Bit Digital, Inc. (BTBT) 2026 Q1 法說會逐字稿

Hello, and welcome to the BIT Digital First Quarter 2026 Earnings Conference Call.

您好，歡迎參加 BIT Digital 2026 年第一季財報電話會議。

(Operator Instructions)

(接線員指示)

I'll now turn the call over to your host, Daniel Kennedy, Head of Investor Relations at Bit Digital. Daniel, please go ahead.

接下來我將把電話交給本次會議主持人、Bit Digital 投資人關係主管 Daniel Kennedy。Daniel，請開始。

Thank you and welcome everyone to Bit Digital's first quarter 2026 earnings call.

謝謝，並歡迎各位參加 Bit Digital 2026 年第一季財報電話會議。

Joining me today are Sam Tabar, our Chief Executive Officer, and Eric Huang, our Chief Financial Officer.

今天與我一同出席的有我們的執行長 Sam Tabar，以及財務長 Eric Huang。

I'd like to remind everyone that certain statements made during today's call may be forward-looking.

我想提醒各位，今天電話會議中所作的某些陳述可能屬於前瞻性陳述。

These statements are subject to risks and uncertainties that could cause results to differ.

這些陳述受到風險與不確定性影響，可能導致實際結果有所差異。

For a discussion of these risks, please refer to our SEC filings, including our Form 10-Q filed today.

關於這些風險的討論，請參閱我們向 SEC 提交的文件，包括我們今天提交的 10-Q 表格。

Throughout the call, we may also refer to non-GAAP financial measures. Reconciliations to the most direct comparable GAAP measures can be found in our earnings materials available on our website.

在本次電話會議中，我們也可能提及非 GAAP 財務衡量指標。與最直接可比的 GAAP 指標之調節表，可在我們網站上的財報資料中找到。

Unless otherwise indicated, figures discussed during these remarks are rounded for readability.

除非另有說明，本次發言中提及的數字均已四捨五入以利閱讀。

Following our prepared remarks, we will open the call for questions.

在我們的準備發言結束後，將開放提問。

With that, I'll turn the call over to Sam.

接下來，我把電話交給 Sam。

Sam.

Sam。

Thank you, Daniel, and thank you, everyone, for joining us.

謝謝你，Daniel，也謝謝各位撥冗參與。

Before I begin, I would like to extend a hand of welcome to our new Head of Investor Relations, Daniel Kennedy.

在我開始之前，我想向我們新任投資人關係主管 Daniel Kennedy 表示歡迎。

He was formerly a board member, advisor, and director to publicly listed companies across the digital asset, crypto, fintech, and AI infrastructure sectors.

他先前曾擔任董事會成員、顧問，以及多家公開上市公司的董事，涵蓋數位資產、加密貨幣、金融科技與 AI 基礎設施等領域。

Welcome aboard, Daniel, and we look forward to your ability to share the BitDigital story and trajectory to our shareholders.

歡迎加入，Daniel。我們期待你能向股東分享 Bit Digital 的故事與發展軌跡。

Bit Digital continued advancing its strategic asset transition during the first quarter.

Bit Digital 在第一季持續推進其策略性資產轉型。

Our business today is centered around three verticals: Ethereum treasury and staking, AI infrastructure through white fiber, and building durable cash flow through disciplined capital allocation.

我們目前的業務聚焦於三大垂直領域：以太坊資產庫存與質押、透過 White Fiber 佈局 AI 基礎設施，以及透過嚴謹的資本配置建立可持續的現金流。

We believe these businesses complement each other.

我們相信這些業務彼此互補。

Ethereum provides long-term treasury exposure and staking yields.

以太坊提供長期的資產庫存曝險與質押收益。

White Fiber provides exposure to AI infrastructure and compute demand.

White Fiber 提供對 AI 基礎設施與算力需求的曝險。

Overtime, we expect additional operating businesses to support recurring revenue generation across the platform, starting with Ethereum.

隨著時間推移，我們預期將有更多營運型業務支援平台的經常性收入產生，並以以太坊為起點。

We continue viewing Ethereum as foundational infrastructure for digital assets and on-chain financial activity.

我們持續將以太坊視為數位資產與鏈上金融活動的基礎性基礎設施。

Our approach remains disciplined.

我們的做法仍然嚴謹自律。

We are focused on increasing ETH per share over time while maintaining balance sheet flexibility and capital efficiency.

我們專注於隨時間提升每股持有的 ETH，同時維持資產負債表的彈性與資本效率。

Turning to our white fiber holdings.

接著談談我們的 White Fiber 持股。

White fiber remains a core strategic asset for Bit Digital and provides critical exposure to AI infrastructure where demand for compute continues, exceeding available supply.

White Fiber 仍是 Bit Digital 的核心策略性資產，並提供對 AI 基礎設施的關鍵曝險；在該領域，算力需求持續高於可用供給。

We expect these constraints to persist, presenting opportunities which we believe we are uniquely positioned to capitalize on.

我們預期這些限制將持續存在，帶來我們相信自己具備獨特優勢可把握的機會。

We continue viewing white fiber as a long-term holding and do not intend to monetize the position in 2026.

我們持續將 White Fiber 視為長期持有資產，且無意在 2026 年將該持股變現。

Our company has a long history of execution in HPC, delivering projects on time and on-budget to customers and partners.

本公司在高效能運算（HPC）方面有長期的執行紀錄，能為客戶與合作夥伴按時、按預算交付專案。

Importantly, Bit Digital continues to maintain a significant ownership position in White Fiber.

重要的是，Bit Digital 仍持有 White Fiber 的相當比例股權。

The company held approximately 27 million White Fiber shares with a market value of approximately $322.1 million as of the end of March 2026.

截至 2026 年 3 月底，公司持有約 2,700 萬股 White Fiber 股票，市值約 3.221 億美元。

Turning briefly to mining.

簡要談談挖礦業務。

We continued reducing exposure to Bitcoin mining during the quarter.

本季我們持續降低對比特幣挖礦的曝險。

Mining remains cash flow generative, but it is no longer a strategic growth priority.

挖礦仍能產生現金流，但已不再是策略性成長的優先事項。

Capital will continue shifting towards Ethereum and infrastructure-related opportunities.

資本將持續轉向以太坊與基礎設施相關機會。

Turning to the convergence and the constraint.

接著談談「融合」與「限制」。

We believe AI and Ethereum are converging.

我們相信 AI 與以太坊正在融合。

We are uniquely positioned through our exposure to AI infrastructure, the Ethereum ecosystem, and strategic acquisitions.

透過我們對 AI 基礎設施、以太坊生態系，以及策略性併購的曝險，我們具備獨特的有利位置。

At the same time, the demand for compute and power continues to exceed available supply.

同時，算力與電力需求仍持續超過可用供給。

We believe compute itself is becoming sufficiently scarce and valuable to emerge as a new asset class.

我們認為算力本身正變得足夠稀缺且具價值，並可能成為一種新的資產類別。

We are strategically positioned to capitalize on both the convergence and the constraint.

我們在策略上已就「融合」與「限制」兩者做好布局，以把握相關機會。

Finally, we will continue evaluating opportunities to expand recurring cash flow generation across our strategic asset platform.

最後，我們將持續評估各種機會，以擴大我們策略性資產平台的經常性現金流產生能力。

We remain disciplined in our approach and focus on long-term value creation rather than transaction volume.

我們仍將保持自律，聚焦長期價值創造，而非交易量。

I'll now turn the call over to Eric.

接下來我把電話交給 Eric。

Thank you, Sam.

謝謝你，Sam。

Our first quarter 2026 results reflect the continued repositioning of the business toward infrastructure, staking and treasury operations.

我們 2026 年第一季的結果反映出公司持續將業務重新定位至基礎設施、質押與資產庫存營運。

Total revenue for Q1 was $27.9 million compared to $32.3 million in Q4 2025.

第一季總營收為 2,790 萬美元，較 2025 年第四季的 3,230 萬美元下降。

This represents a decrease of 13.7% quarter-over-quarter.

這代表營收季對季下降 13.7%。

Cloud Services revenue was $16.8 million, down 13.1% Q over Q.

雲端服務營收為 1,680 萬美元，季對季下降 13.1%。

Caucasian Services revenue was $4.8 million, up around 23.9% quarter-over-quarter.

託管服務（Colocation Services）營收為 480 萬美元，季對季成長約 23.9%。

Thinking revenue.

再談質押收入。

Ethereum staking revenue was $2.3 million, down roughly 29.4% quarter-over-quarter. The decline reflected lower average Ethereum prices and lower natively staked balances.

以太坊質押收入為 230 萬美元，季對季約下降 29.4%。下降主要反映以太坊平均價格較低，以及原生質押餘額較低。

Digital asset mining revenue was $3.7 million, down just under thirty-three percent quarter over quarter, reflecting lower Bitcoin production and lower average Bitcoin prices during the quarter.

數位資產挖礦收入為 370 萬美元，季對季下降略低於 33%，反映本季比特幣產量較低以及比特幣平均價格較低。

As of March 31st, the company held approximately 155,444.41 Ethereum.

截至 3 月 31 日，公司持有約 155,444.41 枚以太坊。

As of April 30th, approximately 60,677 Ethereum remained natively staked.

截至 4 月 30 日，約有 60,677 枚以太坊仍以原生方式進行質押。

Based on closing, Ethereum price of around 2,104.

以收盤價計算，以太坊價格約為 2,104 美元。

Per Ethereum on March 31st, the market value of the company's Ethereum holding was $327 million.

以 3 月 31 日每枚以太坊約 2,104 美元計算，公司以太坊持有部位的市值為 3.27 億美元。

The company's average Ethereum acquisition price for all holdings was approximately $3,045 as of 31st, 2026.

截至 2026 年 3 月 31 日，公司全部以太坊持有部位的平均取得成本約為 3,045 美元。

Revenue mix continued shifting away from mining and towards Ethereum staking, cloud business, and colocation operations.

營收組合持續從挖礦轉移，轉向以太坊質押、雲端業務與託管機房營運。

We believe the transition continued creating a more durable and scalable operation model centered around infrastructure, staking, and treasury management activities with lower dependency on legacy mining operations.

我們相信這項轉型持續打造出更具韌性且可擴展的營運模式，以基礎設施、質押與資產庫存管理活動為核心，並降低對傳統挖礦業務的依賴。

Net loss was $146.7 million in Q1 2026, compared to $185.3 million in Q4 2025.

2026 年第一季淨損為 1.467 億美元，較 2025 年第四季的 1.853 億美元縮小。

Results continue to be impacted by non-cash market adjustments on digital assets.

業績仍持續受到數位資產非現金市價調整的影響。

Turning to the balance sheet.

接著談資產負債表。

Cash and cash equivalents were $79.5 million as of March 31st, compared to $118.4 million as December 31st, 2025.

截至3月31日，現金及約當現金為7,950萬美元，較2025年12月31日的1億1,840萬美元下降。

Digital assets totaled $295 million in quarter-end, compared to a $415.7 million as of December 31st last year.

季末數位資產總額為2億9,500萬美元，較去年12月31日的4億1,570萬美元下降。

The decline primarily reflected a lower Ethereum price in quarter-end rather than reductions in holdings.

該下降主要反映季末以太幣價格較低，而非持有量減少。

Ethereum price is roughly $2,300 as of writing and has traded in the range between roughly $1,800 and $2,400 since early February.

撰寫本稿時以太幣價格約為2,300美元，自2月初以來大致在約1,800至2,400美元區間交易。

Convertible notes increased to $334 million, with the increase driven by the insurance of the notes by Wi-Fiber, which are consolidated within our financial statements.

可轉換公司債增加至3億3,400萬美元，增幅主要由Wi-Fiber發行票據所帶動，該等票據已併入我們的財務報表。

As of April 30th, approximately $60,677 million remained in the latest state.

截至4月30日，最新狀態下約仍剩餘60,677百萬美元。

Total Ethereum holdings were approximately 155,461 Ethereum with a blended acquisition cost basis of around $3,028 per Ethereum.

以太幣總持有量約為155,461枚，以太幣加權平均取得成本約為每枚3,028美元。

Overall, our financial profile continues evolving toward infrastructure, staking and treasury management with reduced contribution from legacy Bitcoin mining operations.

整體而言，我們的財務輪廓持續朝向基礎設施、質押與資金庫管理演進，傳統比特幣挖礦業務的貢獻降低。

I will now turn the call back to Sam.

我現在把電話交回給Sam。

Thank you, Eric.

謝謝你，Eric。

Bit Digital has become accustomed to being early and making bold calls.

Bit Digital已習慣於搶先布局並做出大膽判斷。

When you make calls early, criticism usually comes before consensus.

當你提早做出判斷時，批評通常會先於共識出現。

We believe Ethereum will become the core settlement infrastructure for the future digital financial system.

我們相信，以太坊將成為未來數位金融體系的核心結算基礎設施。

We believe we are simply early again.

我們相信，我們只是再次走在前面。

Stablecoins, tokenized assets and on-chain settlement activity are already scaling rapidly on Ethereum-compatible infrastructure.

穩定幣、代幣化資產與鏈上結算活動，已在相容以太坊的基礎設施上快速擴張。

Ethereum hosts the majority of stablecoin supply by market value and remains the dominant settlement layer. For institutional stablecoin activity.

以太坊承載了以市值計的多數穩定幣供給，並仍是主導性的結算層。就機構穩定幣活動而言。

BlackRock launched its tokenized money market fund on ETH.

BlackRock在ETH上推出其代幣化貨幣市場基金。

We believe the broader financial system is increasingly moving toward regulatory and institutional integration with digital asset infrastructure.

我們相信，更廣泛的金融體系正日益朝向與數位資產基礎設施的監管與機構整合。

We share the belief that everything of value will become eventually tokenized.

我們同樣相信，所有有價值的事物最終都將被代幣化。

Ethereum is also home to innovation in areas like zero-knowledge payments.

以太坊也是零知識支付等領域創新的重鎮。

We do not believe this is temporary. It is only the beginning.

我們不認為這是暫時的。這只是開始。

Also, automated agentic workflows will increasingly transact without human intervention.

此外，自動化的代理式工作流程將愈來愈多在無需人為介入下完成交易。

The first iteration is likely to involve highly specialized agents interacting with each other to complete complex tasks automatically within predefined constraints.

第一個迭代版本很可能是由高度專業化的代理彼此互動，在預先定義的限制內自動完成複雜任務。

This will require a medium to exchange value.

這將需要一種價值交換媒介。

Ethereum offers programmable pragmatism through smart contracts.

以太坊透過智慧合約提供可程式化的務實性。

We also continue expanding our relationships across the Ethereum ecosystem.

我們也持續擴展在以太坊生態系中的合作關係。

During the quarter, Bit Digital was approved by the Ethereum Foundation to purchase ETH directly from the foundation.

本季期間，Bit Digital獲以太坊基金會核准，可直接向基金會購買ETH。

We view that as an important validation of our long-term commitment to the ecosystem.

我們將此視為對我們長期投入該生態系的重要驗證。

More on that in the future.

未來會有更多相關內容。

We also continue actively executing on our Ethereum treasury strategy and expect to provide a material update in the very near term.

我們也持續積極執行以太坊資金庫策略，並預期在極短期內提供一項重大的更新。

At the same time, we remain active at the same time, we remain active evaluating strategic acquisition opportunities aligned with our infrastructure and treasury strategy.

同時，我們也保持活躍，同時，我們也保持活躍，持續評估與我們的基礎設施與資金庫策略一致的策略性併購機會。

We are currently engaged in ongoing diligence around a potential acquisition target that will contribute revenues to Bit Digital.

我們目前正就一個潛在併購標的進行持續的盡職調查，該標的將為Bit Digital帶來營收貢獻。

Our focus remains disciplined and long-term.

我們的重點仍然是紀律與長期。

We intend to continue building a business of the cross holds of Ethereum infrastructure, AI and HPC infrastructure, and durable cash flow through strategic acquisitions.

我們打算持續透過策略性併購，打造一個橫跨以太坊基礎設施、AI與HPC基礎設施，以及可持續現金流的業務。

We believe Ethereum infrastructure and AI compute infrastructure are not separate strategies, but components of a single integrated platform aligned with the future digital financial system.

我們相信，以太坊基礎設施與AI算力基礎設施並非兩個分離的策略，而是與未來數位金融體系一致的單一整合平台之組成要素。

Yesterday, the Clarity Act advanced through yesterday, the Clarity Act advanced through the Senate Banking Committee and now moves forward in the Senate approval process.

昨天，《Clarity法案》在昨天已於參議院銀行委員會取得進展，並將進入參議院的核准程序。

Passage of the Clarity Act would represent a meaningful step forward for Ethereum and the broader digital asset ecosystem.

《Clarity法案》若獲通過，將代表以太坊及更廣泛的數位資產生態系向前邁出重要一步。

Clearer market structure and regulatory clarity would support increased institutional participation and continued development of Ethereum-compatible financial infrastructure.

更清晰的市場結構與監管明確性，將支持更多機構參與，並推動以太坊相容金融基礎設施的持續發展。

The goal remains straightforward: maintain balance sheet flexibility.

目標仍然很明確：維持資產負債表的彈性。

Allocate capital efficiently and continue compounding long-term shareholder value.

有效率地配置資本，並持續複利累積股東長期價值。

With that, I'd like to open the floor for some questions. Are there any analysts on the call?

接下來，我想開放提問。請問有分析師在線上嗎？

Thank you.

謝謝。

(Operator Instructions)

（接線員指示）

We'll now take your first question coming from the line of Nick Giles with B. Riley Securities.

我們現在接聽第一個問題，來自B. Riley Securities的Nick Giles。

Hi, Nick.

嗨，Nick。

Yeah, thanks.

好的，謝謝。

Hey, guys. Yeah, thanks very much.

嗨，各位。是的，非常感謝。

My first question was just along the lines of BTBT is trading at a discounted MNAV, and I wanted to get your take just on where you need to see valuation before you might think about strategic acquisitions. And then as we think about targets, I mean, what would be the rough size of any target?

我的第一個問題是，BTBT目前以低於MNAV的折價交易，我想聽聽你們的看法：在你們可能考慮策略性併購之前，需要看到估值到什麼程度？另外，談到標的時，任何標的大概會是多大的規模？

How many of these types of acquisitions would you be comfortable making? Thanks a lot.

你們會願意進行多少筆這類型的併購？非常感謝。

So, the crypto industry in general, with respect to the businesses that are built on it are trading at compressed valuations right now. So, it is a good time to consider buying when there is a bear market or a mixed market in the sector. You kind of want to avoid buying when it's frothy. So, we think it's an interesting time to buy.

整體而言，加密產業以及建立在其上的企業，目前的交易估值都處於被壓縮的水準。因此，當產業處於熊市或多空交錯的市場時，正是考慮買進的好時機。你會想避免在市場過熱時出手。所以，我們認為現在是個有意思的買點時機。

And there are a lot of great businesses out there. There are also a lot of not-so-great businesses out there. And we're in a good position with our balance sheet to buy a business that would strategically be aligned with the digital and add revenue. And it has to be, I mean, there are a number of ways we can do this. It could be a trading or a market-making firm. It could be. An Ethereum-adjacent infrastructure company. It could even be a company involved that's participating in the Agentic economy because we believe that there's an intersection with Ethereum and AI. So, these are the things we've been looking at. We started that process the beginning of this year. We've spoken to a number of candidates. We continue. Being on the hunt. And we look forward to hopefully selecting a candidate in an acquisition, or maybe more than one acquisition, as you mentioned, it could be more than one. And when we do, we expect it to be, we tend to be early at things, but they always, they tend to work out. So, we expect to be early in identifying whatever candidate we decide to acquire.

市場上有很多很棒的企業。也有不少不那麼好的企業。以我們的資產負債表狀況，我們具備優勢去收購一家在策略上與數位（資產）相契合、並能帶來營收的企業。而且必須是——我的意思是，我們有很多種方式可以做到這點。它可以是一家交易或做市公司。也可以是。一家與以太坊相鄰的基礎設施公司。甚至也可以是一家參與代理式經濟（Agentic economy）的公司，因為我們相信以太坊與AI之間存在交集。所以，這些都是我們一直在看的方向。我們在今年年初啟動了這個流程。我們已與多個候選方洽談。我們仍在持續。尋找標的。我們也期待能夠選定一個候選方進行併購，或如你所提，可能不只一筆併購，確實可能不只一筆。而當我們這麼做時，我們預期——我們往往在很多事情上都走得很早，但它們通常——通常都會奏效。因此，我們預期在辨識我們決定收購的任何標的上，我們也會是早一步的。

And we'll offer our rationale and we'll see how it unleashes in terms of valuation in the future.

我們將提出我們的理由，並看看它未來在估值方面將如何釋放。

Hey, Sam, I really appreciate that perspective. So just if I could try and clarify those thoughts, you would be using cash on the balance sheet because, with BTBT trading at a discount to NAV. It would maybe make less sense to use your currency, but, like you said, if there are, good businesses trading at cheap discounts, this is kind of the time to take action. Is that a fair summary?

嘿，Sam，我非常感謝這個觀點。所以如果我可以試著釐清一下你的想法，你會使用資產負債表上的現金，因為 BTBT 目前以低於 NAV 的折價交易。這樣一來，使用你們的「貨幣」（例如股票）可能就比較不合理；但如你所說，如果有優質企業以很便宜的折價在交易，現在就是採取行動的時機。這樣總結公平嗎？

That is a fair summary.

這樣總結很公平。

Eric, do you agree?

Eric，你同意嗎？

Yeah, absolutely.

是的，完全同意。

Okay, very helpful. I'll turn it over, guys, but thanks for the update.

好的，非常有幫助。我就交回給你們了，各位，謝謝更新。

Thank you.

謝謝。

Again, if you would like to ask a question, you may press 1 on your telephone keypad.

再次提醒，如果您想提問，請按電話鍵盤上的 1。

We'll now take your next question, coming from the line of George Sutton with Craig Allen.

接下來我們將接聽下一位提問者，來自 Craig Allen 的 George Sutton。

Hi, George.

嗨，George。

Hey, guys, loading on for George again today. Thanks for taking the question. So, Sam, I'm curious to get maybe your thoughts on some of the new privacy-focused blockchains that seem to be getting more activity, like a Canton, for example.

嘿，各位，我今天再次代 George 上線。謝謝讓我提問。Sam，我想聽聽你對一些近期活動度似乎增加、主打隱私的新區塊鏈的看法，例如 Canton。

I guess, how do you view those as competitors to Ethereum over time, kind of competing for activity?

我想問的是，你如何看待它們長期作為以太坊的競爭者、在活動量上競爭？

I think it comes down to network effects. It's really difficult to get network effects in any private blockchain. It kind of reminds me of the intranet, if you recall.

我認為關鍵在於網路效應。在任何私有區塊鏈上要形成網路效應都非常困難。這有點讓我想到內部網路（intranet），如果你還記得的話。

I just think you need network effects in order to make something quite valuable.

我只是覺得，你需要網路效應才能讓某個東西變得相當有價值。

That's just my opinion. I understand that others may disagree.

這只是我的看法。我理解其他人可能不同意。

But I the one that you're referring to, I don't have enough knowledge about it for me to really opine too heavily, to be H1st.

但你提到的那個，我對它了解不夠，無法做太多評論，坦白說。

Okay. Yes. No, fair enough.

好的。是的。了解，這樣也很合理。

Just one other for me, kind of thinking towards, maybe an environment where capital raising is a bit more -- kind of the doors are open. I think in the past you've talked about trying to keep leverage down to.

我還有一個問題，從資本募集環境可能變得更——也就是說大門重新打開的角度來看。我記得你過去談過希望把槓桿維持在較低水準。

20% of Ethereum balances. I'm just curious if that's sort of still how you'd approach that or if there's any flexibility to that.

大約是以太坊持倉的 20%。我想確認這是否仍是你們的做法，或是否有彈性空間。

And would unsecured debt kind of still be your preferred route? I know other companies have been focused on preferred but just want to get a better picture of kind of how that might work, again, in a market environment that's kind of more conducive to it.

另外，無擔保債務是否仍會是你們偏好的路徑？我知道其他公司比較著重於優先股，但我想更清楚了解在更有利於操作的市場環境下，這可能會如何運作。

Yeah, Eric, do you want to take that?

Eric，你要回答這題嗎？

Yeah, if I may add, yes, leveraging continue to be a key consideration we were doing in fundraising, especially taking on, let's say, convertible or other debt form of financing.

好的，如果我可以補充的話，是的，在我們進行募資時，槓桿仍然是關鍵考量，特別是承作例如可轉換債或其他債務型融資。

So, we continue to use 20% as the metrics for us to make a decision whether we'd like to put on more leverage on PTBT.

因此，我們仍以 20% 作為衡量指標，來決定是否要在 PTBT 上增加更多槓桿。

And in terms of other forms of financing, your equity as another tool as well, but as well, I'll see if the digital as trading at a discount, but with the acquisition targets surfing, those were the tools we can use as well.

至於其他融資形式，股權也是另一項工具；同時，我們也會觀察（公司）數位資產若以折價交易，但併購標的浮現時，這些也都是我們可以運用的工具。

Helpful. Okay, that's all for me. Thanks, guys.

很有幫助。好的，我就這些。謝謝各位。

Your next question will come from the line of Brian Dobson with Clear Street.

下一個問題將來自 Clear Street 的 Brian Dobson。

Hi, Brian.

嗨，Brian。

Hey, how are you doing? Thanks so much for taking my question.

嘿，你們好嗎？非常感謝讓我提問。

Big Digital has evolved a lot over the course of the past three years.

Big Digital 在過去三年中有很大的演進。

Some very exciting opportunities ahead of you to discuss strategic acquisitions.

你們前方有一些非常令人興奮的機會，可以討論策略性併購。

As you're thinking about the future, what do you think this business looks like in two years?

當你們思考未來時，你認為兩年後這個業務會是什麼樣子？

The digital, what it'll look like in two years.

數位業務，兩年後會是什麼樣子。

Yeah, as your kind of evolving the business model.

是的，隨著你們持續演進商業模式。

Yeah, I mean, we don't see the intersection of AI and ETH going away anytime soon. We expect to really want to, we just really want to participate in those future trends. During my earnings call today, I did talk about Agentic AI, and I think that there's a natural home for counterparties to interact with each other, and that would be on Ethereum.

是的，我的意思是，我們不認為 AI 與 ETH 的交會在短期內會消失。我們預期會非常希望——我們就是很想參與這些未來趨勢。在我今天的法說會上，我確實談到了 Agentic AI，我認為交易對手彼此互動有一個很自然的場域，而那會是在以太坊上。

So, we'd like to continue digging in on that theme, and we think that theme will only grow strong over the next two years.

因此，我們希望持續深耕這個主題，而且我們認為在未來兩年這個主題只會更強。

Yeah, at the same time. Thanks a lot.

好的，同時。非常感謝。

And it appears there are no additional questions at this time. I'll turn it back to you for your closing remarks.

看起來目前沒有其他問題。我把時間交回給您做結語。

Thank you for joining us today. We do appreciate your continued interest and support, and we look forward to speaking with you again in the next quarter. There will be many announcements.

感謝各位今天加入我們。我們非常感謝您持續的關注與支持，也期待在下個季度再次與您交流。將會有許多公告。

Thank you until then.

在那之前，謝謝各位。

This concludes today's call.

本日電話會議到此結束。

Thank you for your participation. You may now disconnect.

感謝您的參與。您現在可以掛線。

Goodbye.

再見。