Bullish (BLSH) 2026 Q1 法說會逐字稿

Thank you for standing by. At this time, I would like to welcome everyone to the Bullish Global First Quarter 2026 Earnings Call and Q&A.

感謝您稍候。此時，我想歡迎各位參加 Bullish Global 2026 年第一季財報電話會議及問答。

(Operator Instructions)

(接線員指示)

Thank you. I would now like to turn the call over to Michael Fedele, Vice President of Finance. You may begin.

謝謝。現在我想把電話會議交給財務副總裁 Michael Fedele。您可以開始了。

Good morning, and welcome to our first 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.

各位早安，歡迎參加我們第一季財報電話會議。我是財務副總裁 Michael Fedele，今天與我一同出席的還有我們的執行長 Tom Farley、財務長 David Bonanno，以及企業發展總監 Liam Foley。本次電話會議將包含前瞻性陳述，包括與我們預期表現及商業機會相關的內容。

Our proposed acquisition of Equinity Group, the anticipated benefits and strategic rationale of the transaction, expected timing and closing conditions, and business opportunities following the transaction. These statements are not assurances of future performance and are subject to risks and uncertainties that could cause actual results to differ materially.

包括我們擬議收購 Equinity Group、該交易的預期效益與策略性理由、預期時程與交割條件，以及交易完成後的商業機會。這些陳述不構成對未來表現的保證，且受風險與不確定性影響，可能導致實際結果與所述內容出現重大差異。

Such risks include, among others, the possibility that the Equiniti transaction may not be completed, failure to obtain required regulatory approvals, and the possibility that anticipated benefits may not be realized, and risks related to the integration of Equiniti's business. For more details on these and other risks, please refer to today's earnings press release and our SEC filings, including our 28-F dated March 9, 2026. We undertake no obligation to update or revise any forward-looking statements.

此類風險包括但不限於：Equiniti 交易可能無法完成、未能取得所需監管核准、預期效益可能無法實現，以及與整合 Equiniti 業務相關的風險。關於上述及其他風險的更多細節，請參閱今日的財報新聞稿及我們向 SEC 提交的文件，包括我們於 2026 年 3 月 9 日提交的 28-F。我們不承擔更新或修訂任何前瞻性陳述的義務。

This call will also include a discussion of non-IFRS financial measures. A reconciliation 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.

本次電話會議亦將討論非 IFRS 財務衡量指標。與最直接可比的 IFRS 指標之調節表可於我們的財報新聞稿與簡報中查閱，其中亦包含關於非 IFRS 財務衡量指標與關鍵績效指標的補充資訊。

I'll now turn the call over to Tom.

現在我把電話會議交給 Tom。

Thanks, Michael. Good morning, everyone. Thanks for joining. I'm Tom Farley, Chairman and CEO of Bullish.

謝謝你，Michael。各位早安。感謝各位加入。我是 Bullish 的董事長兼執行長 Tom Farley。

I'm going to lead today with the most significant strategic milestone in our history, our agreement to acquire Equiniti, a leading global transfer agent, before turning to our first-quarter results. For those of you who have followed our calls closely, first of all, thank you. You'll remember that I spoke at length during our Q3 call about tokenization and how we would grow our already successful stablecoin tokenization business.

我今天將先談我們公司史上最重要的策略里程碑：我們已同意收購 Equiniti——一家領先的全球過戶代理機構——之後再回到第一季業績。對於一直密切關注我們電話會議的各位，首先，謝謝你們。你們會記得我在第三季電話會議中花了很多時間談代幣化，以及我們將如何擴大我們已相當成功的穩定幣代幣化業務。

I'm sure some of you were thinking during that call, what is this guy talking about? Tokenization is only part of their existing business, and he's spending quite a bit of time on it. Well, for those of you who know Dave and me, one of our favorite expressions is promises made, promises kept on these earnings calls, we will give you an idea of where we are headed as a public company, and then we will go there.

我相信你們當時有些人心裡在想：這傢伙在講什麼？代幣化只是他們既有業務的一部分，他卻花了不少時間在上面。不過，對於了解 Dave 和我的人來說，我們在財報電話會議上最愛說的一句話就是「承諾已做出，承諾必兌現」：我們會讓各位知道作為一家上市公司我們要往哪裡走，然後我們就會走到那裡。

On May 5, we announced a definitive agreement to acquire Equiniti for $4.2 billion, creating a tokenization powerhouse with an end-to-end stack spanning origination, issuance, trading, liquidity, and visibility, purpose-built for the blockchain era. I want to walk you through the strategic logic because this transaction is transformative, not just for bullish, but for the broader evolution of capital markets. Capital markets move in infrastructure eras. We went from the paper era with physical certificates and manual ledgers to the electronic era, which delivered dematerialization, electronic settlement, and ultimately T+1. We are now entering the blockchain era, which offers something fundamentally different, unconstrained, programmable ownership through tokenized assets.

5 月 5 日，我們宣布已簽署最終協議，以 42 億美元收購 Equiniti，打造一個代幣化的強大平台，具備端到端的完整堆疊，涵蓋資產起源、發行、交易、流動性與可視性，專為區塊鏈時代而生。我想帶各位了解其策略邏輯，因為這筆交易具有變革性——不僅對 Bullish 如此，對資本市場更廣泛的演進亦然。資本市場是以基礎設施時代為單位推進的。我們從以實體憑證與人工帳冊為主的紙本時代，進入電子時代，帶來無實體化、電子交割，最終走向 T+1。我們現在正進入區塊鏈時代，它提供了根本不同的東西：透過代幣化資產實現不受限制、可程式化的所有權。

Tokenization is the process of turning traditional financial assets into blockchain-based assets. It turns static assets into active infrastructure, assets that are always on, that settle instantly, and that carry dynamic functionality embedded in the instrument itself.

代幣化是將傳統金融資產轉換為基於區塊鏈的資產的過程。它把靜態資產變成主動式基礎設施——資產永遠在線、可即時結算，並在工具本身內嵌動態功能。

We've already seen this migration play out with digital commodities and with stablecoins, which now exceed $300 billion in market capitalization and many trillions in annual payments volume. The next wave is tokenized securities. The global securities market is a $270 trillion market cap opportunity. We are in the first inning.

我們已經看到這種遷移在數位商品與穩定幣上發生；穩定幣目前市值已超過 3,000 億美元，年度支付量達數兆美元。下一波將是代幣化證券。全球證券市場是一個市值 270 兆美元的機會。我們才剛開始。

But the drivers of the deal thesis include three structural elements working in concert. First, an end-to-end tokenization services stack from token design and smart contract deployment through regulatory compliance, distribution, liquidity, and research. Second, a unified transfer agent ledger, one source of truth that bridges certificated and tokenized shares, enabling real-time settlement without displacing existing market infrastructure like the DTCC, Euroclear, Clearstream, so on and so forth.

但這筆交易的核心論點包含三個相互配合的結構性要素。第一，端到端的代幣化服務堆疊：從代幣設計與智慧合約部署，到監管合規、分銷、流動性與研究。第二，統一的過戶代理帳冊——單一真實來源，連結實體憑證與代幣化股份，使即時結算成為可能，同時不必取代既有市場基礎設施，例如 DTCC、Euroclear、Clearstream 等等。

Third, a broad base of blue-chip issuer relationships, public company-client relationships, the ability to go directly to issuers and say, hey, we can do this for you seamlessly with no listing change, no vendor switch, and day-one compatibility, including the ability to embed smart contract logic in share issuances.

第三，廣泛的藍籌發行人關係、上市公司客戶關係，使我們能直接對發行人說：嘿，我們可以在不更換上市地、不更換供應商、且第一天就相容的情況下，無縫為你做到這件事——並且能在股份發行中嵌入智慧合約邏輯。

We at Polish have already been building the first element for many years, the technology and the market infrastructure, in fact, since our founding. We operate the exchange, the liquidity engine, the indices, the data, the research, and the distribution platform. What we did not have, and what no one in crypto or globally had, were the second and third elements, a regulated transfer agent with direct relationships to thousands and thousands of public company issuers and a unified ledger that bridges TradFi and blockchain.

我們在 Bullish 多年來一直在打造第一個要素——技術與市場基礎設施，事實上自我們成立以來就是如此。我們營運交易所、流動性引擎、指數、數據、研究以及分銷平台。我們所欠缺的——而且無論在加密領域或全球都沒有人具備的——是第二與第三個要素：一家受監管、與成千上萬家上市公司發行人直接往來的過戶代理機構，以及一個連結傳統金融（TradFi）與區塊鏈的統一帳冊。

Equiniti, and more specifically, Equiniti Plus Bullish, offers exactly that Equiniti is the transfer agent of record for nearly 3,000 public company issuers, including over 50% of the FTSE 100 and over 30% of the S&P 500. They serve 15,000 total corporate clients. They have 20 million KYC shareholder customers on their platform who are just a wallet address away from accessing the benefits of tokenization. They process over half a trillion in payments. Primarily dividend payments annually.

Equiniti——更具體地說，Equiniti 加上 Bullish——正好提供了這一切。Equiniti 是近 3,000 家上市公司發行人的登記過戶代理機構，其中包括超過 50% 的 FTSE 100 成分股公司，以及超過 30% 的 S&P 500 成分股公司。他們服務的企業客戶總數達 15,000 家。他們的平台上有 2,000 萬名已完成 KYC 的股東客戶，距離享受代幣化效益只差一個錢包地址。他們處理超過 5,000 億的支付。主要是每年的股利支付。

Average transfer age and client tenure exceeds 15 years and average transfer age and client retention is approximately 99%. Equiniti operates in a duopolistic market characterized by high barriers to entry and deep institutional trust.

平均過戶代理合作年限與客戶任期超過 15 年，而平均客戶留存率約為 99%。Equiniti 所處市場呈雙頭壟斷格局，具有高進入門檻與深厚的機構信任。

Now, let me share something that has reinforced our conviction even since the announcement nine days ago. The volume and quality of inbound interest has been extraordinary. We have received scores of inbound inquiries from issuers interested in tokenization, financial services firms interested in liquidity services on already tokenized assets.

現在，讓我分享一件事：即使在九天前宣布之後，這件事仍進一步強化了我們的信心。主動上門的興趣在數量與品質上都非常驚人。我們已收到大量主動洽詢：有發行人對代幣化感興趣，也有金融服務公司對已代幣化資產的流動性服務感興趣。

Technology partners interested in building on our combined platform, and even regulators seeking us to tokenize in their jurisdiction. The breadth of interest spans our exchange, our liquidity services business, and, of course, the tokenization opportunities specifically. This is exactly the kind of market validation we hoped for, we anticipated even but frankly, the pace has exceeded our expectations.

也有技術合作夥伴希望在我們合併後的平台上進行建置，甚至有監管機構希望我們在其司法管轄區推動代幣化。這些興趣的廣度涵蓋我們的交易所、我們的流動性服務業務，當然也包括特別針對代幣化的機會。這正是我們所期待、甚至也預期會出現的市場驗證；但坦白說，進展速度已超出我們的預期。

We are clearly building something with strong end market demand today. Why is it that our acquisition announcement has been so compelling to the leaders of our industry and the leaders of our potential customers?

顯然，我們正在打造一個在當下就具備強勁終端市場需求的事物。為什麼我們的收購公告會如此打動本產業的領導者，以及我們潛在客戶的領導者？

It is for one primary reason. Industry participants realize the obvious. Only the issuer, the public company itself, can allow for tokenization of public company equity that results in the token being the actual share of stock in that particular company.

主要原因只有一個。產業參與者都明白顯而易見的事實。只有發行人，也就是該上市公司本身，才能允許將上市公司股權代幣化，並使代幣成為該特定公司真正的股票股份。

If anyone else attempts to tokenize, they are creating something other than the actual stock. This goes for electronic brokers, crypto platforms, traditional brokers, settlement providers, and clearing providers. The transfer agent defines the legal ownership in partnership with the issuer. The token is the share. Without a transfer agent, tokenization is synthetic, off-register, it lacks legal standing, and ultimately will be unacceptable to institutional capital. The resulting token in those circumstances is actually a derivatives transaction. Or a warehouse receipt, or in more colloquial language, an IOU, all of which have complexity and counterparty risk.

若由其他任何人嘗試進行代幣化，他們創造的就不是實際股票本身。這同樣適用於電子券商、加密平台、傳統券商、結算服務提供者與清算服務提供者。過戶代理人與發行人合作界定法定所有權。代幣就是股份。沒有過戶代理人，代幣化就是合成的、未登記在冊的，缺乏法律效力，最終也不會被機構資本接受。在這些情況下產生的代幣，實際上是一筆衍生性交易。或者是倉單，或用更口語的說法，是一張欠條（IOU）；這些都伴隨複雜性與交易對手風險。

In tokenization performed by the transfer agent, however, tokens represent true legal title. This is the bridge between TradFi plumbing and next-generation digital asset rails, and this is what unlocks institutional adoption at scale.

然而，由過戶代理人執行的代幣化，代幣代表真正的法定所有權。這是傳統金融（TradFi）底層管線與新一代數位資產軌道之間的橋樑，也正是它在規模上解鎖機構採用的關鍵。

On the transaction itself, we are acquiring 100% of equity for $4.2 billion. The consideration consists of approximately $2.35 billion in newly issued bullish ordinary shares and the assumption of $1.85 billion of existing equity debt.

就本次交易而言，我們將以42億美元收購100%的股權。對價包括約23.5億美元新發行的 Bullish 普通股，以及承擔18.5億美元的既有股權債務。

Siris, the current owner, will receive two board seats and retain the call option to acquire certain non-core equity business lines that are excluded from all of our financial outlooks. We are targeting a close in January 2027, subject to customary regulatory approvals. I'd also like to take a moment to thank Frank Baker and the Cirrus team for sharing our conviction and excitement as we execute on our vision to become the global leader in tokenization.

現任所有者 Siris 將獲得兩個董事會席位，並保留買權，可收購某些非核心的股權業務線；這些業務線被排除在我們所有財務展望之外。在取得慣常的監管核准後，我們目標於2027年1月完成交割。我也想藉此機會感謝 Frank Baker 與 Siris 團隊，在我們執行成為全球代幣化領導者之願景的過程中，與我們共享信念與熱情。

The combined company will be formidable. We will be the global tokenization leader, providing the base layer of tokenization services with the value-added services that ensure tokenization succeeds. Dave will take you through more of the financial details of the combined company in just a few minutes.

合併後的公司將極具競爭力。我們將成為全球代幣化領導者，提供代幣化服務的基礎層，並搭配確保代幣化成功的加值服務。幾分鐘後，Dave 會帶各位進一步了解合併公司更多財務細節。

Before I shift it to Dave and before I shift to our Q1 results, let me say this. When Dave and I came to Bullish, we said we wanted to build the ice of crypto, a diversified, institutionally trusted infrastructure platform that would define how digital assets are traded, serviced and understood.

在我把時間交給 Dave、以及在我轉到我們第一季業績之前，我想先說明一點。當 Dave 和我加入 Bullish 時，我們說過希望打造「加密領域的 ICE」——一個多元化、受機構信任的基礎設施平台，用以定義數位資產如何被交易、被服務與被理解。

With this Equinity acquisition, we are building the bridge between traditional capital markets and the blockchain era. We are not. Trying to displace existing infrastructure. We are upgrading it, and we are doing so with the regulatory standing, now the issuer relationships, and the technology to drive this transformation. This is a 20-year opportunity, and we're just getting started.

透過這次收購 Equinity，我們正在搭建傳統資本市場與區塊鏈時代之間的橋樑。我們不是。要取代既有基礎設施。我們是在升級它；而我們將憑藉監管地位、如今的發行人關係，以及推動這場轉型的技術來完成。這是一個20年的機會，而我們才剛剛開始。

Now, let me turn to a qualitative review of Q1. Dave will take you through the financial results in just a moment.

現在，讓我先對第一季做一個質性回顧。稍後 Dave 會帶各位檢視財務結果。

On the exchange side, our business continues to gain traction. We traded $11.6 billion in options market volume during Q1 and have built our open interest share to 14% of the global Bitcoin options market, making bullish the clear #2 exchange globally for Bitcoin options.

在交易所業務方面，我們的業務持續取得進展。第一季我們的期權市場成交量達116億美元，未平倉量市占提升至全球比特幣期權市場的14%，使 Bullish 成為全球比特幣期權明確的第二大交易所。

In April, we hit a single-day volume high of $858 million, and we signed several new clients, including, for example, Ripple Prime, QCP, and others. We're building a world-class derivatives franchise and continue to be excited by our progress. We also recently filed last week to officially receive our Futures and Options Exchange and Clearinghouse licenses, known as DCM and DCO licenses which will help us expand our derivatives products to the United States. We continued to make progress towards attaining licenses to facilitate trading of securities on both sides of the pond and remain on track to receive European and US Licenses prior to the end of 2026.

4月，我們創下單日成交量8.58億美元的新高，並簽下多位新客戶，例如 Ripple Prime、QCP 等。我們正在打造世界級的衍生品業務版圖，並對目前的進展持續感到振奮。我們也在上週遞交申請，正式取得期貨與期權交易所及清算機構牌照，即 DCM 與 DCO 牌照，這將協助我們把衍生品產品擴展至美國市場。我們持續推進取得牌照，以促進大西洋兩岸的證券交易，並仍按計畫在2026年底前取得歐洲與美國牌照。

Our liquidity services pipeline remains robust. In Q1, we signed Metso, Valmet, and others, and we have carried that momentum into Q2. Coindesk continues to extend its leadership position. Total page views were up 30% and monthly unique visitors surged roughly 60% higher quarter-over-quarter. Coindesk's progress is continuing into the second quarter. Our visits were up 82% year-over-year in April. Coindesk Indices now serves as the benchmark for Morgan Stanley's BTC, ETP, MSBT, sorry for the three acronyms, and soon to be launched ETH and Solana. ECPs, slated to launch in the coming months. MSBT commenced trading on April 8th and swiftly amassed over $220 million in AUM, one of the more successful ETF launches in history. This is particularly exciting given Morgan Stanley's $7 trillion wealth management platform, servicing over 17,000 financial advisors and wealth professionals.

我們的流動性服務管線依然強勁。第一季我們簽下 Metso、Valmet 等客戶，並將這股動能延續到第二季。Coindesk 持續鞏固其領導地位。總頁面瀏覽量成長30%，月度不重複訪客數季增約60%。Coindesk 的進展也延續到第二季。4月我們的訪問量年增82%。Coindesk Indices 現已成為摩根士丹利 BTC ETP（MSBT，抱歉三個縮寫）的基準指數，並將成為即將推出的 ETH 與 Solana ECPs（預計未來幾個月推出）的基準。

On the event side, Consensus Hong Kong and Consensus Miami were each home run, drawing a combined 26,000-plus attendees from more than 100 countries. Net ticket sales for Miami were 120% greater than sales for Toronto. And I can truly attest that Miami was abuzz with talk of our Equiniti acquisition and with enthusiasm around tokenization in general. I don't want to be the one to call the end of a bear market, but Miami certainly did not feel like a bear market.

在活動方面，Consensus 香港與 Consensus 邁阿密都大獲成功，合計吸引來自100多個國家、超過26,000名與會者。邁阿密的淨售票額比多倫多高出120%。我也可以真切地證明，邁阿密現場對我們收購 Equiniti 的討論熱烈，對代幣化整體也充滿熱情。我不想成為宣告熊市結束的那個人，但邁阿密確實不像熊市。

With that, I'll turn the call over to my partner, Dave, to walk you. Through our Q1 financial results in detail and provide additional context on the combined financial outlook.

接下來，我把電話會議交給我的夥伴 Dave。他將帶各位詳細說明我們第一季的財務結果，並就合併後的財務展望提供更多背景。

Thank you, Tom, and good morning, everyone.

謝謝你，Tom，各位早安。

This morning, we published our first quarter 2026 financial results alongside the 6-K filed with the SEC, as well as our earnings press release and investor presentation available on our IR website. As a reminder, reconciliations of our non-IFRS metrics are included in today's earnings presentation and 6K.

今天早上，我們已發布2026年第一季財務結果，並與向美國證券交易委員會（SEC）提交的 6-K 同步公布，同時也發布了財報新聞稿與投資人簡報，皆可於我們的投資人關係（IR）網站取得。提醒各位，我們的非 IFRS 指標之調節表已包含在今日的財報簡報與 6-K 中。

Before discussing our financial results, I want to highlight that we will be providing a first-half 2026 financial update on equinity during Bullish's next earnings update in a few months from now. Additionally, before concluding my remarks, I'll spend a little time reviewing the previously disclosed outlook for the combined company that we discussed last week at our consensus event in Miami.

在討論財務結果之前，我想先強調：在幾個月後 Bullish 的下一次財報更新中，我們將提供 Equinity 於2026年上半年的財務更新。此外，在我結語之前，我也會花一些時間回顧我們先前已揭露的合併公司展望；該展望是我們上週在邁阿密的 Consensus 活動中討論過的。

Now, turning to 1Q 2026 results, starting on page 11 of the presentation.

現在轉到2026年第一季（1Q 2026）業績，從簡報第11頁開始。

Total adjusted revenue for the quarter was $92.8 million, up approximately 49% year-over-year. Compared to 4Q '25, total adjusted revenue, adjusted transaction revenue, and subscription services and other revenue all posted slight growth despite significant digital asset price weaknesses, including Bitcoin being down approximately 24% quarter-over-quarter. Our ability to grow all revenue line items quarter-over-quarter. Despite the significant macro headwinds is a testament to our diversified revenue model and organic growth profile of the business.

本季總調整後營收為9,280萬美元，年增約49%。相較於2025年第四季（4Q '25），儘管數位資產價格顯著走弱（包括比特幣季減約24%），總調整後營收、調整後交易營收，以及訂閱服務與其他營收皆呈現小幅成長。我們能在各項營收科目上實現季增。即便面臨顯著的總體逆風，也證明了我們多元化的營收模式與業務的有機成長特性。

Adjusted operating expense was $57.7 million in the first quarter, up from $48.1 million in the fourth quarter. That is an approximately $9.5 million increase, which includes roughly $7 million of expenses related to our Consensus Hong Kong events, largely contained in the advertising and promotion expense line item. Of the remaining approximately $2.5 million of incremental expense. 50% was attributable to our investment in artificial intelligence tools across our entire business, including the expectation that we would announce the Equinity transaction.

第一季調整後營運費用為5,770萬美元，高於第四季的4,810萬美元。這約增加了950萬美元，其中約700萬美元為與我們在香港舉辦的Consensus活動相關的費用，主要列在廣告與促銷費用項目中。其餘約250萬美元的增量費用中，有50%可歸因於我們在整個業務範圍內對人工智慧工具的投資，包括我們預期將宣布Equinity交易。

The remainder was split about evenly across additional employee expense and the targeted performance-based rewards I discussed when we provided our full-year guidance back in February. Adjusted EBITDA for the quarter was $35.1 million with an approximately 38% margin, this compares to 1Q25 adjusted EBITDA of $13.2 million at a 21% margin.

其餘部分大致平均分攤於額外的員工費用，以及我在2月提供全年指引時所提到的具針對性的績效型獎酬。本季調整後EBITDA為3,510萬美元，利潤率約38%；相較之下，1Q25調整後EBITDA為1,320萬美元，利潤率為21%。

This year-over-year increase reflects an approximately 72% contribution margin, this despite increased consensus-related expenses and increased investments that I just discussed. Adjusted net income was $20.3 million for the period or $0.13 per adjusted diluted share on the base of approximately $151.2 million adjusted diluted shares. This compares to adjusted net income of $28.9 million in the fourth quarter of 2025 and $2.1 million in Q1 2025. Finance expense was $14.1 million in the first quarter, modestly below Q4's $14.9 million.

這項年增反映約72%的貢獻毛利率，儘管我剛才提到的與Consensus相關費用增加以及投資增加。本期調整後淨利為2,030萬美元，或以約1.512億股調整後稀釋股數計算，每股調整後稀釋盈餘為0.13美元。相較之下，2025年第四季調整後淨利為2,890萬美元，2025年第一季為210萬美元。第一季財務費用為1,410萬美元，略低於第四季的1,490萬美元。

Regarding our previously provided full-year 2026 guidance on page 22 of the presentation, we are reaffirming all of those ranges for the full year. Additionally, I would like to highlight a little more context on our expectations for adjusted operating expenses as we move through the remainder of the year. First, as noted on Page 22, we expect full-year 2026 adjusted operating expense between the midpoint and upper end of the range as we accelerate investment in our tokenization platform. This slightly elevated spend is essentially the pull-forward of future platform investment included in our net cost reduction guidance of $25 million to $50 million post-closing of the Equiniti transaction in early 2027.

關於我們先前在簡報第22頁提供的2026全年指引，我們重申全年所有區間不變。此外，我想就我們對於調整後營運費用在今年剩餘期間的預期，補充更多背景說明。首先，如第22頁所示，隨著我們加速對代幣化平台的投資，我們預期2026全年調整後營運費用將落在區間中點至上緣之間。這筆略為偏高的支出，本質上是將未來的平台投資提前，該投資已包含在我們對Equiniti交易於2027年初完成交割後，淨成本降低2,500萬至5,000萬美元的指引之中。

Second, I'd just note that we expect the second quarter of '26 to be our highest quarterly expense level during the year, driven by spend related to our highly successful Consensus Miami event last week. Hopefully, this additional contest helps everyone sharpen their pencil a bit on the cadence of the cost base as we progress through the remainder of 2026.

第二，我想補充的是，我們預期2026年第二季將是全年單季費用最高的一季，主要由於上週我們非常成功的Consensus Miami活動相關支出所致。希望這些額外的背景能幫助大家在我們走過2026年剩餘期間時，更精準地掌握成本基礎的節奏。

Before turning it back to Tom and beginning the Q&A, I want to provide a quick financial refresh regarding our outlook for bullish on a combined basis as covered on page 22.

在把時間交回給Tom並開始問答之前，我想就第22頁所涵蓋、以合併基礎計算的Bullish展望，做一個簡短的財務更新。

First, we expect the pre-synergy combined 2026 adjusted total revenue outlook of between $1.25 billion and $1.35 billion, adjusted EBITDA less CapEx between $490 million and $530 million. And adjusted net income between $270 million and $290 million.

首先，我們預期在未計入協同效益的合併口徑下，2026年調整後總營收展望為12.5億至13.5億美元；調整後EBITDA扣除資本支出（CapEx）為4.90億至5.30億美元。調整後淨利為2.70億至2.90億美元。

Turning to page 23, covering our medium-term outlook as compared to the combined 2026 financials, we expect approximately 6% to 8% annual revenue growth, $25 million to $50 million in net cost reductions, and EBITDA less CapEx growing at approximately $100 million per year. Additionally, we expect to generate approximately $1 billion of free cash flow over the medium-term period and exit 2029 with about a 50% EBITDA-less CapEx margin. Please refer to last week's announcement presentation and today's slides for additional detail on this outlook.

接著看第23頁，涵蓋我們的中期展望並與合併後2026年財務數據比較：我們預期年營收成長約6%至8%，淨成本降低2,500萬至5,000萬美元，且EBITDA扣除CapEx每年約增加1億美元。此外，我們預期在中期期間可產生約10億美元的自由現金流，並在2029年底達到約50%的EBITDA扣除CapEx利潤率。關於此展望的更多細節，請參考上週的公告簡報以及今天的投影片。

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

以上，我把時間交回給Tom做結語。

Thanks, Dave. We've delivered a strong Q1. We've announced a deal that fundamentally reshapes our company, and we're excited to keep executing and proving out our thesis. The positive market response from our current and potential clients from the industry over the last week or so certainly helps. With that, I'll ask the operator to open the line for questions.

謝謝你，Dave。我們第一季表現強勁。我們宣布了一項從根本上重塑公司的交易，我們也很期待持續執行並驗證我們的投資論點。過去一週左右，市場以及我們現有與潛在的產業客戶所給予的正面回應，確實有所助益。接下來，我請接線員開放提問。

Thank you, everyone.

謝謝大家。

(Operator Instructions)

（接線員指示）

Owen Lau, Clear Street.

Owen Lau，Clear Street。

Could you please talk about the timeline of getting your DCO and DCM license? Does Bullish have any plan to get into traditional equities, commodities, and metal derivatives trading, which, Tom, you have a lot of experience on?

能否請你談談取得DCO與DCM牌照的時間表？Bullish是否有計畫進入傳統股票、商品與金屬衍生品交易？Tom，你在這方面有很多經驗。

Thank you.

謝謝。

Thanks, Owen. Good to hear from you again.

謝謝你，Owen。很高興再次聽到你的聲音。

Having been in that world now for most of my career, I can tell you there's a lot of tea leaf reading in estimating a regulator's response time. The good news is we are already, as Owen. Regulated by the most stringent regulators in the world, including the SEC, but also Baffin in Germany, the SFC in Hong Kong, the New Yorkers here with the BitLicense, so on and so forth, so that gives us a good bit of credibility. I also think that the regulators tend to look favorably on our management team, given that we've kind of been there, done that with running really.

我職涯大部分時間都在那個領域，我可以告訴你，在估算監管機關回覆時間時，往往需要很多「看茶葉渣」式的推測。好消息是我們已經——如你所知，Owen——受到全球最嚴格的監管機構監管，包括美國證券交易委員會（SEC），也包括德國的BaFin、香港證監會（SFC），以及這裡紐約的BitLicense等等，因此這讓我們具備相當的公信力。我也認為，鑑於我們的管理團隊算是「走過、做過」，曾經營運過真正的……監管機構通常也會更正面看待我們。

Really important regulated businesses with good hygiene, good compliance and regulatory hygiene. With all that said, to give you a more specific answer, the DCM and DCO licenses really range in terms of the timing, but we have seen with this CFTC a lot more alacrity, and we're seeing full approvals come for DCOs in.

……非常重要且受監管的業務，並具備良好的作業衛生、合規與監管衛生。在此基礎上，若要給你更具體的回答，DCM與DCO牌照在時程上確實差異很大，但我們看到這一屆CFTC的動作更為迅速，我們也看到DCO的完整核准正在……

In under a year, I'll put it like that Owen, I don't want to be too aggressive with what I tell you and you can look up and see, you can kind of do the research and see what I'm describing, but so far we've everything's gone well and our conversations with CFTC have gone well, I've spent time with the Chairman and the heads of the various divisions.

……在不到一年內就能完成。我就這麼說吧，Owen；我不想把我告訴你的內容說得太過積極。你也可以自行查詢、做些研究，看看我所描述的情況。不過到目前為止，一切進展順利，我們與CFTC的溝通也很順利；我也花時間與主席以及各個部門的主管交流。

And it feels great. It feels good in terms of the start here. To answer your question directly, this DCM and DCO positions us in a couple of different ways, Owen. In general, we believe that this whole tokenization thing is going to take off, as you know. And having the US Licenses, the appropriate US Licenses, and it's not just the DCM and DCO, but we will also be filing our broker-dealer license, I believe, this month here in May.

整體感覺非常好。就起步而言，感覺很不錯。直接回答你的問題，這些DCM與DCO在幾個不同面向上為我們定位，Owen。整體而言，我們相信整個代幣化趨勢將會起飛，如你所知。而擁有美國牌照、適當的美國牌照——而且不只是DCM與DCO——我們也將申請經紀自營商（broker-dealer）牌照，我相信會在本月、也就是5月提出申請。

Which typically has a shorter window for approval than the DCM and DCL. Those collectively will give us the ability to trade on a secondary basis these tokens as they come to market. So it really helps us with the kind of full-stack pitch to firms as they're contemplating tokenization. And not only can we list them for trading, but we can also help them with their liquidity and help them with their visibility through CoinDesk and Consensus. So it kind of perfects.

這類牌照通常比DCM與DCL的核准時間更短。這些牌照合在一起，將使我們能在這些代幣上市後，於次級市場進行交易。因此，當企業在考慮代幣化時，這確實有助於我們向其提出「全棧式」的方案。我們不僅能將其掛牌交易，也能協助其流動性，並透過CoinDesk與Consensus提升其能見度。因此這在某種程度上讓我們的……更趨完善。

Offering, but also just more tactically, if you think about what I'll call the old bullish stand-alone business, this enables us to take an options market, which we have not been able to bring to the US Because we don't have that DCM and DCO. It has gone from 0% to 14% market share, as you heard in the prepared remarks, in just six months, and it opens up the single largest market in the world for us for options, for data futures and perpetual futures just on our core kind of crypto derivatives franchise. So those are the two strategic reasons. Why we've pushed ahead and done this.

……產品組合更完整；但更務實地說，如果你想到我所稱的、過去Bullish獨立運作的業務，這讓我們能把期權市場帶進美國——先前因為沒有DCM與DCO而無法做到。正如你在事先準備的發言中聽到的，該業務在短短六個月內市占率已從0%提升到14%；而且這也為我們打開全球最大的期權市場，以及在我們核心加密衍生品版圖上的資料期貨與永續期貨市場。所以這就是兩個策略性原因。也是我們為何推進並完成這件事。

We have a great team that's worked on these applications and got them in, and I'm confident that we have a full package and we'll be able to move through this process as expeditiously as possible.

我們有一支很棒的團隊投入這些申請並完成遞交，我有信心我們的資料是完整的，並且能夠以最快的速度推進這個流程。

Pete Christiansen, Citi.

Pete Christiansen，花旗。

Great event last week, and again, congrats on the community deal.

上週的活動很精彩，再次恭喜你們完成社群那筆交易。

Simple question here. The industry, often, and we're hearing it from a number of sources here, that demand for tokenized securities is large, but when we talk about the issuer side of the equation, I feel like, their voice isn't as heard as much.

這裡有個簡單的問題。我們常常聽到、而且也從多個來源聽到，代幣化證券的需求很大；但當我們談到等式另一端的發行人端時，我覺得他們的聲音似乎沒有被同樣程度地聽見。

From your perspective, what do you believe becomes compelling enough for existing public company CFOs to actually change their shareholder infrastructure that some may question is already functioned pretty reasonably today? Just helpful if you could give us your view of the other side of the equation here.

從你們的角度來看，你認為要到什麼程度，才會讓現有上市公司的財務長（CFO）覺得足夠有吸引力，願意真正去改變他們的股東基礎設施——而有些人可能會認為這套機制今天其實運作得相當合理？如果你能分享一下你對等式另一端的看法，會很有幫助。

Thank you.

謝謝。

Yes. Pete, I love this question. It really gets to the heart of the matter.

是的。Pete，我很喜歡這個問題。這確實切中要害。

And I guess if I can do a little couch time here with this broad audience, when I've had my doubts, it's been exactly around this issue, which is, what's going to be the catalyst from this to really take off and to see that $270 trillion global securities market tip?

我想如果我可以在這裡對著這麼廣大的聽眾做一點「心理諮商式」的剖析：當我曾經有疑慮時，正是圍繞著這個問題——也就是，究竟什麼會成為引爆點，讓這件事真正起飛，並讓全球 270 兆美元的證券市場出現轉折？

And I will tell you, Pete, that even in the last week, it's just all the potential fears or insecurities we have around that have been blown to smithereens. We've heard from DAO companies that they want to get on the path of tokenizing their stock, and they want to do it pronto. I was tabulating last night the number of inbounds that we've gotten from issuers, but also partners who work with issuers, and literally lost count. It's in the dozens and dozens.

我可以告訴你，Pete，就在過去一週，我們對此所有可能的擔憂或不安，幾乎都被徹底粉碎了。我們聽到 DAO 公司表示，他們想走上把自家股票代幣化的道路，而且想立刻就做。我昨晚在統計我們收到的發行人來訊，以及與發行人合作的夥伴來訊數量，結果真的數到後來就數不清了。是好幾十、好幾十個。

Just in the last week and so that alone gives us great comfort, and that's probably what you can hear in our tone. To get down to kind of brass tacks, for the issuers, the benefits are both their own benefits, but also the benefits for the investors. And a happy investor makes for a happy issuer because it ultimately reduced the cost of capital. And so from... The issuer's perspective, they realize very quickly that tokenization gives them a lot more visibility into who owns their shares, but even if there's privacy and obfuscation around who owns the shares, how often are they trading? How long are people holding their shares? Are these buy-and-hold shareholders? It gives them the ability to reward buy-and-hold shareholders.

光是過去一週這樣的情況，就讓我們非常安心，這大概也是你們從我們語氣中聽得出來的。回到更務實的層面，對發行人而言，效益既包括他們自身的好處，也包括投資人的好處。而投資人滿意，發行人就會更滿意，因為最終會降低資本成本。所以從……從發行人的角度，他們很快就會意識到，代幣化能讓他們更清楚掌握誰持有他們的股份；即便在持有人身分上有隱私或遮蔽，他們仍能看到交易頻率如何？大家持股多久？這些是買進並長期持有的股東嗎？這也讓他們有能力去獎勵長期持有的股東。

You can imagine structures where dividends. Dividends, reward, buy and hold behavior. And so if you go talk, Pete, to the IROs and the CFOs of public companies, which I've done most of my career, frankly, the number one thing they will tell you is they're in the dark, that the nested infrastructure that's built up in this country over 200 years means that they get very little information. We live it as a public company. It's almost comical how little information we get about our own shareholders. So the tokenization, the promise of more information is very compelling.

你可以想像一些結構，例如股利。股利可以用來獎勵買進並長期持有的行為。所以，Pete，如果你去和上市公司的投資人關係（IRO）與財務長聊——坦白說，我職涯大多時間都在做這件事——他們告訴你的第一件事就是：他們其實是在黑暗中摸索。這個國家 200 年來層層疊疊建立起來的巢狀基礎設施，讓他們能取得的資訊非常有限。我們作為一家上市公司也親身體會。我們對自己股東的了解之少，幾乎到了可笑的程度。因此，代幣化所承諾的「更多資訊」，非常具有吸引力。

On the investor's side, it's going to give the investors much more opportunity to trade, for example, 24/7. So imagine you're a large investor in Asia interested in trading US Securities. It'll give investors more options in terms of lending and borrowing their shares and pledging their shares as collateral. And so if you're making investors happy, you're also making the issuers happy, but the thing I just set you at ease with is what's really set me at ease as well, because like the thing Dave and I have said publicly, but I'll repeat it again, the only doubt the only question here is how quick will the adoption curve be?

在投資人端，它會讓投資人有更多交易機會，例如 24/7 交易。想像你是一位在亞洲、對交易美國證券有興趣的大型投資人。它也會讓投資人在出借與借入股票、以及將股票作為抵押品質押方面有更多選項。所以當你讓投資人更滿意，你也同時讓發行人更滿意；但我剛才想讓你放心的點，也同樣讓我放心——因為就像 Dave 和我公開說過的，我再重申一次：這裡唯一的疑慮、唯一的問題，就是採用曲線會有多快？

And we made a conservative assumption when we put out figures last week, quite conservative, as you can see yourself, Pete. And in the last week, what we realized is, oh, boy, there's the opportunity. This thing is going to take off real fast. And it's because of that groundswell of support that we've gotten on the transaction and interest in tokenizing shares.

我們上週發布數字時採用了保守的假設，而且相當保守，你自己也看得出來，Pete。而在過去一週，我們意識到：哇，機會就在這裡。這件事會非常快速地起飛。原因就在於我們在這筆交易上獲得的那股支持浪潮，以及市場對股票代幣化的興趣。

And, Pete, I'll just add a little bit from my seat as the CFO. I do think. The person purchasing transfer agent services and tokenization services in the future will be the CFO. Heretofore, the transfer agent service was largely attached for no value add. It was required by law, but you didn't see it. You didn't really sure what functionality it provided you, and it was handled by your legal team and probably someone down the rung in the legal team. 24/7 price discovery, access to new buyer bases, and any modicum of incremental visibility into my shareholder base is worth substantially more than the product I paid for today at liquidity.

Pete，我再從我作為財務長（CFO）的角度補充一點。我確實認為。未來購買過戶代理（transfer agent）服務與代幣化服務的人會是財務長。過去，過戶代理服務多半是「附帶的」，幾乎沒有附加價值。法律要求必須有，但你看不見它。你也不太確定它到底提供了什麼功能；通常是由法務團隊處理，可能還是法務團隊中較基層的人在負責。24/7 的價格發現、接觸新的買方族群，以及對我的股東基礎哪怕只是些許增加的可視性，其價值都遠遠高於我今天在 Liquidity 所付費買到的產品。

I feel deeply convicted about that, and I look forward greatly to discussing this with all the CFO issuers of the world, frankly. And I do think that this product is going to have instant traction from what we've seen. We need the Liquidity venues to catch up. We are pursuing, as Thomas mentioned, two different licenses to enable bullish to trade securities in our single.

我對此深信不疑，也非常期待與全球所有發行人端的財務長深入討論，坦白說。而且就我們所見，我確實認為這個產品會立刻獲得市場牽引力。我們需要流動性交易場域跟上腳步。正如 Thomas 提到的，我們正在申請兩種不同的牌照，以便讓 Bullish 能在我們的單一

Global order book and unified account structure around the world. We expect both of those licenses to be obtained during the course of 2026. We also expect third-party trading venues. Both here and possibly abroad as well to begin during this year. And so we think the liquidity problem and the 24/7 price discovery promise will be fulfilled in the not-too-distant future, followed by incremental visibility into your shareholder base, and then additional services and benefits that Tom just mentioned, which turn your stock into an asset it's never been before. And we're quite excited about the future. The inbounds we've gotten are beyond crypto-native companies. As Tom mentioned, we've. We've spoken and gotten inbounds from industrial-type companies. So it's exciting. We look forward to getting back to work and building the future of tokenized equities.

全球委託簿與全球統一帳戶架構下交易證券。我們預期這兩張牌照都會在 2026 年內取得。我們也預期第三方交易場域——無論是在本地，或可能在海外——都會在今年開始啟動。因此，我們認為流動性問題與 24/7 價格發現的承諾，會在不久的將來實現；接著是對你股東基礎的增量可視性，然後是 Tom 剛提到的其他服務與效益，讓你的股票變成一種前所未有的資產。我們對未來非常興奮。我們收到的來訊不僅來自加密原生公司。如 Tom 所說，我們。我們也與工業類型的公司交流並收到他們的來訊。所以這很令人振奮。我們期待回到工作崗位，打造代幣化股票的未來。

I wanted to give you one last example, Pete, and I know I'm going kind of full nerd on the market plumbing here, but going back to -- well, going back to my days at the New York Stock Exchange, spending time with issuers, but frankly, going back to Monday when I was at the SEC. One issue that vexes CFOs and investor relations is so-called naked short-selling. I know to many of us on the call with analogies, how big of a problem is that? It is detested in the issuer community. And tokenizing shares instantly causes that issue to go away for those tokens. So it's just another example of where the transparency will really benefit the issuers.

Pete，我想再給你最後一個例子。我知道我在市場基礎設施（market plumbing）這塊有點太「技術宅」了，但回到——嗯，回到我在紐約證券交易所的日子，花時間和發行人相處；其實也回到週一我在美國證券交易委員會（SEC）時。有一個讓財務長與投資人關係部門很頭痛的問題，就是所謂的「裸賣空」（naked short-selling）。我知道對我們電話會議上的許多人來說，會想用類比來問：這到底有多嚴重？在發行人社群中，這是非常令人厭惡的行為。而把股票代幣化，會讓這個問題在那些代幣上立刻消失。所以這只是另一個例子，說明透明度將如何真正讓發行人受益。

Ken Worthington, J.P. Morgan.

Ken Worthington，J.P. Morgan。

I wanted to dig a bit into more of the SS&O line this quarter. It was flat despite the consensus Hong Kong event this quarter. Can you give us the puts and takes. In SS&O this quarter that kept revenue flat relative to 4Q levels.

我想更深入了解一下本季 SS&O 這條線的情況。儘管本季有 Consensus Hong Kong 活動，但它仍然持平。你能否說明一下其中的利多與利空因素？本季 SS&O 有哪些因素使營收相較於第 4 季水準維持持平。

Yeah, Ken, appreciate the question.

好的，Ken，感謝你的提問。

As we discussed in February when we gave the full-year guidance, we said in terms of the puts and takes on SS&O, the headwinds would include. Macro forces outside of our control, namely digital asset prices. As I mentioned, Bitcoin was down 24% quarter-over-quarter. Every other digital asset was down far worse than that. Additionally, interest rates, which do affect some of our stablecoin-based revenues, were also down 10%.

如同我們在 2 月提供全年指引時所討論的，談到 SS&O 的利多與利空因素時，我們說逆風將包括：我們無法控制的外部總體因素，主要是數位資產價格。如我提到的，比特幣季對季下跌 24%。其他所有數位資產的跌幅都遠大於此。此外，利率也影響我們部分以穩定幣為基礎的收入，而利率也下跌了 10%。

And finally, I mentioned the selective discontinuation of legacy liquidity service offerings that originated from approximately the 2023 time period. That are no longer priorities for our business going forward. We took all of those headwinds instantly in the first quarter. We got on with business with regard to focusing our resources around liquidity services. We plan to continue providing into the future, did not renew most of the contracts or nearly all of the contracts that we intended to exit for the year. We absorbed the price immediately and we absorbed the rate impact immediately.

最後，我也提到我們選擇性地停止部分源自約 2023 年期間的傳統流動性服務產品。這些在未來已不再是我們業務的優先事項。我們在第一季就立即承受了所有這些逆風。並持續推進業務，將資源聚焦在我們計畫未來持續提供的流動性服務上。我們沒有續約大多數、或幾乎所有我們原本打算在今年退出的合約。我們立即吸收了價格影響，也立即吸收了利率影響。

Despite all those headwinds, we were able to have Consensus Hong Kong, which is the smallest. Of the two events helped more than offset that, and we were able to eke out a slightly positive sequential growth quarter, which all things considered in the current environment, we're pretty proud of. We can always do better. But we did absorb all the negative headwinds I discussed for the full year immediately in the first quarter.

儘管有上述所有逆風，我們仍舉辦了 Consensus Hong Kong（這是兩個活動中較小的一個）。它的助益足以抵銷上述影響，我們得以勉強實現些微的連續季成長；在目前環境下，綜合考量我們對此相當自豪。我們當然還能做得更好。但我所談到的全年所有負面逆風，我們在第一季就已經立即承受了。

Joseph Vafi, Canaccord Genuity.

Joseph Vafi，Canaccord Genuity。

Chris Brendler, Rosenblatt Securities.

Chris Brendler，Rosenblatt Securities。

I'd like to ask on the US

我想問一下關於美國

Expansion, sort of that wasn't that long ago that you were able to start soliciting US Clients, and it sounds like this tokenization initiative is very US-focused. So, you can give us an update on your progress in building your US Client base and how this acquisition actually might accelerate that growth. Thanks.

擴張的部分。你們不久前才開始能夠招攬美國客戶，而聽起來這個代幣化（tokenization）計畫非常以美國為重點。所以，你能否更新一下你們在建立美國客戶基礎方面的進展，以及這項收購實際上可能如何加速該成長？謝謝。

Yeah, kind of taking it in reverse order, I just want to highlight that Equiniti. Is actually the market leader in the UK. And has a presence in many countries. So if our message seems too US-centric, it may just be because it's coming from Americans who happen to be sitting in New York City. But this is truly a global opportunity that extends beyond the US And includes both equities and debt securities.

好的，我先倒過來回答。我想先強調，Equiniti。其實是英國的市場領導者。並且在許多國家都有據點。所以如果我們的訊息聽起來過於以美國為中心，可能只是因為這些話是由剛好坐在紐約市的美國人說出來的。但這確實是一個超越美國的全球性機會，並且同時涵蓋股票與債務證券。

The US Initiative is going very well. As we've told you about on prior calls, the customers continue to ramp up, but perhaps the most exciting part of it is that now we're seeing a US. Funnel or pipeline that includes some of the largest financial institutions in the world.

美國的計畫進展非常順利。如同我們在先前的電話會議中告訴各位的，客戶持續擴張，但也許最令人振奮的是，我們現在看到一個美國的漏斗或管線，其中包含一些全球最大的金融機構。

Now, the downside of that is it extends the sales cycle because these are firms that go through extensive diligence, reverse diligence, compliance, regulatory, and we can stand up to the scrutiny, but it takes time. But our US Launch that we started just post the IPO back in the early fall is moving a pace just as we expected it would and perhaps slightly exceeding expectations.

當然，缺點是這會拉長銷售週期，因為這些公司會進行廣泛的盡職調查、反向盡職調查、合規與監管流程；我們能經得起檢視，但需要時間。不過，我們在 IPO 後初秋剛啟動的美國上市（launch）進展速度符合我們的預期，甚至可能略微超出預期。

Okay, great. And then I had a follow-up.

好的，很好。然後我有一個追問。

Can you just give us, I guess, a little bit of insight into the level of competition between ComputerShare and Equinity? I feel like it's like a happy duopoly, but is there an opportunity as you add these services and potentially differentiate the platform as you take over, is there an opportunity for Equinity to gain share in your mind?

你能否提供一些看法，談談 ComputerShare 與 Equinity 之間的競爭程度？我感覺這像是一個相對穩定的雙頭壟斷，但當你們加入這些服務、並在接手後可能讓平台差異化時，Equinity 是否有機會在你看來提升市占？

Yeah, great question. There's a little bit of back to the future for me. Having spent many years leading the New York Stock Exchange, it's not an entirely dissimilar market structure. So I can speak somewhat authoritatively on it, even though we haven't closed down the transaction and still have several months here to get the deal completed.

是的，很好的問題。對我來說有點像回到未來。我曾多年領導紐約證券交易所，市場結構並非完全不同。因此即使我們尚未完成交易、距離完成仍有幾個月，我也能相對有權威地談談這件事。

There is absolutely an opportunity to grow market share. In fact, we've received inbound from multiple customers from other transfer agents in just the last week who have acknowledged that having one unified transfer agent ledger, in other words, we don't have a crypto transfer agent working together with a traditional certificated share transfer agent, which introduces great complexity to the issuer. We have one.

絕對有機會提升市占。事實上，就在過去一週，我們收到多位來自其他過戶代理（transfer agents）客戶的主動接洽；他們認同擁有一個統一的過戶代理名冊（ledger）——換言之，我們不是讓一個加密過戶代理與一個傳統的實體憑證股票過戶代理一起運作，這會為發行人帶來很大的複雜性。我們只有一個。

Traditional ledger has already been an appealing has been an appealing message for us. I will say the retention rates for both Equiniti and competitors are fairly high in this industry, and so the battleground is often on new listings, IPOs.

這個傳統名冊的訊息對我們而言一直很有吸引力，也一直是很有吸引力的主張。我會說，在這個產業中，Equiniti 與競爭對手的留存率都相當高，因此戰場往往在新上市、IPO。

And then slowly growing the share from the installed base slowly. So this isn't something that's going to flip overnight from 50% market share globally to 75. But clearly, we will have a better mousetrap, and we are going to accelerate our build efforts, our investment efforts. You saw a little bit of that, as Dave highlighted, in the first quarter. And if I can editorialize for a second here. I know it's going to sound like an elliptical answer. I wanted to give everybody a sense of the context here. It became clear to us, and frankly to many in the industry, about a year ago that the unlock here for tokenization is the transfer agent.

然後再從既有客戶基礎中逐步、緩慢地提升市占。所以這不會是一夜之間就從全球 50% 市占翻到 75%。但很明顯，我們會有更好的解決方案，而我們也將加速我們的建置投入與投資力度。如 Dave 所強調的，你們在第一季已經看到一些端倪。如果我在這裡稍微評論一下。我知道這聽起來可能像是一個迂迴的回答。我想讓大家理解這裡的背景脈絡。大約一年前，我們以及坦白說產業內許多人都清楚，代幣化的關鍵解鎖點在於過戶代理（transfer agent）。

And the reason is, the transfer agent works hand in hand with the issuer, and only the issuer. Only the issuer. If you remember one thing from this earnings call, please remember this. Only the issuer can allow for a token to be the share of stock in the company.

原因在於，過戶代理與發行人密切合作，而且只與發行人合作。只有發行人。如果你只記住本次財報電話會議的一件事，請記住這點。只有發行人才能允許某個代幣成為公司股票的股份。

No one else can do that. And so when that really dawned on us as it dawned on others, Dave and I decided to zig when others were zagging, and we said, we need, in one fell swoop. To have a unified transfer agent ledger and thousands and thousands of issuers. And so this equinity deal has been in the works since the week of Labor Day 2025.

其他任何人都做不到。因此當這點真正讓我們恍然大悟、也同樣讓其他人意識到時，Dave 和我決定在別人往另一個方向走時選擇不同的路；我們說，我們需要在一次到位的情況下。擁有一個統一的過戶代理名冊，以及成千上萬的發行人。因此，這筆 equinity 交易自 2025 年勞動節當週起就一直在推進中。

And in fact, we've been moving towards an announcement in earnest here most of 2026. And so we have been investing in our capability to acquire these assets, integrate this business, do it in a thoughtful way. And preparing for this day for many months. This isn't something that was slapdashed or came out, last week. And so you're seeing those investments, and we will be prepared.

事實上，2026 年的大部分時間我們都在積極推進，朝著正式公告邁進。因此，我們一直在投資我們的能力，以收購這些資產、整合這項業務，並以審慎的方式完成。並且為這一天準備了許多個月。這不是草率拼湊、也不是上週才突然冒出來的事情。所以你們看到的就是這些投資，而我們也會做好準備。

Joseph Vafi, Canaccord Genuity.

Joseph Vafi，Canaccord Genuity。

Sorry about my inability to find my unmute button here. Do you think you could frame, it's early days, but the revenue opportunity coming from an issuer that is obviously on equinity today. That would add a tokenization option on their equity and how that may look just from an issuer perspective and then a broader ecosystem revenue opportunity play.

抱歉我這邊找不到解除靜音按鈕。你能否從發行人角度幫我們勾勒一下——雖然還在早期——來自某個目前顯然已在 Equinity 的發行人的營收機會？也就是在其股權上新增一個代幣化選項，從發行人視角看會是什麼樣子，以及更廣泛的生態系營收機會布局。

Thank you.

謝謝。

Yeah. Hey, Joseph, can you just re-ask the first part of the question? Are you just saying, like, how far is the day when somebody can have tokenized stock available? Is that right?

好的。嗨，Joseph，你能把問題的第一部分再問一次嗎？你是想問，比如說，距離有人可以提供代幣化股票的那一天還有多遠？是這個意思嗎？

Not really.

不完全是。

More like if an issuer decides to, provide, a sleeve of their stock in a tokenized form, what does that mean for a quantity bullet from a revenue perspective, maybe providing that service, and then from there, what does it mean? Kind of in a broader ecosystem opportunity for the company, providing that stock service, both in traditional electronic and then tokenized form.

更像是：如果某個發行人決定把他們股票的一部分以代幣化形式提供，從營收角度看，對 Equinity 來說意味著什麼——例如提供該服務的收入貢獻？然後再往外延伸，對公司而言，在更廣泛的生態系機會上意味著什麼——同時提供傳統電子形式與代幣化形式的股票服務。

Yeah, no, excellent. Great question. I get it. It's kind of, hey, we're trying to build a financial model for something that's never been done before. Give us a little more context and contour around it. I'll just highlight, I'll let Dave offer a few words. I'll just highlight a couple of things. One this is not pie in the sky or on the come. This has actually been done by a great public company called Bullish.

是的，非常好。好問題。我明白了。這有點像：我們正在為一個前所未有的事情建立財務模型。請給我們更多背景與輪廓。我先簡單說幾點，也讓 Dave 補充幾句。我先強調幾件事。第一，這不是空中樓閣或只是未來可能發生的事。其實已經有一家很棒的上市公司 Bullish 做過了。

So last week, and part of why this announcement really resonated, the Bullish Board on Monday night voted to tokenize the shares of Bullish. And in fact, we... Went ahead and minted, I think it was 151 million shares on the Solana blockchain. And so we didn't so-called kind of tokenize, as you called it, a sleeve or a portion or a single class of shares. We just tokenized all of our shares, which is to say, we just added a characteristic to shareholdings, which is they can be in tokenized form.

所以上週，這也是為什麼這個公告引起很大共鳴：Bullish 董事會在週一晚上投票決定將 Bullish 的股份代幣化。而且事實上，我們……已經在 Solana 區塊鏈上鑄造（mint）了我記得是 1.51 億股。因此，我們並不是像你說的那樣只把一個「切片」或一部分或某一類股份做代幣化。我們是把所有股份都代幣化；也就是說，我們只是為持股新增了一個特性：它們可以以代幣化形式存在。

So you don't have to ask, if you're a bullet shareholder, you don't have to ask, hey, can you please go through some cumbersome process to tokenize your shares? They're all tokenized. And if you want to withdraw them. You can withdraw them. And it's on the Bullish Investor Relations website. What Dave highlighted earlier, that I'll highlight again, the thing that will grow very rapidly in 2026 is the ability to then do some very interesting thing with those tokens. That's the beauty of blockchain technology. And for those of you who haven't gone down the rabbit hole, the programmability and the composability are what create endless opportunities for what you can do with those tokenized shares.

所以如果你是 Bullish 股東，你不需要去要求說：嘿，能不能請你們走一個很繁瑣的流程把我的股份代幣化？它們全部都已代幣化。而如果你想把它們提領出去，你可以提領。這些資訊都在 Bullish 的投資人關係網站上。Dave 先前提到的，我再強調一次：2026 年會非常快速成長的是，能夠用這些代幣做一些非常有趣的事情。這就是區塊鏈技術的美妙之處。如果你們還沒有深入研究，所謂可程式化（programmability）與可組合性（composability）會創造出你能用這些代幣化股份做的無限機會。

I haven't even mentioned on this call the rise of AI agents and the intersection of tokenized shares with AI agents, but it's hard for any of us to comprehend exactly how powerful that combination will be. Just think back two years ago to the very first time you logged into ChatGPT versus what you can accomplish now with Claude Cowork.

我在這通電話裡甚至還沒提到 AI 代理（AI agents）的崛起，以及代幣化股份與 AI 代理的交會，但我們任何人都很難真正理解這種組合會有多強大。想想兩年前你第一次登入 ChatGPT，對比你現在用 Claude Cowork 能完成的事情。

So when you think about, hey, what will be the precise financial model here, I'll just start by saying it's very difficult for us to enumerate all of these. The opportunities for us to grow our financial model in really exciting ways. At a base level, can we charge for tokenization services to the issuers? Of course. Can we make incremental money from trading tokenized securities on our platforms where we're approved on both sides of the Atlantic?

所以當你在想：嘿，這裡精確的財務模型會是什麼？我先說，對我們而言要逐一列舉所有這些是非常困難的。我們在非常令人興奮的方式下擴展財務模型的機會很多。最基本的層面，我們能向發行人收取代幣化服務費嗎？當然可以。我們能在我們的平台上交易代幣化證券、並在我們於大西洋兩岸獲核准的市場中賺取額外收入嗎？

Obviously will we be able to add liquidity services to help these tokenizations be successful, much like we offer liquidity services for stablecoins, which. Simply the tokenized US Dollar so that they can be successful, of course, and this creates exponentially more opportunities to do so than the 40 or 50 stablecoin issuers that are in existence today. We're talking about global security issuers in the dozens of thousands all around the world.

顯然，我們是否能加入流動性服務來協助這些代幣化成功——就像我們為穩定幣提供流動性服務一樣；穩定幣本質上就是代幣化的美元——讓它們能成功，當然可以。而且相較於目前存在的 40 或 50 個穩定幣發行人，這會創造出指數級更多的機會。我們談的是全球各地、數以萬計的證券發行人。

So those are the obvious ones that we can point to, but the less obvious ones are how are we embedding fee infrastructures and revenue models into ongoing trading of the tokenization or that. Intersection of AI agents or the intersection with DeFi platforms over time. There's some that we just -- it's kind of mind-blowing, and we haven't yet put into our own financial models, and so I'm not going to try to convince you to do it in yours.

所以這些是我們可以指出的顯而易見的部分；但不那麼顯而易見的是：我們如何把費率基礎設施與營收模型嵌入到代幣化資產的持續交易之中，或是隨時間推進與 AI 代理的交會、或與 DeFi 平台的交會。有些事情我們就是——有點令人震撼——我們甚至還沒把它納入自己的財務模型，所以我也不會試圖說服你把它放進你的模型裡。

Yeah, and Joe, just highlight again, right, we stick by the guide for the medium-term outlook period of approximately 6% to 8%. But as Tom mentioned, a lot of these things are unfolding in real time. The existing transfer agent service, as I mentioned previously, is essentially a tax without any value add. It's a fairly low cost to a public company issuer. We believe that there's substantial value that will be provided via tokenization, and we can substantially increase the cost of the service without actually having it be terribly expensive at all for the issuer and still being very good value for money.

是的，Joe，我再強調一次，我們仍維持中期展望期間約 6% 到 8% 的指引。但如 Tom 所說，很多事情正在即時演進。我先前提到的既有過戶代理（transfer agent，TA）服務，本質上就像是一種沒有任何附加價值的稅。對上市公司發行人而言成本相對低。我們相信，透過代幣化將提供相當可觀的價值；我們可以大幅提高服務費，但對發行人來說仍不會變得很昂貴，同時仍然是非常高的性價比。

When it comes to the larger parts of our business, away from just the specific. TA revenue stream from the issuer for tokenizing their shares. Tom mentioned a lot of different angles that could flourish. I would just say that we see new opportunities with blockchain networks, stablecoin issuers, tokenized treasury issuers, and even retail distribution partners similar to what we pursued on the spot trading side. To enhance the revenue growth over time. We're working through all of those, frankly, in real time. And when we get back to the desk, that's what we're going to spend all of our time doing. And we look forward to keeping everyone updated as we move through the year on our progress.

至於我們業務中更大的部分，不僅僅是針對發行人將其股份代幣化所帶來的特定TA 營收來源。Tom 提到很多可能蓬勃發展的不同角度。我想說的是，我們看到與區塊鏈網路、穩定幣發行人、代幣化國庫券（tokenized treasury）發行人，甚至類似我們在現貨交易端所追求的零售分銷合作夥伴之間的新機會，以在時間推移中提升營收成長。坦白說，我們正在即時推進並梳理所有這些。等我們回到辦公桌前，這就是我們要投入全部時間做的事。我們也期待在今年推進過程中，持續向各位更新我們的進展。

(Operator Instructions)

(接線員指示)

Ed Engel, Compass Point.

Ed Engel，Compass Point。

Do you have any information on revenue per institutional customer for your existing SS&O business or potentially a range of that that we could potentially kind of use as a guidepost as a long-term target for cross-selling some of the issuer liquidity?

你們是否有任何關於現有 SS&O 業務中，每位機構客戶的營收資訊，或可能的一個區間，讓我們可以作為參考基準，用於長期目標——例如在交叉銷售部分發行人流動性服務時？

Hey, Ed, good morning. Thanks for the question. We haven't provided any specific disclosure on the exact number and average price cost of the liquidity services offering.

嗨，Ed，早安。謝謝你的提問。我們尚未就流動性服務方案的確切數字與平均定價/成本提供任何具體揭露。

I would note that there's a bit of a range, including larger-scale industrial relationships, such as our Solana collaboration, back to our regular way on-exchange liquidity services, which would be kind of a fraction of the revenue we generate from some of the more larger industrial partnerships with stablecoin issuers.

我想指出的是，這裡有一定的區間，包含更大規模的產業型合作關係，例如我們與 Solana 的合作；回到我們常規的交易所內（on-exchange）流動性服務，那部分的營收可能只占我們與某些更大型、與穩定幣發行人合作的產業夥伴關係所產生營收的一小部分。

For our Treasury, Solana Network partners and others we do see a large opportunity for liquidity services to be applied to the 3,000 public company issuers that Equiniti has and the additional ones that we intend to win over time. We're too early to begin sizing that opportunity, but as we mentioned and what we want to convey generally is we see the surface area for incremental revenue growth to be extremely large, and we plan on working through that over the. Of course, the back half of this year. We look forward to updating everyone, and we have a clear line of sight into where we think the plane will land and more context of disability that we can provide, we will do so.

對於我們的財資部門、Solana Network 合作夥伴以及其他各方而言，我們確實看到一個很大的機會：將流動性服務應用於 Equiniti 旗下 3,000 家上市公司發行人，以及我們計畫隨時間推進所要贏得的更多發行人。我們現在還太早，無法開始量化這個機會的規模；但如同我們先前提到、以及我們整體想傳達的是，我們認為可帶來增量營收成長的觸及面非常非常大，而我們計畫在今年下半年逐步推進這項工作。當然，是在今年的後半段。我們期待向各位更新；而且我們對於我們認為最終會落在何處有清晰的可視性，並且能提供更多可見度的背景脈絡時，我們也會這麼做。

Yeah, and I was just in terms of context. Yeah, go ahead.

是的，我只是就脈絡補充一下。對，你先說。

No, there you go, sorry.

不，你說吧，抱歉。

Yeah, I mean, we're a customer of Equiniti, and so we know what we pay, and we know what our Liquidity Services customers pay. And you're talking about, like, just two different -- we're just playing two different games. So our liquidity services deals often are seven figures, whereas, we're in the relatively low five figures for what we're currently paying for just kind of straight transfer. So that's one of the beauties of this transaction is the ability to provide much higher value.

是的，我的意思是，我們是 Equiniti 的客戶，所以我們知道我們付多少錢，也知道我們的流動性服務客戶付多少錢。而你談的是——就像——兩種完全不同的——我們其實是在玩兩個不同的遊戲。所以我們的流動性服務交易金額往往是七位數；而我們目前僅就一般的過戶服務所支付的費用，則相對是在較低的五位數區間。因此，這筆交易的美妙之處之一，就是能夠提供更高的價值。

Services such as our liquidity services to really ensure and enable that as these companies make this leap to the tokenized world and they take advantage of these real benefits, we're going to be able to provide this much higher value service to them, which they love. As we've talked about, our liquidity services customers are our happiest customers because the service is really quite valuable. So they will benefit from it. We will benefit from it in terms of a financial model.

像是我們的流動性服務等服務，能真正確保並促成：當這些公司躍遷到代幣化世界、並利用這些實質效益時，我們將能為他們提供這種更高價值的服務，而他們也很喜歡。如同我們談過的，我們的流動性服務客戶是我們最滿意的客戶，因為這項服務確實非常有價值。所以他們會從中受益。而我們也會在財務模型上受益。

That's great color. Thank you.

這些補充很有幫助。謝謝。

And then on the OpEx pull-forward for some of the tokenization investments, how do you think about building versus buying here, especially just given how many startups are in this space? Or is it too early to really -- I mean, I hear some of the other are focused on doing this internally.

另外，關於為部分代幣化投資而提前拉動的營運費用（OpEx），在「自建」與「收購」之間你們怎麼思考，尤其考量到這個領域有這麼多新創？還是說現在還太早，還很難——我的意思是，我聽到有些其他公司是專注於內部自行開發。

Yeah, it's kind of the way we look at everything. I'm sitting in a room here with Liam and Mike. We've probably looked at 250. Companies, the problem we have, the darn problem we have, we are very disciplined buyers, and we have a great team of native blockchain, PhD.

是的，這大概就是我們看待所有事情的方式。我現在跟 Liam 和 Mike 坐在同一個房間裡。我們大概看過 250 家。公司；我們的問題——該死的問題——是我們是非常有紀律的買方，而且我們有一支很強的原生區塊鏈、博士級（PhD）團隊。

Engineers, par excellence, second to none in the world, so we can just do it ourselves. And so we never say, oh, we're going to go buy in this area and we'll just put the product roadmap on hold. That's just not how we roll. We'd much rather build it ourselves and create an organic solution.

工程師，堪稱一流，全球無出其右，所以我們其實可以自己做。因此我們從不會說，喔，我們要在這個領域去買，然後就把產品路線圖先擱置。這不是我們的作風。我們更願意自己打造，並創造一個有機成長的解決方案。

But at the same time, we talk to everybody, and if somebody wants to believe in the vision and buy into the vision and be reasonable about the value of their own business, we're open to having a conversation, and it's no different here. The nice thing is we've already been building, essentially, a transfer agent.

但同時，我們也會跟所有人談；如果有人願意相信這個願景、投入這個願景，並且對其自身業務的價值抱持合理態度，我們願意對話；在這裡也沒有不同。好的一點是，我們其實已經在打造——本質上——一個過戶代理（transfer agent）。

We got, as we told you back in Q3, we got our own regulatory license. We weren't waiting for an equity to come along.

如同我們在第三季（Q3）時告訴各位的，我們已經取得了自己的監管牌照。我們並不是在等某個 Equiniti 出現。

We already had the smart contract engineers, and, in fact, have had them from our founding. We are already building smart contracts. We're already bridging layer 1s to layer 2s. We're already doing tokenization services to stablecoins, as we've talked about many times with you in the past. And so we don't have to go buy anything. We're already a leader and in the lead transaction, but we're open to it. And we will continue to have those conversations.

我們早就有智慧合約工程師，而且事實上從創立之初就有。我們已經在開發智慧合約。我們已經在把第一層（Layer 1）橋接到第二層（Layer 2）。我們已經在提供代幣化服務給穩定幣，正如我們過去多次與各位談到的。因此我們不必去買任何東西。我們已經是領導者，而且在這筆交易中處於領先位置，但我們也保持開放。我們會持續進行這些對話。

Yeah, just to reiterate, as we go through time here, pursue our goals and our strategic ambitions, we will never be put in a position where we have to buy. That is what I reiterate time and time again around here. We will build and then you're not forced to buy and you're in a better position to buy when you want to. So we'll continue to pursue our ambitions. Through that lens, we will build, and if we want to buy, we'll be in a strong position to do it because we won't be beholden to any seller in an event that we have to buy. That will never happen to bullish.

是的，再重申一次，隨著時間推進、追求我們的目標與策略雄心，我們永遠不會讓自己處於「非買不可」的處境。這就是我在這裡一再重申的。我們會先建置，如此你就不會被迫去買；而當你想買的時候，你也會處在更有利的位置。所以我們會持續追求我們的雄心。從這個角度來看，我們會建置；而如果我們想買，我們也會處於強勢位置，因為我們不會在必須收購的情況下受制於任何賣方。這種情況在 bullish 絕不會發生。

So I just want to -- I'm sorry.

所以我只是想——抱歉。

Sorry about that, Stephanie. I appreciate you asking those great questions. I just want to, once again, say thank you to all of you. We'll be back. Next quarter, sharing a lot more information, as Dave described, not just on bullish, but also on the pro forma company, including the asset, the strategic assets that we acquired last week, really give you a sense of where all that's headed both in 2026 actual results, but also kind of into the future.

Stephanie，不好意思。感謝你提出那些很棒的問題。我想再次向各位說聲謝謝。我們下個季度會再回來，分享更多資訊；如 Dave 所描述的，不僅是關於 bullish，也會談到備考（pro forma）公司，包括我們上週收購的資產、策略性資產，讓各位真正了解這一切的走向——不僅是 2026 年的實際結果，也包括更長遠的未來。

Thank you so much for being here. This is going to be super exciting. It's the most fired up I've ever been in my career. This opportunity to take the global securities market and put it onto a new programmable, customizable technology platform with tons and tons of benefits for issuers and investors is going to be a blast. Go bullish.

非常感謝各位今天在場。這將會非常令人振奮。這是我職涯中最熱血的一次。這個機會——把全球證券市場搬到一個全新的、可程式化、可客製化的技術平台上，並為發行人與投資人帶來大量好處——將會非常精彩。Go bullish。

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

各位女士先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。