BitFuFu Inc (FUFU) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the BitFuFu second-quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Charlie Brady. Please go ahead, sir.

您好，感謝您的支持。歡迎參加 BitFuFu 2025 年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。現在我想將會議交給今天的第一位發言者查理布雷迪。先生，請繼續。

Thank you, operator. Good morning, and welcome to BitFuFu's second-quarter 2025 Earnings Call. The company's financial results were released earlier today are available on BitFuFu's Investor Relations website at ir.bitfufu.com and globalnewswire.com. Joining me on the call today are BitFuFu's Chairman and CEO, Leo Lu; and CFO, Calla Zhao. Before we begin, please note that the discussion today will contain forward-looking statements made under the safe harbor provisions of the US

謝謝您，接線生。早上好，歡迎參加 BitFuFu 2025 年第二季財報電話會議。該公司的財務業績已於今日早些時候發布，可在BitFuFu投資者關係網站ir.bitfufu.com和globalnewswire.com上查閱。今天參加電話會議的嘉賓包括BitFuFu董事長兼執行長Leo Lu和財務長Calla Zhao。在我們開始之前，請注意，今天的討論將包含根據美國安全港條款做出的前瞻性陳述。

Private Securities and Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the company's beliefs and expectations are forward-looking statements.

1995年私人證券和訴訟改革法案。非歷史事實的陳述，包括有關公司信念和期望的陳述，都是前瞻性陳述。

Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from the management's current expectations. Potential risks and uncertainties include, but are not limited to, those outlined in the company's public filings with the SEC. The company does not undertake any obligation to update any forward-looking statement, except as required under applicable law. We will be discussing non-GAAP financial information on this call. The company is providing that information as a supplement to information prepared in accordance with accounting principles generally accepted in the United States or GAAP.

前瞻性陳述涉及風險和不確定性，可能導致實際結果與管理階層目前的預期有重大差異。潛在風險和不確定性包括但不限於公司向美國證券交易委員會提交的公開文件中概述的風險和不確定性。除適用法律要求外，本公司不承擔更新任何前瞻性聲明的義務。我們將在本次電話會議上討論非公認會計準則財務資訊。該公司提供該資訊作為根據美國公認會計原則或 GAAP 編制的資訊的補充。

You can find a reconciliation of these metrics to the company's reported GAAP results and the reconciliation tables provided in today's earnings release. One final note, although we will not be conducting a Q&A on this call, questions can be e-mailed to ir@bitfufu.com, and we will respond as quickly as possible, generally within 24 hours. I will now turn the call over to Leo Lu, Chairman and CEO of the company.

您可以在今天的收益報告中找到這些指標與公司報告的 GAAP 結果以及提供的對帳表的對帳表。最後要注意的是，雖然我們不會在本次電話會議上進行問答，但您可以透過電子郵件發送問題至 ir@bitfufu.com，我們會盡快回复，通常在 24 小時內。現在我將把電話轉給公司董事長兼執行長盧立文 (Leo Lu)。

Thanks, Charlie. Thank you for joining BitFuFu's second-quarter 2025 earnings conference call. Before handing over to Calla for a detailed review of our financial results. I will provide some key highlights from the second quarter, update on key strategic initiatives and share our outlook for the remainder of the year. In the second quarter of 2025, we achieved total revenue of $115.4 million, a 47.9% increase from $78 million in the first quarter, adjusted EBITDA reached $60.7 million with net income of $47.1 million, a strong rebound from the first quarter.

謝謝，查理。感謝您參加 BitFuFu 2025 年第二季財報電話會議。在將我們的財務結果移交給 Calla 進行詳細審查之前。我將提供第二季的一些主要亮點，更新關鍵策略舉措並分享我們對今年剩餘時間的展望。2025年第二季度，我們實現總營收1.154億美元，較第一季的7,800萬美元成長47.9%，調整後EBITDA達到6,070萬美元，淨收入為4,710萬美元，較第一季強勁反彈。

The significant improvement in the second quarter financial performance resulted in total first half 2025 financial performance of $193.4 million in revenue. $30.3 million in net income, $49.9 million in adjusted EBITDA and diluted earnings per share of $0.18. These results reflect not only the rise in Bitcoin prices but more importantly, the strength of our strategic decisions, investing in fleet upgrades, expanding our hosting capacity, diversifying our revenue streams and securing low-cost stable power sources.

第二季財務表現的顯著改善，使得2025年上半年總收入達到1.934億美元，淨利潤達到3030萬美元，調整後息稅折舊攤銷前利潤（EBITDA）達到4990萬美元，攤薄後每股收益達到0.18美元。這些業績不僅反映了比特幣價格的上漲，更重要的是，體現了我們戰略決策的有效性，包括投資升級船隊、擴大託管能力、實現收入來源多元化以及確保低成本穩定電源。

Together, these initiatives have strengthened our competitive position and created a solid foundation for long-term growth. These accomplishments are a direct result of the dedication, skill and relentless pursuit of excellence by the BitFuFu team whose efforts continue to drive our vision forward. As of June 30, our total managed mining capacity reached 36.2 exahashes per second. A record high since our founding and placing us among the leaders in the US public mining industry.

這些舉措共同增強了我們的競爭地位，為長期成長奠定了堅實的基礎。這些成就直接歸功於 BitFuFu 團隊的奉獻精神、技能和不懈追求卓越，他們的努力不斷推動我們的願景向前發展。截至 6 月 30 日，我們管理的總挖礦能力達到每秒 36.2 exahashes。創下我們成立以來的最高紀錄，並躋身美國公共採礦業的領導者之列。

Our hosting capacity also reached a new record of 728 megawatts, the rise in the Bitcoin price this quarter fueled strong demand for cloud mining, leveraging our scale, operational efficiency and trusted brand we secured significant computing capacity from multiple new providers to deploy into our cloud mining platform, enabling us to meet the growing market demand and strengthen our competitive position.

我們的託管能力也達到了 728 兆瓦的新紀錄，本季比特幣價格的上漲刺激了對雲端挖礦的強勁需求，利用我們的規模、營運效率和值得信賴的品牌，我們從多個新供應商處獲得了大量運算能力以部署到我們的雲端挖礦平台，使我們能夠滿足不斷增長的市場需求並增強我們的競爭地位。

This momentum continued into third quarter. As of July 31, our total mining capacity further increased to 38.6 exahashes per second. Our hosting capacity expanded to 752 megawatts, and the number of registered cloud mining users exceeded 629,000. These early third quarter figures demonstrate our ability to maintain growth beyond this quarter, and reflect our strong operational execution and market demand. In terms of operations, BitFuFu has continuously expanded its mining machine fleet.

這一勢頭持續到了第三季。截至 7 月 31 日，我們的總挖礦能力進一步提高至每秒 38.6 exahashes。我們的託管容量擴展至752兆瓦，註冊雲端挖礦用戶數量超過62.9萬。這些第三季初期的數據證明了我們有能力在本季度之後保持成長，並反映了我們強大的營運執行力和市場需求。營運方面，BitFuFu不斷擴充礦機規模。

Since 2025, the company has purchased over 20,000 mining machines, including about 10,000 and minor S21 series machines, which the theoretical minimum power consumption of the S21 series machines is as low as 13.5 joules per terahash, significantly increasing mining profitability.

自2025年以來，該公司已購買了超過20,000台礦機，其中包括約10,000台小型S21系列機器，其中S21系列機器的理論最低功耗低至每太赫茲13.5焦耳，顯著提高了挖礦的盈利能力。

We have also achieved excellent results in cost control in the second quarter, the average bearer price for our own mining farms fell to $0.036 to $0.042 a with prices as low as $0.0314 at our African mining farms. This reduction in energy costs has significantly increased profitability in our proprietary mining operations. For example, with the recent price of Bitcoin around $120,000, the direct cost of mining 1 Bitcoin using the S21 XP mining machines deployed at our own mining farms is $29,000.

我們在第二季的成本控制也取得了優異的成績，我們自有礦場的平均持有價格降至0.036美元至0.042美元，非洲礦場的價格最低為0.0314美元。能源成本的降低顯著提高了我們專有採礦業務的獲利能力。例如，近期比特幣價格在12萬美元左右，使用我們自有礦場部署的S21 XP礦機挖1個比特幣的直接成本為2.9萬美元。

This year, BitFuFu's owned mining farms in North America and Africa have performed exceptionally well. We deployed and optimized our BitFuFu OS overclocking technology, enabling mining machine chips to operate more efficiently at higher speeds, and unlocking greater performance from our fleet. In the second quarter of 2025, even as our mining farms participated in regional power to curtailment programs and operated below full load. Firmware enhancements increased the hash rate operating efficiency of our S21 series miners to 100.5%.

今年以來，BitFuFu在北美和非洲的自有礦場表現優異。我們部署並優化了 BitFuFu OS 超頻技術，使礦機晶片能夠以更高的速度更有效率地運行，並釋放礦機群的更高效能。2025 年第二季度，即使我們的礦場參與了區域限電計劃並且運行負載低於滿載。韌體增強功能將我們的 S21 系列礦機的哈希率運作效率提高到 100.5%。

This optimization boosted the output of each mining machine while supporting large-scale power rationing initiatives, reducing electricity costs and maintaining strong profitability despite seasonal high temperatures and electricity price volatility in North America. These results highlight our ability to combine operational discipline technological innovation and market adaptability to deliver consistent value. We intend to actively participate in electricity plans in the US market and continue exploring alternative sources of low-cost electricity in North America and around the world.

此項優化提高了每台礦機的產量，同時支持了大規模限電舉措，降低了電力成本，並在北美季節性高溫和電價波動的情況下仍保持了強勁的盈利能力。這些結果凸顯了我們結合營運紀律技術創新和市場適應性以提供一致價值的能力。我們打算積極參與美國市場的電力計劃，並繼續探索北美和世界各地的低成本替代電力來源。

Another key strategic direction for BitFuFu is exploring a self-generated mining model by sourcing natural gas and deploying generators in North America and Africa. We aim to secure stable low-cost electricity, thereby better controlling costs and ensuring supply security. This strategy is a significant step towards becoming a more vertically integrated power generation and mining company, enabling us to control key links in the value chain.

BitFuFu 的另一個關鍵戰略方向是透過採購天然氣並在北美和非洲部署發電機來探索自產挖礦模式。我們的目標是確保穩定低成本的電力，從而更好地控製成本並確保供應安全。這項策略是我們朝著成為更垂直整合的發電和採礦公司邁出的重要一步，使我們能夠控制價值鏈中的關鍵環節。

In Canada, for example, we are evaluating opportunities to leverage low-cost natural gas for power generation. The current AECO natural gas price, Canada's benchmark for natural gas traded in Alberta is approximately CAD0.80 per giga joule, a standard unit of energy equal to about 278-kilowatt hours, at a 33% efficiency rate, meaning one-third of the energy in the natural gas is converted to electricity and current exchange rates. This translates to a tax-inclusive electricity generation cost of less than $0.01 per kilowatt hour. Securing natural gas power generation capabilities could provide a long-term stable structural advantage in the unit cost of hash rate production.

例如，在加拿大，我們正在評估利用低成本天然氣發電的機會。目前，加拿大阿爾伯塔省天然氣交易的基準 AECO 天然氣價格約為每千兆焦耳 0.80 加元，每千兆焦耳為一個標準能量單位，相當於約 278 千瓦時，效率為 33%，這意味著天然氣中三分之一的能量轉化為電能和當前匯率。這意味著含稅發電成本不到每千瓦時 0.01 美元。確保天然氣發電能力可以為哈希率生產的單位成本提供長期穩定的結構性優勢。

Looking ahead, BitFuFu aims to maintain industry-leading electricity costs by mastering the entire supply chain from fuel to electricity, relying more on clean energy and significantly reducing our reliance on the public grid and market electricity prices. We will shift from passively accepting electricity price fluctuations to proactively managing energy costs, thereby gaining structural competitive advantages in expanding hash rates resisting cyclical fluctuations and responding to policy changes.

展望未來，BitFuFu旨在透過掌握從燃料到電力的整個供應鏈、更多地依賴清潔能源並大幅減少對公共電網和市場電價的依賴來保持行業領先的電力成本。我們將從被動接受電價波動轉向主動管理能源成本，從而在擴大哈希率、抵抗週期性波動和應對政策變化方面獲得結構性競爭優勢。

Another important business development direction is the combination of RWA and cloud hash rate. RWA or real-world assets refers to the digitization and tokenization of existing real-world assets with value and cash flow including government bonds, corporate loans, gold, real estate and even intellectual property on the blockchain. Technically, this involves using on chain smart contracts to record asset rights, distribute returns and execute transfers.

另一個重要的業務發展方向是RWA與雲端算力的結合。RWA即現實世界資產，是指將現有的具有價值和現金流的現實世界資產，包括政府債券、企業貸款、黃金、房地產甚至知識產權，在區塊鏈上進行數位化和代幣化。從技術上講，這涉及使用鏈上智慧合約來記錄資產權利、分配回報和執行轉移。

Financially, it transforms assets previously tradable only within traditional financial markets into digital certificates that can circulate across borders 24/7. The value of RWA lies in significantly improving asset liquidity, reducing transaction and financing costs and enabling investors to more efficiently allocate capital globally. We've recently observed that RWA have moved from the conceptual stage to compliant application, for example, platforms like MakerDAO and Ondo Finance have tokenized low-risk assets like US treasury bonds enabling direct on chain access and trading, satisfying the demand for safe assets in on chain stable coins and D5 protocols.

從金融角度來說，它將原來只能在傳統金融市場內交易的資產，轉化為可以24小時跨國流通的數位通證。RWA的價值在於顯著提高資產流動性，降低交易和融資成本，使投資者能夠更有效地在全球範圍內配置資本。我們近期觀察到 RWA 已經從概念階段走向合規應用，例如 MakerDAO、Ondo Finance 等平台將美國國債等低風險資產 Token化，實現直接上鍊和交易，滿足了鏈上穩定幣和 D5 協議對安全資產的需求。

In the commodity sector, gold tokenization products like Paxos Gold and Tether Gold provide digital holding and instant trading capabilities for gold, reducing the complexity of storage and cross-border transactions. We believe that Bitcoin hash rate and the Bitcoin, it generates represent a standardized, predictable and sustainable asset class, similar in nature to other securitized cash flow assets. In the future, we may be able to structure and issue the income rise from hash rate output, future output expectations or mining cash flows over a specific period in the form of RWA within a compliant framework.

在大宗商品領域，Paxos Gold、Tether Gold等黃金代幣化產品為黃金提供了數位化持有和即時交易功能，降低了儲存和跨境交易的複雜性。我們認為，比特幣哈希率及其產生的比特幣代表著標準化、可預測且可持續的資產類別，其性質類似於其他證券化現金流資產。未來我們或許可以在合規的框架內，將特定時期內的算力產出收益成長、未來產出預期或挖礦現金流以 RWA 的形式建構發行。

For example, this structure could allow investors to gain proportional exposure to BTC cash flows without directly participating in the procurement operation, and energy management of mining equipment. It also allows us to more flexibly attract institutional capital, expand asset liquidity and build bridges between on chain and off chain markets. We believe the combination of cloud mining and RWA could expand from the primary mining market to the secondary RWA trading market. With a mature application and development of stable coins and RWA, the demand for cloud hash rate could increase exponentially.

例如，這種結構可以讓投資者獲得與 BTC 現金流成比例的曝險，而無需直接參與採礦設備的採購作業和能源管理。它還使我們能夠更靈活地吸引機構資本，擴大資產流動性並在鏈上和鏈下市場之間架起橋樑。我們相信雲端挖礦和 RWA 的結合可以從一級挖礦市場擴展到二級 RWA 交易市場。隨著穩定幣和RWA的成熟應用和發展，雲端算力的需求可能會呈指數級增長。

At the same time, RWA-based derivatives trading could further expand and enrich trading scale and profit models. As a leading global cloud computing platform, BitFuFu has been transacting cloud hashrate at scale for several years, making us a natural partner for many RWA institutions in this space. We will carefully evaluate opportunities in this area, ensuring all operations meet the regulatory requirements of a NASDAQ-listed company and the jurisdictions in which we operate.

同時，基於風險加權資產的衍生性商品交易可以進一步擴大和豐富交易規模和獲利模式。BitFuFu 作為全球領先的雲端運算平台，多年來一直大規模交易雲端哈希率，這使我們成為該領域許多 RWA 機構的天然合作夥伴。我們將仔細評估該領域的機會，確保所有營運符合納斯達克上市公司和我們營運所在司法管轄區的監管要求。

Our priority is to work with licensed institutions protecting investor interests while maintaining the highest standards of compliance. Finally, I'd like to share my perspective on Bitcoin market trends. Since the approval of the first US spot Bitcoin ETF in early 2024 and most recent Bitcoin halving, market optimism has increased and remains strong. forecasts from various market participants range from the low hundreds of thousands to several hundred thousand dollars per BTC with projected time lines spanning from this -- later this year to 2030.

我們的首要任務是與持牌機構合作，保護投資者利益，同時保持最高的合規標準。最後，我想分享一下我對比特幣市場趨勢的看法。自 2024 年初美國批准首隻現貨比特幣 ETF 以及最近比特幣減半以來，市場樂觀情緒不斷增加並保持強勁。不同市場參與者的預測範圍從每 BTC 的數十萬美元到數十萬美元不等，預計時間線從今年稍後到 2030 年。

I believe that the price of Bitcoin currently around $120,000 isn't the peak for the year and still has room to increase in the second half of this year. For example, institutions like Standard Chartered, Bernstein and Bit wise, all predict that Bitcoin will reach approximately $200,000 by the end of 2025. This is driven by three key factors.

我認為，目前比特幣12萬美元左右的價格還不是年內最高價，下半年還有上漲空間。例如渣打銀行、伯恩斯坦、Bitwise等機構都預測，到2025年底，比特幣的價格將達到約20萬美元。這是由三個關鍵因素推動的。

First, Bitcoin spot ETFs continue to attract capital. Data shows that by the end of 2024, Bitcoin ETFs had invested over $100 billion with over $50 billion flowing into ETFs since the beginning of 2025, providing significant momentum.

首先，比特幣現貨ETF持續吸引資金。數據顯示，截至 2024 年底，比特幣 ETF 的投資額已超過 1,000 億美元，自 2025 年初以來，流入 ETF 的資金超過 500 億美元，提供了巨大的發展動力。

Second, institutional holdings are steadily accumulating. Currently, nearly 100 publicly listed companies hold Bitcoin with a total value exceeding $100.5 billion, whether mining companies like BitFuFu or publicly listed companies that hold Bitcoin, but don't mine, they all believe in the future of Bitcoin and are increasing their holdings, which is greatly supporting and stimulating market confidence. Third, the halving effect creates a continuous contraction in supply, naturally increasing scarcity. With Circle's listing this year and the implementation of regulatory frameworks like the Genius Act, the overall stable coin market capitalization has reached approximately $281 billion.

二是機構持股穩定增持。目前，近百家上市公司持有比特幣，總價值超過1005億美元，無論是像BitFuFu這樣的挖礦公司，還是持有比特幣但不挖礦的上市公司，都看好比特幣的未來，都在增持，這對市場信心有很大的支撐和刺激。第三，減半效應造成供給持續收縮，自然加劇稀缺性。隨著今年Circle的上市以及《天才法案》等監管框架的實施，整體穩定幣市值已達到約2,810億美元。

We are also pleased to see the US government's latest executive order, liberalizing the use of alternative assets like Bitcoin in 401(k) accounts. recent favorable policies for various cryptocurrencies have laid a solid foundation for Bitcoin's price growth. I am optimistic about BTC's price performance in the second half of this year and I believe the cycle of price appreciation has just begun. I anticipate this year will be a good year for BitFuFu and there will be many opportunities for growth and development in the business over the next three years.

我們也很高興看到美國政府最新的行政命令，放寬了比特幣等另類資產在401(k)帳戶中的使用。近期針對各類加密貨幣的利多政策，為比特幣價格上漲奠定了堅實的基礎。我對BTC下半年的價格表現持樂觀態度，相信價格上漲週期才剛開始。我預計今年對 BitFuFu 來說將是豐收的一年，並且未來三年業務將有很多成長和發展的機會。

With that said, I will turn the call over to Calla to provide more details on our financial results.

話雖如此，我將把電話轉給卡拉，讓她提供有關我們財務業績的更多詳細資訊。

Thank you, Leo. Good morning, everyone. Now I would like to present our second-quarter 2025 financial and operating results. Total revenue for the quarter was $115.4 million, a 47.9% increase from $78 million in the first quarter of this year. This strong sequential growth was driven by increased demand for our cloud mining solutions, rising Bitcoin prices and continued upgrades to our mining fleet.

謝謝你，Leo。大家早安。現在，我想介紹一下我們 2025 年第二季的財務和營運業績。本季總營收為 1.154 億美元，較今年第一季的 7,800 萬美元成長 47.9%。這一強勁的連續成長得益於對我們的雲端挖礦解決方案的需求增加、比特幣價格上漲以及我們的挖礦船隊的持續升級。

Cloud mining revenue increased to $94.3 million, a 22.3% year-over-year increase and a 75.6% increase compared to the first quarter. For the quarter, cloud mining revenue accounted for 81.7% of total revenue. Self mining revenue was $14.8 million, representing 12.8% of total revenue while mining equipment sales revenue was $5.2 million, representing 4.5% of total revenue. Other revenue sources such as mining machine hosting accounted for the remaining 1%. In the cloud mining sector, customer demand for cloud hash rates grew strongly this quarter with demand exceeding supply.

雲端挖礦收入增至 9,430 萬美元，年增 22.3%，季增 75.6%。本季度，雲端挖礦收入佔總收入的81.7%。自採收入為 1,480 萬美元，佔總收入的 12.8%，而採礦設備銷售收入為 520 萬美元，佔總收入的 4.5%。礦機託管等其他收入來源佔剩餘的1%。在雲端挖礦領域，本季客戶對雲端哈希率的需求強勁成長，需求超過供應。

New customers contributed approximately 51% of cloud mining revenue in the second quarter while existing customers contributed approximately 49%. In terms of operations by the end of June, the company's total managed mining capacity reached 36.2% exahash, a year-on-year increase of 46.6%, setting a new company record. Hosting capacity also reached a new all-time high of 728 megawatts, up from 522 megawatts in the same period last year. Total Bitcoin output for the quarter was approximately 1,060 Bitcoins, of which 143 Bitcoins came from self mining and 917 Bitcoins from client cloud mining activities.

新客戶在第二季貢獻了約 51% 的雲端挖礦收入，而現有客戶貢獻了約 49%。截至6月底營運情形來看，公司總管理挖礦能力達到36.2%exahash，較去年同期成長46.6%，創下公司新高。承載容量也達到了歷史新高的728兆瓦，高於去年同期的522兆瓦。本季比特幣總產量約 1,060 比特幣，其中 143 比特幣來自自我挖礦，917 比特幣來自客戶端雲端挖礦活動。

Quarterly costs were $102.5 million, a decrease of 13.4% compared to the same period in 2024. This decrease reflects lower electricity cost per terahash and continued improvements in procurement and operational efficiency. We have made significant progress in upgrading our mining equipment. So far this year, we have purchased about 10,000 S21 series miners, which will improve overall efficiency. Additionally, we dedicated human resources and funding to exploring Leo's previously stated goal of becoming a more vertically integrated power generation and mining company.

季度成本為 1.025 億美元，與 2024 年同期相比下降 13.4%。這一下降反映了每太赫茲電力成本的降低以及採購和營運效率的持續提高。我們在採礦設備升級方面取得了重大進展。今年到目前為止，我們已經購買了大約10,000台S21系列礦機，這將提高整體效率。此外，我們也投入了人力資源和資金來探索Leo先前提出的成為更垂直整合的發電和採礦公司的目標。

by investing in our own power generation capacity in mining infrastructure.

透過投資採礦基礎設施自身的發電能力。

We will enable BitFuFu to better control energy costs and supply security, thereby improving profitability and reducing long-term operational risks. Operating expenses for the second quarter of 2025 reflect our continued investment in growth while maintaining strict cost management. Sales and marketing expenses were $0.6 million, and R&D expenses were $0.4 million, essentially flat compared to the same period in 2024.

我們將使BitFuFu能夠更好地控制能源成本和供應安全，從而提高獲利能力並降低長期營運風險。2025 年第二季的營運費用反映了我們在保持嚴格成本管理的同時對成長的持續投資。銷售和行銷費用為 60 萬美元，研發費用為 40 萬美元，與 2024 年同期基本持平。

General and administrative expenses were $2.1 million, this compares to $1.4 million in the second quarter of 2024. We remain committed to ensuring that operating expenses grow in a controlled manner relative to revenue while making targeted investments in talent, product innovation and market expansion. Net income for the quarter was $47.1 million, a significant increase from $1.3 million in the same period last year and a strong rebound from losses in the first quarter.

一般及行政費用為 210 萬美元，而 2024 年第二季為 140 萬美元。我們將繼續致力於確保營運費用相對於收入以可控的方式成長，同時對人才、產品創新和市場擴張進行有針對性的投資。本季淨收入為4,710萬美元，較去年同期的130萬美元大幅成長，較第一季的虧損強勁反彈。

This performance included an unrealized fair value gain of $39.6 million, reflecting positive Bitcoin market conditions. Adjusted EBITDA were $60.7 million, compared to $8.3 million in the same period last year. For the three months ended June 30, 2025, Basic and diluted earnings per ordinary share were $0.29 and $0.28, respectively, compared to $0.01 for both in the same period of 2024.

這項業績包括 3,960 萬美元的未實現公允價值收益，反映了比特幣市場的正面狀況。調整後的 EBITDA 為 6,070 萬美元，而去年同期為 830 萬美元。截至 2025 年 6 月 30 日的三個月，每股普通股基本收益和稀釋收益分別為 0.29 美元和 0.28 美元，而 2024 年同期均為 0.01 美元。

As of June 30, 2025, the company held $211.4 million in cash, cash equivalents and digital assets compared to $168.1 million as of December 31, 2024. This increase was primarily driven by the company's treasury management strategy, which supported liquidity and the appreciation in the value of its Bitcoin holdings during 2025. Looking ahead, we will continue to focus on expanding our three core business lines, cloud mining, self mining and mining machine sales while exploring new growth opportunities such as mining, farm management software and the other strategic goals previously mentioned.

截至 2025 年 6 月 30 日，該公司持有 2.114 億美元現金、現金等價物和數位資產，而截至 2024 年 12 月 31 日為 1.681 億美元。這一成長主要得益於該公司的財務管理策略，該策略支持了流動性以及 2025 年其比特幣持有量的價值升值。展望未來，我們將繼續專注於擴大我們的三大核心業務線，即雲端挖礦、自挖礦和礦機銷售，同時探索新的成長機會，如挖礦、農場管理軟體和前面提到的其他策略目標。

We believe these initiatives will further strengthen our market position and support long-term sustainable growth. This concludes my remarks. I would now like to give the final remarks to Leo.

我們相信這些舉措將進一步鞏固我們的市場地位並支持長期永續成長。我的發言到此結束。現在我想向 Leo 做最後的發言。

Thank you, Calla. Before I close, I want to thank our employees partners and shareholders for their continued support and trust. In summary, the second quarter was a pivotal one for BitFuFu, we achieved strong quarter-over-quarter growth, improved profitability and continue to solidify our leading position in both self-mining and cloud mining. The increased demand for our cloud mining services particularly from new customers and the continued efficiency gains from our fleet upgrades underscore the strength of our platform and the scale advantages we've diligently built.

謝謝你，卡拉。最後，我要感謝我們的員工、合作夥伴和股東的持續支持和信任。總而言之，第二季度對於 BitFuFu 來說是一個關鍵的季度，我們實現了強勁的環比增長，提高了盈利能力，並繼續鞏固我們在自挖和雲端挖礦方面的領先地位。對我們的雲端挖掘服務的需求不斷增加，特別是來自新客戶的需求增加，以及我們設備群升級帶來的持續效率提升，凸顯了我們平台的實力以及我們努力打造的規模優勢。

As we head into the second half of the year, we will remain focused on disciplined execution, efficient operations and continued expansion of our capabilities. Our strong balance sheet, scalable infrastructure and talented team provide us with the resources and flexibility to capitalize on market opportunities and create long-term value for shareholders. Thank you again for your participation today and your continued support. We look forward to updating you on our progress in the coming quarters. Thank you.

進入下半年，我們將繼續專注於嚴謹的執行、高效的營運和持續拓展我們的能力。我們強大的資產負債表、可擴展的基礎設施和優秀的團隊為我們提供了資源和靈活性，使我們能夠利用市場機會並為股東創造長期價值。再次感謝您今天的參與和持續的支持。我們期待在未來幾季向您通報我們的進展。謝謝。

This concludes today's conference call. Thank you for participating. You may now all disconnect. Have a nice day.

今天的電話會議到此結束。感謝您的參與。你們現在都可以斷開連結了。祝你今天過得愉快。