Bit Digital Inc (BTBT) 2025 Q2 法說會逐字稿

Hello, and welcome to the Bit Digital second-quarter 2025 earnings conference call. Good morning, good afternoon, and good evening, depending on where you're joining us from. Thank you for being here. (Operator Instructions) Also as a reminder, today's conference is being recorded.

您好，歡迎參加 Bit Digital 2025 年第二季財報電話會議。早安、下午好、晚上好，這取決於您從哪裡加入我們。感謝您的光臨。（操作員指示）另外提醒一下，今天的會議正在被錄音。

I'll now hand it over to your host, Cameron Schnier, Head of Investor Relations at Bit Digital. Cameron, the floor is yours.

現在我將把時間交給主持人、Bit Digital 投資者關係主管 Cameron Schnier。卡梅倫，現在請你發言。

Thank you. Good morning, and welcome to the Bit Digital second-quarter 2025 earnings call. Joining us on the call today are Sam Tabar, Chief Executive Officer; and Erke Huang, Chief Financial Officer.

謝謝。早安，歡迎參加 Bit Digital 2025 年第二季財報電話會議。今天參加電話會議的有執行長 Sam Tabar 和財務長 Erke Huang。

Before we begin, I would like to remind all participants that some of the statements we will be making today are forward-looking. These matters involve risks and uncertainties that could cause our results to differ materially from those projected in these statements. I, therefore, refer you to yesterday's 10-Q filing and our other SEC filings.

在我們開始之前，我想提醒所有與會者，我們今天所做的一些演講是前瞻性的。這些事項涉及風險和不確定性，可能導致我們的結果與這些聲明中預測的結果有重大差異。因此，我請您參閱昨天的 10-Q 文件和我們向 SEC 提交的其他文件。

Our comments today may also include non-GAAP financial measures. Additional details and reconciliation of the most directly comparable GAAP financial measures can be found in our 10-K filing, which is on our website. (Operator Instructions)

我們今天的評論可能還包括非公認會計準則財務指標。更多詳細資訊和最直接可比較的 GAAP 財務指標的對帳可以在我們網站上的 10-K 檔案中找到。（操作員指示）

With that covered, I will turn the call over to Sam to discuss our performance. Sam?

談完這些之後，我將把電話轉給 Sam 來討論我們的表現。山姆？

Thank you, Cam. Ladies and gentlemen, thank you for joining us on the call today. The past few months have been busy for our team to say the least. The word transformation is likely overused in earnings calls, but Bit Digital has truly transformed in the end of the first quarter.

謝謝你，卡姆。女士們、先生們，感謝你們今天參加我們的電話會議。過去幾個月對我們的團隊來說至少可以說是忙碌的。「轉型」這個詞在財報電話會議上可能被過度使用了，但 Bit Digital 在第一季末確實實現了轉型。

In June, we announced our transition to an Ethereum treasury and staking platform. Last week, we completed the IPO of WhiteFiber. Our former wholly owned subsidiary is now a stand-alone AI infrastructure company. These two steps reshape our business and our strategy.

六月，我們宣布轉向以太坊財務和質押平台。上週，我們完成了WhiteFiber的IPO。我們以前的全資子公司現在是一家獨立的人工智慧基礎設施公司。這兩個步驟重塑了我們的業務和策略。

Our focus going forward is simple, we want to build one of the largest institutional balance sheets in the public markets and generate scalable, staking yield for our shareholders. We aim to do this with strategic and prudent capital allocation. Although WhiteFiber is now a stand-alone company, our ownership and retained rights currently require us to consolidate its results in our financials under US GAAP. The portion we do not own will be shown as a noncontrolling interest. That will remain the case unless and until our ownership or control falls below the threshold required for consolidation.

我們未來的重點很簡單，我們希望建立公開市場上最大的機構資產負債表之一，並為我們的股東創造可擴展的收益。我們的目標是透過策略性和審慎的資本配置來實現這一目標。儘管 WhiteFiber 現在是一家獨立公司，但我們的所有權和保留權利目前要求我們根據美國公認會計準則將其業績合併到我們的財務報表中。我們不擁有的部分將顯示為非控制權益。除非我們的所有權或控制權降至合併所需的門檻以下，否則情況將一直如此。

We believe the WhiteFiber IPO is the best way to unlock value for our shareholders. We have created two focused independent platforms. With the WhiteFiber IPO behind us, we are now laser-focused on making Bit Digital, the largest ETH treasury platform in the public market. Yes, you could call this a reboot. Bit Digital is now finally in a position to scale as a pure-play Ethereum treasury and staking company. WhiteFiber, meanwhile, has the flexibility to pursue its own growth strategy as a stand-alone AI infrastructure company. We believe that this separation gives both companies greater strategic clarity and more disciplined capital allocation.

我們相信 WhiteFiber 的 IPO 是釋放股東價值的最佳方式。我們創建了兩個專注的獨立平台。隨著 WhiteFiber 首次公開發行 (IPO) 的完成，我們現在專注於將 Bit Digital 打造為公開市場上最大的 ETH 資金平台。是的，你可以稱之為重啟。Bit Digital 現在終於有能力擴大規模，成為一家純粹的以太坊財務和權益公司。同時，WhiteFiber 作為一家獨立的人工智慧基礎設施公司，可以靈活地推行自己的成長策略。我們相信，此次分離將使兩家公司的策略更加清晰，資本配置更加規範。

We currently own about 74.3% of WhiteFiber which would drop to around 71.5% if the green shoe is fully exercised. Our shares are subject to a six-month lockup following the IPO. Over time, we plan to fully unwind our position in a measured and opportunistic way. But we are in no rush. We are extremely excited by the future of WhiteFiber.

我們目前擁有 WhiteFiber 約 74.3% 的股份，如果綠鞋機制全面行使，這一比例將降至 71.5% 左右。我們的股票在首次公開募股後有六個月的禁售期。隨著時間的推移，我們計劃以謹慎和機會主義的方式全面解除我們的立場。但我們並不著急。我們對 WhiteFiber 的未來感到非常興奮。

We believe selling down our ownership prematurely would only hurt shareholder value for BTBT. Our goal is to maximize long-term value for shareholders of both companies. WhiteFiber remains a very valuable asset for our shareholders. But today's call is focused on Bit Digital's core business. We will not be providing forward-looking comments on WhiteFiber. For additional information on white fiber, I encourage you to visit WhiteFiber's website and SEC filings.

我們認為過早出售我們的所有權只會損害 BTBT 的股東價值。我們的目標是實現兩家公司股東的長期價值最大化。WhiteFiber 對我們的股東來說仍然是一筆非常寶貴的資產。但今天的電話會議重點關注 Bit Digital 的核心業務。我們不會對 WhiteFiber 發表前瞻性評論。有關白色光纖的更多信息，我建議您訪問 WhiteFiber 的網站和 SEC 文件。

During the second quarter, we launched our plan to become a dedicated Ethereum holding and yield generation platform. As of the end of June, we held approximately 30,663 ETH. After the quarter closed, we increased that to about 121,000 ETH as of August 11. This was funded in part by our recent equity offerings and by the sale of Bitcoin. Converting our Bitcoin into ETH has been a great trade so far.

在第二季度，我們啟動了成為專門的以太坊持有和收益產生平台的計畫。截至 6 月底，我們持有約 30,663 ETH。本季結束後，截至 8 月 11 日，我們將其增加到約 121,000 ETH。部分資金來自我們最近的股票發行和比特幣的出售。到目前為止，將我們的比特幣兌換成 ETH 是一筆很棒的交易。

We earned approximately 166.8 ETH in staking rewards during the quarter. At quarter end, around 21,568 ETH were actively staked. The annualized effective yield was approximately 3.1%. As of August 11, we had approximately 105,000 ETH staked. This transition represents a structural pivot.

本季我們獲得了約 166.8 ETH 的質押獎勵。截至本季末，約有 21,568 ETH 被積極質押。年化有效報酬率約3.1%。截至 8 月 11 日，我們已質押約 105,000 ETH。這種轉變代表著結構性的轉變。

Our goal is to build the largest institutional ETH balance sheet in the public markets. We want to generate scalable, staking yield for shareholders. This isn't a trend we're chasing.

我們的目標是在公開市場上建立最大的機構 ETH 資產負債表。我們希望為股東創造可擴展的、可觀的收益。這不是我們所追逐的趨勢。

We've ETH since 2021. We held it through multiple market cycles earlier than any other ETH treasury company. We started converting our Bitcoin into ETH at a time when miners thought that was sacrilegious. Turns out, it wasn't hearsay. It was foresight.

我們自 2021 年起就擁有 ETH。我們比其他 ETH 資金公司更早經歷了多個市場週期。當礦工們認為將比特幣兌換成 ETH 是褻瀆行為時，我們就開始這麼做了。事實證明，這並不是傳聞。這是有先見之明的。

We had conviction in the long-term potential of ETH. That conviction has only grown. We believe the value of ETH is still in the very early innings from an awareness standpoint.

我們對 ETH 的長期潛力充滿信心。這種信念有增無減。我們認為，從認知的角度來看，ETH 的價值仍處於早期階段。

Now turning to Bitcoin mining. In June, we announced that we are exploring strategic alternatives for our Bitcoin mining business. We are open to either selling the business or winding it down. Basically, if we don't sell, we'll run the fleet until units become unprofitable or hosting contracts expire. We will look for mutually beneficial outcomes as we work with our hosting partners. To be very clear, we will not invest in additional mining units. Simply put, we believe ETH will deliver better long-term returns than mining. Yes, you heard that right.

現在轉向比特幣挖礦。6 月份，我們宣布正在探索比特幣挖礦業務的策略替代方案。我們願意出售或關閉該業務。基本上，如果我們不出售，我們就會繼續運營這些船隊，直到它們變得無利可圖或託管合約到期。我們將與託管合作夥伴合作，尋求互惠互利的結果。需要明確的是，我們不會投資額外的採礦單位。簡而言之，我們相信 ETH 將比挖礦帶來更好的長期回報。是的，你沒聽錯。

We produced 68 Bitcoins in the second quarter, down from 83 Bitcoins in Q1. Mining revenue declined to $6.6 million, but gross margins remained positive despite lower production and a weaker hash price. As of quarter end, our active hash rate was about 1.2 exahash, reflecting curtailments. Since then, we've deployed 2,130 S21 miners and expect to deploy another 1,445 later this month.

我們在第二季生產了 68 個比特幣，低於第一季的 83 個比特幣。採礦收入下降至 660 萬美元，但儘管產量下降且哈希價格疲軟，毛利率仍保持為正。截至本季末，我們的活躍哈希率約為 1.2 exahash，反映了削減。自那時起，我們已經部署了 2,130 台 S21 礦機，預計本月稍後將再部署 1,445 台。

As an important note, those units were purchased earlier this year. These newer machines, combined with the gradual retirement of older models are expected to improve fleet efficiency to below 22 joules per terahash as the business winds down.

值得注意的是，這些單位是今年稍早購買的。隨著業務逐漸減少，這些較新的機器，加上舊型號的逐步淘汰，預計將使機組效率提高到每太赫茲 22 焦耳以下。

With that overview, I will turn it over to Erke to walk through the financials.

有了上述概述，我將把目光轉向鴻星爾克，讓他詳細了解公司的財務狀況。

Thank you, Sam. Total revenue for the second quarter was $25.7 million. That compares to $29 million in the same quarter last year and $25.1 million in the first quarter. Digital asset mining revenue was $6.6 million, down 59% year over year due to the April 2024 halving, higher network difficulty, and a lower active hash rate.

謝謝你，山姆。第二季總收入為2570萬美元。相較之下，去年同期為 2,900 萬美元，第一季為 2,510 萬美元。數位資產挖礦收入為 660 萬美元，年減 59%，原因是 2024 年 4 月減半、網路難度增加以及活躍哈希率降低。

Cloud services revenue was $16.6 million, up 33% compared to the prior-year quarter. The increase was driven by the commencement of new customer contracts. Colocation services contributed $1.7 million compared to none in the same period last year, as the business was launched in late 2024. Ethereum staking revenue was $0.4 million, down about 2% year over year as higher staking rewards were offset by a lower realized Ethereum price during the quarter.

雲端服務收入為 1,660 萬美元，比去年同期成長 33%。這一增長是由於新客戶合約的簽訂所致。由於主機託管服務於 2024 年底推出，因此貢獻了 170 萬美元，而去年同期則為零。以太坊質押收入為 40 萬美元，年減約 2%，因為本季較高的質押獎勵被較低的以太坊實際價格所抵消。

Cost of revenue excluding depreciation was approximately $13.2 million compared to $15.2 million a year ago and $12.8 million in Q1. Gross profit was approximately $12.5 million for a total gross margin of about 49%, up 80 basis points from the prior year quarter. G&A for the second quarter was $19.7 million compared to $5.5 million in the same quarter last year. Second-quarter G&A included approximately $5.5 million in stock-based awards tied to milestone achievements related to our 2024 acquisition of Enovum, as well as certain consulting and legal-related expenses which we expect to be non-recurring.

不包括折舊在內的收入成本約為 1,320 萬美元，而去年同期為 1,520 萬美元，第一季為 1,280 萬美元。毛利約 1,250 萬美元，總毛利率約 49%，比去年同期成長 80 個基點。第二季的一般及行政費用為 1,970 萬美元，而去年同期為 550 萬美元。第二季的 G&A 包括與我們 2024 年收購 Enovum 相關的里程碑成就相關的約 550 萬美元的股票獎勵，以及我們預計不會發生某些諮詢和法律相關費用。

The standalone Bit Digital cost structure is expected to be significantly less than our consolidated G&A with WhiteFiber. Net income for the quarter was $14.9 million or $0.07 per diluted share, versus a net loss of $12 million in the same-year quarter. Adjusted EBITDA was $27.8 million compared to negative $3.8 million a year ago. This includes a $27.2 million gain on digital assets.

預計獨立的 Bit Digital 成本結構將遠低於我們與 WhiteFiber 合併的 G&A。本季淨收入為 1,490 萬美元，即每股 0.07 美元，而去年同期淨虧損為 1,200 萬美元。調整後的 EBITDA 為 2,780 萬美元，而去年同期為負 380 萬美元。其中包括 2,720 萬美元的數位資產收益。

On the balance sheet, as of June 30, we held $181.2 million in cash and cash equivalents. Total digital assets were $91.2 million, consisting of Ethereum and approximately 280 Bitcoin. Subsequent to quarter end, we sold our Bitcoin position and used the proceeds to acquire Ethereum. Including USDC, total liquidity was approximately $273 million as of June 30.

在資產負債表上，截至 6 月 30 日，我們持有 1.812 億美元的現金和現金等價物。總數位資產為 9,120 萬美元，包括以太坊和約 280 個比特幣。季度末之後，我們出售了比特幣頭寸，並用所得款項收購了以太坊。包括 USDC 在內，截至 6 月 30 日，總流動性約 2.73 億美元。

We remain debt-free. During the quarter, the company signed a CAD60 million credit facility with the Royal Bank of Canada. However, the facility transferred to WhiteFiber following the IPO. CapEx for the quarter was approximately $82 million, primarily related to legacy HPC commitments for the WhiteFiber business, including the purchase of the North Carolina 1 data center site, infrastructure development, and GPU procurements.

我們仍然沒有債務。本季度，該公司與加拿大皇家銀行簽署了6,000萬加元的信貸協議。然而，該設施在 IPO 之後轉移到了 WhiteFiber。本季的資本支出約為 8,200 萬美元，主要與 WhiteFiber 業務的遺留 HPC 承諾有關，包括購買北卡羅來納州 1 號資料中心站點、基礎設施開發和 GPU 採購。

I will now hand the line back to Samir.

現在我將把電話線交還給薩米爾。

Thank you, Erke. The second quarter marked the start of Bit Digital's next chapter as a focused Ethereum treasury and staking company. We believe ETH is the most compelling long-term digital asset. It empowers a global computer network. It enables the tokenization of assets, decentralized finance, and real-world applications.

謝謝你，爾克。第二季標誌著 Bit Digital 作為一家專注於以太坊財務和質押的公司開啟了新篇章。我們相信 ETH 是最引人注目的長期數位資產。它為全球電腦網路提供支援。它實現了資產的代幣化、去中心化金融和現實世界的應用。

It is programmable, productive, and deflationary. The ETH ecosystem continues to flourish. It has the most active developer base. Major institutions like Coinbase, PayPal, and BlackRock are building on it. We believe Ethereum is becoming the financial infrastructure layer of the internet.

它是可編程的、高效的、並且具有通貨緊縮性。ETH生態系統持續蓬勃發展。它擁有最活躍的開發者群體。Coinbase、PayPal 和 BlackRock 等主要機構正在以此為基礎進行建置。我們相信以太坊正在成為網路的金融基礎設施層。

Regulatory clarity has also improved. The GENIUS Act was signed into law last month, creating a stablecoin framework that strengthens Ethereum's role in digital payments. The CLARITY Act, which affirms ETH as a digital commodity, is moving through the Senate. Together, these are meaningful steps toward broader institutional adoption. In plain English, the rules are catching up to the reality.

監管透明度也有所提高。《GENIUS法案》於上個月簽署成為法律，創建了一個穩定幣框架，加強了以太坊在數位支付中的作用。《CLARITY 法案》正在參議院審議，該法案確認 ETH 是一種數位商品。總的來說，這些都是朝著更廣泛的機構採取邁出的重要一步。用簡單的英語來說，規則正在趕上現實。

We see ETH as a scarce, productive treasury asset. It earns yield. We believe that it is set to capture more value as activity migrates on-chain.

我們認為 ETH 是一種稀缺且有效率的財政資產。它能賺取收益。我們相信，隨著活動轉移到鏈上，它將獲得更多價值。

Our priorities are to scale our ETH position, optimize staking yield, and maintain a strong liquid balance sheet. Our goal isn't just to buy ETH, it is to grow long-term value per share. That means expanding our position at a measured pace, deploying capital when the value proposition is compelling, and issuing shares at prices we view as a premium to our net asset value.

我們的首要任務是擴大我們的 ETH 持股，優化質押收益率，並保持強勁的流動性資產負債表。我們的目標不僅是購買 ETH，而是增加每股的長期價值。這意味著我們要以穩健的步伐擴大我們的持股規模，在價值主張具有吸引力時部署資本，並以我們認為高於淨資產價值的價格發行股票。

While we do not have a buyback program in place, we would be open to considering one in the future should our shares trade at a meaningful discount, even if that required reallocating ETH holdings. We are also differentiated by our substantial ownership stake in WhiteFiber, a valuable public company in its own right. Over time, that stake provides a unique source of strategic flexibility that could be monetized, if appropriate, to grow our ETH position in a non-dilutive way.

雖然我們目前還沒有回購計劃，但如果我們的股票以大幅折扣交易，我們願意在未來考慮回購計劃，即使這需要重新分配 ETH 持有量。我們的獨特之處還在於我們擁有 WhiteFiber 的大量股權，而 WhiteFiber 本身就是一家有價值的上市公司。隨著時間的推移，這些股份將提供獨特的戰略靈活性來源，如果合適，可以將其貨幣化，以非稀釋的方式增加我們的 ETH 地位。

We intend to follow Michael Saylor's playbook with the goal of driving our share price to a meaningful premium to NAV over time. Accordingly, we are exploring capital market alternatives to raise further capital to purchase additional ETH in a non-dilutive fashion. It's worth noting that our June 2025 issuance, priced at $2 per share, subsequently traded materially higher and remains at a substantial premium to that share price.

我們打算遵循 Michael Saylor 的策略，目標是隨著時間的推移將我們的股價推高至高於資產淨值的水平。因此，我們正在探索資本市場替代方案，以非稀釋的方式籌集更多資本來購買額外的 ETH。值得注意的是，我們在 2025 年 6 月發行的股票價格為每股 2 美元，隨後交易價格大幅上漲，且仍高於該股價。

Looking ahead, we expect to continue scaling our ETH position through operational cash flow, opportunistic market access, and, when appropriate, other sources of capital that align with shareholder interests. To support that flexibility, we have included a proposal in our upcoming proxy to increase our authorized share count.

展望未來，我們期望透過營運現金流、機會性市場准入以及在適當的情況下符合股東利益的其他資本來源繼續擴大我們的 ETH 地位。為了支持這種靈活性，我們在即將發布的代理商中加入了一項提議，以增加我們的授權股份數量。

This isn't tied to any immediate financing plan. It is about ensuring that we have the tools to execute our ETH treasury strategy in a disciplined and shareholder-aligned way. We ask that you vote and return your proxy card.

這與任何短期融資計劃無關。這是為了確保我們擁有以規範且符合股東利益的方式執行 ETH 財務策略的工具。我們要求您投票並歸還您的代理卡。

Bit Digital is built to be more than an ETH holder. We are a platform for compounding value through yield, strategic capital allocation, and the flexibility of our WhiteFiber ownership. We believe these advantages position us uniquely to deliver sustained growth in value per share over the long term.

Bit Digital 的目標不僅僅是成為 ETH 持有者。我們是一個透過收益、策略資本配置和 WhiteFiber 所有權的靈活性來實現複合價值的平台。我們相信，這些優勢使我們具備獨特的優勢，能夠長期實現每股價值的持續成長。

With that, we'll open the line for questions. And as a reminder, we will not be answering questions related to the WhiteFiber business beyond what has already been disclosed. Operator?

接下來，我們將開放問答熱線。需要提醒的是，除了已經揭露的內容之外，我們不會回答與 WhiteFiber 業務相關的問題。操作員？

(Operator Instructions) Brian Dobson, Clear Street.

（操作員指示） Brian Dobson，Clear Street。

So there's certainly been a lot of growth in the treasury business model and Bitcoin treasury models-like strategy are getting a lot of the headlines. But Ethereum staking can generate real returns for investors. Do you think you could speak to the growing acceptance of the Ethereum staking among institutional investors, and how you see this business model developing over time?

因此，財務業務模式確實取得了很大的成長，類似比特幣財務模式的策略也成為頭條新聞。但以太坊質押可以為投資者帶來真正的回報。您認為您可以談談機構投資者對以太坊質押的接受度日益提高嗎？您如何看待這種商業模式的長期發展？

Sure. I mean, there are so many ways to answer that question. First of all, we think it's a pretty smart move to accumulate ETH, and we're glad to see other companies leaning into that strategy. The more companies that lean into that strategy, the more Ethereum goes up, so we're pretty happy about that.

當然。我的意思是，有很多方法可以回答這個問題。首先，我們認為累積 ETH 是一個非常明智的舉措，我們很高興看到其他公司傾向於採用這種策略。採用這項策略的公司越多，以太坊的價格就越高，所以我們對此感到非常高興。

We don't see that as pure competition. It's more of a cooperation-competition hybrid. Broader adoption for us helps validate the asset. It benefits everyone who's already participating.

我們不認為這是純粹的競爭。它更像是一種合作與競爭的混合體。對我們來說，更廣泛的採用有助於驗證資產。它使所有參與者受益。

We've been staking ETH for a long time, and we're not just holding it. We've been actively staking ETH for years now and generating yield. Our strategy is about compounding value with a productive treasury, as you mentioned, not just building a static ETH position. It's also probably worth reminding that we do own a large stake in WhiteFiber, and that stake gives us a unique potential source of non-dilutive capital that we may use to grow our ETH holdings over time.

我們長期致力於質押 ETH，而不僅僅是持有它。多年來，我們一直在積極質押 ETH 並產生收益。正如您所說，我們的策略是透過生產性資金來實現價值複合，而不僅僅是建立靜態的 ETH 部位。也許也值得提醒的是，我們確實擁有 WhiteFiber 的大量股份，這些股份為我們提供了獨特的潛在非稀釋性資本來源，我們可以利用這些資本隨著時間的推移增加我們的 ETH 持有量。

So we are very much in a unique position. We've been talking about Ethereum and how that is a productive treasury asset compared to Bitcoin because it has this yield. It's worth noting that ETFs -- I'm not sure if ETFs even have the ability, although they're talking about it, to capture yield. It's one of the reasons why these ETH treasury plays are popular because people can get staking economics by buying an ETH treasury public company.

因此，我們處於非常獨特的地位。我們一直在談論以太坊，以及它與比特幣相比如何成為一種生產性財政資產，因為它具有這樣的收益率。值得注意的是，ETF——儘管他們正在談論它，但我不確定ETF是否有能力獲取收益。這就是為什麼這些 ETH 資金管理專案受歡迎的原因之一，因為人們可以透過購買 ETH 資金管理上市公司來獲得權益經濟。

That's something that you really couldn't do in the past. I hope that answers some of your questions.

這是過去你確實無法做到的事。我希望這能回答你的一些問題。

Joe Gomes, NOBLE Capital.

喬·戈麥斯（Joe Gomes），NOBLE Capital。

Just wanted to clear something up first. Erke, I'm not quite sure I heard, but I just want to make sure on the G&A, I did see that the professional consulting fees were significantly increased and the same with the share comp which drove overall G&A up to the $19.7 million from $8.2 million in the first quarter. Did you say that those consulting and the share comp are going to go back to more normalized level so that G&A going forward would be back to, let's call that, $8 million to $10 million or we're going to be at a higher level going forward?

我只是想先澄清一些事情。Erke，我不太確定我是否聽說過，但我只是想確認一下關於 G&A 的事情，我確實看到專業諮詢費用大幅增加，股票補償也是如此，這使得整體 G&A 從第一季的 820 萬美元上漲至 1970 萬美元。您是否說過，這些諮詢和股票補償將回到更正常的水平，以便未來的 G&A 將回到 800 萬美元到 1000 萬美元，或者我們將在未來處於更高的水平？

Yes, we do see this as a one time. A big part is related to our acquisition of Enovum as a milestone of the team. That's $5.5 million, and some other consulting fees are related to the IPO expenses. Those are all going to be related to WhiteFiber. So going forward, you'll see Bit Digital itself, the G&A will drop substantially.

是的，我們確實認為這是一次性的。很大一部分與我們收購 Enovum 有關，這是團隊的一個里程碑。這是 550 萬美元，還有一些其他諮詢費與 IPO 費用有關。這些都與 WhiteFiber 相關。因此，展望未來，你會看到 Bit Digital 本身的 G&A 將大幅下降。

Yeah, I'd love to add to that. So in terms of the question of go-forward cost structure and what that will look like now that WhiteFiber is separate, to Eric's point, the standalone Bit Digital cost structure will be significantly leaner than what you see in our consolidated results. Most of the CapEx and G&A associated with WhiteFiber will no longer apply.

是的，我很樂意補充這一點。因此，就未來成本結構的問題以及 WhiteFiber 獨立後的成本結構而言，正如 Eric 所說，獨立的 Bit Digital 成本結構將比您在我們的合併結果中看到的要精簡得多。與 WhiteFiber 相關的大多數資本支出和一般及行政費用將不再適用。

So we'll be operating with a much simpler footprint, fewer business lines, fewer people, and much lower infrastructure spend. The simplicity is part of what makes the ETH treasury strategy scalable, and going forward, we expect corporate expenses to trend down and ETH staking margins to play a larger role in our profitability. Second-quarter G&A also featured a material amount of one-time and non-recurring items, to Eric's point, so the cost structure is less a figure derived from simply allocating part of the G&A to WhiteFiber and part to BTBT.

因此，我們的營運佈局將更加簡單，業務線更少，人員更少，基礎設施支出也更低。簡單性是使 ETH 財務策略具有可擴展性的部分原因，展望未來，我們預計企業支出將呈下降趨勢，而 ETH 質押保證金將在我們的盈利能力中發揮更大的作用。正如 Eric 所指出的，第二季的 G&A 還包含大量一次性和非經常性項目，因此成本結構並不是簡單地將部分 G&A 分配給 WhiteFiber 和部分 BTBT 得出的數字。

Okay. I mean, I will just make the comment, I'm not quite understanding, Sam, why you don't want to talk about WhiteFiber. I mean, you guys still own 70% of it. The numbers are going to be consolidated. It's a big part of the value equation here in the story, and to just say you guys are not going to talk about it, it doesn't make a whole lot of sense to me, so I'm just throwing that out there. But thank you for your answer on the G&A.

好的。我的意思是，我只是發表評論，我不太理解，山姆，你為什麼不想談論 WhiteFiber。我的意思是，你們仍然擁有 70% 的股份。這些數字將會被合併。這是故事中價值等式的重要組成部分，如果只是說你們不會談論它，那對我來說沒有多大意義，所以我只是把它拋在這裡。但感謝您對 G&A 的回答。

Well, let me comment on your comment. WhiteFiber is its own operating company, and that was the point of the IPO. So we have to treat it somewhat separately on a separate call, in separate website, and separate team. I can say that we currently own -- you're right, we do own approximately 71.5% to 74.3% of WhiteFiber, depending on the underwriter options, and those shares are subject to a six-month lockup.

好吧，讓我對你的評論進行評論。WhiteFiber 是一家獨立的營運公司，這也是 IPO 的意義所在。因此，我們必須透過單獨的電話會議、單獨的網站和單獨的團隊來單獨處理這個問題。我可以說，我們目前擁有——您說得對，我們確實擁有 WhiteFiber 約 71.5% 至 74.3% 的股份，具體取決於承銷商的選擇，這些股份有六個月的鎖定期。

I can say that we view that stake as a strategic and financial asset for Bit Digital. I can say that over time, we intend to unwind that position in a very measured and opportunistic way. That would mean monetizing shares when it makes sense, either to reinvest in our ETH strategy or return value to shareholders. We're not committing to a specific timeline, but we do see the full separation as the long-term path going forward.

我可以說，我們將該股份視為 Bit Digital 的策略和金融資產。我可以說，隨著時間的推移，我們打算以一種非常謹慎和機會主義的方式放鬆這一立場。這意味著在合理的情況下將股票貨幣化，要麼再投資於我們的 ETH 策略，要麼向股東返還價值。我們沒有承諾具體的時間表，但我們確實將全面分離視為未來的長期道路。

But if there are some questions, we will in the future hold a similar format for WhiteFiber. If we made this call about WhiteFiber and not Bit Digital, it would be very confusing, and it would sort of defeat the purpose, I think, of keeping the companies separate. Because an ETH treasury play and a digital infrastructure play are just very different narratives, different audiences, different stories, and different operations. And that was one of the main reasons to have this IPO.

但如果存在一些問題，我們將來會為 WhiteFiber 舉辦類似的活動。如果我們針對 WhiteFiber 而不是 Bit Digital 做出這項決定，那將會非常令人困惑，而且我認為這會違背將兩家公司分開的目的。因為 ETH 財政遊戲和數位基礎設施遊戲只是非常不同的敘述、不同的受眾、不同的故事和不同的操作。這也是此次 IPO 的主要原因之一。

So I think WhiteFiber deserves its own format, its own call, and so on. So I hope you understand.

所以我認為 WhiteFiber 應該有自己的格式、自己的稱呼等等。所以我希望你能理解。

Nick Giles, B. Riley Securities

尼克·吉爾斯（Nick Giles），B. Riley 證券

Just to follow up, I mean, beyond these ETH purchases, what are some of the other ways that you can support the overall Ethereum ecosystem? Are there any partnerships you could consider? And really, just as we see increased competition in the treasury strategy landscape, how do you plan to market this platform and its overall contribution?

只是為了跟進，我的意思是，除了這些 ETH 購買之外，還有哪些其他方式可以支援整個以太坊生態系統？您是否可以考慮建立合作關係？事實上，正如我們看到財務策略領域的競爭日益激烈，您計劃如何推銷這個平台及其整體貢獻？

Yeah, I think we've been a little bit hamstrung on the marketing of the treasury play because we were under the mandated quiet period when we were going through the process of the WhiteFiber IPO. That is finally slowly receding, and when I mentioned that there's a reboot for our ETH treasury play, I meant it. So now that the IPO is behind us, you'll be seeing us on the circuit much more often and catching up on mindshare.

是的，我認為我們在財務行銷方面受到了一些阻礙，因為在進行 WhiteFiber IPO 流程時我們正處於規定的靜默期。這種擔憂終於開始慢慢消退了，當我提到我們的 ETH 財政儲備計劃將重新啟動時，我是認真的。現在我們已經完成 IPO，您將在巡迴賽上更頻繁地看到我們，並趕上我們的市場份額。

We were the first ones to do this compared to any other ETH treasury play out there, and so we have the ability and the appetite to catch up on mindshare, and we're already doing that. We have plans on that. But you're right, part of the competition is to own the narrative. And right now, there are a few companies out there, and we're all competing on mindshare. And of course, at the same time, you've got to buy a lot of ETH.

與其他 ETH 財政項目相比，我們是第一個這樣做的人，因此我們有能力和意願趕上市場份額，而且我們已經在這樣做了。我們有這方面的計劃。但你說得對，競爭的一部分就是擁有敘事權。目前，市場上有幾家公司，我們都在爭取心智份額。當然，同時，你也必須購買大量的 ETH。

We have plans to buy a lot of ETH, and we have plans to capture mindshare, and it's something that we'll be executing on for sure. But you know, there is some catching up to do because of this IPO. Frankly, trust me, the IPO was a very heavy lift, not to mention the mandated quiet period that we had to be on. It was frustrating to have metaphoric duct tape in my mouth, not being able to talk about Ethereum and our treasury play, but finally, that chapter and that era is finally behind us.

我們計劃購買大量 ETH，我們計劃佔領市場，這是我們肯定會執行的事情。但您知道，由於這次 IPO，我們還需要做一些趕上工作。坦白說，相信我，首次公開募股是一個非常沉重的負擔，更不用說我們必須處於強制的靜默期。感覺就像嘴上被膠帶封住一樣令人沮喪，無法談論以太坊和我們的財務運作，但最終，那個篇章和那個時代終於過去了。

And I appreciate that color and the background. My next question would just be, you touched on the GENIUS Act, which has obviously been transformational for the space. I mean, where do you think the regulatory framework could or should go from here?

我很欣賞那種顏色和背景。我的下一個問題是，您提到了《GENIUS 法案》，該法案顯然對該領域產生了變革性的影響。我的意思是，您認為監管框架可以或應該如何發展？

Well, I think the regulatory framework will certainly be in favor of all things crypto. As a reminder, there was an era where Gary Gensler was the Chairman of the SEC. That era is finally behind us. We have a very friendly SEC towards crypto.

嗯，我認為監管框架肯定會支援所有加密事物。提醒一下，加里·根斯勒 (Gary Gensler) 曾擔任美國證券交易委員會 (SEC) 主席。那個時代終於過去了。我們的 SEC 對加密貨幣非常友善。

Almost every other day, there is a positive statement or rule interpretation that is very friendly towards this new technology. So we're really happy to see that. At the congressional level, we're seeing, like you mentioned, the GENIUS Act and the CLARITY Act. That obviously offers a lot of clarity and rules where these rules and clarity just weren't there in the past.

幾乎每隔一天，就會出現對這項新技術非常友善的正面言論或規則解讀。所以我們真的很高興看到這一點。在國會層面，正如您所提到的，我們看到了《GENIUS法案》和《CLARITY法案》。這顯然提供了許多清晰度和規則，而這些規則和清晰度在過去是不存在的。

In the past, during Chairman Gary Gensler's era, there were no rules, and if you did anything, these poor programmers that were building on the Ethereum ecosystem would be -- it was regulatory warfare. And I had friends who just weren't sure if they should build on Ethereum because they didn't want to go to jail, because they had no idea what the rules were. That's a very different era today, and we've only started this era just about seven months ago.

過去，在主席加里·根斯勒 (Gary Gensler) 的時代，沒有任何規則，如果你採取任何行動，這些在以太坊生態系統上構建的可憐程式設計師就會面臨監管戰爭。我有一些朋友不確定他們是否應該在以太坊上構建，因為他們不想進監獄，因為他們不知道規則是什麼。今天的時代已經截然不同，我們大約七個月前才進入這個時代。

So you know, we have a long way to go, and people are also beginning to understand the value of Ethereum, why Ethereum has a lot of technological prowess over the mother coin, which is Bitcoin. It has smart contracts. It can rewrite the entire financial system. We're seeing institutions like JPMorgan even leaning in on the Ethereum ecosystem because it has absolute value.

所以你知道，我們還有很長的路要走，人們也開始了解以太坊的價值，為什麼以太坊比母幣比特幣擁有更多的技術實力。它有智能合約。它可以改寫整個金融體系。我們看到摩根大通等機構甚至傾向於以太坊生態系統，因為它具有絕對的價值。

Especially if it wants to rebuild in a more, or rather less, frictionless way for its infrastructure, its back office and middle office. I can't imagine the front office wanting to embrace Ethereum because that's a bit existential for them, but they're going to start with the back office and how Ethereum can replace that. So it's a very great time with respect to the CLARITY Act, sorry, the GENIUS Act. That provided a lot of clarity on rules for stablecoins.

特別是如果它想以一種更順暢（或更少順暢）的方式重建其基礎設施、後台和中台。我無法想像前台想要接受以太坊，因為這對他們來說有點存在主義色彩，但他們將從後台開始，並研究以太坊如何取代它。因此，對於《清晰法案》（抱歉，是《天才法案》）來說，這是一個非常好的時機。這為穩定幣的規則提供了很大的清晰度。

And it accepts stablecoins as a formal payment processor, and so you're going to see a lot of issuers build their own stablecoins. PayPal has already done it. You're going to see other issuers and other companies have their own stablecoins. And remember, more than 50% of stablecoins are built on Ethereum.

它接受穩定幣作為正式的支付處理器，因此你會看到很多發行商建立自己的穩定幣。PayPal 已經這樣做了。你會看到其他發行人和其他公司都有自己的穩定幣。請記住，超過 50% 的穩定幣都是建立在以太坊上的。

That is a blue-chip ecosystem, and people are beginning to realize that and wake up to that. I'm very bullish on Bitcoin. I think Bitcoin's main competitor is the gold markets. Gold is a simple store of value, and Bitcoin is a simple store of value.

這是一個藍籌生態系統，人們開始意識到這一點並開始警醒。我非常看好比特幣。我認為比特幣的主要競爭對手是黃金市場。黃金是一種簡單的價值儲存手段，比特幣也是一種簡單的價值儲存手段。

But frankly, if Bitcoin and Ethereum—look, Bitcoin had first-mover advantage. If Bitcoin and Ethereum were invented on the same day, I don't think people would be talking about Bitcoin. It's just not the technology that Ethereum has. So that is why you're seeing a lot of success right now in ETH treasury plays.

但坦白說，如果比特幣和以太坊相比，比特幣具有先發優勢。如果比特幣和以太坊是同一天發明的，我想人們不會談論比特幣。這只是以太坊所不具備的技術。這就是為什麼你現在會看到 ETH 財政政策取得巨大成功。

There's a yield. There's fundamental value. There's technology. It's programmable, and it could rewrite the entire financial system. Bitcoin can't. Bitcoin is simply an answer to gold.

有收益。它具有根本價值。有技術。它是可編程的，可以改寫整個金融系統。比特幣不能。比特幣只是黃金的答案。

Sam, I really appreciate your perspective. So continued best of luck.

山姆，我真的很欣賞你的觀點。所以祝你好運。

I mean, the markets -- I don't think I needed the luck because the markets are speaking for themselves right now. And selling our bitcoin on our balance sheet and buying Ethereum was a great trade.

我的意思是，市場——我認為我不需要運氣，因為市場現在已經說明了一切。在我們的資產負債表上出售比特幣併購買以太坊是一筆很棒的交易。

We'll take our next question from a participant from H.C. Wainwright in call. Please provide your name as well.

我們將回答來自 H.C. Wainwright 的一位參與者提出的下一個問題。請提供您的姓名。

Oh hi, Sam, it's Kevin.

哦，嗨，山姆，我是凱文。

Hey, Kevin.

嘿，凱文。

Great. Hi Erke, Cam, thanks for letting me hop on here. I was hoping you wouldn't mind talking a little bit more, Sam, about your Bitcoin mining thinking. I understand your 1.2 exahash with about 700 petahash coming in, I guess, through July and future S21 deployments. I'm just wondering if you could give us a hint on how the fleet has aged and how you might see tapering what you have, legacy machines off as those come on and what you might recommend we consider in Bit Digital's Bitcoin hash at least in the near term, understanding full well it's not a long-term strategic initiatives?

偉大的。嗨，Erke、Cam，謝謝你們讓我來到這裡。山姆，我希望你不介意再多談一點你的比特幣挖礦想法。我理解您的數字是 1.2 exahash，我猜到 7 月和未來的 S21 部署將會產生大約 700 petahash。我只是想知道您是否可以向我們透露一下機隊是如何老化的，以及您如何看待逐漸減少現有機器的數量，隨著舊機器的出現而淘汰舊機器，以及您是否建議我們至少在短期內考慮 Bit Digital 的比特幣哈希值，完全理解這不是一個長期戰略舉措？

Yeah, I mean, look, that's right. We're in the process of winding down our Bitcoin mining business. It's part of our strategic shift towards Ethereum. We're no longer investing in new machines, and over time we do expect our active hash rate and revenue to decline as hosting contracts expire and older machines become unprofitable.

是的，我的意思是，看，這是對的。我們正在逐步結束比特幣挖礦業務。這是我們向以太坊策略轉變的一部分。我們不再投資新機器，而且隨著時間的推移，我們預計隨著託管合約到期和舊機器變得無利可圖，我們的活躍哈希率和收入將會下降。

To your point, we've recently deployed a batch of efficient S21+ units that will help maintain positive margins while we wind down. Our strategy is to continue operating the fleet as long as it remains profitable on a unit-by-unit basis. As mentioned, if there's a chance to sell the business, we'd be happy to evaluate that. But absent that, the plan is just to let the business sunset in a way that maximizes cash flow and minimizes disruption.

正如您所說，我們最近部署了一批高效的 S21+ 單元，這將有助於我們在逐步關閉期間保持正利潤率。我們的策略是，只要該船隊每艘船都能保持獲利，我們就繼續運作該船隊。如上所述，如果有機會出售業務，我們很樂意進行評估。但除此之外，該計劃只是以最大化現金流和最小化干擾的方式讓業務停止。

I think you asked about the current fleet efficiency and how that's trending. As of the end of June, our fleet efficiency was approximately 25.1 joules per terahash. That's improved since quarter end. We've also deployed, as mentioned, 2,130 S21+ miners and expect to deploy another 1,445 in the next coming weeks. Once those are online, we expect fleet efficiency to improve to around 23.3 joules per terahash.

我想您問的是當前船隊的效率以及發展趨勢。截至 6 月底，我們的艦隊效率約為每太拉赫 25.1 焦耳。自本季末以來，情況有所改善。如上所述，我們也部署了 2,130 台 S21+ 礦工，並預計在接下來的幾週內再部署 1,445 台。一旦這些設備上線，我們預計群集效率將提高到每太赫茲約 23.3 焦耳。

And as you can guess, over time as older models roll off, we anticipate fleet efficiency to fall in the range of 17.5 to 23.5 joules per terahash. We do expect total fleet hash rate to decline gradually as we wind down the mining business and retire older units. In the short term, the S21+ deployments will add around 317 petahash of capacity, so to the 1.6 to 1.8 range.

正如您所猜測的，隨著時間的推移，隨著舊款機型的淘汰，我們預計機組效率將下降到每太赫茲 17.5 至 23.5 焦耳的範圍內。我們確實預計，隨著我們逐步結束採礦業務並淘汰舊設備，整體哈希率將逐漸下降。短期內，S21+ 部署將增加約 317 petahash 的容量，達到 1.6 到 1.8 的範圍。

But as older contracts expire and we transition toward only running the most efficient fleets, in other words, the S21 and the S19K Pros, the total hash rate will decline while margins should improve. And I'm not sure if you're asking us whether continuing in mining equipment is -- should we continue investing in mining equipment even though our margins are still positive? We just think that the capital allocation is just juicier if we reallocate everything towards our ETH treasury play.

但隨著舊合約到期，我們轉向僅運行最高效的機隊，換句話說，S21 和 S19K Pros，總哈希率將下降，而利潤率應該會提高。我不確定您是否想問我們是否應該繼續投資採礦設備，即使我們的利潤率仍然為正？我們只是認為，如果我們將所有資金重新分配到 ETH 資金池中，資本配置將會更加有利可圖。

Yeah. No, no. That point resonated clearly, Sam. No question there. Just appreciate the help on how you see the hash rate trending, so if you get arms around it in the model.

是的。不，不。這一點很明顯，山姆。毫無疑問。非常感謝您對如何看待哈希率趨勢的幫助，這樣您就可以在模型中掌握它。

You also mentioned reducing infrastructure personnel. And I was wondering if you wouldn't mind sort of walking through headcount, maybe we could kind of get our arms around where SG&A would sort of bottom out?

您也提到減少基礎設施人員。我想知道您是否不介意大致了解一下員工人數，也許我們可以大致了解一下銷售、一般和行政費用 (SG&A) 的最低點是多少？

Yeah, absolutely. I mean, the G&A is certainly going to be much less than on a going-forward basis because most of the G&A was focused on WhiteFiber. In terms of headcount, I think Erke has a more granular grasp on that. Erke, do your recall how many people are going to -- have went -- have migrated to WhiteFiber and how many are staying with Bit Digital?

是的，絕對是如此。我的意思是，G&A 費用肯定會比未來少得多，因為大部分 G&A 費用都集中在 WhiteFiber 上。在員工人數方面，我認為鴻星爾克對此有更細緻的了解。Erke，您還記得有多少人將要遷移到 WhiteFiber，又有多少人會繼續使用 Bit Digital 嗎？

Yeah. I think at this point, WhiteFiber will probably take about 70% of the existing personnel. And while there are some overlapping and consolidation, and there's a transitional period, Bit Digital should remain pretty lean. And Kevin, you can check out the WhiteFiber S-1. That pretty much lets you subtract that portion from WhiteFiber to get to Bit Digital's G&A.

是的。我認為目前 WhiteFiber 大概會佔用現有人員的 70% 左右。儘管存在一些重疊和整合，並且有一個過渡期，但 Bit Digital 應該會保持相當精簡。凱文，你可以看看 WhiteFiber S-1。這實際上可以讓您從 WhiteFiber 中減去該部分以獲得 Bit Digital 的 G&A。

Right. Good idea, Erke. Sam, the executive offices are a little unclear to me. I understand you're going to run two companies separately. Just maybe walk through who's heading up what and where?

正確的。好主意，爾克。山姆，我對行政辦公室有點不清楚。我知道您將分別經營兩家公司。也許只是了解誰在領導什麼、去哪裡？

Yeah, absolutely. So as you recall, last fall, we acquired Enovum, a data center operator, and that team has about 20 years of building greenfield and retrofit Tier 3 data centers. That was one of the main reasons why we acquired them. They've been in the trenches of retrofitting old facilities that had nothing to do with Tier 3 data centers and converting them into Tier 3 data centers.

是的，絕對是如此。大家還記得，去年秋天，我們收購了資料中心營運商 Enovum，該團隊擁有大約 20 年的綠地建設和改造 Tier 3 資料中心的經驗。這是我們收購他們的主要原因之一。他們一直致力於改造與 Tier 3 資料中心無關的舊設施並將其轉換為 Tier 3 資料中心。

They’ve been doing that for the likes of hyperscalers like Amazon and Microsoft, and they continued that track record under the Enovum umbrella. We acquired them for about $46 million last fall. That particular team is very intact. It's run by Billy who is still the CEO of Enovum and has now transferred to WhiteFiber.

他們一直在為亞馬遜和微軟等超大規模企業提供此類服務，並在 Enovum 旗下繼續維持這項紀錄。去年秋天我們以約 4,600 萬美元收購了它們。那支特別的隊伍非常完整。該公司由 Billy 負責運營，他目前仍是 Enovum 的首席執行官，但已調任至 WhiteFiber。

There is no difference for the data center team. Their day-to-day was always operationally very separate and had nothing to do with what Bit Digital was doing. We also have a cloud team that's run by Ben Lamson who we were able to hire from another well-known neo-cloud, in fact, the first neo-cloud in history. He was the first business development hire over there, and we have him and members of the team heading the cloud business.

對於資料中心團隊來說沒有什麼區別。他們的日常運作始終非常獨立，與 Bit Digital 所做的事情毫無關係。我們還有一個由 Ben Lamson 領導的雲端團隊，他是我們從另一個知名的 neo-cloud 公司聘請來的，事實上，這是歷史上第一個 neo-cloud 公司。他是那裡聘請的第一位業務開發人員，他和我們的團隊成員負責雲端業務。

So both the cloud business and the data center business are under WhiteFiber. They actually were always under WhiteFiber even before the IPO, so they were operationally very different than the people we had on the Bit Digital side. There is no overlap except for two or three folks, the ones on the call today: myself, Cam, and Erke.

因此，雲端業務和資料中心業務都屬於 WhiteFiber。實際上，他們在 IPO 之前就一直隸屬於 WhiteFiber，因此他們的運作方式與 Bit Digital 的人員非常不同。除了今天參加電話會議的兩三個人之外，沒有其他重疊：我本人、Cam 和 Erke。

We will, for example, be very much involved in the investor relations portion of both companies. Erke will be very much involved, of course, in the financial allocation and the strategic discussions, and so will I in terms of the capital allocation between our cloud and data center business. But in terms of the operational day-to-day, that is very separate.

例如，我們將積極參與兩家公司的投資者關係工作。當然，鴻星爾克將積極參與財務分配和策略討論，我也會積極參與雲端運算和資料中心業務之間的資本分配。但就日常營運而言，這是截然不同的。

I would never be able to tell, for example, Billy's team on the construction crew side how to build a Tier 3 data center. They've been doing this for two decades, and so that would not be appropriate for me, Cam, or Erke to get involved with that. But again, the cloud team and the data center team, they've been operationally very separate from Bit Digital since day one, and they continue to be, especially after this IPO.

例如，我永遠無法告訴 Billy 的施工隊如何建造一個 Tier 3 資料中心。他們已經這樣做了二十年，所以我、卡姆或埃爾克不適合參與其中。但雲端團隊和資料中心團隊從第一天起就在營運上與 Bit Digital 完全分開，而且這種分開將持續下去，尤其是在此次 IPO 之後。

The only overlap that takes place is from those who are on the call from a strategic perspective, an IR perspective, and a financial allocation perspective.

唯一重疊的是那些從策略角度、投資者關係角度和財務分配角度打電話的人。

One last one for me, if I may. I was wondering if you could give us a little insight on the handling of Ethereum. Who do you have at stake with? What are they charging you to manage that? What are your longer term or what's your longer-term thinking about maybe running nodes yourself? How are you considering that?

如果可以的話，我還有最後一個問題。我想知道您是否可以向我們介紹以太坊的處理方式。你和誰有利益關係？他們向你收取多少費用來管理這件事？您的長期計劃是什麼？或者您對自己運行節點的長期想法是什麼？您對此有何看法？

Yeah, I'll let Erke take that question.

是的，我請 Erke 來回答這個問題。

Yeah, we're partnered with Fireblocks as our custodian and stake through Fireblocks with the help of Figment for native staking. And also we had stakes through (inaudible) for liquid staking. We're working with [LS ETH] So those are various partners we have been working with.

是的，我們與 Fireblocks 合作，由其作為我們的託管人，並在 Figment 的幫助下透過 Fireblocks 進行質押，以進行原生質押。而且我們也透過（聽不清楚）進行了流動性質押。我們正在與 [LS ETH] 合作，所以這些都是我們一直在合作的合作夥伴。

And the native staking brings about a 3% yield. Liquid staking bumps up a little bit too. And the cost is less than 10%, I would say, in terms of either margin.

而原生質押則帶來約 3% 的收益。流動性質押也略有增加。我想說，無論以哪種利潤率計算，成本都低於 10%。

How are you thinking about it going forward, Erke, do you think you might take some of that validator node operation in-house?

Erke，您對未來有什麼打算？您是否認為您可能會將部分驗證器節點操作轉移到公司內部進行？

We had R&D around that. But at this point, we're partnering with those institutional vendors and partners, and they have been doing a great job and giving us a lot of clarity and support and reporting and compliance, et cetera. So I think in the short term or medium term, we'll still be using those partners.

我們對此進行了研發。但目前，我們正在與那些機構供應商和合作夥伴合作，他們做得很好，給了我們很多清晰度和支持以及報告和合規性等等。所以我認為在短期或中期內，我們仍將使用這些合作夥伴。

Very good. Thank you, gentlemen. Appreciate it. Congratulations on navigating all that you have lately.

非常好。謝謝各位。非常感謝。恭喜您最近瀏覽了所有的內容。

There was an important question about why we can't comment too much about WhiteFiber. It's just worth mentioning that the WhiteFiber quiet period ends on August 31. So it's just another reason why we can't comment too much on WhiteFiber for the time being.

有一個重要的問題是為什麼我們不能對 WhiteFiber 發表太多評論。值得一提的是，WhiteFiber 靜默期將於 8 月 31 日結束。所以這只是我們暫時不能對 WhiteFiber 發表太多評論的另一個原因。

And that does conclude the question-and-answer session. I'll now turn the conference back over to you.

問答環節到此結束。現在我將把會議交還給你們。

Thank you very much, ladies and gentlemen, for your time today. We look forward to the next call. We are working very hard on executing this vision. Rome wasn't built in a day. So thanks very much for your patience.

女士們、先生們，非常感謝你們今天抽出時間。我們期待下一次通話。我們正在努力實現這個願景。羅馬不是一天造成的。非常感謝您的耐心。

We are aiming to provide maximum shareholder value. So thank you for supporting us and until the next call. Thank you.

我們的目標是提供最大的股東價值。感謝您對我們的支持，直到下次通話。謝謝。

Thank you. That does conclude today's conference. We do thank you for your participation. Have an excellent day.

謝謝。今天的會議到此結束。我們非常感謝您的參與。祝您有個愉快的一天。