DeFi Development Corp (DFDV) 2025 Q2 法說會逐字稿

Welcome to DeFi Development Corp's second-quarter 2025 business update call. I am Dan Kang, Head of Investor Relations. Joining me today are Joseph Onorati, our CEO; John Han, our CFO; and Parker White, our COO and CIO.

歡迎參加 DeFi Development Corp 2025 年第二季業務更新電話會議。我是投資者關係主管 Dan Kang。今天與我一起出席的還有我們的執行長 Joseph Onorati、我們的財務長 John Han 以及我們的營運長兼資訊長 Parker White。

As a reminder, we will be making forward-looking statements during this call. Actual results may differ materially due to risks and uncertainties, which are outlined in our filings with the SEC. Our latest shareholder letter was published yesterday, August 12, after market close and is available on our website.

提醒一下，我們將在本次電話會議中做出前瞻性陳述。由於風險和不確定性，實際結果可能存在重大差異，這些風險和不確定性在我們向美國證券交易委員會提交的文件中有所概述。我們最新的股東信已於昨天（8 月 12 日）收盤後發布，可在我們的網站上查閱。

We'll begin today by answering questions submitted by retail, followed by questions from the sell side. All right, guys, welcome.

今天我們將先回答零售商提出的問題，然後回答賣方提出的問題。好的，夥計們，歡迎光臨。

So start with the first question, a top voted question on [say], did the $5 billion raise already get completed, or are you still ATMing to acquire $5 billion to purchase Sol? How much SOL are you looking to acquire by end of year 2025? I'll take this one.

那麼從第一個問題開始，一個熱門問題，[例如] 50 億美元的融資是否已經完成，或者您是否仍在 ATM 以籌集 50 億美元來購買 Sol？到 2025 年底，您希望獲得多少 SOL？我要這個。

So the $5 billion figure you're referring to is with respect to our equity line of credit or as we abbreviated, the ELOC. It's a facility that allows us at our discretion to raise capital through a specific counterparty; this case, RK Trading. It is not and was not ever meant, however, to be one giant raise all up front. Now, there is a time and place for that sort of structure, but that's not what this is.

因此，您提到的 50 億美元數字與我們的股權信貸額度有關，或簡稱為 ELOC。這是一種允許我們自行決定透過特定交易對手籌集資金的便利性；在本例中，特定交易對手是 RK Trading。然而，它並不是、也從來不意味著要一次大幅加薪。現在，這種結構有其適用的時間和地點，但這不是它的意義所在。

The analogy we've used to describe this in the past is almost like a faucet that we can turn on or off at our discretion. And we would urge shareholders to read the terms of this deal relative to other similar structures in market. Because while it's not as cost efficient as an ATM, we really feel great about this being one of the more competitive ways to raise capital, especially relative to other ELOCs in market that are quite a bit more expensive from the standpoint of the discount to the share price in which the issuance occurs.

我們過去用來描述這一點的比喻幾乎就像一個水龍頭，我們可以隨意打開或關閉它。我們敦促股東閱讀該交易與市場上其他類似結構的條款。因為雖然它不像 ATM 那樣具有成本效益，但我們真的覺得這是籌集資金的更具競爭力的方式之一，特別是相對於市場上其他 ELOC 而言，從發行股價的折扣角度來看，它們要昂貴得多。

So, hopefully, that gives a little bit of color on the $5 billion facility. In terms of how much SOL we're looking to acquire by end of year 2025, we've not given an absolute, call it like, forward-looking figure on SOL for calendar year or even for June 2026. We've given a SOL per share guidance of 0.165, which we're reaffirming today.

所以，希望這能為這項耗資 50 億美元的設施帶來一些啟發。關於我們計劃在 2025 年底前收購多少 SOL，我們還沒有給出日曆年甚至 2026 年 6 月 SOL 的絕對數字，或者說前瞻性數字。我們給了每股 SOL 0.165 的指導價，今天我們重申這項指引價。

But embedded in that is not like an explicit absolute SOL number, right? That can vary a lot based off of, call it, the balance of debt and equity that we want to do, which effectively determines the share dilution that goes into the raise. But ultimately, we're still anchoring towards this 0.1650 SOL per share by June 2026.

但嵌入其中並不像一個明確的絕對 SOL 數字，對嗎？這可能會有很大差異，這取決於我們想要實現的債務和股權平衡，這實際上決定了加薪所需的股份稀釋。但最終，我們仍將目標鎖定在 2026 年 6 月每股 0.1650 索爾。

All right. Next question. How does or how can DeFi Dev Corp hedge against a drop in SOL price or hedge against a downward trend of SOL? Joseph, do you want to take that one?

好的。下一個問題。DeFi Dev Corp 如何或如何對沖 SOL 價格下跌或對沖 SOL 的下降趨勢？約瑟夫，你想拿那個嗎？

Sure, thanks, yeah. I think there's kind of two ways to answer this. One is bear market strategy for the company. So it's critical that the business survives and maybe even thrives in a crypto bear market. And the team here has been through a bunch of these markets. We've been in the industry for a long time.

當然，謝謝，是的。我認為有兩種方法可以回答這個問題。一是公司採取熊市策略。因此，在加密貨幣熊市中，企業的生存甚至繁榮至關重要。這裡的團隊已經經歷過許多這樣的市場。我們在這個行業已經工作很久了。

So we've seen the drawdowns and of course, have seen what the impact can be on businesses in the space who weren't properly prepared, I'd say. So we think the answer for surviving and thriving through a bear market is just proper planning. So we need to set aside some cash, we need to control our burn, and we need to be careful about or maybe conscious of how we finance our SOL purchases.

所以，我想說，我們已經看到了這種下降趨勢，當然，我們也看到了它對那些沒有做好充分準備的該領域企業可能造成的影響。因此，我們認為在熊市中生存和發展的答案只是適當的規劃。因此，我們需要留出一些現金，我們需要控制我們的支出，我們需要小心或意識到我們如何為我們的 SOL 購買提供資金。

And so to that, we have taken long term on our convertible debt raise. And we'll look to be -- five-year term. We'll look to be aware of major drawdowns in the market and future fundraisings to make sure the company can survive and thrive in a bear market.

因此，我們對可轉換債務的籌集採取了長期措施。我們期待任期為五年。我們將關注市場大幅下跌和未來的融資情況，以確保公司能夠在熊市中生存和發展。

And then on whether we hedge out the SOL, we think that's more of an active management strategy. And part of the intention of the company is to give investors exposure to leveraged SOL. And that includes the upside and the downside.

然後關於我們是否對沖 SOL，我們認為這更像是一種積極的管理策略。該公司的部分意圖是讓投資者接觸槓桿式 SOL。這包括好的方面和壞的方面。

So we don't want to be trying to call the top. We don't want to sell our balance sheet assets. We don't want to hedge out our balance sheet assets. We want to maintain a long exposure to SOL. We want the price exposure to the SOL. And we also want the volatility associated with SOL to translate through into the stock price, which, we think, is ultimately what our shareholders are looking for by investing in DFDV.

所以我們不想嘗試呼叫頂部。我們不想出售我們的資產負債表資產。我們不想對沖我們的資產負債表資產。我們希望長期關注 SOL。我們希望將價格暴露於 SOL。我們也希望 SOL 相關的波動性能轉化為股價，我們認為，這最終也是我們的股東投資 DFDV 所期望的。

All right. Next question. Are there plans to distribute staking rewards to shareholders? Parker, do you want to take that?

好的。下一個問題。是否有計劃向股東分配權益獎勵？帕克，你想拿走這個嗎？

Right now, there's no plans to distribute shares or staking rewards via like a dividend or something like that. All of the staking rewards are effectively reinvested into the business. They're paid out in SOL and maintained in SOL. So that's how we grow our balance sheet organically.

目前，還沒有計劃透過股息或類似方式分配股票或質押獎勵。所有權益獎勵均有效地重新投資到業務中。它們以 SOL 支付並以 SOL 維持。這就是我們有機地擴大資產負債表的方式。

In the future, there might be some securities that we have available, whether that's certain fixed-income-type instruments, or maybe it's a preferred offering or maybe some kind of on-chain thing, where we could pay a coupon or dividend or something like that in SOL.

未來，我們可能會提供一些證券，無論是某些固定收益類型的工具，還是優先發行或某種鏈上產品，我們可以用 SOL 支付息票或股息或類似的東西。

So that would allow investors to get direct exposure to SOL, SOL yield rather, from our business. But today, we don't have any plans to pay out a common stock dividend for a variety of reasons that I won't go into here. But, ultimately, we think it's best for shareholders that we basically reinvest those rewards.

這樣，投資者就可以從我們的業務中直接獲得 SOL 收益。但今天，由於各種原因，我們沒有計劃支付普通股股息，我在這裡就不詳述了。但最終，我們認為將這些回報重新投資對股東來說是最好的。

Next question. What is the next goal, financial and/or growth-wise? John, do you want to take that one?

下一個問題。從財務和/或成長角度來看，下一個目標是什麼？約翰，你想拿那個嗎？

So in terms of -- well, we can break it down into a few ways. First off, we are kind of like -- DK already mentioned -- we are reaffirming our guidance of 0.165 Solana per share for June 2026. This implies a 167% SPS growth. Really underlying that assumption is the continued use of ELOC as well as PIPES and convertibles, so basically using all the tools available to us across the capital markets.

因此，就 —— 而言，我們可以將其分解為幾種方式。首先，我們有點像——DK 已經提到過——我們重申我們對 2026 年 6 月每股 0.165 Solana 的指導。這意味著 SPS 成長了 167%。這個假設的真正基礎是繼續使用 ELOC 以及 PIPES 和可轉換債券，因此基本上使用了資本市場上可用的所有工具。

So implied in that is also around raising $50 million per month. Obviously, some months will be higher; some months will be lower. But on average, that's what's built into that assumption. What's not built into the assumption is the Treasury Accelerator program, which we've already disclosed previously.

這意味著每月籌集的資金約為 5000 萬美元。顯然，有些月份會更高；有些月份會更低。但平均而言，這就是該假設所包含的內容。假設中沒有考慮到的是財政加速器計劃，我們之前已經披露過該計劃。

There could be additional upside if things work out well there in terms of establishing similar types of Solana Treasury strategies in global markets. We also mentioned in our letter that we think we can sustain a 10% annualized organic yield from staking.

如果在全球市場上建立類似的 Solana 國庫策略進展順利，那麼可能會有額外的好處。我們在信中也提到，我們認為我們可以維持 10% 的年化有機收益率。

So based on our current Treasury of 1.3 million Solana, that implies roughly around $63,000 of daily revenue; obviously denominated in Solana terms, just made it in US dollar for everyone. So quite significant there. And obviously, as we buy more Solana and get more Solana in other ways, and our Solana principal balance goes up and we stake -- that daily revenue will also continue to go up.

因此，根據我們目前的 130 萬 Solana 儲備，這意味著每天的收入約為 63,000 美元；顯然是以 Solana 來計價的，只是以美元來計算給每個人。因此這非常重要。顯然，隨著我們購買更多 Solana 並透過其他方式獲得更多 Solana，我們的 Solana 本金餘額會增加，並且我們押注 —— 每日收入也會繼續增加。

What is the planning and forecast for the third quarter of 2025? John, do you want to give a nice one-liner here?

2025年第三季的規劃和預測是什麼？約翰，你想在這裡說一句俏皮話嗎？

So we do not give quarterly guidance, so no comment for 3Q. Thanks.

因此，我們不提供季度指導，因此對第三季度不予置評。謝謝。

All right. Easy enough. Next question. Are there any M&A opportunities that DeFi Dev Corp has or would consider in the near or long term? Joseph, do you want to take that?

好的。很簡單。下一個問題。DeFi Dev Corp 近期或長期內是否有或會考慮任何併購機會？約瑟夫，你想拿走那個嗎？

Yeah, sure. So high level, I guess, where we might look at an acquisition. I'd say one idea that we talked about is buying validators if the price was good enough. And I think deals we've seen in the market for validators have a revenue multiple that's a little too high for us to be interested right now. We think it's more accretive to shareholders to just buy SOL than it is to buy validators at recent pricing.

是的，當然。所以我想，我們可能會在高層次上考慮收購。我想說，我們討論的一個想法是，如果價格夠好，就購買驗證器。我認為我們在驗證者市場上看到的交易的收益倍數有點太高了，我們現在不感興趣。我們認為，對於股東來說，直接購買 SOL 比以最近的價格購買驗證器更能帶來增值。

But maybe in a bear market, a validator could be an interesting transaction. We would opportunistically look at other treasury companies as well if the NAV multiple is low enough. Maybe there's one or two where the market undervalues or -- not undervalues but values them at a below NAV maybe because of the management team, say. And then a transaction could be interesting there. But we don't have any current plans for that.

但也許在熊市中，驗證者可能是一個有趣的交易。如果資產淨值倍數夠低，我們也會趁機考慮其他財務公司。也許有一兩家公司被市場低估了，或者——不是低估，而是估值低於資產淨值，可能是因為管理團隊的原因。然後那裡的交易可能會很有趣。但我們目前還沒有任何這方面的計畫。

We could also consider investing in other Solana-native businesses, but it's not a core focus for us. But we've talked about a few of those ideas before. And then, as we mentioned earlier on the Solana Treasury Accelerator program there, some of those transactions might be structured where DFDV has to take a meaningful equity stake or could take a meaningful equity stake in a foreign publicly listed company.

我們也可以考慮投資其他 Solana 本土企業，但這不是我們的核心重點。但我們之前已經討論過其中的一些想法。然後，正如我們之前在 Solana Treasury Accelerator 計劃中提到的那樣，其中一些交易的結構可能是 DFDV 必須持有大量股權，或者可以持有外國上市公司的大量股權。

And then the longer-term plan would be for us to transition that entity over to a local management team with a local Board, potentially, so we could see that as a form of M&A. But it's not part of the long-term strategy isn't to kind of own these other companies. It's to facilitate the creation of other Solana Treasury vehicles in other geographies.

然後，我們的長期計劃是將該實體過渡到擁有當地董事會的當地管理團隊，因此我們可以將其視為一種併購形式。但這並不是長期策略的一部分，即不擁有這些其他公司。這是為了促進在其他地區創建其他 Solana 財政工具。

All right. Thanks, Joseph. Next question from retail, and then we'll take a few sell-side questions. Firedancer is upcoming. Are you working to support it? And what do you think the immediate and long-term benefits will be to the Solana network, if any? Parker, do you want to take that?

好的。謝謝，約瑟夫。下一個問題來自零售，然後我們將回答一些賣方問題。《火舞者》即將上映。您正在努力支持它嗎？您認為 Solana 網路將獲得哪些直接和長期利益（如果有的話）？帕克，你想拿走這個嗎？

So, yeah, on testnet, we run Frankendancer or have run Frankendancer in the past. And we'll continue to kind of experiment and play around there, help support the network as they kind of roll that out. So on mainnet, we are not running any Firedancer validators today. We might start doing that in the future as adoption grows or if there's a compelling need for other -- more validators to switch over.

是的，在測試網上，我們運行 Frankendancer 或過去曾經運行過 Frankendancer。我們將繼續在那裡進行實驗和探索，以幫助支持網路的推廣。因此，在主網上，我們今天不運行任何 Firedancer 驗證器。隨著採用率的成長，或者如果有其他驗證者迫切需要切換，我們可能會在未來開始這樣做。

I think, ultimately, long term, what the community wants to see is multiple clients being run simultaneously. So if the entire network just all switches over to Firedancer right away, then that kind of actually defeats the purpose in some ways.

我認為，從長遠來看，社群最終希望看到的是多個客戶端同時運作。因此，如果整個網路立即切換到 Firedancer，那麼從某種程度上來說，這實際上違背了目的。

What you actually want is some of the network running Firedancer; some of the network running the existing Anza; and, hopefully, a third or fourth client develops as well. So we certainly want to be helping the network and helping push the network forward. But we're not going to jump full headfirst into Firedancer and kind of jettison what we've been doing in the past.

您真正想要的是部分網路運行 Firedancer；部分網路運行現有的 Anza；並且希望第三或第四個客戶端也能開發出來。因此，我們當然希望幫助網絡並推動網絡向前發展。但我們不會一頭栽進 Firedancer 並拋棄我們過去所做的事情。

In terms of what this is going to do for the network, obviously, super exciting. The jump team has talked about 700,000 TPS in the past. I think there's a number of things that'll have to come about before that's possible.

就這將對網路產生什麼影響而言，顯然非常令人興奮。Jump 團隊過去曾談到 70 萬 TPS。我認為在實現這一目標之前，還有很多事情需要完成。

But this is part of the push towards just scaling the throughput of the system. How can we make Solana truly a competitor to the Nasdaq, a competitor to centralized exchanges, a competitor to all of these super-low-latency, high-throughput systems around the world?

但這只是擴大系統吞吐量的努力的一部分。我們如何讓 Solana 真正成為納斯達克的競爭對手、中心化交易所的競爭對手、以及全球所有這些超低延遲、高吞吐量系統的競爭對手？

And so I think Firedancer is one of the key steps, but not the only step kind of in this, like, continuous march towards increasing that throughput, lowering costs, lowering latency. So we're certainly excited for it and going to be supporting it.

因此，我認為 Firedancer 是關鍵步驟之一，但並不是朝著提高吞吐量、降低成本、降低延遲的方向持續邁進的唯一步驟。所以我們對此感到非常興奮並且會支持它。

All right. Thanks, Parker. We'll take these next few questions from folks over at Cantor Fitzgerald. So first one, in the recent convertible raise, a significant portion of the proceeds is being allocated to fund a prepaid forward share repurchase.

好的。謝謝，帕克。我們將回答 Cantor Fitzgerald 的各位提出的以下幾個問題。首先，在最近的可轉換債券發行中，很大一部分收益被分配用於資助預付遠期股票回購。

As we think about future potential convertible note offerings, should we expect that a similar proportion of proceeds would be needed to cover a prepaid forward? Or could that burden decrease over time as the program matures and existing hedges are in place? Parker, do you want to take that?

當我們考慮未來潛在的可轉換票據發行時，我們是否應該預期需要類似比例的收益來支付預付遠期款項？或者，隨著該計劃的成熟和現有對沖措施的到位，這種負擔是否會隨著時間的推移而減少？帕克，你想拿走這個嗎？

I think over time, if and when we do convertibles, I think the idea would be to reduce the amount of the prepaid forward. Now, we certainly want to maintain that option. It's an interesting component and can reduce some of the sell pressure on the stock.

我認為隨著時間的推移，如果我們進行可轉換債券交易，那麼我們的想法就是減少預付債券的金額。現在，我們當然希望保留這個選擇。這是一個有趣的組成部分，可以減輕股票的一些拋售壓力。

Typically, when the convert comes out, all the convert investors rush to hedge the position. And so that can create some downward pressure on the stock, so the prepaid forward counteracts that. But our borrow has come way in.

通常情況下，當可轉換債券發行時，所有可轉換債券投資者都會爭相對沖頭寸。這可能會對股票造成一些下行壓力，而預付遠期付款可以抵消這種壓力。但我們的借款已經到帳了。

So I think borrow rates now are in the 10% to 15% range, which is -- it's not amazing. Well, sorry, it's not zero. It's not like a micro-strategy level, but it's certainly far better than it was when we did this deal. I think it was like at 200% when we did the convert there.

所以我認為現在的借貸利率在 10% 到 15% 的範圍內，這並不奇怪。嗯，抱歉，不是零。這不像是微觀策略層面，但肯定比我們做這筆交易時要好得多。我認為當我們在那裡進行轉換時，它達到了 200%。

And so the idea would be that over time, there's less of a need to use the prepaid forward from a structural lack-of-borrow perspective. But we still might use it as a tool to reduce some of the sell pressure on the stock.

因此，隨著時間的推移，從結構性缺乏借貸的角度來看，使用預付預付款的需求會越來越少。但我們仍然可以將其用作減輕股票拋售壓力的工具。

All right. Thanks, Parker. Next one, also from Cantor. Michael Saylor and MicroStrategy have been very active in the preferred market and announced plans in its recent quarterly earnings presentation to retire their outstanding convertible debt. Does DFDV have interest in raising capital in the preferred market? Joseph, do you want to take that?

好的。謝謝，帕克。下一個，同樣來自 Cantor。Michael Saylor 和 MicroStrategy 在優先股市場非常活躍，並在最近的季度收益報告中宣布了償還未償還可轉換債務的計劃。DFDV 是否有興趣在優先市場籌集資金？約瑟夫，你想拿走那個嗎？

Sure. We pay a lot of attention to the MicroStrategy preferreds, and we think there's room for more innovation, I would say, in the crypto treasury vehicle preferred market. And I'm excited to see how that unfolds with MicroStrategy and hopefully, with other vehicles moving into preferred offerings.

當然。我們非常關注 MicroStrategy 優先股，我們認為加密財政工具優先股市場還有更多創新空間。我很高興看到 MicroStrategy 的發展，並希望其他工具也能成為首選產品。

We don't have anything specific to comment on at this time related to preferred offerings for DFDV. But clearly, MicroStrategy has seen significant demand and notably retail demand as well, which we think is very interesting.

目前，我們還沒有關於 DFDV 優先發行的具體評論。但顯然，MicroStrategy 已經看到了巨大的需求，尤其是零售需求，我們認為這非常有趣。

I will say that, of course, for them, and it would be for us, I think a great path to solve for share growth given that on the issuance of a preferred, there is no dilution to the common. So the fundraise is purely accretive on a SOL-per-share basis.

我想說的是，當然，對他們來說，對我們來說，我認為這是解決股份成長問題的一個好途徑，因為在發行優先股時，不會稀釋普通股。因此，此次融資純粹是以每股 SOL 為基礎進行增值的。

All right, next question. You recently provided Solana per share guidance, which is relatively uncommon given the volatility of crypto assets. What gave you the confidence to issue that guidance at this stage, and how should investors interpret it in terms of your visibility into future Solana acquisitions, staking yields, and price assumptions? I'll take that one, guys.

好的，下一個問題。您最近提供了 Solana 每股指導，考慮到加密資產的波動性，這是相對不常見的。是什麼讓您有信心在現階段發布該指引？投資人應該如何從您對未來 Solana 收購、質押收益率和價格假設的預見性角度來解讀該指引？夥計們，我想要這個。

So with the guidance figures that we disclosed initially on July 14 and that we're reaffirming today, I think one of the points we'd make was we had really anchored the underlying assumptions to our trading volume relative to our market cap. That liquidity and volatility is really important with respect to, let's say, our ability to run our equity line of credit, for example.

因此，根據我們在 7 月 14 日首次披露的指導數據以及我們今天重申的數據，我認為我們要提出的觀點之一是，我們確實將基本假設錨定在了相對於市值的交易量上。流動性和波動性對於我們經營股權信貸額度的能力來說確實非常重要。

But in addition to that, we also anchored to MicroStrategy's fundraise cadences relative to its market cap. So we tried to look at very, I'm going to say, objective, quantifiable benchmarks rather than something, I'm going to say, a bit more subjective, like trying to forecast what mNAV might be over the course of the next 6 to 12 months.

但除此之外，我們也關注了 MicroStrategy 相對於其市值的融資節奏。因此，我們試圖尋找非常客觀、可量化的基準，而不是更主觀的東西，例如試圖預測未來 6 到 12 個月的 mNAV 可能是多少。

Now, we don't have a crystal ball on SOL price, right? We've stated that we're trying to acquire SOL as quickly as possible, but we do feel really good about our organic growth trajectory, right? We have guided to 10% annualized organic yield for the remainder of the year.

現在，我們還沒有關於 SOL 價格的水晶球，對嗎？我們已經表示，我們正試圖盡快收購 SOL，但我們對我們的有機成長軌跡確實感覺很好，對嗎？我們預計今年剩餘時間的年化有機殖利率將達到 10%。

We also feel really good that SOL per share continues to be the right North Star to anchor to, obviously, because the whole point of a crypto treasury vehicle is to provide enhanced crypto exposure, in our case, enhanced SOL exposure. And SOL per share is the best proxy of that.

我們也感到非常高興，SOL 每股繼續成為正確的北極星，顯然，因為加密財政工具的全部意義在於提供增強的加密曝光，在我們的例子中，是增強的 SOL 曝光。每股 SOL 就是最好的代表。

So I'd encourage anyone who hasn't read the blog post that went along with our initial guidance issuance to please go ahead and read it. I think there's some interesting color and specific quantification in there that'll be helpful to sort of think about the cadence of future capital raises.

因此，我鼓勵那些尚未閱讀我們最初發布的指導意見的部落格文章的人繼續閱讀。我認為其中有一些有趣的色彩和具體的量化，有助於思考未來資本所募集的節奏。

And I'll emphasize what John mentioned earlier in the call, which is in addition to reaffirming our guidance today, one of the underlying assumptions that isn't baked into guidance is any benefit from the Treasury Accelerator program. So just something to keep in mind.

我要強調約翰在電話會議中早些時候提到的內容，除了重申我們今天的指導之外，指導中未包含的一個基本假設是財政加速器計劃的任何好處。所以，只需記住這一點。

Last couple questions here. Given your current pace of capital deployment, how quickly do you anticipate drawing down the equity line of credit, and what factors will drive its usage? Parker?

這裡還有最後幾個問題。鑑於您目前的資本部署速度，您預計多快會用完股權信貸額度，哪些因素將推動其使用？帕克？

As DK mentioned, it is an opportunistic thing here for us. So we don't really have -- can't really have a formula in place where we're like, hey, we're executing it, this percentage of volume every day or this percentage of market cap or some kind of target or forecast. We really kind of want to be in tune with what's going on in the market and optimizing when we raise that capital to maximize SOL per share growth without just obliterating the market.

正如 DK 所提到的，這對我們來說是一個機會。所以我們實際上沒有——實際上沒有一個公式，例如，嘿，我們正在執行它，每天這個交易量的百分比或這個市值的百分比或某種目標或預測。我們確實希望與市場動態保持一致，並在籌集資金時進行最佳化，以最大化每股 SOL 的成長，而不是僅僅摧毀市場。

So it's absolutely something that we are kind of taking on a bit of a day-by-day, week-by-week basis. We've also got one of our engineers in-house, has a PhD in stats. And so we've been doing a number of kind of almost A/B tests on looking at the impact on the market to determine how much we can run the ELOC and what the impact to the market might be for a given amount and (technical difficulty) even on a given day.

所以這絕對是我們每天、每週都要做的事。我們還有一位內部工程師，擁有統計學博士學位。因此，我們一直在進行一系列類似 A/B 的測試，觀察對市場的影響，以確定我們可以運行多少 ELOC，以及在給定數量和（技術難度）甚至給定一天對市場的影響可能是什麼。

Certain days have some seasonality to it. Certain days -- we can have a greater impact with the same percentage of volume or same number of shares than other days. So something that we're kind of actively looking at and working through. Unfortunately, I don't have a more concrete answer than that. But we put our heads together and make a decision each day, each week.

某些日子具有一定的季節性。在某些日子－我們可以用相同的交易量百分比或相同的股票數量產生比其他日子更大的影響。所以我們正在積極研究並努力解決一些問題。不幸的是，我沒有比這更具體的答案。但我們每天、每週都會集思廣益並做出決定。

All right. Last question, guys. What do you think remains misunderstood about your business? I'm going to start, and then if any of you guys want chime in, please go ahead. For me, at least one of the striking things is actually still a misunderstanding of the underlying asset we are trying to accumulate, which is Solana.

好的。最後一個問題，夥計們。您認為人們對您的業務還有哪些誤解？我要開始了，如果你們當中有人想加入的話，請繼續。對我來說，至少有一件引人注目的事情實際上仍然是對我們試圖累積的基礎資產即 Solana 的誤解。

I think there's still a fundamental, I'm going to say, underappreciation of what SOL is and what SOL can be, both in terms of, like, traction, developer activity, revenue generated, technical superiority relative to other L1s out there.

我認為，從根本上來說，人們仍然低估了 SOL 是什麼以及 SOL 可以做什麼，無論是在吸引力、開發者活動、產生的收入方面，還是相對於其他 L1 的技術優勢。

And I think to the extent that we as a team here can really be advocates for what SOL is and what it will eventually be, that'll go a long way towards helping folks understand our business and why we chose that as our core treasury asset.

我認為，我們作為一個團隊能夠真正倡導 SOL 是什麼以及它最終會是什麼，這將在很大程度上幫助人們了解我們的業務以及我們為什麼選擇它作為我們的核心財務資產。

Parker, Joseph, I don't know if there's anything you'd add to that.

帕克、約瑟夫，我不知道你們還有什麼要補充的。

I think that's a very important one, probably the biggest one. I think another one, though, is just a bit of a misunderstanding on -- or maybe just general lack of understanding on the types of metrics to evaluate treasury strategies, in general. And so we've really harped on SOL per share growth, SOL per share growth, say it over and over. It's our bonuses are structured. Everyone's compensated. It's like plastered all over the website.

我認為這是一個非常重要的問題，可能是最重要的問題。不過，我認為另一個原因只是對評估財務策略的指標類型有一點誤解，或者可能只是普遍缺乏了解。因此，我們確實一再強調每股 SOL 的成長、每股 SOL 的成長。我們的獎金是有結構的。每個人都得到了補償。它就像貼滿了整個網站一樣。

But there's other metrics out there, and every company seems to kind of have their own way of calling or describing the same metric. And then they have different metrics and different focuses. So some seem to be focused more on just raw number of accumulation, how many units of the underlying can they get, regardless of if it's accretive to shareholders or not. Others are taking the more kind of shareholder accretive approach.

但還有其他指標，每家公司似乎都有自己的方式來稱呼或描述相同的指標。而且他們有不同的指標和不同的重點。因此，有些人似乎更關注原始的累積數量，即他們可以獲得多少個標的單位，而不管它是否能為股東帶來增值。其他公司則採取更具股東增值性質的方法。

There's lots of different kind of focuses out there. And so I think the challenge for investors is that it's not their full-time job to run one of these. And then there's all these different ones across all these different assets, is how do you benchmark them? What's, like, a PE ratio that you can use to compare or a PEG ratio or some other metric where you can take these disparate businesses, at least built on disparate underlying assets, and like benchmark them together?

那裡有很多不同類型的焦點。因此，我認為投資人面臨的挑戰是，經營這些機構並不是他們的全職工作。那麼，所有這些不同的資產都有不同的特點，您如何對它們進行基準測試？您可以用 PE 比率、PEG 比率或其他指標來比較這些不同的業務（至少是建立在不同的基礎資產上）並將它們放在一起作為基準嗎？

So I think over time, that will become more clear as the space further develops. And probably, some flavor of a couple of the winners will effectively decide the metrics that the rest of the industry needs to go by. MicroStrategy popularized, of course, Bitcoin yield, BTC yield. And SOL per share growth is just the inverse of that number.

因此我認為隨著時間的推移，隨著空間的進一步發展，這一點將變得更加清晰。並且，一些獲勝者的某些特質可能會有效地決定該行業其他公司需要遵循的指標。MicroStrategy 普及的當然是比特幣收益率、BTC 收益率。而每股 SOL 的成長正好是該數字的倒數。

So it's kind of a page out of the Saylor book. But there probably is going to be a couple other that emerge as, like, key measures. So I'd say kind of the metrics to evaluate us and other treasury strategies is a kind of a big gap in the market.

這有點像塞勒書中的一頁。但可能還會有其他一些措施成為關鍵措施。所以我認為評估我們和其他財務策略的指標是市場中一個巨大的差距。

All right. Awesome, guys. Well, that pretty much wraps it up for today. So thank you, all, for joining us. As always, please don't hesitate to reach out. Our management team is always willing to chat with shareholders. We do this for all of you.

好的。太棒了，夥計們。好了，今天的內容就到這裡了。感謝大家加入我們。與往常一樣，請隨時與我們聯繫。我們的管理團隊始終願意與股東交談。我們為你們所有人做這件事。

And with that, in service of SOL per share growth, we will see you guys next quarter.

為了實現 SOL 每股成長，我們將在下個季度與大家見面。