Gemini Space Station Inc (GEMI) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，感謝您稍候。歡迎參加本次電話會議。（接線員指示）請注意，今天的會議正在錄音。

I would like to hand the conference over to Ryan Todd, Head of Investor Relations. Please go ahead.

我想將會議交給投資人關係主管 Ryan Todd。請開始。

Good morning, and thank you for joining Gemini's first-quarter 2026 earnings call. My name is Ryan Todd, Head of Investor Relations at Gemini. Joining me on the call today are Gemini's co-founders, Cameron and Tyler Winklevoss and our interim CFO, Daniela Stojanovic. Yesterday, we released our first-quarter 2026 financial results. During today's call, we may make forward-looking statements, which may vary materially from actual results and are based on management's current expectations, forecasts, and assumptions. Information concerning the risks, uncertainties, and other factors that could cause these results to differ is included in our SEC filings. Our discussion today will also include certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures are provided in the earnings presentation on our Investor Relations website and on the SEC's website. Non-GAAP financial measures should be considered in addition to, not as a substitute for GAAP measures. We'll start today's call with prepared remarks and then take questions. And with that, let me turn the call over to our founders, Cameron and Tyler.

各位早安，感謝您參加 Gemini 2026 年第一季財報電話會議。我是 Gemini 投資人關係主管 Ryan Todd。今天與我一同出席的有 Gemini 共同創辦人 Cameron 與 Tyler Winklevoss，以及我們的代理財務長 Daniela Stojanovic。昨天，我們已發布 2026 年第一季財務結果。在今天的電話會議中，我們可能會做出前瞻性陳述；此類陳述可能與實際結果存在重大差異，並係基於管理層目前的預期、預測與假設。可能導致結果出現差異的風險、不確定性及其他因素之相關資訊，已載於我們向 SEC 提交的文件中。我們今天的討論也將包含若干非 GAAP 財務衡量指標。與最直接可比的 GAAP 財務衡量指標之調節表，已提供於我們投資人關係網站的財報簡報以及 SEC 網站上。非 GAAP 財務衡量指標應作為 GAAP 指標之補充，而非替代。我們將先進行事先準備的發言，之後開放提問。接下來，讓我把電話交給我們的創辦人 Cameron 與 Tyler。

Good morning, and thank you all for joining us on our Q1 2026 earnings call. I'm Cameron Winklevoss, president and co-founder of Gemini. Since announcing Gemini 2.0, we believe we have made meaningful progress toward our goal of building Gemini into a markets company. We started as a Bitcoin company, we became a crypto company, and we are now building the super app for the markets economy, our vision of being the bridge to the future of money and markets. This quarter, we made meaningful progress towards that vision. While we still have significant work ahead, we grew revenue this quarter 42%, and transaction revenue held steady year-over-year even as trading volume declined more than 50% due to meaningful softness in the broader crypto market trading activity. While these are positive headline numbers, we recognize where our share price currently sits. The price of Bitcoin is down roughly 30% since our IPO. And as a crypto-native business, we are tied to that cycle to some degree. But we do not believe the Gemini of today is one-sixth of the Gemini that IPO'd. When we went public in September, we did not have a predictions marketplace. We do now. We were a crypto company. Today, we are building the foundation for so much more. Our ability to launch and scale market infrastructure is rooted in more than a decade of experience building Gemini's crypto marketplace. We have demonstrated this with our predictions product, which we chose to build in-house instead of partnering like some of our competitors. Now, with our recently acquired DCO license from the CFTC, which Tyler will discuss shortly, we're even better equipped to bring this vision to life. This license, combined with our experience building marketplaces, will help enable us to fully own the customer experience and deliver a best-in-class predictions marketplace. We truly believe that when you create value by offering more options to customers across multiple asset classes, crypto, predictions, credit card rewards, and soon we expect stocks, you build a company that is indexed to markets broadly, not just to a single cycle. That is what Gemini is working toward becoming, and we believe the foundation we built this quarter is a meaningful step in that direction. For these reasons, we think Gemini stock is significantly undervalued, which is why we made a strategic investment of $100 million into Gemini via Winklevoss Capital at a price of $14 per share of the company's Class A common stock with the investment funded in Bitcoin. We strongly believe this investment will allow us to set up the company for its next phase of growth. With that, I'd like to turn it over to Tyler to discuss some of our business highlights this quarter and how they will shape our future.

各位早安，感謝大家參加我們 2026 年第一季（Q1 2026）財報電話會議。我是 Gemini 總裁兼共同創辦人 Cameron Winklevoss。自從宣布 Gemini 2.0 以來，我們相信我們已朝著將 Gemini 打造成一家「市場型公司」（markets company）的目標取得了實質進展。我們起初是一家比特幣公司，後來成為一家加密貨幣公司，而現在我們正在打造面向市場經濟的超級 App——我們的願景是成為通往貨幣與市場未來的橋樑。本季，我們朝該願景取得了顯著進展。雖然前方仍有大量工作要做，但本季營收成長 42%；即使因整體加密市場交易活動明顯轉弱、導致交易量下滑超過 50%，交易營收仍與去年同期持平。儘管這些是正面的表面數字，我們也清楚目前股價所處的位置。自我們 IPO 以來，比特幣價格約下跌 30%。作為一家原生加密業務，我們在某種程度上確實與該循環連動。但我們不認為今天的 Gemini 只有 IPO 時的六分之一。去年 9 月我們上市時，我們沒有預測市場（predictions marketplace）；現在有了。當時我們是一家加密公司；而今天，我們正在為更多可能性奠定基礎。我們推出並擴大市場基礎設施的能力，根植於十多年來打造 Gemini 加密市場的經驗。我們已透過預測產品證明了這一點——我們選擇自行研發，而非像部分競爭對手那樣採取合作模式。現在，隨著我們近期自 CFTC 取得的 DCO 執照（Tyler 稍後會談到），我們更有能力將此願景落地。該執照結合我們建置市場的經驗，將有助於我們完整掌握客戶體驗，並提供同級最佳的預測市場。我們堅信，當你透過跨多種資產類別為客戶提供更多選擇——加密、預測、信用卡回饋，以及我們預期不久後的股票——你打造的是一家與整體市場廣泛連動的公司，而不僅僅依附於單一循環。這正是 Gemini 正在努力成為的樣貌，而我們相信本季所建立的基礎，是朝該方向邁出的重要一步。基於上述原因，我們認為 Gemini 股票被嚴重低估，因此我們透過 Winklevoss Capital 以每股 14 美元的公司 A 類普通股價格，對 Gemini 進行了 1 億美元的策略性投資，且該投資以比特幣出資。我們堅信，這項投資將使公司為下一階段的成長做好準備。接下來，我想把時間交給 Tyler，請他分享本季的一些業務亮點，以及這些亮點將如何塑造我們的未來。

Thanks, Gameron. Tyler here. This quarter, Gemini achieved product and regulatory milestones that will help set us up for success going forward. In April, Gemini received a derivatives clearing organization license from the CFTC. I want to spend a moment on what this is, why it matters, and what it unlocks. A DCO, or Derivatives Clearing Organization, allows us to act as a clearinghouse, the entity that clears and settles derivatives contracts, prediction market contracts, event-based contracts, and down the road, futures, options, and perpetual contracts. The DCO uses the same clearing structure that has underpinned traditional derivatives markets for decades. This DCO follows our DCM, our Designated Contract Market License, which we received in December 2025. A DCM allows you to list derivatives contracts. We started with events contracts for our prediction marketplace. The DCO is the other half of the puzzle. Together, DCM plus DCO represent key milestones as we seek to build an end-to-end marketplace in-house without material third-party dependencies. This combination is rare. Most of our competitors have moved into derivatives through acquisition. Gemini built its DCM and DCO in-house, the same way we built our crypto exchange over the past decade. Our regulatory positioning is foundational, not bolted on. Holding the DCM and DCO ourselves helps unlock our ability to clear prediction market and event contract trades through our own infrastructure today. It also better positions us for what comes after predictions, which we believe is perpetual contracts. Perps are the most traded product in global crypto markets by a significant margin. Most of the price discovery for Bitcoin happens in perpetual markets, not spot. And right now, all of that volume and price discovery happens offshore on unregulated exchanges, largely because there has been no regulated path or perps in the United States. The crypto story in terms of regulated onshore price discovery does not fully start in America until perpetuals are permitted here. We believe that will happen in the United States soon based on the CFTC's public comments. And we expect Gemini to be among the platforms best positioned to win in this arena when it arrives. In addition to securing our DCL, Gemini made strides this quarter in what we think will be the next frontier for trading, which is agentic trading. We launched the first agentic trading tool available directly through a regulated U.S.-based exchange. Agentic trading allows customers to connect AI agents, including Claude, ChatGPT, and others, directly to Gemini's full API to place trades, monitor markets, and manage risk autonomously. While we are still in early innings for agentive trading, we have long believed that Gemini will one day have more machines as customers than humans. Humans may have built crypto, but crypto is not so much money for humans as it is money for machines. Taken together. We believe our DCO license and agentive trading launch represents the first steps to building out our long-term vision of being the go-to super app for the future of money and markets in the United States. With that, I'll turn over the call to our interim CFO, Daniela, to discuss our financial results for the quarter in greater detail.

謝謝你，Gameron。我是 Tyler。本季，Gemini 在產品與監管方面達成多項里程碑，將有助於我們在未來取得成功。4 月，Gemini 取得了 CFTC 核發的衍生性商品清算機構（Derivatives Clearing Organization, DCO）執照。我想花點時間說明這是什麼、為何重要，以及它能解鎖哪些能力。DCO 使我們得以作為清算所（clearinghouse）運作，也就是負責清算與結算衍生性合約、預測市場合約、事件型合約（event-based contracts），以及未來的期貨、選擇權與永續合約（perpetual contracts）的機構。DCO 採用的是數十年來支撐傳統衍生性市場的同一套清算架構。這個 DCO 是在我們的 DCM（指定合約市場執照，Designated Contract Market License）之後取得的；我們於 2025 年 12 月獲得 DCM。DCM 允許你掛牌衍生性合約。我們從預測市場的事件合約開始。DCO 則是拼圖的另一半。DCM 加上 DCO，一起構成我們在不依賴重要第三方的情況下、於內部打造端到端市場平台的關鍵里程碑。這種組合相當罕見。我們多數競爭對手是透過併購切入衍生性業務；而 Gemini 以內部自建方式打造 DCM 與 DCO，就像過去十年我們打造加密交易所一樣。我們的監管定位是基礎性的，而非事後加裝。由我們自行持有 DCM 與 DCO，有助於我們目前即可透過自有基礎設施清算預測市場與事件合約交易；同時也讓我們在預測之後的下一步——我們認為是永續合約（perpetuals，perps）——上具備更佳的布局。永續合約在全球加密市場中是交易量最大的產品，且幅度顯著。比特幣的大部分價格發現（price discovery）發生在永續市場，而非現貨。眼下，所有這些交易量與價格發現多在境外、未受監管的交易所進行，主要原因是美國一直缺乏受監管的永續合約路徑。就「受監管的在岸價格發現」而言，加密故事在美國要到永續合約在此獲准後才算真正開始。我們根據 CFTC 的公開評論，相信這將很快在美國發生。我們也預期，一旦這個市場到來，Gemini 將是最有利於在此領域勝出的平台之一。除了取得我們的 DCL 之外，Gemini 本季也在我們認為將成為交易下一個前沿的領域——代理式交易（agentic trading）——取得進展。我們推出了第一個可直接透過受監管的美國本土交易所使用的代理式交易工具。代理式交易讓客戶能將 AI 代理（包括 Claude、ChatGPT 等）直接連接到 Gemini 的完整 API，以自動化方式下單、監控市場並管理風險。雖然我們仍處於代理式交易的早期階段，但我們長期以來一直相信，Gemini 終有一天會有更多「機器」客戶而非人類客戶。人類或許打造了加密，但加密與其說是給人類的貨幣，不如說是給機器的貨幣。綜合來看，我們相信 DCO 執照與代理式交易的推出，代表我們朝著長期願景邁出的第一步：在美國成為面向貨幣與市場未來的首選超級 App。接下來，我將把電話交給我們的代理財務長 Daniela，請她更詳細地說明本季的財務結果。

Thank you, Cameron and Tyler. Good morning, everyone, and thank you for joining us today. I'll start with a few key takeaways from the quarter, then walk you through the results in detail and close with our financial outlook for the year. Let me highlight three things upfront. First, revenue grew 42% year-over-year to $50.3 million. That growth was broad-based, driven by the credit card, our OTC business, and our first full-quarter contribution from Prediction Markets. Importantly, this revenue growth was achieved against a backdrop of materially lower crypto trading volumes than Q1 of 2025. Second, services revenue and interest income continued its structural shift, reaching $24.5 million and now representing 49% of total revenue, up from 31% in Q1 of 2025. This diversification is central to our strategy of building a business that is less dependent on crypto market cycles. And third, our cost restructuring is taking hold. The roughly 30% workforce reduction completed in Q1 started flowing through the financials and will be more fully reflected in Q2 as we enter a lower run rate cost structure. Turning to revenue, total revenue was $50.3 million, up 42% year-over-year from $35.3 million in Q1 of 2025. Transaction revenue maintained stable year-over-year at $24.1 million. Within that, there were meaningful moving parts worth walking through. Exchange revenue was $17.2 million, down 27% year-over-year, reflecting the significant pullback in crypto market activity. Total spot trading volume declined to $6.3 billion from $13.5 billion in Q1 of 2025. That's a 53% decline in volume against only a 27% decline in exchange revenue, which reflects continued improvement in our fee economics. OTC revenue was $6.3 million compared to $0.1 million in Q1 of 2025. This performance reflects both opportunistic and structural tailwinds. The quarter included meaningful one-time volume driven by episodic client demand, contributing to an elevated baseline not fully expected to repeat. Importantly, underlying business momentum remained strong. The EOTC API program added new institutional clients during the quarter, expanding the desk's recurring revenue base and supporting a more durable growth trajectory going forward. And for the first time, prediction markets contributed $0.4 million to transaction revenue, reflecting our first full quarter following the December 2025 launch. Adoption accelerated throughout the quarter and has continued to accelerate into Q2, with April volume up 78% month-over-month. Since launch, the platform has surpassed 100 million contracts traded across more than 20,000 traders. As a reminder, this is still an early-stage product for us, and our focus today is on building liquidity, engagement, and market depth on our own infrastructure. We expect monetization to scale over time as the platform matures. Turning to services revenue and interest income, which was $24.4 million, up 122% year-over-year. The majority of this growth was driven by services, particularly the credit card, which I'll walk through now. Credit card revenue was $14.7 million, up nearly 300% year-over-year. As of quarter end, we had over 154,000 open card accounts, up 111,000 year-over-year. Growth in Q1 of '26 remains steady, though sign-ups can vary quarter-to-quarter, particularly as we continue to refine acquisition channels and strengthen risk controls as the portfolio scales. The expansion in the cardholder base is the primary driver of managed receivables growing from $69 million to $217 million over the same period, more than a tripling of the portfolio. Advisory fee revenue was $2.7 million, consistent with the prior quarter, reflecting our ongoing advisory services agreement with the strategic customer entered into during Q3 of 2025. There was no comparable revenue in Q1 of 2025. Custodial fee revenue was $1.9 million, roughly flat year-over-year. Staking revenue was $2.1 million, down 31% year-over-year, reflecting lower asset prices and reduced staking yields relative to the elevated crypto market levels in the prior-year period. Turning to expenses, total operating expenses were $144.5 million in Q1, up 73% year-over-year. I want to be direct about what's in those numbers because there are meaningful one-time items that create some noise relative to our ongoing cost structure. Salaries and compensation were $65.4 million. This includes $24.2 million of stock-based compensation and $6.5 million of severance and related payroll taxes associated with the Q1 workforce reduction, the latter being a one-time item that will not repeat. Excluding those items, core cash compensation was $34.8 million, though it's worth noting that figure still includes partial quarter salary costs for the approximately 30% of employees who departed during Q1. So the true run rate entering into Q2 is lower. Headcount at quarter end was approximately 441. Sales and marketing was $19.1 million, up 111% year-over-year, but down significantly from the $32.9 million and $39 million we spent in Q3 and Q4 2025, respectively. We are continuing to deploy marketing capital opportunistically, calibrated to market conditions and acquisition ROI. Within that figure, brand and performance marketing was $7.6 million and credit card rewards and promotional and referral incentives were $11.4 million. Transaction losses were $11.1 million, up from $4.1 million in Q1 of 2025. The increase was driven by three items. Our provision for expected credit losses on the credit card portfolio of $4.6 million, up from $2.5 million in Q1 of 2025 as the portfolio continues to scale a credit card fraud reserve of $4.1 million, a new item with no comparable charge in Q1 of 2025 and ACH and other transaction losses of $2.4 million, up from $1.6 million in Q1 of 2025. The provision and fraud reserve reflect seasoning dynamics on a rapidly growing portfolio, and overall credit performance remains consistent with our expectations. We have also taken steps to further strengthen our fraud controls and monitoring. Technology expenses were $22.1 million, up 32% year-over-year, reflecting infrastructure investments to support platform growth and new product launches. General and administrative expenses were $21.7 million, up 55% year-over-year, driven primarily by higher legal expenses. Combined, tech and G&A was $43.7 million for the quarter. On the bottom line, net loss was $109 million, an improvement of 27% year-over-year compared to a net loss of $149.3 million in Q1 of 2025. Adjusted EBITDA was a loss of $59.9 million compared to a loss of $92.2 million in Q4 of 2025 and a loss of $61.6 million in Q1 of 2025. The sequential improvement reflects the early impact of our cost actions, so the full benefit of the Q1 restructuring will begin to flow through in Q2. We are not satisfied with the current loss levels, but we believe the path forward is clear: scaling the card efficiently, growing predictions, and continuing to build recurring services revenue that compounds regardless of trading volumes, while maintaining discipline on our expense base and leveraging the infrastructure we've built across the platform. A few platform metrics worth noting: monthly transacting users were 589,000, up 17% year-over-year. That growth is occurring despite a softer trading environment, which reflects the platform diversification we've been building across the card, staking, and now prediction markets. Assets on platform were $11.1 billion as of March 31, 2026, compared to $14.2 billion as of March 31, 2025. That decline reflects lower crypto asset valuations relative to the elevated market levels in the prior-year period, not a reduction in user engagement or assets managed. Let me close with our outlook. We are not providing formal revenue guidance at this time, consistent with our approach last quarter, given the continued uncertainty in the macro environment. On expenses, the restructuring actions we announced in Q1 are expected to begin flowing fully through the cost structure in Q2. The key parameters we shared last quarter remain unchanged. To briefly recap those, cash compensation, excluding stock-based compensation and restructuring charges, is expected to decline 15% to 20% relative to 2025 levels. Stock-based compensation is expected to total $100 million to $115 million for the full year. Technology and G&A combined is expected to range from $155 million to $190 million for the full year. And marketing, excluding rewards and promotions, is expected to run at 10% to 15% of revenue. On liquidity, we ended the quarter with $215.6 million in cash and cash equivalents. As Cameron and Tyler noted, our founders have completed a $100 million direct investment into Gemini funded in Bitcoin, further strengthening our balance sheet as we execute on our 2026 priorities. The through line across all of this is straightforward. We are growing revenue, diversifying away from digital asset trading, holding discipline on cost, and as our founders' commitment demonstrates, we have both a conviction and capital behind us to see it through. The focus for the balance of 2026 is about disciplined execution on each of these priorities. To summarize, Q1 showed meaningful progress on the priorities we laid out, revenue grew 42% year-over-year, services revenue and interest income now represent nearly half of total revenue, and our cost reset is underway. The momentum in the card, the early traction in predictions, and the growth in our OTC business give us confidence that we are building a more durable platform. We have more work to do on profitability, and we are moving with urgency. We are building a more diversified, more disciplined business, and we believe we are better positioned to scale as market conditions improve. And with that, I'll hand it back to Ryan to open up the Q&A.

謝謝你們，Cameron 和 Tyler。各位早安，也感謝大家今天加入我們。我將先分享本季幾項重點摘要，接著帶各位詳細檢視業績表現，最後以我們對全年財務展望作結。先在一開始強調三點。第一，營收年增 42% 至 5,030 萬美元。這項成長相當全面，主要由信用卡、我們的 OTC 業務，以及預測市場在本季首次完整季度的貢獻所帶動。重要的是，這項營收成長是在加密貨幣交易量較 2025 年第一季明顯偏低的背景下達成的。第二，服務營收與利息收入持續進行結構性轉移，達到 2,450 萬美元，現已占總營收的 49%，高於 2025 年第一季的 31%。這種多元化是我們策略的核心：打造一個較不依賴加密市場循環的業務。第三，我們的成本重整正在發揮效果。於第一季完成約 30% 的人力縮減已開始反映在財務數字中，並將在第二季更完整呈現，因為我們將進入較低的經常性成本水準。回到營收，總營收為 5,030 萬美元，較 2025 年第一季的 3,530 萬美元年增 42%。交易營收年比維持穩定，為 2,410 萬美元。其中有一些重要變動值得說明。交易所營收為 1,720 萬美元，年減 27%，反映加密市場活動顯著降溫。現貨總交易量由 2025 年第一季的 135 億美元降至 63 億美元。這代表交易量下滑 53%，但交易所營收僅下滑 27%，顯示我們的費率經濟性持續改善。OTC 營收為 630 萬美元，而 2025 年第一季僅為 10 萬美元。此表現同時反映機會性與結構性順風。本季包含由階段性客戶需求帶動的顯著一次性交易量，使基準水準高於原先預期且不一定會完全重複。重要的是，基本面動能仍然強勁。EOTC API 計畫在本季新增機構客戶，擴大該交易台的經常性營收基礎，並支持未來更具韌性的成長軌跡。此外，預測市場首次為交易營收貢獻 40 萬美元，反映我們於 2025 年 12 月上線後的首個完整季度。採用度在本季持續加速，並在第二季仍在加速，4 月交易量月增 78%。自上線以來，平台累計成交合約已超過 1 億份，交易者超過 20,000 名。提醒各位，這對我們而言仍是早期階段產品，我們目前的重點是於自有基礎設施上建立流動性、參與度與市場深度。我們預期隨平台成熟，變現能力將隨時間擴大。接著看服務營收與利息收入，為 2,440 萬美元，年增 122%。此成長多數由服務帶動，尤其是信用卡，我現在說明。信用卡營收為 1,470 萬美元，年增近 300%。截至季末，我們有超過 154,000 個有效開卡帳戶，年增 111,000 個。2026 年第一季的成長仍然穩健，但註冊數可能季與季之間波動，特別是在我們持續優化獲客渠道並隨投資組合擴張而強化風控之際。持卡人基礎擴大是管理應收款由 6,900 萬美元增至 2.17 億美元的主要驅動因素，同期投資組合規模增加逾三倍。顧問費營收為 270 萬美元，與前一季一致，反映我們與該策略客戶於 2025 年第三季簽訂的持續顧問服務協議。2025 年第一季並無可比營收。託管費營收為 190 萬美元，年比大致持平。質押營收為 210 萬美元，年減 31%，反映資產價格較低，以及相較前一年同期加密市場高檔水準，質押收益率下降。接著看費用，第一季總營業費用為 1.445 億美元，年增 73%。我想直接說明這些數字的內容，因為其中包含一些重要的一次性項目，會相對於我們的持續性成本結構造成雜訊。薪資與酬金為 6,540 萬美元，其中包含 2,420 萬美元的股份基礎給付，以及與第一季人力縮減相關的 650 萬美元資遣費與相關薪資稅；後者為一次性項目，不會重複。排除上述項目後，核心現金薪酬為 3,480 萬美元，但值得注意的是，該數字仍包含約 30% 於第一季離職員工的部分季度薪資成本。因此，進入第二季的實際經常性水準更低。季末員工人數約為 441 人。銷售與行銷費用為 1,910 萬美元，年增 111%，但較我們在 2025 年第三季與第四季分別支出的 3,290 萬美元與 3,900 萬美元顯著下降。我們仍將依市場狀況與獲客投資報酬率（ROI）機會性地配置行銷資本。在該數字中，品牌與成效行銷為 760 萬美元，信用卡回饋以及促銷與推薦獎勵為 1,140 萬美元。交易損失為 1,110 萬美元，高於 2025 年第一季的 410 萬美元。增加主要由三項因素驅動：信用卡投資組合預期信用損失提列 460 萬美元，高於 2025 年第一季的 250 萬美元，因投資組合持續擴張；信用卡詐欺準備金 410 萬美元，為新增項目，2025 年第一季無可比費用；以及 ACH 與其他交易損失 240 萬美元，高於 2025 年第一季的 160 萬美元。提列與詐欺準備金反映快速成長投資組合的熟成（seasoning）動態，而整體信用表現仍符合我們的預期。我們也已採取措施進一步強化詐欺控管與監測。技術費用為 2,210 萬美元，年增 32%，反映為支援平台成長與新產品上線所進行的基礎設施投資。一般與行政費用為 2,170 萬美元，年增 55%，主要由較高的法律費用所致。合計技術與一般行政費用本季為 4,370 萬美元。在損益方面，淨損為 1.09 億美元，較 2025 年第一季淨損 1.493 億美元年比改善 27%。調整後 EBITDA 為虧損 5,990 萬美元，相較 2025 年第四季虧損 9,220 萬美元，以及 2025 年第一季虧損 6,160 萬美元。季比改善反映我們成本措施的初步影響，因此第一季重整的完整效益將在第二季開始更明顯反映。我們對目前的虧損水準並不滿意，但我們相信前進路徑很清楚：有效率地擴大信用卡規模、推動預測業務成長，並持續建立不受交易量影響、可複利成長的經常性服務營收，同時在費用基礎上維持紀律，並善用我們在整個平台所建置的基礎設施。幾項平台指標值得一提：每月交易用戶數為 589,000 人，年增 17%。即使交易環境較疲弱仍能成長，反映我們在信用卡、質押以及如今的預測市場等多元化布局。平台資產截至 2026 年 3 月 31 日為 111 億美元，相較 2025 年 3 月 31 日的 142 億美元。該下降反映加密資產估值相較前一年同期市場高檔水準較低，而非用戶參與度或管理資產的下降。最後談展望。我們目前不提供正式營收指引，與上季做法一致，因總體環境仍具不確定性。在費用方面，我們於第一季宣布的重整措施預期將在第二季開始完整反映於成本結構中。上季分享的關鍵參數維持不變。簡要重申：現金薪酬（不含股份基礎給付與重整費用）預期相較 2025 年水準下降 15% 至 20%。全年股份基礎給付預期合計 1 億至 1.15 億美元。全年技術與一般行政費用合計預期介於 1.55 億至 1.90 億美元。行銷費用（不含回饋與促銷）預期約為營收的 10% 至 15%。在流動性方面，本季末我們持有現金及約當現金 2.156 億美元。如 Cameron 與 Tyler 所提，我們的創辦人已完成對 Gemini 的 1 億美元直接投資，並以比特幣出資，進一步強化我們的資產負債表，以支持我們執行 2026 年的優先事項。貫穿以上的一條主線很清楚：我們正在成長營收、降低對數位資產交易的依賴、在成本上維持紀律；而如創辦人的承諾所示，我們具備信念與資本來完成這些目標。2026 年剩餘時間的重點，是在每一項優先事項上以紀律落實執行。總結來說，第一季在我們提出的優先事項上取得顯著進展：營收年增 42%，服務營收與利息收入如今占總營收近一半，而我們的成本重置也已啟動。信用卡的動能、預測業務的早期牽引力，以及 OTC 業務的成長，讓我們有信心正在打造更具韌性的平台。我們在獲利能力上仍有更多工作要做，並正以緊迫感推進。我們正在建立一個更多元、更有紀律的企業，並相信隨市場狀況改善，我們更有條件擴大規模。接下來我把時間交還給 Ryan，開始 Q&A。

We will now take questions from our research analysts. Questions were submitted to us in writing, and we will take one question for analysts. Our first question comes from Adam Frisch at Evercore, who asks, The $100 million private placement at $14 a share is a strong vote of confidence. Can you discuss the strategic rationale behind the investment and whether there are any commercial or product implications? and how the additional liquidity affects your priorities across exchange, card, predictions and derivatives.

我們現在將接受研究分析師的提問。問題已以書面方式提交給我們，我們將為分析師回答一個問題。我們的第一個問題來自 Evercore 的 Adam Frisch，他問道：以每股 14 美元進行的 1 億美元私募配售是強而有力的信心投票。您能否談談這項投資背後的策略性理由，以及是否會帶來任何商業或產品層面的影響？另外，新增的流動性將如何影響您在交易所、卡片、預測市場與衍生品等業務上的優先順序？

Thanks for the question, Adam. This is Cameron. And so in regards to our $100 million investment, our belief is that the Gemini stock is significantly undervalued at current levels. And we believe this investment reflects that belief and our conviction in Gemini with respect to the use of funds. So we're focused on being offensive and supporting existing as well as products that are hopefully coming to market soon, including equities. And when we look at the business, we really feel it's disconnected. The share price is disconnected from the underlying business. And when we look at where Gemini was when it launched in September IPO'd in September of 2025, we don't believe that this is a business that's one-sixth of the value of that company that IPO'd, and in fact, quite the opposite. We feel that we have since launched an entirely new marketplace of prediction markets, which we're really excited about. We're really encouraged with the growth so far, and we've acquired a DCM license as well as a DCM license along the way, and those licenses alone are trading north of $100 million in the open market each. And I don't think the share price reflects any of that underlying value, let alone the improvements in our product. And so we're looking to continue to support existing products and focuses, as well as future products and including equities, which we hope to launch soon.

謝謝你的問題，Adam。我是 Cameron。關於我們這筆 1 億美元的投資，我們的看法是，Gemini 的股票在目前水準被嚴重低估。我們相信這項投資反映了這個信念，以及我們對 Gemini 的信心；至於資金用途，我們的重點是採取進攻策略，支持既有產品，以及希望很快能上市的產品，包括股票（equities）。當我們看這門生意時，我們真的覺得它是脫節的——股價與基本面脫節。回頭看 Gemini 在 2025 年 9 月上市（IPO）時的狀況，我們不認為這是一家價值只有當時 IPO 公司六分之一的企業；事實上恰恰相反。我們覺得自那之後，我們已推出一個全新的預測市場（prediction markets）交易平台，對此我們非常興奮。我們也對目前的成長感到非常鼓舞，並且一路上取得了 DCM 牌照以及 DCM 牌照，而僅就這些牌照而言，在公開市場上每張的交易價格都超過 1 億美元。我不認為目前的股價反映了任何這些內在價值，更不用說我們在產品上的改進。因此，我們將持續支持既有產品與重點方向，同時也支持未來產品，包括我們希望很快推出的股票（equities）。

The next question is from James Yaro at Goldman Sachs, who asks, could you comment on the status of the Clarity Act? How do you expect this bill to evolve and what are your latest views on the impacts on your business?

下一個問題來自 Goldman Sachs 的 James Yaro，他問道：您能否評論一下《Clarity Act》的進展狀態？您預期這項法案將如何演變？以及您對其對貴公司業務影響的最新看法是什麼？

So we've been building a regulated exchange and custodian for over a decade now in the US via the state MTL path. And we will continue to do so until there is a federal framework such as Clarity. It definitely feels like we're getting closer to Clarity. It's hard to predict exactly what the timing will be. But we're definitely encouraged with the direction and the pace that things are moving. And so I think that we've always believed that a good bill, the right bill, will be very positive for the market, and we welcome that. And we hope that is the case and continues to sort of make its way through the rounds. At the same time, if, for whatever reason, it does stall out, We are a built and positioned in a very regulated posture, and we'll just continue building and doing what we're doing.

我們在美國透過各州 MTL（Money Transmitter License，匯款業牌照）的路徑，打造受監管的交易所與託管機構，至今已超過十年。我們會持續這麼做，直到出現像 Clarity 這樣的聯邦層級框架。確實感覺我們正逐步接近 Clarity，但很難精準預測時間點。不過，我們對事情推進的方向與速度都感到鼓舞。因此，我認為我們一直相信，一部好的法案、正確的法案，將對市場非常正面，我們也歡迎這樣的結果。我們希望情況如此，並且能持續在各個程序中往前推進。同時，如果基於任何原因它停滯了，我們也已經建立並定位在高度合規、受監管的姿態下，我們會繼續建設並持續做我們正在做的事。

Our next question comes from Matt Code at Truist, who asks, the prediction market's cross-sell continues to progress well, with 3.5% of our user base now putting in a trade since the product's inception last year. Could you provide some more detail on how you're driving this successful cross-sell? where you would expect the penetration rate to sit at the end of the year and how you're seeing engagement levels trend as well?

我們的下一個問題來自 Truist 的 Matt Code，他問道：預測市場產品的交叉銷售（cross-sell）持續進展良好，自去年產品推出以來，目前已有 3.5% 的用戶群進行過交易。您能否提供更多細節，說明您如何推動這項成功的交叉銷售？您預期年底的滲透率（penetration rate）會落在什麼水準？以及您觀察到的參與度（engagement）趨勢如何？

Thanks for this question, Matt. So the cross-sell, we're seeing a lot of good success there. We're very encouraged at the 3.4% so far. Hard to predict where that settles out, but I think that the story here is that we're very early with this product predictions. within Gemini, we continue to surface it within the app. It's one of our core tabs. We also surface it in different buy flows. And I think people, there's a number of users who still just haven't found it yet and don't know that Gemini is in predictions and are discovering it on a daily basis or a weekly basis. So we think that there's a lot of room to grow here, both within the Gemini ecosystem, but also people outside of it who are not currently customers today, who are seeing our product on social media or hearing about it and curious to give it a try. We're seeing some cool results. We have 78% month-over-month growth in total prediction market volume. I think we did almost approximately $30 million in notional last month. So far this month, we've crossed $20 million in notional. So we think we will beat last month and hopefully by a considerable amount, we'll have to see. But I think it's the key thing is, are we continuing to grow month over month and what is that growth rate? That's, I think, the name of the game right now. And we're seeing about half of that volume is coming from crypto contracts, which makes sense. We have obviously a very user base that's passionate about crypto contracts. And we've been adding just a lot more durations with monthly touch contracts, weekly, daily, hourly, 15 minutes, five minutes, starting with Bitcoin, Ether, Solana, and XRP now. And so we're just adding more contracts, more durations. We added a lot of real-world commodities. in the past quarter, including oil, gold, silver. So the story is early, and it's hard to say exactly where that gets saturated, but we think that there's people that are discovering the product and really liking it.

謝謝這個問題，Matt。關於交叉銷售，我們確實看到很多不錯的成果。我們對目前 3.4% 的表現感到非常鼓舞。很難預測最終會穩定在什麼水準，但我認為重點在於：我們在 Gemini 內的這個預測（predictions）產品仍處於非常早期的階段，我們持續在 App 內提高它的曝光度——它是我們的核心分頁之一；我們也在不同的買入流程（buy flows）中呈現它。我想有不少用戶其實還沒發現它，還不知道 Gemini 也有預測市場，他們每天或每週都在陸續發現。因此，我們認為這裡有很大的成長空間：一方面在 Gemini 生態系內，另一方面也包括生態系外、目前還不是我們客戶的人，他們在社群媒體上看到我們的產品或聽到相關消息，出於好奇想試試看。我們看到一些很酷的結果：預測市場總成交量（total prediction market volume）月增 78%。我想我們上個月名目金額（notional）接近約 3,000 萬美元。本月截至目前，我們的名目金額已突破 2,000 萬美元。因此我們認為本月會超過上個月，並希望能有相當幅度的超越，當然還要再觀察。但我認為關鍵在於：我們是否能持續月對月成長，以及成長率是多少——這就是目前最重要的事。我們看到大約一半的成交量來自加密貨幣合約（crypto contracts），這很合理，因為我們顯然有一個對加密合約充滿熱情的用戶基礎。我們也新增了更多到期期間（durations），包含月度合約、週度、日度、每小時、15 分鐘、5 分鐘，並且從比特幣（Bitcoin）、以太幣（Ether）、Solana，以及現在的 XRP 開始。因此我們就是在增加更多合約、更多期限。我們在過去一季也新增了許多現實世界商品（real-world commodities），包括原油、黃金、白銀。所以整體故事仍在早期階段，很難說何時會飽和，但我們認為仍有很多人正在發現並且很喜歡這個產品。

Our next question comes from Dan Dolla from Mizuho, who asks, credit card, can you walk through current credit performance versus expectations and how funding is evolving as receivables grow, including what changes if macro softens? And combining a follow-up question asked, can you speak to the higher provision for credit losses in the quarter? What happened there and what is being done to prevent another incident of that size in the future?

我們的下一個問題來自 Mizuho 的 Dan Dolla，他問道：關於信用卡，您能否說明目前的信用表現相較於預期如何？以及隨著應收帳款（receivables）成長，資金籌措（funding）如何演變，包括若總體環境轉弱會有哪些變化？另外結合一個追問：您能否談談本季較高的信用損失準備（provision for credit losses）？當時發生了什麼事？以及為了避免未來再出現同等規模的事件，正在採取哪些措施？

Sure. Thanks so much, Dan, for the question. I'll try to walk through these questions one by one. On credit performance broadly, the portfolio is performing in line with our expectations. Our 30-plus day delinquency rate was 3.8% at quarter end, and our annualized charge-off rate is running around 3.5%. So both of which sort of represent meaningful improvement from where we were a year ago when the portfolio was in its really earliest and most delinquency-prone stage. On the provision specifically, we don't see that $8.6 million figure you would have seen in our earnings release as a representative of the underlying credit trajectory. And I want to be really clear about why. So as we also disclosed, roughly $4.1 million of that charge related to a discrete fraud event that occurred during the quarter. That item, we believe, is non-recurring. And most importantly, we have taken real steps to strengthen our fraud controls to prevent a reoccurrence. Normalizing for that item, our core provision was approximately $4.6 million, higher than Q4, which does reflect some normal seasoning as the portfolio matures, but consistent with what we'd expect from a portfolio that has tripled in size over the past year. In terms of what happened with that fraud incident, we're not going to discuss the exact mechanics or attack vector for security reasons. But what we can say is that the issue was identified, contained, and fully reserved for during the quarter. Following that incident, we've definitely implemented additional controls and monitoring enhancements across the affected workflows. And I think what's important to note is fraud is not a static problem. So fraudsters continuously adapt their methods, particularly in digital financial ecosystems, and our controls and monitoring frameworks evolve alongside that. And just to add also, our pre-provision net revenue reached a new high of $3.8 million this quarter, which is up over 150% year-over-year. And that's the signal on the underlying economics of the card business. You asked on funding. So on funding, we have our warehouse facility in place that has scaled alongside receivables and provides us the capacity we need to support the portfolio today. Our funding costs are manageable, and we're actively evaluating our long-term funding mix as the portfolio continues to grow. We maintain an open and ongoing dialogue with our funding partners and continue to stress test the portfolio under different macro scenarios. And stepping back, we continue to view the card less as a standalone product and more as a strategic engagement layer inside the Gemini ecosystem. So over half of our predictions traders are also holders of the Gemini credit card, and we remain very focused on credit discipline and portfolio economics, as well as the broader value creation that comes from driving deeper multi-product engagement across the platform. So while quarterly growth rates may moderate relative to the initial high-growth launch phase that we saw, we continue to believe that the card can be an engagement driver for the broader Gemini ecosystem and hopefully facilitate Gemini's long-term growth.

當然。Dan，非常感謝你的提問。我會嘗試逐一回答這些問題。就整體信用表現而言，該投資組合的表現符合我們的預期。我們的 30 天以上逾期率在季度末為 3.8%，年化核銷率約為 3.5%。這兩項指標相較於一年前都有顯著改善，當時投資組合仍處於非常早期、且最容易出現逾期的階段。就備抵提列（provision）而言，我們不認為你在財報新聞稿中看到的 860 萬美元數字能代表基礎信用走勢。我想非常清楚地說明原因。正如我們也揭露的，其中約 410 萬美元的費用與本季度發生的一起單一詐欺事件有關。我們認為該項目屬於非經常性。更重要的是，我們已採取實質措施強化反詐欺控管，以防止再次發生。若將該項目正常化調整後，我們的核心備抵約為 460 萬美元，高於第四季；這反映了投資組合隨著成熟而出現的一些正常「熟成效應」（seasoning），但也符合我們對於過去一年規模成長三倍之投資組合的預期。至於該起詐欺事件的具體情況，基於安全考量，我們不會討論確切機制或攻擊向量。但我們可以說的是：問題已在本季度內被識別、控制，並已充分提列備抵。事件之後，我們確實在受影響的工作流程中實施了額外的控管與監測強化。我認為需要強調的是，詐欺不是靜態問題；詐欺者會持續調整其手法，尤其是在數位金融生態系中，而我們的控管與監測框架也會隨之演進。另外補充一點：我們本季度的備抵前淨收入（pre-provision net revenue）創下新高，達 380 萬美元，年增超過 150%。這反映了卡片業務基礎經濟性的訊號。你也問到資金來源（funding）。在資金方面，我們已建立倉儲融資（warehouse facility），並隨應收帳款規模同步擴張，提供我們目前支持投資組合所需的容量。我們的資金成本可控，且隨著投資組合持續成長，我們正積極評估長期資金組合。我們與資金合作夥伴保持開放且持續的對話，並在不同總體情境下持續對投資組合進行壓力測試。從更宏觀的角度來看，我們持續將這張卡視為 Gemini 生態系中的策略性互動層，而非單一獨立產品。因此，我們的預測市場交易者中有超過一半同時也是 Gemini 信用卡持卡人；我們仍非常專注於信用紀律與投資組合經濟性，以及透過推動平台更深度的多產品互動所帶來的更廣泛價值創造。因此，儘管相較於我們在初期高成長推出階段所見的成長率，季度成長可能會趨於溫和，但我們仍相信這張卡能成為更廣泛 Gemini 生態系的互動驅動因素，並希望能促進 Gemini 的長期成長。

The next question comes from Michael Cypress from Morgan Stanley. What drove the strong OTC performance? Is this a function of crypto market volatility and users opting for a different approach? Or is there something more structural going on, and should we expect that momentum to carry forward? And as a quick follow-up on staking, anything to call out on staking being lower than expected? Do you view this alongside a downturn in trading activity?

下一個問題來自 Morgan Stanley 的 Michael Cypress。是什麼驅動了強勁的 OTC 表現？這是加密市場波動、以及用戶選擇不同方式所致嗎？還是有更結構性的因素在發生，我們是否應預期這股動能能延續？另外快速追問關於質押（staking）：質押表現低於預期有什麼需要特別說明的嗎？你們是否將其視為與交易活動下滑同時發生？

Sure. Thanks, Michael. So we're very pleased with the OTC performance this quarter. This quarter really reflected a combination of both market conditions and underlying business momentum. So I'll touch on both. On the market side, there was some episodic activity during the quarter, tied to client positioning and periods of market volatility, which contributed to elevated volumes. We view the continued maturity of the platform itself as the most important trend, though. And over the last several quarters, we have expanded our electronic OTC capabilities, onboarded additional API-driven institutional counterparties, and also deepened engagement with existing clients. And so we're increasingly seeing repeat flow from clients integrating Gemini into their trading infrastructure rather than approaching the desk opportunistically. And we will continue to look for ways to expand our OTC offerings and capabilities. In terms of sustainability, we would not necessarily extrapolate the exact Q1 growth rate or assume every quarter will benefit from the same level of episodic large trades. OTC can be naturally somewhat lumpy quarter-to-quarter. But structurally, we do believe the business is stronger today than it was a year ago. Our client base is broader, electronic penetration is increasing, and institutional engagement remains healthy. So while volatility can amplify activity in any given quarter, we think there is still meaningful underlying growth trajectory in the product itself. And I'll touch on staking as well. So staking was down 31% year over year, and there are two straightforward factors that's really driving that. The first is crypto asset prices. So staking revenue is the direct function of the value of assets staked on our platform. And when ETH and Solana prices are lower relative to a year ago, the dollar value of rewards that we generate for customers and the fees we earn on that are proportionally lower. That's really the majority of the year-over-year decline, and it's a dynamic that's fully correlated with the broader crypto market environment. And then the second factor is staking yields on the networks themselves, which have moderated from the elevated levels that we saw in early 2025. We don't view this as a concerning signal for the staking business. During the first quarter of '26, our team completed a full migration of our users to staking 2.0, which is a ground-up rebuild of our staking infrastructure that we believe fundamentally changes our ability to grow in this business going forward. The new architecture enables auto-compounding for ETH validators. It reduces the redemption times from roughly 50 days to eight days for the vast majority of staked funds and gives us the infrastructure foundation to rapidly onboard new networks and institutional customers. And lastly, we have also launched a fully rebuilt staking UX during the quarter. So while the revenue line is reflecting the macro environment, the underlying investment in the platform positions as well when asset prices and yields recover.

當然。謝謝你，Michael。我們對本季度 OTC 的表現非常滿意。本季度的結果確實反映了市場環境與基礎業務動能的結合，我會分別說明。就市場面而言，本季度出現了一些階段性（episodic）的活動，與客戶部位調整及市場波動期間相關，進而推升了成交量。不過，我們認為最重要的趨勢是平台本身的持續成熟。在過去幾個季度，我們擴展了電子化 OTC 能力、導入更多以 API 驅動的機構交易對手方，並加深與既有客戶的互動。因此，我們愈來愈看到來自客戶的重複性流量，這些客戶是將 Gemini 整合進其交易基礎設施，而非機會性地才來找交易台。我們也會持續尋找擴展 OTC 產品與能力的方法。就可持續性而言，我們不一定會外推第一季的成長率，或假設每一季都會受惠於同等規模的階段性大額交易。OTC 的季度表現本來就可能較為不均（lumpy）。但從結構面來看，我們確實相信目前的業務比一年前更強：客戶基礎更廣、電子化滲透率提高、機構參與度仍然健康。因此，雖然波動性可能在某些季度放大活動量，我們認為產品本身仍有顯著的內生成長軌跡。接著也談談質押。質押收入年減 31%，主要由兩個直接因素驅動。第一是加密資產價格。質押收入直接取決於在我們平台上被質押資產的價值；當 ETH 與 Solana 的價格相較一年前較低時，我們為客戶產生的獎勵之美元價值，以及我們從中取得的費用，也會按比例下降。這是年減的主要原因，且與更廣泛的加密市場環境完全高度相關。第二個因素是各網路本身的質押收益率（staking yields），已從我們在 2025 年初看到的高檔水準回落。我們不認為這是質押業務的警訊。在 2026 年第一季，我們團隊完成了將用戶全面遷移至 staking 2.0；這是對質押基礎設施的從零重建，我們相信它從根本上改變了我們未來擴張此業務的能力。新架構可為 ETH 驗證者提供自動複利（auto-compounding），將大多數質押資金的贖回時間從約 50 天縮短至 8 天，並為我們快速導入新網路與機構客戶提供基礎設施底座。最後，我們也在本季度推出了全面重建的質押使用者體驗（UX）。因此，雖然收入線反映的是總體環境，但平台的底層投資使我們在資產價格與收益率回升時具備良好定位。

Our final question comes from John Todaro at Needham. Prediction markets are still in the early stage, but great to see 78% month-over-month growth in April. What type of clients are trading prediction markets? And more specifically, are there any specific categories within prediction markets that your clients are trading? And as a quick follow-up, are there any categories around these markets that are not currently offered to clients where you see long-term growth opportunities?

我們最後一個問題來自 Needham 的 John Todaro。預測市場仍處於早期階段，但很高興看到 4 月月增 78% 的成長。有哪些類型的客戶在交易預測市場？更具體地說，客戶在預測市場中交易哪些特定類別？另外快速追問：在這些市場中，是否有目前尚未提供給客戶、但你們看到具長期成長機會的類別？

Thanks for the question. So the crypto contracts are one of our biggest categories. I think they account for about 50% of the contracts traded. As I mentioned earlier, we have all types of durations on various crypto contracts starting with Bitcoin, Ether, Solana, XRP and Zcash. Zcash in particular has been really popular the last week or so with the recent price action and run-up in price. And then we have a full suite of sport contracts. Those are also quite popular. And then we added in the past quarter a lot of real-world commodities, including oil, so the price of WTI, the price of Brent, and we have durations on that from monthly to weekly to daily contracts. And we'll continue to expand that outward. We've added some weather contracts, we've seen interest there, and I think we'll continue to sort of go wider and deeper. I think we have hundreds of contracts trading per day, but I think that can easily scale into the thousands of all the different price levels, and we see continued interest from market makers and participants who are already in the space on other venues who see sort of the growth in our marketplace and are curious to provide liquidity and trade it. So we're just getting started. I think we got our -- we launched in December 15. So I think we're maybe less than perhaps two quarters or just shy, just over two quarters since launch. And the product is sort of unrecognizable from the MVP that we launched in late 2025. And we continue to shift improvements multiple times a week. And so we're really excited about it. And I think our customers are realizing, oh, wow, you guys are really making a lot of progress here. I don't need to lead Gemini. I can do all of my predictions here. So we're excited about that.

感謝提問。所以加密貨幣合約是我們最大的類別之一。我認為它們約占已交易合約的 50%。如我先前提到的，我們在各種加密貨幣合約上提供各種到期期間，涵蓋比特幣、以太幣、Solana、XRP 與 Zcash。尤其是 Zcash，因近期的價格走勢與上漲，過去一週左右非常受歡迎。接著我們也有完整的體育合約組合，這些也相當受歡迎。此外，在上一季我們新增了許多現實世界的大宗商品，包括原油，也就是 WTI 的價格、Brent 的價格，並且提供從月度、週度到日度合約等不同期限。我們也會持續向外擴展。我們新增了一些天氣合約，也看到市場對此有興趣，我想我們會持續在廣度與深度上擴張。我認為我們每天有數百個合約在交易，但這很容易擴展到數千個、涵蓋各種不同的價格水準；我們也看到做市商與參與者持續有興趣——他們已在其他交易場域參與這個市場，看到我們市場的成長，並有意提供流動性並進行交易。所以我們才剛起步。我想我們是在 12 月 15 日上線的。因此自上線以來，可能還不到兩個季度，或差不多剛滿兩個季度。而且這個產品與我們在 2025 年底推出的 MVP 相比，幾乎已經判若兩物。我們仍然每週多次推出改進。因此我們對此感到非常興奮。我認為客戶也意識到：哇，你們在這裡真的進展很快。我不需要離開 Gemini；我可以在這裡完成我所有的預測。所以我們對此感到很興奮。

Thank you. This concludes today's conference. Thank you for your participation. You may now disconnect.

謝謝。今天的會議到此結束。感謝各位的參與。您現在可以中斷連線。