Bit Digital Inc (BTBT) 2025 Q3 法說會逐字稿

Hello, and welcome to the Bit Digital third-quarter 2025 earnings conference call. Good morning, good afternoon and good evening, depending on where you are joining us from. We'll begin shortly. (Operator Instructions) As a reminder, today's call is being recorded.

大家好，歡迎參加 Bit Digital 2025 年第三季財報電話會議。早上好、下午好或晚上好，這取決於您來自哪裡。我們馬上開始。（操作員說明）提醒您，今天的通話將會被錄音。

I'll now turn the call over to your host, Cameron Schnier, Head of Investor Relations at Bit Digital. Please go ahead.

現在我將把電話交給主持人，Bit Digital 投資者關係主管 Cameron Schnier。請繼續。

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

謝謝大家，歡迎參加 Bit Digital 2025 年第三季財報電話會議。今天與我一起參加電話會議的有我們的執行長 Sam Tabar 和我們的財務長 Erke Huang。

Before we begin, I'd like to remind everyone that certain statements made during today's call may be considered forward-looking. These statements involve risks and uncertainties that could cause actual results to differ materially from those projected. For a discussion of those risks, please refer to our filings with the SEC, including our Form 10-Q filed today.

在開始之前，我想提醒大家，今天電話會議上發表的某些言論可能被認為是前瞻性的。這些聲明涉及風險和不確定性，可能導致實際結果與預期結果有重大差異。有關這些風險的討論，請參閱我們向美國證券交易委員會提交的文件，包括我們今天提交的 10-Q 表格。

Our remarks today may also include non-GAAP financial measures. Reconciliations of those measures to the most directly comparable GAAP figures can be found in our Form 10-Q, which is available on our website. After our prepared remarks, we'll open the call for Q&A. With that, I'll hand the phone over to Sam to discuss our performance. Sam?

我們今天的發言可能還會涉及非公認會計準則財務指標。這些指標與最直接可比較的 GAAP 資料的調整表可在我們的 10-Q 表格中找到，該表格可在我們的網站上查閱。在我們發言完畢後，我們將開放問答環節。接下來，我會把電話交給薩姆，讓他和我們討論我們的表現。山姆？

Thank you, Cam, and thank you to everyone for joining us today. The third quarter was our first full period as a focused Ethereum treasury and staking company. Our execution has been consistent with the plan we laid out last year. Since completing the WhiteFiber IPO in August, Bit Digital has become a more streamlined distant.

謝謝你，卡姆，也謝謝今天所有到場的各位。第三季是我們作為一家專注於以太坊金庫和質押的公司的第一個完整季度。我們的執行情況與去年制定的計劃一致。自從8月完成WhiteFiber的IPO以來，Bit Digital已變得更加精簡高效。

Our strategy is simple. Grow our Ethereum holdings and state gain activity in a prudent, responsible way that creates long-term value for shareholders. We're not chasing size for its own sake. We're now trying to accumulate as much ETH as possible and at the shortest time. Our goal is to compound value per share through disciplined capital allocation, careful risk management and consistent yield generation.

我們的策略很簡單。以審慎負責的方式增加我們的以太坊持有量和收益活動，為股東創造長期價值。我們並非為了追求規模而追求規模。我們現在正努力在最短的時間內累積盡可能多的 ETH。我們的目標是透過嚴格的資本配置、謹慎的風險管理和持續的收益創造，實現每股價值的複合成長。

During the quarter, we continued to expand our ETH position. At quarter end, we held about 122,000 ETH. By the end of October, that number has risen to more than 153,000 ETH with roughly 132,000 actively stated. That is a 5-fold increase since June. That shows that our transition to an ETHcentric platform is well underway.

本季度，我們繼續擴大了以太坊 (ETH) 的持股。季度末，我們持有約 122,000 個 ETH。截至 10 月底，該數字已上升至超過 153,000 個 ETH，其中約有 132,000 個 ETH 處於活躍狀態。這比六月增加了5倍。這顯示我們向以以太坊為中心的平台過渡正在順利進行中。

After quarter end, we completed a $150 million convertible notes offering. We used the proceeds to purchase about 31,000 ETHs. The structure of the offering was designed to be accretive to net asset value per share. The initial conversion price was set at a premium to our estimated NAV at the time. The transaction attracted participation from leading digital asset investors and institutional funds.

季度末，我們完成了 1.5 億美元的可轉換債券發行。我們用所得款項購買了約 31,000 個 ETH。此次發行的結構設計旨在提升每股淨值。最初的轉換價格設定為高於我們當時估計的淨資產值。此次交易吸引了許多領先的數位資產投資者和機構基金的參與。

This financing reflects our disciplined approach to growth. We are not pursuing rapid expansion for its own sake. Instead, we raised long-term low-cost capital on attractive terms, then we deployed it directly into Ethereum by what we believe is a compelling long-term entry point.

這項融資反映了我們嚴謹的成長策略。我們追求的並非為了快速擴張而快速擴張。相反，我們以優惠的條件籌集了長期低成本資金，然後透過我們認為極具吸引力的長期入場點，將其直接投入以太坊。

Our staking operations are now beginning to contribute meaningfully to revenue. Staking revenue grew to about $2.9 million in the third quarter, up from $400,000 in the prior quarter. This was driven by a large state balance and a higher realized ETH price. As our ETH position grows, staking income will become the main engine of our results. We see it developing into a strong recurring source of cash flow. And of course, the real core of this model shows itself when ETH moves meaningfully higher, something we believe is a matter of when, not if.

我們的質押業務現在開始對收入做出實質貢獻。第三季質押收入成長至約 290 萬美元，高於上一季的 40 萬美元。這是由於大量的國家餘額和較高的以太坊實際價格所致。隨著我們 ETH 持股的成長，質押收益將成為我們績效的主要來源。我們認為它將發展成為一個強勁的經常性現金流來源。當然，當 ETH 價格大幅上漲時，這個模型的真正核心就會顯現出來，我們認為這只是時間問題，而不是會不會上漲的問題。

Turning briefly to mining. We produced 65 Bitcoin in the third quarter down from 83% in the prior quarter as we continue to wind down the business in a measured way. Mining gross margin was about 32%, our highest since the recent halving. This reflects improved fleet efficiency as we phased out older hardware and optimized hosting.

簡單談談採礦業。第三季我們生產了 65 個比特幣，低於上一季的 83%，因為我們正以穩健的方式逐步結束這項業務。礦業毛利率約為 32%，是自最近減半以來的最高水準。這反映了隨著我們逐步淘汰舊硬體和優化託管，車隊效率的提高。

As of the end of September, our active hash rate was about 1.9 exahash with an average efficiency of roughly 22 joules per terahash. We expect fleet efficiencies to improve to around 19 joules per terahash over the next few quarters as less efficient units are retired. We anticipate active cash rate trending towards 1.2 exahash by mid-2026.

截至 9 月底，我們的活躍算力約為 1.9 exahash，平均效率約為每 terahash 22 焦耳。我們預計，隨著效率較低的機組退役，未來幾季機組效率將提高到每太哈希約 19 焦耳。我們預計到 2026 年年中，活躍現金利率將趨向於 1.2 exahash。

Mining remains a small noncore contributor but it continues to help offset corporate overhead while we complete the transition to a fully Ethereum based model. As I like to say, mining can be a pretty good business if you never have to spend money on facing ASICs.

挖礦仍然是一項規模較小的非核心收入來源，但它繼續幫助我們抵消公司營運成本，同時我們也在完成向完全基於以太坊的模式的過渡。正如我常說的，如果你永遠不必花錢去對抗ASIC礦機，那麼挖礦可以成為一門相當不錯的生意。

Ethereum fundamentals remain solid. Institutional participation is rising. Validated accounts continue to grow. On-chain activity is strong. We believe the ETH role as the foundation for digital assets, decentralized finance and tokenized real-world assets becomes clearer with time. For investors, Bit Digital offers an actively managed yield-generating way to gain Ethereum exposure.

以太坊基本面依然穩健。機構參與度正在上升。已驗證帳戶數量持續成長。鏈上活動活躍。我們相信，隨著時間的推移，以太坊作為數位資產、去中心化金融和代幣化現實世界資產的基礎的作用將變得更加清晰。對於投資者而言，Bit Digital 提供了一種積極管理的、能夠產生收益的方式來獲得以太坊投資機會。

We combine the characteristics of a treasury vehicle, but the benefits of active capital allocation and staking income. Our experience and scale allow us to manage risk and capture opportunities that passive holders cannot. Finally, discipline is more than a strategy is who we are. This quarter reaffirmed that discipline in our competitive edge. We have operated and evolved through multiple crypto cycles asset of the company.

我們結合了國庫工具的特點，但同時具備主動資本配置和質押收益的優勢。我們的經驗和規模使我們能夠管理風險並抓住被動持有者無法抓住的機會。最後，自律不只是一種策略，它更是我們自身的一部分。本季再次印證了紀律是我們保持競爭優勢的關鍵。公司資產已經歷了多個加密貨幣週期的營運和發展。

Drawdowns are nothing new to us. That experience helps us stay focused on durability, not momentum. The third quarter was about execution. We streamlined the business. We strengthened our capital base, and we delivered strong results while positioning Bit Digital for the next phase of growth. With that, I will hand it over to Erke to walk through the financials.

資金回撤對我們來說並不陌生。這種經驗有助於我們專注於持久性，而不是動力。第三季是執行力的體現。我們精簡了業務流程。我們增強了資本基礎，並取得了強勁的業績，同時為Bit Digital的下一階段成長奠定了基礎。接下來，我將把財務報表交給埃爾克來分析。

Thank you, Sam. As a reminder, our financial results continue to consolidate WhiteFiber under US GAAP due to our majority ownership. Segment breakouts are available in our Form 10-Q. Also note that a portion of our consolidated cash is held at a WhiteFiber level.

謝謝你，山姆。再次提醒，由於我們持有 WhiteFiber 的多數股權，我們的財務表現將繼續依照美國通用會計準則進行合併。各業務板塊的詳細資料可在我們的 10-Q 表格中找到。另請注意，我們合併現金的一部分是以 WhiteFiber 的名義持有的。

Total revenue for the third quarter was $30.5 million compared to $25.7 million in the prior quarter and $22.8 million in the same period last year. Ethereum staking revenue totaled $2.9 million, up over 542% from last year. We earned 644 ETH from native staking and 53 ETH from liquid staking during the quarter. The year-over-year increase in staking revenue reflects both higher sum earned and a higher average immune price.

第三季總營收為 3,050 萬美元，而上一季為 2,570 萬美元，去年同期為 2,280 萬美元。以太坊質押收入總計 290 萬美元，比去年增長超過 542%。本季我們透過原生質押獲得了 644 個 ETH，透過流動性質押獲得了 53 個 ETH。質押收入年增率反映了總收益的增加和平均免疫價格的上漲。

As of September 30, we held approximately 122,000 ETH of which about 100,000 were fixed, representing roughly 82% of total holdings. That balance has continued to grow meaningfully since quarter end with 153,500 ETHs held and 132,000 ETHs staked as of October 31. While new validators take time to enter the activation queue before generating yield, we expect the full effect of this increase to be reflected in fourth quarter results.

截至 9 月 30 日，我們持有約 122,000 個 ETH，其中約 100,000 個是固定持有的，約佔總持有量的 82%。自季度末以來，該餘額持續顯著增長，截至 10 月 31 日，持有 153,500 個 ETH，質押 132,000 個 ETH。雖然新的驗證者需要一段時間才能進入激活隊列並產生收益，但我們預計這一增長的全部效果將在第四季度業績中得到體現。

Digital asset mining revenue was $7.4 million compared to $6.6 million in the prior quarter and $10.1 million in the same period last year. We produced 65 Bitcoin during the quarter. Mining margins remained positive despite higher network difficulty and ongoing wind-down of the fleet.

數位資產挖礦收入為 740 萬美元，而上一季為 660 萬美元，去年同期為 1,010 萬美元。本季我們生產了 65 個比特幣。儘管網路難度增加且礦機數量持續減少，但採礦利潤率仍為正。

Cost of revenue, excluding depreciation was $2.1 million compared to $13.8 million in the prior quarter and $15.5 million a year ago. Gross profit was $18.3 million, representing a 60% gross margin compared to a 32% in 3Q 2024. General and administrative expenses were $33.1 million compared to $19.7 million in the second quarter and $13.7 million a year earlier. The increase primarily reflects higher share-based compensation and consulting costs related to the WhiteFiber IPO and transition.

不包括折舊在內的營業成本為 210 萬美元，而上一季為 1,380 萬美元，去年同期為 1,550 萬美元。毛利為 1,830 萬美元，毛利率為 60%，而 2024 年第三季的毛利率為 32%。一般及行政費用為 3,310 萬美元，而第二季為 1,970 萬美元，去年同期為 1,370 萬美元。此次成長主要反映了股權激勵增加以及與 WhiteFiber IPO 和過渡相關的諮詢費用增加。

Stand-alone Bit Digital G&A expected to be normalized as long nonrecurring costs fall off and once WhiteFiber related costs are fully separated. The several cost structure for Bit Digital has the flexibility to become very lean. Net income for the third quarter was $146.7 million or $0.47 per diluted share compared to a net loss of $38.8 million in the year ago period.

隨著非經常性成本的下降以及 WhiteFiber 相關成本的完全分離，獨立的 Bit Digital G&A 預計將趨於正常化。Bit Digital 的多種成本結構使其能夠靈活地精簡到非常低的水平。第三季淨利為 1.467 億美元，即每股攤薄收益 0.47 美元，去年同期淨虧損為 3,880 萬美元。

Results were driven by higher revenue, improved margins and $168 million gain on digital assets, reflecting appreciation in our Ethereum holdings. Adjusted EBITDA was $166.8 million compared to $27.8 million in Q2 and negative $19.7 million a year ago. On the balance sheet, we ended the quarter with approximately $179 million in cash and cash equivalents and approximately $24 million in digital assets, consisting almost entirely of this year. Including USDC, total liquidity was approximately $620 million, of which roughly $166 million was held at WhiteFiber level.

業績成長主要得益於更高的收入、更高的利潤率以及數位資產 1.68 億美元的收益，這反映了我們以太坊持有量的增值。調整後的 EBITDA 為 1.668 億美元，而第二季為 2,780 萬美元，去年同期為負 1,970 萬美元。從資產負債表來看，本季末我們擁有約 1.79 億美元的現金及現金等價物和約 2,400 萬美元的數位資產，其中幾乎全部為今年的資產。包括 USDC 在內，總流動性約為 6.2 億美元，其中約 1.66 億美元由 WhiteFiber 持有。

We had no debt outstanding as of September 30. After quarter end, we closed a $150 million offering of 4% convertible notes due 2030, providing long-term, low-cost capital to support continued ETH accumulation. Our plan is to keep total leverage below 20% of our ETH holdings. Right now, the figure is above the threshold, meaning we would not increase leverage until the ETH price rises to a comfortable level relative to our notes. That concludes my financial review. I'll now hand the line back to Sam.

截至9月30日，我們沒有任何未償債務。季度末，我們完成了 1.5 億美元的 4% 可轉換債券發行，債券將於 2030 年到期，為持續累積 ETH 提供了長期低成本的資金。我們的計劃是將總槓桿率保持在 ETH 持有量的 20% 以下。目前，該數值高於閾值，這意味著在 ETH 價格相對於我們的票據上漲到合適的水平之前，我們不會增加槓桿。我的財務回顧到此結束。現在我把電話線交還給薩姆。

The third quarter was an important step in Bit Digital's evolution. We completed our transformation into an Ethereum focused company. At the same time, we continue to deliver strong financial performance. Our balance sheet is solid. Our capital base has expanded, and our ETH position continues to grow.

第三季是Bit Digital發展歷程中的重要一步。我們已完成向以太坊公司的轉型。同時，我們持續保持強勁的財務表現。我們的資產負債表穩健。我們的資本基礎擴大了，我們的以太坊持股也持續成長。

Looking ahead, our priorities remain the same. We will allocate capital responsibly. We will continue scaling our staking operations, and we will maintain a strong financial position. We believe that disciplined patience and thoughtful execution will create the most long-term value for our shareholders. We are also in a unique position amongst the digital asset companies.

展望未來，我們的工作重點依然不變。我們將負責任地分配資金。我們將繼續擴大質押業務規模，並維持穩健的財務狀況。我們相信，嚴謹的耐心和周詳的執行將為我們的股東創造最大的長期價值。我們在數位資產公司中也處於獨特的地位。

Bit Digital gives investors exposures to two powerful secular trends. First, the growth of Ethereum as the backdrop of decentralized finance; and second, the rise of AI infrastructure through our ownership of WhiteFiber. Our competitive edge is clear. We built infrastructure that earns in all conditions anchored by the two most powerful story arcs of our time, ETH if and AI.

Bit Digital 讓投資人有機會接觸到兩個強勁的長期趨勢。首先，以太坊的發展為去中心化金融提供了背景；其次，我們透過持有 WhiteFiber 的股份，推動了人工智慧基礎設施的崛起。我們的競爭優勢顯而易見。我們建構了在任何情況下都能獲利的基礎設施，其核心是我們這個時代兩個最強大的故事線：ETH if 和 A​​I。

WhiteFiber is establishing itself as a credible operator in the high-performance computing market. We continue to see substantial value in that business. Our retained stake represents a meaningful asset for Bit Digital shareholders. We review our ownership as both strategic and long term. The lockup on those shares expires in February 2026.

WhiteFiber正在高效能運算市場中確立其作為可靠營運商的地位。我們仍然認為這項業務具有巨大的價值。我們保留的股份對Bit Digital的股東來說是一項重要的資產。我們從策略和長期兩個角度審視我們的所有權結構。這些股票的鎖定期將於 2026 年 2 月到期。

But let me state firmly. We will not sell any of our WhiteFiber shares during 2026. We are confident that the value of this asset will materially appreciate over time. The recent sector-wide drawdown does not affect a conviction. Clarity accelerates adoption. For the first time, we're seeing regulation begin to finally catch up with technology and Ethereum is winning where it matters most.

但我要明確地表明我的立場。2026年期間，我們不會出售任何WhiteFiber的股份。我們相信，隨著時間的推移，這項資產的價值將大幅提升。近期整個產業的下滑並不影響我的判斷。清晰的闡述能夠加速推廣應用。我們首次看到監管終於開始跟上技術發展的步伐，而以太坊在最重要的方面取得了勝利。

Every part of modern financial infrastructure now touches ETH in some way. It has become the foundation for stable coins, decentralized finance and the next wave of on-chain financial innovation. We believe Ethereum and AI, we will define the future of digital infrastructure. This is where credibility and capital needs.

現代金融基礎設施的各個部分現在都以某種方式與以太坊（ETH）相關。它已成為穩定幣、去中心化金融和下一波鏈上金融創新的基礎。我們相信以太坊和人工智慧將定義數位基礎設施的未來。這就需要信譽和資金了。

Bit Digital positions itself early for where the talk is going, not where it has been. We are building for participation, not extraction. We own the compute the capital and the credibility to help secure the next generation of networks. As we move forward, we will stay focused on what we can control, disciplined capital deployment, prudent risk management and steady growth in our staking operations. We believe this approach will allow us to compound value per share over time and remain one of the most durable platform. Thank you for joining us today and thank you for your continued support.

Bit Digital 會事先佈局，專注於未來的發展方向，而不是過去的發展方向。我們建造的是參與式社區，而不是掠奪式社區。我們擁有足夠的運算能力、資金和信譽，可以幫助保障下一代網路安全。展望未來，我們將繼續專注於我們能夠控制的事情，包括有紀律的資本部署、審慎的風險管理以及質押業務的穩定成長。我們相信，這種方法將使我們能夠隨著時間的推移不斷提升每股價值，並保持最持久的平台之一的地位。感謝您今天蒞臨，也感謝您一直以來的支持。

Operator, please open the line for questions.

接線員，請開通提問線。

(Operator Instructions)

（操作說明）

George Sutton, Craig-Hallum.

喬治·薩頓，克雷格-哈勒姆。

Thanks, Sam. So one thing I think would be helpful, the market has gotten a little confused of late with a number of different blockchain alternatives. I would call them Solana, Sweet, Jensen, et cetera. Can you just talk about your ultimate belief in Ethereum relative to the rest of the blockchain options?

謝謝你，山姆。所以我認為有一點會很有幫助，那就是最近市場上出現了許多不同的區塊鏈替代方案，讓市場有點困惑。我會稱他們為索拉納、斯威特、詹森等等。您能否談談您對以太坊相對於其他區塊鏈技術的最終看法？

Sure. I mean to begin this, Ethereum has no downtime. And Wall Street is going to back a blockchain that has zero downtime. So when it comes to security and downtime, there is no second best. Ethereum is certainly the very best stock chain for that use case. Of course, Bitcoin is not possible because it doesn't have smart contracts and of course, the various smart contract technology with Solana and the others, but they have downtime, there's also centralization issues.

當然。首先，以太坊沒有停機時間。華爾街將會支援一個零停機時間的區塊鏈。所以，在安全性和停機時間方面，沒有次優選擇。以太坊無疑是該應用程式場景下最好的區塊鏈。當然，比特幣是不可能的，因為它沒有智能合約。當然，像 Solana 等各種智能合約技術雖然可行，但它們存在停機時間，也存在中心化問題。

It's pretty clear that Wall Street has already made its decision about which blockchain is going to that given those reasons that I mentioned. It also helps from a regulatory perspective. There's been some clarity and there's emerging priority about stablecoins. You're seeing regulatory acts like the CLARITY Act and the GENIUS Act making their way up. And a lot of these regulations provide a lot of clarity about the rules on stablecoins.

很明顯，鑑於我提到的那些原因，華爾街已經決定了將採用哪種區塊鏈技術。從監管角度來看，這也有幫助。目前情勢已經趨於明朗，穩定幣的重要性也逐漸凸顯。你會看到像《CLARITY法案》和《GENIUS法案》這樣的監管法案正在逐步推進。這些法規中的許多都對穩定幣的規則做出了明確的規定。

And last I looked, I think a little bit more than half of stablecoins are built on Ethereum. And stablecoins is certainly where the pot will be going. And that is built on Ethereum so for all those reasons and much more not to mention there are tens and tens of thousands of developers in Ethereum that is way more than any other blockchain by orders of magnitude. So I mean that can go on, but those are a few reasons why we believe Ethereum is going to be the winner. And frankly, we think that race has already been largely determined but perhaps some bias.

據我所知，超過一半的穩定幣都是基於以太坊構建的。而穩定幣肯定會是資金流向的目的地。而且它是建立在以太坊上的，所以基於所有這些原因以及更多其他原因，更不用說以太坊上有成千上萬的開發者，這比其他任何區塊鏈都要多得多。所以我的意思是，這種情況可能會持續下去，但以上是我們認為以太坊將會勝出的幾個原因。坦白說，我們認為種族在很大程度上已經決定了，但可能存在一些偏見。

So I appreciate the increase in the staking revenue. Can you give a limit on the percentage that you ultimately stake?

所以我很欣賞質押收入的成長。您能否設定一個最終投資比例的上限？

I mean for us, the more the merrier. I'll let Erke talk about that a little bit.

我的意思是，對我們來說，人越多越好。我讓埃爾克稍微談談這件事吧。

In terms of the ETH on our balance sheet, we can take the 100% and right now, the reason were about like 85%, it's below 90% is because a portion of that we're working with external managers also being stated and by different like staking strategies that will generate alpha for the company as well. So that's our target to generally just not just native staking but beyond native staking above 3% of the yield. But to answer your question --

就我們資產負債表上的 ETH 而言，我們可以說 100%，而目前，我們持有的 ETH 大約佔 85%，低於 90%，原因是其中一部分 ETH 正在與外部管理人合作，並透過不同的質押策略等方式為公司創造 alpha 收益。所以，我們的目標不只是原生質押，還要讓原生質押的殖利率超過 3%。但要回答你的問題--

(inaudible).

（聽不清楚）

I didn't catch that. Can you repeat that question, please?

我沒聽出來。請您重複這個問題好嗎？

Are you using multiple custodians?

你們是否使用了多位託管人？

Yes, we primarily are using two customers. One is Fireblocks and another one is Cactus Custody by Matrixport and we have been using them for the past four, five years, has been working great.

是的，我們主要使用兩個客戶。其中一款是 Fireblocks，另一款是 Matrixport 的 Cactus Custody，我們過去四到五年一直在使用它們，效果非常好。

Brian Dobson, Clear Street.

Brian Dobson，Clear Street。

Hey, thanks very much. As you look out into the broader market, thinking about your competition, what do you think could set the digital part over the next two years?

嘿，非常感謝。放眼更廣大的市場，思考你的競爭對手，你認為未來兩年​​數位領域的發展趨勢會是什麼？

I mean we have -- just taking a step back, there's SBET and there's BMNR. These companies. I have a lot of respect for Joe and for Tom. I was just on the panel with them in Singapore at TOKEN2049. We had a very healthy debate with each other. How do you recommend checking out that to debate because that question came up.

我的意思是，我們──退一步講，有SBET，也有BMNR。這些公司。我非常尊敬喬和湯姆。我之前在新加坡的 TOKEN2049 大會上和他們一起參加了小組討論。我們之間進行了一次非常有益的辯論。你建議如何查看該辯論內容？因為我們遇到了這個問題。

And the short version of my answer was that, first of all, we Bit Digital has a successful business. We had Bitcoin Mining, which was profitable. We sold all our Bitcoin. We bought into -- we bought Ethereum with that. We also had a very successful HPC business. So successful that we IPO-ed that business, and we now own 71.5% of a real business.

我的回答簡而言之就是，首先，我們 Bit Digital 是一家成功的企業。我們當時從事比特幣挖礦，而且獲利頗豐。我們賣掉了所有的比特幣。我們用那筆錢買了以太幣。我們的高效能運算業務也非常成功。公司非常成功，我們成功地讓這家公司上市，現在我們擁有這家真實企業 71.5% 的股份。

So this is -- Bit Digital was not -- BTBT was not some sort of failed business that was a shell, that was just picked up and then did a pipe and slapped a bunch of Ethereum on it. That's not what happened. This was a real company. And this company currently still has a very profitable business, including staking Ethereum on the balance sheet.

所以，Bit Digital 並不是——BTBT 不是一家失敗的空殼公司，它不是被收購後簡單包裝一下，然後貼上一堆以太坊的。事情並非如此。這是一家真實存在的公司。這家公司目前仍然擁有非常盈利的業務，包括在資產負債表上質押以太坊。

Also, I mean, except for Joe Lubin, who's the co-founder of Ethereum, I've been involved with Ethereum since 2017. I remember people asking me if I thought Ethereum was basically topping at $300. I kept telling people no. I don't think it's top. And if you ask me today, I will still continue to do the same answer it has not topped even at $3,000.

另外，我的意思是，除了以太坊的聯合創始人喬·盧賓之外，我從 2017 年起就參與了以太坊計畫。我記得有人問我，以太幣的價格基本上是不是會在 300 美元左右達到頂峰。我一直拒絕別人。我覺得它不是最好的。如果今天你問我這個問題，我的回答依然是：即使價格漲到了 3000 美元，也從未超過這個數字。

So I've been involved in this space. So I also built technology on Ethereum. As a co-founder -- the team built something called AirSwap. It was a decentralized exchange. We actually sold that company to Joe Lubin, who is the Co-Founder of Ethereum, who is involved with SBET. So we're intimately involved this Ethereum, not just from a price action perspective, but also from a technological perspective, which is why it reinforces our belief and our conviction why those technology over other technologies.

所以我一直都在這個領域工作。所以我也在以太坊上開發了科技。身為共同創辦人，團隊開發了一款名為 AirSwap 的產品。這是一個去中心化的交易所。實際上，我們已經把那家公司賣給了 Joe Lubin，他是以太坊的共同創辦人，也參與了 SBET 的營運。因此，我們與以太坊有著密切的聯繫，不僅從價格走勢的角度來看，而且從技術角度來看也是如此，這就是為什麼它強化了我們對以太坊技術優於其他技術的信念和看法。

And lastly, I mean, there are many reasons. But lastly, we're able to do things like unsecured converts. We've been able to financially engineer the purchases of Ethereum unlike any other DAT. There isn't any DAT out there that's done unsecured converts. We are the only one. And we just have that ability and talent and we're structuring a way where we can do that. And that's really important because if it's a secured convert well, when Ethereum goes down, creditors can grab your Ethereum, and that's going to not end well for you.

最後，我的意思是，原因有很多。但最後，我們還可以進行一些非安全轉換之類的操作。我們已經能夠以前所未有的方式，透過金融手段操控以太坊的購買，這與其他任何 DAT 都不同。目前市面上沒有任何一款DAT支援非安全轉換。我們是唯一一家。我們擁有這種能力和天賦，我們正在建立一種能夠實現這種能力和天賦的方式。這一點非常重要，因為如果是擔保轉換，那麼當以太坊宕機時，債權人可以扣押你的以太坊，這對你來說絕對不是好事。

But in our case, that can't happen because it was an unsecured debt, it's not secured by the underlying assets that we have on our balance sheet. So because of our creative ability with financial engineering, which we were inspired by Michael Saylor's playbook and this was a successful company, continues to be a successful company and owns a controlling ownership stake in WhiteFiber, which is an AI infrastructure company. And because we understand the underlying technology very, very well.

但就我們而言，這種情況不可能發生，因為這是一筆無擔保債務，它沒有我們資產負債表上的基礎資產作為擔保。因此，憑藉我們在金融工程方面的創造力（我們從邁克爾·塞勒的策略中汲取靈感），這家公司取得了成功，並且繼續保持著成功，也持有人工智慧基礎設施公司 WhiteFiber 的控股權。因為我們對底層技術非常非常了解。

And the only person who knows that better than me is Joe Lubin, we think that we are very differentiated in many different ways. So we don't think frankly being the largest is the marker successive how you do it. And we've done it with unsecured converts. We are structured in a way that positions us to have exposure to digital assets and artificial intelligence in a successful company. And so those -- for those reasons and more, that's how we're differentiated versus as SBET and BMNR.

唯一比我更清楚這一點的人就是喬·盧賓，我們認為我們在很多方面都非常不同。所以坦白說，我們認為規模最大並不是衡量成功與否的標準。而且我們也使用了不安全的轉換器。我們的組織架構使我們能夠在一家成功的公司中接觸到數位資產和人工智慧。因此，正是由於這些原因以及其他更多原因，我們才與 SBET 和 BMNR 區分開來。

Great. And then just as -- just as a quick follow-up, the converts and preferred market or rather demand for converts and preferred has been pretty robust over the past few months. As you're looking forward, do you have a preferred way of raising capital?

偉大的。然後，作為後續補充，在過去的幾個月裡，可轉換債券和優選債券市場，或者更確切地說，可轉換債券和優選債券的需求一直相當強勁。展望未來，您是否有偏好的融資方式？

We love these unsecured converts, but I'll let Erke, our CFO, talk more about that.

我們非常喜歡這些無擔保轉換，但我會讓我們的財務長埃爾克來詳細談談這方面的情況。

Yes. I mean, convertible is always on the table, but we do monitor our leverage very closely, and we don't want to overleverage the company and we had to set up an ATM program for $2.5 billion, but we only use it when we see in the market makes sense or the NAV makes sense. We're very conservative and combined. I think that's our way of adding additional Ethereum accumulation treasury.

是的。我的意思是，可轉換債券始終是我們考慮的選項之一，但我們會非常密切地監控槓桿率，我們不想讓公司過度槓桿化，我們不得不設立一個 25 億美元的 ATM 計劃，但我們只會在市場行情或淨資產值合理時才會使用它。我們非常保守，立場一致。我認為這是我們增加以太坊累積金庫的方式。

Excellent, thank you very much.

太好了，非常感謝。

Kevin Dede, H.C Wainwright.

凱文·迪德，H.C. 溫賴特。

Erke, I guess first question is, I know you mentioned 1.2 exahash midyear next year, Sam. But I'm looking at the cash price at $0.04 now, and I'm wondering if that may have reset your calculus a little bit. And maybe you could give us an idea where you think it could be at the end of the year next year?

Erke，我想第一個問題是，我知道你提到明年年中將達到 1.2 exahash，Sam。但我現在看到的現金價格是 0.04 美元，我在想這是否會讓你重新思考。您能否預測明年年底可能會達到什麼水準？

I'll give that to you, Cam and Erke.

這點我承認，Cam 和 Erke。

I mean likely in that range, I think it's just a function of sort of a hosting portfolio pruning over time as contracts roll off and then optimizing the newer machines. I mean there might be space to increase it marginally just based on what's available in the venture term, 1-month extension here or there if those machines make sense, but I mean it is a business generally that is sunsetting and like we've never had a lot of conviction historically in being able to model mining economics a year out.

我的意思是，很可能就在這個範圍內，我認為這只是主機組合隨著合約到期而逐步精簡，然後優化新機器的結果。我的意思是，如果這些機器有意義，或許可以根據創投期間的實際情況，稍微增加投資額，例如延長一個月或一個月。但我的意思是，總的來說，這是一個正在走向衰落的行業，而且從歷史上看，我們從來沒有太多把握能夠預測一年後的採礦經濟效益。

So I think we'll just evaluate that as it comes. But as it stands, it's going to be a business that methodically winds down. And as older machines are retired, efficiency should improve and should enhance the overall margin profile of that business, all else equal with the ad price.

所以我想我們會根據情況再做評估。但就目前情況來看，這將是一項逐步走向衰退的業務。隨著老舊機器的淘汰，效率應該會提高，並且在廣告價格不變的情況下，應該會提高該業務的整體利潤率。

I know that you're working with fire blocks, obviously, another custodian, but I was wondering if you might offer your thinking on running your own validator nodes? And I guess more broadly, how you expect to squeeze more yield out of the Ethereum network?

我知道你們顯然在使用 Fire Blocks（另一個託管方），但我很想知道你們能否分享一下運行自己的驗證節點的想法？更廣泛地說，您認為如何從以太坊網路中榨取更多收益？

We work with FitMint for our native staking, and we have been very happy with the service and security as well. We take this very seriously as we grow digital asset base. It's in the $100 million range and not too far from $1 billion of digital assets under management. Another strategy we have is we'll be engaging with external managers for strategies that would generate additional yield beyond native staking but again, we're very cautious about the risks associated with external partners as well. So we take a very measured way. But yes, we're trying to generate additional yield alpha from the market as well on top of the 3% native staking that's bringing us.

我們與 FitMint 合作進行原生質押，對他們的服務和安全保障都非常滿意。我們非常重視這一點，因為我們一直在擴大數位資產基礎。其規模在 1 億美元左右，距離 10 億美元的數位資產管理規模也相差不遠。我們還有另一項策略，那就是與外部管理者合作，制定能夠產生原生質押之外的額外收益的策略，但我們同樣對與外部合作夥伴相關的風險非常謹慎。所以我們採取了非常謹慎的方式。是的，除了3%的原生質押收益之外，我們還在嘗試從市場中獲得額外的收益超額收益。

Erke, is there -- I mean is there any thinking on internally about perhaps running your own validator nodes and taking FitMint out of the equation?

Erke，我的意思是，公司內部有沒有考慮過運行自己的驗證節點，從而將 FitMint 從考慮範圍中移除？

I think as on now, we're pretty happy with working with FitMint. But I would say when the operation becomes meaningful enough, we might consider but at this point, we're happy with working with the external service provider.

我認為就目前而言，我們對與FitMint的合作感到非常滿意。但我想說，當這項業務變得足夠有意義時，我們可能會考慮，但目前，我們很樂意與外部服務提供者合作。

Can you just sort of walk me through your $2.9 million staking revenue number? How do you -- how do you get that? I mean I saw how much Ethereum you generated. Is that just sort of the end of the quarter number multiplied by the Ethereum price? Or is it done on some sort of average basis?

可以簡單解釋一下你們290萬美元的質押收入是怎麼來的嗎？你如何——你如何得到它？我的意思是，我看到了你獲得了多少以太坊。這是否就是季度末數字乘以以太坊價格？或者它是以某種平均值計算的？

It's based on, I think, daily basis for revenue.

我認為，它是按日計算收入的。

Okay. Sort of a higher-level question. Given on the Ethereum network because I'm still trying to get used to it, the complexion of the business has changed the network has changed a lot, right, with some very large companies acquiring large amounts of Ethereum and you named abitmine and SharpLink and ETHZilla, The Ether Machine.

好的。這算是更高層次的問題。因為我還在努力適應以太坊網絡，所以就先介紹一下。這個網路的商業格局已經發生了很大的變化，對吧？一些非常大的公司收購了大量的以太坊，你提到了 Abitmine、SharpLink 和 ETHZilla，也就是「以太機器」。

And I'm wondering how you might think about what happens to inflation of Ethereum tokens itself. I mean I know after the merge, it was sort of -- the network was deflationary. And I think inflation is pretty slight, less than 1% most recently. But I'm wondering if you think these treasury companies change that inflation pattern.

我想知道您會如何看待以太坊代幣本身的通貨膨脹。我的意思是，我知道合併之後，網路有點——出現了通縮。而且我認為通膨率很低，最近不到1%。但我很好奇，您是否認為這些國債公司會改變這種通膨模式。

I'm not sure if the treasury companies would change the inflation because the inflation is more driven by the issuance of Ethereum from the blockchain itself and the activity is unchanged. So the treasury companies would -- how it accumulates and stake ETH that would -- I think that would average a lower staking yield. But at this point, the staking yield is pretty stable. So it's not making a very material impact for the overall like inflation discussion of Ethereum.

我不確定國庫公司是否會改變通貨膨脹率，因為通貨膨脹率更多是由區塊鏈本身發行以太坊所驅動的，而這種活動並沒有改變。所以，這些資金公司會如何累積和質押 ETH，我認為這將導致平均質押收益率降低。但目前質押收益率相當穩定。所以它對以太坊整體的通膨討論並沒有產生非常實質的影響。

Okay. Thanks Erke, I appreciate your color on that. I guess I was sort of thinking that huge amounts of there were coming out of the network, and there isn't more available to handle the daily transaction volume.

好的。謝謝Erke，我很欣賞你的觀點。我當時的想法是，大量的數據正從網路中流出，而沒有足夠的資源來處理每日的交易量。

No, they're all being staked and all the new bets were like running the valuators. So they're feeling the ecosystem, money being taken out in that regard.

不，它們都被押注了，所有的新賭注就像是在考驗估值師。所以他們感受到了生態系統的變化，以及這方面的資金流失。

Okay. Thank you, gentlemen. Thanks for having me on the call. Appreciate it.

好的。謝謝各位先生。謝謝邀請我參加電話會議。謝謝。

Nick Giles, B. Riley Securities.

Nick Giles，B. Riley Securities。

Thank you, operator, and good morning, everyone. This is Henry Hearle on for Nick Giles. For my first question, what are your guys' expectations for consolidation in the digital asset treasury space? And how do you guys think about opportunistic M&A?

謝謝接線員，大家早安。這是亨利·赫爾代替尼克·吉爾斯解說。我的第一個問題是，你們對數位資產資金管理領域的整合有何預期？你們如何看待機會主義併購？

It's a good question. We've come across some opportunities ourselves, but we're currently focused on our unique position. And we are very uniquely positioned. We're not just some ordinary playing the little of that. We are -- we have Ethereum on our balance sheet, which we stake the vast majority of, and we own 71.5% of WhiteFiber, which is in the hottest sector, and that will continue.

這是個好問題。我們自己也遇到了一些機會，但目前我們專注於自身獨特的優勢。我們擁有非常獨特的優勢。我們可不是那種只會玩小遊戲的普通人。我們的資產負債表上有以太坊，其中絕大部分都已質押，我們還擁有 WhiteFiber 71.5% 的股份，WhiteFiber 處於最熱門的行業，這種情況還會繼續下去。

We see absolutely no drop in demand before the building of the data centers regardless of the drawdown in effect today, regardless of what Jim Cramer, has to say. We actually know that there is incredible demand, and we own 71.5% of that, company that's exposed to that particular demand.

無論目前市場需求下降的趨勢如何，無論吉姆·克萊默怎麼說，我們都看不到資料中心建設之前需求會有任何下降。我們確實知道市場需求龐大，而我們擁有這家公司 71.5% 的股份，該公司正好迎合了這種特定的需求。

So we're uniquely positioned, and there's just no space I'd rather be in the digital assets and artificial intelligence. And I don't know of any other publicly listed company that has direct exposure to that. So very uniquely positioned. If we were to buy another debt, I'm unsure they'd add value really.

因此，我們擁有獨特的優勢，在數位資產和人工智慧領域，我找不到比這更理想的領域了。據我所知，沒有其他上市公司直接面臨這種情況。地理位置非常獨特。如果我們再購買一筆債務，我不確定它們是否真的能增加價值。

I think we'll just continue to stay the course and buy Ethereum. As I mentioned today, and it's very important for everybody to note, we will -- even though our lockup ends in about 3 months for WhiteFiber, we are announcing today that we will not sell that stake throughout next year because our conviction in that company is extremely rock-solid high.

我認為我們會繼續堅持既定策略，買入以太坊。正如我今天提到的，這一點對大家來說非常重要，那就是——儘管我們對 WhiteFiber 的鎖定期還有大約 3 個月就結束了，但我們今天宣布，明年我們不會出售這些股份，因為我們對這家公司的信心非常堅定。

Great. That's well noted. And then as a follow-up to a previous question, could you guys provide any more guidance on sticking yields going forward? Like how should we think about opportunities beyond the 3% annually that we're seeing today?

偉大的。收到。作為先前問題的後續，你們能否就如何維持未來產量穩定提供更多指引？我們該如何看待目前每年3%的成長之外的其他機會？

I'll let -- Erke will answer that question, but I hope that one day, people will dig a little deeper on how people are doing. They're taking amongst the DATs. It would be interesting to see if fees that shouldn't be -- you guys should look at the fees that are being charged in the various service providers that other DATs are using just to make sure that it's in line with the interest of shareholders.

我會讓埃爾克來回答這個問題，但我希望有一天，人們能夠更深入地了解人們的生活狀況。他們正在 DAT 中取樣。看看是否存在不應該收取的費用會很有趣——你們應該看看其他 DAT 使用的各種服務提供者收取的費用，以確保這些費用符合股東的利益。

I can certainly say that with respect to our very much aligned with the interest of shareholders. From there on, I'll just leave it to Erke to answer your question more directly.

我可以肯定地說，就我們的利益而言，這與股東的利益高度一致。接下來，我就交給埃爾克來更直接回答你的問題吧。

Yes. Happy to. The medium sticking right now provides about 3%. I think we'll continue to provide 3% for medium-term period of time and the managers we are working with, we like to see at least 4% of the yield and that's a go. But we're evaluating those strategies and justify the risk return. And -- but combined, we'd like to have this new boost 10% and the 3% of the -- compared to the benchmark for native staking.

是的。樂意之至。目前中等黏性物質的含量約為 3%。我認為我們將繼續在中期內提供 3% 的收益率，而我們合作的基金經理希望收益率至少達到 4%，這沒問題。但我們正在評估這些策略，並證明其風險回報是合理的。而且——但綜合起來，我們希望這項新的提升能達到 10% 和 3%——與原生質押的基準相比。

Great thanks for the time, guys. Thank you.

非常感謝各位抽出時間。謝謝。

Mike Grondahl, Northland Securities.

Mike Grondahl，北地證券。

Sam let me ask you about WhiteFiber. And what would you say have been the two biggest challenges in ramping revenue there?

Sam，我想問你關於WhiteFiber的事情。那麼，您認為在提升營收方面最大的兩個挑戰是什麼？

Well, look, we're trying to close this deal this week. I wish it was the as easy as signing a lease for an apartment but it's not. There are a lot of moving parts when it comes to a contract that is generationally long and that has this kind of quantum amount to it. So things take a little longer than anticipated. But time is our friend because as time went on, we were able to upgrade the deal on the white fiber side.

你看，我們正努力在本週完成這筆交易。我希望它能像簽公寓租約那麼簡單，但事實並非如此。對於一份跨越幾代人、金額如此巨大的合約來說，其中涉及許多變數。所以事情進展比預期慢一些。但時間是我們的朋友，因為隨著時間的推移，我們得以升級白光纖的交易。

So we look very much forward to announcing a deal when it's finally signed. I will not -- I will not discuss like in a time line, except to say it's very soon, but I cannot -- I don't want to quantify it because I don't want to be crucified afterwards if I get it wrong. So let's -- I'm glad that everybody is patient.

因此，我們非常期待在協議最終簽署後宣布這項消息。我不會——我不會像討論時間線那樣討論，除了說很快就會發生，但我不能——我不想量化它，因為我不想如果我說錯了，之後被釘在十字架上。所以，我很高興大家都很有耐心。

But to answer your question, the challenge with respect to WhiteFiber is basically how long it takes and how complicated things are in negotiating deals sort of a certain size, it takes a while. But for those who are patients, people would be likely rewarded.

但要回答你的問題，WhiteFiber 面臨的挑戰基本上在於談判一定規模的交易需要很長時間，而且談判過程非常複雜。但對於患者來說，人們可能會得到回報。

Got it. And no operational challenges or anything of that nature? Just basically lease complications and signing, it sounds like.

知道了。沒有遇到任何營運方面的挑戰或其他類似問題嗎？聽起來基本上就是租賃合約的複雜問題和簽約事宜。

That's right. That's right. And we have -- we are so blessed with the Amazon acquisition. On the WhiteFiber side, we did -- what I think was a gem of an acquisition of a team called Enovum last year. And one of their strengths is the -- they have a retrofit approach to data centers. So their entire careers they've been doing this for hyperscalers before they did it for us. They would identify facilities and turn them into Tier 3 data centers.

這是正確的。這是正確的。我們真是太幸運了，亞馬遜收購了我們。在 WhiteFiber 這邊，我們去年完成了一筆我認為非常棒的收購——收購了 Enovum 團隊。他們的優勢之一是——他們採用資料中心改造方法。所以，在為我們服務之前，他們整個職業生涯都在為超大規模資料中心做這件事。他們會確定合適的設施，並將其改造成三級資料中心。

In fact, the latest what they did for WhiteFiber was they identified what was a mattress factory last February. They took control of it. I think early April or late March. And now they turned it into a Tier 3 data center and it's going to start generating revenue now for a very well-known counterparty called [CRBRUS].

事實上，他們最近為 WhiteFiber 所做的，是去年二月找出了那裡是一家床墊工廠。他們控制了它。我覺得應該是四月初或三月底。現在他們把它改造成了一個三級資料中心，它將開始為一個非常知名的交易對手創造收入，這家交易對手叫做…[CRBRUS]。

And they did that on time within budget within six months, and they used a retrofit model approach to that, you cannot do that with a greenfield build greenfield builds take about 18 months, sometimes two years and a lot of variables that you don't control and build in a greenfield. But because this team that we acquired has this ability to retrofit existing facilities or turn them into two data centers. That's a very special ability that not many people have, and we have that team.

他們按時按預算在六個月內完成了這項工作，而且他們採用了改造模式，這是新建專案無法做到的，新建專案大約需要 18 個月，有時甚至兩年，而且有很多你無法控制的變數。但因為我們收購的這支團隊有能力對現有設施進行改造，或是將其變成兩個資料中心。這是一種非常特殊的能力，並非人人具備，而我們團隊就擁有這種能力。

And so because now we're looking at North Carolina, which is our flagship facility that used to be one of the largest manufacturing facilities on the Eastern Seaboard and we're turning that into a Tier 3 data center, the construction has already begun.

因此，我們現在將目光投向了北卡羅來納州，這是我們的旗艦工廠，它曾經是東海岸最大的製造工廠之一，我們正在將其改造成一個三級數據中心，建設工作已經開始。

And now we're just working on finalizing the business development aspect of it. But operationally, we are extremely well seasoned thanks to the talent, the very deep talent and the seasoned experience of our team that we were able to acquire and hire across the past 1.5 years.

現在我們正在敲定業務拓展方面的細節。但在營運方面，我們擁有非常豐富的經驗，這要歸功於我們在過去 1.5 年裡招募和聘用的人才，他們擁有深厚的專業知識和豐富的經驗。

Pat McCann, Noble Capital Markets.

Pat McCann，Noble Capital Markets。

Hey, thanks for taking my questions. On for Joe Gomes today. First question is, with the goal of becoming the largest public ETH treasury, where do you believe you rank today?

嘿，謝謝你回答我的問題。今天由喬·戈麥斯代班。第一個問題是，以成為最大的公共以太坊金庫為目標，您認為您目前排名如何？

The goal is to be the best. Size is not really the metric. The goal is how you do it. So we were able to financially engineer the purchase of Ethereum in ways that others have not. That's extremely important. Imagine you become the best or rather the biggest to say a secured convert.

我們的目標是做到最好。尺寸並不是真正的衡量標準。關鍵在於你如何實現目標。因此，我們能夠以其他人無法做到的方式，透過金融手段購買以太坊。這極為重要。想像一下，你成為了最好的，或者更確切地說，是最大的，一個可靠的信徒。

I'd much rather be number two purchasing Ethereum with an unsecured convert, then being number one was in doing that through a secured convert. I'm not saying that's what the number one guy did, but there are sloppy ways to buy Ethereum and to beat number one through a sloppy way is not the way to go. And so we've been very, very careful not to do it that way.

我寧願以無擔保轉換的方式購買以太坊，成為第二名，也不願以有擔保轉換的方式購買以太坊，成為第一名。我不是說排名第一的人就是這麼做的，但是購買以太坊有一些不太正規的方法，而透過這種不太正規的方法擊敗排名第一的人並不是正確的做法。所以，我們一直都非常非常小心，避免那樣做。

And I think that to us is really our north star. How you do it, how you're purchasing Ethereum, how you're positioned being positioned with owning a successful company like WhiteFiber, being positioned by buying Ethereum through unsecured converts, being positioned that way to do it responsibly to us is our goal and not to just buy Ethereum hell or high water and be number one and then you can get in trouble after a while. So that is not something that is our goal necessarily.

我認為這對我們來說就是真正的指路明燈。你如何操作，如何購買以太坊，你如何定位自己，擁有像 WhiteFiber 這樣成功的公司，透過無擔保轉換購買以太坊，以這種方式負責任地進行交易，是我們的目標，而不是不顧一切地購買以太坊，成為第一，然後過一段時間你可能會遇到麻煩。所以，這未必是我們的目標。

Having said that, we do intend to buy a material amount of Ethereum. We'll do it in a responsible way. We have levers that others do not have. And we look forward to reporting in the medium-term future about these Ethereum purchases that we'll be doing. And as cloud, it's nice to see that Ethereum is down today. People may be selling Ethereum today, but it's those who have diamond hands to get rich and we have a very long-term vision of what Ethereum was.

話雖如此，我們確實打算購買相當數量的以太幣。我們會以負責任的方式去做。我們擁有別人沒有的優勢。我們期待在中期未來報告我們將進行的這些以太坊購買活動。作為雲端服務供應商，很高興看到以太坊今天宕機了。現在可能有人在拋售以太坊，但只有那些眼光獨到的人才能致富，而我們對以太坊的未來有著非常長遠的願景。

I've been saying the same thing since 2017, the same thing in 2018, the same thing in 2019 and I'll be saying the same thing in 2025. I'll be saying the same thing next year in 2026. Ethereum will continue to structurally go up. There will be a lot of cyclical gyrations but the way that Bit Digital's going to purchase Ethereum will be responsibly and prudently because we don't want to go up.

從 2017 年到 2025 年，我一直說同樣的話，2018 年說同樣的話，2019 年說同樣的話，到 2025 年我還會說同樣的話。明年，也就是 2026 年，我還會說同樣的話。以太坊的結構性上漲趨勢將持續下去。價格會有周期性的波動，但 Bit Digital 購買以太坊的方式將會是負責任和謹慎的，因為我們不想價格上漲。

Got it. Appreciate that. And then the other question, just if you could comment on the G&A expense this quarter. What went into that? And where do you see that going moving forward?

知道了。謝謝。還有一個問題，您能否就本季的管理費用發表一下看法？這其中都包含哪些內容？你認為它未來會如何發展？

Yes, there's a lot of one-off G&A expenses because of -- maybe I should be about to Cam and Erke. Go ahead.

是的，由於——也許我應該去見 Cam 和 Erke——有很多一次性的 G&A 費用。前進。

I mean, G&A does consolidate WhiteFiber and I mean -- from the perspective of consolidation, I would generally refer to comments made on the WhiteFiber earnings call, which would provide a lot of nuance on that side of the business. For Bit Digital, there was similarly, some nonrecurring items, some elevated marketing spend, some that we would view as discretionary that we could pull back.

我的意思是，G&A 確實合併了 WhiteFiber，而且——從合併的角度來看，我通常會參考 WhiteFiber 財報電話會議上的評論，這些評論會提供關於該業務方面的許多細微差別。同樣，Bit Digital也有一些非經常性項目、一些增加的行銷支出，以及一些我們認為可以削減的可有可無的支出。

I think generally, Bit Digital is pretty flexible from cost structure perspective and it can be very lean, and it will become significantly leaner. So like on a forward basis, G&A should be materially lower.

我認為整體而言，Bit Digital 從成本結構角度來看相當靈活，可以非常精簡，未來還會變得更加精簡。因此，如預期計算，一般及行政費用應該會大幅降低。

Yes. Basically, just a lot of one-offs that happened on the G&A level. On a normalized basis, you'll see how the digital cost structure is actually very light and flexible.

是的。基本上，就是行政管理層面發生的許多零星事件。從標準化的角度來看，你會發現數位成本結構其實非常輕巧靈活。

Great. Appreciate it guys.

偉大的。謝謝各位。

And we have no questions over the phone.

我們電話裡沒有任何問題。

No more questions? Okay. Well, thank you for joining us today. We appreciate your continued interest and support. We look forward to speaking with you again next quarter and remember about my comments on diamond hands. Thank you, everybody.

沒有其他問題了嗎？好的。謝謝您今天收看我們的節目。感謝您一直以來的關注與支持。我們期待下個季度再次與您交流，也請記住我之前關於鑽石手型的評論。謝謝大家。

This concludes today's call. We thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。