ETHZilla Corp (ETHZ) 2025 Q3 法說會逐字稿

Hello and welcome to ETHZilla Corporation's third-quarter 2025 earnings conference call. (Operator Instructions) This call is being recorded on November 14, 2025, and a replay will be made available on the Investor Relations page of ETHZilla's website at Ezilla.com later today.

大家好，歡迎參加 ETHZilla 公司 2025 年第三季財報電話會議。（操作員說明）本次電話會議於 2025 年 11 月 14 日錄音，稍後將在 ETHZilla 網站 Ezilla.com 的投資者關係頁面上提供重播。

I will now turn the call over to John Kristoff, Senior Vice President Corporate Communications and Investor Relations.

現在我將把電話轉交給企業傳播和投資者關係高級副總裁約翰·克里斯托夫。

Thank you, Megan. Hello, and thank you for joining ETHZilla's third-quarter 2025 financial results conference call.

謝謝你，梅根。您好，感謝您參加 ETHZilla 2025 年第三季財務業績電話會議。

Joining me on the call today are McAndrew Rudisill, Chairman and Chief Executive Officer; and John Saunders, Chief Financial Officer. We hope you've had an opportunity to review our third quarter 2025 financial results press release that we issued earlier this morning. We've also posted an earnings presentation on the IR page of our website.

今天與我一起參加電話會議的有董事長兼執行長麥克安德魯·魯迪西爾，以及財務長約翰·桑德斯。希望您有機會查看我們今天早上發布的 2025 年第三季財務業績新聞稿。我們也在其網站的投資者關係頁面上發布了獲利報告。

As a reminder, some of the matters we'll be discussing on this morning's call are forward-looking in nature. Please keep in mind that actual results could differ materially from what is expressed in these forward-looking statements.

再次提醒大家，今天早上電話會議上我們將討論的一些事項具有前瞻性。請注意，實際結果可能與這些前瞻性聲明中表達的內容有重大差異。

ETHZilla's assumes no obligation to update the information, and we encourage you to refer to our more recent filings with the SEC for a discussion of factors that could cause actual results to differ materially from these statements.

ETHZilla 不承擔更新資訊的義務，我們建議您參考我們最近向美國證券交易委員會提交的文件，其中討論了可能導致實際結果與這些聲明有重大差異的因素。

During our call, we may also reference certain non-GAAP financial measures which we believe provide useful information for investors. A reconciliation of these non-GAAP measures to the corresponding GAAP measure can be found in our press release file today and on the presentation on our website.

在電話會議中，我們也可能會提及一些我們認為對投資人有用的非GAAP財務指標。這些非GAAP指標與相應的GAAP指標的調節表可以在我們今天的新聞稿文件和我們網站上的簡報中找到。

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

接下來，我會把電話交給麥克安德魯。

Thank you, John, and good morning. Thank you for joining us today for each ETHZilla's third quarter financial results call. This marks our first call as ETHZilla's, and I'm proud to share our initial results and outline how we're building a strong foundation for long-term value creation.

謝謝你，約翰，早安。感謝各位今天參加 ETHZilla 第三季財務業績電話會議。這是我們作為 ETHZilla 的第一次電話會議，我很榮幸與大家分享我們的初步成果，並概述我們如何為長期價值創造奠定堅實的基礎。

ETHZilla' is a technology company connecting traditional finance with decentralized finance through the Ethereum network. We hold and deploy ETH on our balance sheet to generate on-chain yield and support the development of tokenized real-world assets.

ETHZilla 是一家科技公司，透過以太坊網路將傳統金融與去中心化金融連結起來。我們在資產負債表上持有和部署 ETH，以產生鏈上收益並支持代幣化現實世界資產的開發。

Our platform strategy combines ETH accumulation and superior yield generation through restaking protocols with regulated infrastructure for trading tokenized assets, allowing institutional capital to participate in Defi under public company compliance and oversight. This model is what makes ETHZilla unique. We are not a digital asset treasury company. This was a transformational quarter as we underwent our strategic rebrand, officially becoming East Zillah and divesting our legacy biotech assets.

我們的平台策略結合了 ETH 累積和透過再質押協議實現的卓越收益生成，以及用於交易代幣化資產的受監管基礎設施，使機構資本能夠在上市公司的合規和監督下參與 Defi。正是這種模式使 ETHZilla 獨樹一幟。我們不是數位資產管理公司。這是一個具有變革意義的季度，我們進行了戰略品牌重塑，正式更名為 East Zillah，並剝離了我們原有的生物技術資產。

During the quarter, we strengthened our balance sheet, completed three financings, deepened our partnerships across D5, and began deploying ETH to generate yield.

本季度，我們加強了資產負債表，完成了三筆融資，深化了與 D5 的合作關係，並開始部署 ETH 以產生收益。

We raised approximately $931 million through a $425 million private placement, a $156 million convertible note, and a subsequent $360 million convertible note. The funding moves us from concept to execution by supporting e-purchases, deployments, and the infrastructure behind tokenized assets and on-chain yield generation.

我們透過 4.25 億美元的私募配售、1.56 億美元的可轉換票據和隨後的 3.6 億美元可轉換票據籌集了約 9.31 億美元。該資金將幫助我們從概念走向執行，支持電子購買、部署以及代幣化資產和鏈上收益生成背後的基礎設施。

Supporting the first pillar of our growth strategy, we purchased approximately 102,000 ETH at a cost of approximately $415 million and we quickly put our ETH to work. We initiated the second pillar of our strategy to generate superior yield on our ETH holdings. Through our partnership with Electric Capital, they deployed our ETH with Ether FY and Puper Finance.

為了支持我們成長策略的第一支柱，我們花費約 4.15 億美元購買了約 102,000 個 ETH，並迅速投入使用。我們啟動了策略的第二個支柱，旨在從我們的 ETH 持有量中獲得更高的收益。透過我們與 Electric Capital 的合作，他們利用 Ether FY 和 Purper Finance 部署了我們的 ETH。

Beginning in mid-August, we deployed over $300 million across leading restaging protocols and generated $4.1 million in the second half of the quarter from these layer two deployments. These initiatives establish our foundation for recurring on-chain cash flow, demonstrating how we can use our balance sheet to generate incremental returns that support ETHZilla's long-term growth.

從 8 月中旬開始，我們向領先的重新部署協議投入了超過 3 億美元，並在下半季度從這些二層部署中獲得了 410 萬美元的收入。這些措施為我們持續的鏈上現金流奠定了基礎，展示了我們如何利用資產負債表來產生增量收益，從而支持 ETHZilla 的長期成長。

By directly deploying corporate capital into Ethereum-based yield protocols with institutional oversight. We're leading by example and demonstrating how a public company can bridge traditional finance and decentralized finance responsibly and profitably.

透過將企業資本直接投入基於以太坊的收益協議，並接受機構監督。我們以身作則，向大眾展示一家上市公司如何以負責任且獲利的方式連結傳統金融和去中心化金融。

It is important to partner with these L2 protocols in order to enable the 3rd and most important component of our strategy. Creating a regulated exchange infrastructure for tokenized assets.

與這些 L2 協議合作對於實現我們策略的第三個也是最重要的組成部分至關重要。為代幣化資產創建受監管的交易基礎設施。

Our strategic investment and partnership with liquidity.io marked a foundational milestone. Liquidity.io is one of the first regulated marketplaces licensed to issue and trade tokenized private assets.

我們與liquidity.io的策略性投資和合作標誌著一個奠基性的里程碑。Liquidity.io 是首批獲得許可發行和交易代幣化私有資產的受監管市場之一。

We believe that our 15% stake in the parent company of liquidity.io and exclusive right to list Ethereum L2 tokens on liquidity exchange positions EL at the forefront of the movement to bring private credit, real estate, and other yield generating assets on chain.

我們相信，我們持有 liquidation.io 母公司 15% 的股份，以及在流動性交易所獨家上市以太坊 L2 代幣的權利，使 EL 處於將私人信貸、房地產和其他收益型資產引入鏈上的運動的最前沿。

Simultaneously, Liquidity.io's partnership with RF Lafferty will make it one of the largest pre-IPO equity marketplaces in the world. This strategic partnership provides us with the infrastructure, compliance framework, and distribution network to bring real-world assets directly into decentralized markets.

同時，Liquidity.io 與 RF Lafferty 的合作將使其成為全球最大的 IPO 前股票交易平台之一。這項策略合作夥伴關係為我們提供了基礎設施、合規框架和分銷網絡，使我們能夠將現實世界的資產直接引入去中心化市場。

It is important to note, we have a right of first refusal to continue to increase our equity position in liquidity.io as more capital is raised. We believe the migration of assets to the Ethereum network is no longer speculative. It has become inevitable based on the structural advantages the Ethereum network provides.

值得注意的是，隨著 liquidation.io 籌集更多資金，我們擁有優先購買權，可以繼續增加我們在 liquidation.io 的股權。我們認為，將資產遷移到以太坊網路不再是投機行為。基於以太坊網路所提供的結構優勢，已成為必然趨勢。

Advantages such as global accessibility, programmable settlement, transparent ownership, and composability allowing assets and liquidity to move seamlessly between applications. These along with improved US regulatory clarity like the Genius Act and growing institutional adoption from some of the largest financial institutions in the world, give us confidence in the future of tokenized real-world assets as a core component of global markets. Our focus now turns to execution and realizing the potential growth and recurring cash flow from these strategic initiatives.

全球可訪問性、可程式結算、透明所有權和可組合性等優勢，使得資產和流動性能夠在應用程式之間無縫轉移。再加上美國監管政策的改善（例如《天才法案》）以及全球一些最大金融機構日益增長的機構採用，這些因素讓我們對代幣化現實世界資產作為全球市場核心組成部分的未來充滿信心。現在，我們的重點轉向執行，以實現這些策略措施帶來的潛在成長和經常性現金流。

In the coming weeks, we expect to begin listing the first Zilla managed tokenized real-world assets on liquidity.io. This is a culmination of all our hard work in building out the right foundational operating model. We believe it demonstrates our full flywheel in action from acquisition and token creation to yield distribution. We expect to replicate this process across multiple asset classes, establishing a recurring and scalable model for on-chain income and direct cash flow to ETHZilla.

未來幾週，我們預計將在liquidity.io上線首批由Zilla管理的代幣化現實世界資產。這是我們為建立合適的營運基礎模式而付出所有努力的最終成果。我們相信這充分展現了我們從收購和代幣創建到收益分配的完整飛輪運作模式。我們期望將此流程複製到多個資產類別，為 ETHZilla 建立可重複且可擴展的鏈上收入和直接現金流模型。

Since September 1, we repurchased about 2.1 million shares of our common stock at a material discount to NAV. We are aware of the value of the assets on our balance sheet, and we are also conscious of our recurring and growing cash flow stream. The best way to normalize this is through the prudent and op opportunistic use of share repurchases.

自 9 月 1 日以來，我們以遠低於資產淨值的價格回購了約 210 萬股普通股。我們清楚資產負債表上資產的價值，也意識到我們不斷成長的現金流。使這種情況正常化的最佳方法是謹慎且有把握地運用股票回購。

As we scale deployment, risk management remains central. Our deployments are executed by Electric Capital, one of the industry's most experienced digital asset managers and among our largest shareholders. Electric capital provides rigorous due diligence, diversification, and ongoing monitoring across resting and D5 protocols, giving us the confidence to deploy capital productively while maintaining institutional grade standards of control, compliance, and transparency. This structure ensures both professional management and full alignment of interest between ETHZilla and our investors.

隨著部署規模的擴大，風險管理仍然至關重要。我們的部署由 Electric Capital 執行，該公司是業內經驗最豐富的數位資產管理公司之一，也是我們最大的股東之一。Electric Capital 提供嚴格的盡職調查、多元化和持續監控，涵蓋傳統和 D5 協議，使我們有信心有效部署資本，同時保持機構級的控制、合規和透明度標準。這種結構確保了 ETHZilla 與投資者之間既有專業的管理，又能實現利益的完全一致。

While the tokenization of global assets is still in its early stages, we believe ETHZilla is uniquely positioned to lead this charge and that we have the right foundation and partnerships in place to allow us to be the first movers in this space. We believe the market is at an inflection point and that there's going to be a significant differentiation in business models across this entire space.

雖然全球資產代幣化仍處於早期階段，但我們相信 ETHZilla 擁有獨特的優勢來引領這一變革，並且我們已經建立了正確的基礎和合作夥伴關係，使我們能夠成為該領域的先驅。我們認為市場正處於轉折點，整個領域的商業模式將會出現顯著差異。

We stand at the forefront of this change as we embark on bringing the first real-world assets on chain. We remain extremely focused on building recurring cash flow. It is an exciting time to be in this space, and I'm excited to speak more about what we have planned in the coming weeks.

我們站在變革的最前沿，著手將首批現實世界資產引入區塊鏈。我們始終高度重視建立持續性現金流。現在正是身處這個領域令人興奮的時候，我很期待在接下來的幾週和大家分享我們的計劃。

Before turning the call over to John, I want to take a moment to recognize and congratulate him on his promotion to Chief Financial Officer. John is a talented strategic financial leader with decades of experience in finance, accounting, treasury, capital, strategy, and operational transformation. The Board and I have the highest confidence in John's ability to play a key role in scaling ETHZilla as a recognized leader in bridging traditional finance and Defi platforms.

在將電話轉給約翰之前，我想藉此機會祝賀他晉升為財務長。約翰是一位才華橫溢的策略財務領導者，在財務、會計、資金、資本、策略和營運轉型方面擁有數十年的經驗。董事會和我對約翰的能力充滿信心，相信他能夠在擴大 ETHZilla 的規模方面發揮關鍵作用，使其成為連接傳統金融和 Defi 平台的公認領導者。

And with that, I'll turn it over to John.

接下來，我將把麥克風交給約翰。

Thank you, McAndrew, and good morning everyone. I'll take a few minutes to walk through our financial performance for the quarter, review key balance sheet metrics, discuss cash flow and capital allocation, and close with our outlook for the remainder of the year.

謝謝你，麥克安德魯，大家早安。我將花幾分鐘時間回顧本季的財務業績，回顧關鍵的資產負債表指標，討論現金流和資本配置，最後展望一下今年剩餘時間的業績。

Looking at our results for the third quarter, ETHZilla generated revenue of $4.1 million from staking yields on our Ethereum holdings and incentive tokens earned through liquid staking activities. For many periods prior to our transaction, 180 Life Sciences generated no revenue. This is the first quarter of yield generation following our strategic pivot into digital asset management earlier this year.

從我們第三季的業績來看，ETHZilla 透過以太坊持有量的質押收益和透過流動性質押活動獲得的激勵代幣，創造了 410 萬美元的收入。在本交易之前的許多時期，180 Life Sciences 都沒有產生任何收入。今年早些時候，我們策略性地轉型進入數位資產管理領域，這是我們實現收益成長的第一個季度。

It is important to note that native staking activity only commenced in late August and liquid staking activity did not commence until mid-September. Even so, our average yield rate on staked ETH during the quarter was approximately 7% annualized, showcasing the company's strategy to deploy ETH on chain for higher risk adjusted returns.

值得注意的是，原生質押活動直到 8 月下旬才開始，而流動性質押活動直到 9 月中旬才開始。即便如此，本季我們質押 ETH 的平均年化收益率約為 7%，這體現了公司將 ETH 部署到鏈上以獲得更高風險調整後收益的策略。

The Q3 yield is significantly higher than typical native staking yields. We are in discussions with several additional protocols for potential collaboration similar to Puffer, where ETHZilla would serve as a staking capacity and growth partner in exchange for token-based incentive structures. This remains a key part of the company's strategy to acquire additional ETH units and deploy them on chain to generate higher yields and significant free cash flow in the business.

第三季的收益率明顯高於典型的原生質押收益率。我們正在與幾個其他協議進行討論，以期進行類似 Puffer 的潛在合作。在這些合作中，ETHZilla 將作為質押能力和成長夥伴，以換取基於代幣的激勵機制。這仍然是公司策略的關鍵部分，即獲取更多 ETH 單位並將其部署到鏈上，以在業務中產生更高的收益和可觀的自由現金流。

The company also recorded approximately $940,000 of interest income and dividend income from the USD Treasury. Selling general and administrative expenses for the quarter were $224.6 million, reflecting several large non-recurring and non-cash items associated with our corporate transformation.

該公司還記錄了來自美元國債的約 94 萬美元利息收入和股息收入。本季銷售一般及行政費用為 2.246 億美元，反映了與公司轉型相關的幾項大型非經常性非現金項目。

The largest items include approximately $209 million in stock-based compensation, primarily tied to the initial issuance of warrants and associated with our rebranding and finance transactions and professional fees and underwriting expenses of $8.6 million in connection with the convertible note sales.

其中最大的項目包括約 2.09 億美元的股票選擇權補償，主要與認股權證的首次發行有關，並與我們的品牌重塑和融資交易有關；以及與可轉換票據銷售相關的 860 萬美元專業費用和承銷費用。

Approximately $174 million of the stock-based compensation incurred in the quarter arose from the strategic advisor warrants issued in the pipe financing transaction. These warrants are currently out of the money. The GAAP stock-based comp expense for these warrants issued for services is determined by using a Black Shoals model that is heavily driven by the grant date share price. And as the company's stock price had experienced a substantial run up in price prior to the grant date, the stock-based compensation is distorted by the grant date share price.

本季產生的股票選擇權補償金約有 1.74 億美元，這些補償金來自管道融資交易中發行的策略顧問認股權證。這些認股權證目前處於虧損狀態。對於這些為提供服務而發行的認股權證，其 GAAP 股票薪酬費用是使用 Black Shoals 模型確定的，該模型主要受授予日股價的影響。由於公司股價在授予日之前經歷了大幅上漲，因此股票選擇權激勵措施會受到授予日股價的影響。

Other income for the quarter was approximately $11.8 million, consisting of $7.5 million realized and unrealized gains on digital assets, $3.7 million of change in fair value of convertible debt, as well as $940,000 of interest income and dividends from our cash and cash equivalents.

本季其他收入約為 1,180 萬美元，其中包括數位資產的已實現和未實現收益 750 萬美元，可轉換債券公允價值變動 370 萬美元，以及現金和現金等價物產生的利息收入和股息 94 萬美元。

Net loss from continuing operations for the quarter was $208.7 million compared to a net loss of less than $1 million in the same period last year, reflecting the impact of these one-time non-cash expenses. Net loss from discontinued operations was $8 million. The company has taken an impairment charge to write off the value of the prior company's assets.

本季持續經營業務淨虧損為 2.087 億美元，而去年同期淨虧損不到 100 萬美元，這反映了這些一次性非現金支出的影響。終止經營業務的淨虧損為 800 萬美元。該公司已提列減損準備，以註銷前一家公司的資產價值。

The company recorded $8.5 million in adjusted EBITDA, representing a significant increase in year-over-year adjusted EBITDA compared with Q3 2024 adjusted EBITDA loss of $1.35 million. We define adjusted EBITDA as an EBITA plus non-cash stock based compensation, expense related to integration costs for completed acquisitions and potential targets, one-time costs for professional fees related to the preparation for potential offerings that have been expensed in the quarter, and non-recurring or one-time charges such as impairment or restructuring costs.

該公司錄得調整後 EBITDA 為 850 萬美元，與 2024 年第三季調整後 EBITDA 虧損 135 萬美元相比，年比大幅成長。我們將調整後的 EBITDA 定義為 EBITA 加上非現金股票補償、與已完成收購和潛在目標相關的整合成本、與潛在發行準備工作相關的一次性專業費用（已在本季度計入費用）以及非經常性或一次性費用（例如減值或重組成本）。

As of September 30, 2025, Eilla reported total assets of $1.01 billion, a dramatic increase from $12.8 million at year end 2024. Following our conversion into an Ethereum-based financial technology company, We held $1880.9 million in digital assets including raw ETH, native staked ETH, and incentive tokens earned from ETH Validation Capacity Services.

截至 2025 年 9 月 30 日，Eilla 報告稱其總資產為 10.1 億美元，與 2024 年底的 1,280 萬美元相比，實現了大幅增長。在我們轉型為一家基於以太坊的金融科技公司之後，我們持有價值 18.809 億美元的數位資產，包括原始 ETH、原生質押 ETH 以及從 ETH 驗證能力服務中獲得的激勵代幣。

We also recorded staking receivables of $257.6 million, which fact each deployed on-chain and liquid staking activities. We ended the quarter with $558.9 million in cash and cash equivalents, providing substantial flexibility to execute on our growth and capital return strategy.

我們也記錄了 2.576 億美元的質押應收款，這一事實體現了每項鍊上和流動性質押活動的開展。本季末，我們持有現金及現金等價物 5.589 億美元，為我們執行成長和資本回報策略提供了相當大的靈活性。

The USD Treasury is expected to earn yields of approximately 4.25% annually and approximately 2.25% net of interest expense and will contribute significantly to our free cash flow. Total liabilities were $564 million driven by the convertible debt of $496 million a net of fair value and approximately $50 million of collateralized loans. Subsequent to the quarter end, we repaid approximately 50% of the collateralized loan balance.

預計美元國債每年收益率約為 4.25%，扣除利息支出後的淨收益率約為 2.25%，這將對我們的自由現金流做出重大貢獻。總負債為 5.64 億美元，其中可轉換債務淨額為 4.96 億美元（以公允價值計算），抵押貸款約 5,000 萬美元。季度末之後，我們償還了約 50% 的抵押貸款餘額。

Our net asset value stood at approximately $445 million or roughly $27.79 per share on September 30, 2025. During the first nine months of 2025, net cash increased by $554 million, primarily driven by $825 million in net cash provided by financing activities, including the issuance of convertible instruments and equity raises tied to our ETHZilla restructuring.

截至 2025 年 9 月 30 日，我們的淨資產價值約為 4.45 億美元，即每股約 27.79 美元。2025 年頭九個月，淨現金增加 5.54 億美元，主要得益於融資活動提供的 8.25 億美元淨現金，包括發行可轉換工具和與 ETHZilla 重組相關的股權融資。

We repurchased approximately 2.1 million shares since September 1, totalling $46.3 million as part of our previously announced repurchase program, reflecting management's confidence in the long-term value of our stock.

自 9 月 1 日以來，我們已回購約 210 萬股股票，總計 4,630 萬美元，這是我們先前宣布的回購計畫的一部分，反映了管理層對我們股票長期價值的信心。

Turning to our capital allocation strategy, our priorities remain the same acquiring ETH and maintaining a strong liquidity position, scaling ETH yield operations, preparing for asset tokenization, and optimizing our capital structure for robust growth. We believe strategic repurchases of the company's stock will drive the company's long-term net asset value growth.

談到我們的資本配置策略，我們的優先事項仍然是：取得 ETH 並保持強大的流動性，擴大 ETH 收益營運規模，為資產代幣化做好準備，以及優化我們的資本結構以實現強勁增長。我們相信，策略性回購公司股票將推動公司長期淨資產價值成長。

Looking ahead to the fourth quarter, we anticipate a Q4 yield run rate in the 3.5% to 4.5% range consistent with current necro economics. In the coming weeks we will also commence tokenization of select digital and real world assets under our EZilla platform which we believe will eventually generate returns well in excess of our ease staking yields.

展望第四季度，我們預計第四季度殖利率運行率將在 3.5% 至 4.5% 的範圍內，這與目前的死屍經濟狀況一致。在接下來的幾周里，我們也將開始在我們的 EZilla 平台上對部分數位和現實世界資產進行代幣化，我們相信這將最終產生遠超我們便捷質押收益的回報。

As these initiatives ramp to the end of the year, we expect to have better visibility into the tokenization businesses run rate and growth trajectory exiting Q4. Accordingly, we will not be providing a formal 2026 outlook until our Q4 2025 earnings call, at which point we expect to offer a more comprehensive view of our consolidated revenue model and profitability targets.

隨著這些舉措在年底前逐步推進，我們預計在第四季末將對代幣化業務的運行速度和成長軌跡有更清晰的了解。因此，我們將在 2025 年第四季財報電話會議上正式發布 2026 年展望，屆時我們預計將提供更全面的綜合營收模式和獲利目標。

To summarize, Q3 marked a transformative quarter for each ETHZilla from a traditional biotech entity to a fully capitalized digital asset platform with over $1 billion dollars in total assets and in excess of $4 million in third quarter revenue. We are executing from a position of strength with a clear strategy to create value by diversifying across on-chain protocols to optimize yield and mitigating counterparty and smart contract risks.

總而言之，第三季度對於 ETHZilla 的每個人來說都是一個具有變革意義的季度，它從傳統的生物技術實體轉型為資本充足的數位資產平台，總資產超過 10 億美元，第三季收入超過 400 萬美元。我們憑藉強大的實力和清晰的策略，透過多元化發展鏈上協議來創造價值，從而優化收益並降低交易對手和智能合約風險。

We remain focused on accumulating e, generating significantly higher yields than native staking activities, tokenizing real world assets, and executing a disciplined capital strategy. We have a growing pipeline of opportunities to utilize the Ethereum blockchain to generate yields and disrupt traditional finance processes. Thank you.

我們將繼續專注於累積 e，產生比原生質押活動高得多的收益，將現實世界的資產代幣化，並執行嚴謹的資本策略。我們擁有越來越多的機會，可以利用以太坊區塊鏈來創造收益並顛覆傳統的金融流程。謝謝。

And with that, I'll turn it back to McAndrew for a further discussion of our expansion plans.

接下來，我將把話題交還給麥克安德魯，讓他進一步討論我們的擴張計畫。

Thank you, John.

謝謝你，約翰。

We set out to reimagine how a public company could connect institutional capital with decentralized finance through Ethereum. In our inaugural quarter as ETHZilla, we successfully navigated this strategic operational shift, raising the capital we needed, putting ETH to work on chain, and securing a regulated path to tokenize and list real world assets on chain.

我們著手重新構想一家上市公司如何透過以太幣將機構資本與去中心化金融連結起來。在 ETHZilla 成立的第一個季度，我們成功地完成了這項策略營運轉變，籌集了所需的資金，讓 ETH 在鏈上投入使用，並確保了在鏈上代幣化和列出現實世界資產的受監管途徑。

Our advantage is structural. We hold and deploy ETH as a productive balance sheet asset. We operate with a best in class governance structure, and we partner with and invest in regulated market infrastructure so institutions can participate with confidence.

我們的優勢在於結構性因素。我們持有並部署 ETH 為一項高效的資產負債表資產。我們採用一流的治理結構，並與受監管的市場基礎設施​​合作和投資，以便機構能夠充滿信心地參與其中。

As tokenization expands, we intend to originate, tokenize, distribute, and service assets at scale. We believe this shift will accelerate over time because the economics and transparency are better for both asset owners and investors. Our plan is simple scale deployments with discipline, launch tokenized assets, and repeat across categories with recurring distributions.

隨著代幣化的發展，我們計劃大規模地創建、代幣化、分發和服務資產。我們相信，隨著時間的推移，這種轉變將會加速，因為經濟效益和透明度對資產所有者和投資者都有好處。我們的計畫很簡單，就是有條不紊地進行規模化部署，推出代幣化資產，並在各個類別中重複進行循環分發。

And maintain alignment through rigorous risk management and prudent capital allocation, including continued willingness to repurchase stock when it is accretive.

透過嚴格的風險管理和審慎的資本配置來保持一致性，包括在能夠增值時繼續保持回購股票的意願。

I want to thank our team, our partners, our shareholders, and the board. Your support allows us to execute with the necessary speed as this market rapidly evolves. We're confident in the strategy we've built and believe ETHZilla is primed to be a leader in this space. We look forward to continuing the conversation and thank you all again for joining us today.

我要感謝我們的團隊、合作夥伴、股東和董事會。您的支持使我們能夠以必要的速度執行快速變化的市場策略。我們對已製定的策略充滿信心，並相信 ETHZilla 已做好準備成為該領域的領導者。我們期待繼續進行對話，並再次感謝各位今天參與我們的討論。

Operator will now open up the call for questions.

現在接線員將開放提問環節。

(Operator Instructions)

（操作說明）

Spencer Anson, Susquehanna.

斯賓塞·安森，薩斯奎哈納。

Great, thanks guys, and congrats on the promotion, John. I guess if I could just step back and ask, what types of assets is he planning on tokenizing and when can we expect to see that happen?

太好了，謝謝各位，也祝賀約翰升職。我想請教一下，他計劃將哪些類型的資產代幣化？我們什麼時候才能看到這一幕？

Yeah, it's a great question. We have. A pretty large queue of assets, that we put in place to tokenize, and we've been actively working on it, over the last year. So I have a pretty lengthy background in aerospace. There's a very, High amount of return that you can generate on aerospace assets. So, and these are all securitized assets already, so that that's one place that we're going to go very early.

是的，這是一個很好的問題。我們有。我們已經準備了相當多的資產進行代幣化，並且在過去一年中一直在積極推進這項工作。我在航空航太領域有著相當豐富的經驗。投資航空航太資產可以獲得非常高的回報。所以，這些都是證券化資產，因此這是我們很早就要涉足的領域之一。

The second area that we're focusing on is, consumer credit receivables. These are also already, securitized in very large packages on Wall Street. So, we have two different platforms that we're working on, for these consumer credit receivables. All these generate, high single-digit to low double-digit yields and are pretty high credit quality.

我們關注的第二個領域是消費者信貸應收款。這些資產也已經在華爾街以非常大的形式進行證券化。所以，我們正在開發兩個不同的平台，用於處理這些消費者信貸應收款。這些產品都能產生較高的個位數收益率到較低的兩位數收益率，且信用品質都相當高。

And then we've been working on real estate, for quite a while, so I think you'll you'll see that come onto the platform. And then there's multiple different private equity, platforms that we're looking to partner with to bring their funds onto the platform.

而且我們已經在房地產領域耕耘了相當長一段時間，所以我認為你會看到這方面的內容出現在平台上。此外，我們也希望與多家不同的私募股權平台合作，將他們的資金引入該平台。

Okay, great, and as a follow-up, the tokenization is really a fascinating topic. Can you just walk through the business model, how do you expect to generate, how do you expect to scale the business. And what kind of capital is required to get the tokenization business off the ground?

好的，太好了。另外，分詞確實是一個非常有趣的話題。能詳細介紹一下商業模式嗎？你打算如何獲利？你打算如何擴大業務規模？那麼，啟動代幣化業務需要什麼樣的資金呢？

Okay, a lot of good questions. So, first of all, the. The TAM and all these markets that we're working on is Enormous, it's li.

好的，問了很多好問題。所以，首先，是。TAM 和我們正在開拓的所有這些市場都非常龐大，簡直是…

Trillions of dollars collectively all around the world. And what's interesting about it is Wall Street is already doing a lot of this business, but it's only accessible to institutional investors at extremely large scale. A lot of these securitizations occur at a minimum of $200 million to $500 million. And so what we're doing is we're taking packages of these same assets, and we're going to be able to tokenize them in in pools of, $25 million to $100 million. Dollars and and what type of capital is required is we will have to on balance sheet, some percentage of the initial seeding of these tokens, but then once the tokens are opened up on liquidity, it will then allow institutional investors and accredited investors to then invest in the tokens, and from that point forward they they can effectively scale into.

全球累計金額達數兆美元。有趣的是，華爾街已經在做很多這類業務了，但只有規模極為龐大的機構投資人才能參與其中。許多這類證券化計畫的規模至少在 2 億美元到 5 億美元之間。因此，我們正在做的是將這些相同的資產打包，並將它們代幣化，形成規模在 2500 萬美元到 1 億美元之間的資產池。至於需要什麼樣的資金，我們將需要在資產負債表上投入一定比例的初始種子資金，但一旦代幣開放流動性，就可以允許機構投資者和合格投資者投資這些代幣，從那時起，他們就可以有效地擴大規模。

Really any amount of capital they want as as long as we continue to provide the conduits to put the assets into the tokens. And then in terms of how do we make money doing this, there there's quite a few ways. Number 1, we make money holding the assets that generate the yield in these tokens. 2, we make money from managing the tokens, and then 3, there's a carry structure similar to the private equity model or incremental capital that's deployed in each of the tokens. We take a percentage of the yield that's generated from the assets inside the token, so, that, that's what's asymmetrically scales the cash flow of the business as the token model expands.

只要我們繼續提供管道將資產注入代幣，他們想要多少資金都可以。至於我們如何透過這項業務賺錢，方法有很多種。第一，我們透過持有產生這些代幣收益的資產來賺錢。第二，我們透過管理這些代幣來賺錢。第三，還有類似私募股權模式的收益分成結構，或者說是投入每個代幣的增量資本。我們從代幣內部資產產生的收益中抽取一定比例，因此，隨著代幣模式的擴展，這便能不對稱地擴大業務的現金流。

All right, great. Andrew, John, thanks so much, and it's exciting stuff. Looking forward to watching how the company progresses through the coming quarters. Thanks.

好的，太好了。安德魯、約翰，非常感謝，這真是令人興奮。期待觀察公司在接下來的幾個季度中的發展。謝謝。

Brian Dobson, ClearStreet.

Brian Dobson，ClearStreet。

Hey, good morning. As you're looking out over the competitive landscape, but what do you think differentiates ETHZilla when you're looking at your competition, and then I guess as a follow-up to that, the treasury space is becoming a little bit more crowded, how do you view that? Do you think it's better for the industry or how are you thinking about call it increased competition in the space?

嘿，早安。縱觀競爭格局，您認為 ETHZilla 與競爭對手相比有何獨特之處？另外，我想補充一點，財資領域競爭日益激烈，您對此有何看法？你認為這對產業來說是好事，還是會加劇產業競爭？

Yeah, hey Brian, first of all, I'd say I, we just don't consider ourselves a treasury at all. We have Ethereum and we have a stake with, partners for, strategic reasons, particularly because there's going to need to be some, collateralization associated with the tokens that we created on liquidity.io, but we really view our competition as a figure and securitize.

是的，嘿，布萊恩，首先，我想說，我們根本不認為自己是金庫。我們持有以太坊，並且出於戰略原因，與合作夥伴持有股份，特別是因為我們在 liquid.io 上創建的代幣需要一些抵押品，但我們真的把我們的競爭對手視為一個數字，並進行證券化。

I mean, we are in the, Tokenization business and liquidity is the focus of what we're doing and most of the cash flow and revenue that we're going to generate going forward is going to be generated from the creation of these Ethereum L2 tokens, based on real world assets. So we will opportunistically continue to acquire it, when the, if the opportunity presents, but I mean the way for us to make, the most money in the future is to bring billions of dollars of assets, onto the lie platform.

我的意思是，我們從事的是代幣化業務，流動性是我們工作的重點，我們未來產生的大部分現金流和收入都將來自基於現實世界資產的以太坊 L2 代幣的創建。所以，我們會伺機繼續收購它，如果機會出現的話。但我的意思是，未來我們賺錢最多的方法是將數十億美元的資產轉移到這個平台上。

Thanks, and then just as a quick follow-up, do you think your initial focus will be more in publicly traded companies or in private companies looking to tokenize certain securities?

謝謝。另外，我想快速問一下，您認為您最初的重點會更多地放在上市公司還是希望將某些證券代幣化的私人公司上？

We've been working with both. So some of the largest public companies in a variety of different spaces are pretty interested in working with us, and I think there's opportunity on the private side too. I mean, the beauty of this business model is that you can, within a certain scale size, you can tokenize anything down to a $10 million asset up to a billion dollar asset. So we just have to be selective about the quality of assets that we bring onto the exchange. And we're and we're being really focused on just High yield generation assets relative to the risk profile.

我們一直與這兩方都有合作。因此，一些不同領域的大型上市公司對與我們合作非常感興趣，我認為在私人領域也存在著機會。我的意思是，這種商業模式的妙處在於，在一定的規模範圍內，你可以將價值 1,000 萬美元到 10 億美元不等的資產代幣化。所以我們必須對引入交易所的資產品質進行篩選。我們目前真正關注的是相對於風險狀況而言收益最高的資產。

Mark Palmer, Benchmark.

馬克·帕爾默，基準。

Yes, good morning and thanks for taking my questions.

是的，早上好，謝謝您回答我的問題。

Mark, are you with us? Your line is muted.

馬克，你和我們在一起嗎？您的線路已靜音。

Yes.

是的。

How do you think about the interoperability between ETHZilla's tokenization platform and various existing Dfi protocols, especially insofar as that the company is effectively creating a link between Tradfi and Defi for.

您如何看待 ETHZilla 的代幣化平台與各種現有的 DFi 協議之間的互通性，特別是考慮到該公司實際上正在為 TradFi 和 DeFi 之間建立聯繫。

Institutional investors. Mark, that's a great question. It's a complicated question, and we're working through that right now. So. Defi has done a tremendous job creating lending protocols for various digital assets all around the world, and what the bridge that's going to get created, which is where I think Wall Street is going as a whole, is that tokenized real world assets that live on digital asset exchanges. Are going to have the same liquidity profile as digital assets on exchanges like Coinbase or or Binance today. And so what we're going to have to do is set up relationships like we've already done with Ether FY and Puffer ETH and other L2 staking protocols, so that the tokenized real world assets.

機構投資者。馬克，你問得好。這是一個複雜的問題，我們正在努力解決。所以。DeFi 在為世界各地的各種數位資產創建借貸協議方面做得非常出色，而即將建立的橋樑（我認為也是華爾街整體的發展方向）是將現實世界的代幣化資產連接到數位資產交易所。它們的流動性將與目前在 Coinbase 或 Binance 等交易所交易的數位資產相同。因此，我們必須像之前與 Ether FY 和 Puffer ETH 以及其他 L2 質押協議那樣，建立關係，以便將現實世界的資產代幣化。

Ultimately get a collateralization benefit in the Defi world. And so to simplify it, what I'd say is like it similar to having a portfolio margin line on your stock account, if you own a tokenized real world asset, you're going to be able to get some collateral release on that to make other investments, and you also may be able to release it into ETH and And generate incremental yield by holding that E in addition to the investment that you have in the tokenized real world asset.

最終在 DeFi 領域獲得抵押收益。簡單來說，這就像在你的股票帳戶上設置投資組合保證金一樣，如果你擁有代幣化的現實世界資產，你就可以釋放一些抵押品來進行其他投資，你也可以將其兌換成以太坊，並通過持有以太坊來產生額外的收益，這還不包括你對代幣化現實世界資產的投資。

And if you think about that, it's extremely powerful because it basically allows you to amplify the capital you have at work on chain by owning real world assets that are cash flowing.

仔細想想，這非常強大，因為它基本上允許你透過擁有能夠產生現金流的現實世界資產來放大你在區塊鏈上運作的資本。

Thank you. That's very helpful. And I just one follow-up question.

謝謝。那很有幫助。我還有一個後續問題。

You posted an annualized yield of 7% on your staked ether, as was mentioned, this is just the early going in terms of that deployment. How do you think about what is feasible in terms of the yield that you could be earning on the ether that you do stake, do you think about a maximum bound there that's possible?

如同先前所提到的，你質押的以太幣年化報酬率為 7%，但這只是該部署的早期階段。您認為透過質押以太幣可以獲得的收益在什麼範圍內是可行的？您認為收益是否有上限？

Okay.

好的。

So like everything in. The world, this is a risk re reward question. And we took a lower risk strategy initially on our eth staking, and so, To get a higher yield on our ET, we need, number one, we would need to deploy new ETH to generate the high single-digit yield like we did this quarter, because we received token incentives from our partners to generate that yield, and so.

所以就像裡面的一切。世界，這是一個風險與回報的問題。最初，我們在以太坊質押方面採取了風險較低的策略，因此，為了獲得更高的以太坊收益，首先，我們需要部署新的以太坊來產生像本季度一樣的高個位數收益，因為我們從合作夥伴那裡獲得了代幣激勵來產生該收益，因此。

I think the stabilized yield, like we said in our release, is kind of 3.5% to 4.5%, which is above the normal native staking yield by partnering with the current L2 incentives. But if we invest in new L2 partners like John mentioned in during the call, then we can generate 7.5% to 11% on ETH, but it does require us to buy more ETH to get that higher yield, and given where the stock is trading, it's more creative for us to buy the stock than it is for us to buy ETH right now, and that, that's the delta on, where the yield on ETH will be in the future for us, but we have the capacity to make pretty substantial returns on ET, and I think strategically we are thinking about which L2 partners we want to be partnered with.

我認為，正如我們在公告中所說，穩定的收益率大約在 3.5% 到 4.5% 之間，這高於與當前 L2 激勵機制合作而獲得的正常原生質押收益率。但如果我們像約翰在電話會議中提到的那樣，投資新的二級合作夥伴，那麼我們可以從以太坊上獲得 7.5% 到 11% 的收益。但這確實需要我們購買更多的以太坊才能獲得更高的收益。鑑於股票目前的交易價格，對我們來說，購買股票比現在購買以太坊更具創意。這就是未來以太坊收益率的差異所在。但我們有能力從以太坊上獲得相當可觀的回報，我認為從策略角度來看，我們正在考慮與哪些二級合作夥伴合作。

Which circulates back to the tokenization protocols on liquidity because we need partners that can help us on the exchange side.

這又回到了流動性的代幣化協議上，因為我們需要合作夥伴在交易方面幫助我們。

That makes sense. Thanks very much.

這很有道理。非常感謝。

Yes.

是的。

(Operator Instructions)

（操作說明）

There are no more questions at this time. I would now like to turn the call over to John Kristoff for closing remarks.

目前沒有其他問題了。現在我謹將電話交給約翰‧克里斯托夫，請他作總結發言。

Thank you, and thank you all for joining our call this morning. As always, if you have additional questions, please feel free to reach out to me directly at IR.Ezilla.com.

謝謝大家，也謝謝各位今天上午參加我們的電話會議。如有任何疑問，歡迎隨時透過 IR.Ezilla.com 直接與我聯繫。

Thank you so much.

太感謝了。