.

當大型金融機構、穩定幣發行商和其他數位資產客戶選擇流動性服務合作夥伴時，他們往往會選擇 bullish，因為我們是市場上唯一提供此類解決方案的公司，提供上市、流動性、行銷和研究服務。再來看看我們的資訊服務業務，CoinDesk Indices 度過了突破性的一年。我們為 2025 年推出的 30 隻不同的單一代幣 ETF 提供基準數據，並在第四季佔據主導地位，上市的 39 隻新數位資產 ETF 中有 15 隻由我們負責。我們正在贏得 ARC 和 Pro Shares 等頂級發行商的授權，並且我們有能力從其他主要傳統金融機構贏得即將推出的單一代幣 ETF 的授權協議。下週，我們預計洲際交易所（ICE）將推出一系列期貨基準，作為我們 CoinDesk 指數的一部分。

This includes cash-settled futures tracking the CoinDesk 20, CoinDesk 5 and five single token indices, including Bitcoin, Ethereum, Solana, XRP and we believe the first regulated exposure to BNB in the US markets. This partnership will better help us integrate our leading digital asset capabilities with ICE's traditional finance customers. On the Insight side, CoinDesk Insights is among the most recognized brands in the digital asset space, and we've continued to leverage this notoriety to better cross-sell our top customers and drive our flywheel of organic revenue growth across all layers of our business. Our research solutions are also growing since the Q3 2025 launch, and we have had nine distinct customers pay for our research in the fourth quarter alone, our first full quarter of offering this service.

這包括追蹤 CoinDesk 20、CoinDesk 5 和五個單一代幣指數的現金結算期貨，包括比特幣、以太幣、Solana、XRP，以及我們認為美國市場首個受監管的 BNB 曝險。此次合作將更能幫助我們將我們領先的數位資產能力與 ICE 的傳統金融客戶群整合起來。在洞察分析方面，CoinDesk Insights 是數位資產領域最知名的品牌之一，我們一直利用這種知名度來更好地向我們的頂級客戶進行交叉銷售，並推動我們業務各個層面的有機收入成長。自 2025 年第三季推出以來，我們的研究解決方案也在不斷發展壯大，僅在第四季度（我們提供該服務的第一個完整季度），就有九位不同的客戶為我們的研究付費。

I'm also excited to quickly touch on consensus in Hong Kong, due to occur next week. The lineup is terrific. The exhibition floor is packed. Enthusiasm around the event is sky high. We have over 300 side events around Hong Kong, and we have several notable Hong Kong officials, including Honorable John Casey Lee, the Chief Executive of all of Hong Kong and keep partnerships with Solana and [Salt].

我也很高興能簡要談談下週將在香港舉行的共識會議。陣容非常棒。展廳裡人山人海。人們對這項活動的熱情空前高漲。我們在香港週邊舉辦了300多場週邊活動，並邀請了多位香港知名官員，包括香港特首李家超閣下，並與Solana保持合作關係。[鹽]。

We see this event as an opportunity to drive additional business to bullish and believe it will serve as an accelerant for our sales pipeline in Asia. With that, I'll turn it over to Dave to discuss our financial performance and business drivers.

我們認為這次事件是一個推動更多業務成長的機會，並相信它將成為我們在亞洲銷售管道的加速器。接下來，我將把發言權交給戴夫，讓他來討論我們的財務表現和業務驅動因素。

Thank you, Tom, and good morning, everyone. I'm David Bonanno, CFO of Bullish. This morning, we published Bullish's preliminary fourth quarter and full year 2025 financial results covered in our 6-K filed with the SEC as well as our earnings release, investor presentation and January's monthly exchange metrics found on our IR website. We plan to publish our full year 2025, Form 20-F in early March. As a reminder, reconciliations of our non-IFRS metrics can be found in today's earnings presentation and 6-k.

謝謝你，湯姆，大家早安。我是David Bonanno，Bullish公司的財務長。今天上午，我們發布了 Bullish 的初步第四季度和 2025 年全年財務業績，相關資訊已在提交給美國證券交易委員會的 6-K 文件中披露。此外，我們也在投資者關係網站上發布了收益報告、投資者簡報和 1 月份的月度交易所指標。我們計劃在 3 月初發布 2025 年全年財務報告（20-F 表格）。提醒各位，您可以在今天的收益簡報和 6-k 檔案中找到我們非 IFRS 指標的調節表。

Turning to today's financial results, adjusted -- total adjusted revenue for the full year and fourth quarter 2025 were $288.5 million and $92.5 million, respectively, representing approximately 35% full year growth and nearly 70% growth in the fourth quarter of '25 versus the fourth quarter of 2024. Fourth quarter SS&O revenue of $54.6 million exceeded the high end of our previously provided guidance and brought full year 2025 SS&O revenue to $157.7 million, up nearly 160% from 2024. Fourth quarter adjusted operating expenses were $48.1 million roughly flat from the prior quarter and at the bottom end of our guidance, resulting in 4Q '25 adjusted EBITDA of $44.5 million, a record high 48% margin and nearly half of the full year 2025 $94.3 million in adjusted EBITDA. Finally, our adjusted net income in Q4 was $28.9 million and $38.8 million for the full year 2025. Before I turn to our 2026 outlook, I want to take a moment to highlight a partner whose services illustrate the types of exciting new tokenization on chain capital markets innovations enabled by blockchain technology.

再來看今日的財務業績，經調整後－2025 年全年和第四季的總調整收入分別為 2.885 億美元和 9,250 萬美元，全年成長約 35%，2025 年第四季較 2024 年第四季成長近 70%。第四季 SS&O 收入為 5,460 萬美元，超過了我們先前提供的指導上限，使 2025 年全年 SS&O 收入達到 1.577 億美元，比 2024 年增長近 160%。第四季調整後的營運支出為 4,810 萬美元，與上一季基本持平，處於我們預期範圍的下限，導致 2025 年第四季調整後的 EBITDA 為 4,450 萬美元，利潤率創歷史新高，達到 48%，接近 2025 年全年調整後 EBITDA 9,430 萬美元的一半。最後，我們第四季的調整後淨收入為 2,890 萬美元，2025 年全年調整後淨收入為 3,880 萬美元。在展望 2026 年之前，我想花一點時間重點介紹一位合作夥伴，他們的服務體現了區塊鏈技術所帶來的令人興奮的鏈上資本市場代幣化創新類型。

USDAI's deep platform and tokenized dollar product allows users to invest directly into a pool of tokenized treasury bills and fully secured GPU backed loans with AUM currently exceeding $650 million. These loans benefit from traditional credit protections afforded to secured creditors such as perfected leans and third-party collateral verification combined with full on chain transparency reporting. USDAI's products and services are bringing new investment alternatives directly to consumers and have established clear product market fit for this emerging asset class. As USDAI and other innovators are bringing new assets and investment opportunities on chain, we believe bullish both suite of services will continue to remain indispensable for our partners' success and we look forward to continued collaboration with USDAI in the future. Now turning to our 2026 guidance.

USDAI 的深度平台和代幣化美元產品允許用戶直接投資於代幣化國庫券和完全擔保的 GPU 支援的貸款池，其資產管理規模目前超過 6.5 億美元。這些貸款受益於傳統擔保債權人享有的信用保護，例如完善的留置權和第三方抵押品驗證，以及全面的供應鏈透明度報告。USDAI 的產品和服務直接為消費者帶來新的投資選擇，並為這個新興資產類別建立了清晰的產品市場契合度。隨著 USDAI 和其他創新者將新的資產和投資機會引入鏈上，我們相信這兩套服務將繼續成為我們合作夥伴成功不可或缺的一部分，我們期待未來與 USDAI 繼續合作。現在來看我們2026年的指導。

We expect SS&O revenue between $220 million and $250 million and adjusted operating expenses between $210 million and $230 million. We are not providing full year adjusted transaction revenue guidance and instead encourage investors to review our monthly exchange metrics such as this morning's January release. As previously mentioned, our adjusted transaction revenue can be volatile and we need look no further in the month of February, where we've already exceeded 50% of January's entire adjusted transaction revenue. I encourage everyone to continue following our monthly exchange disclosures to track our progress throughout the year. Turning to our SS&O revenue guidance.

我們預計 SS&O 收入在 2.2 億美元至 2.5 億美元之間，調整後的營運支出在 2.1 億美元至 2.3 億美元之間。我們不提供全年調整後交易收入指引，而是鼓勵投資者查看我們每月發布的交易所指標，例如今天早上發布的 1 月份指標。如前所述，我們的調整後交易收入可能會波動較大，2 月份的情況就足以說明這一點，我們已經超過了 1 月份全部調整後交易收入的 50%。我鼓勵大家繼續關注我們每月發布的交易披露信息，以跟踪我們全年的進展。接下來談談我們的SS&O營收預期。

The midpoint of the range reflects approximately 50% year-over-year growth, driven by a combination of expected positive tailwinds from continued strong momentum across all our business lines including steadily increasing tokenized RWA liquidity service bookings as we move through the year as well as expanded and more intelligent cross-selling, pricing and product development throughout the entire organization, partially offset by unfavorable comparable market conditions for asset prices and interest rates as compared to 2025 and selective sunsetting of older liquidity service products as we continue optimizing resources for margin expansion. Our adjusted operating expenses, the midpoint of our guidance reflects low single-digit growth in our existing cost structure plus incremental expenses associated with moving our flagship consensus North America conference to Miami from Toronto. As well as new performance-based incentives designed for and triggered by very specific growth outcomes generated by our sales force as well as exchange participants. And finally, 2026 finance expense is expected to be between $52 million and $50 million, which is flat to slightly down from the fourth quarter run rate. We appreciate everyone's time this morning.

該區間的中點反映了約 50% 的同比增長，這得益於我們所有業務線持續強勁增長勢頭帶來的預期積極利好因素，包括隨著我們全年的推進，代幣化 RWA 流動性服務預訂量穩步增長，以及整個組織內更廣泛、更智能的交叉銷售、定價和產品開發；但部分增長被資產資產和價格與 2025年相比不利的可比較市場條件以及我們為繼續優化資源以擴大利潤率而選擇性地淘汰舊的流動性服務產品所抵消。我們調整後的營運費用，即我們指導意見的中點，反映了我們現有成本結構低個位數的增長，以及將我們的旗艦共識北美會議從多倫多遷至邁阿密所產生的額外費用。此外，我們還設計了新的基於績效的激勵措施，這些措施旨在實現銷售團隊和交易所參與者所取得的特定成長成果，並由這些成果觸發。最後，預計 2026 年的財務支出將在 5,200 萬美元至 5,000 萬美元之間，與第四季的運行率持平或略有下降。感謝大家今天上午抽出時間。

And with that, I'll turn it back to Tom for closing remarks.

接下來，我將把發言權交還給湯姆，請他作總結發言。

Actually, we're going to open it up for Q&A.

實際上，我們將開放問答環節。

(Operator Instructions)

（操作說明）

Owen Lau, Clear Street.

歐文·勞，克利爾街。

Going back to your 2026 SS&O guidance. Could you please talk about your key assumptions what are the variables that can get you to the high end versus the low end of your guidance range.

回到您 2026 年的 SS&O 指導。請您談談您的關鍵假設，以及哪些變數會導致您的指導範圍達到上限或下限。

Thanks, Owen. Good to hear from you. In terms of the key factors influencing the SS&O guide for 2026, I laid them out in my prepared remarks. For potential upsides, we would expect that with an effective passage of an infrastructure bill here in the United States, will unlock and accelerate our pipeline in the SSO line item. Macro headwinds, we already highlighted, those are baked into the guidance and we think that the range reflects a good conservative mix of the expected outcomes, both from idiosyncratic, regulatory and market-based perspective for 2026.

謝謝你，歐文。很高興收到你的來信。關於影響 2026 年 SS&O 指南的關鍵因素，我在準備好的發言稿中已經闡述過了。就潛在的利多因素而言，我們預計，如果美國能夠有效通過基礎設施法案，將會釋放並加速我們在 SSO 項目的潛力。我們已經強調了宏觀不利因素，這些因素已納入指導方針中，我們認為該範圍反映了 2026 年預期結果的良好保守組合，包括特殊因素、監管因素和市場因素。

Brian Bedell, Deutsche Bank.

Brian Bedell，德意志銀行。

Maybe just also focusing on SSO. Can you talk about the contribution from the consensus conferences that you're expecting within the SSO. SSO revenue this year. And the -- just a little bit more on the tokenization RWA of real word assets. The progression of that during the year.

或許還可以重點關注單一登入（SSO）。您能否談談您期望在 SSO 中透過共識會議做出哪些貢獻？今年的SSO收入。還有──關於現實世界資產的代幣化 RWA 再多說一點。這一年的發展過程。

And I don't know if you want to just -- if I can layer on another one in there, just on the USDAI, maybe just a couple of use cases to just better flesh that out in terms of how that might develop and contribute to SSO during the year?

我不知道您是否想——如果我可以再添加一個，就在美國農業部 (USDAI) 而言，也許可以添加幾個用例，以便更好地闡述它在這一年中如何發展並為 SSO 做出貢獻？

Yes, sure. Thanks. Appreciate the questions, Brian. With regards to the consensus events in SSO, we expect those events to both be larger than they were in 2025. We also expect to continue expanding the way that we use the consensus conference and franchise to fuel the growth of our remaining business.

當然可以。謝謝。感謝你的提問，布萊恩。關於 SSO 中的共識事件，我們預期這些事件的規模將比 2025 年更大。我們也希望繼續擴大利用共識會議和特許經營權來推動剩餘業務成長的方式。

We often use that as additional product to help serve our partners and give them visibility around their products and key leaders. We expect that part of our SSO to continue to grow, but it's probably at the lower end of all the growth rates within that bucket.

我們經常將其用作附加產品，以幫助服務我們的合作夥伴，並讓他們了解他們的產品和關鍵領導者。我們預計單一登入業務的這一部分將繼續成長，但其成長率可能處於該業務板塊所有成長率的較低水準。

Another question was, how do we expect tokenization to roll out in terms of SSO.

另一個問題是，我們預計代幣化將在 SSO 方面如何推廣。

Sure. Yes. In terms of the tokenization within SSO Brian, as we announced this morning, we signed USDAI, which I'll touch on in a second. They are an example of just one type of tokenization partner. Again, I do think the Clarity Act and the infrastructure build getting passed will unlock and rapidly unlock a new wave of potential customers across all of our different products.

當然。是的。關於 SSO 中的代幣化問題，Brian，正如我們今天早上宣布的那樣，我們已經簽署了 USDAI，我稍後會詳細介紹。它們只是代幣化合作夥伴的一種類型範例。我再次認為，《清晰法案》和相關基礎設施建設的通過，將為我們所有不同的產品帶來並迅速釋放新一波潛在客戶。

We are seeing that in the international market already. We do expect to get regulatory approvals to list and trade and provide liquidity for securities and other tokenized assets outside of the United States. But we believe that, hopefully, in the back half of the year, we'll have a positive outcome on the market infrastructure bill as well as being able to improve our -- and expand our regulatory footprint here in the United States, specifically around RWAs and tokenized assets.

我們在國際市場上已經看到了這種情況。我們期望獲得監管部門的批准，在美國境外上市、交易證券和其他代幣化資產，並為此提供流動性。但我們相信，希望在今年下半年，市場基礎設施​​法案能夠取得積極成果，同時我們也能夠改善並擴大我們在美國（特別是圍繞RWA和代幣化資產）的監管影響力。

And just to add one thing to that, Brian. We -- if you remember, our liquidity services business came about in 2023, and it came about because this concept of tokenizing the dollar was really gaining steam. If you go back to 2022, there was only a handful of billion stable coins in the world and fast forward to today, there's 300 billion. And so people like Ripple and PayPal were coming to us saying, hey, creating the token is the easy part, although they would solicit our feedback and advice on perhaps how best to design the token. But do you have any tokenization services that you can offer that will make this thing a success.

布萊恩，我還要補充一點。如果你還記得的話，我們的流動性服務業務是在 2023 年推出的，當時美元代幣化的概念正在迅速發展。回到 2022 年，全世界只有幾十億種穩定幣，而到了今天，已經有 3,000 億種了。因此，像 Ripple 和 PayPal 這樣的公司來找我們說，嘿，創建代幣很容易，儘管他們會徵求我們的反饋和建議，以了解如何最好地設計代幣。但是，你們能否提供任何代幣化服務，以確保這個計畫的成功？

And that's the business that we built. We chose to call it liquidity services, could have very easily called it tokenization. But in those days, that was not a buzzword like it is today. As I mentioned in my prepared remarks, the easy part is designing a token, choosing the so-called tokenomics, how many tokens will you have, who will own and so on and so forth and writing the smart contract code. I mean, we have dozens of great developers here in Bullish that write smart contract code.

這就是我們一手打造的企業。我們選擇稱之為流動性服務，其實也可以輕易地將其稱為代幣化。但當時，這個詞不像今天這麼流行。正如我在準備好的演講稿中提到的，容易的部分是設計代幣，選擇所謂的代幣經濟學，決定發行多少代幣，誰擁有等等，以及編寫智能合約程式碼。我的意思是，Bullish 這裡有幾十位優秀的開發人員，他們編寫智慧合約程式碼。

That's not a complicated concept. The hard part is making the thing a success. So we are already in the tokenization business. We -- this is what I referred to. We're listing these products, we're providing liquidity for them.

這並非一個複雜的概念。難點在於如何讓事情成功。所以我們已經涉足代幣化業務了。我們——這就是我所指的。我們正在上架這些產品，我們為它們提供流動性。

We're doing marketing. We're now writing research. So answering your question specifically, like, hey, how do you see tokenization rolling out in SSO. It's already rolling out, and it's why this business has grown so dramatically and continues to grow. But now think about the future when you have -- I'll pick one at random, the US equities market or the global fixed income market starts to move into this on chain future. All of those same requirements still exist from the base level, hey, Bullish, help us design this thing help us write a smart contract. Okay, easy enough. But what about the hard stuff listed on a regulated venue. It's not easy to establish a regulated venue in the United States, in Europe.

我們正在做行銷。我們正在撰寫研究報告。所以具體回答你的問題，例如，你認為 SSO 中令牌化會如何推廣？這項技術已經開始推廣，這也是該業務發展如此迅速且持續成長的原因。但現在想想未來，當你——我隨機選擇一個——美國股市或全球固定收益市場開始向這種鏈上未來發展時會發生什麼。從最基本的層面來說，所有這些要求仍然存在，嘿，Bullish，幫我們設計這個東西，幫我們編寫一個智能合約。好的，很簡單。但是，在正規場所販售的那些烈性酒又該如何處理呢？在美國和歐洲，建立一個受監管的場所並不容易。

You have to be a credible player like we are with the balance sheet. You have to be compliant. You have to have a history of three lines of defense and real people you can put in front of a regulator. So that business, we're already in it today. We are already a market leader today, and the industry is going to grow hugely.

你必須像我們一樣，成為一家財務報表清晰、信譽良好的公司。你必須遵守規定。你必須要有三道防線的歷史記錄，並且要有可以出庭作證的人來質問監管機構。所以，我們現在就已經涉足這個行業了。我們目前已經是市場領導者，而且這個產業將會大幅成長。

And the way we're thinking about evolving our product offering is to be able to meet the needs of the market in that eventuality.

我們正在考慮如何改進我們的產品，以便在必要時滿足市場需求。

Rayna Kumar, Oppenheimer.

Rayna Kumar，奧本海默。

I just want to ask about the Clarity Act. Could you comment where Bullish stands on the Clarity Act and what your thoughts are on some of the key provisions, including tokenization DeFi and stablecoin yields? And also, what do you think is the likely time line for passage?

我只想問一下關於《清晰法案》的問題。您能否就 Bullish 對《Clarity Act》的立場以及您對其中一些關鍵條款的看法發表一下意見，包括代幣化、DeFi 和穩定幣收益率？另外，您認為可能的通關時間表是什麼？

Sure, Rayna. Thanks for the question. Good question, very relevant. I've spent a lot of time in Washington. I'm not a market prognosticator in the same way.

當然可以，雷娜。謝謝你的提問。問得好，這個問題很有意義。我在華盛頓待過很久。我並不是那種會做市場預測的人。

I'm not a legislative prognosticator. I'll give you my innermost thoughts, but don't hold me to them. It does feel like the bill is moving to passage. If you recall, on the last earnings call, I was a little less optimistic. But having spent time in Washington having met one-on-one with most, nearly all of the US senators that are actively working on the bill on both Senate Ag and Senate Banking, it feels like there is a path. There's three key issues that require resolution. You hit two of them and the third is the so-called FX or conflicts of interest issues. Think of those as the [dems] wanting to put handcuffs on the ability for the administration to be involved in crypto. So those three are all Thorny for different reasons, but I see a path through for all of them.

我不是立法預測專家。我會把我內心深處的想法告訴你，但不要以此為準則。感覺這項法案很有可能會獲得通過。如果你還記得的話，在上次財報電話會議上，我的態度稍微沒那麼樂觀。但是，在華盛頓待了一段時間，與參議院農業委員會和參議院銀行委員會中幾乎所有積極參與法案製定工作的美國參議員進行了一對一的會面後，感覺這條路是存在的。有三個關鍵問題需要解決。你答對了其中兩點，第三點就是所謂的外匯或利益衝突問題。可以把這些人看作是民主黨人想要限制政府參與加密貨幣領域的權力。所以這三個人都有各自的難處，但我認為他們都找到了出路。

I think with respect to the yield question, the level of disingenuousness is almost befitting an SNL skit where all of the largest global banks in the world go down to Washington and then say, hey, we're really just here because of community banks and protecting community banks, which, by the way, represent about 11% of total deposits in the US. God forbid, we would allow exchanges and intermediaries to yield because these community banks would be significantly impacted. So I don't think this is really about the community banks. I think it's a competitive issue. But I think there will be a negotiated settlement through this or negotiated agreement through this that all sides can live with.

我認為就收益率問題而言，這種虛偽程度幾乎可以媲美《週六夜現場》的小品，所有全球最大的銀行都來到華盛頓，然後說，嘿，我們來這裡其實只是為了社區銀行，為了保護社區銀行，順便說一句，社區銀行約占美國總存款的 11%。但願我們不會允許交易所和中介機構讓步，因為這將對這些社區銀行造成重大影響。所以我認為這其實與社區銀行無關。我認為這是一個競爭問題。但我認為，透過這次談判，最終會達成各方都能接受的協議或解決方​​案。

The second issue around DeFi, the big issue to keep an eye on is what will the KYC and AML requirements be? for a DeFi platform. And that's the tough part because, on the one hand, the DeFi folks just want to have zero KYC/AML. And on the other hand, the heavily regulated folks or the people who have filed heavy regulation want to tie the hands of DeFi entirely, which could really curtail innovation. Again, I think there will be a negotiated path through somewhere in the middle.

關於 DeFi 的第二個問題，也是最值得關注的問題，是 KYC 和 AML 要求會是什麼？適用於 DeFi 平台。而這正是困難所在，因為一方面，DeFi 的支持者只想完全取消 KYC/AML 流程。另一方面，那些受到嚴格監管的人或提出嚴格監管的人想要完全束縛 DeFi 的手腳，這可能會嚴重阻礙創新。我認為，雙方最終會找到一條折衷的協商途徑。

And then on the conflicts of interest issues, I've spoken to the White House this week, spoken to offices of US senators. And also there, it seems like there's a couple of paths that perhaps both sides can live with, but that perhaps is the thorniest of all the issues. Because of the potential for presidential politics 2028 presidential politics to be in play. To put a time line on it, truthfully, I have no clue, but I'm actually personally hopeful and even a little bit optimistic that it could be before the summer.

至於利益衝突問題，本週我已與白宮和美國參議員辦公室進行了溝通。而且，似乎有幾條雙方都能接受的路徑，但這或許是所有問題中最棘手的一個。因為2028年總統選舉政治有可能成為焦點。要說具體時間，說實話，我一點頭緒都沒有，但我個人其實挺希望的，甚至有點樂觀，覺得可能會在夏天之前完成。

Ken Worthington, J.P. Morgan.

Ken Worthington，摩根大通。

This is (inaudible) on for Ken. To actually follow up on the previous question on market structure legislation. If the banks were to get their way, could you please discuss the impact, if any, that intermediary is no longer paying interest on stable coins would have on the industry -- the stable coin industry broadly but then your stable coin promotion business specifically as well?

這是（聽不清楚）肯的。為了進一步探討先前關於市場結構立法的問題。如果銀行得逞，請問中介機構不再支付穩定幣利息會對整個產業產生什麼影響（如果有的話）？這裡指的是整個穩定幣產業，也包括您自身的穩定幣推廣業務。

Sure. Great to hear, (inaudible). I appreciate the question. Given the prevailing tax of the multiple markups we've seen so far, we would expect should the final legislation land in either of those two camps, there would be minimal to really no financial impact on our liquidity services business. You'll note in there, there are specific carve-outs for people providing liquidity and other services to stablecoin issuers to receive rewards and we believe that in any eventual outcome, our product will continue to thrive and we're not expecting, based on the likely potential outcomes we see from current drafting of the legislation, any negative impact that would occur to our stablecoin business at this time.

當然。很高興聽到這個消息。（聽不清楚）感謝您的提問。鑑於目前我們看到的多種加價現象普遍存在，我們預計，如果最終立法屬於這兩個陣營中的任何一個，對我們的流動性服務業務將幾乎沒有或根本沒有財務影響。你會注意到，其中有專門的條款規定，向穩定幣發行方提供流動性和其他服務的人可以獲得獎勵。我們相信，無論最終結果如何，我們的產品都將繼續蓬勃發展。根據我們從目前立法草案中看到的可能結果，我們預計目前不會對我們的穩定幣業務產生任何負面影響。

And if I could just add one note. Rayna had asked kind of what is the impact on Bullish. We're broadly fine with the bill as it sits. There's a whole bunch we would change in a perfect world. But it all kind of works for us.

如果我能補充一點的話。Rayna 曾經問過，這對 Bullish 有什麼影響。我們對目前的法案內容總體上沒有異議。如果世界完美的話，我們有很多想改變的地方。但這對我們來說似乎都挺合適的。

And the most important thing to us, frankly, is getting a bill passed because we've seen it. We saw it with the Genius acral of a sudden you had a rush of credible issuers of stablecoins that didn't want to get involved until there was kind of federal law that provides some sort of safe harbor. That's how we feel generally about market structure. In fact, we think the absence of the market structure, bill has probably contributed in some small to medium-sized way in the swoon and crypto prices. So first and foremost, we'd like to see a bill get done.

坦白說，對我們來說最重要的是讓法案通過，因為我們已經看到了希望。我們從 Genius acral 事件中看到了這一點，突然間湧現出一批信譽良好的穩定幣發行商，他們原本都不願意涉足其中，直到有聯邦法律提供某種安全港為止。這就是我們對市場結構的整體看法。事實上，我們認為市場結構的缺失可能在某種程度上對加密貨幣價格的暴跌起了一定的作用。所以，首先，我們希望看到法案能夠最終通過。

But we have been received, warmly received, I will say, in D.C. as an honest broker. And I didn't know what to expect if I'm candid, I personally have been out of the lobbying game now for kind of six or seven years. I had enjoyed that [repreve]. But jumping back in, we've been received as an honest broker.

但是，我必須說，我們在華盛頓特區受到了熱烈歡迎，他們視我們為誠實的中間人。坦白說，我不知道該期待什麼。我個人已經離開遊說產業六、七年了。我很喜歡那段時光。[撤銷]。但重新回到這個領域後，我們被視為誠實的中間人。

And where we kind of saw flaws in the text, we've been able to influence changes that will result in better legislation.

而對於我們發現的文本缺陷，我們已經能夠推動修改，從而製定出更好的法律。

Pete Christiansen, Citi.

Pete Christiansen，花旗集團。

Nice to (inaudible) guys and Tom, great to hear that wishes at the table during some of these negotiations. Just had a question about pipeline growth. Granted, we've had a lot of bounce of volatility in the crypto markets over the years. Just curious how you see the pipeline activity amassed during these periods of heightened volatility. And then just a quick follow-up.

向（聽不清楚）各位和湯姆問好，很高興聽到你們在一些談判中表達了這些願望。我有個關於管道成長的問題。誠然，這些年來加密貨幣市場波動劇烈。我很好奇您如何看待在市場波動加劇期間累積的管道活動。然後還有一個簡短的後續問題。

I think you mentioned M&A. There's a potential tool going forward. Is that scale? Is that capabilities, licensure? Just some color on that would just be a little bit helpful.

我想你提到了併購。這可能是個有發展潛力的工具。這是比例尺嗎？那是能力還是執照？如果能加點顏色就更好了。

Pete, I'll let -- pardon me. I'll let Dave give his perspective on the pipeline as well. The build in the pipeline has been steady and consistent. And I would say really starting with kind of early summer last year increasing. But look, I've been around markets for a while, and this is a particularly volatile period and the price performance has been particularly disappointing.

皮特，我這就讓──對不起。我也會讓戴夫談談他對這條輸油管的看法。管道建​​設一直穩步進行。我覺得是從去年初夏開始逐漸增加的。但是，我身處市場多年，這段時間市場波動特別劇烈，價格表現也特別令人失望。

And so I like you, and waiting to see, does that continue? It wouldn't surprise me to see a little bit of a slowdown in terms of the size and the expansion of the pipeline. I mean this degradation of prices across -- it's not just crypto, right? It's now it's software, and we all see what's happening in silver. Basically, anything risk on has kind of seen serious price degradation.

所以，我喜歡你，想看看這種感覺是否會繼續下去？如果管道的規模和擴張速度出現一些放緩，我不會感到驚訝。我的意思是，這種價格下跌的趨勢遍及各個領域——不僅僅是加密貨幣，對吧？現在問題出在軟體上，我們都看到了銀牌的出現。基本上，所有風險資產的價格都出現了嚴重下跌。

So it's possible that, that will slow down a little bit. I would just say we're up to our eyeballs and being able to service the current pipeline. In fact, if there's a governor on growth for us at this point in our liquidity services business, it's been the ability to add new layer 1s and new crypto projects. Because we have so many in the pipeline. So even if there's a temporary kind of slowdown in the build, that's something that will be fine for us financially speaking.

所以，這種情況可能會稍微放緩一些。我只能說我們已經忙得不可開交，只能勉強維持現有管道的運作。事實上，就我們目前的流動性服務業務而言，如果有什麼因素限制我們的成長，那就是能否增加新的 Layer 1 和新的加密項目。因為我們有很多項目正在籌備中。所以即使建造進度暫時放緩，從財務角度來看，這對我們來說也是可以接受的。

Obviously, if that continued for a long period of time, that would not be a good thing. But in general, like this tokenization thing, it's real Pete. So if you're running, let's say, a major global prime broker or you're one of these global transfer agents or you're a CSD, a data repository somewhere around the world. You are working on this, you're getting involved in this. The money is being spent, and that is not going to stop just because Bitcoins down 40%.

顯然，如果這種情況持續很長時間，那肯定不是一件好事。但總的來說，就像這種代幣化一樣，這很真實。所以，假設你經營著一家大型全球主經紀商，或者你是全球轉帳代理商之一，或者你是全球某個地方的中央證券存管機構（CSD）。你正在努力做這件事，你正在參與其中。資金仍在被消費，即使比特幣下跌了 40%，這種消費也不會停止。

Yes. And I'd just echo Tom, (inaudible). We've been through a lot of volatility before in this industry. I think if you zoom out and you kind of look at our progress over the last year, the combination of the license footprint expansion, notably Mika, SFC, New York Bit License and US access, combined with the launch of options, in particular, which brought a new customer subset to bullish as all layered on top of each other in kind of rapid succession to bring on, as Tom mentioned, waves of new trading customers, every metric of active customer has been hitting new all-time highs literally, as we said in the prepared remarks, every single month over the course of the year with this year looking like no exception.

是的。我只想附和湯姆的說法，（聽不清楚）我們這個行業以前也經歷過很多波動。我認為，如果我們放眼過去一年，回顧我們所取得的進展，就會發現許可證覆蓋範圍的擴大，特別是Mika、SFC、紐約Bit License和美國市場的准入，再加上期權的推出，尤其是為市場帶來了新的客戶群體，所有這些因素疊加在一起，迅速推動了新交易客戶的湧入，正如Tom提到的那樣，活躍客戶的每一項指標都創下了歷史新高，正如我們在準備好的每個月發言稿中所說，過去一年每個月都是如此，今年也不例外。

So we'll see how long the volatility and bad price action persist. But underneath the hood, we're seeing strong, strong continued growth. And frankly, looking at our internal metrics, you wouldn't be aware of the external environment.

所以我們將拭目以待，看看這種波動和糟糕的價格走勢會持續多久。但實際上，我們看到的是強勁的持續成長。坦白說，僅從我們的內部指標來看，你根本無法了解外在環境。

Brett Noble, Centene Gerald.

Brett Noble，Centene Gerald。

This is Gareth on for Brett. I was hoping we could dig in on SS&O revenue for the fourth quarter here. Could you maybe provide some color on the mix of revenue between services, liquidity and events?

這是加雷斯替補布雷特上場。我原本希望我們能深入探討一下第四季的 SS&O 營收狀況。能否詳細說明一下服務收入、流動性收入和事件收入的組成？

Sure. Appreciate the question. Yes, as you know, we don't break out the internals of the SSO revenue line item because we tend to cross-sell them very aggressively. And oftentimes, we will discount certain products or include complementary certain other products or find the right combination of products and services that meet the customers' demands and get the job to be done, completed for that partner. With regards to events revenue in the fourth quarter, I was actually mistaken on the last call, I had previously mentioned the fourth quarter had no events revenue.

當然。感謝您的提問。是的，如您所知，我們不會單獨列出 SSO 收入項目的內部組成，因為我們傾向於非常積極地進行交叉銷售。而且我們經常會對某些產品進行折扣，或贈送某些其他互補產品，或找到合適的產品和服務組合，以滿足客戶的需求，並為合作夥伴完成工作。關於第四季的活動收入，我在上次電話會議中確實說錯了，我之前說過第四季沒有活動收入。

That was incorrect, there was events revenue in the fourth quarter, similar to the amount that we had in the third quarter. Both of those were fairly de minimis given the seasonality of our events is focused in the first half of the year and that probably will be the same trajectory in 2026.

這是不正確的，第四季有活動收入，與第三季的金額相近。考慮到我們活動的季節性特點，主要集中在每年的上半年，而且 2026 年可能也會是同樣的趨勢，所以這兩個影響都微不足道。

Joseph Vafi, Canaccord Genuity.

Joseph Vafi，Canaccord Genuity。

Congrats on the execution here in the quarter, guys. Just what be interested here with this macro, what customers are saying about their crypto strategies, digital asset strategies, tokenization strategies, maybe tokenization moves forward as a value prop. But as the asset class has kind of come in here, how are they thinking about it from your conversations with them?

恭喜各位在本季出色地完成了任務。就宏觀層面而言，我們感興趣的是客戶對他們的加密貨幣策略、數位資產策略、代幣化策略的看法，以及代幣化是否會作為一種價值主張向前發展。但是，隨著這類資產類別的出現，根據你與他們的交談，他們是如何看待它的呢？

Yes. Joe, I wish I had a new kind of new commentary new ProFound commentary over and above what we've already said. I'm largely going to be repeating myself because just telling you what's on the ground, and I'm very involved with new business opportunities, as is Dave, and there really is no change in tone. And I know that sounds ridiculous because with each passing day, we're seeing the price of Bitcoin go down by several thousand. But I want to caution, I think it was Brett who asked the question before, I want to add a note of caution, which is -- this is happening in real time.

是的。喬，我希望我能提出一種全新的評論，一種超越我們已經說過的內容的、來自 ProFound 的全新評論。我基本上要重複自己說過的話，因為我只是想告訴你們實際情況，而且我和戴夫一樣，都非常關注新的商業機會，語氣也沒有任何變化。我知道這聽起來很荒謬，因為隨著時間的推移，我們看到比特幣的價格每天都在下跌數千美元。但我想提醒大家，我想之前是布雷特問過這個問題，我想補充一點提醒，那就是──這是即時發生的。

And I do think there is going to be some form of recalibration, Oh, just how big is my investment, in particular from crypto-native types because a lot of crypto native types look not dissimilar from Bullish. They own some crypto. So when crypto's down 40% when Bitcoin is down 40%, they're feeling a little less eager to go spend a lot of money on the next new project. So I expect there to be some hiccups coming out of this period of extreme volatility, but it's really kind of breaking and it's accelerated over the last couple of weeks. We have not detected any change of tone.

而且我認為將會出現某種形式的重新調整，例如“我的投資規模到底有多大”，特別是來自加密貨幣原生投資者的重新調整，因為很多加密貨幣原生投資者看起來與看漲投資者並無太大區別。他們持有部分加密貨幣。所以當加密貨幣下跌 40% 時，當比特幣下跌 40% 時，他們就不太願意在下一個新項目上投入大量資金了。因此，我預計在這段極端波動時期結束後會出現一些小問題，但這種情況正在逐漸好轉，並且在過去幾週加速發展。我們沒有偵測到任何語調變化。

The good news is on LEAP tokenization front, I do not expect to see much moderation all. Why? because it works because it's not just the 24/7 nature of it. In fact, that's just an interesting by-product of it. It's the ability to lend and borrow assets much more simply.

好消息是，在 LEAP 代幣化方面，我預計不會有太多限制。為什麼？因為它之所以有效，不僅是因為它全天候24小時運作。事實上，這只是它帶來的一個有趣的副產品。它使資產借貸變得更加簡單。

It's the ability to have an immutable ledger, it's the ability to have many fewer layers of intermediaries involved in the plumbing of global financial markets. It's the ability to allow -- and this -- people don't talk about this as much, but some brilliant 22-year-old kids to go build using the composable nature of public blockchains to go build some new novel innovative platform that enables lending borrowing, exchanging risks, exchanging titles, so on and so forth. That is independent from the price of Bitcoin. So we expect to see this market continue. We expect to continue to see investment.

它能夠擁有不可竄改的帳本，能夠大幅減少全球金融市場運作中涉及的中介層級。它允許——而且——人們不太談論這一點——一些才華橫溢的 22 歲年輕人利用公共區塊鏈的可組合性來建立一些新的創新平台，從而實現借貸、風險交換、所有權交換等等。這與比特幣的價格無關。因此，我們預計這種市場趨勢將持續下去。我們預計投資將持續成長。

But in some quarters, I think there will be some form of a slowdown but unclear exactly what shape that will take. And for us, as I said, the pipeline is so full right now. In the near term, that wouldn't be something that would have a meaningful impact.

但我認為在某些方面會出現某種形式的放緩，但具體會採取何種形式尚不清楚。正如我所說，對我們來說，目前的人才儲備已經飽和了。短期內，這不會產生實質的影響。

Yes. And Joe, and I'd also just note that our institutional focus and focus on the highest quality assets in crypto, we believe, may make us a little bit more insulated from negative reactions to broader crypto acid prices. What we're seeing in our pipeline across the board is continued strong momentum onboarding bookings and activity. We think that's probably partially in part due to our focus on institutions high-quality assets and crypto's most liquid assets.

是的。喬，我還想指出，我們機構專注於加密貨幣領域最高品質的資產，我們相信，這可能會讓我們在一定程度上免受加密貨幣價格普遍下跌的負面影響。我們看到，我們各個通路的業務拓展都持續保持強勁勢頭，預訂量和業務活動都在不斷增長。我們認為這可能部分歸因於我們專注於機構的高品質資產和加密貨幣中最具流動性的資產。

Ed Engel, Compass Point.

艾德‧恩格爾，指南針點。

Just wondering, could you comment on maybe some of the progress you're seeing with the US launch and whether that's having any impact to volumes, whether it's in the fourth quarter or kind of your outlook for this year?

我想問一下，您能否談談您在美國市場推出產品所取得的進展，以及這是否對銷量產生了任何影響？無論是第四季的銷量，還是您對今年的銷售展望？

Yes. Great question there, Ed. We -- as you know, we only got our New York license about midway through the fourth quarter. And as we've previously explained, and as I just referenced, our focus is on institutions, regulated entities, people handling customer funds, fiduciaries, that onboarding testing integration process is a several month process. That said, we do have several active trading customers here in the United States.

是的。艾德，你問得好。如你所知，我們直到第四季中期才拿到紐約州的營業執照。正如我們之前解釋過的，也正如我剛才提到的，我們的重點是機構、受監管實體、處理客戶資金的人員、受託人，而入職測試整合過程是一個持續數月的過程。也就是說，我們在美國確實有幾位活躍的交易客戶。

And most importantly, our pipeline here in the United States is the most dense pipeline we have by far of high-quality trading customers, servicing customer flow for natural buys and sells. We expect that those type of customers have a duplicative effect, maybe even possibly more than that on our trading activity every time an uninformed order hits the order books. It results in at least one, two, three more trades that otherwise wouldn't have occurred. And so we view the volume and activity that we will be generating out of the United States increasing throughout the year as more additive than dollar for dollar in terms of trading volume due to the high quality of customers we're bringing on, as Tom mentioned, we're having particular success here in the US with large retail brokerages.

最重要的是，我們在美國的交易管道是我們迄今為止擁有的高品質交易客戶最密集的管道，為自然買賣提供客戶流量。我們預計，每當有不知情的訂單進入訂單簿時，這類客戶都會對我們的交易活動產生重複影響，甚至可能產生更大的影響。它至少會促成一到三筆原本不會發生的交易。因此，我們認為，由於我們吸引的客戶品質很高，我們在美國產生的交易量和活動量將在今年持續成長，而且就交易量而言，這種成長是累積的，而不是以美元計算的。正如湯姆所提到的，我們在美國與大型零售經紀公司合作取得了特別的成功。

We particularly like those customers and the mix they add to our platform. So we're very excited about what the United States can bring to our exchange business.

我們特別喜歡這些客戶，以及他們為我們的平台帶來的多元化選擇。因此，我們對美國能為我們的外匯業務帶來的益處感到非常興奮。

We had a hypothesis that the US would be particularly fertile for us because there's a lot of firms that have broad retail and professional trader customer bases in other asset classes that are wildly successful, tens of millions of customers in some cases. And many of those don't necessarily want to -- they want really great flow, and they want to do it with a partner who's not in competition with them, and they want to do it with a regulated partner. In other words, a partner that's actively seeking out in our case, exchange regulation all over the world. For brand reasons, they don't necessarily want to just be dealing with one-off counterparties.

我們曾假設美國市場對我們來說會特別肥沃，因為那裡有很多公司在其他資產類別中擁有廣泛的零售和專業交易客戶群，並且取得了巨大的成功，有些公司甚至擁有數千萬客戶。而且其中許多人並不一定想要——他們想要真正良好的流量，他們想要與不與他們競爭的合作夥伴一起實現，他們想要與受監管的合作夥伴一起實現。換句話說，我們的合作夥伴正在積極尋求全球範圍內的交易所監管。出於品牌方面的考慮，他們可能只想與一次性的交易對手合作。

And that has proven to be true and that is an excellent development for us. It just takes time. These are the same sort of people who are very careful about the partners they choose. It's interesting. I thought our onboarding for customers was tough.

事實證明確實如此，這對我們來說是一個很好的發展。這需要時間。這些人往往對選擇伴侶非常謹慎。很有意思。我原以為我們的客戶註冊流程已經夠難了。

The reverse onboarding that they are doing for us is even tougher. And so those things take time. But the beauty is once you've done that, and they've done the work to connect to you and you've done the work to connect to them and you've proven yourself a worthy counterparty. Those are decade-long or multi-decade-long relationships. So it feels good so far in the US.

他們現在給我們實施的反向入職流程甚至更加嚴格。所以這些事情都需要時間。但妙處在於，一旦你做到了這一點，他們也努力與你建立聯繫，你也努力與他們建立聯繫，並且你證明了自己是一個值得信賴的合作夥伴。這些都是長達十年甚至數十年的關係。所以目前在美國感覺還不錯。

And as Dave said, the hope and belief and this is already happening, but the hope and belief is that over the quarters ahead, you will see incremental volume, in many cases, coming from outside the United States that is only happening because of this volume that originated inside the United Sates.

正如戴夫所說，希望和信念已經出現，而且希望和信念是，在接下來的幾個季度裡，你會看到增量交易量，在很多情況下，這些交易量來自美國以外，而這僅僅是因為美國境內的交易量有所增長。

(Operator Instructions)

（操作說明）

Chris Brendler, Rosenblatt.

克里斯布倫德勒，羅森布拉特。

I wanted to ask a follow-up on the options business. It seems like it's really hit the ground running, going up faster than I would expect that, I think it's actually greatly exceeding the sort of the expectations that were laid out at the IPO. So I just wanted to see your thoughts there on how much of that can continue. The momentum in that kind of business, I would think would sort of beget more volume, the more liquidity you bring to your customers the more likely there to continue to trade with you. So how much bigger does the options business be in 2026 to maybe your expectations were three or four months ago?

我想就選擇權業務跟進一下。它似乎真的迅速走紅，上漲速度比我預期的還要快，我認為它實際上已經大大超出了IPO時設定的預期。所以我想聽聽你們的看法，看看這種做法有多少可以繼續下去。我認為，在這種業務模式下，發展勢頭應該會帶來更大的交易量，你為客戶提供的流動性越多，他們就越有可能繼續與你進行交易。那麼，到 2026 年，選擇權業務的規模會比你三、四個月前的預期大多少呢？

Thank you.

謝謝。

We took a little bit of a flyer on options. Basically, we looked at the data -- and this was round about 15 months ago. And we looked at the data and what we saw was that crypto options was a tiny, tiny market relative to the rest of crypto. And we just said, hey, pattern recognition, no matter where you look, US equities, global FX, global interest rate swaps, big markets.

我們稍微冒險嘗試了一些方案。基本上，我們查看了數據——這大概是 15 個月前的事了。我們查看了數據，發現加密貨幣選擇權相對於其他加密貨幣而言，是一個非常非常小的市場。我們當時就說，嘿，模式識別，無論你看哪裡，美國股票、全球外匯、全球利率互換、大型市場。

The options market in relationship to the linear market is always larger than it is in crypto. It sure feels like over time, it will grow. And so we started building that -- and we saw that bear out in real time. So if you look at crypto options growth over the last six months, well greater than the growth of the linear market. So that trend that we bet on actually came to fruition.

相對於傳統金融市場而言，選擇權市場的規模總是比加密貨幣市場更大。感覺隨著時間的推移，它一定會成長。於是我們開始著手建造——並且我們實時看到了那頭熊。因此，如果你觀察過去六個月加密貨幣選擇權的成長情況，你會發現它遠高於傳統市場的成長。所以，我們押注的那個趨勢最後還是實現了。

But there were other competitors. There's kind of five or six notable competitors in crypto. And so we just said, hey, we're going to do the best we can. We're going to stick to what we know, which is let's go after institutions in a regulated setting. But Importantly, let's do it with one global order book.

但還有其他競爭對手。加密貨幣領域大概有五、六家比較知名的競爭對手。所以我們就說，嘿，我們會盡力做到最好。我們將堅持我們擅長的領域，那就是在受監管的環境下打擊機構。但重要的是，我們要使用一個全球訂單簿。

Let's do it with one account. So when a customer signs up with us, they don't have to hook the five different matching engines in different locales to trade different products. There's no confusion like that, just right to our API or trade on our screen in one account, you can have spot, options and futures with one global order book. Order books don't like to be split. That's why the New York Stock Exchange for 200 years, it was the only place you could trade Coca-Cola stock markets want to occur in a single global order book because that's where you get the deepest liquidity.

我們用一個帳號來操作吧。因此，當客戶註冊成為我們的用戶時，他們無需連接不同地區的五個不同的配對引擎來交易不同的產品。不會有這樣的困惑，只需直接使用我們的 API 或在我們的螢幕上在一個帳戶中進行交易，您就可以使用一個全球訂單簿進行現貨、選擇權和期貨交易。訂單簿不喜歡被拆分。這就是為什麼紐約證券交易所200年來一直是可口可樂股票交易的唯一場所，股票市場希望在一個全球訂單簿中進行交易，因為在那裡可以獲得最深的流動性。

So we stuck to our knitting. We build exactly that. And the exciting byproduct we got from that is it gets really easy to provide significant margin offsets where we're still protecting the sanctity of the clearing operation that we run. But because it's all in one global account, we can provide the maximum offset for the customer. So we have kind of ripped through the competition.

所以我們就繼續織毛衣。我們正是按照這個標準建造的。由此帶來的令人興奮的副產品是，在保護我們運行的清算業務的完整性的同時，很容易提供顯著的利潤補償。但由於所有費用都在同一個全球帳戶中，我們可以為客戶提供最大的抵扣額。所以我們已經輕鬆擊敗了所有競爭對手。

We passed numbers 6543. We're now two, we hope and believe on our way to number one, stay tuned, it's not a promise. But it's all moving in the right direction. Open interest is up to the right volumes are up to the right customer counts are up to the right. And we think that this market, to answer your question directly in terms of growth, we think there's a lot of growth left, not just market share growth.

我們經過了6543號。我們現在是兩人組合，我們希望並相信我們能夠成為第一名，敬請期待，但這並非承諾。但一切都在朝著正確的方向發展。未平倉合約量達到正確水平，交易量達到正確水平，客戶數量達到正確水平。就成長而言，我們認為這個市場還有很大的成長空間，而不僅僅是市場佔有率的成長。

In fact, we think that's a minority of it. We think it's more about options growth in crypto, which is still relatively immature.

事實上，我們認為這只是其中的一小部分。我們認為這更與加密貨幣選擇權的成長有關，而加密貨幣目前仍相對不成熟。

There are no further questions at this time. I will now turn the call back over to Tom Farley for closing remarks.

目前沒有其他問題了。現在我將把電話轉回給湯姆·法利，請他作總結發言。

Everyone. We believe we're at a turning point here for digital assets. Notwithstanding the extreme volatility, we're aware of that as well, yes. But notwithstanding that or the cyclical nature this vision of faster, better, cheaper, permissionless capital, it's happening. It's being unlocked.

每個人。我們認為，數位資產正處於轉折點。是的，儘管市場波動性極大，我們也意識到了這一點。但儘管有這種週期性因素，這種更快、更好、更便宜、無需許可的資本願景正在發生。它正在解鎖。

And we're seeing the examples. A market structure build will only turbocharge that will ensure that we bring all these global markets on chain. And frankly, that's why Dave and I are here are bullish. And that's why we're super excited slightly less excited on days when Bitcoin is down by several thousand. But we came here for that vision, and we've positioned bullish for this moment and so we hope you'll be there with us, and we appreciate you being on this call and listening to the story and what's clearly a hectic day and a heck of a couple of months here.

我們已經看到了這些例子。市場結構的建構只會加速這一進程，確保我們將所有這些全球市場納入其中。坦白說，這就是我和戴夫看好這支球隊的原因。這就是為什麼當比特幣下跌幾千美元時，我們會感到無比興奮，但同時也會稍微放鬆。但我們來到這裡就是為了實現這個願景，我們已經對這一刻充滿信心，所以我們希望你們能和我們一起見證這一刻，感謝你們參加這次電話會議，聆聽我們講述這個故事，這顯然是忙碌的一天，也是接下來幾個月的艱難時期。

Thank you, everyone, and have a great day.

謝謝大家，祝大家今天過得愉快。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。