Bullish (BLSH) 2026 Q2 法說會逐字稿

Thank you for standing by, and welcome to Bullish second-quarter 2026 earnings conference Call. (Operator Instructions)

感謝您耐心等候，歡迎參加 Bullish 2026 年第二季財報電話會議。(接線員指示)

I would now like to hand the call over to Michael Fedele, Vice President of Finance. Please go ahead.

現在我想把電話交給財務副總裁 Michael Fedele。請開始。

Good morning, and welcome to our second quarter earnings call. I'm Michael Fedele, 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.

各位早安，歡迎參加我們的第二季財報電話會議。我是 Michael Fedele，今天與我一同出席的有：我們的執行長 Tom Farley；財務長 David Bonanno；以及企業發展總監 Liam Foley。

This call will contain forward-looking statements, including those relating to our expected performance and business opportunities, our proposed acquisition of Equiniti Group, the anticipated benefits and strategic rationale of the transaction, expected timing and closing conditions and business opportunities following the transaction.

本次電話會議將包含前瞻性陳述，包括與我們預期的業績與商機、我們擬收購 Equiniti 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機等相關內容。

These statements are not assurances of future performance and are subject to risks and uncertainties that could cause actual results to differ materially. Such risks include, among others, the possibility that the Equiniti transaction may not be completed, failure to obtain required regulatory approvals, the possibility that anticipated benefits may not be realized and the risks related to the integration of Equiniti's business.

這些陳述並非對未來表現的保證，且受風險與不確定性影響，可能導致實際結果出現重大差異。此類風險包括但不限於：Equiniti 交易可能無法完成、未能取得所需的監管核准、預期效益可能無法實現，以及與整合 Equiniti 業務相關的風險。

For more details on these and other risks, please refer to today's earnings press release and our SEC filings, including our 20-F dated March 9, 2026. We undertake no obligation to update or revise any forward-looking statements.

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以及我們向美國證券交易委員會（SEC）提交的文件，包括我們於 2026 年 3 月 9 日提交的 20-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.

本次電話會議也將討論非 IFRS 財務衡量指標。與最直接可比的 IFRS 指標之調節表可見於我們的財報新聞稿與簡報，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.

接下來我把電話交給 Tom。

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

謝謝你，Mike。各位早安。感謝各位參與。我是 Bullish 董事長兼執行長 Tom Farley。

A year ago today, Bullish went public on the New York Stock Exchange. Thank you for following us and supporting us as a public company. A year ago today, our old school certificated shares began changing hands. A year later, I'm pleased to share with you that beginning yesterday, Bullish's tokenized shares are trading on our own regulated venue for the first time. This also marks Bullish's first trades of any tokenized security.

一年前的今天，Bullish 在紐約證券交易所上市。感謝各位一路關注並支持我們作為一家上市公司。一年前的今天，我們傳統的紙本股票開始在市場上交易。一年後，我很高興與各位分享：自昨天起，Bullish 的代幣化股票首次在我們自有的受監管交易場所開始交易。這也標誌著 Bullish 首次進行任何代幣化證券的交易。

This is just the beginning. We are building the infrastructure for tokenized securities. And this quarter, we turned that from a blueprint into something real. Our business has remained diversified and resilient against a soft quarter for crypto with prices and volatility down across the market. Our diversified largely recurring revenue base and mission-critical product offerings have helped carry us through, and our pending acquisition of Equiniti will be another step towards further business model resilience.

這只是開始。我們正在打造代幣化證券的基礎設施。而在本季，我們把藍圖變成了真實可用的成果。即使加密市場本季偏弱、整體價格與波動性下滑，我們的業務仍維持多元且具韌性。我們多元且以經常性收入為主的營收基礎，以及具關鍵任務屬性的產品供給，幫助我們度過這段期間；而我們對 Equiniti 的待完成收購，將是進一步提升商業模式韌性的另一個步驟。

Regarding Equiniti, we're on track to close in January 2027. We have all of the antitrust clearances secured and other regulatory approvals are advancing. Both companies are already building today for the future combined business.

關於 Equiniti，我們正按計畫於 2027 年 1 月完成交割。我們已取得所有反壟斷核准，其他監管核准也在推進中。兩家公司目前已在為未來的合併後業務共同打造能力。

What excites me most is the demand from public companies, Layer 1 and Layer 2 blockchains and other market participants who want to get started in earnest on issuing tokenized securities. The build of this ecosystem will take time, but the interest and demand are already there.

最令我振奮的是，來自上市公司、Layer 1 與 Layer 2 區塊鏈以及其他市場參與者的需求，他們希望真正開始發行代幣化證券。建立這個生態系需要時間，但興趣與需求已經存在。

I'm pleased to share that on October 27, we'll be headed to the New York Stock Exchange for a showcase where we'll share a first look at the tokenization platform. We will introduce new issuer and Layer 1 partners and demonstrate live tokenized equity issuance and trading. Tokenization of security sits at the heart of our strategy and is the central theme in the modernization of market structure.

我很高興分享，10 月 27 日我們將前往紐約證券交易所舉辦展示活動，屆時將首次揭示代幣化平台。我們將介紹新的發行人與 Layer 1 合作夥伴，並示範代幣化股權的即時發行與交易。證券代幣化位於我們策略的核心，也是市場結構現代化的中心主題。

Tokenization is the process of turning static traditional financial assets into active programmable blockchain-based assets.

代幣化是將靜態的傳統金融資產，轉變為可在區塊鏈上運作、可程式化的動態資產的過程。

In May, we announced our agreement to acquire Equiniti, the second largest transfer agent in the world. Tokenized real-world assets on chain have grown more than 20-fold since around 2024 to roughly $37 billion. Tokenized cash in the form of stablecoins is now around $290 billion. Securities are the largest wave still to come, a roughly $270 trillion market that Citi sees reaching about $5.5 trillion tokenized by 2030. I believe this is quite conservative.

在 5 月，我們宣布已達成協議收購 Equiniti——全球第二大股票過戶代理機構。鏈上代幣化實體資產自約 2024 年以來已成長逾 20 倍，達到約 370 億美元。以穩定幣形式存在的代幣化現金目前約為 2,900 億美元。證券將是尚未到來的最大一波浪潮，這是一個約 270 兆美元的市場；花旗預估到 2030 年代幣化規模可達約 5.5 兆美元。我認為這個估計相當保守。

Not all tokenization is the same, and that distinction is the basis of our strategy. We are focused on issuer-sponsored tokenization, where the company itself chooses to tokenize its actual shares and its transfer agent records the token as the real legal share on the official register. That is very different from a synthetic token where a third party wraps a claim on a share it holds elsewhere or maybe doesn't even hold it elsewhere at all, and the issuer sees none of the benefits of this tokenization.

並非所有代幣化都相同，而這個差異正是我們策略的基礎。我們聚焦於「由發行人主導的代幣化」，也就是公司本身選擇將其真實股份代幣化，並由其股票過戶代理在官方股東名冊上將該代幣記錄為具有法律效力的真實股份。這與「合成代幣」截然不同；合成代幣是第三方將其在其他地方持有（或甚至可能根本未持有）的股份權利包裝成代幣，而發行人無法享有此類代幣化帶來的任何好處。

When the issuer, on the other hand, creates the token, the token is the actual share, true legal title, the issuer can finally see who owns its stock. Corporate actions and voting can be programmed into the instrument and a greater share of the economics can flow back to the issuer.

相反地，當由發行人創建代幣時，該代幣就是實際股份、具真正法律所有權；發行人終於能看見誰持有其股票。公司行動與投票可被寫入並以程式方式執行於該工具中，且更大比例的經濟利益可回流至發行人。

Investors gain too. They benefit from smoother collateralization of their holdings, around-the-clock trading, instant and atomic settlement, fractional access and access to shareholder rewards and a more direct relationship with public company issuers, a facet that issuers are also very excited about.

投資人也同樣受益。他們可享有更順暢的持倉抵押化、全天候交易、即時且原子化的結算、碎股化的參與，以及取得股東獎勵與與上市公司發行人更直接的關係——這一點也是發行人非常期待的面向。

I'd like to spend a few moments telling you a little more about Equiniti because the stand-alone business deserves to be better known. Equiniti maintains the share register, the legal record of ownership for nearly 3,000 corporate issuers, including roughly half of the FTSE 100 and 30% of the S&P 500. It serves more than 20 million shareholders and moves over $0.5 trillion of payments each year.

我想花幾分鐘再多介紹一些 Equiniti，因為其獨立業務值得被更多人認識。Equiniti 維護近 3,000 家企業發行人的股東名冊——也就是所有權的法律記錄，其中包括約一半的富時 100 指數成分股公司，以及 30% 的標普 500 指數成分股公司。它服務超過 2,000 萬名股東，並且每年處理超過 0.5 兆美元的款項支付。

We believe it is one of only two players of real scale in its markets with high barriers to entry, over 95% client retention rates and relationships that average well over a decade. And Equiniti is far more than a register. It runs five connected services as laid out on page 24 of the slide deck that are at the center of how public companies and their shareholders interact.

我們相信，在其市場中它是僅有的兩家真正具規模的業者之一，進入門檻高、客戶留存率超過 95%，且客戶關係平均維持遠超過十年。而 Equiniti 遠不只是名冊服務。它營運五項相互連結的服務，如投影片第 24 頁所示，這些服務位於上市公司與其股東互動方式的核心。

Each service is mission-critical, sticky and recurring. And together, they make Equiniti indispensable to how thousands of public companies operate.

每一項服務都是關鍵任務、黏著度高且具經常性。合在一起，讓 Equiniti 成為數千家上市公司營運方式中不可或缺的一環。

I'll now turn to how the Bullish business performed this quarter, starting with the exchange. On spot, our core market, trading volumes moderated with the broader crypto market, but we kept deepening our institutional footprint. One of the largest global wealth managers in the world selected Bullish as the exclusive crypto trading provider for their Asia business, and we began relationships with many new customers such as SoFi, Berenberg, Bit2Me, and BitGo Prime and others.

接下來我將談談 Bullish 本季的業務表現，先從交易所開始。在現貨市場——我們的核心市場——交易量隨整體加密市場而趨於溫和，但我們持續深化機構客群的布局。全球最大的財富管理機構之一選擇 Bullish 作為其亞洲業務的獨家加密交易供應商；同時我們也與許多新客戶建立合作關係，例如 SoFi、Berenberg、Bit2Me、BitGo Prime 等。

We keep winning the institutions that value a regulated venue. On options and derivatives, in a positive development, we now believe we will gain access to the US market for our perps, dated futures and options markets in the next several months, nearly a year earlier than we previously anticipated. We believe that the United States is by far the largest global market for derivatives and represents a huge opportunity for Bullish to be amongst the first to offer onshore crypto derivatives.

我們持續贏得重視受監管交易場所的機構客戶。在期權與衍生品方面，令人振奮的正面進展是，我們現在相信在未來幾個月內，將可進入美國市場，推出我們的永續合約（perps）、到期日期貨與期權市場，較我們先前預期提早近一年。我們相信，美國迄今仍是全球最大的衍生品市場，對 Bullish 而言是巨大的機會，可望成為首批在岸提供加密貨幣衍生品的業者之一。

While industry volumes have contracted this year as volatility came down, we still believe that the digital assets derivatives markets will grow more quickly than spot volumes in the years to come. In the second quarter, we reduced trading incentives, prepared our US readiness plan and started putting in place partnerships with retail broker-dealers and also went live with other key market participants such as market access provider Paradigm.

儘管今年隨著波動性下降，產業成交量有所收縮，我們仍相信未來數年數位資產衍生品市場的成長速度將快於現貨成交量。在第二季，我們降低了交易激勵、準備了美國就緒計畫，並開始與零售券商（broker-dealers）建立合作夥伴關係，同時也與其他關鍵市場參與者上線合作，例如市場接入服務商 Paradigm。

While our volumes and market share declined in the second quarter, we are excited about our new strategic positioning and the long-term opportunity. Beyond the exchange, our media and events business continues to generate business opportunities throughout the Bullish business.

儘管我們的成交量與市占率在第二季下滑，我們對新的策略定位與長期機會感到振奮。除交易所之外，我們的媒體與活動業務也持續在 Bullish 全體業務中創造商機。

Consensus, our flagship conference, drew more than 16,000 people from over 100 countries to Miami, where we tokenized our own cap table live on stage, a first for an NYSE-listed company. CoinDesk and Consensus power our whole franchise. We are able to gather the industry together in a way that consistently generates new business opportunities. coindesk.com, our media arm, continues to experience strong growth with page views up by 10 million in Q2 2026, a 38% year-over-year increase.

Consensus 作為我們的旗艦大會，吸引了來自逾 100 個國家的超過 16,000 人前往邁阿密；我們在舞台上現場將自家股權結構表（cap table）代幣化，這是紐約證交所（NYSE）上市公司首例。CoinDesk 與 Consensus 為我們整個事業版圖提供動能。我們能以一種持續產生新商機的方式，將產業凝聚在一起。coindesk.com 作為我們的媒體部門，持續呈現強勁成長，2026 年第二季頁面瀏覽量增加 1,000 萬次，年增 38%。

Unique visitors increased 83% against the same period prior year, and our market share continues to consolidate. Our CoinDesk indices continue to power institutional products. In April, Morgan Stanley chose CoinDesk as the benchmark index for their flagship Bitcoin ETP, which has already reached roughly $400 million in assets.

不重複訪客數較去年同期增加 83%，我們的市占率也持續集中提升。我們的 CoinDesk 指數持續為機構產品提供支撐。4 月，摩根士丹利選擇 CoinDesk 作為其旗艦比特幣 ETP 的基準指數，該產品資產規模已達約 4 億美元。

We continue to win repeat business with our licensees. For example, Grayscale launched their hyper-liquid ETP with our indices in June and Morgan Stanley launched with Ethereum and Solana ETPs with us in late July. We're putting wins on the board, but index revenue scales with the value of assets in each product.

我們持續從授權客戶（licensees）獲得重複性業務。例如，Grayscale 於 6 月以我們的指數推出其高流動性（hyper-liquid）ETP，而摩根士丹利則在 7 月下旬與我們合作推出以太坊與 Solana 的 ETP。我們持續取得成果，但指數收入會隨各產品資產價值的變動而擴張。

So a softer price environment has held total index revenue back even as we gained share and our mandates add up. Liquidity services delivers sticky recurring revenue from our delivery of the listing, liquidity and visibility that every asset needs to come to market and trade well. In Q2, we continued adding great new clients, including the first exchange to list SoFi's new stablecoin, SoFiUSD.

因此，即使我們市占提升、委任案累積增加，較疲弱的價格環境仍使整體指數收入受到壓抑。流動性服務透過提供每項資產上市與良好交易所需的掛牌、流動性與能見度，帶來具黏著度的經常性收入。在第二季，我們持續新增優質客戶，包括成為首家上架 SoFi 新穩定幣 SoFiUSD 的交易所。

Finally, on the topic of regulation and legislation here in the United States, the CLARITY Act did not advance this session. While clear market structure legislation would help the entire industry, our strategy does not depend on it. Per reporting by Bloomberg, the SEC is expected to publish a so-called innovation exemption potentially in the weeks ahead, which would provide some rules of the road for tokenized securities.

最後，談到美國的監管與立法議題，CLARITY 法案在本會期未能推進。雖然明確的市場結構立法將有助於整個產業，但我們的策略並不依賴其通過。根據彭博報導，SEC 預計可能在未來數週內發布所謂的「創新豁免」，為代幣化證券提供一些可遵循的規則框架。

We have advocated for this innovation exemption and would welcome this as great progress. We and issuers are hopeful that this announcement will include provisions that provide control to the issuer of the token issuance process. If indeed, the SEC does provide a role for the issuer, we believe this will further cement the importance of the issuer-sponsored token and provide further validation that our acquisition of Equiniti was the right partnership at the right time.

我們一直倡議此項創新豁免，並樂見其作為重大進展。我們與發行人都希望該公告將包含條款，使發行人能掌控代幣發行流程。若 SEC 確實賦予發行人角色，我們相信這將進一步鞏固「發行人主導代幣」的重要性，並進一步驗證我們收購 Equiniti 是在對的時間建立對的合作夥伴關係。

And practically speaking, this innovation exemption will prompt a dialogue among all of our issuer customers about tokenization on an accelerated timeline.

從實務面來看，這項創新豁免將促使我們所有發行人客戶就代幣化議題在更快的時程下展開對話。

Thank you again for your support over the last year. I'll hand it to Dave.

再次感謝各位過去一年的支持。接下來交給 Dave。

Thank you, Tom, and good morning, everyone. This morning, we published our second 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 6-K.

謝謝你，Tom，各位早安。今天早上，我們已發布 2026 年第二季財務結果，並同步提供向 SEC 提交的 6-K 文件，以及我們的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，我們非 IFRS 指標的調節表已包含在今日的財報簡報與 6-K 中。

Now turning to our second quarter adjusted financial results and KPIs as shown on page 14 of today's presentation.

接著說明我們第二季的調整後財務結果與 KPI，如今日簡報第 14 頁所示。

Total adjusted revenue was $92.6 million, essentially flat with the first quarter and up 62% year over year. Subscription services and other revenue reached a record $62.7 million during the second quarter and adjusted transaction revenue came in at $29.9 million. Adjusted operating expenses for the second quarter were $63.1 million, reflecting our previously provided guidance that 2Q would represent our peak level of quarterly adjusted operating expenses in 2026.

調整後總營收為 9,260 萬美元，與第一季基本持平，年增 62%。第二季訂閱服務與其他收入創新高，達 6,270 萬美元；調整後交易收入為 2,990 萬美元。第二季調整後營業費用為 6,310 萬美元，符合我們先前提供的指引：2026 年第二季將是全年單季調整後營業費用的高峰。

Our increased operating expenses were driven by Consensus related costs and approximately $2.5 million in onetime compensation expenses tied to our broader business transformation. This investment in our human capital included signing bonuses for incoming senior talent and retention and relocation bonuses for some of our existing leaders.

營業費用增加主要由 Consensus 相關成本，以及約 250 萬美元與更廣泛業務轉型相關的一次性薪酬費用所帶動。這項對人力資本的投資包含：新進高階人才的簽約獎金，以及部分既有主管的留任與搬遷獎金。

These onetime compensation expenses will be offset in the second half of the year by efficiencies already realized in Q3 as we continue to optimize our spending across the entire cost base. Second-quarter adjusted EBITDA was $29.5 million at an approximately 32% margin, and adjusted net income was $14.3 million after finance expense of $14.5 million.

這些一次性薪酬費用將在下半年由成本效率所抵銷；我們已在第三季實現部分效率，並將持續在整體成本基礎上優化支出。第二季調整後 EBITDA 為 2,950 萬美元，利潤率約 32%；在 1,450 萬美元財務費用後，調整後淨利為 1,430 萬美元。

Turning to our balance sheet, as shown on page 17, we ended the quarter with net liquid assets of $2.1 billion. Looking forward for the remainder of the year, we've updated Bullish's 2026 full year guidance as shown on page 22, narrowing our previously provided guidance due to increased full year visibility.

再看資產負債表，如第 17 頁所示，我們在季末的淨流動資產為 21 億美元。展望今年剩餘期間，我們已更新 Bullish 2026 全年指引（如第 22 頁所示），由於全年能見度提高，我們縮窄了先前提供的指引區間。

SS&O revenue is now expected to be between $225 million to $245 million. Based on our current outlook, we expect the second half SS&O revenue implied by our guidance will be split roughly 45% in the third quarter and 55% in the fourth quarter with new partnerships already signed and coming online this quarter driving that expected sequential growth.

SS&O（訂閱服務與其他）收入目前預期介於 2.25 億至 2.45 億美元。依據目前展望，我們預期指引所隱含的下半年 SS&O 收入，約有 45% 來自第三季、55% 來自第四季；本季已簽署並將陸續上線的新合作夥伴，將帶動我們預期的季對季成長。

Adjusted operating expenses are expected to be between $225 million to $230 million, roughly equally split between the third and fourth quarter. We continue to expect full year finance expenses of $52 million to $60 million. And as a reminder, we do not guide on adjusted transaction revenue, and we encourage everyone to review our monthly trading metrics posted on our IR website.

調整後營業費用預期介於 2.25 億至 2.30 億美元，第三季與第四季大致各占一半。我們仍預期全年財務費用為 5,200 萬至 6,000 萬美元。並提醒各位，我們不對調整後交易收入提供指引；也鼓勵大家查閱我們在 IR 網站上公布的每月交易指標。

Finally, we are maintaining our full year 2026 financial outlook for Equiniti as well as our medium-term combined outlook as previously discussed during our May announcement and first quarter earnings calls and as covered on pages 26 and 27 of today's presentation.

最後，我們維持對 Equiniti 2026 全年財務展望，以及先前在 5 月公告與第一季法說中討論的中期合併展望；相關內容亦載於今日簡報第 26 與 27 頁。

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

接下來，我把時間交回 Tom 作結語。

Thanks, Dave. And now we'll open it up for Q&A.

謝謝你，Dave。現在我們開放問答。

(Operator Instructions) Brian Bedell, Deutsche Bank.

(接線員指示) Brian Bedell，德意志銀行。

Maybe just to start on the tokenization theme for equities. Tom, maybe if you could just talk about how you see the two ecosystems evolving. When I say that, I mean, the synthetic versus the actual. Clearly, your model is based on the actual, but we're seeing early progress certainly on the synthetic side.

也許先從股票代幣化這個主題開始。Tom，也許你可以談談你如何看待這兩個生態系的演進。我所說的是，合成式（synthetic）與實體（actual）之間。很明顯，你們的模式是以實體為基礎，但我們也確實看到合成端已有早期進展。

And I guess the question would be, to what extent do you see those two forms of trading tokenized stocks coexisting in the future? Or do you think the share of tokenized versions will move really to the actual -- your model?

我想問題是，你認為未來這兩種代幣化股票的交易形式會在多大程度上共存？還是你認為代幣化版本的占比會真正轉向實體——也就是你們的模式？

Brian, thanks so much. Great question. And it underscores the nature of the questions we're getting on tokenization. I remember just three months ago when we announced the deal, the questions were of the flavor, will tokenization ever happen? And they've moved to how quickly will tokenization happen?

Brian，非常感謝。這是個很好的問題。也凸顯了我們在代幣化方面收到的提問性質。我記得就在三個月前我們宣布這筆交易時，大家問的還是「代幣化會不會發生？」而現在問題已經變成「代幣化會多快發生？」

And even -- well, when it happens, how much will you win by, which is great as we derisk the thesis of the acquisition. To answer your question directly, I have no doubt that both models will survive and maybe even thrive. And it's not dissimilar from the traditional equity markets today.

甚至——嗯，當它發生時，你們會贏多少？這很好，因為這讓我們在降低這項收購論點的風險。直接回答你的問題，我毫不懷疑兩種模式都會存活，甚至可能蓬勃發展。這其實與今天傳統股票市場並沒有太大不同。

Think the actual share versus an ETF or the actual share versus an ADR or even an actual share versus, in some cases, a fund structure or a derivative structure or a structured product. So too, in tokenized world, will you see evolve multiple different models.

想想實體股票相對於ETF，或實體股票相對於ADR，甚至在某些情況下，實體股票相對於基金架構、衍生品架構或結構性產品。同樣地，在代幣化世界裡，你也會看到多種不同模式的演進。

So for example, the synthetic model may well be sufficient for a small offshore retail customer who doesn't understand credit risk, doesn't care to understand credit risk is flipping in and out of a share at midnight time Turkey. A institutional New York, London, Hong Kong-based firm that manages customer money is certainly not going to hold some IOU or derivative that goes through a credit chain that involves, for example, multiple brokers.

例如，合成模式很可能就足以滿足某些離岸散戶客戶：他不理解信用風險，也不在意理解信用風險，只是在土耳其時間半夜進進出出一檔股票。但一家以紐約、倫敦、香港為基地、管理客戶資金的機構，肯定不會持有某種IOU或衍生品，因為那會經過一條涉及例如多家券商的信用鏈。

So I suspect you will see both evolve. The issuers will insist upon it because only the issuer-sponsored token is the actual share and only the issuer-sponsored token really offers a considerable benefit to the issuer themselves.

所以我猜兩者都會演進。發行人會堅持這一點，因為只有由發行人背書的代幣才是實體股票，且只有由發行人背書的代幣才能真正為發行人自身帶來相當可觀的利益。

Yes, that's great perspective. And then just my second follow-up question on the revenue synergies on the trading side that you're seeing evolving and then combined with the comments that you made about the traction with retail broker-dealers and advancing derivatives crypto trading, to what extent do you see that enhancing your trading volumes coming into the second half?

是的，這個觀點很棒。接著我的第二個追問是，關於你們在交易端看到的營收協同效應的演進，再結合你提到與零售券商的進展，以及推進加密衍生品交易的動能，你認為這在多大程度上會提升你們下半年進來的交易量？

Of course, you don't guide to that to the trading volumes, but just trying to get a sense of the organic component of that in the second half and into '27 potentially.

當然，你們不會對交易量提供指引，但我只是想了解一下下半年以及可能延伸到'27年的有機成長成分大概是什麼樣子。

Thanks, Brian. We don't expect a major uplift to transaction revenues during 2026 from tokenized equities, but we certainly expect that during 2027, that will be a contributor to our business. As Tom mentioned, we already trade securities today. Bullish stock is trading live on our own platform. We expect the number of stocks and issuers to come on platform with issuer native tokens to increase throughout the back half of the year.

謝謝，Brian。我們不預期在2026年，代幣化股票會讓交易手續費收入出現大幅提升，但我們確實預期在2027年，它會成為我們業務的貢獻來源。如Tom所提，我們今天已經在交易證券。Bullish股票已在我們自家平台上線交易。我們預期在今年下半年，會有更多股票與發行人以發行人原生代幣（issuer native tokens）的形式上架平台。

We also believe that the development of additional regulated trading venues kind of throughout the globe that will be trading tokenized stocks will help increase the broader liquidity profile of the asset class, and we do expect in 2027 to see some benefits to our trading activities from tokenized stocks.

我們也相信，全球各地更多受監管的交易場所的發展——這些場所將交易代幣化股票——將有助於提升這個資產類別更廣泛的流動性輪廓；我們確實預期在2027年，代幣化股票將為我們的交易活動帶來一些效益。

Yes. And Brian, just to kind of reflect on this moment that we're in, we were on this call a year ago or a year ago today was our IPO. And if I can kind of frame that moment, Bitcoin was round numbers $120,000. The market cap of digital assets was around about $4 trillion. Fast forward to today, the price of Bitcoin is around about $60,000.

是的。Brian，稍微回顧一下我們所處的這個時點：一年前我們也在這通電話上，或者說一年前的今天是我們的IPO。如果我來框定當時的情境，比特幣大約是12萬美元（取整數）。數位資產的市值大約是4兆美元。快轉到今天，比特幣價格大約是6萬美元。

The market cap of crypto is round numbers, $2 trillion. And as you and we both know in this industry, because it is still relatively nascent, as price goes, so goes volatility, so go trading volumes. And so we don't want to get on this call in mid-August and cheerlead for trading volumes, not having a clear crystal ball in terms of what will happen for prices -- to prices and volatility throughout the year.

加密市場的市值（取整數）約為2兆美元。而你我都知道，在這個仍相對新興的產業裡，價格怎麼走，波動就怎麼走，交易量也就怎麼走。因此，我們不想在8月中旬的這通電話上為交易量搖旗吶喊，因為我們對今年價格——以及波動——會如何變化並沒有水晶球。

What I will tell you is -- and you saw this in some of the comments in our prepared remarks, but you'll continue to see it in the months and quarters ahead. We're doing everything to grow market share. And we're doing well, and we're winning across the board, meaning if you look at the portfolio of products that we offer, adding new institutional customers, adding new partners, adding new regulated venues.

我可以告訴你的是——你也在我們事先準備的發言中看到一些相關評論，而且你在接下來的幾個月與幾個季度還會持續看到——我們正在竭盡所能擴大市占率。而且我們做得不錯，我們在各方面都在贏；也就是說，如果你看我們提供的產品組合，我們在新增機構客戶、增加新合作夥伴、增加新的受監管交易場所。

As Dave just said, as of yesterday, for the very first time, we traded and are now able to trade tokenized securities. So we are there ready to capture the growth when it ultimately comes back to digital assets. But we don't want to overpromise because we don't know exactly what's going to happen.

正如Dave剛才所說，截至昨天，我們首次完成交易，並且現在已能交易代幣化證券。因此，當數位資產的成長最終回來時，我們已就位、準備好掌握這波成長。但我們不想過度承諾，因為我們並不確切知道會發生什麼。

On the other hand, we do know that tokenized securities trading is going to be a huge wave. Again, it's a $270 trillion market. And so any small slice of that comes on board in the back half of 2026 and certainly 2027, that's an opportunity that ultimately, I'm not saying immediately, but ultimately will dwarf the trading opportunity of true crypto assets and that $2 trillion market cap that I referenced at the outset.

另一方面，我們確實知道代幣化證券交易將會是一個巨大的浪潮。再說一次，這是一個270兆美元的市場。因此，只要其中任何一小部分在2026年下半年、尤其是2027年開始上線，那就是一個機會——我不是說立刻，但最終——它將遠遠超過我在開頭提到的、真正加密資產交易的機會，以及那個2兆美元市值的市場。

Joseph Vafi, Canaccord Genuity.

Joseph Vafi，Canaccord Genuity。

Nice to see all the progress along the evolution here of market structure and the like. I wanted to drill down on potentially being able to open up the US market for options and derivatives potentially a year earlier. If you could kind of double-click on that comment, where that's coming from? Obviously, maybe the regulatory environment is favorable, but just a little more color there would be great.

很高興看到市場結構等方面的演進取得這麼多進展。我想深入問一下，關於可能提前一年開放美國的選擇權與衍生品市場。你能否更具體說明一下那段評論的背景、是從哪裡來的？顯然監管環境可能更有利，但如果能多給一些細節會很棒。

Yes. No, I appreciate the question. And I'm kind of a closet derivatives regulation nerdler. So I appreciate the nuance here. Spent the formative part of my career managing futures, exchanges and clearinghouses. And there was kind of a path that was a quite painful path for getting access for certain marketplaces, and it involved the full approval of the full complement of a futures trading platform, a futures clearinghouse as well as an FCM in order to access the US market.

是的。我很感謝這個問題。而且我其實算是個「暗藏」的衍生品監管宅。所以我很欣賞這裡的細微差別。我職涯的成形階段有一部分是在管理期貨、交易所與清算所。而過去要讓某些市場取得進入美國市場的資格，有一條相當艱辛的路徑，必須取得期貨交易平台、期貨清算所以及FCM（期貨佣金商）的全套完整核准，才能進入美國市場。

But a new pathway has opened up where if you operate an adult compliant, responsible overseas platform as we do and have for many years, as you know, we're regulated by the toughest regulators on planet Earth, including the Germans at BaFin, and the Hong Kongers and New York with a BitLicense and so on and so forth, that you're able to access the US should you get the necessary approvals with an approved FCM, which is the -- that's futures parlance for broker-dealer.

但現在出現了一條新的途徑：如果你像我們一樣，多年來一直營運一個成熟、合規、負責任的海外平台——如你所知，我們受地球上最嚴格的監管機構監管，包括德國的 BaFin、香港以及紐約的 BitLicense 等等——那麼只要你取得必要的核准，並搭配一家已核准的 FCM，你就能進入美國市場；FCM 用期貨的術語來說，就是經紀自營商（broker-dealer）。

So if you have an approved FCM, you can leverage that adult regulated overseas trading platform. And so that was -- perhaps it was a lack of imagination on our part or my part personally. But that new pathway, we believe, has become available.

所以如果你有一家已核准的 FCM，你就可以運用那個成熟、受監管的海外交易平台。因此那當時——也許是我們、或我個人想像力不足。但我們相信，這條新的途徑現在已經可行。

And should we go through the kind of right hoops and steps here over the next couple of months, we believe we'll be able to access in an unfettered way, the US markets for derivatives.

而且如果我們在接下來幾個月把該走的程序與步驟都走對，我們相信就能以不受掣肘的方式，進入美國的衍生品市場。

That's great and good luck with that, Tom. And then kind of on, I guess, a related note on the regulatory front, if you've got any additional comments on that, I guess, what was that innovators carve-out or something like that relative to tokenized equities and favoring the underlying versus the synthetic and what we might expect there and market reaction and issuer reaction to that kind of rule coming out of the SEC, I guess?

太好了，祝你順利，Tom。接著我想在監管面向上問一個相關的問題：如果你還有補充的話——我想問的是，關於代幣化股票的那個「創新者豁免」之類的規定，偏好底層資產而非合成品，以及我們可能會看到什麼、以及市場反應與發行人反應，對於 SEC 可能推出的這類規則，你怎麼看？

Sure. Yes. And I'll share a few breadcrumbs, but some of our conversations will keep confidential just out of respect for our regulator in D.C. The CLARITY Act would provide a fair amount of certainty. But at a high level, the certainty that the CLARITY Act was providing was by and large around traditional crypto assets.

當然。是的。我可以透露一些線索，但出於對我們在華盛頓特區監管機構的尊重，我們部分對話仍會保密。CLARITY 法案將提供相當程度的確定性。但從高層來看，CLARITY 法案所提供的確定性，主要仍是圍繞傳統的加密資產。

So in other words, you have coins that fall into a little bit of an ambiguous world that's part commodity, part security, and it gets difficult to figure out, in some cases, should I be working under the auspices of the CFTC or the SEC.

換句話說，有些幣種落在一個有點模糊的地帶：一部分像商品、一部分像證券，因此在某些情況下就很難判斷，我應該在 CFTC 還是 SEC 的監管框架下運作。

In addition, imagine somebody holds a portfolio with something that's slightly more commodity and something that's slightly more security. Are the -- do the rules exist and the laws exist where I can hold them in a single portfolio. So that was the kind of thing that the CLARITY Act was really clearing up, along with some clarity -- sorry to use that word, around DeFi and what was and wasn't allowed in the DeFi world.

此外，想像有人持有一個投資組合，裡面有比較偏商品的，也有比較偏證券的。那麼——現行規則與法律是否允許我把它們放在同一個投資組合裡持有？因此，CLARITY 法案真正要釐清的就是這類問題，並且也對 DeFi（去中心化金融）領域中哪些可行、哪些不可行提供一些明確性——抱歉又用了「明確性」這個詞。

What it was doing less of was providing a whole lot of certainty around tokenization. And you might view that as a negative, I actually view it as a positive. The reason being you don't really need a ton of certainty around tokenization. When you're -- the market we're going after is the tokenization of the global securities market.

它比較沒有做到的是：對代幣化提供大量的確定性。你可能會把這視為負面，但我其實視為正面。原因是，你其實不需要對代幣化有那麼多的確定性。因為我們要切入的市場，是全球證券市場的代幣化。

You hear Dave and I talk about that all the time. That's the $270 trillion market. Well, good news, we have 100 years of legislation and regulation underpinning the global securities market. It's actually abundantly clear.

你會一直聽到 Dave 和我談這件事。那是一個 270 兆美元的市場。好消息是，全球證券市場背後有 100 年的立法與監管作為基礎。其實已經非常清楚。

Nonetheless, there are some elements of ambiguity. And I applaud the SEC for saying, hey, look, we want there to be perfect clarity here because we're not going to engage in regulation by enforcement. We're not going to catch you with the rearview mirror when it wasn't abundantly clear exactly how you would approach this market.

儘管如此，仍有一些模糊之處。我也讚賞 SEC 表示：嘿，我們希望這裡有完全的清晰度，因為我們不會用「以執法代替監管」的方式來做事。我們不會在事後用後照鏡抓你，當初其實並不完全清楚你應該如何切入這個市場。

And so the SEC has set out to say, hey, we're going to provide this innovation exemption. The intent is to help this market develop with some, I'll call it, safe harbors that may not be the right legal term. And so that people like us, people like the issuers, broker-dealers, exchanges would understand exactly how to go about tokenization. So that's kind of the backdrop of that.

因此 SEC 著手表示：嘿，我們將提供這個創新豁免。其用意是協助這個市場在某些——我姑且稱之為——安全港（safe harbors，可能不是最精準的法律用語）之下發展。讓像我們這樣的公司、發行人、經紀自營商、交易所，都能清楚知道該如何進行代幣化。這就是其背景。

And they're taking their time rolling it out. And there were news reports this week that we could see it as soon as this week. I don't think we will see it this week. This is the kind of thing I'd rather come out and be good than come out and be quick.

而他們也在花時間逐步推出。本週有新聞報導說，最快可能這週就會看到。我不認為這週就會出來。這種事情我寧可它推出時品質很好，也不要只是求快。

Now to go to this core issue that you're talking about of issuer-sponsored versus non-issuer sponsored, I don't know exactly what the text is going to say, so this isn't inside information. But I do know there was a great hue and cry from the issuer industry around tokenization as it started to take hold around about four or five months ago.

回到你提到的核心問題：發行人主導（issuer-sponsored）與非發行人主導（non-issuer sponsored）。我不確定條文最後會怎麼寫，所以這不是內線資訊。但我確實知道，大約四、五個月前，當代幣化開始成形時，發行人產業出現了很大的反彈聲浪。

Look no further than our CFO sitting to our left to see a frustrated public market issuer, where all of a sudden, your stock is so-called stock. It wasn't even your stock, but investors think they're holding your stock because they're holding your token on some platform you've never heard of. Meanwhile, it's not your stock. It's a derivative or some sort of warehouse receipt that may or may not be backed by your stock.

看看坐在我們左邊的 CFO 就知道，一位公開市場發行人有多挫折：突然之間，你的股票變成所謂的「股票」。那甚至不是你的股票，但投資人以為他們持有你的股票，因為他們在某個你從未聽過的平台上持有你的代幣。但同時，那不是你的股票。那是一種衍生品，或某種倉單（warehouse receipt），可能有、也可能沒有你的股票作為支撐。

And when something goes wrong, all of a sudden, you're getting calls from these investors or their intermediaries blaming you even though you have nothing to do with it. It makes no sense. The issuers want control of this process. They want to be able to say, hey, if we're going to issue this thing, we want it to be our stock, not some derivative transaction or a minimum, you can't use our name or you can't call it our stock, you need to do the appropriate disclosures around it, just like the existing rules and legislation say.

而當出了問題時，你突然就會接到這些投資人或其中介機構的電話指責你，儘管你完全沒有參與其中。這毫無道理。發行人希望掌控這個流程。他們希望能說：嘿，如果我們要發行這個東西，我們希望它是我們的股票，而不是某種衍生交易；或者至少，你不能用我們的名字、不能稱它為我們的股票，你必須做適當揭露，就像現行規則與法規所要求的那樣。

And I think -- and I'm putting that in quotes because look, I don't know this all with certainty. I think the SEC hears that. And I think the SEC wants to celebrate the role of the issuer. In other words, enshrine the role of the issuer. And just as a dollars and cents matter, that's great for us because at Equiniti, we've been having these conversations with issuers.

我認為——我把這段話加上引號，因為我並不百分之百確定。我認為 SEC 聽到了這些聲音。我也認為 SEC 想要肯定發行人的角色。換句話說，把發行人的角色制度化、明文化。而就實際的金錢與收益而言，這對我們非常好，因為在 Equiniti，我們一直在和發行人進行這些對話。

And I'll just tell you, like I'd love to get on this call and tell you every issuer wants to tokenize tomorrow. There are some issuers who don't know what tokenization is.

我就直說：我很想在這通電話上告訴你每個發行人明天都想代幣化。但也有一些發行人根本不知道代幣化是什麼。

Well, good news, this innovation exemption talking about the role of the issuer in the tokenization process, guess what that does? It provides a mandate for us to go and talk to every single one of our issuer -- every one of our issuer customers about tokenizing their shares, and we think has the possibility of accelerating the time line for us to provide all sorts of tokenization services to this group of issuer customers.

那好消息是，這個談到發行人在代幣化流程中角色的創新豁免，你猜它會帶來什麼？它等於給了我們一個任務，去和我們每一位發行人——我們每一位發行人客戶——談他們股份代幣化的事；而我們認為，這有可能加速我們為這一群發行人客戶提供各式代幣化服務的時間表。

And I want to say one thing, this is for my lawyers as much as anything. I'm saying we, we, we, issuers, issuers, please understand when I say that, I'm talking about a pro forma world where we have successfully closed the Equiniti deal.

我想說一件事，這點同樣是說給我的律師聽的。我說「我們、我們、我們，發行人、發行人，請理解我這麼說的時候」，我指的是一個備考（pro forma）的情境，也就是我們已成功完成 Equiniti 交易交割的世界。

And as Mike said at the outset, there are, of course, risks, and I just wanted to highlight that comment.

而且正如 Mike 一開始所說，當然存在風險，我只是想特別強調那段評論。

Dan Fannon, Jefferies.

Dan Fannon，Jefferies。

Tom, you talked about a lot of momentum in terms of new firms signing up for crypto trading, I think both -- mainly on the spot side. But can you talk about the backdrop of -- or I should say, the backlog of firms that are -- that you are in conversations with and how to think about the evolution of both spot trading adoption from an institutional perspective as well as derivative trading?

Tom，你談到在新公司加入加密交易方面有很大的動能，我想兩者——主要是在現貨端。但你能否談談——或者我應該說，談談你們正在洽談中的公司「待辦」情況，以及如何看待從機構角度的現貨交易採用演進，以及衍生品交易的演進？

Sure. I'll let Dave chime in as well, Dan. Look, because I'm an optimist, I'll start with the positive. Pipeline is as large as it's ever been, and it continues to include more and more institutional names as time passed. And the logos that we're adding are among the most credible that we've ever added in our company's history.

當然。Dan，我也會讓 Dave 一起補充。你看，因為我是個樂觀的人，我先從正面說起。我們的商機管道（pipeline）規模是史上最大，而且隨著時間推進，納入的機構名稱越來越多。我們新增的客戶標誌（logos）也是公司歷史上最具公信力的一批。

And the benefit of adding a credible logo, perhaps obvious, these are durable companies that don't change their mind about their strategies on a quarterly or semiannual basis. All of that is great. And so I feel really good about consolidating market share.

而新增一個具公信力的客戶標誌，其好處也許很明顯：這些是具持久性的公司，不會每一季或每半年就改變策略想法。這些都很好。因此我對於鞏固市占率感到非常有信心。

And take a step back, Dan, I would argue we are among the very, very top. I won't put a number on it, but among the very, very top exchanges when it comes to credibility. We can walk into the German regulator and we can get approval. We can walk into the New York State regulator, look them across the table and get full paper blessing to operate in their locale.

Dan，退一步看，我會主張我們在公信力方面屬於最、最頂尖的那一群。我不想給出具體排名，但在可信度上我們是最頂尖的交易所之一。我們可以走進德國監管機構並取得核准。我們也可以走進紐約州監管機構，隔著桌子與他們對談，並取得完整的書面核准，在其轄區內營運。

You can just look around and you can see there are very few like that. And that's why we win institutions. We have great liquidity at a low cost. We have a feature-rich platform. We're known for running a reliable platform that's highly compliant and super credible. All of that's great.

你環顧四周就會發現，能做到這點的其實很少。這也是我們能贏得機構客戶的原因。我們以低成本提供很好的流動性。我們的平台功能豐富。我們以營運可靠、合規性高且極具公信力的平台而聞名。這些都很棒。

I'm not going to mince words. Crypto is a lousy environment for trading right now, Dan. And I don't think that the CLARITY Act not passing this session is helpful. And I'd love to be able to tell you, it doesn't matter at all. I think around the trading of pure crypto assets.

我不拐彎抹角。Dan，目前加密市場對交易而言是個很糟的環境。而且我不認為本會期《CLARITY 法案》未能通過是件好事。我很希望能告訴你這完全無關緊要。我指的是圍繞純加密資產的交易。

So I think Bitcoin, I'll call that a pure crypto asset, some of these Layer 1 blockchains, I was looking forward to the CLARITY Act because I do think there's another wave of institutions that would have rolled in. Some of the obvious guys, some of you on the call work for them that still don't hold Bitcoin, let's say, for private wealth clients here in the United States. So feel really good about the pipeline.

所以我認為比特幣——我會把它稱為純加密資產——以及一些 Layer 1 區塊鏈。我原本期待《CLARITY 法案》，因為我確實認為會有另一波機構資金進場。一些很明顯的機構——在座有些人就在那些公司工作——在美國這邊，仍然沒有替私人財富客戶持有比特幣之類的資產。所以我對商機管道非常有信心。

We continue to build features and regulatory approvals and build out our jurisdictional footprint all around the world. But -- and this -- I'm responding to how you framed the question. And now I'm kind of pivoting to tell you, I'm even more excited about the trading of tokenized securities on this mousetrap that we've built.

我們持續打造功能、取得監管核准，並在全球各地擴展我們的司法管轄版圖。但是——而且這也是在回應你提問的框架——我現在有點轉向要告訴你：我對於在我們打造的這個「捕鼠器」上交易代幣化證券，反而更感到興奮。

And it may well turn out to be that that was the giant growth opportunity that none of us saw coming as opposed to the traditional crypto assets.

而結果很可能是：相較於傳統加密資產，這才是我們都沒預見到的巨大成長機會。

That's helpful. I appreciate the clarity there. And then just in the context of SS&O, obviously, took the guidance up. The momentum in that side of the business actually seems quite good. Maybe, Dave, unpack a little bit of what's happening versus what you thought at the beginning of the year when you initially gave the guidance and kind of where things sit today?

這很有幫助。我很感謝你把這點講清楚。另外在 SS&O 的脈絡下，你們顯然上調了指引。那一塊業務的動能看起來其實相當不錯。Dave，也許你可以多拆解一下：相較於年初你們最初給出指引時的預期，現在實際發生了什麼，以及目前的狀況如何？

Yes. Thanks, Dan. To be clear, we've maintained the midpoint of the guide. We've just narrowed it here today. But given the environment we've seen over the last 6, 9, 12 months where Bitcoin has been down 50%, alts down 50% to 75%, interest rates from a year ago down almost 20%, we're extremely pleased with the resiliency of our SS&O line item.

是的。謝謝你，Dan。先說清楚，我們維持了指引的中位數。我們只是今天把區間收窄。但考量過去 6、9、12 個月的環境：比特幣下跌 50%，山寨幣下跌 50% 到 75%，利率相較一年前下滑將近 20%，我們對 SS&O 這個科目的韌性表現感到非常滿意。

Tom touched on it a little bit, and there's a slide in the deck. We continue to use the Consensus event as an acquisition channel and also as a cross-sell vehicle to create stickier and stickier revenue. Over half of our Consensus sponsorship revenue came from customers with multiple different products. We are beginning to see renewed momentum in our pipeline of SS&O, particularly around tokenization.

Tom 稍早也提到一些，簡報裡也有一張投影片。我們持續把 Consensus 活動作為獲客管道，同時也作為交叉銷售的載體，以創造越來越具黏著度的營收。我們的 Consensus 贊助收入有一半以上來自使用多種不同產品的客戶。我們開始看到 SS&O 的商機管道重新出現動能，特別是在代幣化方面。

It's not just because of the Equiniti transaction. In general, that is becoming the fastest-growing part of the crypto marketplace, and it's just a bigger TAM. And so we're excited about this new position of our business and the new developments in the market, and we think the business we've built is perfectly positioned to ride those tailwinds across all of our different line items, but especially in SS&O and liquidity services.

這不只是因為 Equiniti 這筆交易。整體而言，那正成為加密市場中成長最快的部分，而且其可服務市場總量（TAM）也更大。因此我們對業務的新定位與市場的新發展感到興奮；我們也認為我們打造的業務，已完美就位，能在所有不同科目上乘著這些順風而上，尤其是在 SS&O 與流動性服務方面。

Pete Christiansen, Citi.

Pete Christiansen，花旗（Citi）。

Tom and Dave, question on capturing economics, tokenized equities. So I guess when you think about the issuer-sponsored model, is the objective here for the shares to trade primarily on Bullish? Or do you envision the token, I guess, being interoperable across multiple chains, venues with Equiniti serving as the authoritative registry?

Tom 和 Dave，關於經濟利益的取得、代幣化股票的問題。所以我想，當你們思考發行人贊助（issuer-sponsored）模式時，這裡的目標是讓股票主要在 Bullish 上交易嗎？或者你們是否設想該代幣能在多條鏈、多個交易場所之間互通，而由 Equiniti 作為具權威性的登記名冊（registry）？

And I guess in this open architecture kind of framework, where do you expect Bullish to capture the majority of economics?

另外在這種開放式架構的框架下，你們預期 Bullish 會在哪裡取得大部分的經濟利益？

Yes. Great question. There's really kind of two insightful embedded questions in what you're asking, Pete. One is kind of walled garden versus interoperable. And the second is around the economic model. So if you don't mind, I'll dissect it in that fashion. Let me just start with walled garden versus interoperable.

是的。很好的問題。Pete，你的提問其實包含兩個很有洞見的子問題。第一個是封閉花園（walled garden）對比互通（interoperable）。第二個是經濟模型。如果你不介意，我會用這樣的方式來拆解。我先從封閉花園與互通開始。

We are absolutely building our token to be interoperable. In fact, on October 27, we'll give you some more information and in the months and quarters ahead. As I said earlier, we'll drop a few breadcrumbs, but not revealing the whole strategy. But we're very much engaged with trading venues -- regulated trading venues, less regulated trading venues, traditional crypto venues, TradFi firms about the interoperability of issuer-sponsored tokens with those platforms, number one.

我們絕對是在把我們的代幣打造為可互通的。事實上，10 月 27 日我們會提供更多資訊，並在接下來的數月與數季持續更新。如我先前所說，我們會丟出一些線索（breadcrumbs），但不會揭露完整策略。不過我們確實正積極與各類交易場所合作——受監管的交易場所、較少受監管的交易場所、傳統加密交易場所，以及傳統金融（TradFi）機構——討論發行人贊助代幣與這些平台之間的互通性，這是第一點。

Number two, I even see that interoperability working with so-called CSDs, central securities depositories, in the jurisdictions that we operate. And in the US, the most notable is DTCC or NSCC, but same thing abroad. One of the models that works well for those central securities depositories is they'll hold the actual share for safekeeping and they'll issue a synthetic token on top of that. Sometimes you may have heard that referred to as an entitlement.

第二點，我甚至看到所謂的 CSD（中央證券保管機構）在我們營運的司法管轄區內也能實現互通性。在美國，最知名的是 DTCC 或 NSCC，但海外也是同樣的情況。對這些中央證券保管機構而言，一種運作良好的模式是：他們會持有實際股票以供保管，並在其上發行一個合成代幣。有時你可能聽過這被稱為「權益（entitlement）」。

But it wouldn't surprise me at all to see that model really stay in place in various forms, in various locales, and they'll just hold the issuer-sponsored token as opposed to the old school, less beneficial book entry share.

但我一點也不意外會看到這種模式以各種形式、在各種地區持續存在；而且他們將持有由發行人支持的代幣，而不是傳統那種效益較低的簿記入帳股票。

And in addition, with respect to Layer 1 blockchain, I don't think in the early days, you will see a single blockchain gain 90-plus percent market share. I think early days, there's going to be 1,000 flowers that bloom, and then there's going to be a consolidation as the market kind of realizes what is the best blockchain or two to support the issuer-sponsored token. And so that's how we're looking at that as well. In terms of the economic model, Pete, we -- and I'll let Dave chime in.

此外，就第一層（Layer 1）區塊鏈而言，我不認為在早期你會看到單一區塊鏈取得 90% 以上的市占率。我認為在早期會有「千花齊放」，然後隨著市場逐步認清哪一條或哪兩條區塊鏈最適合支援由發行人支持的代幣，便會出現整併。因此我們也是以這樣的角度來看。至於經濟模式，Pete，我們——我也讓 Dave 補充一下。

We offer the following services for tokenization. And apologies for giving you an exhaustive list, but I really just want to give you a sense of the areas that we can provide value, and we can charge for that value because customers will appreciate it.

我們為代幣化提供以下服務。先為我列出一份詳盡清單致歉，但我確實想讓你了解我們能在哪些領域提供價值；而且我們可以就這些價值收費，因為客戶會認可。

Number one, we can sit down with the customer and discuss exactly what they want their token to look like.

第一，我們可以與客戶坐下來討論，他們希望自己的代幣具體長什麼樣子。

Number two, we can actually generate that token using our tokenization factory, the kind of thing we've been doing now for the life of our company. And one of the ways we helped this tokenized cash or stablecoin market come to life.

第二，我們可以使用我們的代幣化工廠實際生成該代幣——這類事情我們公司成立以來一直在做。而且我們也以此協助代幣化現金或穩定幣市場得以成形。

Number three, we can list it on our own regulated venue.

第三，我們可以在我們自有的受監管交易場所掛牌。

Number four, we can provide liquidity on our venue or other venues. And those could be regulated venues, they can be DeFi venues.

第四，我們可以在我們的場所或其他場所提供流動性。這些場所可以是受監管的場所，也可以是 DeFi 場所。

Number five, we can provide visibility for that token via our CoinDesk portfolio of assets like think Consensus or the CoinDesk site itself.

第五，我們可以透過 CoinDesk 的資產組合（例如 Consensus 或 CoinDesk 網站本身）為該代幣提供曝光度。

Number six, we can be a transfer agent as we are today. And today, the transfer agent actually earns a quite low fee on a per customer basis. And this new service is clearly a value-added service. So quick query what that will look like.

第六，我們可以像現在一樣擔任過戶代理（transfer agent）。而目前過戶代理在每位客戶基礎上實際收取的費用相當低。這項新服務顯然是加值服務。所以先簡單說明一下它可能會是什麼樣子。

And then finally, number seven, we have a set that I'll put in kind of a group of other, but really doesn't deserve to be in the other bucket. We have a meaningful Newswire business, GlobeNewswire in the combined company. We have investor tools that we provide through Notified and Equiniti.

最後，第七，我們還有一組我暫且歸類為「其他」的服務，但其實不該被放在「其他」這個籃子裡。合併後的公司擁有具規模的新聞稿發布（Newswire）業務，也就是 GlobeNewswire。我們也透過 Notified 與 Equiniti 提供投資人工具。

And all of these are the sorts of things that a CFO is going to be thirsty for, as their stock goes tokenized, they're going to need to understand it. They're going to need to understand who's trading it, why they're trading it, who are the holders, how can they reward those holders.

而這些都是 CFO 在其股票代幣化之後會非常渴望的東西；他們需要理解它。他們需要了解誰在交易、為什麼交易、持有人是誰，以及如何回饋這些持有人。

Some of these consumer goods companies are going to want to reward their holders, not just with dividends and greater voting rights perhaps for their loyalty, but maybe even discounts or tickets or award points or frequent flyer miles or what have you.

有些消費品公司會想回饋其持有人，不僅是股利以及或許更高的投票權以獎勵其忠誠度，還可能是折扣、門票、獎勵點數、哩程或其他各種方式。

So the number of things that we have in our quiver to provide the tokenization and charge for are many. And therefore, for me to give you kind of an exhaustive answer on the exact economics is a bit difficult.

因此，我們工具庫中可用來提供代幣化並據以收費的項目很多。所以要我就確切的經濟模式給你一個非常完整的答案，確實有點困難。

Yes. And Pete, I think I'd frame it for you this way. Our focus is going to be on the issuer and the success of every issuer customer and delivering great value for money to that customer via tokenizing their stock and other services.

是的。Pete，我會這樣為你框架說明：我們的重點將放在發行人，以及每一位發行人客戶的成功；並透過將其股票代幣化及其他服務，為客戶提供物有所值的卓越價值。

We do expect the Bullish Exchange to be a beneficiary of our success and our issuer success. We do expect liquidity services to be a core product for us going forward. But the focus is on the issuers first, and we believe the transaction revenue will follow.

我們確實預期 Bullish Exchange 會成為我們成功以及發行人成功的受益者。我們也預期流動性服務將成為我們未來的核心產品。但重點是先以發行人為先，我們相信交易收入將隨之而來。

That's really helpful. I do want to ask, though, about some of the carve-outs from the Equiniti deal, particularly like retirement solutions and customer resolutions, those sorts of things. I know those are faster-growing parts of Equiniti's competitor. I'm just curious, does that create a client retention issue by separating those components of the deal?

這真的很有幫助。不過我確實想問一下，關於 Equiniti 交易中一些被剝離（carve-out）的部分，特別像是退休解決方案與客戶問題處理（customer resolutions）這類業務。我知道那些是 Equiniti 競爭對手成長較快的部分。我只是好奇，把交易中的這些組件拆開，是否會造成客戶留存的問題？

No, Pete, those are largely independent businesses from the issuers, particularly the resolution business and the pension business. And they are not related to tokenization and issuer success. Again, that is what we're focused on is issuer success.

不會，Pete，那些業務大多與發行人是相對獨立的，特別是問題處理業務與退休金業務。而且它們與代幣化及發行人成功無關。我們關注的仍然是發行人成功。

We're happy to part with those assets. We don't believe they're going to fit our growth profile going forward or margin profile, again, distinct from our tokenization and issuer-centric focus. And so we're happy to not be taking those assets with us.

我們很樂意剝離那些資產。我們認為它們不符合我們未來的成長輪廓或利潤率輪廓；同樣地，這與我們的代幣化以及以發行人為中心的聚焦是不同的。因此我們很樂意不把那些資產帶進來。

Yes. Just to give you an example, Pete, one of those businesses is a business that sets up temporary call centers during a crisis. So go back to my childhood, Gerber baby food, it comes out, there's glass in the baby food and all of a sudden, they're getting 1 million calls a day. This company shows up and sets up a call center and deals with that influx of very angry customers. Interesting business, entirely unrelated to what we're building here.

是的。Pete，我舉個例子，其中一項業務是在危機期間設立臨時客服中心。回到我童年時的例子：Gerber 嬰兒食品出了問題，嬰兒食品裡有玻璃，突然之間他們每天接到 100 萬通電話。這家公司就會出現、架設客服中心，處理大量非常憤怒的客戶來電。這是個有趣的生意，但與我們在這裡打造的事情完全無關。

So no, the short answer is no. I appreciate the thrust of the question. But I want to say completely unrelated. There may be some tether that I'm forgetting. So I'll hedge and say almost entirely unrelated at a minimum.

所以不，簡短答案是不會。我理解這個問題的用意。但我想說是完全無關。也許我漏想了某些連結。所以我保守一點，至少可以說幾乎完全無關。

Ken Worthington, JPMorgan.

Ken Worthington，摩根大通（JPMorgan）。

I know you don't break it out, but maybe you can help us directionally on what happened to liquidity services revenue in 2Q relative to 1Q. Did it shrink? Did it grow? Was it largely unchanged from last quarter? And are there any sort of puts and takes to call out in this quarter?

我知道你們不會單獨拆分揭露，但也許你可以在方向上協助我們了解：第二季（2Q）的流動性服務營收相較第一季（1Q）發生了什麼變化？是縮水了嗎？是成長了嗎？還是大致與上季持平？而本季是否有任何值得點出的此消彼長因素？

Thanks for the question, Ken. We don't give that level of detail, as you'll know. I'd say, in general, liquidity services in the second quarter was again resilient. There were definitely headwinds versus the first quarter with overall lower prices in the environment. We had new bookings during the quarter, but not as many as we're experiencing today.

謝謝你的問題，Ken。如你所知，我們不提供那種細節層級的資訊。我會說，整體而言，第二季的流動性服務依然具有韌性。相較第一季，確實面臨一些逆風，因為整體環境中的價格較低。我們在本季有新增簽約（bookings），但沒有像我們今天所看到的那麼多。

And so ex Consensus, we're happy with the stability of liquidity services and the SS&O revenue, excluding Consensus during the second quarter. It was broadly in line with the underlying business previously in the first quarter, a couple of different puts and takes, but steady, and we're proud of that resilience that we displayed in the second quarter and what we're going to do in the second half.

因此，剔除 Consensus 之後，我們對第二季流動性服務與 SS&O 收入的穩定性感到滿意。整體而言與第一季先前的核心業務大致一致，雖然有一些不同的正負因素，但仍保持穩健；我們也為第二季展現的韌性，以及我們在下半年將採取的作為感到自豪。

Okay. And maybe bigger picture, David, you and I have talked about this a bunch, but can you talk to what's happening with dematerialization in the UK and the potential impact on Equiniti's UK profit? If the business moves away from shareholder accounts to more omnibus structures, how does that sort of impact the number and types of services offered by Equiniti? And how does that impact revenue?

好的。也許從更宏觀的角度來看，David，你我已經談過很多次了，但你能談談英國去實體化（dematerialization）的進展，以及它對 Equiniti 英國獲利的潛在影響嗎？如果業務從股東個人帳戶轉向更多綜合名義（omnibus）架構，這會如何影響 Equiniti 所提供服務的數量與類型？又會如何影響營收？

And just talk about time frames here for dematerialization.

也請談談去實體化的時間表。

Yes. Thanks, Ken. Taking a step back, dematerialization, and this became really clear in the July report from the decommissioned -- the dematerialization task force that was published mid-July of this year. It's simply the process for the removal of paper shares from the UK market, says so on the cover of the report.

是的。謝謝你，Ken。先退一步來看，去實體化這件事，在今年 7 月中旬發布的、由已解散的去實體化工作小組所提出的 7 月報告中變得非常清楚。它其實就是把紙本股票從英國市場移除的流程，報告封面就這麼寫。

Furthermore, the report begins and ends with the acknowledgment that tokenization should be developed not just in parallel, but is likely to come before any of these further steps that had previously been contemplated by the dematerialization task force, such as the so-called step 3, which is the intermediate model.

此外，報告開頭與結尾都承認：代幣化（tokenization）不僅應與之並行發展，而且很可能會先於去實體化工作小組先前所構想的後續步驟，例如所謂的第 3 步，也就是中介模型。

Even in that world, we believe Equiniti is a beneficiary of this process to remove paper shares from the market. We have a broker-dealer. Some of our competitors do not. We believe there will be customers who are going to be up for grabs, and we'll be well positioned to get those customers in the future.

即便在那樣的情境下，我們仍相信 Equiniti 會是將紙本股票自市場移除這一流程的受益者。我們有一家券商自營商（broker-dealer）。我們的一些競爭對手沒有。我們相信會有一些客戶將成為可爭取的對象，而我們未來將具備良好條件去取得這些客戶。

The removal of paper shares is currently scheduled for the end of next year. And as we put -- there's a page in the appendices of the deck only less than 2% of Equiniti revenue is directly related to paper certificates and mail revenue. It's de minimis to their financial profile, even more de minimis to the combined financial profile.

目前移除紙本股票的時程安排在明年年底。而正如我們所提——簡報附錄中有一頁顯示，Equiniti 的營收中，直接與紙本憑證及郵寄收入相關的不到 2%。這對其財務輪廓而言影響極小，對合併後的財務輪廓而言更是微不足道。

And we believe the convergence of tokenization and dematerialization is a tailwind to Equiniti that will more than offset that less than 2% revenue exposure that we have today.

我們也相信，代幣化與去實體化的匯流將成為 Equiniti 的順風因素，足以抵銷我們目前不到 2% 的營收曝險。

I'm glad you asked this question, Ken. As you would imagine, we diligence their businesses on both sides of the pond because they really have a nexus of business in the US, a nexus business in the UK, dematerialization, the big piece of legislation in the US is the CLARITY Act, a big piece of legislation in the UK was this kind of dematerialization piece that you brought up.

Ken，我很高興你問到這個問題。如你所想，我們在盡職調查時會同時檢視他們在大西洋兩岸的業務，因為他們在美國有一個業務樞紐，在英國也有一個業務樞紐；去實體化方面，美國的重要立法是《CLARITY 法案》，英國的重要立法則是你提到的這類去實體化議題。

And the net of our diligence is that it was kind of puts and takes where the transfer agent would have a tail of customers that it would have to really hold on to. And on the flip side, it was pushing hard towards broker-dealer activity, and we're the only guys that have a captive broker-dealer and a really well-run broker-dealer.

我們盡職調查的結論是，這有點像是正負因素並存：過戶代理（transfer agent）會有一批尾端客戶需要非常努力地留住。但另一方面，業務也在大力推進券商自營商活動，而我們是唯一擁有自有（captive）券商自營商、且營運非常良好的那一家。

And so we kind of looked at it as, okay, there's puts and takes, probably a net neutral to the business or something of that -- they have since come out and said, I just want to reiterate what Dave said, hey, tokenization kind of obviates this whole conversation, and we really should pivot to exactly how tokenization is going to work.

因此我們當時的看法是：好吧，有正有負，對業務可能大致是淨中性或類似的影響——而他們後來也出來表示，我想重申 Dave 說的：代幣化某種程度上讓整個討論變得不那麼必要，我們應該把重心轉向代幣化究竟會如何運作。

And that's where, as you know, we've repositioned our entire business as of early May of this year. And so now undoubtedly, we see this entire thing as a big opportunity for us. And similar to potentially this innovation exemption, accelerating conversations that may have otherwise taken place, let's say, in the back half of 2027 to a much earlier time frame.

而你也知道，我們在今年 5 月初已重新定位了我們整個業務。所以現在毫無疑問地，我們把這整件事視為一個巨大的機會。並且類似於可能的創新豁免（innovation exemption）會加速原本可能在 2027 年下半年才會發生的對話，把它提前到更早的時間點。

So too, does this dematerialization/tokenization conversation in the UK accelerate those conversations and give us a mandate and an open door to go in and talk to customers, educate them, work with them, be their consigliere as they move to a tokenized world.

同樣地，英國這場去實體化／代幣化的討論也會加速相關對話，並賦予我們授權與敞開的大門，讓我們能去與客戶溝通、教育他們、與他們合作，在他們邁向代幣化世界時成為他們的顧問（consigliere）。

Owen Lau, Clear Street.

Owen Lau，Clear Street。

So I hear that you're going to have a tokenization showcase in October, and you may be limited to what you can say. But could you please give us an update on the pipeline of the issuers wanting to tokenize their shares, profile of these companies? What are they excited about the tokenization opportunity? And maybe talk about what you expect to get out from this event in October?

所以我聽說你們會在 10 月舉辦一場代幣化展示活動，而你們可能能說的內容有限。但你能否請你更新一下：想要把其股票代幣化的發行人（issuer）管線進展、這些公司的輪廓？他們對代幣化機會感到興奮的是什麼？以及也談談你們期望從 10 月這場活動中獲得什麼？

Owen, thanks a lot. It's good to hear from you again. The -- if I can just start with some contextual comments. We announced the Equiniti acquisition in May. As you would imagine, we are deep in planning the actual integration post close. We're actually collaborating with the company on various and sundry solutions, including around tokenization.

Owen，非常感謝。很高興再次聽到你的聲音。——如果我先做一些背景說明。我們在 5 月宣布收購 Equiniti。如你所想，我們正在深入規劃交割完成後的實際整合。我們也正與該公司就各式各樣的解決方案進行合作，其中也包括代幣化相關。

We bought this beautiful old antique home up on a hill in Newport at the corner of Main and Main. We knew we would go in and it would have beautiful millwork and old growth timber, but it was a fixer upper. And we knew that going in. We just didn't know exactly what we would find when we got in the inside.

我們在紐波特（Newport）山丘上、位於 Main 與 Main 交叉口，買下了一棟漂亮的古老古董宅。我們知道走進去會看到精美的木作與老生長木材，但它需要整修。而我們在買之前就知道這點。只是我們不知道進到屋內後究竟會發現什麼。

And what we're finding is that there are a lot of upside. There's a lot of -- to continue the metaphor, there are a lot of rooms that have been renovated. There are great managers and leaders there that I'm learning from every day, but perhaps the most exciting part of it is the direct relationship with the issuer where they pick up the phone, and it is the quality of the issuer list and relationships that Equiniti have that are even deeper than we expected, and we knew that they had high-quality relationships.

而我們發現的是：有很多上行空間。延續這個比喻，有很多房間已經翻新。那裡有很棒的經理人與領導者，我每天都在向他們學習；但也許最令人興奮的是與發行人之間的直接關係——他們拿起電話就能聯繫到對方——而且 Equiniti 的發行人名單與關係品質比我們預期的還要更深；我們本來就知道他們的關係很高品質。

So the issuer pipeline in terms of those sort of conversations in the process there is filling up. Still early days. We'll have more opportunities this quarter than we did in Q2, and we'll have more opportunities in Q4. If I reflect on it and kind of have to handicap it, it feels more like, yes, there's going to be activity here in the latter half of 2026.

因此，就發行人管線而言，這類正在進行中的對話正在增加。但仍是早期階段。本季我們會比第二季有更多機會，第四季也會有更多機會。如果要我回頭看並做一些主觀評估，感覺更像是：是的，2026 年下半年會開始出現一些活動。

And then this is a 2027 in earnest growth trajectory, in part because the ecosystem needs to develop. For example, the trading solutions for trading of these tokens are nascent. You heard Dave say, and I said in my opening remarks, we just started trading tokenized securities literally yesterday. And so we feel great about the pipeline, a little bit less certain about the time line, but you'll learn a lot more about that on October 27.

然後 2027 年會進入真正的成長軌道，部分原因是生態系需要發展。例如，這些代幣的交易解決方案仍在萌芽階段。你聽到 Dave 說過，我在開場致詞也提到，我們其實就在昨天才剛開始交易代幣化證券。所以我們對管線感到非常樂觀，但對時間表的確定性稍微低一些；不過你會在 10 月 27 日了解更多。

With respect to October 27, we want you to have a more holistic perspective of this ecosystem. So it's not just about issuers, although they're important, it's about other partners. So for example, Layer 1s, Layer 2s, the blockchains are champing at the bit to be the blockchains that these issuers choose to tokenize their product.

關於 10 月 27 日，我們希望你能以更全面的視角來看待這個生態系。所以不只是發行人，雖然他們很重要，也包括其他合作夥伴。例如 Layer 1、Layer 2，各條區塊鏈都迫不及待想成為這些發行人選擇用來將其產品代幣化的區塊鏈。

As I said in my comments, there's $37 billion of tokenized assets. To be clear, that is a rounding error. We have companies that we're talking to about tokenization that would be a multiple of that $37 billion. So you can imagine if you're a Layer 1 and also broker-dealers who want to make sure they, too, are part of the solution and they're offering services to their customers.

如我在評論中所說，目前有 370 億美元的代幣化資產。坦白說，那只是四捨五入的誤差。我們正在洽談的代幣化對象中，有些公司的規模會是這 370 億美元的數倍。所以你可以想像，如果你是一個 Layer 1，以及同樣希望確保自己也是解決方案一部分、並向客戶提供服務的券商自營商（broker-dealers）。

And then finally -- you gave a lot for us to answer there. So apologies if this is long-winded, but I wanted to get to everything you asked in your question. In terms of why the issuers are interested, the answer to that is turning out to be more multivaried than we expected. I'll give you an example.

最後——你給了我們很多要回答的內容。所以如果我講得有點冗長先致歉，但我想把你問題中問到的都回覆到。至於為什麼發行人有興趣，答案看起來比我們原先預期更為多元。我舉個例子。

When we talk to consumer goods companies, they are very eager to have a direct relationship with their customers. And anything we can provide to them through this tokenization process that gives them more of a direct relationship from their customers. They can learn from their customers. They can reward their customers.

當我們與消費品公司交流時，他們非常渴望與客戶建立直接關係。而我們能透過這個代幣化流程提供的任何東西，只要能讓他們與客戶建立更直接的關係。他們就能向客戶學習。他們也能回饋客戶。

Like I said in my prepared remarks, the ability to provide, I don't know, frequent flyer miles or hotel points or a discount on a subscription or even just a thank you for their shareholding. That sort of thing is very appealing.

就像我在事先準備的發言中提到的，能夠提供——我不知道——飛行常客里程、飯店點數、訂閱折扣，甚至只是對其持股表達感謝。這類做法都非常有吸引力。

And then depending on the company, being able to provide accelerated dividends for longer-term more loyal holders or additional voting rights or the 24/7 trading. So it's not a one size fits all, but there's a number of things that we're hearing.

此外，視公司而定，還能為持有時間更長、忠誠度更高的持有人提供加速配息、額外投票權，或是 24/7 交易。所以這不是一體適用，但我們確實聽到不少不同的需求。

And then my follow-up on a modeling question. Your second quarter adjusted OpEx seems a little bit higher than expected, but you only raised the low end of your full year OpEx guidance a bit. So the implied second half expense runway was much lower.

接著我有一個關於模型的追問。你們第二季調整後的營運費用（OpEx）似乎比預期高一些，但你們只小幅上調了全年 OpEx 指引的下限。因此隱含的下半年費用走勢（runway）就低了很多。

So on a Bullish standalone basis, is the second half run rate a good exit rate for us to think about going into 2027? Is there any Equiniti-related investment we should be aware of for later this year?

所以以 Bullish 單體（standalone）來看，下半年的費用運行水準（run rate）是否是一個不錯的期末水準（exit rate），可供我們用來思考進入 2027 年？今年稍晚是否有任何與 Equiniti 相關的投資需要我們留意？

Thanks, Owen. Appreciate the question. I'll take that one. As I mentioned in my prepared remarks, the second quarter featured higher expenses than we expect from any other quarter this year. That's in part driven by variable expenses associated with our Consensus Miami event as well as the $2.5 million of onetime compensation expenses that I detailed related to our broader business transformation, signing bonuses for new hires, retention and relocation bonuses for certain existing key executives.

謝謝你，Owen。感謝這個問題。我來回答。如我在事先準備的發言中提到的，第二季的費用高於我們預期今年任何其他季度的水準。部分原因是與我們的 Consensus Miami 活動相關的變動費用，以及我先前詳述的 250 萬美元一次性薪酬費用，這些與我們更廣泛的業務轉型、新進人員簽約獎金、以及對部分既有關鍵高階主管的留任與搬遷獎金有關。

We maintain a very tight grip on the costs. We have already realized additional synergies and further headcount reductions in the third quarter to keep us in line with that guide. I would not say that the back half of the year is representative of the run rate for '27 because that would be excluding the variable Consensus related expenses we have in the first and second quarter.

我們對成本維持非常嚴格的控管。我們已在第三季實現額外的協同效益，並進一步縮減人力編制，以確保符合該指引。我不會說下半年能代表 2027 年的運行水準（run rate），因為那會排除我們在第一季與第二季所發生、與 Consensus 相關的變動費用。

We expect that that baseline in the second half of the year, which excludes the Consensus related events is roughly good. We'll probably expand over time as we invest in the platform, but we intend to hit our guidance there, and we maintain a tight cost control.

我們預期今年下半年的那個基準（baseline）——也就是排除 Consensus 相關活動——大致是合理的。隨著我們投資平台，費用可能會隨時間擴大，但我們打算達成該指引，同時維持嚴格的成本控管。

And the second quarter, as I mentioned, was definitely a bit anomalous with regard to the wages and compensation expenses with that additional $2.5 million that will not recur and be offset in the back half of the year by those synergies we've already realized.

另外，如我提到的，第二季在薪資與薪酬費用方面確實有些異常，因為多了那筆 250 萬美元且不會再發生的一次性費用；而我們已實現的協同效益將在下半年抵銷其影響。

(Operator Instructions) Ed Engel, Compass Point.

（接線員指示）Compass Point 的 Ed Engel。

As you think about competing with some of these synthetic issuers, is there anything you can do to kind of jump-start distribution of your issuer sponsored shares? I saw you mentioned the onboarding of market makers like Wintermute.

當你們思考與這些合成型發行人（synthetic issuers）競爭時，你們是否能做些什麼來加速你們由發行人贊助的股份（issuer sponsored shares）的分銷？我看到你們提到引入像 Wintermute 這樣的造市商（market makers）。

I'm just kind of wondering how you're thinking about solving the cold start problem relative to the synthetic assets, which kind of already achieved pretty strong distribution pretty quickly.

我想了解的是，相較於合成資產——它們似乎很快就取得相當強的分銷——你們如何思考解決冷啟動（cold start）問題？

Yes. No, great question. That's why we did the Equiniti acquisition is we have 3,000 issuers that we can go to with a product out of the box. At the same time, the issuer is in control. And so this isn't the kind of thing where all 3,000 will start on the same day. But the difference between us and the more -- and our more durable model and the synthetic model is once you've created it, it's there forever as long as that company is a public company.

是的。不，這是個很好的問題。這也是我們收購 Equiniti 的原因：我們有 3,000 家發行人可以直接提供一個開箱即用的產品。同時，發行人仍然掌握控制權。因此這不會是 3,000 家在同一天全部啟動的情況。但我們與合成模式的差異——以及我們更具持久性的模式——在於一旦建立起來，只要那家公司仍是上市公司，它就會一直存在。

It's not the kind of thing that can just turn around and disappear the next day or you put in the hands of an investor and they think they're getting IPO proceeds and they get none, which you probably read about in the press. So we don't think it's a cold start problem.

這不是那種隔天就可能轉身消失的東西；也不是把它交到投資人手上，讓他們以為自己拿到 IPO 募資款，結果一毛都沒有——你可能在媒體上看過相關報導。所以我們不認為這是冷啟動問題。

We actually think it will be an accelerated start, but it's not an every single thing happens at once as some of the other models may be, which I suspect will prove to be far less durable.

我們反而認為會是加速啟動，但不會像某些其他模式那樣「所有事情同時發生」；而我懷疑那些模式最終會被證明持久性要差得多。

Rayna Kumar, Oppenheimer & Company.

Oppenheimer & Company 的 Rayna Kumar。

This is Guru on for Rayna. A lot of my questions have already been asked, but if I can maybe switch to certain other aspects of the business. Much of the conversation pertaining to CoinDesk, right, over the past few quarters has revolved almost exclusively around some of the nice wins on the indices and data side and of course, on Consensus events.

我是 Guru，代替 Rayna 提問。我很多問題已經被問過了，但如果可以的話，我想轉到業務的其他面向。過去幾個季度，關於 CoinDesk 的討論幾乎都集中在指數與數據端的一些亮眼成果，當然也包括 Consensus 活動。

But if you can narrow in on the CoinDesk media segment, maybe comment on your outlook for this media portion of your business, excluding events, right? Metrics on slide 14 highlight some strong growth. You called out 38%.

但如果把焦點縮小到 CoinDesk 的媒體部門，能否談談你們對這塊媒體業務（不含活動）的展望？第 14 頁投影片的指標顯示成長相當強勁。你們提到 38%。

So wondering if this will primarily remain focused on supporting broader ecosystem through visibility, cross-selling, et cetera, or if it could grow into a meaningful stand-alone piece as well?

所以我想了解，這是否主要仍會著重於透過提升能見度、交叉銷售等方式來支持更廣泛的生態系，或者它也可能成長為一個有意義的獨立（stand-alone）業務板塊？

Thanks for the question. Yes, we're happy with the recent success in our viewer counts at CoinDesk. That's certainly true. Those have improved dramatically, thanks to the new leadership from Jay Yarow that we brought into the building late last year. We are currently not monetizing per se all those extra eyeballs through banner ads or things of that nature, we want to keep the website premium.

謝謝你的問題。是的，我們對 CoinDesk 近期在觀眾數（viewer counts）方面的成功感到滿意。這確實如此。在我們於去年底延攬 Jay Yarow 加入後，這些數據大幅改善。目前我們並未嚴格意義上把這些新增的眼球流量透過橫幅廣告（banner ads）或類似方式變現，我們希望維持網站的高端定位。

It is directed mainly at the benefit of our existing issuers and partners and broadening our reach. We're happy and pleased with that business and the resumed growth it's achieved in views, and we expect it to be a beneficiary of our broader business transformation towards tokenization at large.

這主要是為了讓我們現有的發行人與合作夥伴受益，並擴大我們的觸及範圍。我們對這項業務以及其在瀏覽量方面恢復的成長感到高興與滿意，並且我們預期，隨著我們整體業務轉型邁向代幣化，這項業務將成為受益者。

There are days when the market share of that business is actually a majority of crypto media, a majority. And there are lots and lots of competitors. And so we've carved out this role at the intersection of technology and finance. That's something we're going to be able to grow for years to come.

有些日子，該業務的市占率實際上是加密媒體中的多數——多數。而且競爭對手非常非常多。因此，我們在科技與金融的交會點上開創了這樣的角色。這是我們未來多年都能持續成長的方向。

And as Dave said, it's very helpful for us on occasion to be able to use that asset for, say, for example, advertising purposes for other opportunities that we have under the Bullish umbrella.

而且如同 Dave 所說，有時候我們能夠運用那項資產來做一些事情，譬如說，用於為我們在 Bullish 旗下的其他機會進行廣告宣傳，這對我們非常有幫助。

Nathan Frankovitz, Cantor Fitzgerald.

Nathan Frankovitz，Cantor Fitzgerald。

Tom, on your comment that $5 trillion in tokenized equities by 2030 might be a bit conservative. Can you just kind of walk through what factors do you think might most influence whether that number plays out above or below that estimate?

Tom，關於你提到 2030 年代幣化股票達到 5 兆美元可能有點保守的評論。你能否大致說明一下，你認為哪些因素最可能影響這個數字最終會高於或低於該估計？

And then as a follow-up, do you have any thoughts on how that $5 trillion plus could be distributed between blockchains such as any L1s or categories in particular or newer, more permissioned ones like Canton?

另外作為追問，你對於這 5 兆美元以上的規模，可能會如何在各種區塊鏈之間分配有什麼看法嗎？例如任何 L1 或特定類別，或是像 Canton 這類較新的、權限式的鏈？

Yes. Really good question. Citi is on this call. So I'll start by saying the analysis is excellent. I'm just more anecdotal, and I want to say that right upfront. I had a conversation on Tuesday with the CEO of a $70 billion company about them tokenizing their stock. So I'm just looking at it and I'm saying, okay, it's $37 billion today.

是的。非常好的問題。Citi 也在這通電話上。所以我先說，這份分析非常出色。而我比較偏向軼事性的觀察，我想一開始就先把這點說清楚。我在週二和一家市值 700 億美元公司的執行長談過，他們正在討論把自家股票代幣化。所以我看著這件事就會想，好吧，今天是 370 億美元。

I just had a conversation -- a real conversation with a real CEO of a $70 billion company about them tokenizing their stock. It doesn't take a lot of math to math more than $5 trillion to $6 trillion by the year 2030. I actually see a world where it kind of starts slowly, almost a trickle.

我剛剛才和一家市值 700 億美元公司的執行長進行過一次——真正的對話，和一位真正的 CEO——談他們把股票代幣化。要算出到 2030 年超過 5 兆到 6 兆美元，其實不需要太多數學。我確實看到一個世界：它一開始會很慢，幾乎像涓滴一樣。

And then we have a catalytic event, either the wave accelerates or there's a onetime event. A big IPO only does a tokenized offering. And then once you have that, all the institutions are holding the tokenized assets, the broker-dealers are holding the tokenized assets and you flip the US or the UK equity markets onto public blockchains, perhaps alongside traditional shares for a period of time, could be years, it could be a decade.

然後會出現一個催化事件，要嘛浪潮加速，要嘛出現一次性的事件。某個大型 IPO 只做代幣化發行。一旦發生這種事，所有機構都持有代幣化資產，券商自營商也持有代幣化資產，而你把美國或英國的股票市場切換到公有區塊鏈上，或許在一段時間內與傳統股票並行，可能是好幾年，也可能是一個十年。

But right there, you've just blown through $5 trillion, $6 trillion in terms of tokenized assets. So admittedly, I'm coming at it more anecdotally than quantitative, almost top down based on these experiences that we're having.

但就在那一刻，以代幣化資產的規模來看，你就已經直接突破 5 兆、6 兆美元了。所以坦白說，我的切入點更偏向軼事而非量化；幾乎是基於我們正在經歷的這些經驗，從上而下地來看。

But like I said in May, the question was, oh, geez, is tokenization going to happen? And if I'm honest, we had that question too, internally. Look, good teams fight. We spent $4.2 billion for this business. You think we don't look at the glass half full and the glass half empty. We do.

但就像我在 5 月說的，當時的問題是，天啊，代幣化真的會發生嗎？如果我誠實說，我們內部也有這個疑問。你看，好的團隊會爭論。我們為了這項業務花了 42 億美元。你覺得我們不會同時從半滿與半空的角度去看嗎？我們會。

And we asked that question. I can tell you, we haven't asked that question in six weeks. Like it's out -- the horse is out of the barn. It's just a question of how quickly is it going to happen? And to what extent are we going to be a leader. In terms of the public blockchains, we're going to be the ultimate winners out of this.

而我們也問過那個問題。我可以告訴你，我們已經六週沒有再問過那個問題了。就像——馬已經跑出馬廄了。現在只是它會多快發生的問題。以及我們會在多大程度上成為領導者。就公有區塊鏈而言，我們將會是這一切的最終贏家。

I don't have a clear crystal ball. I think the most decentralized are working on privacy solutions. The least decentralized that have privacy solutions are looking at how can we do a better job of decentralizing. And it's going to be whichever of those blockchains meets the moment and meets those customer needs are ultimately going to be the big winners.

我沒有清晰的水晶球。我認為最去中心化的鏈正在研發隱私解決方案。而去中心化程度最低、但已具備隱私解決方案的鏈，則在思考如何把去中心化做得更好。最終，會是那些能在關鍵時刻挺身而出、並滿足客戶需求的區塊鏈成為大贏家。

And we're open to that being many. We're open to that being several, and that's fine with us.

而我們也接受贏家可能不只一條。我們也接受可能是好幾條，這對我們來說沒問題。

Thank you. I would now like to turn the conference back to Tom Farley for closing remarks. Sir?

謝謝。我現在想把會議交回給 Tom Farley 作結語。先生？

Hi, everyone, it's Dave. Tom had to jump to a customer call here. But thank you, everyone, for attending this morning's call. We look forward to staying in touch with all of you on this journey as we build out the future of financial infrastructure.

各位好，我是 Dave。Tom 這邊得先跳去接一通客戶電話。不過，感謝各位今天早上參加這通電話會議。在我們打造未來金融基礎設施的旅程中，我們期待與各位保持聯繫。

Please reach out to our IR team with any follow-up questions, and we look forward to seeing everyone next quarter.

如有任何後續問題，請聯繫我們的投資人關係（IR）團隊，我們也期待下個季度與各位再見。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。