Galaxy Digital Inc (GLXY) 2025 Q2 法說會逐字稿

Good morning and welcome to the Galaxy Digital second-quarter 2025 earnings call.

早安，歡迎參加 Galaxy Digital 2025 年第二季財報電話會議。

Today's call is being recorded. (Operator Instructions)

今天的通話正在錄音。（操作員指示）

At this time, I would like to turn the conference over to Jonathan Goldowsky, Head of Investor Relations. Please go ahead, sir.

現在，我想將會議交給投資者關係主管喬納森·戈多夫斯基 (Jonathan Goldowsky)。先生，請繼續。

Good morning and welcome to Galaxy's second-quarter 2025 earnings call.

早安，歡迎參加 Galaxy 2025 年第二季財報電話會議。

Before we begin, please note that our remarks, including answers to your questions, may include forward-looking statements. Actual results could differ materially from those described in these statements as a result of various factors, including those identified in the disclaimers in our earnings release or other filings, which have been filed with the US Securities and Exchange Commission and on SEDAR+. Forward-looking statements speak only as of today and will not be updated.

在我們開始之前，請注意，我們的評論（包括對您的問題的回答）可能包含前瞻性陳述。由於各種因素，包括我們向美國證券交易委員會和 SEDAR+ 提交的收益報告或其他文件中的免責聲明中所述的因素，實際結果可能與這些聲明中描述的結果有重大差異。前瞻性陳述只代表今日的觀點，不會更新。

Additionally, we may discuss references to non-GAAP metrics. The reconciliations of which can also be found in our earnings release.

此外，我們可能會討論非公認會計準則指標的參考。其對帳情況也可在我們的收益報告中找到。

Finally, none of the information on this call constitutes a recommendation, solicitation, or offer by Galaxy or its affiliates to buy or sell any securities.

最後，本次電話會議中的任何資訊均不構成 Galaxy 或其附屬公司購買或出售任何證券的建議、招攬或要約。

With that, I'll turn it over to Mike Novogratz, Founder and CEO of Galaxy.

接下來，我將把發言權交給 Galaxy 創辦人兼執行長 Mike Novogratz。

Yeah. Good morning, everyone.

是的。大家早安。

I don't really give a weather report. It's pretty d*** nice here in New York.

我實際上並不提供天氣預報。紐約真是太棒了。

Listen, this is our first earnings call after being a US public-listed company so that's exciting. Tony and Chris are going to go through the second quarter in pretty good detail. I think of these things as a little strange in that we're always looking backwards, talking about what we did. My job is to look forward not just to Q3, Q4, but to 2028, 2029, 2030. And so from that perch, I couldn't be more excited.

聽著，這是我們作為美國上市公司以來的第一次財報電話會議，這令人興奮。托尼和克里斯將非常詳細地介紹第二季。我認為這些事情有點奇怪，因為我們總是回顧過去，談論我們所做的事情。我的工作不僅是展望第三季、第四季，還要展望 2028 年、2029 年、2030 年。因此從這個角度來看，我感到無比興奮。

July was, by all accounts, the best month we've had at Galaxy. All our businesses are starting to fire on full cylinders. Right.

從各方面來看，七月都是 Galaxy 以來最好的一個月。我們的所有業務都開始全速運轉。正確的。

In the asset management space, this phenomenon of balance sheet companies -- companies raising capital in the public markets to deploy in crypto -- has exploded. We've taken an approach to want to service those. And so we're partnered with over 20 of those companies between capital execution and asset management. It has probably added close to $2 billion of assets on platform -- recurring income that will go on and on and hopefully grow, literally, just in the last short period of time.

在資產管理領域，資產負債表公司（在公開市場籌集資金以部署加密貨幣的公司）的現像已經爆發。我們已經採取了一種方法來解決這些問題。因此，我們與 20 多家公司在資本執行和資產管理方面建立了合作夥伴關係。它可能已經在平台上增加了近 20 億美元的資產——經常性收入將持續增長，並且預計將在最近很短的時間內實現成長。

On the trading side, on the Markets business, we executed a $9-plus billion trade. It's got to be the largest or one of the largest Bitcoin trades in history. That was fun. It was fun because it yelled loud and clear that there's a group of people that really trust our brand and trust our discretion, our execution services. We did it smoothly. The market took it. It tells you how strong the market is, right now. That's a tremendous amount of Bitcoin that the market absorbed.

在交易方面，在市場業務方面，我們執行了一筆價值超過 90 億美元的交易。這肯定是史上最大的比特幣交易，或者說是最大的比特幣交易之一。那很有趣。這很有趣，因為它清楚地表明，有一群人真正信任我們的品牌，信任我們的判斷力和執行服務。我們很順利地完成了這件事。市場接受了它。它告訴你現在市場有多強勁。市場吸收了巨量的比特幣。

On the data center company, I told you before, I see both the Data Center business and the Crypto business as growth businesses. We executed and bought another 1 gigawatt of potential capacity around the Helios site. That would make that a 3.5-gigawatt site. It's got to be one of the top 5 data centers in the world, if we get that fully built out. That's exciting.

關於資料中心公司，我之前告訴過你，我認為資料中心業務和加密業務都是成長業務。我們在 Helios 站點周圍執行併購買了另外 1 千兆瓦的潛在容量。這將使該站點的發電能力達到 3.5 千兆瓦。如果我們將其完全建成，它將成為世界五大資料中心之一。這太令人興奮了。

We also announced CoreWeave executed the third option. And so now, that entire 800-megawatt site will be tailor-built for CoreWeave and their clients.

我們也宣布 CoreWeave 執行了第三個選項。因此現在，整個 800 兆瓦的網站將為 CoreWeave 及其客戶量身定制。

And so, again, firing on all cylinders.

因此，再次全力以赴。

You know, The Trump administration is doing some amazing things for crypto. If you haven't, I would tell everyone to look at the SEC Chair Paul Atkins' speech on putting the US financial markets and global financial markets onchain. That really is the big challenge for all crypto companies, including Galaxy. And so when I say we're building to 2028, 2029, and 2030, those kind of projects really will define us in that next decade. And so we've got a lot more to talk about. I think, next quarter, we've got a lot in store. But I couldn't be more bullish.

你知道，川普政府正在為加密貨幣做一些令人驚奇的事情。如果你還沒有，我會告訴大家去看看美國證券交易委員會主席保羅·阿特金斯關於將美國金融市場和全球金融市場鏈上化的演講。對於包括 Galaxy 在內的所有加密公司來說，這確實是一個巨大的挑戰。因此，當我說我們要建造 2028 年、2029 年和 2030 年時，這些項目將真正決定我們未來十年的發展。所以我們還有很多事情要談。我認為，下個季度，我們會有很多準備。但我非常樂觀。

Finally and last, I want to welcome Doug Deason to our Board. Doug Deason has decades of experience across financial services, real estate, and public markets. But most importantly, for me, he's a true Texan. We have a huge investment in Texas. Texas is going to be a big part of Galaxy's future.

最後，我要歡迎 Doug Deason 加入我們的董事會。道格·迪森 (Doug Deason) 在金融服務、房地產和公開市場領域擁有數十年的經驗。但對我來說最重要的是，他是個真正的德州人。我們在德克薩斯州有大量投資。德克薩斯州將成為 Galaxy 未來的重要組成部分。

Doug is well-connected. His family has been there a long time. He's going to help us really navigate any potholes and opportunities down in Texas, as well as in D.C. And so I couldn't be more excited. It's also nice to get someone who's a little bit older than me on the Board. And so he's now our senior spokesman.

道格人脈廣。他的家人在那裡已經住了很長時間。他將幫助我們真正克服德克薩斯州和華盛頓特區的所有困難和機遇，所以我非常興奮。能有一位比我年長一點的人加入董事會也是一件很好的事。所以他現在是我們的高級發言人。

With that, I'm going to hand it over to Tony to talk about the quarter.

說完這些，我會把時間交給東尼來談談本季的情況。

Great. Thanks, Mike. Thanks, everyone, for joining the call today.

偉大的。謝謝，麥克。感謝大家今天參加電話會議。

As Mike mentioned, Q2 was a pivotal quarter for Galaxy. Q3 is already off to an exciting start, which Chris and I will touch on in a little bit more detail in a few minutes.

正如麥克所說，第二季對 Galaxy 來說是一個關鍵的季度。Q3 已經有了一個令人興奮的開始，幾分鐘後 Chris 和我將會更詳細地討論這一點。

During Q2, we completed our domestication and reorganization in the US. We listed on the Nasdaq. We raised nearly $500 million in common equity capital and saw continued progress on building out our operating businesses across Digital Assets and Data Centers.

第二季度，我們完成了在美國本土化的重組。我們在納斯達克上市。我們籌集了近 5 億美元的普通股本，並在數位資產和資料中心營運業務的建設方面取得了持續進展。

From a financial perspective, we made strong progress across the business in the second quarter, generating $299 million in adjusted gross profit; and saw a healthy increase in our capital and overall balance sheet.

從財務角度來看，我們在第二季度的各項業務都取得了強勁進展，調整後的毛利達到 2.99 億美元；我們的資本和整體資產負債表也實現了健康成長。

In our Operating segments, Digital Assets delivered $71 million in adjusted gross profit, up 10% quarter over quarter, reflecting continued momentum across the core operating units. Treasury and Corporate generated $228 million in adjusted gross profit, driven primarily by mark-to-market gains on the digital assets and investment positions held on our balance sheet.

在我們的營運部門中，數位資產實現了 7,100 萬美元的調整後毛利，環比成長 10%，反映出核心營運部門的持續成長動能。財務和企業部門產生了 2.28 億美元的調整後毛利，主要得益於我們資產負債表上持有的數位資產和投資頭寸的按市價計價收益。

As a reminder: In the Data Center segment, we do not expect to report financial results until Q1 of 2026, when we begin recognizing revenue from CoreWeave under Phase 1 of our lease agreement. Until then, all expenditures are being capitalized as they directly support the preparation of the facility for operational readiness.

提醒一下：在資料中心部門，我們預計要到 2026 年第一季才會報告財務業績，屆時我們將根據租賃協議的第一階段開始確認來自 CoreWeave 的收入。在此之前，所有支出都將被資本化，因為它們直接支持設施的營運準備。

Also, beginning this quarter, we're introducing a new profitability metric called adjusted EBITDA. We believe this offers a clearer representation of the business performance in our Operating segments, going forward.

此外，從本季開始，我們將推出一項名為調整後 EBITDA 的新獲利指標。我們相信，這可以更清楚地展現我們未來營運部門的業務表現。

As a reminder: Adjusted EBITDA is a non-GAAP measure and should be thought of as complementary, not a replacement of, our GAAP financial metrics. A reconciliation to GAAP net income is available in our earnings release.

提醒一下：調整後的 EBITDA 是一種非 GAAP 指標，應被視為對我們的 GAAP 財務指標的補充，而不是替代。我們的收益報告中提供了與 GAAP 淨收入的對帳。

For Q2, firm-wide adjusted EBITDA came in at $211 million. Our total operating expenses, excluding grossed-up transaction costs and digital asset impairments, were $133 million in Q2.

第二季度，全公司調整後的 EBITDA 達到 2.11 億美元。我們第二季的總營運費用（不包括總交易成本和數位資產減損）為 1.33 億美元。

In Q2, we recorded a negative mark-to-market adjustment of $125 million on the embedded derivative associated with our exchangeable notes, which was driven by Galaxy's second-quarter stock price performance, up until the date of our reorganization in mid-May. With the successful reorganization and consolidation of our reporting structure, Q2 will be the last quarter that we will be impacted by this mark-to-market adjustment.

在第二季度，我們對與可交換票據相關的嵌入式衍生品進行了 1.25 億美元的負市價調整，這是由 Galaxy 第二季度的股價表現所驅動的，直到 5 月中旬我們進行重組之日為止。隨著我們報告結構的成功重組和整合，第二季將是我們受到這種以市價調整影響的最後一個季度。

Our Q2 GAAP net income was $31 million, which included this mark-to-market adjustment; and Q2 GAAP operating income was $166 million.

我們的第二季 GAAP 淨收入為 3,100 萬美元，其中包括以市價計價的調整；第二季 GAAP 營業收入為 1.66 億美元。

Turning to the balance sheet, we ended the quarter with $2.6 billion in equity capital, up more than $700 million, quarter over quarter. This increase was driven by the primary capital raise in May, which generated approximately $480 million in net proceeds, appreciation in our digital assets and balance sheet investments, and a one-time increase of $292 million in equity capital due to the consolidation of our corporate structure as part of the reorganization.

談到資產負債表，本季末我們的股本為 26 億美元，比上一季增加了 7 億多美元。這一增長得益於 5 月份的主要資本籌集，此次籌集產生了約 4.8 億美元的淨收益、我們的數位資產和資產負債表投資的升值，以及由於重組過程中公司結構整合而導致的 2.92 億美元股權資本的一次性增加。

In accordance with accounting treatment for reverse acquisitions, this $292 million had no impact on net income or adjusted EBITDA during the quarter but instead, was credited directly to equity capital.

根據反向收購的會計處理，這 2.92 億美元對本季的淨收入或調整後 EBITDA 沒有影響，而是直接計入股本。

Cash and stablecoins remained relatively flat at $1.2 billion, with cash proceeds from the May equity raise being used to help fund CapEx related to our Helios data center buildout, as well as continuing to grow our balance sheet and digital assets.

現金和穩定幣保持相對平穩，為 12 億美元，其中 5 月份股權融資的現金收益用於資助與我們的 Helios 資料中心建設相關的資本支出，並繼續增加我們的資產負債表和數位資產。

We ended Q2 with approximately $2 billion in net digital assets and investments on our balance sheet.

截至第二季末，我們的資產負債表上的淨數位資產和投資約為 20 億美元。

As we move forward, we will continue to run our balance sheet with fortress-like principles; managing risk with discipline; and ensuring we have enough capital, liquidity, and access to financial resources as we continue on a growth agenda across both digital assets and data centers.

在我們前進的過程中，我們將繼續以堡壘般的原則來管理我們的資產負債表；嚴格管理風險；並確保我們擁有足夠的資本、流動性和獲取金融資源的管道，繼續推進數位資產和資料中心的成長計劃。

Now, turning to our Operating business results, starting with digital assets. Our Global Markets business generated $55 million of adjusted gross profit in the quarter, up from $43 million in Q1. While industry-wide spot crypto trading volumes declined by approximately 30% from Q1, our crypto trading volumes were down 20%. The business was able to capitalize on market dislocations and outperform the overall market.

現在，讓我們談談我們的營運業務成果，從數位資產開始。我們的全球市場業務本季的調整後毛利為 5,500 萬美元，高於第一季的 4,300 萬美元。雖然全行業現貨加密貨幣交易量較第一季下降了約 30%，但我們的加密貨幣交易量卻下降了 20%。該企業能夠利用市場錯位並超越整體市場。

We continue to see increased engagement from traditional financial institutions. Today, we are tracking one of the strongest institutional onboarding pipelines we have seen, to date.

我們持續看到傳統金融機構的參與度不斷提高。今天，我們正在追蹤迄今為止我們所見過的最強大的機構入職管道之一。

On the lending side, our average loan book balance exceeded $1 billion for the first time, passing an important growth milestone. We ended the quarter with roughly $1.4 billion in total loans outstanding.

在貸款方面，我們的平均貸款帳面餘額首次超過10億美元，跨越了一個重要的成長里程碑。本季末，我們的未償還貸款總額約為 14 億美元。

From a net interest margin perspective, we saw modest compression during the quarter. Coupled with a mix shift towards lower-margin lending products, our overall lending revenue was down slightly, quarter over quarter.

從淨利差角度來看，本季我們看到淨利差略有壓縮。再加上業務結構向低利潤貸款產品的轉變，我們的整體貸款收入較上季略有下降。

In advisory, Robinhood's acquisition of Bitstamp officially closed, which Galaxy served as the exclusive adviser to Bitstamp on this transaction.

在諮詢方面，Robinhood對Bitstamp的收購正式結束，Galaxy擔任Bitstamp在本次交易的獨家顧問。

Now, turning to Asset Management & Infrastructure Solutions, we ended the quarter with nearly $9 billion in total assets under management and assets under stake, reflecting market appreciation and organic growth in our asset management business. This business generated $16 million in adjusted gross profit, down $6 million from Q1, driven by more muted revenue on the staking side, which I'll speak to in just a minute.

現在，轉向資產管理和基礎設施解決方案，本季結束時，我們管理的總資產和權益資產總額接近 90 億美元，反映了市場升值和資產管理業務的有機成長。該業務的調整後毛利為 1600 萬美元，較第一季下降 600 萬美元，原因是質押方面的收入較為低迷，我稍後會談到這一點。

Asset Management saw approximately $175 million of net inflows this quarter, driven by our Ventures Fund and Treasury Management Solutions, partially offset by certain ETF net outflows amid the market volatility early in the quarter.

本季度，資產管理淨流入約 1.75 億美元，主要受我們創投基金和資金管理解決方案的推動，但本季初市場波動導致某些 ETF 淨流出，部分抵銷了流入。

On the venture side, we announced the final close of Galaxy Ventures Fund with $178 million, which will be focused on early-stage companies building the infrastructure and applications powering the onchain economy. The Fund exceeded its original target size and has already deployed roughly $70 million, with several investments supporting the growth of stablecoin adoption and tokenization.

在創投方面，我們宣布 Galaxy Ventures Fund 最終募集資金 1.78 億美元，該基金將專注於為鏈上經濟建立基礎設施和應用程式的早期公司。該基金已超出其最初的目標規模，並已部署約 7,000 萬美元，其中幾項投資支持了穩定幣的採用和代幣化的成長。

In Infrastructure Solutions, our assets under stake increased by more than 30% to $3.1 billion in Q2. However, this aggregate staking revenue declined in the second quarter amid a notable drop in onchain activity across the major protocol ecosystems we support.

在基礎設施解決方案方面，我們持有的資產在第二季成長了 30% 以上，達到 31 億美元。然而，由於我們支持的主要協議生態系統的鏈上活動顯著下降，這一總質押收入在第二季度有所下降。

The slowdown in activity was especially pronounced on the Solana network in Q2, where Galaxy is one of the largest infrastructure providers by stake weight. From a distribution standpoint, we announced our integration with Fireblocks in Q2.

活動放緩在第二季度在 Solana 網路上尤為明顯，而 Galaxy 是該網路上以股權權重計算最大的基礎設施供應商之一。從分銷的角度來看，我們在第二季宣布了與 Fireblocks 的整合。

Galaxy Staking services are now natively accessible to more than 2,000 of the world's largest financial institutions, making secure, scalable staking available directly through a trusted custody framework. This was the third major integration in 2025 and reflects our continued focus on partner integrations to broaden access, expand distribution, and open new channels for our customers, helping to drive organic growth in our assets on platform.

Galaxy Staking 服務現已可供全球 2,000 多家最大的金融機構本地訪問，從而可以透過可信任託管框架直接提供安全、可擴展的質押服務。這是 2025 年的第三次重大整合，反映了我們持續專注於合作夥伴整合，以拓寬訪問範圍、擴大分銷並為我們的客戶開闢新管道，從而幫助推動我們平台資產的有機增長。

More broadly, as regulatory clarity improves and institutional infrastructure matures, we're seeing a clear uptick in companies of all sizes looking to engage in the digital asset ecosystem. One of these areas, as Mike mentioned, is the digital asset treasury companies. The recent pickup in activity in this space represents a cross-platform opportunity for Galaxy, drawing on the strength of our Trading, Asset Management, Advisory, and Staking businesses to deliver integrated end-to-end solutions.

更廣泛地說，隨著監管透明度的提高和機構基礎設施的成熟，​​我們看到各種規模的公司希望參與數位資產生態系統的數量明顯增加。正如麥克所提到的，其中一個領域是數位資產財務公司。該領域近期活動的回升為 Galaxy 帶來了跨平台機遇，利用我們的交易、資產管理、諮詢和質押業務的優勢，提供整合的端到端解決方案。

Since kicking off our work with digital asset treasury companies, we've evaluated more than 100 different management opportunities. As Mike mentioned, we are actively supporting over 20 of the most prominent players, providing them with capital, infrastructure, asset management, and trading services. These companies are coming to Galaxy because we are a trusted brand and because they see the value of working with a partner that is built for scale.

自從開始與數位資產財務公司合作以來，我們已經評估了 100 多個不同的管理機會。正如 Mike 所提到的，我們正在積極支持 20 多位最傑出的參與者，為他們提供資金、基礎設施、資產管理和交易服務。這些公司選擇 Galaxy 是因為我們是一個值得信賴的品牌，而且他們看到了與規模化合作夥伴合作的價值。

This has begun to play out in our results, with more than $1.5 billion in assets brought on platform and over $2 billion in notional volumes traded since the first quarter of this year. We are focused on long-term strategic relationships to serve clients, help drive thoughtful innovation in the industry, and generate high-quality and sustainable business for Galaxy.

這已開始在我們的業績中顯現，自今年第一季以來，平台上的資產已超過 15 億美元，名目交易量超過 20 億美元。我們專注於長期策略關係，為客戶服務，幫助推動行業的深思熟慮的創新，並為 Galaxy 創造高品質和永續的業務。

Additionally, last week, AllUnity formally launched their euro stablecoin to the market.

此外，上週，AllUnity 正式向市場推出了歐元穩定幣。

As a reminder: This project has been developed in partnership with DWS and Flow Traders and helps position Galaxy to capitalize on this increasingly important segment of the overall digital asset market.

提醒一下：該專案是與 DWS 和 Flow Traders 合作開發的，旨在幫助 Galaxy 利用整個數位資產市場中這一日益重要的部分。

Stepping back, we believe we're at a pivotal moment in the evolution of capital markets. With the passage of the GENIUS Act and hopefully more legislation coming, we are seeing real integration between traditional finance and onchain infrastructure. As this convergence accelerates, clients will need unified platforms to access, deploy, and optimize their assets across both environments, which will create entirely new market opportunities.

回顧過去，我們認為我們正處於資本市場發展的關鍵時刻。隨著《GENIUS 法案》的通過以及更多立法的出台，我們將看到傳統金融和鏈上基礎設施之間的真正整合。隨著這種融合的加速，客戶將需要統一的平台來存取、部署和優化跨兩個環境的資產，這將創造全新的市場機會。

At Galaxy, we're continuing to invest in the technology, research, and product innovation to bridge onchain and offchain ecosystems. You will continue to see us add products, services, and new capabilities in the quarters to come.

在 Galaxy，我們將繼續投資技術、研究和產品創新，以連接鏈上和鏈下生態系統。在未來的幾個季度中，您將繼續看到我們增加產品、服務和新功能。

Before I turn it over to Chris, I want to touch on a quick Q3 update: As Mike mentioned, digital asset prices continued their upward momentum to start the quarter, with Bitcoin reaching new all-time highs in July and Ether and Solana posting strong gains in the last few weeks.

在交給克里斯之前，我想先簡單介紹一下第三季度的最新情況：正如麥克提到的，數位資產價格在本季度初繼續保持上漲勢頭，比特幣在 7 月份創下歷史新高，而以太幣和 Solana 在過去幾周也實現了強勁上漲。

July marked the strongest monthly performance for our Digital Asset Operating business in the firm's history. As Mike mentioned, we completed the sale of over 80,000 Bitcoin on behalf of a client, representing one of the largest notional Bitcoin transactions in history.

7月份是我們公司史上數位資產營運業務表現最強勁的一個月。正如 Mike 所提到的，我們代表客戶完成了超過 80,000 個比特幣的銷售，這是歷史上最大的名義比特幣交易之一。

In Asset Management, we saw strong net inflows and organic growth in staking assets during July.

在資產管理方面，我們看到 7 月淨流入強勁，質押資產有機成長。

Importantly in data centers, CoreWeave has exercised its final option on Phase 3 at our Helios campus. We recently signed a purchase agreement to acquire 160 acres of adjacent land, which could provide an additional 1 gigawatt of increased power capacity at Helios in the future.

重要的是，在資料中心，CoreWeave 已經在我們的 Helios 園區的第三階段行使了其最終選擇權。我們最近簽署了一項購買協議，收購了 160 英畝的鄰近土地，這可以為 Helios 未來提供額外的 1 千兆瓦的電力容量。

With that, let me turn it over to Chris.

說完這些，讓我把它交給克里斯。

Thanks, Tony.

謝謝，托尼。

Focusing on our Data Center business, I'm pleased to announce that subsequent to quarter end, we expanded our partnership with CoreWeave, who exercised its final option to access an additional 133 megawatts of critical IT load for its AI and HPC operations at our Helios data center campus.

專注於我們的資料中心業務，我很高興地宣布，在季度末之後，我們擴大了與 CoreWeave 的合作夥伴關係，CoreWeave 行使了其最終選擇權，在我們的 Helios 資料中心園區為其 AI 和 HPC 運營獲取額外的 133 兆瓦關鍵 IT 負載。

With this expansion, CoreWeave has now committed to the full 800 megawatts of gross power currently approved for at Helios. This additional capacity will be structured on terms similar to those outlined for both Phases 1 and 2.

透過此次擴建，CoreWeave 現已承諾提供 Helios 目前已獲批准的全部 800 兆瓦總發電量。這項額外產能將按照與第一階段和第二階段類似的條款建構。

Throughout the second quarter, the team was laser-focused on execution, as we continued transforming the Helios campus into a world-class AI and HPC campus. We're now squarely in the build phase. I couldn't be more pleased with the pace and precision we're delivering at the site level.

在整個第二季度，團隊專注於執行，我們繼續將 Helios 園區改造成世界一流的 AI 和 HPC 園區。我們現在正處於建設階段。我對我們在站點層面交付的速度和精確度感到非常滿意。

From a construction perspective, we have made meaningful progress in retrofitting the existing building and campus. The interior Phase 1 building has been fully demolished in preparation for the buildout of the data center, including the removal of legacy infrastructure, including immersion cooling systems and the former Bitcoin mining machines.

從建設角度來看，我們在改造現有建築和校園方面取得了有意義的進展。第一階段建築的內部已完全拆除，為資料中心的建設做準備，包括拆除遺留基礎設施，包括浸入式冷卻系統和先前的比特幣挖礦機。

We are finalizing an agreement to sell over half of our legacy Bitcoin mining machines. That sale is expected to close by the end of Q3.

我們正在敲定一項協議，出售一半以上的舊比特幣挖礦機。預計此次出售將於第三季末完成。

For the remaining machines, we have now signed a new hosting agreement. Upon energization with our new hosting provider, beginning in late 2025 and into the first half of 2026; and combined with our East Texas Bitcoin mining site, we anticipate a total mining capacity of approximately 1.8 exahash per second.

對於剩餘的機器，我們現在已經簽署了新的託管協議。從 2025 年底到 2026 年上半年，與我們的新託管服務提供商通電後，結合我們位於德克薩斯州東部的比特幣挖礦站點，我們預計總挖礦能力約為每秒 1.8 exahash。

At today's Bitcoin prices and network difficulty, we expect our mining operations to generate more than $30 million in annual revenue and be an EBITDA-positive contributor to the business.

按照今天的比特幣價格和網路難度，我們預計我們的採礦業務每年將產生超過 3000 萬美元的收入，並為業務帶來 EBITDA 的積極貢獻。

At the Helios campus, we're working to complete the earthwork and concrete foundations for our new electrical, mechanical, and backup generator infrastructure. The backup generators are scheduled to be delivered throughout the second half of this year and into Q1 2026, keeping us on track for energization. These backup generators are a key part of our electrical infrastructure and are designed to provide full backup power for all critical mechanical systems for the data center.

在 Helios 園區，我們正在努力完成新的電氣、機械和備用發電機基礎設施的土方工程和混凝土基礎。備用發電機計劃於今年下半年至 2026 年第一季交付，以確保我們順利通電。這些備用發電機是我們電力基礎設施的重要組成部分，旨在為資料中心的所有關鍵機械系統提供完整的備用電源。

On the electrical front, we've taken a modular approach to accelerate the deployment and commissioning of the systems by prefabricating electrical houses offsite. These electrical houses, or e-houses, are self-contained units that house switchboards, UPS systems, batteries, transformers, and other distribution gear. These are being assembled offsite at multiple fabrication facilities. The first units are expected to ship later this month to the Helios campus for installation and integration with the onsite electrical infrastructure.

在電氣方面，我們採用模組化方法，透過在場外預製電氣房來加速系統的部署和調試。這些電氣房或電子屋是獨立的單元，裡面裝有配電盤、UPS 系統、電池、變壓器和其他配電設備。這些產品正在多個製造廠外組裝。首批設備預計將於本月稍後運往 Helios 園區進行安裝並與現場電力基礎設施整合。

Our chillers begin arriving this month and will continue into Q4. These chillers will operate as part of our broader mechanical cooling infrastructure, providing chilled water to cool the GPUs. Together with our coolant distribution units, the chillers provide a next-generation cooling solution for critical AI infrastructure.

我們的冷水機組本月開始到貨並將持續到第四季。這些冷卻器將作為我們更廣泛的機械冷卻基礎設施的一部分運行，提供冷卻水來冷卻 GPU。與我們的冷卻劑分配裝置一起，冷卻器為關鍵的人工智慧基礎設施提供了下一代冷卻解決方案。

In order to bring all these components together and execute the build, we are partnering with Clayco as our general contractor, operating under a construction management scope for the Phase 1 project. Clayco brings deep expertise in mission-critical infrastructure and a strong track record that includes more than $12.7 billion in advanced technology projects.

為了將所有這些組件整合在一起並執行構建，我們與 Clayco 合作，作為我們的總承包商，在第一階段專案的施工管理範圍內開展工作。Clayco 在關鍵任務基礎設施方面擁有深厚的專業知識，並擁有包括超過 127 億美元的先進技術項目在內的良好業績記錄。

Clayco's expertise gives us high conviction in their ability to deliver large, complex infrastructure projects requiring tight coordination on aggressive timelines, which is exactly what we're building at the Helios campus. They have a team of over 100 subcontractors and trade partners who are boots on the ground at Helios now as we speak, driving progress forward.

Clayco 的專業知識讓我們堅信他們有能力在緊迫的時間內交付需要在緊密協調下完成的大型複雜基礎設施項目，而這正是我們在 Helios 園區正在建設的。他們擁有一支由 100 多名分包商和貿易夥伴組成的團隊，他們現在正在 Helios 實地工作，推動專案向前發展。

The combination of earthwork, electrical, and mechanical contractors are coming together as planned. We remain confident in our ability to hit key delivery and construction milestones in the second half of 2025 and first half of 2026.

土方工程、電氣和機械承包商正在按計劃進行。我們仍然有信心在 2025 年下半年和 2026 年上半年實現關鍵的交付和建設里程碑。

This keeps us firmly on track to deliver the 133 megawatts of critical IT capacity for Phase 1 in various tranches throughout the first half of 2026, aligned with CoreWeave's deployment timeline. With Phase 1 advancing towards energization, we're preparing to seamlessly transition into Phase 2 construction.

這使我們能夠在 2026 年上半年分批交付第一階段的 133 兆瓦關鍵 IT 容量，與 CoreWeave 的部署時間表保持一致。隨著第一階段逐步通電，我們正準備無縫過渡到第二階段的建設。

Let's shift to capital and financing, where we've made equally important progress. We are in the very final stages of securing Phase 1 project-level debt financing. Project level debt financing agreements for large-scale data center developments are inherently complex, requiring extensive due diligence, bespoke structuring, and lengthy negotiation processes. As such, these transactions often take considerable time to finalize, even when counterparties are highly engaged. That said, based on the strength of the asset and the structure we've developed, we believe we're well positioned to close this financing imminently.

讓我們轉向資本和融資，我們在這方面取得了同樣重要的進展。我們正處於確保第一階段專案級債務融資的最後階段。大型資料中心開發的專案級債務融資協議本質上很複雜，需要大量的盡職調查、客製化的結構和漫長的談判過程。因此，即使交易對手高度參與，這些交易通常也需要相當長的時間才能完成。話雖如此，基於資產的實力和我們開發的結構，我們相信我們已準備好很快完成這筆融資。

As a reminder: The equity portion of Phase 1 has already been funded through our existing equity capital.

提醒一下：第一階段的股權部分已經透過我們現有的股權資本提供資金。

Once we have secured the project-level debt financing, we will have the capital necessary to fund the anticipated CapEx for Phase 1 of approximately $11 million to $13 million per megawatt.

一旦我們獲得專案級債務融資，我們將擁有必要的資金來支付第一階段預計的每兆瓦約 1,100 萬至 1,300 萬美元的資本支出。

For Phase 2, we are still finalizing the design and engineering specifications but expect the total project CapEx to be slightly higher than the Phase 1 on a per-megawatt basis. We have already commenced work on project-level debt financing for the Phase 2 project.

對於第二階段，我們仍在最終確定設計和工程規範，但預計專案總資本支出將按每兆瓦計算將略高於第一階段。我們已經開始為第二階段專案進行專案級債務融資工作。

Throughout the Phase 1 financing processes, we've established strong relationships with a wide range of banks and private credit managers who are active in the space. I have confidence in our ability to secure debt financing for Phase 2 in the coming months.

在第一階段的融資過程中，我們與許多活躍於該領域的銀行和私人信貸經理人建立了牢固的關係。我相信我們有能力在未來幾個月內獲得第二階段的債務融資。

On the equity side, we are exploring supplementing our parent company equity with project-level equity financing, particularly from infrastructure-focused and private equity-style funds that are actively seeking exposure to AI and HPC data center projects.

在股權方面，我們正在探索透過專案級股權融資來補充母公司股權，特別是來自積極尋求接觸人工智慧和高效能運算資料中心專案的基礎設施重點和私募股權式基金。

As always, our approach to capital is opportunistic and disciplined. Once these projects are stabilized and generating revenue, we'll look to refinance at lower cost of capital. This opportunity is expected to unlock committed equity, allowing us to recycle capital into future buildouts while keeping our capital stack nimble and optimized for growth.

像往常一樣，我們對待資本的態度是機會主義和有紀律的。一旦這些項目穩定下來並產生收入，我們將尋求以較低的資本成本進行再融資。預計這一機會將釋放承諾股權，使我們能夠將資本回收用於未來的建設，同時保持我們的資本堆疊靈活並針對成長進行最佳化。

Finally, shifting to power, we developed a healthy origination pipeline focused on land, powered land, powered shells, and build-to-suit data centers. This pipeline remains a critical part of how we scale in a disciplined and capital-efficient way.

最後，轉向電力，我們開發了一條健康的起源管道，重點關注土地、供電土地、供電外殼和客製化資料中心。該管道仍然是我們如何以規範且資本高效的方式擴展的關鍵部分。

Since last quarter, we've narrowed our pipeline from over 40 sites to a select set of high-quality opportunities, rigorously evaluated based on development stage, power capacity, and energization time lines.

自上個季度以來，我們已將選擇範圍從 40 多個地點縮小到一組精選的高品質機會，並根據開發階段、電力容量和通電時間表進行了嚴格評估。

We are highly selective when it comes to powered land, ensuring that any project we pursue meaningfully expands our data center footprint and advances our position as a multi-asset owner and developer. We've already begun to execute on our growth objectives.

在選擇供電土地時，我們非常謹慎，以確保我們進行的任何專案都能有效擴大我們的資料中心覆蓋範圍，並提升我們作為多資產所有者和開發商的地位。我們已經開始執行我們的成長目標。

Subsequent to quarter end, we entered into a definitive purchase and sale agreement to acquire 160 acres and a 1-gigawatt load interconnection request adjacent to the Helios campus. At the close of this land acquisition, we will have expanded the Helios campus to over 1,500 acres of contiguous land under Galaxy's direct control; and we'll have increased our total potential power capacity at the Helios campus to 3.5 gigawatts, giving it the potential to become one of the largest AI data center campuses in the world.

季度末之後，我們簽訂了最終買賣協議，收購 Helios 園區附近的 160 英畝土地和 1 千兆瓦負載互連請求。此次土地收購完成後，我們將把 Helios 園區擴大到 Galaxy 直接控制下的超過 1,500 英畝的連續土地；並且我們將把 Helios 園區的總潛在電力容量提高到 3.5 千兆瓦，使其有可能成為世界上最大的人工智慧資料中心園區之一。

It also provides us with an important plot of land adjacent to what will be two of the largest switching stations in Texas, strengthening our long-term presence in the region.

它還為我們提供了一塊重要的土地，毗鄰德克薩斯州最大的兩個變電站，加強了我們在該地區的長期影響力。

With 2.7 gigawatts of total power capacity now under various stages of study, we're working very closely with ERCOT, AEP, WETT, and other stakeholders to finalize studies and approvals.

目前，總發電容量為 2.7 千兆瓦，正處於不同的研究階段，我們正在與 ERCOT、AEP、WETT 和其他利益相關者密切合作，以完成研究和批准。

The load interconnection process for the original 1.7 gigawatts we submitted in 2024 has taken longer than initially anticipated, largely due to ERCOT's efforts to clean up a backlog of speculative and inactive projects that have congested the load interconnection queue. As a result, ERCOT and the transmission utility companies are applying greater scrutiny to new load interconnection requests to ensure that near-term development is anchored in real execution.

我們在 2024 年提交的原定 1.7 千兆瓦的負荷互連過程所花的時間比最初預期的要長，這主要是因為 ERCOT 努力清理積壓的投機性和非活躍項目，這些項目堵塞了負荷互連隊列。因此，ERCOT 和輸電公用事業公司正在對新的負載互連請求進行更嚴格的審查，以確保近期發展以實際執行為基礎。

From our perspective, that's a positive shift and one that ultimately benefits well-capitalized, credible developers like Galaxy. We expect to have clear visibility in the back half of this year.

從我們的角度來看，這是一個積極的轉變，最終將使像 Galaxy 這樣資金雄厚、信譽良好的開發商受益。我們預計今年下半年將會有清晰的前景。

We have also been actively building out our data center team, hiring key talent with deep industry expertise, including engineering and construction team members with experience at leading hyperscalers like Microsoft and Meta.

我們也積極組成資料中心團隊，聘請具有深厚產業專業知識的關鍵人才，包括在微軟和 Meta 等領先的超大規模公司擁有豐富經驗的工程和施工團隊成員。

We're full speed ahead on Phase 1, with construction advancing in line with our delivery schedule. Phase 2 is ramping, with both infrastructure planning, lease finalization, and capital formation progressing well. We'll share more on Phase 3, as decisions take shape.

我們正在全速推進第一階段的工作，施工進度符合我們的交付計畫。第二階段正在加緊推進，基礎建設規劃、租賃最終確定和資本形成都進展順利。隨著決策的形成，我們將分享更多有關第三階段的資訊。

I'm incredibly encouraged by the momentum this team has built. We've made real progress this quarter. We're going to stay focused, disciplined, and execution-driven, as we enter into the second half of this year.

這支球隊所建立的勢頭令我感到非常鼓舞。本季我們取得了真正的進展。進入今年下半年，我們將保持專注、嚴謹和執行力。

Now, back to the operator for questions. Thank you.

現在，回到接線員那裡回答問題。謝謝。

(Operator Instructions)

（操作員指示）

James Yaro, Goldman Sachs.

高盛的詹姆斯·亞羅。

I was hoping you might be able to touch a little bit on the outlook for growth of non-US-dollar stablecoins. Obviously, there's been quite limited non-US-dollar stablecoin growth so far and a material portion of the US dollar stablecoins are.

我希望您能稍微談談非美元穩定幣的成長前景。顯然，到目前為止，非美元穩定幣的成長相當有限，而美元穩定幣的很大一部分都是非美元穩定幣。

As customers want access to dollars, do you expect these non-US-dollar stablecoins to resemble the size of the dollar ones? Perhaps, why?

由於客戶希望獲得美元，您是否預期這些非美元穩定幣的規模與美元穩定幣相似？或許吧，為什麼？

In the short run, no. Most stablecoins, right now, are used for liquidity in markets. That is still mostly denominated in dollars. But over time, I think you're going to see the euro stablecoin and other stablecoins from separate countries pick up as digital currencies start replacing traditional currencies and the FX market moves to a more digital place.

短期來看，不會。目前，大多數穩定幣都用於市場流動性。這大部分仍以美元計價。但隨著時間的推移，我認為隨著數位貨幣開始取代傳統貨幣，外匯市場轉向更加數位化，你會看到歐元穩定幣和來自不同國家的其他人穩定幣的崛起。

That's going to also happen with payments -- European payments -- when AI takes off and the agents are starting to spend money. And so I would guess in the short run, no, they're not going to be nearly as big; but I think long-term potential is really great.

當人工智慧開始普及並且代理商開始花錢時，支付（歐洲支付）也會發生這種情況。因此我猜想，從短期來看，它們不會變得那麼大；但我認為長期潛力真的很大。

That's really helpful. And then, maybe just turning to the data centers, we've seen tightening credit spreads over the past few months, maybe just any update on the expected financing cost range for the project debt for Phases 1 and 2?

這真的很有幫助。然後，也許只是轉向資料中心，我們看到過去幾個月信貸利差收緊，也許只是對第一階段和第二階段專案債務的預期融資成本範圍有任何更新？

Yeah. Hey, James. I think our expectation on where we land on Phase 1 is in line with what we've articulated in the past. It will come out at a sub-10% stream rate. But when you take into account upfront fees and potential breakage, depending on when you assume we'd have a refinancing event or not, we'll likely end up in the 10% to 11% expected yield in terms of cost of capital, even as credit spreads are tightening in real time.

是的。嘿，詹姆斯。我認為我們對第一階段進展的預期與我們過去所表達的一致。它的流速將低於 10%。但是，當你考慮到前期費用和潛在的違約金時，根據你假設我們何時會發生再融資事件，即使信用利差即時收緊，我們的資本成本預期收益率也可能達到 10% 至 11%。

These are negotiated deals that have been going on for months. And so we look to that as the expected direction of travel once we look at a stabilized project for takeout.

這些是已經持續數月的談判協議。因此，一旦我們看到一個穩定的外送項目，我們就會將其視為預期的發展方向。

On the Phase 2 side, we're pretty preliminary there. It will be interesting. I think our expectation is that we're a young company doing this. As we produce results, i.e., as we sign leases, as we get financings closed, and we start building, then we earn the right to achieve larger financings at lower cost.

在第二階段方面，我們仍處於初步階段。這會很有趣。我認為我們的期望是，我們是一家做這件事的年輕公司。當我們產生成果時，即當我們簽署租約、當我們完成融資並開始建造時，我們就有權以更低的成本獲得更大的融資。

And so our goal on Phase 2 is going to be twofold: one, it's for sure going to be a larger project. And so just getting that financed, I think, is the primary goal; but also, the profile of our company -- both now as a US public company, larger equity capital base; clear line of sight to delivering stabilization on Phase 1 -- our expectation is that should lead lenders to also give us positive treatment on that front.

因此，我們第二階段的目標有兩個：第一，這肯定會是一個更大的項目。因此，我認為獲得融資是主要目標；而且，我們公司的形象——現在作為一家美國上市公司，擁有更大的股本基礎；在第一階段實現穩定的明確路線——我們的期望是，這應該會讓貸方也在這方面給予我們積極的待遇。

Patrick Moley, Piper Sandler.

派崔克莫利、派珀桑德勒。

I was hoping you could just update us on your, just, general conversations with hyperscalers and other AI-adjacent companies. It seems like with the decision to expand the footprint at Helios, those conversations must be going pretty well. Demand, seems like it remains strong across the board.

我希望您能向我們介紹您與超大規模企業和其他人工智慧相關公司的一般對話。看起來，隨著​​ Helios 決定擴大影響力，這些對話必定會進展順利。需求似乎全面保持強勁。

But any color that you can give on how those conversations have been going would be great.

但如果您能說明一下這些對話的進展就更好了。

I'll start. The most recent announcement, which we put out with regards to CoreWeave executing the third option, I think, is the most important sign. They signaled their intent from the beginning to ultimately be the single build-to-suit tenant for our existing 800 megawatts. They had the option to step into that relationship basically over the past year. This final execution, I think, just crystallizes, at least from their end, the opportunities that they're seeing with their clients in terms of on the demand side.

我先開始了。我認為，我們最近發布的 CoreWeave 執行第三個選項的公告是最重要的訊號。他們從一開始就表明了他們的意圖，最終成為我們現有 800 兆瓦電力的唯一客製化租戶。基本上，在過去的一年裡，他們可以選擇建立這種關係。我認為，至少從他們的角度來看，最終的執行只是明確了他們在需求上與客戶一起看到的機會。

With other hyperscalers, obviously, we're not continuing to acquire a pipeline of potential energy for no reason. I think our partnership with CoreWeave is going to take up the vast majority of our attention over the next few years.

與其他超大規模企業一樣，顯然，我們不會無緣無故地繼續獲取潛在能源管道。我認為我們與 CoreWeave 的合作將在未來幾年佔據我們絕大部分的注意力。

That being said, the other hyperscalers out there are equally committed to growing. I think if you see in their guidance and their numbers on the CapEx perspective, they've all not only reiterated their expected CapEx budgets but actually have started to increase them as well. And so I think what you're seeing publicly in terms of their announcements is very consistent with the conversations that we're having with them.

話雖如此，其他超大規模企業也同樣致力於發展。我認為，如果你從他們的指導和資本支出角度來看，他們不僅重申了預期的資本支出預算，而且實際上已經開始增加預算。因此，我認為您公開看到的他們的聲明與我們與他們的對話非常一致。

And so the other thing we are seeing, which is what we expected to see, which was all of those potential clients focused on power when we started this journey over a year ago was on near-term power 2026, 2027 deliveries. As time ticks on, their interest in power deliveries that are now '27, '28, '29, they've just rolled that interest forward.

因此，我們看到的另一件事，也是我們預期看到的，那就是當我們一年多前開始這趟旅程時，所有潛在客戶都專注於電力，並計劃在 2026 年、2027 年交付電力。隨著時間的推移，他們對 27、28、29 年電力傳輸的興趣已經向前推進。

And so I think we're seeing continued demand extending through outyears now, which fits nicely with basically the asset and the energy capacity that we're accruing in Texas.

因此，我認為我們現在看到持續的需求將持續幾年，這與我們在德克薩斯州積累的資產和能源產能基本吻合。

Okay. That's great color. And then, just as a follow-up, switching over to the Digital Asset business, you mentioned the strong institutional client pipeline and called out some of the Bitcoin treasury companies that you're working with, could you maybe just talk a little bit about traditional financial firms, asset managers, hedge funds; how that base of clients has looked? Are you seeing a big uptick there? How are these potential new customers engaging you on the traditional finance side?

好的。顏色真棒。然後，作為後續問題，轉到數位資產業務，您提到了強大的機構客戶管道，並提到了一些您正在合作的比特幣財務公司，您能否簡單談談傳統金融公司、資產管理公司、對沖基金；這些客戶群是什麼樣的？您是否看到那裡出現大幅上漲？這些潛在的新客戶如何在傳統金融方面吸引您？

Well, I think one -- you can answer it from a few different angles. One angle we're seeing is that almost every [trade-fi] company is preparing or starting to prepare for a world where things move from accounts to wallets; where stocks, equities are tokenized; where funds are tokenized; where stablecoins become a much bigger part of payment systems. And so on the infrastructure side, we're engaged in lots of conversations with both asset managers and banks.

嗯，我認為你可以從幾個不同的角度來回答這個問題。我們看到的一個角度是，幾乎每一家 [trade-fi] 公司都在準備或開始準備迎接這樣一個世界：物品從帳戶轉移到錢包；股票、股權被代幣化；基金被代幣化；穩定幣成為支付系統中更重要的組成部分。因此，在基礎設施方面，我們與資產管理公司和銀行進行了大量對話。

On the sales and trading side, we have trade-fi hedge funds that are far more comfortable in crypto than they were two years ago. And so Bitcoin has become just a macro asset for most hedge funds. It's not a big deal to either buy it or sell it anymore, where it used to be huge hurdles of approval.

在銷售和交易方面，我們擁有貿易金融對沖基金，它們對加密貨幣的態度比兩年前更加穩健。因此，比特幣對大多數對沖基金來說只是一種宏觀資產。現在買或賣它都不再是什麼大事了，而以前它需要經過巨大的審批障礙。

They still feel more comfortable in equities than crypto. And so you're seeing a lot of action in ETFs and these balance sheet companies. That will change in time. Some of that is financing, right? The ETFs are easier to finance than, say, prime brokers.

他們仍然覺得股票比加密貨幣更值得投資。因此，您會看到 ETF 和這些資產負債表公司採取了許多行動。這種情況會隨著時間而改變。其中一些是融資，對嗎？與主經紀商相比，ETF 的融資更容易。

But I think you're going to see a merger of both onchain crypto and trade-fi stuff over the next few years.

但我認為，未來幾年你會看到鏈上加密貨幣和 Trade-Fi 的整合。

Brett Knoblauch, Cantor Fitzgerald.

布雷特·諾布勞赫，坎托·菲茨杰拉德。

This is Thomas Shinske, on for Brett. Just one for me.

我是托馬斯·辛斯克 (Thomas Shinske)，代替布雷特 (Brett)。對我來說只有一個。

Regarding the recent sale of over 80,000 Bitcoin on behalf of a Satoshi era client, can you just share any insight into how Galaxy was selected for this mandate? Was there a formal RFP process? What do you think differentiated Galaxy from other potential counterparties for this client looking to offload his Bitcoin?

關於最近代表中本聰時代的客戶出售超過 80,000 個比特幣，您能否分享一下 Galaxy 是如何被選中執行這項任務的？是否有正式的 RFP 流程？對於這位想要出售比特幣的客戶來說，您認為 Galaxy 與其他潛在交易對手有何不同？

As a start, one of the reasons we got that trade and many others is that we are really religious about not speaking about why clients do things or their motivations. I would say we've worked really hard since, really, 2016, 2017, even pre-Galaxy, at building up a network of people that care about this community.

首先，我們獲得這項交易以及許多其他交易的原因之一是，我們非常虔誠地不談論客戶做事的原因或他們的動機。我想說，自 2016 年、2017 年，甚至在 Galaxy 之前，我們就一直在努力建立一個關心這個社群的人們的網路。

This was our relationships that have gone back many years now of just building trust. In lots of ways, as much as this is a digital platform technology, there's still a whole lot of hand-to-hand combat in trust. We do that every single day. We hammer it into our employees that that's all we have, right?

這是我們多年來建立的信任關係。從很多方面來看，儘管這是一種數位平台技術，但在信任方面仍然存在大量的肉搏戰。我們每天都這樣做。我們向員工一再強調，這就是我們所擁有的一切，對嗎？

And so I think that maybe doesn't answer exactly what you want but that's the answer I'm going to give you.

所以我認為這也許不能準確回答你想要的問題，但這就是我要給你的答案。

Greg Lewis, BTIG.

格雷格·劉易斯（Greg Lewis），BTIG。

I was hoping you could talk a little bit more -- you mentioned in Q2 about the slowdown in activity on the Solana Layer 1. I'm curious, at a high level, maybe what was driving that.

我希望您能多談談——您在第二季度提到了 Solana Layer 1 的活動放緩。我很好奇，從高層次來看，也許是什麼推動了這個現象。

And then, as we look at July, it seems like a lot of things are improving, in terms of activity along the crypto ecosystem. I'm curious what you're seeing on the Solana network in July, if you're able to comment on that at this point.

然後，當我們回顧 7 月時，我們發現加密生態系統的活動似乎正在改善。我很好奇您在 7 月在 Solana 網路上看到了什麼，如果您現在能夠對此發表評論的話。

Yeah. Sure. Greg, I'll start. Yeah. I think what we saw pretty much through the first half of this year was coming off of a pretty aggressive localized volume on Solana for things like memecoin launches and things like that. And so, really, Q2 was more of the same after that activity in prior quarters in the prior year: had slowed down and leveled off.

是的。當然。格雷格，我先開始。是的。我認為，我們在今年上半年看到的情況是，Solana 上出現了相當積極的本地化交易量，例如 memecoin 的發布等等。因此，實際上，第二季度與去年前幾季的情況大致相同：放緩並趨於平穩。

I could tell you that Solana, as well as some of the other non-Bitcoin Layer 1s, the teams all around those ecosystems -- whether it's the foundations or app builders and things like that, who are committed to those networks -- are pretty aggressively focused on how do we now build functionality so that onchain volumes are not flash-in-the-pan memecoin-type volumes and instead, are enduring volumes tied to support things like stablecoin payments and money movements; actual consumer apps; and things like that.

我可以告訴你，Solana 以及其他一些非比特幣 Layer 1 的團隊，以及圍繞這些生態系統的所有團隊——無論是基金會還是應用程序構建者等等，他們都致力於這些網絡——非常積極地專注於我們現在如何構建功能，以便鏈上交易量不是曇花一現的 memecoin 類型交易量，而是持久的交易量，用於支持穩定的消費者支付。

So that takes time to layer into the Layer 1s, no pun intended; and actually have working technology. But that is the focus of the industry now: bringing durable, growing volumes onchain.

因此，這需要時間來分層到第 1 層，這不是雙關語；並且實際上擁有可行的技術。但這是目前產業關注的重點：將持久、不斷成長的交易量轉移到鏈上。

Just where we're at now is -- at least on Solana, specifically -- a kink following a pretty aggressive onchain volume run-up from memecoins.

我們現在所處的位置是——至少在 Solana 上，具體來說——在 memecoins 鏈上交易量大幅上漲之後出現了一個問題。

Okay. Great. And then, my other question is around these treasury strategies. Clearly, Galaxy is working hard. You called out the 20 customers that you brought on. As you think of the revenue lifecycle of that opportunity for Galaxy, obviously, the initial acquisitions of the cryptocurrencies is important and a revenue driver.

好的。偉大的。然後，我的另一個問題是關於這些財務策略的。顯然，Galaxy 正在努力工作。你喊出了你帶來的 20 位顧客。當您考慮 Galaxy 的這個機會的收入生命週期時，顯然，加密貨幣的初始收購非常重要，並且是收入驅動因素。

But then, could you talk a little bit beyond, once they're on the platform, how we're thinking about those other opportunities in terms of the asset management and the staking and potentially the lending; how you think that kind of plays out in terms of a revenue opportunity?

但是，您能否再多談一點，一旦它們進入平台，我們如何考慮在資產管理、質押和潛在藉貸方面的其他機會；您認為這些機會在收入機會方面會如何發揮作用？

Sure. There's an asset management fee that we're getting in most of these for managing the assets, which roughly is about 1%. There is a staking opportunity in most of these. Not the Bitcoin versions, of course, but the non-Bitcoin versions. And so our assets under stake are going up. There's, of course, staking revenue that comes with that.

當然。我們管理大部分資產時都會收取資產管理費，約 1%。其中大部分都存在著賭注機會。當然不是比特幣版本，而是非比特幣版本。因此，我們的資產抵押額正在增加。當然，這也會帶來權益收入。

The push for all of these companies is going to be to say, hey, we can do something that an ETF doesn't do to drive extra return. And so you're going to see lending, you're going to see onchain activity. There's, in essence, a race to create the most value, right?

所有這些公司都會說，嘿，我們可以做一些 ETF 做不到的事情來獲得額外的回報。所以你會看到借貸，你會看到鏈上活動。從本質上來說，這是一場創造最大價值的競賽，對嗎？

Again, Michael Saylor pioneered this idea. He was able to create value in MicroStrategy by being first in providing access to Bitcoin, when a lot of people didn't have that access; and created this almost machine; and hasn't had to do much more than just buy the Bitcoin and provide leverage. He's doing it with all kinds of different preferred structures: at first converts; now, preferred equity, preferred debt.

再次，邁克爾·塞勒 (Michael Saylor) 率先提出了這個想法。當許多人無法獲得比特幣時，他率先提供了比特幣訪問權限，從而為 MicroStrategy 創造了價值；並創造了這台機器；而且他所做的只是購買比特幣並提供槓桿。他採用各種不同的優先結構來實現這一目標：首先是可轉換債券；現在是優先股、優先債。

I think you're going to see the other companies have to go one step further. We're seeing that. Those are the services we're trying to provide.

我認為你會看到其他公司必須更進一步。我們看到了這一點。這些就是我們試圖提供的服務。

Yeah. The only thing I'll add, if I may, Mike, is I think it's important that -- so our relationship with these companies spans the capital creation, as Mike said, on the way in; as well as the ongoing management of the assets in the companies. In a lot of cases, those are actually being done under multiyear contracts.

是的。麥克，如果可以的話，我唯一要補充的是，我認為重要的是——我們與這些公司的關係涵蓋了資本創造，正如邁克所說的那樣；以及公司資產的持續管理。在很多情況下，這些實際上是根據多年期合約進行的。

And then, if you think about the vehicles, what's different about these vehicles is they're really closed-end perpetual vehicles. And so our goal is to do a really good job to help the management teams and the shareholders of these companies make sure they have hardened infrastructure; that they're managing their assets well; that they're growing their asset base in the underlying currency as most efficiently as they can.

然後，如果你考慮這些車輛，你會發現這些車輛的不同之處在於它們實際上是封閉式永久車輛。因此，我們的目標是真正做好工作，幫助這些公司的管理團隊和股東確保他們擁有強大的基礎設施；確保他們能夠妥善管理資產；確保他們能夠盡可能高效地擴大其基礎貨幣的資產基礎。

That should set us up for having basically a perpetual relationship with them because these vehicles don't have redemption, they're not ETFs. And so once the capital is in, it's there forever. And so it's just our job to do a great job forever.

這應該使我們與他們建立起基本上永久的關係，因為這些工具沒有贖回權，它們不是 ETF。因此，一旦資本進入，它就會永遠存在。因此，我們的工作就是永遠做好工作。

Chris Brendler, Rosenblatt Securities.

羅森布拉特證券公司的克里斯布倫德勒。

Congratulations on the results and also appreciate the additional disclosure. I'm on a train right now so I'm going to ask my two-part question all at once.

恭喜您所取得的成果，也感謝您的補充揭露。我現在正在火車上，所以我要一次提出兩個問題。

The first question is on the Data Center business and how much you want to lean into this business. We're already building the pipeline up to '28 now. But I know you're actively looking for additional sites. You're expanding Helios but also, looking for additional sites. Is there a plan to potentially add a lot more capacity before the end of the decade? Or is this going to be more methodical so that future growth will be 2029, 2030, that kind of thing?

第一個問題是關於資料中心業務以及您想在多大程度上投入這項業務。我們現在已經正在建造通往 28 的管道。但我知道您正在積極尋找其他網站。您正在擴展 Helios，同時也在尋找其他網站。是否有計劃在 2020 年前大幅增加產能？或者這會更加有條理，以便未來的成長將是 2029 年、2030 年之類的？

And then, second part of the question is: How big do you want this Data Center business to be? It's a different business than the Digital Assets business. Your updated thoughts on separating the two at some point would be great.

然後，問題的第二部分是：您希望這個資料中心業務有多大？這與數位資產業務不同。您關於在某個時候將兩者分開的最新想法將會很棒。

Chris. I'll take at least the first part. I think Mike will chime in as well -- long-term, strategically, for us.

克里斯。我至少會選擇第一部分。我認為麥克也會贊同這一點——從長期和戰略角度來說，這對我們而言是這樣的。

The answer to your question today is definitely door number 2, which is methodical growth. That's for a couple of reasons, right? One, the industry is relatively nascent. People's expectations long-term around demand are forming. Obviously, they're forming across the board at the biggest companies in the world in tens to hundreds of billions of dollars in terms of notional. And so it's one of the biggest commitments to a new growth industry that I think the world has ever seen. But it's still pretty nascent.

今天你問題的答案肯定是第二扇門，那就是有條不紊的成長。這是出於幾個原因，對吧？一是該產業還比較新興。人們圍繞需求的長期預期正在形成。顯然，世界上最大的公司都在進行大規模的融資，名目金額達數百億至數千億美元。我認為這是世界上對新興成長產業的最大承諾之一。但它仍處於初期階段。

And then, there's also a practical component, which is, these are very large-scale, long-term development projects that take a lot of capital. And so our ability to grow into the opportunity is wholly dependent on two things: one, us executing excellently; but then, also two, growing and getting bigger as a company so that we can actually support the growth -- meaning, like, it would be totally imprudent for us to now take on in parallel, for example, like another $10 billion build because that requires a capital base and the attention and resources that we're just not built out for today.

然後，還有一個實際因素，那就是這些都是非常大規模、長期的發展項目，需要大量資金。因此，我們能否抓住機會完全取決於兩點：第一，我們能否出色地執行；第二，公司能否不斷發展壯大，以便我們能夠真正支持增長——這意味著，我們現在同時進行例如另一個 100 億美元的建設是完全不明智的，因為這需要資本基礎以及我們今天尚未投入的關注和資源。

So I think the idea is to methodically build a base of really high-quality assets and high recurring revenue, which then allows us to then accelerate growth from there, as we see the opportunity to develop.

因此，我認為我們的想法是系統地建立一個真正高品質資產和高經常性收入的基礎，然後當我們看到發展機會時，這使我們能夠從那裡加速成長。

So that's the way we're approaching it, yeah, in terms of how [large we are] today.

是的，就我們目前的規模而言，這就是我們處理這個問題的方式。

In terms of -- we have two businesses under one roof. There are a lot of great companies with multiple businesses under one roof. I think of Amazon, with a retail business, an entertainment business, and a cloud business.

就這一點而言——我們在同一屋簷下經營兩家企業。有很多優秀的公司在同一屋簷下經營多項業務。我想到了亞馬遜，它有零售業務、娛樂業務和雲端業務。

We're going to keep them under one roof for a while. As long as one plus one equals more than two, we'll probably keep this setup. If the markets at one point tell us, hey, you're going to get more value by splitting them, then we're pretty rational guys.

我們會讓他們暫時住在同一個屋簷下。只要一加一大於二，我們可能就會保留這個設定。如果市場在某個時刻告訴我們，嘿，透過拆分它們你會獲得更多價值，那麼我們就是非常理性的人。

I do think, to highlight what Chris said, this next 12 months is really important because we go from putting out a lot of money to having an asset that starts spitting out cash. Once -- 12 months from now, 24 months from now -- Helios becomes a big cash generator for us, it allows a lot more flexibility in how we deploy capital.

我確實認為，正如克里斯所說，接下來的 12 個月非常重要，因為我們將從投入大量資金到擁有開始吐出現金的資產。一旦——從現在起 12 個月或 24 個月後——Helios 成為我們的一大現金來源，它將為我們的資本配置提供更大的靈活性。

Right now, in some ways, we're sharing capital because while the financing is mostly underwritten by this wonderful lease, there's still a parent guarantee and parent equity requirements. And so we're having the best of both worlds in lots of ways. We're going to run that until we think there's a more accretable path forward.

目前，從某種程度上來說，我們正在共享資本，因為雖然融資主要由這項出色的租賃承保，但仍有母公司擔保和母公司股權要求。因此，我們在很多方面都實現了兩全其美。我們會一直堅持下去，直到我們認為有一條更可行的前進道路。

Jon Petersen, Jefferies.

喬恩‧彼得森，傑富瑞集團。

Maybe, just to come back to stick with data centers -- and I'm curious for more commentary on hyperscalers. I know you talked about it earlier but I'm curious what hurdles you think that Galaxy might still need to cross to convince hyperscalers to sign a deal with Galaxy. Are they waiting to see a finished product with the CoreWeave data centers? Or is it more about proving that you have funding capacity or something else?

也許，只是為了回到資料中心——我很好奇對超大規模資料中心的更多評論。我知道您之前談過這個問題，但我很好奇您認為 Galaxy 還需要克服哪些障礙才能說服超大規模企業與 Galaxy 簽署協議。他們是否正在等待 CoreWeave 資料中心的成品？或者更多的是為了證明你有資金能力或其他什麼？

Yeah. God mortning, Jon. So yeah, I think, practically speaking, the other hyperscalers evaluating Galaxy as a partner, the reality was is that we dedicated our first 800 megawatts of available capacity to CoreWeave. And so I do think it is true that the bigger, more established hyperscaler companies do care a whole lot about who their counterparties are, how they built data centers for the last 10 years, what's their track record, et cetera, which, of course, up until now, we haven't had. And so I do think that they will care about it.

是的。早安，喬恩。是的，我認為，實際上，其他超大規模企業將 Galaxy 評估為合作夥伴，實際情況是，我們將前 800 兆瓦的可用容量專用於 CoreWeave。因此，我確實認為，規模更大、更成熟的超大規模公司確實非常關心他們的交易對手是誰、他們在過去 10 年裡如何建立資料中心、他們的業績記錄如何等等，當然，到目前為止，我們還沒有了解到這些資訊。所以我確實認為他們會關心這個問題。

But we also -- once we made the decision to partner with CoreWeave, we really didn't have anything to sell them, to be totally candid. So I think it's been less about us being evaluated as a new upstart from a data center development perspective and more about just literal practical availability.

但坦白說，一旦我們決定與 CoreWeave 合作，我們就真的沒有什麼可以賣給他們了。因此，我認為，從資料中心開發的角度來看，我們並不是一個新興企業，更多的是實際可用性。

So I think the setup for us was, let's partner with CoreWeave; let's execute on our existing 800-megawatt project, which is a very large project and is going to span multiple years; and along the way, let's make sure we build up a pipeline of additional capacity that we are going to get approved for over time; as that capacity comes on, we'll have demonstrated our ability to deliver and check that box off for the hyperscalers.

所以我認為我們的安排是，讓我們與 CoreWeave 合作；讓我們執行我們現有的 800 兆瓦項目，這是一個非常大的項目，將跨越數年；在此過程中，讓我們確保建立一個額外容量的管道，我們將隨著時間的推移獲得批准；隨著容量的增加，我們將展示我們交付的能力，並為超大規模企業勾選該框。

So slightly different characterization than I think that you would think but that's been the reality.

因此，我認為您的描述與您想像的略有不同，但這就是現實。

Yeah. That's really helpful. Would you say, when we -- I know we're thinking ahead past the 800 megawatts but would it be a priority to diversify and bring in a different customer? Or are you comfortable with building solely for CoreWeave?

是的。這真的很有幫助。您會說，當我們——我知道我們正在考慮超過 800 兆瓦的目標，但多元化和吸引不同的客戶是否是優先事項？或者您是否願意僅為 CoreWeave 進行建置？

Yeah. I think that we've definitely gotten comfortable taking on pretty significant exposure to CoreWeave, relative to the size of our business. I think that can't be debated based on the size of the mandate that we committed to them.

是的。我認為，相對於我們的業務規模而言，我們已經習慣承擔相當程度的 CoreWeave 風險。我認為，根據我們向他們承諾的授權規模，這是無可爭議的。

On a go-forward basis, I think it would be natural for anyone who had an opportunity in front of them to build a portfolio of data centers to think about diversification in terms of end client, in terms of regional geography, et cetera.

從長遠來看，我認為任何人如果有機會建立資料中心組合，那麼自然會考慮在最終客戶、區域地理等方面實現多樣化。

I think, generally speaking, from a real estate or portfolio perspective, that kind of diversification usually leads to premium valuation, usually leads to ability to finance things more effectively. And so that's definitely on our long-term road map.

我認為，一般來說，從房地產或投資組合的角度來看，這種多樣化通常會帶來溢價估值，通常會帶來更有效融資的能力。所以這肯定在我們的長期路線圖上。

I don't want to undersell, though, a, how good a partner CoreWeave has been; and b, as their business grows and they're successful and their success grows and their credit quality improves, which would be our expectation over time, that it certainly doesn't preclude us from wanting to continue to do business with them as a result.

不過，我不想低估：a，CoreWeave 是多麼好的合作夥伴；b，隨著他們的業務成長、成功以及信用品質的提高（這是我們長期以來的期望），這當然不會妨礙我們繼續與他們做生意。

We're going to keep an eye on it. I think it would be natural for all businesses to think about broader diversification to build the best and most durable business over time. So we're definitely going to look at that.

我們將密切關注此事。我認為所有企業都會自然而然地考慮更廣泛的多元化，以便隨著時間的推移打造最好、最持久的業務。所以我們肯定會考慮這一點。

Matthew Galinko, Maxim Group.

馬修‧加林科 (Matthew Galinko)，馬克西姆集團 (Maxim Group)。

Going back to the treasury companies, I'm curious if you can maybe talk about the competitive environment and the process of building those relationships and winning them; if you have a pulse on maybe what we should expect to see in second half of '25 and into 2026, as far as maybe new players coming into the treasury space; and how -- I don't know if you could offer a number, like, what percentage you feel like you're touching before they're announcing and engaging; or how you feel about the outreach and getting to them before they commit to anybody else.

回到財務公司，我很好奇您是否可以談談競爭環境以及建立和贏得這些關係的過程；您是否知道我們應該在 2025 年下半年和 2026 年看到什麼，以及可能會有哪些新參與者進入財務領域；以及如何——我不知道您是否可以提供一個數字，比如，在他們宣布和參與之前，您覺得您接觸到的百分比是多少其他人。

Yeah. Listen, we are seeing a tremendous amount of opportunities. It will slow -- at one point, the market gets saturated. Most of them are offering similar product. And so you'll see them in different tokens or different mixes of tokens.

是的。聽著，我們看到了大量的機會。它會放緩——到某個時候，市場就會飽和。他們中的大多數都提供類似的產品。因此，您會在不同的令牌或不同的令牌組合中看到它們。

But I think we've probably gone through peak treasury company issuance of new companies. What will be most interesting is which of the existing companies become monsters, right?

但我認為我們可能已經經歷了財務公司發行新股的高峰期。最有趣的是現有的哪些公司會成為巨頭，對吧？

You think about the impact that MicroStrategy has had on the entire Bitcoin ecosystem, it's probably the single most important player in the Bitcoin ecosystem. It's bought the most coins. It's, because of that, has this huge marketing piece to it.

想想 MicroStrategy 對整個比特幣生態系統的影響，它可能是比特幣生態系統中最重要的參與者。它購買了最多的硬幣。正因為如此，它才具有巨大的行銷價值。

We've seen that in Ethereum. There are two leaders and a few coming up that all of a sudden Ethereum from having zero treasury companies 8 weeks ago, 10 weeks ago, now the biggest buyers of ETH are SharpLink, which is Joe Lubin's company, where we're participating; and Tom Lee's company.

我們在以太坊中已經看到了這一點。有兩位領導者和幾位新晉者，突然之間，以太坊從 8 週前、10 週前沒有任何一家財務公司，到現在最大的買家是 SharpLink（喬·魯賓的公司，我們正在參與其中）和 Tom Lee 的公司。

And so I think you're going to continue to see those companies grow. I think the new companies in those ecosystems will have a harder time getting oxygen but there'll be new companies and new ecosystems, as we go forward.

因此我認為你將會繼續看到這些公司的發展。我認為這些生態系統中的新公司將更難獲得氧氣，但隨著我們前進，將會出現新的公司和新的生態系統。

What I think we learned in this -- and it's a great lesson for me -- was how much bigger the equity market investor base is than the traditional crypto market investor base. And so if you think about from the very start as a Bitcoin proselytizer, you're trying to bring people into the tent, right? The job was to orange pill people and explain how this worked and bring them into the community. These treasury companies have done an amazing job of bringing people into the crypto tent.

我認為我們從中學到了什麼——這對我來說是一個很好的教訓——那就是股票市場投資者群體比傳統加密市場投資者群體大得多。因此，如果您從一開始就認為自己是比特幣的傳播者，那麼您就試圖吸引人們加入進來，對嗎？這項工作是向人們提供橙色藥丸並解釋其工作原理並讓他們融入社區。這些財務公司在吸引人們進入加密貨幣領域方面做得非常出色。

I think they're going to continue to play a pretty important part.

我認為他們將繼續發揮相當重要的作用。

Edward Engel, Compass Point.

愛德華‧恩格爾，指南針點。

Just wanted to follow up on some of the digital asset treasury companies. I do see Galaxy has been on some of the pipe deals for some of these. I'm just wondering, are these meaningful investments from your balance sheet or just smaller contributions just to invest alongside some of your clients?

只是想跟進一些數位資產財務公司。我確實看到 Galaxy 已經參與了其中一些管道交易。我只是想知道，這些是從您的資產負債表中得出的有意義的投資嗎？還是只是與您的一些客戶一起投資的小額捐款？

Ed. Yeah. I think, generally speaking, these are relatively small investments for us. Our primary focus has been, how can we put our franchise forward and partner with people who actually value our franchise and the skills and the experience we bring to the table to help them make their company better, rather than I'll characterize it as buying your way in.

艾德：是的。我認為，整體來說，這些對我們來說都是相對較小的投資。我們的主要關注點是，如何推動我們的特許經營，並與真正重視我們的特許經營權以及我們帶來的技能和經驗的人合作，幫助他們使公司變得更好，而不是我將其描述為花錢買路。

We definitely write checks. We do that generally in the general course of business through a lot of different sleeves at Galaxy; through our ventures funds, our opportunistic [pocket] of capital.

我們一定會開支票。我們通常在一般業務過程中透過 Galaxy 的許多不同管道來實現這一點；透過我們的創投基金、我們的機會主義資本。

But our commitment from a capital perspective on these is really one of support, with our business and reputation and services very much front and center as the goal.

但從資本角度來看，我們的承諾實際上是支持，我們的業務、聲譽和服務是我們的目標。

Great. And then, just to squeeze one more in. For the additional capacity that you're purchasing adjacent to Helios, I'm curious just if the timeline of that for ERCOT approval is any different than your existing pipeline?

偉大的。然後，再擠進一個。對於您在 Helios 附近購買的額外容量，我很好奇 ERCOT 批准的時間表是否與您現有的管道有何不同？

Yeah. I would think about the additional 1 gigawatt of interconnect request at the land we are acquiring to be somewhat on par with our existing 1.7 gigawatts in the backlog. And so think about 1.7 gigawatts going to 2.7 gigawatts in terms of timeline.

是的。我認為，我們正在收購的土地上額外的 1 千兆瓦互連請求與我們現有的積壓 1.7 千兆瓦相當。因此，從時間軸來看，考慮從 1.7 千兆瓦到 2.7 千兆瓦。

To be a little more specific, this new property interconnect is largely focused on the new pitchfork switching station that's being built and delivered. And so our existing 1.7 gigawatts effectively was parsed between our existing timeline into the Cottonwood switching station, which has up to 1.6 gigawatts today approved, which would be an incremental 800 megawatts from what we already have.

更具體地說，這種新的物業互連主要集中在正在建造和交付的新幹線交換站上。因此，我們現有的 1.7 千兆瓦實際上已按照我們現有的時間表解析到 Cottonwood 開關站，該開關站目前已獲批准的容量高達 1.6 千兆瓦，這將比我們現有的容量增加 800 兆瓦。

And so this layers into the new CapEx project that's already been approved and is in flight in ERCOT for the new switching station, which, now, we own a significant amount of land, all surrounding that new project.

因此，這涉及到已經獲得批准的新資本支出項目，該項目正在 ERCOT 為新開關站進行，現在，我們擁有大量土地，全部圍繞著這個新項目。

Devin Ryan, Citizens.

德文·瑞安（Devin Ryan），公民。

I just want to come back to the theme of tokenization and as we get closer to (inaudible), for clarity. Would be great just getting an update on how you see Galaxy as a player (inaudible) onchain. Essentially, do you think of yourself as helping product manufacturers tokenize assets, raise primary capital? Do you have interest in providing traditional assets, like tokenized stocks and bonds?

我只是想回到標記化的主題，並且隨著我們越來越接近（聽不清楚），為了清楚起見。很高興能了解到您如何看待 Galaxy 作為鏈上玩家（聽不清楚）。本質上，您是否認為自己正在幫助產品製造商將資產代幣化，籌集原始資本？您是否有興趣提供傳統資產，例如代幣化股票和債券？

Really, just do you want to think about where you want to play? Are there areas where you don't want to participate there? And then, just what are the resources you need to add to get where you want to be?

真的，你只是想考慮一下你想去哪裡玩嗎？那裡有你不想參與的領域嗎？那麼，您需要增加哪些資源才能達到您想要的目標呢？

Yeah. That's the $64,000-question for where crypto is going. I think everybody in this industry, including Galaxy, is trying to figure out what role we best play.

是的。這是價值 64,000 美元的問題：加密貨幣的走向如何。我認為這個行業中的每個人，包括 Galaxy，都在試圖弄清楚我們最好扮演什麼角色。

Listen, we have a tokenization engine. We have a wallet business in GK8. We are doing a lot of staking. And so we put that together as an infrastructure package. We're going to certainly look to be part of the solution for people on infrastructure.

聽著，我們有一個標記化引擎。我們在GK8有錢包生意。我們正在進行大量的質押。因此我們將其整合為基礎設施包。我們一定會努力為人們提供基礎設施解決方案。

It's unclear where these are going to trade, still. We will certainly be trading once they're trading and debating, do you team up with people to be part of that exchange or platform? But it hasn't. The roadmap is not necessarily written there yet. Some of that is -- a lot of that is regulatory.

目前還不清楚這些產品將在何處進行交易。一旦他們開始交易和辯論，我們肯定會進行交易，您是否會與人們合作成為該交易所或平台的一部分？但事實並非如此。路線圖還不一定已經寫在那裡。其中有些是──很多是監管方面的。

And so if we tokenize Apple stock, for instance, where is the liquidity of that going to exist? And so, yeah, there's not a great answer yet, other than we're hyper-focused on it. We do think more -- listen, the head of the SEC said, we're going to try to move things onchain.

那麼，如果我們將蘋果股票代幣化，那麼它的流動性在哪裡呢？是的，目前還沒有很好的答案，除了我們高度關注它之外。我們確實想得更多——聽著，美國證券交易委員會負責人說，我們將嘗試將事情轉移到鏈上。

Building that backbone and muscle is really important.

鍛鍊脊樑和肌肉確實很重要。

Got it. Just a quick follow-up, maybe shorter term, just the outlook for the investment banking team (inaudible). Obviously, companies coming public here; there's a lot of M&A. I think seems like a lot more M&A is in the space -- just, it's not necessarily a core driver but can drive [confidence] from quarter to quarter.

知道了。只是一個簡短的後續問題，也許是短期的，只是對投資銀行團隊的展望（聽不清楚）。顯然，這裡有很多公司上市，併購活動也很多。我認為該領域似乎出現了更多的併購活動——雖然它不一定是核心驅動力，但可以推動每個季度的信心成長。

So just any sense of, like, the opportunity from here and any way you can frame maybe the incremental revenues that you see from that?

那麼，您能從中感受到什麼機會嗎？您能從中看出什麼增量收入嗎？

Yeah. On the investment banking side, I would say, where we've really shined over the years is focusing on boutique M&A opportunities where our expertise on both the buy and the sell side -- specifically to crypto companies, where they sit in the ecosystem, what their value add is -- really shines.

是的。在投資銀行方面，我想說，多年來我們真正出色的地方在於專注於精品併購機會，我們在買方和賣方方面的專業知識——特別是對於加密貨幣公司、它們在生態系統中的位置、它們的附加價值——真正閃耀。

That pipeline is the highest quality and largest in terms of dollar numbers and live transactions than we've ever seen before. What's important about it is, historically, if you remember, we had a pipeline in that business that was pretty large -- and there were some really chunky, very large transactions in there.

就金額和即時交易而言，該管道的品質和規模都是前所未有的。重要的是，從歷史上看，如果你還記得的話，我們在該業務中有一個相當大的管道——其中有一些非常龐大的交易。

Now, we have numerous nine-figure M&A proposed transactions that we're pursuing all at once. And so we have higher number and a lot broader and durable pipeline of opportunities. They're all very high-quality companies that will very likely get bought and sold.

現在，我們有許多價值九位數的併購交易提議，我們正在同時進行。因此，我們擁有更多、更廣泛、更持久的機會。它們都是非常優質的公司，很可能會被買賣。

And so that part of the business, we're actually pretty excited about. Given the size of that market and those opportunities relative to the rest of our business, for the foreseeable near term, it's going to be a relatively smaller contributor but nonetheless, an important growing one that's important to not just the earnings of the business but also the knowledge base and continuing to build our reputation as being one of the smartest players in the space.

因此，我們對這部分業務確實感到非常興奮。考慮到該市場的規模以及相對於我們其他業務而言的機遇，在可預見的短期內，它將是一個相對較小的貢獻者，但仍然是一個重要的增長點，不僅對業務收益很重要，而且對知識基礎也很重要，並將繼續打造我們作為該領域最聰明的參與者之一的聲譽。

That's what we're most excited about there.

這就是我們最興奮的事情。

What the team is also focused on outside of that, which are really near-term deals we are transacting in, is a little bit of what Mike said, which was investing in talent, some licensure around traditional broker-dealer abilities, and thinking about what an onchain capital markets business would look like.

除此之外，團隊還關注的是我們正在進行的短期交易，正如 Mike 所說的那樣，投資於人才，獲得一些圍繞傳統經紀自營商能力的許可，並思考鏈上資本市場業務會是什麼樣子。

I think what we knew all along was we're unlikely to be smart to compete against the large banks for traditional capital markets deals. But I'm not sure that we agree that that should be applied to the new onchain economy that's growing.

我認為我們一直都知道，我們不太可能聰明到在傳統資本市場交易中與大型銀行競爭。但我不確定我們是否同意將其應用於正在發展的新型鏈上經濟。

And so we are investing in early stages and thinking about our strategy around capital raising onchain, whether that be in security token form or non-security, other token form, depending on where market structure comes out. And so that's our R&D phase today, right now.

因此，我們正在進行早期投資，並思考圍繞鏈上融資的策略，無論是採用安全令牌形式還是非安全令牌形式，其他令牌形式，都取決於市場結構的出現。這就是我們今天的研發階段。

Joseph Vafi, Canaccord.

約瑟夫·瓦菲，Canaccord。

Great progress on everything. A lot of questions have been answered or asked. So I'll just ask a quick one.

一切都取得了巨大進步。許多問題已經得到解答或提出。所以我只想快速問一個問題。

Just really curious on this $9 billion notional trade. It feels like the market absorbed that trade really well. So, a, congratulations on that execution. But just peeling the layer of the onion off, the mechanics of it, were you surprised to see that trade? It felt like the Bitcoin market only dropped a very small amount on such a large trade. So just any color on the mechanics and demand you saw for that block.

只是對這筆 90 億美元的名義交易真的很好奇。感覺市場很好地吸收了這筆交易。所以，恭喜你成功執行。但是，只要剝掉洋蔥層，看看它的機制，你對這筆交易感到驚訝嗎？感覺比特幣市場在如此大的交易中只下跌了很小的幅度。因此，您所看到的該區塊的機制和需求就是任何顏色。

Yeah. I'll give you some public info. You can -- just because Michael Saylor puts out what he buys each week, call it grace, call it luck, call it fortune, call it timing, a combination of all the -- but the execution happened when there was a tremendous amount of buying. That buying is coming mostly from these balance sheet companies, not just Michael Saylors but Truth Social, the Trump version. Lots of them happen to be buying in that public information.

是的。我會給你一些公開的資訊。你可以——僅僅因為邁克爾·塞勒每週都會拿出他所購買的東西，稱之為恩典，稱之為運氣，稱之為財富，稱之為時機，所有這些的結合——但執行發生在購買量巨大的時候。這些購買主要來自這些資產負債表公司，不僅是邁克爾·塞勒斯 (Michael Saylors)，還有川普版本的 Truth Social。他們中的許多人恰好購買了這些公開資訊。

And so supply met demand or demand met supply. We continue to see big buying of crypto from balance sheet companies. The Ethereum companies are buying a couple of hundred million dollars each a week, at least. And so I think as long as that continues, crypto prices are going to look pretty good.

因此，供給滿足需求或需求滿足供給。我們繼續看到資產負債表公司大量購買加密貨幣。以太坊公司每周至少購買幾億美元。所以我認為只要這種情況持續下去，加密貨幣價格就會相當不錯。

Now. there's a backdrop that this all happens in, right? We've got -- the economy finally showed a big drop in jobs and the revisions to jobs last Friday. We're now pricing 80% chance of a cut in September.

現在，這一切都有一個發生的背景，對嗎？我們已經看到——經濟終於顯示出就業大幅下降，上週五對就業數據進行了修正。我們現在預計 9 月降息的可能性為 80%。

The President is becoming more and more vocal about a new Fed chief. He fundamentally believes Chairman Powell is making mistake not having cut rates sooner.

總統對新任聯準會主席的任命越來越積極。他從根本上認為鮑威爾主席沒有儘早降息是犯了一個錯誤。

But when the executive gets involved with the Central Bank and fires the head of the BLS, all of that plays into the Bitcoin narrative; plays into, oh heck, we're going to have to inflate our way out of this giant debt trap.

但是，當高層介入中央銀行並解僱美國勞工統計局局長時，所有這些都與比特幣的敘述有關；天哪，我們將不得不透過通貨膨脹來擺脫這個巨大的債務陷阱。

And so the macro story for Bitcoin and crypto is increasing, not decreasing. And so I think you're going to continue to see decent demand for people wanting Bitcoin as part of their portfolio.

因此，比特幣和加密貨幣的宏觀故事正在增加，而不是減少。因此我認為，你會繼續看到人們對比特幣作為投資組合一部分的大量需求。

Ladies and gentlemen, in the interest of time, this concludes our question-and-answer session.

女士們、先生們，為了節省時間，我們的問答環節到此結束。

I would like to turn the conference back over to Mike Novogratz, Founder and CEO of Galaxy, for any closing remarks.

我想將會議交還給 Galaxy 創辦人兼執行長 Mike Novogratz，請他致閉幕詞。

Guys, thanks a ton.

夥計們，非常感謝。

We do notice that we have more demand than spots for the conference call, for the earnings call. You can call that a rookie mistake. It's our first US-listed earnings call. We promise: Next time, we won't make that mistake.

我們確實注意到，對於電話會議和收益電話會議的需求比場地要多。你可以稱之為新手錯誤。這是我們首次在美國上市的財報電話會議。我們保證：下次我們不會犯同樣的錯誤。

We are working hard. We're excited over here. I said that earlier, July was the best month we've had.

我們正在努力工作。我們對此感到很興奮。我之前說過，七月是我們經歷過的最好的月份。

There is a tremendous amount that we didn't talk about happening here.

這裡還有很多事情我們沒有談到。

We have 615 employees that are coming to work with big smiles every day. I bet you by the time we speak to you next time, that number is bigger.

我們有 615 名員工，每天都帶著笑容來上班。我敢打賭，當我們下次和你談話時，這個數字會更大。

Anyway, thanks a lot. Look forward to talking to you next quarter.

無論如何，非常感謝。期待下個季度與您交談。

Ladies and gentlemen, the conference has now concluded.

女士們、先生們，會議現已結束。

Thank you for attending today's presentation. You may now disconnect.

感謝您參加今天的演講。您現在可以斷開連線。