Coincheck Group NV (CNCK) 2026 Q2 法說會逐字稿

Good afternoon and welcome to Coincheck Group NV's fiscal year 2026 second quarter earnings conference call covering the period from April 1, 2025 through September 30, 2025.

下午好，歡迎參加 Coincheck Group NV 2026 財政年度第二季財報電話會議，本次會議涵蓋 2025 年 4 月 1 日至 2025 年 9 月 30 日期間。

With us today are Gary Simonson, Chief Executive Officer of Coincheck Group NV, and Jason Sandberg, Chief Financial Officer of Coincheck Group NV.

今天與我們在一起的是 Coincheck Group NV 的執行長 Gary Simonson 和 Coincheck Group NV 的財務長 Jason Sandberg。

Before we begin our prepared remarks, I'd like to remind everyone that our discussion today will include forward-looking statements. Such forward-looking statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements due to a variety of factors. These factors are discussed in more detail in our filings with the SEC, including our filings related to the second quarter of fiscal 2026. Such factors may be updated from time to time in our periodic filings with the SEC and we do not undertake any obligation to update forward-looking statements.

在我們開始發言之前，我想提醒大家，我們今天的討論將包含前瞻性陳述。此類前瞻性陳述並不構成對未來績效的保證。由於各種因素，實際結果可能與前瞻性聲明中明示或暗示的結果有重大差異。這些因素在我們的文件中進行了更詳細的討論，包括我們與 2026 財年第二季相關的文件。這些因素可能會不時在我們定期向美國證券交易委員會提交的文件中進行更新，我們不承擔更新前瞻性聲明的任何義務。

Additionally, throughout this conference call, we will also present and discuss non-IFRS financial measures. Reconciliations of our non-IFRS financial measures to their most directly comparable IFRS financial measures appear in today's earnings press release, which is available on our investor relations website and on the SEC website.

此外，在本次電話會議中，我們也將介紹並討論非國際財務報告準則（IFRS）的財務指標。我們的非 IFRS 財務指標與其最直接可比較的 IFRS 財務指標的調節表已發佈在今天的盈利新聞稿中，該新聞稿可在我們的投資者關係網站和美國證券交易委員會網站上查閱。

Our functional currency is the JPY.

我們的功能貨幣是日圓。

During today's call, we'll be referring to certain rounded figures and certain figures that we've translated from JPY to US dollars solely for the convenience of the reader.

在今天的電話會議中，我們將提及一些四捨五入的數字，以及一些為了方便讀者理解而從日圓換算成美元的數字。

For more details on these figures and the convenient foreign currency translation we have used, please see our earnings release that was issued earlier today and furnished on Form 6-K as well as our fiscal 2026 second quarter financial statements and MD&A which we will furnish to the SEC on a Form 6-K.

有關這些數據和我們使用的便捷外幣換算的更多詳細信息，請參閱我們今天早些時候發布的收益報告（以 6-K 表格形式提供）以及我們將以 6-K 表格形式提交給美國證券交易委員會的 2026 財年第二季度財務報表和管理層討論與分析 (MD&A)。

I would now like to turn the conference over to your first speaker for today, Gary Simonson. You may begin.

現在我謹將會議交給今天的第一位演講嘉賓，加里·西蒙森。你可以開始了。

Good afternoon and thank you for joining us for our fiscal 2026 second quarter earnings call. I am pleased to report that we have a strong quarter of operational excellence and financial performance.

下午好，感謝各位參加我們2026財年第二季財報電話會議。我很高興地報告，我們本季在營運和財務業績方面表現強勁。

Coincheck Group NV delivered total revenue of JPY133.1 billion, or USD899.5 million, for the quarter ended September 30th, 2025, representing 58% quarter-over-quarter growth. This growth was driven primarily by a 54% increase in marketplace trading volume combined with consistent spreads throughout the quarter.

Coincheck Group NV 截至 2025 年 9 月 30 日的季度總營收為 1,331 億日元，即 8.995 億美元，季增 58%。這一增長主要得益於市場交易量增長 54%，以及整個季度價差的穩定。

We also had solid customer growth with our verified user accounts growing 15% year over year.

我們的客戶數量也實現了穩健成長，已驗證用戶帳戶年增 15%。

This represents strong annualized growth and demonstrates the continued expansion of our customer base and validates our platform's market appeal.

這代表著強勁的年化成長，顯示我們的客戶群不斷擴大，並驗證了我們平台的市場吸引力。

Most important, we made money. Our disciplined approach to operational efficiency combined with increased revenue has yielded positive results, with net profit reaching JPY355 million or USD2.4 million, for our fiscal 2026 second quarter.

最重要的是，我們賺到錢了。我們嚴謹的營運效率提升方法，加上營收的成長，取得了正面的成果，2026 財年第二季淨利達到 3.55 億日圓，即 240 萬美元。

As compared to a net loss of JPY1.38 billion or USD9.3 million in our fiscal 2026 first quarter. A net improvement of JPY1.73 billion or USD11.7 million or an approximately 12 million improvement on an adjusted EBITDA quarter-over-quarter basis.

相較之下，我們在 2026 財年第一季淨虧損 13.8 億日圓（約 930 萬美元）。淨改善17.3億日圓，或1,170萬美元，或依調整後EBITDA計算較上季改善約1,200萬美元。

This strong increase in profitability reflects not only the growth in our core marketplace trading volumes and revenue, but also a strategic focus on cost optimization, as evidenced by our quarter-over-quarter reduction in selling, general, and administrative expenses.

獲利能力的顯著提升不僅反映了我們核心市場交易量和收入的成長，也反映了我們對成本優化的策略關注，這體現在我們銷售、一般及行政費用的季度環比下降。

Our Ethereum staking award initiative represents a significant strategic milestone and continues to demonstrate strong momentum. Revenue for this growth vertical reached JPY794 million, or USD5.4 million, for the quarter, more than 108% growth from the prior quarter.

我們的以太坊質押獎勵計畫代表著一個重要的策略里程碑，並持續展現出強勁的發展勢頭。該成長型業務部門本季營收達 7.94 億日圓（約 540 萬美元），比上一季成長超過 108%。

This performance was driven by increases in our custodied Ethereum as well as a higher average percentage of staked Ethereum. As we've communicated in previous quarters, continued expansion in Japan, as well as international expansion, remains the focus of our growth agenda.

這一業績成長得益於我們託管的以太坊數量的增加以及質押以太坊平均比例的提高。正如我們在前幾個季度所溝通的那樣，繼續在日本擴張以及國際擴張仍然是我們成長計劃的重點。

We continue to execute on our plan. Building upon the successful closing of our acquisition of Next Finance Tech Company Limited in the first quarter of fiscal 2026, we recently successfully completed our previously announced acquisition of Aplo SAS, a leading digital asset prime brokerage headquartered in Paris, France, serving institutional cryptocurrency investors globally.

我們將繼續執行我們的計劃。繼我們在 2026 財年第一季成功完成對 Next Finance Tech Company Limited 的收購之後，我們最近又成功完成了先前宣布的對 Aplo SAS 的收購。 Aplo SAS 是一家領先的數位資產經紀公司，總部位於法國巴黎，為全球機構加密貨幣投資者提供服務。

Aplo has grown rapidly and today serves more than 60 active institutional clients including hedge funds, asset managers, banks, and sovereign funds. This acquisition represents the first step of an important and ongoing component of Coincheck Group NV's stated mission to be a disciplined global allocator of capital and to make strategic acquisitions of retail and institutional crypto businesses outside of Japan, including Europe.

Aplo 發展迅速，如今為 60 多家活躍的機構客戶提供服務，其中包括對沖基金、資產管理公司、銀行和主權基金。此次收購標誌著 Coincheck Group NV 既定使命中一個重要且持續的組成部分邁出了第一步，該使命旨在成為一家紀律嚴明的全球資本配置者，並在日本以外（包括歐洲）對零售和機構加密貨幣業務進行戰略收購。

The transaction was completed through the issuance of 57,500 common shares of Coincheck Group NV ordinary shares, reflecting our commitment to strategic equity-based growth.

本交易透過發行 57,500 股 Coincheck Group NV 普通股完成，體現了我們對以股權為基礎的策略成長的承諾。

We continue to evaluate acquisition opportunities consistent with our stated growth plans while seeking to create strong alignment with potential acquisition counterparties and to structure potential transactions in such a way as to provide further opportunities for institutional and retail investors to have greater access to and enhance liquidity in shares of our publicly traded common stock.

我們將繼續評估符合我們既定成長計畫的收購機會，同時尋求與潛在收購者建立緊密的利益一致性，並以某種方式建立潛在交易，從而為機構和散戶投資者提供更多機會，使其能夠更便捷地獲得併提高我們公開交易的普通股的流動性。

We remain excited about our strategic partnership with Mercoin Inc., a group company of Mercari, Japan's largest marketplace app. Mercari is one of the most recognized C2C platforms in Japan.

我們仍然對與 Mercoin Inc.（Mercari 集團旗下公司，Mercari 是日本最大的市場應用程式）的策略合作夥伴關係感到興奮。Mercari是日本最知名的C2C平台之一。

By combining Coincheck's strong trading system with Mercari's large user base, this collaboration will enable Mercoin customers direct access within the Mercari app to open a Coincheck account and trade a wide range of crypto assets through our platform.

透過將 Coincheck 強大的交易系統與 Mercari 龐大的用戶群相結合，此次合作將使 Mercoin 用戶能夠直接在 Mercari 應用程式內開設 Coincheck 帳戶，並透過我們的平台交易各種加密資產。

We will have more to share regarding this partnership in the coming months. We continue to actively pursue additional strategic collaborations across Japan's institutional landscape. Our objective is to enable leading financial institutions to integrate Coincheck's cryptocurrency solutions into their existing service offerings, thereby expanding digital asset accessibility throughout the Japanese market.

未來幾個月，我們將公佈更多關於此次合作的資訊。我們將繼續積極尋求與日本各機構進行更多策略合作。我們的目標是使領先的金融機構能夠將 Coincheck 的加密貨幣解決方案整合到他們現有的服務產品中，從而擴大數位資產在日本市場的可及性。

We are particularly encouraged by our ongoing discussions with other Japanese institutions, which represent a significant opportunity to broaden Coincheck Group NV's market reach and accelerate our growth trajectory.

我們尤其受到與日本其他機構持續討論的鼓舞，這為擴大 Coincheck Group NV 的市場覆蓋範圍和加速我們的成長軌跡提供了重要機會。

Finally, we continue to monitor Japan's proposed comprehensive tax reforms and the reclassification of select cryptocurrency assets under the Financial Instruments and Exchange Act. While implementation is anticipated in early 2027, we view these reforms as a significant catalyst. We believe these changes will ultimately enhance market transparency, increase institutional participation, increase overall trading velocity and create substantial growth opportunities for well-positioned market leaders like Coincheck.

最後，我們將繼續關注日本提出的全面稅收改革方案以及根據《金融工具及交易法》對部分加密貨幣資產進行重新分類的提議。雖然預計將於 2027 年初實施，但我們認為這些改革將是重要的催化劑。我們相信這些變化最終將提高市場透明度，增加機構參與度，提高整體交易速度，並為像 Coincheck 這樣佔據有利地位的市場領導者創造巨大的成長機會。

With that, I now turn it over to Jason Sandberg, our Chief Financial Officer, to provide commentary and more color on our numbers for the quarter.

接下來，我將把麥克風交給我們的財務長傑森·桑德伯格，讓他對我們本季的財務數據進行評論和更詳細的分析。

Thank you, Gary.

謝謝你，加里。

Let me take you through our second quarter of fiscal 2026 performance.

讓我帶您了解我們 2026 財年第二季的業績。

I will start with some year-over-year comparisons. Total revenue increased 89% to JPY133.1 billion or USD900 million in the second quarter of fiscal 2026, up from JPY70.3 billion or USD475 million in the second quarter of fiscal 2025.

我將首先進行一些同比比較。2026 財年第二季總營收成長 89% 至 1,331 億日圓（約 9 億美元），高於 2,025 財年第二季的 703 億日圓（約 4.75 億美元）。

Gross margin increased 92% to JPY3.9 billion or USD26 million in the second quarter of fiscal 2026, up from JPY2 billion or USD14 million in the second quarter of fiscal 2025 as a result of an increase in our verified user accounts, customer assets, and overall increases in our marketplace trading volume.

由於我們已驗證用戶帳戶、客戶資產的增加以及我們市場交易量的整體成長，2026 財年第二季毛利成長 92% 至 39 億日圓（2,600 萬美元），高於 2025 財年第二季的 20 億日圓（1,400 萬美元）。

Our verified accounts increased 15% to 2.4 million accounts as of September 30th, 2025, up from 2.1 million accounts as of September 30th, 2024.

截至 2025 年 9 月 30 日，我們的認證帳戶數量增加了 15%，達到 240 萬個，而截至 2024 年 9 月 30 日，認證帳戶數量為 210 萬個。

Our customer assets increased 78% to JPY1,189 billion or USD8.04 billion as of September 30th, 2025, up from JPY669 billion or USD4.5 billion as of September 30th, 2024.

截至 2025 年 9 月 30 日，我們的客戶資產成長了 78%，達到 11,890 億日圓（約 80.4 億美元），而截至 2024 年 9 月 30 日，該資產為 6,690 億日圓（約 45 億美元）。

Our marketplace trading volume increased 72% to JPY94.7 billion or USD640 million for the second quarter of fiscal 2026, up from JPY55.1 billion or USD373 million for the second quarter of fiscal 2025.

2026 財年第二季度，我們的市場交易量成長 72%，達到 947 億日圓（約 6.4 億美元），高於 2025 財年第二季的 551 億日圓（約 3.73 億美元）。

Please note that fluctuations in marketplace trading volume are usually driven by crypto-asset industry market volumes in conditions generally and the size and level of trading activity at Coincheck specifically as well as market price fluctuations in the crypto assets frequently traded.

請注意，市場交易量的波動通常是由加密資產行業整體市場交易量、Coincheck 的具體交易活動規模和水平以及經常交易的加密資產的市場價格波動所驅動的。

Net income increased to JPY355 million or USD2.4 million in the second quarter of fiscal 2026 compared to a net profit of JPY15 million or USD0.1 million in the second quarter of fiscal 2025.

2026 財年第二季淨利增至 3.55 億日圓（約 240 萬美元），而 2025 財年第二季淨利為 1,500 萬日圓（約 10 萬美元）。

The primary drivers of this increase were the improvement in our gross margin, which is driven by higher trading volumes, as well as higher average custody of Ethereum staked. These improvements were partially offset by higher year-over-year selling, general, and administrative expenses.

此次成長的主要驅動因素是毛利率的提高，而毛利率的提高又得益於交易量的增加以及以太坊質押平均託管量的增加。這些改善被同比增加的銷售、一般及行政費用部分抵銷。

Adjusted EBITDA was JPY1,486 million or USD10 million in the second quarter of fiscal 2026 compared to JPY250 million or USD1.7 million in the second quarter of fiscal 2025.

2026 財年第二季調整後 EBITDA 為 14.86 億日圓（1,000 萬美元），而 2025 財年第二季調整後 EBITDA 為 2.5 億日圓（170 萬美元）。

As I mentioned, our total revenue increased 89% year over year. We saw our verified user accounts grow by 15% and our customer assets grew by 78%, which we believe helped drive our total revenue growth despite the market volatility throughout the year.

正如我之前提到的，我們的總收入比去年同期成長了 89%。我們看到，經過驗證的用戶帳戶成長了 15%，客戶資產成長了 78%，我們相信這有助於推動我們的總收入成長，儘管全年市場波動較大。

Our staking revenue for the second quarter increased to JPY794 million or USD5.4 million versus JPY381 million or USD2.6 million in the second quarter of fiscal 2025 with JPY523 million or USD3.5 million of related costs for this quarter, those costs essentially being the amounts remitted to our customers.

第二季我們的質押收入增至 7.94 億日圓（約 540 萬美元），而 2025 財年第二季為 3.81 億日圓（約 260 萬美元）。本季相關成本為 5.23 億日圓（約 350 萬美元），這些成本基本上就是匯給客戶的金額。

Staking revenue is primarily driven by the amount of Ethereum our customers elect to be staked and the existing market rate for staking rewards. As Gary mentioned, we increased the average Ethereum stake from JPY53.2 billion or USD360 million during Q1 to JPY113.1 billion or USD764 million during Q2.

質押收入主要取決於客戶選擇質押的以太坊數量以及現有的質押獎勵市場價格。正如 Gary 所提到的，我們將以太坊的平均持有量從第一季的 532 億日圓（約 3.6 億美元）增加到第二季的 1,131 億日圓（約 7.64 億美元）。

During the first quarter of fiscal 2026, we acquired Next Finance Tech, a staking platform service company, and are currently working towards utilizing Next Finance's staking platform to reduce the amount of the staking rewards currently shared with a third-party provider.

在 2026 財年第一季度，我們收購了質押平台服務公司 Next Finance Tech，目前正致力於利用 Next Finance 的質押平台來減少目前與第三方提供者共享的質押獎勵金額。

Additionally, we're in ongoing discussions with various third parties exploring separate revenue-generating business opportunities for Next Finance Tech.

此外，我們正在與多家第三方進行持續的討論，探索 Next Finance Tech 的其他創收商業機會。

Moving on now to our operating expenses.

接下來我們來看看營運費用。

Total selling, general, and administrative expenses increased to JPY3.4 billion or USD23 million in the fiscal 2026 second quarter compared to JPY2 billion or USD14 million in the fiscal 2025 second quarter. Selling, general, and administrative expenses in the fiscal 2026 second quarter increased year over year, primarily as a result of additional professional fees and other costs associated with being a public company.

2026 財年第二季銷售、一般及行政費用總額增至 34 億日圓（2,300 萬美元），而 2025 財年第二季為 20 億日圓（1,400 萬美元）。2026 財年第二季的銷售、一般及行政費用較去年同期成長，主要原因是上市公司相關的額外專業費用和其他成本。

As well as share-based compensation expense of JPY321 million or USD2.2 million for the fiscal 2026 second quarter compared to zero expense for the fiscal 2025 second quarter and JPY298 million or USD2 million for the fiscal 2026 first quarter.

此外，2026 財年第二季的股權激勵支出為 3.21 億日圓（約 220 萬美元），而 2025 財年第二季為零支出，2026 財年第一季為 2.98 億日圓（約 200 萬美元）。

We ended the fiscal 2026 second quarter with cash and cash equivalents of JPY9 billion or USD60.6 million.

截至 2026 財年第二季末，我們持有現金及現金等價物 90 億日元，約 6,060 萬美元。

In summary, we are pleased with our results, including having successfully completed our second acquisition, our enhanced earnings and profitability, continued progress in expense control, steady growth of our customer accounts and customer assets, the revenue traction of our relatively new staking rewards program, and our new strategic partnership with Mercari, which should help us expand our customer base and customer assets further. I would now like to hand the call back to Gary.

總而言之，我們對所取得的成果感到滿意，包括成功完成第二次收購、提高收益和盈利能力、持續控制費用、客戶帳戶和客戶資產穩步增長、相對較新的質押獎勵計劃的收入增長，以及與 Mercari 建立新的策略合作夥伴關係，這將有助於我們進一步擴大客戶群和客戶資產。現在我想把電話轉回給加里。

Thank you, Jason.

謝謝你，傑森。

Before I conclude my comments and open it up for questions, I would like to take a moment to welcome our new team members from Next Finance and Aplo and share my deep appreciation for the strong depth of talent and industry expertise, shared common vision of excellence, sense of teamwork, and the energy and enthusiasm that they have brought to our group as we continue to build a global crypto financial services holding company and explore further synergies and opportunities for growth.

在我結束演講並開放提問環節之前，我想藉此機會歡迎來自 Next Finance 和 Aplo 的新團隊成員，並對他們深厚的才華和行業專業知識、共同追求卓越的願景、團隊合作精神以及他們為我們團隊帶來的活力和熱情表示由衷的感謝。我們將繼續打造一家全球加密金融服務控股公司，並探索更多綜效和成長機會。

A final note about this quarter's performance and recent accomplishments. As many of you may have observed, there's been a tremendous amount of volatility, uncertainty, and market pullback in the crypto markets lately, combined with some specific market-moving events.

最後再補充一點關於本季業績和近期成就的內容。正如許多人可能已經觀察到的那樣，最近加密貨幣市場出現了巨大的波動性、不確定性和市場回調，再加上一些特定的市場波動事件。

While we cannot predict the future, we believe when taking into account our second quarter fiscal 2026 financial performance, as well as our recently released October KPIs, and what we are currently seeing, I continue to be encouraged and hopeful about our progress in both our near-term and long-term future.

雖然我們無法預測未來，但考慮到我們 2026 財年第二季度的財務業績、最近發布的 10 月份關鍵績效指標以及我們目前所看到的情況，我對我們在近期和長期未來取得的進展仍然感到鼓舞和充滿希望。

Having worked with many financial institutions in my career and seen firsthand the challenges and complexities of being a newly publicly traded company and all that that entails while also focusing on operating and growing a business profitably and sustainably in a space as fast-moving, dynamic, and at times volatile as any new and emerging technology in this case crypto I'm especially proud and deeply appreciative of the entire global Coincheck team for having accomplished so much at both the holding company and subsidiary levels in such a short period of time.

在我的職業生涯中，我曾與許多金融機構合作，親眼目睹了新上市公司面臨的挑戰和複雜性，以及隨之而來的一切，同時還要專注於在像加密貨幣這樣快速變化、充滿活力且有時波動劇烈的新興技術領域中，實現盈利和可持續的業務運營和增長。因此，我尤其為 Coincheck 全球團隊感到自豪和由衷的感謝，感謝他們在如此短的時間內，在控股公司和子公司層面都取得瞭如此巨大的成就。

The professionalism and steady thoughtfulness and execution that they have brought and continue to bring to everything we do.

他們一直以來都展現出的專業、沉穩的思考和執行力，以及持續為我們所做的一切帶來的貢獻。

I believe this bodes extremely well for the company's continued success in delivering on our paramount mission of being a leader in the industry and consistently enhancing shareholder value.

我相信這預示著公司在實現其最重要的使命——成為行業領導者並不斷提升股東價值——方面將取得持續成功。

Thank you again for your support and for joining our call.

再次感謝您的支持與參與我們的電話會議。

We now open it up to questions and look forward to continuing the dialogue.

現在我們開放提問環節，期待繼續對話。

(Operator Instructions)

（操作說明）

Alex Markgraff, KeyBanc Capital.

Alex Markgraff，KeyBanc Capital。

Hi Gary. Hi Jason, nice to speak with you both. A few questions if I can. First Gary, just on Aplo, would you mind maybe talking about what the acquisition brings to Coincheck and how you think about integration priorities with the deal recently closed, and then maybe just speak to the sort of competitive positioning of Aplo versus some of the other digital asset prime brokers out there.

嗨，加里。嗨，Jason，很高興和你們兩位聊天。如果可以的話，我想問幾個問題。首先 Gary，關於 Aplo，您能否談談此次收購為 Coincheck 帶來了什麼，以及您如何看待最近完成的交易的整合優先事項？然後，能否談談 Aplo 與其他一些數位資產經紀商相比的競爭定位？

Sure, so it's clearly our first entry into Europe. We deemed it as a highly compelling and lower-risk opportunity. We believe it's an incredibly experienced, sophisticated, and committed team that knows the space very well, has very deep relationships with their customer base and with banks in France, institutions, and that means a lot to us.

當然，這顯然是我們首次進軍歐洲市場。我們認為這是一個極具吸引力且風險較低的機會。我們相信這是一支經驗豐富、技藝精湛、盡職盡責的團隊，他們非常了解這個領域，與客戶群以及法國的銀行和機構建立了非常深厚的關係，這對我們來說意義重大。

Where we see that area going in crypto, which is really the prime brokerage area of institutional servicing, is all about liquidity and capability in executing better than anyone else, and we think that they've got a tech stack that is highly competitive and capable in that regard.

我們看到加密貨幣領域的發展方向，也就是機構服務的主要經紀領域，關鍵在於流動性和比任何人都更出色的執行能力，我們認為他們在這方面擁有極具競爭力和能力的科技體系。

We are more focused right now on synergies than integration. When people talk about integration, they typically think about integrating data systems or different parts of the back office, and we believe they're a quality standalone company that offers synergies with CCI and NFT going forward, and one of the areas, of course, to look at is further liquidity providing.

我們目前更注重協同效應，而不是整合。當人們談論整合時，他們通常會想到整合資料系統或後台的不同部分，我們認為他們是一家優質的獨立公司，未來能夠與 CCI 和 NFT 產生協同效應，當然，其中一個值得關注的領域是進一步提供流動性。

But we do believe there'll be some other synergies between the companies and also, perhaps a sister company you've got 3iQ of Moya, so that's kind of the rationale. And then you ask where their competitive advantages are: it's really the relationships they have. The quality of what they bring is word of mouth, and having the close relationships with the sovereign fund and banks in France, we think bodes well for future opportunities.

但我們相信兩家公司之間還會有一些其他的綜效，而且，或許還有Moya的姊妹公司3iQ，這就是我們的理由。然後你問他們的競爭優勢在哪裡：其實就是他們的人際關係。他們帶來的產品品質靠口碑傳播，並且與法國主權財富基金和銀行保持著密切的關係，我們認為這預示著未來會有很好的發展機會。

Thanks Gary. Maybe just to follow-up on one of the comments you ended with around the, volatility in October, the liquidation event, curious to get your perspective on any sort of learnings or changes that you think need to sort of work their way through the ecosystem, having done a postmortem around that event or if things sort of function properly in your view.

謝謝你，加里。也許只是想跟進一下你最後關於 10 月份的波動和清算事件的評論，我很好奇你對任何需要在整個生態系統中逐步落實的經驗教訓或改變的看法，以及你對那次事件進行事後分析後，或者在你看來，事情是否運轉正常。

Yeah, it's interesting, and one could probably write a book or talk for hours on what occurred in a couple of these different events.

是的，這很有趣，人們或許可以就其中幾個不同事件寫一本書或講上幾個小時。

It's always disconcerting when someone experiences a cyber breach or other penetration of their network and everybody needs to be just continuously vigilant, and you wish that some of the entities out there were doing that perhaps with more vigilance.

當有人遭遇網路攻擊或其他網路入侵時，總是令人不安的，每個人都需要時時保持警惕，你也希望某些機構能夠更加警惕。

With respect to the other event that occurred that led to, you could say, liquidity issues and liquidations, there's still a lot of conversation going on whether DeFi handled it better than centralized traditional finance still postmortem.

至於導致流動性問題和清算的那件事，事後人們仍在熱議 DeFi 是否比中心化的傳統金融處理得更好。

Where exactly what happened, there's a question of how much transparency there'll fully be with how some participants in the market handled the event, but clearly there's further work to be done to make sure that things that are supposedly stable and won't break the par don't break par.

究竟發生了什麼，以及市場參與者在處理此事時究竟能做到多透明，這都是個問題。但顯然，還有進一步的工作要做，以確保那些本應穩定且不會打破常規的事物不會打破常規。

And with respect to our companies directly when I say our, whether it was NFT Next Finance, or CCI and Coincheck Inc. or Aplo, we really saw no impact from those events, which I think is part of why I made a comment about the quality of people and professionalism of the company, but also one could look to perhaps.

至於我們公司本身，我說的是“我們”，無論是 NFT Next Finance、CCI 和 Coincheck Inc. 還是 Aplo，我們都沒有真正受到這些事件的影響，我認為這部分原因在於我評論了公司員工的素質和專業精神，但也可能有人會關注這一點。

While every market has its volatility, there because of the regulatory structure in Japan there might be more stability in some areas than you might find in other markets.

雖然每個市場都有其波動性，但由於日本的監管結構，某些領域的穩定性可能比其他市場更高。

Great, I appreciate the color there. Maybe just if I can squeeze one more in for Jason on, gross margin percentage, just looking at the sort of sequentially lower level, help me understand that, Gary. I heard your comments on, I think consistent spread through the quarter, also presumably some benefit from staking in there, but, I did see that percentage step down. So just maybe help me understand the nuance or the mechanics of that in th second quarter.

太好了，我很喜歡那裡的顏色。或許我可以再給傑森補充一點關於毛利率百分比的信息，看看逐週下降的水平，加里，幫我理解一下。我聽到了你的評論，我認為整個季度的價差都很穩定，而且質押應該也能帶來一些好處，但是，我確實看到這個百分比有所下降。所以，能否請您幫我理解一下第二季這方面的細微差別或運作機制？

Yeah, so to answer one of the questions or at least a component, our average take rate for the quarter was 3.3%. So, pretty consistent quarter-over-quarter. We have a little bit of noise if you're looking at our total revenue number versus the marketplace trading volume figure. The revenue number might have some hedging transactions and other zero-margin transactions which we really don't consider as part of our gross margin and our net revenue amount, but we had a relatively consistent take rate, really just a composite of the coin mix for the quarter.

是的，為了回答其中一個問題，或至少回答其中的一個部分，我們本季的平均成交率為 3.3%。所以，季度環比相當穩定。如果您查看我們的總收入數字與市場交易量數字，您會發現其中存在一些波動。收入數字可能包含一些對沖交易和其他零利潤交易，我們實際上並未將這些交易計入毛利率和淨收入，但我們的手續費率相對穩定，實際上只是本季度各種幣種組合的綜合結果。

Okay, great. Thank you. I appreciate all the color here.

好的，太好了。謝謝。我喜歡這裡豐富的色彩。

And there are no further questions at this time. This does conclude our question-and-answer session as well as our conference call for today. You may now disconnect your lines and everyone have a good evening.

目前沒有其他問題了。至此，我們的問答環節和今天的電話會議就結束了。你們現在可以斷開線路了，祝大家晚安。