Galaxy Digital Inc (GLXY) 2025 Q3 法說會逐字稿

Good morning, and welcome to the Galaxy Digital third-quarter 2025 earnings call. Today's call is being recorded. (Operator Instructions)

早安，歡迎參加 Galaxy Digital 2025 年第三季財報電話會議。今天的通話將會被錄音。（操作說明）

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

此時，我謹將會議交給投資人關係主管喬納森‧戈爾多夫斯基。請繼續，先生。

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

早安，歡迎參加 Galaxy 2025 年第三季財報電話會議。在開始之前，請注意，我們的發言，包括您問題的回答，可能包含前瞻性陳述。由於各種因素，實際結果可能與這些聲明中所述的結果有重大差異，這些因素包括我們在獲利報告或其他已提交給美國證券交易委員會和 SEDAR+ 的文件中免責聲明中確定的因素。前瞻性陳述僅代表截至今日的信息，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. Finally, none of the information on this call constitutes a recommendation, solicitation or offered by Galaxy or its affiliates to buy or sell any securities.

此外，我們可能會討論對非GAAP指標的引用，這些指標的調節表也可以在我們的獲利報告中找到。最後，本次電話會議中的任何資訊均不構成 Galaxy 或其關聯公司買賣任何證券的建議、招攬或要約。

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

接下來，我將把麥克風交給 Galaxy 的創辦人兼執行長 Mike Novogratz。

Well, good morning, everyone. Chris Ferraro would get upset with me if I didn't give you a New York weather report. It is a gorgeous day here in the Big Apple, a great fall day. I couldn't be more excited to be with you. I want to welcome our new friends who are logging in on YouTube. Last time in our conference call, we didn't have enough slots, which was a bit embarrassing. And so we wanted to make sure our story gets out there and anyone who wants to hear can hear. And so thanks for following us.

大家早安。如果我不給你播報紐約天氣預報，克里斯費拉羅會生我的氣的。今天紐約天氣真好，是個美好的秋日。能和你在一起，我感到無比興奮。歡迎各位新朋友登入YouTube。上次我們開電話會議時，座位不夠，有點尷尬。因此，我們希望確保我們的故事能夠傳播出去，讓任何想聽的人都能聽到。感謝大家的關注。

Listen, quarter 3 was the best quarter in Galaxy's history. And so I show up today with a grin. Probably about running the company is that grins has lasted probably for the length of this call, and then my face gets turned and we start grinding.

聽著，第三季是Galaxy史上最好的季度。所以今天我帶著笑容出現了。關於公司運營，我的笑容可能持續到通話結束，然後我的臉色就變了，我們開始認真交談。

What happened? Listen, we have for eight years, been trying to build a brand of confidence and trust. And Q3, it felt like that all came together, right? We did a gigantic spot crypto trade, which came to us because they're guys in the community that trusted us to move $9 billion of their Bitcoin into cash. That didn't come overnight. That comes from a long time of relationship building and liquidity building, quite frankly.

發生了什麼事？聽著，八年來，我們一直努力打造一個充滿信心和信任的品牌。第三季度，感覺一切都水到渠成了，對吧？我們完成了一筆數額龐大的現貨加密貨幣交易，這筆交易之所以發生，是因為社群裡的一些人信任我們，讓我們把他們價值 90 億美元的比特幣兌換成現金。這並非一朝一夕就能實現的。坦白說，這源自於長期的人脈關係建立和資金累積。

We also help launch the largest Solana [debt] again, raising $1.7 billion, $1.65 billion to invest in the Solana ecosystem and doing it quickly comes from having built up trust with lots of people. And so that's kind of the story that we've been working hard for eight years.

我們也幫助 Solana 再次發行了最大的 [債務]，籌集了 17 億美元和 16.5 億美元，用於投資 Solana 生態系統，而之所以能迅速做到這一點，是因為我們與許多人建立了信任。這就是我們八年來一直在努力的方向。

We didn't do a great job telling our story originally, and we're really focused on that. Part of that was not being here. We're six months now in the US Nasdaq company gives us a lot more ability to tell our story. And so part of my job is out there making sure people understand what Galaxy is what we're doing, what we're thinking about.

我們最初講述自己的故事做得併不好，我們現在非常關注這一點。部分原因是我不在現場。我們在美國納斯達克上市已經六個月了，這給了我們更大的能力來講述我們的故事。因此，我的部分工作就是向外界確保人們了解 Galaxy 是什麼，我們正在做什麼，我們正在思考什麼。

I'll just hit you with a few quick highlights, and I'm going to pass this to Tony and Chris. But one, we generated $500 million-plus of net income. That's just a lot. Our assets on platform reached $17 billion. That's by far a record for us. That strong organic growth in asset management is staking. Asset management, we did a great job of understanding when all these treasury companies were starting that we could play a role in helping them manage those assets and stake. And so that was $4 billion plus of new assets added to the platform, and those are high fee-paying assets that will be with us for a long time.

我先簡單概括幾個要點，然後把這個主題交給東尼和克里斯。但是，我們創造了超過 5 億美元的淨收入。這可真是不少。我們平台上的資產總額達到了170億美元。這絕對是我們迄今為止的最高紀錄。資產管理領域強勁的內生成長令人矚目。資產管理方面，我們做得很好，當所有這些財務公司成立之初，我們就意識到我們可以在幫助他們管理這些資產和權益方面發揮作用。因此，該平台新增了超過 40 億美元的資產，這些資產都是高額收費資產，它們將長期與我們在一起。

Trading side, outside of that 80,000 Bitcoin order, we saw record volumes. And that hopefully continues to grow each quarter. Those are the businesses that we keep investing in, thinking that in the long run, will give Galaxy great ballast. Our lending book, which had spent years roughly in that $900 million to $1.2 billion is on the move. We were $1.8 billion and growing. And so I talked a lot about credit needed to be a key part of the Galaxy growth story, and we are focused on making it so.

交易方面，除了那筆 8 萬枚比特幣的訂單之外，我們看到了創紀錄的交易量。希望這個數字每季都能持續成長。我們不斷投資這些企業，認為從長遠來看，它們將為 Galaxy 提供強大的支撐。我們的貸款帳簿多年來一直維持在 9 億至 12 億美元左右，現在正在改變。我們當時的市值是18億美元，而且還在成長。因此，我多次談到信貸必須成為 Galaxy 發展歷程中的關鍵組成部分，而我們也正致力於實現這一點。

Excitingly, we launched Galaxy One. It's our opening for to get individual investors into the Galaxy universe. We're going to take the knowledge and institutional profile that we've built at Galaxy and opened the window to more and more people. It's a new business. We're going to give you updates, but it's going to take us a little while to get that really up and running. And so let's think of that as a Q2 '26 big update.

令人興奮的是，我們推出了 Galaxy One。這是我們讓個人投資者進入 Galaxy 世界的契機。我們將利用我們在 Galaxy 累積的知識和機構聲譽，向越來越多的人敞開大門。這是一家新公司。我們會及時向您報告最新進展，但要真正啟動並運行這項工作還需要一些時間。所以，我們可以把它看作是 2026 年第二季的重大更新。

Data centers, which is -- I always think of -- we're half a data center company and half a digital assets company. We are grinding in the data center business. There are two sides to this. There's the 800 megawatts that we have in building that out for CoreWeave, that's building on time. It's building on cost, that's getting it financed. All of those things, Chris is going to talk on, I'm feeling great about.

資料中心，我一直認為──我們一半是一家資料中心公司，一半是一家數位資產公司。我們在資料中心業務中苦苦掙扎。這件事有兩面性。我們正在為 CoreWeave 建造 800 兆瓦的電力，目前建設進展順利。這是在成本上進行的，也就是透過融資來實現的。克里斯要談到的那些事情，我都覺得很棒。

And then it's -- we're in queue with a bunch of people for more power in Texas. And we'll know a lot more about that in the foreseeable future, but we feel pretty good that 800 is not going to be our total footprint.

然後，我們就得和一大群人一起排隊，爭取在德州獲得更多電力。在可預見的未來，我們會對此了解更多，但我們很有信心，800 不會是我們最終的佔地面積。

And finally, listen, last week, we did a pipe deal, $460 million from a large institutional investor. I couldn't be more excited about having them as a partner and investor in us. That money is going to be used to help build out a world-class company and a world-class data center.

最後，聽著，上週我們達成了一項管道交易，從一家大型機構投資者那裡獲得了 4.6 億美元的投資。能與他們成為我們的合作夥伴和投資者，我感到無比興奮。這筆資金將用於幫助打造世界一流的公司和世界一流的資料中心。

And with that, guys, like I said, couldn't be more excited. I'm going to pass it to Tony.

各位，就像我剛才說的，我真是無比激動。我要把它交給東尼。

Great. Thanks, Mike, and thank you, everyone, for joining the call today. As with last quarter, I'll provide a summary of Galaxy's overall performance in Q3, then I'll dive into some more of the details on the digital asset business and then turn it over to Chris to provide a more detailed update on data centers.

偉大的。謝謝麥克，也謝謝大家今天參加電話會議。與上個季度一樣，我將總結 Galaxy 在第三季的整體業績，然後深入探討數位資產業務的一些細節，最後交給 Chris 來提供資料中心方面的更詳細更新。

As Mike mentioned, Q3 was a standout quarter for Galaxy with record performance across the Digital Asset segment and continued operational progress as we scale our core businesses. GAAP net income for the quarter came in at $505 million, on record adjusted gross profit of $728 million, underscoring the strength of our diversified model and ability to execute in a dynamic market environment. This performance was driven by outsized contributions from both our Digital Asset segment and our treasury and corporate investment portfolio.

正如 Mike 所提到的，第三季度是 Galaxy 的一個突出季度，數位資產部門的業績創下歷史新高，隨著我們擴大核心業務規模，營運也持續取得進展。本季 GAAP 淨收入為 5.05 億美元，調整後毛利潤創歷史新高，達到 7.28 億美元，凸顯了我們多元化模式的優勢以及在動態市場環境中執行的能力。這一業績主要得益於我們的數位資產部門以及財務和企業投資組合的巨大貢獻。

In digital assets, we delivered a record adjusted gross profit of $318 million, reflecting strong momentum across trading, investment banking, asset management and staking. Our platform continues to benefit from increased institutional engagement, broader client activity, and rising demand for sophisticated investment and advisory solutions.

在數位資產領域，我們實現了創紀錄的調整後毛利 3.18 億美元，反映出交易、投資銀行、資產管理和質押業務的強勁成長動能。我們的平台持續受益於機構參與度的提高、客戶活動的擴大以及對複雜投資和諮詢解決方案需求的不斷增長。

In treasury and Corporate, we delivered adjusted gross profit of $408 million, primarily driven by gains across our digital asset and investment portfolios. Within our private investments book, we saw sizable unrealized gains from our investments in Ripple Labs and from Bullish, which went public during Q3.

在財務和公司業務方面，我們實現了 4.08 億美元的調整後毛利，這主要得益於我們的數位資產和投資組合的收益。在我們的私人投資帳簿中，我們從對 Ripple Labs 和 Bullish 的投資中獲得了可觀的未實現收益，這兩家公司都在第三季度上市。

As a reminder, we've transitioned the majority of our venture investing activity from our balance sheet into our venture franchise within the asset management business, which allows our institutional LPs to invest alongside Galaxy while enabling us to generate long-term management fees for overseeing these investments.

再次提醒大家，我們已將大部分創投活動從資產負債表轉移到資產管理業務中的創投部門，這使得我們的機構有限合夥人可以與 Galaxy 一起投資，同時使我們能夠透過監督這些投資獲得長期管理費。

In data centers, as mentioned previously, we expect financial results in this segment to be de minimis until the first half of 2026, when we plan to begin recognizing revenue under Phase 1 of our CoreWeave lease agreement. Until then, all major capital expenditures associated with our data center build-out are being capitalized including the interest associated with the $1.4 billion project level loan we secured during the quarter.

如前所述，我們預計資料中心業務的財務表現將在 2026 年上半年之前微乎其微，屆時我們將根據 CoreWeave 租賃協議的第一階段開始確認收入。在此之前，與資料中心建設相關的所有重大資本支出都將資本化，包括我們在本季度獲得的 14 億美元項目級貸款的利息。

Firm-wide adjusted EBITDA came in at $629 million, up from $211 million in Q2, a clear reflection of the increased scale and profitability across the enterprise. Total operating expenses, excluding grossed up transaction costs were $184 million in Q3. The increase from Q2 was driven by a $38 million onetime impairment related to our legacy mining infrastructure and an increase in compensation expense. Looking forward, we do not expect any further material impairments to our remaining mining equipment, which is now held on our balance sheet at an aggregate value of less than $50 million.

公司整體調整後 EBITDA 為 6.29 億美元，高於第二季的 2.11 億美元，這清楚反映了企業規模和獲利能力的提高。第三季總營運支出（不含交易成本總額）為 1.84 億美元。與第二季度相比的增長是由於與我們遺留的採礦基礎設施相關的 3800 萬美元一次性減值以及薪酬支出增加所致。展望未來，我們預計剩餘的採礦設備不會再出現任何重大減值，這些設備目前在我們的資產負債表上的總價值不到 5000 萬美元。

Turning to the balance sheet. We ended Q3 with $1.9 billion of cash and stablecoins, up roughly $700 million from Q2, primarily reflecting the net sale of certain digital assets and investments during the quarter as well as deposits received from CoreWeave following the exercise of their Phase 2 and 3 options.

接下來看一下資產負債表。第三季末，我們持有現金和穩定幣 19 億美元，比第二季增加了約 7 億美元，這主要反映了本季某些數位資產和投資的淨銷售額，以及 CoreWeave 行使第二階段和第三階段選擇權後收到的存款。

Within our Treasury and Corporate segment, we held approximately $2.1 billion in net digital assets and investments at quarter end, reflecting the continued strategic allocation of capital towards high conviction investment opportunities. We ended Q3 with $3.2 billion in equity capital, up more than 20% quarter-over-quarter with roughly 65% allocated to our operating businesses.

在我們的財務和企業部門，截至季末，我們持有約 21 億美元的淨數位資產和投資，這反映了我們持續將資本策略性地配置到高信心的投資機會。第三季末，我們的股本為 32 億美元，季增超過 20%，其中約 65% 分配給了我們的營運業務。

Over time, we expect the amount of capital allocated to our operating businesses to continue to increase as we scale across both digital assets and data centers. As Mike mentioned, earlier this month, one of the world's largest and most respected names in Global Asset Management made a $460 million investment in Galaxy. The $325 million in net proceeds to the company will help drive the build-out of our Helios data center campus, which Chris will speak to shortly.

隨著我們在數位資產和資料中心方面不斷擴大規模，我們預計分配給營運業務的資本金額將持續增加。正如麥克所提到的，本月初，全球資產管理領域規模最大、最受尊敬的公司之一向 Galaxy 投資了 4.6 億美元。該公司獲得的 3.25 億美元淨收益將有助於推動我們 Helios 資料中心園區的建設，克里斯稍後將對此進行介紹。

We feel good about our overall capital position and we'll look to optimize our sources of funding as we continue building across two major growth businesses. As mentioned last quarter, we will continue to manage our balance sheet with fortress principles demonstrating disciplined risk management and maintaining sufficient capital and liquidity to support sustained growth over the long term.

我們對整體資本狀況感到滿意，並將持續優化融資來源，以推動兩大成長業務的持續發展。正如上個季度所提到的，我們將繼續秉持穩固的原則管理資產負債表，展現出嚴謹的風險管理，並保持充足的資本和流動性，以支持長期的持續成長。

Now turning to our operating results, starting with digital assets. On last quarter's earnings call, we highlighted that July marked the strongest monthly performance for our digital assets business, and that momentum carried through the remainder of Q3. We had record results in global markets generating approximately $295 million of adjusted gross profit, driven by healthy trading activity and continued growth across our client base.

現在來看我們的經營業績，先從數位資產開始。在上個季度的財報電話會議上，我們強調，7 月是我們數位資產業務表現最強勁的月份，而且這一勢頭一直延續到第三季度的剩餘時間。我們在全球市場取得了創紀錄的業績，調整後毛利約為 2.95 億美元，這得益於健康的交易活動和客戶群的持續成長。

Industry-wide crypto trading volumes improved meaningfully during the quarter, reflecting higher prices, strong market sentiment, and increased engagement and Galaxy outperformed that backdrop delivering record crypto trading volumes that were up 140% from Q2.

本季整個產業的加密貨幣交易量顯著改善，反映出價格上漲、市場情緒強勁以及參與度提高，而 Galaxy 在此背景下表現優異，實現了創紀錄的加密貨幣交易量，比第二季度增長了 140%。

As Mike mentioned, this included the sale of over $9 billion of Bitcoin on behalf of a single client and one of the largest notional Bitcoin transactions ever completed, underscoring our ability to deliver complex transactions at scale with limited market impact.

正如麥克所提到的，這包括代表單一客戶出售價值超過 90 億美元的比特幣，以及有史以來完成的最大名義比特幣交易之一，這凸顯了我們能夠在有限的市場影響下大規模交付複雜交易的能力。

In our lending business, as Mike mentioned, our average loan book grew to over $1.8 billion in Q3, driven by new clients and market appreciation. A shift in mix caused some net interest margin compression during the quarter. And as the crypto lending market evolves, we will continue to maintain prudent risk standards and explore strategies to efficiently fund this business with a focus on supporting long-term scalability.

正如麥克所提到的，在我們的貸款業務中，受新客戶和市場升值的推動，第三季平均貸款額成長至超過 18 億美元。本季度，產品組合的變化導致淨利差有所收窄。隨著加密貨幣借貸市場的演變，我們將繼續保持審慎的風險標準，並探索有效融資策略，並專注於支持長期可擴展性。

On the advisory front, Galaxy closed two deals during the quarter, including serving as a co-placement agent and financial adviser to Forward Industries on the $1.65 billion private placement. And this deal highlights the strength of our advisory franchise and our growing role as a trusted partner for institutional clients navigating this market. It also marks the first step in a broader partnership with Forward Industries that extends across our platform, which I'll speak to in a moment.

在諮詢方面，Galaxy 在本季完成了兩筆交易，其中包括擔任 Forward Industries 16.5 億美元私募配售的聯合配售代理和財務顧問。這項交易凸顯了我們諮詢業務的實力，以及我們作為機構客戶在這個市場中值得信賴的合作夥伴所扮演的日益重要的角色。這也標誌著我們與 Forward Industries 建立更廣泛合作關係的第一步，這種合作關係將擴展到我們的整個平台，我稍後會詳細介紹。

Shifting to asset management and infrastructure solutions. We ended the quarter with more than $15 billion in total assets under management and assets under stake, nearly doubling from last quarter and generated $23 million in adjusted gross profit, reflecting strong growth across both businesses.

轉向資產管理和基礎設施解決方案。本季末，我們管理的總資產和受託資產超過 150 億美元，比上一季幾乎翻了一番，調整後的毛利為 2,300 萬美元，反映出兩項業務的強勁成長。

Assets under management grew to approximately $9 billion this quarter, reflecting strong net inflows of roughly $2 billion across both ETF and alternative strategies. This momentum was driven by continued adoption of our digital asset treasury solutions which -- with Galaxy being selected as the manager of choice by several companies in this space.

本季資產管理規模成長至約 90 億美元，反映出 ETF 和另類投​​資策略均實現了約 20 億美元的強勁淨流入。這一勢頭得益於我們數位資產資金管理解決方案的持續普及——Galaxy 已被該領域的幾家公司選為首選管理商。

Winning these mandates reflects our deep experience managing across market cycles and navigating volatility to deliver strong risk-adjusted returns reinforcing our position as a trusted partner. These mandates also represent a meaningful shift in the profile of our asset management business to more strategic long-term capital that generates recurring durable revenue streams. The asset management business is now firmly run rate profitable, giving us a solid foundation to continue investing in order to expand the platform and broaden our reach.

贏得這些委託反映了我們在管理市場週期和應對市場波動方面的豐富經驗，從而實現了強勁的風險調整後收益，鞏固了我們作為值得信賴的合作夥伴的地位。這些授權也標誌著我們資產管理業務的本質發生了重大轉變，轉向更具策略性的長期資本，以產生持續穩定的收入來源。資產管理業務目前已實現穩定的盈利，為我們繼續投資以擴展平台和擴大業務範圍奠定了堅實的基礎。

Turning to Infrastructure Solutions. Our assets under stake more than doubled quarter-over-quarter to approximately $7 billion, with growth being driven largely by digital asset treasuries and our custodian integration strategy. Through these integrations with leaders across the custody space, including the custodian for the majority of US crypto ETFs, we positioned ourselves to serve institutional clients at scale and enable our staking services to reach a much broader audience.

轉向基礎設施解決方案。我們的資產規模季增超過一倍，達到約 70 億美元，成長主要由數位資產庫和我們的託管人整合策略推動。透過與託管領域的領導者（包括美國大多數加密貨幣 ETF 的託管機構）的整合，我們得以大規模地為機構客戶提供服務，並使我們的質押服務能夠覆蓋更廣泛的受眾。

Stepping back, Q3 served as an activation of the flywheel across our multiple digital asset businesses. This is an exciting development and notable marker of the continued maturation in Galaxy's business model. A clear example of this flywheel is our work with digital asset treasury companies. What began as an emerging opportunity earlier in the year has evolved into a multichannel business line with mandates across some of the largest publicly traded holders of digital assets.

回顧過去，第三季標誌著我們多個數位資產業務的飛輪效應正式啟動。這是一個令人振奮的進展，也是 Galaxy 商業模式持續走向成熟的顯著標誌。我們與數位資產財務公司的合作就是這種飛輪效應的一個明顯例子。今年稍早出現的新興機遇，已經發展成為一條多通路業務線，其業務範圍涵蓋一些最大的上市數位資產持有者。

This includes supporting clients with initial capital raised through our advisory business, then leveraging our network to provide operational support and connectivity to key service providers to ensure a successful launch. It also includes working closely with treasury teams to implement institutional grade yield strategies aligned with their objectives, spanning staking, lending, trade execution, asset management and other on chain opportunities all within a disciplined risk-managed framework.

這包括透過我們的諮詢業務為客戶提供初始資金支持，然後利用我們的網路提供營運支援和與關鍵服務提供者的連接，以確保成功啟動。它還包括與財務團隊密切合作，實施符合其目標的機構級收益策略，涵蓋質押、借貸、交易執行、資產管理和其他鏈上機會，所有這些都在一個嚴格的風險管理框架內進行。

Our partnership with Forward Industries is a case in point. In Q3, we announced a strategic investment alongside Multi Coin Capital and Jump Crypto in forward Solana based treasury initiative, the largest of its time to date. We supported Forward's private placement through our advisory business, assisted them with execution and deployment of the proceeds, became the sole asset manager of all their treasury assets and helped launch their validator on the Solana blockchain.

我們與Forward Industries的合作就是一個很好的例子。第三季度，我們與 Multi Coin Capital 和 Jump Crypto 共同宣布對基於 Solana 的前瞻性國庫計劃進行戰略投資，這是迄今為止規模最大的投資。我們透過諮詢業務為 Forward 的私募配售提供支持，協助他們執行和部署收益，成為他們所有國庫資產的唯一資產管理人，並幫助他們在 Solana 區塊鏈上啟動驗證器。

Collectively, our digital asset treasury mandates have added more than $4.5 billion in AUM and AUS to Galaxy. And at current market prices, we expect the annual recurring fee revenue associated with these mandates to be more than $40 million. This is exactly the kind of institutional-grade solution Galaxy is uniquely positioned to deliver, leveraging our expertise to build long-term partnerships and generate durable recurring revenue for the franchise.

總的來說，我們的數位資產資金管理委託為 Galaxy 增加了超過 45 億美元的資產管理規模 (AUM) 和資產管理單位 (AUS)。以當前市場價格計算，我們預計與這些授權相關的年度經常性費用收入將超過 4000 萬美元。這正是 Galaxy 憑藉自身獨特優勢能夠提供的機構級解決方案，我們將利用我們的專業知識建立長期合作夥伴關係，並為特許經營商創造持久的經常性收入。

Shifting to innovation, a couple of things to highlight. As part of our broader mission to connect traditional finance with blockchain infrastructure, last quarter, we partnered with Super State, one of our venture portfolio companies, to tokenize Galaxy's Class A common stock on the Solana blockchain. As noted in our press release from September, these on-chain shares are not a synthetic representation of ownership. They're fully SEC-registered securities with the same legal and economic rights as our traditional shares.

接下來談談創新，有幾點需要重點強調。作為我們連接傳統金融與區塊鏈基礎設施的更廣泛使命的一部分，上個季度，我們與我們的創投組合公司之一 Super State 合作，在 Solana 區塊鏈上將 Galaxy 的 A 類普通股代幣化。正如我們在9月的新聞稿中所述，這些鏈上股份並非所有權的合成代表。它們是已在美國證券交易委員會註冊的證券，與我們的傳統股票享有相同的法律和經濟權利。

We believe this event marks a meaningful step towards modernizing capital markets, serves as a proof point for how traditional markets and on chain infrastructure can connect and positions Galaxy at the forefront of that evolution. We will continue to work with regulatory agencies and leading financial institutions to explore new opportunities to broaden and expand tokenization in the coming quarters.

我們相信，這次事件標誌著資本市場現代化邁出了意義重大的一步，證明了傳統市場和鏈上基礎設施如何能夠連接，並將 Galaxy 置於這一變革的前沿。我們將繼續與監管機構和領先的金融機構合作，探索在未來幾季擴大和拓展代幣化的新機會。

On artificial intelligence, we're not just building one of the newest, largest and most advanced data centers in the world; we have bought into the promise of AI and the impact it can have on our overall company. Over the past year, we've integrated AI across nearly every function at Galaxy from engineering and technology to finance and operations to trading and risk.

在人工智慧方面，我們不僅在建立世界上最新、最大、最先進的資料中心之一；我們還相信人工智慧的潛力及其對我們整個公司可能產生的影響。過去一年，我們已將人工智慧融入 Galaxy 的幾乎所有職能部門，從工程和技術到財務和運營，再到交易和風險。

Our employees are now using AI tools on a regular basis and productivity gains are materializing. In particular, areas like agentic coding are seeing step change improvements, giving us the confidence that continued investment in these tools will have compounding productivity benefits down the road. Looking forward, AI won't just streamline how we operate, it will redefine how we serve clients, innovate faster and compete at scale.

我們的員工現在經常使用人工智慧工具，生產力也得到了提升。特別是像智能體編碼這樣的領域正在發生飛躍式的改進，這讓我們相信，繼續投資這些工具將在未來帶來持續的生產力提升。展望未來，人工智慧不僅會簡化我們的營運方式，還會重新定義我們服務客戶的方式，加快創新速度，並實現規模化競爭。

Last but not least, as Mike mentioned, two weeks ago, we launched Galaxy One, our first direct-to-consumer product offering with an exciting growth opportunity for the franchise. Galaxy One gives US-based individual investors access to high-yield cash, crypto and equities trading, all through one single unified platform.

最後，正如麥克所提到的，兩週前，我們推出了 Galaxy One，這是我們第一個直接面向消費者的產品，為該品牌帶來了令人興奮的成長機會。Galaxy One 讓美國的個人投資者能夠透過一個統一的平台進行高收益現金、加密貨幣和股票交易。

Unlike many mass market retail platforms, Galaxy One offers clients a seamless way to manage assets across both traditional and digital finance, supported by Galaxy's institutional expertise, operational rigor, and disciplined risk management.

與許多大眾市場零售平台不同，Galaxy One 為客戶提供了一種無縫的方式，讓他們能夠跨越傳統金融和數位金融管理資產，並得到 Galaxy 的機構專業知識、嚴謹的營運和規範的風險管理的支持。

Galaxy One also opens up new opportunities for cross-platform collaboration and integration across our trading, asset management and staking businesses. The premium yield product is a good example. Over time, we expect this product to broaden and diversify our sources of funding, which will help drive efficiency and profitability in our digital assets business overall.

Galaxy One 也為我們的交易、資產管理和質押業務開闢了跨平台協作和整合的新機會。優質收益產品就是一個很好的例子。隨著時間的推移，我們期望該產品能夠拓寬和多元化我們的資金來源，有助於提高我們數位資產業務的整體效率和獲利能力。

And while it's still early, we are encouraged by Galaxy One's initial traction, we are already seeing adoption from clients who closely align with our target market, mass affluent investors who have historically been underserved by traditional platforms and this early engagement reinforces our conviction in the opportunity ahead. As Mike mentioned, we have an ambitious road map for this -- for Galaxy One, and we look forward to updating you on progress in the coming quarters.

雖然現在還處於早期階段，但 Galaxy One 的初步進展令我們感到鼓舞。我們已經看到與我們的目標市場高度契合的客戶群——長期以來被傳統平台忽視的大眾富裕投資者——開始採用該平台，這種早期參與增強了我們對未來機會的信心。正如麥克所提到的，我們為此制定了一個雄心勃勃的路線圖——針對 Galaxy One，我們期待在接下來的幾個季度中向您報告進度。

Wrapping up, Q3 was a breakout quarter for Galaxy and our businesses are building momentum. We're heading into year-end with a strong foundation, clear priorities, and a long-term vision.

綜上所述，第三季度是 Galaxy 的突破性季度，我們的業務正在積蓄力量。我們帶著堅實的基礎、明確的優先事項和長遠的願景進入年末。

With that, I'll turn it over to Chris.

接下來，我將把麥克風交給克里斯。

Thanks, Tony. Turning to our data center business. It was just one year ago on our third-quarter earnings call that we announced the signing of a term sheet to support AI and HPC infrastructure at our Helios campus. In the 12 short months since the progress has been extraordinary. [While it] has now committed to the full 800 megawatts of approved capacity, we've secured project financing for Phase 1, and construction is advancing at an impressive pace.

謝謝你，托尼。接下來談談我們的資料中心業務。就在一年前的第三季財報電話會議上，我們宣布簽署了一份條款清單，以支援我們在 Helios 園區的 AI 和 HPC 基礎設施。短短12個月內，進展令人矚目。 [目前]已承諾投入全部800兆瓦的核定裝置容量，我們已為第一階段專案籌集到資金，建設工作正以驚人的速度推進。

After laying the groundwork in the first half of the year, we carried significant momentum into the third quarter. We executed relentlessly and successfully, rapidly developing the Phase 1 portion of the Helios campus on budget and on schedule.

經過上半年的良好鋪墊，我們帶著強勁勢頭進入了第三季。我們堅持不懈、卓有成效地執行，在預算和進度範圍內快速完成了 Helios 園區第一期工程的建設。

Some updates on our construction progress. Approximately 70% of our civil and concrete work is now complete and equipment deliveries and installations are well underway. We are now placing chillers and putting together the piping system that will form the backbone of our advanced liquid cooling design, an essential component to support next-gen GPUs at industry-leading cabinet densities.

關於我們施工進度的一些最新情況。目前，我們的土木工程和混凝土工程已完成約 70%，設備交付和安裝工作正在順利進行中。我們現在正在安裝冷卻器並組裝管道系統，這將構成我們先進的液冷設計的核心，這是支援下一代 GPU 在業界領先的機櫃密度下運行的關鍵組件。

Our e-houses, which contain the critical electrical infrastructure, have started to ship from the integrators and medium-voltage switchgear and transformers are already being set on their pads.

我們的電子房（包含關鍵的電力基礎設施）已經開始從整合商處發貨，中壓開關設備和變壓器也已經在安裝到位。

The building for Phase 1 is on track to be fully dried in or sealed from weather within the next few weeks, an important step that protects the mechanical and electrical equipment from inclement weather and allows interior trade work to proceed regardless of outdoor conditions.

第一階段的建築預計在未來幾週內完全乾燥或密封，以防止天氣影響，這是保護機械和電氣設備免受惡劣天氣影響的重要一步，並允許室內施工工作不受室外條件的影響。

We've already logged more than 500,000 hours worked with over 700 construction team members on site daily, an extraordinary effort that underscores the efficiency, precision, and discipline of the design and construction team supporting the project.

我們已經累積工作超過 50 萬小時，每天有 700 多名施工團隊成員在現場工作，這是一項非凡的努力，凸顯了支持該專案的設計和施工團隊的效率、精準性和紀律性。

The next major construction milestone for us is the powering on of the first data hall, which is scheduled in early December. Following that milestone, we'll begin commissioning activities with our third-party commissioning agent, vendors, and contractors in preparation for making the first data hall ready for service.

下一個重要的建設里程碑是第一個資料中心的通電，預計將於 12 月初進行。達到這一里程碑後，我們將與第三方調試代理商、供應商和承包商一起開始調試活動，為第一個資料大廳投入使用做好準備。

Importantly, we remain on schedule with construction, a testament to our growing data center team, the contractors and subcontractors working on the project and the thousands of hours of coordination required for complex projects like this one to be successful. At the same time, we're scaling the supporting infrastructure at Helios campus for both the first and second phase of construction.

重要的是，我們的建設工作仍在按計劃進行，這證明了我們不斷壯大的數據中心團隊、參與該項目的承包商和分包商，以及像這樣的複雜項目取得成功所需的數千小時的協調工作。同時，我們正在擴大 Helios 園區第一期和第二期建設的配套基礎設施。

Our on-site workforce development hub constructed on 90 acres, we own adjacent to the main Helios campus, has been open for nearly a month now in support of construction and operation activities. As we look ahead to our Phase 2 and 3 projects at the Helios campus, we're applying lessons learned from Phase 1 to optimize the design for scalability and constructability while also enhancing the efficiency of our power and cooling systems.

我們位於 Helios 主園區旁、佔地 90 英畝的自有土地上建造的現場勞動力發展中心已經開放近一個月了，以支援建設和營運活動。展望我們在 Helios 園區的第二階段和第三階段項目，我們將應用從第一階段學到的經驗教訓來優化設計，以提高可擴展性和可施工性，同時提高我們的電力和冷卻系統的效率。

We are proactively securing long lead time items like backup diesel generators and medium-voltage switchgear early, locking in cost certainty and delivery timelines. We've transitioned from planning and preparation to full-scale execution as the Helios campus rapidly evolves from a construction project into what we expect will become one of the largest AI and high-performance computing campuses in the world.

我們正在積極主動地儘早採購備用柴油發電機和中壓開關設備等交貨週期較長的物料，從而鎖定成本和交貨時間。隨著 Helios 園區迅速從一個建設項目發展成為我們預期將成為全球最大的人工智慧和高效能運算園區之一，我們已經從規劃和準備階段過渡到全面執行階段。

On financing, we achieved a major milestone in August with the closing of a $1.4 billion project financing facility with Deutsche Bank for Phase 1 of Helios, covering 200 megawatts of utility power. This deal underscores our ability to execute on efficient capital structures and provides a signal of the market's confidence in our execution capabilities, the value of Helios and the long-term economics of our lease.

在融資方面，我們在 8 月取得了重大里程碑式的進展，與德意志銀行達成了一項 14 億美元的專案融資協議，用於 Helios 專案的第一階段，涵蓋 200 兆瓦的公用事業電力。這筆交易凸顯了我們執行高效資本結構的能力，也顯示了市場對我們執行能力、Helios 的價值以及我們租賃的長期經濟效益的信心。

The facility is structured at 80% loan to cost and Galaxy has already funded the equity for the Phase 1 development. It's a three-year loan secured by all Helios Phase 1 assets priced at SOFR plus 475 basis points plus ancillary fees, bringing the all-in cost to approximately 10% to 11%, if held to maturity.

該項目採用 80% 貸款成本的結構，Galaxy 已經為第一階段開發提供了股權資金。這是一筆為期三年的貸款，以 Helios Phase 1 的所有資產作抵押，按 SOFR 加 475 個基點定價，加上輔助費用，如果持有至到期，總成本約為 10% 至 11%。

As a reminder, once Phase 1 is stabilized and generating revenue, our plan is to refinance the construction loan at a lower cost of capital. Doing so will likely unlock equity, enabling us to recycle capital into future phases and additional developments, keeping our balance sheet flexible our capital structure efficient, and our growth momentum strong. The success of this financing validates our capital strategy, disciplined leverage, flexible terms, partnership with top-tier institutions and an unwavering focus on execution.

再次提醒大家，一旦第一階段穩定下來並開始產生收入，我們的計畫是以較低的資金成本對建設貸款進行再融資。這樣做可能會釋放股權，使我們能夠將資本循環利用到未來的階段和額外的發展中，保持我們的資產負債表靈活、資本結構高效，以及成長動能強勁。此次融資的成功驗證了我們的資本策略、嚴格的槓桿控制、靈活的條款、與一流機構的合作以及對執行力的堅定不移的關注。

Shifting to Power. As we spoke about last quarter, ERCOT's interim process and the level of scrutiny applied to large loads requesting to interconnect to the system has led to delays in additional capacity approvals across the state of Texas. Despite the longer-than-expected time line, we remain convicted in our ability to work through the existing process and contract additional interconnection capacity at the Helios campus.

權力交接。正如我們上個季度所討論的那樣，ERCOT 的臨時流程以及對申請併入系統的大負荷的嚴格審查，導致德克薩斯州各地新增容量審批出現延誤。儘管時間比預期要長，但我們仍然堅信我們有能力透過現有流程，在 Helios 園區簽訂額外的互連容量合約。

Based on recent feedback, we believe that we are well positioned to receive approval for a portion of the requested capacity that we've studied and submitted for review. We view this additional capacity as a transformational long-term growth opportunity for the Helios campus as we prepare for the next phase of AI and high-performance compute demand.

根據最近的回饋，我們相信我們已經研究並提交審核的部分申請產能將獲得批准。我們認為，隨著人工智慧和高效能運算需求進入下一個階段，這項新增產能將為 Helios 園區帶來變革性的長期成長機會。

As we shared last quarter, during Q3, we acquired 160 acres of additional land along with an additional one gigawatt low interconnect study adjacent to the Helios campus. With this addition, the Helios campus spans over 1,500 contiguous acres under Galaxy's direct control. Our Helios campus is strategically positioned to become among the largest AI data center campuses in the world.

正如我們上個季度所分享的，在第三季度，我們收購了 160 英畝的額外土地，並在 Helios 園區附近進行了一項額外的 1 吉瓦低互連研究。此次擴建後，Helios 園區在 Galaxy 的直接控制下，佔地超過 1500 英畝。我們的 Helios 園區地理位置優越，預計將成為全球最大的人工智慧資料中心園區之一。

In a power market with exponential generation and battery storage growth, Helios stands as a flagship development for both Galaxy and the AI data center industry (technical difficulty) large.

在發電和電池儲能呈指數級增長的電力市場中，Helios 是 Galaxy 和 AI 資料中心產業（技術難度）的旗艦發展成果。

We were also encouraged to see wet break ground on the new Pitchfork 345-kilovolt substation, which is expected to deliver an additional 3 gigawatts of power capacity with two synchronous condensers adjacent to the Helios campus starting in 2028. It's great to see both wet and ERCOT investing in critical infrastructure in the region, reinforcing their commitment to reliability and the long-term growth potential of Helios and the broader data center ecosystem.

我們也很高興地看到新的 Pitchfork 345 千伏變電站破土動工，預計該變電站將於 2028 年開始在 Helios 園區附近配備兩台同步調相機，提供額外的 3 吉瓦電力容量。很高興看到 Wet 和 ERCOT 都對該地區的關鍵基礎設施進行投資，這鞏固了他們對可靠性的承諾，以及 Helios 和更廣泛的資料中心生態系統的長期成長潛力。

Across our data center business, we're continuing to thoughtfully and strategically add world-class talent with proven expertise in engineering, construction and operations to our data center business. In the last few months, we've made key hires from some of the largest hyperscalers in the world across the engineering, construction and operations verticals of the business.

在我們的資料中心業務中，我們將繼續深思熟慮、有策略地為我們的資料中心業務增添在工程、建設和營運方面擁有成熟專業知識的世界一流人才。在過去的幾個月裡，我們從全球一些最大的超大規模資料中心營運商中招募了關鍵人才，涵蓋了業務的工程、建造和營運等垂直領域。

The caliber of this team gives me tremendous confidence in our ability to execute with precision across all three phases at Helios and to deliver on the ambitious long-term vision we have for the business.

這支團隊的素質讓我對我們在 Helios 的所有三個階段都能精準執行並實現我們為公司製定的雄心勃勃的長期願景的能力充滿信心。

The Helios campus represents more than just a single project. It's the cornerstone of Galaxy's next-generation infrastructure strategy and the blueprint for a multicampus, multi-tenant, multi-gigawatt platform built to power the future of AI and high-performance computing.

Helios園區不只代表一個專案。它是 Galaxy 下一代基礎設施策略的基石，也是建立多園區、多租戶、多千兆瓦平台的藍圖，旨在為人工智慧和高效能運算的未來提供動力。

We continue to evaluate additional power and land opportunities across the region and nationally, leveraging the blueprint and expertise developed here to replicate the Helios model: efficient, scalable and AI-ready infrastructure built for the next generation of compute demand.

我們將繼續評估該地區和全國範圍內的其他電力和土地機會，利用在這裡開發的藍圖和專業知識來複製 Helios 模型：為滿足下一代運算需求而構建的高效、可擴展且支援人工智慧的基礎設施。

It's been a transformative year for the business, and I couldn't be more proud of how our data center business continues to build momentum and strengthen its position with each passing quarter.

對於公司而言，這是具有變革意義的一年，我為我們的資料中心業務每季都在持續發展壯大並鞏固其地位而感到無比自豪。

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

謝謝大家。現在交由操作員提問。

(Operator Instructions) James Yaro, Goldman Sachs.

（操作說明）詹姆斯·亞羅，高盛。

Good morning and thanks for taking my questions. Congrats on a good quarter. I wanted to just touch first on the impacts of the forced liquidations we've seen across the crypto ecosystem. Has that had ramifications on market structure and your client franchise, maybe on which customers and maybe you could summarize what the overall ramifications could be?

早上好，感謝您回答我的問題。恭喜你本季業績出色。我首先想簡單談談我們在加密貨幣生態系統中看到的強制清算的影響。這是否對市場結構和您的客戶群產生了影響？例如，對哪些客戶產生了影響？您能否總結一下整體影響是什麼？

Yeah. So first of all, Galaxy did spectacularly well during that liquidation. And so I wanted to shout out our trading desk, we were quick to move. We didn't have any credit losses. We're all over our customer base. And it didn't hit us where it hits everybody else, right?

是的。首先，Galaxy 在那次清算中表現得非常出色。所以我想特別表揚一下我們的交易部門，我們行動迅速。我們沒有遭受任何信貸損失。我們的業務遍及所有客戶。這件事對我們的影響和對其他人的影響不一樣，對吧？

So who got hurt in that? First and foremost, market makers. Market makers that we're market making on D5 platforms like Hyper Liquid or cross market makers that were market making on Binance plus others. And so some estimates as high as 25% of those guys got put out of business, which is significant.

那麼，誰在這件事中受傷了？首先是做市商。我們在D5平台（如Hyper Liquid）上做市的做市商，或是在幣安等平台做市的跨平台做市商。因此，據估計，高達 25% 的企業因此破產，這相當嚴重。

And so what does that mean? It means you have a little less liquidity, you have a little wider bid-out spreads, probably means there's lots of talent available to hire, but certainly not great for the ecosystem in the short run.

那麼，這意味著什麼呢？這意味著流動性稍差，競價價差稍大，可能意味著有很多人才可供招聘，但短期內肯定對生態系統不利。

Who else got hurt was retail. Lots of retail, especially overseas retail trades crypto very leveraged. And I always scratched my head. I was like, we got to the 40 to 80 vol asset. I'm not sure you really need 2 to 3 times the leverage on it, let alone 30 times of leverage. But part of the ethos of crypto is people want to make a lot of money on a little bit of money. And so there was a lot of leveraged accounts that got wiped out.

還有誰受到了影響？零售業。許多零售商，尤其是海外零售商，都大量使用槓桿進行加密貨幣交易。我總是撓頭。我當時想，我們終於找到了波動率在 40 到 80 之間的資產。我不確定你真的需要 2 到 3 倍的槓桿，更不用說 30 倍的槓桿了。但加密貨幣的部分理念是，人們希望用少量的錢賺很多錢。因此，許多高槓桿帳戶都被清除了。

Not just in crypto, but ever since I've been a trader, I've always said, when humpty dumpty breaks, he doesn't get fixed overnight. It takes days, weeks, months for markets to regain that vitality. And they always do. People get wiped out, find new money and they participate again. But it's a short-term negative, no doubt.

不只是在加密貨幣領域，自從我開始做交易以來，我一直都說，當矮胖子壞了的時候，他不可能一夜之間就被修好。市場需要數天、數週甚至數月的時間才能恢復活力。他們總是如此。人們破產後，又找到了新的資金，然後再次參與其中。但毫無疑問，這只是短期內的負面影響。

There's been lots written and we wrote a pretty interesting research piece on why this happened. There are lawsuits being filed. But when you have a significant deleveraging like that, there's both opportunity and they're short-term pain. And I think that's what we're going through. And you see the crypto price roughly trading sideways. Gold has outperformed Bitcoin significantly in the last five months.

關於這個問題已經有很多文章論述過了，我們也寫了一篇相當有趣的調查文章，探討了這個問題發生的原因。已經有人提起訴訟。但是，當出現如此大規模的去槓桿化時，既存在機遇，也存在短期陣痛。我認為這就是我們正在經歷的。你可以看到加密貨幣價格大致橫盤整理。過去五個月，黃金的表現顯著優於比特幣。

Bitcoin had outperformed gold for a long time. And so some of that's just rotation. But I think some of this recent -- the last 10 days of us going sideways is still the market digesting that deleveraging.

比特幣長期以來表現優於黃金。所以其中一部分只是旋轉而已。但我認為最近這十天的橫盤整理，部分原因是市場仍在消化去槓桿化帶來的影響。

That's really helpful color. Thanks, Mike. So maybe just turning to one other one here. You announced Galaxy One earlier this month. Maybe you could just expand on your aspirations in the business and maybe what the right client base is? Is it existing customers? Or is this TAM expanding? And if so, what's the new customer TAM?

這個顏色真的很有幫助。謝謝你，麥克。所以或許可以考慮另一個例子。你們在本月初發布了 Galaxy One。或許您可以詳細說明您在商業領域的抱負，以及您理想的客戶群是什麼樣的？是現有客戶嗎？或者說，TAM（潛在市場規模）正在擴大？如果屬實，那麼新的客戶TAM是多少？

Sure. I'll take the first part, I'm going to pitch it to Chris. Listen, we are proud of what we launched. It's hard to get a product out, and we started with a pretty simple MDP that's got, we think, two unique pieces. One is -- it's the FDIC-insured checking account that pays a darn good, the highest interest that we can find in the market and then the 8% Galaxy offering. And so that's attracting clients. We're pretty excited to see the uptake. We also have stock trading and crypto trading.

當然。我來負責第一部分，我要把它提交給克里斯。聽著，我們為我們推出的產品感到自豪。推出產品很困難，我們最初開發的是一個非常簡單的 MDP，我們認為它有兩個獨特的部分。一個是——由聯邦存款保險公司承保的支票帳戶，它支付的利息非常可觀，是我們能在市場上找到的最高利率，另一個是 Galaxy 提供的 8% 利率產品。這就是吸引客戶的方法。我們很高興看到市場反應如此熱烈。我們也提供股票交易和加密貨幣交易。

We have a really ambitious road map over the next 6 to 18 months to roll out and really turn that wallet into a one-stop serves all wallet. It's certainly not there yet, but it will get there. Our target audience is consumers. It's really the high-end consumers the people that want that same touch that Galaxy gives to our institutional clients the same knowledge.

在接下來的 6 到 18 個月裡，我們制定了一個雄心勃勃的路線圖，旨在推出並真正將錢包打造成一個一站式錢包。雖然現在還沒達到目標，但終會達到。我們的目標受眾是消費者。真正希望獲得與 Galaxy 為機構客戶提供的相同體驗和專業知識的，是那些高端消費者。

But we don't want to just limit it to that. And so we built it with the high-end consumer in mind but the crypto ethos is everyone should get the same access to investing. And so I would -- I'd kick myself if I didn't hope that at one point, we're serving a whole lot more customers than just the high-end consumer.

但我們不想僅限於此。因此，我們在設計之初就以高端消費者為目標客戶，但加密貨幣的概念是每個人都應該享有同等的投資機會。所以，如果我不希望有一天我們服務的不只是高端消費者，我會後悔莫及。

A couple of quick things I'll add. I mean the ethos behind launching Galaxy One on the consumer side is meant to capture the entirety of a consumer's wallet from an investment portfolio perspective. And so what we're going to aim to do -- what we started to do, we're going to aim to do is add products that help broaden out where a high-net-worth consumer can invest their wealth hold it and store it, see it every day.

我再補充幾點。我的意思是，Galaxy One 在消費者方面的推出理念，旨在從投資組合的角度抓住消費者錢包裡的每一分錢。因此，我們的目標是——我們已經開始做的事情，我們將繼續努力的目標是——增加一些產品，幫助高淨值消費者拓寬投資、持有和儲存財富的管道，讓他們每天都能看到自己的財富。

And as frictionally as possible, reallocate and move it around across traditional investments, equities, bonds, newer investments, digital assets and cash management. By the way, that's a long-term road map for us on the institutional side as well.

盡可能減少摩擦，將資金重新分配並轉移到傳統投資、股票、債券、新興投資、數位資產和現金管理等領域。順便說一句，這也是我們機構的長期發展路線圖。

And so when we think about where Galaxy's business were at large on the digital asset side is going to go, the plan is to little by little. So start with digital assets, but little by little encroach upon all attritional financial services, where we can, all in one place, give clients access to all the assets they own.

因此，當我們思考 Galaxy 在數位資產方面的業務整體發展方向時，我們的計畫是循序漸進。因此，我們將從數位資產入手，逐步滲透到所有傳統的金融服務領域，最終在一個平台上，讓客戶能夠存取他們擁有的所有資產。

The -- as Mike said, the target user base on Galaxy One is definitely different than what we've served historically. So it's a TAM expanding opportunity for us. Early traction for us seems to be hitting the market with the kind of customer that we want.

正如麥克所說，Galaxy One 的目標使用者群體與我們以往服務的使用者群體肯定有所不同。所以這對我們來說是一個擴大TAM（潛在市場規模）的機會。我們目前的初步進展似乎是成功吸引了我們想要的那類客戶。

Some quick stats. The average net worth of Galaxy users on board today is a little over $2 million. Average annual income is about $340,000. And so we're not today targeting, what I'd say, low dollar balances, high leverage short duration option trading, short-term day trading. We're really trying to target a customer base that has historically been underserved, but has traditionally been the highest profitable customer segment of most consumer platforms. consumers that earn money, have wealth and want to store and allocate it.

一些簡要統計數據。目前 Galaxy 用戶的平均淨資產略高於 200 萬美元。平均年收入約34萬美元。因此，我們今天的目標不是低美元餘額、高槓桿、短期選擇權交易、短期日內交易。我們真正想要瞄準的是歷史上服務不足，但卻是大多數消費平台利潤最高的客戶群——那些有收入、有財富並希望儲存和分配財富的消費者。

Patrick Moley, Piper Sandler.

派崔克·莫利，派珀·桑德勒。

So shifting to the data center business, and the 2.7 gigawatts that's currently awaiting approval, you said that you expect to get approval for that somewhat soon, I think. Any update on the timing there? And how large any (technical difficulty) that were to get approved would be? And then just generally curious what inbound you've been getting on the potential for that incremental power? How has demand been there? What have those conversations been like?

所以，談到資料中心業務，以及目前正在等待審批的 2.7 吉瓦項目，您說過預計很快就能獲得批准，我想是的。那邊的時間安排有最新進展嗎？如果遇到需要審核的技術難題，其難度會有多大？另外，我很好奇您對這種增量功率的潛力有什麼了解？需求情況如何？那些對話具體內容是什麼？

I'm looking at Chris, and he's looking at me. These are tricky questions. We're not going to know until we get approval is the honest answer. we see lots of good signs that point to an optimistic outcome. And -- but predicting the date is probably a fool's game because if we're wrong, we're going to look foolish, and if we're right, you're going to like [someone has] already told us that.

我看著克里斯，他也看著我。這些都是棘手的問題。說實話，不到獲得批准，我們無法確定結果。不過，我們看到很多正面的跡象，預示著樂觀的結果。但是——預測日期可能是一場愚蠢的遊戲，因為如果我們錯了，我們會顯得很愚蠢，如果我們對了，你會覺得好像有人已經告訴我們了。

Texas got a little overwhelmed in the last 12 months with how many people have put in for approval. There were stats out today that are shocking at how many applications went in. Now a lot of those applications didn't have studies and didn't have -- they weren't really threats to short-term approval.

在過去 12 個月裡，德州收到的申請數量之多，讓該州有點應接不暇。今天公佈的一些統計數據令人震驚，申請人數之多令人咋舌。現在很多這類申請都沒有研究，而且──它們對短期批准並不構成真正的威脅。

But again, I'd say that in the near future, you can define that however you want. But again, I wish I could give you a better answer, but that's where we're at.

但我想再次強調，在不久的將來，你可以隨意定義它。但是，我還是希望能夠給你一個更好的答案，但目前情況就是這樣。

Yeah. A couple of things I'd add. The -- what gives us higher confidence these days is all the major constituents and stakeholders who we are partnered with them there in terms of getting approval, but implementing interconnect. And so it's not just ERCOT, it's wet, it's also AEP, our utility partner there.

是的。我還有幾點要補充。如今讓我們更有信心的是，我們與所有主要成員和利害關係人建立了合作關係，在獲得批准和實施互聯互通方面都與他們合作。所以不只是ERCOT，還有我們的電力合作夥伴AEP。

All three are extremely active with us specifically today, finalize -- approving, finalizing the studies that have been in place for us for over 18 months now and things are progressing at a faster pace today than they had been earlier in the year. So those are the data points that give us some pretty good comfort.

這三位今天都非常積極地與我們合作，最終敲定——批准、最終確定了我們已經進行了 18 個月多的研究，而且今天的進展速度比今年早些時候要快得多。所以這些數據點讓我們感到相當安心。

But as Mike said, ERCOT and Texas are going to take the requisite time to make sure that they're not taking on loads that are going to destabilize the grid. And frankly, there's a really, really large number of (technical difficulty) thought out, not plan, not study loads that have tried to get into the queue that the good thing is they're very focused on weeding that out and working with the folks who have demonstrated that they actually are going to deliver capacity when they say they're going to deliver that's operating in at a load that they say they're going to.

但正如麥克所說，ERCOT 和德克薩斯州將花必要的時間確保他們不會承擔會破壞電網穩定的負載。坦白說，有很多（技術難題）未經計劃、未經研究就試圖進入隊列的項目。好消息是，他們非常專注於篩選掉這些項目，並與那些已經證明他們能夠按時交付產能，並且能夠在他們承諾的負載下運行的項目合作。

To hit your other question really quickly, what do we see on the demand side? I would say positive traction on that front. There are increasing proactive reach outs to us from very large customers in addition to our current partner, CoreWeave, who all want to know when are we getting approval for how much and over what time period.

為了快速回答你的另一個問題，我們從需求方面看到了什麼？我認為這方面進展順利。除了我們目前的合作夥伴 CoreWeave 之外，越來越多的大客戶主動聯繫我們，他們都想知道我們何時能獲得批准，金額是多少，以及審批期限是多久。

And that is a very helpful thing to see when thinking about very long-term big project decisions on potential incremental capacity that would be coming on in late -- in 2028, 2029 and forward. So I think the demand profile for our power has continued to remain there and grow, which is really a good sign as we're getting towards the point where we feel like something is really going to happen.

對於考慮2028年、2029年及以後可能新增產能的長期大型專案決策而言，這一點非常有幫助。所以我認為，我們對電力的需求保持不變並不斷增長，這確實是一個好兆頭，因為我們正接近一個感覺真正要發生一些事情的階段。

Okay. That's great color. And then just a follow-up. Chris, you mentioned the plans to eventually refinance and that would unlock some capital. Any idea how much capital, the refinance could unlock that could potentially go to future build-outs? Just wondering how to think about that in our model?

好的。顏色真好看。然後還有一個後續問題。克里斯，你提到最終進行再融資的計劃，這將釋放一些資金。您認為透過再融資可以釋放多少資金，這些資金可能用於未來的建設項目？想知道在我們的模型中該如何考慮這個問題？

Yeah. So we do have a pretty strong expectation that there will be opportunities once we hit stabilization. Stabilization, meaning we've delivered 100% of the data hall is ready for service, and they're up and running and [quarterly] just paying rent. We do believe there's going to be opportunities to relook at the financing structure at that subsidiary for Phase 1 and do something cool. The way to think about it today.

是的。因此，我們非常有信心，一旦市場趨於穩定，就會出現機會。穩定化意味著我們已經交付了 100% 的資料中心，它們已準備就緒，可以投入使用，並且它們正在運行，[按季度]只需支付租金。我們相信，第一階段的子公司將有機會重新審視其融資結構，並做出一些很棒的事情。如今我們應該這樣思考這個問題。

And look, the specifics on what that's going to look like on the forward here, so think about that Q3, Q4 of 2026. Is -- it's a little unknown because the market is pretty dynamic and changing, right? The views of the AI boom and its sustainability are changing every day. The views of CoreWeave's credit profile, which lenders are very focused on, in addition to Galaxy's credit profile are changing and getting better by the day on both fronts.

那麼，接下來我們將討論具體情況，看看 2026 年第三季和第四季會是什麼樣子。——這有點未知，因為市場非常活躍且變化莫測，對吧？人們對人工智慧熱潮及其可持續性的看法每天都在變化。貸款機構非常關注 CoreWeave 的信用狀況，而 Galaxy 的信用狀況也不斷改善，兩方面的信用狀況都在日益改善。

And so the ultimate outcome is really going to be a function of where we and CoreWeave and the markets are then. But the framework to think about is on a stabilized basis, there are a bunch of different examples of stabilized cap rates that one could look at and apply to come up with what sort of Phase 1 -- the V value would be on a stabilized basis. We think about that today in the high single digits.

因此，最終結果實際上將取決於我們、CoreWeave 和市場屆時的狀況。但要考慮的框架是建立在穩定的基礎上的，有很多不同的穩定資本化率的例子可以參考，並應用這些例子來得出第一階段——V 值在穩定基礎上會是多少。我們今天認為這個數字已經接近個位數了。

I don't want to be too specific because I think there's if we and CoreWeave continue to be successful, my guess is that number is going to trend lower, not higher, depending on where long-term interest rates are.

我不想說得太具體，因為我認為如果我們和 CoreWeave 繼續取得成功，我的猜測是，這個數字會呈現下降趨勢，而不是上升趨勢，這取決於長期利率的趨勢。

But if you think about a high single-digit cap rate as value, which is different than cost significantly in our case, given the economics associated with the lease, then we think about applying like a loan to value as opposed to a loan to cost in that refinancing situation, and that will imply a pretty significant opportunity to refinance at bigger numbers, which should unlock multi-hundreds of millions of dollars of equity.

但是，如果您將個位數的高資本化率視為價值（考慮到租賃相關的經濟因素，這與我們案例中的成本有很大不同），那麼在再融資的情況下，我們考慮採用貸款價值比而不是貸款成本比，這意味著有相當大的機會以更高的金額進行再融資，這應該可以釋放數億美元的股權。

Okay. Great. Thank you, and congrats on the strong quarter.

好的。偉大的。謝謝，也恭喜你們取得了強勁的季度業績。

Jon Petersen, Jefferies.

Jon Petersen，傑富瑞集團。

Maybe to stick with some data center questions. So the $1.4 billion construction financing, can you give us some guidance on the cadence of when you'll pull that down? Because I don't think you pulled it all down at once, right?

或許可以繼續討論一些資料中心方面的問題。那麼，關於14億美元的建設融資，您能否就何時償還這筆資金給予一些指引？因為我覺得你不是一次全部拆下來的，對吧？

Yeah. No, we have not -- we're not pulling it down all at once. We actually prefunded the equity on our end because as we are bringing the financing together, the project needed to continue, which is how we think about capitalizing Galaxy, just to step back real quick, is ensuring that we have adequate capitalization to not only support the projects at their stabilization, but adequate capitalization early so that we can lean in, build on time, on budget and use that to get the best kind of financing.

是的。不，我們沒有——我們不會一次全部拆除。實際上，我們已經預先投入了股權資金，因為在籌集資金的過程中，專案需要繼續進行。這就是我們對 Galaxy 進行資本化的方式。簡單回顧一下，我們的目標是確保我們擁有充足的資本，不僅在專案穩定後提供支持，而且在早期階段也擁有充足的資本，以便我們能夠全力以赴，按時按預算完成建設，並利用這些資金獲得最佳的融資。

So we prefunded equity. At closing, we had a relatively small draw to reset our equity back to the intended 20% equity versus 80% debt on the cost basis. And then the cadence of draw, it really follows the project budget, but I would think about it as like relatively straight line on a twice monthly basis through the construction project.

所以我們預先投入了股權資金。在交易完成時，我們提取了相對較少的資金，將我們的權益重置為預期的 20% 權益與 80% 債務（按成本計算）。至於繪圖的節奏，它確實遵循專案預算，但我認為它就像一條相對直線，每月兩次貫穿整個建設專案。

And so as you can imagine, since we closed in August now sitting here in October, we've had a number of semimonthly draws. And so we're drawing pretty regularly, and we're growing a pretty straight-line basis.

所以你可以想像，自從我們八月結束營業，現在已經是十月份了，我們已經進行了多次半月抽獎。因此，我們一直在定期進行繪畫，並且正在形成一條相當筆直的基線。

Jon, I'll just add. At the end of the quarter, Jon, we've drawn about $430 million from the $1.4 billion loan facility. So you'll see in total notes payable on the balance sheet about $1.15 billion. That comprises both the draw on that construction finance as well as our outstanding convertibles.

喬恩，我再補充一點。喬恩，截至本季末，我們已經從 14 億美元的貸款額度中提取了約 4.3 億美元。因此，您會在資產負債表上看到應付票據總額約為 11.5 億美元。這包括動用建築融資以及我們未償還的可轉換債券。

Okay. Great. That's helpful. And I was curious if you had just some thoughts on your competitive positioning in the market from a data center perspective. You probably saw the IPO of Fermi recently that's building in Amarillo, which isn't too far away from the Helios campus and they're also talking about building many gigawatts. Just how do you think about the competitive nature of that region? And just I guess, more thoughts on that overall.

好的。偉大的。那很有幫助。我很好奇，從資料中心的角度來看，您對貴公司在市場上的競爭定位有什麼看法。你可能最近看到了 Fermi 的 IPO，該公司正在阿馬裡洛建設，距離 Helios 園區不遠，他們也在談論建造數吉瓦的發電設施。您如何看待該地區的競爭性質？我想，還有一些關於這方面的想法。

It's a great question. Listen, there's multiple facets to it, right? There's the market that -- I think probably 2 earnings calls ago, we talked about a pipeline of things we were looking at to potentially buy or develop that's all gotten far more expensive than it was, right. Markets for some of these companies without contracts.

這是一個很好的問題。聽著，這件事有很多方面，對吧？市場上——我想大概在兩次財報電話會議上，我們談到了我們正在考慮收購或開發的一系列項目，這些項目的價格都比以前高得多，對吧。部分公司在沒有合約的情況下也能找到市場。

Without customers, the market is pricing in a tremendous amount of optimism. And so that feeds through to the price of projects. And so in the short run, I don't think you're going to see us reaching out and buying a whole lot more power at these prices.

沒有顧客，市場卻充斥著極度的樂觀情緒。因此，這最終會影響到項目的價格。因此，短期內，我認為我們不會以這樣的價格大量購買電力。

What's unique about the Helios site is like it's an application process. We already own the land and all the infrastructure is built close. We'll see. There's a lot of speculative -- like I said, a lot of speculative money in this stuff. I'm sure some of those projects will get built, but many won't. And so we're really just laser-focused on getting our project built, financed and getting the new land and new power approved so we can do that same process again.

Helios 網站的獨特之處在於它就像一個申請流程。我們已經擁有這塊土地，而且所有基礎設施都已建在附近。我們拭目以待。這裡面有很多投機資金——就像我說的，有很多投機資金。我相信其中一些項目會建成，但很多不會。因此，我們現在真正關注的是如何完成專案的建設、融資，以及如何獲得新土地和新電力的批准，以便我們可以再次進行相同的流程。

We're in the market every day looking at things, talking to people, trying to understand the landscape. But there's a gold rush going on. And so you got to be very careful during gold rush is that you build in smart places at the right price.

我們每天在市場上觀察情況，與人交談，努力了解市場格局。但現在正值淘金熱潮。所以在淘金熱時期，你必須非常小心，在合適的地方以合適的價格建造房屋。

Yeah. And the other thing I'll add is I think the thing that -- we think the thing that's underrated heavily in the market today are undervalued as actual execution, right? And so it's relatively easy to sign and pass pieces of paper with big numbers on them and sign deals with big numbers on them. I think the most important thing for us and for long-term actual customer demand is -- not only can you acquire access to power and acquire land, but can you actually build on time and on budget. And I think that, that's pretty underrated and pretty underappreciated today in the market.

是的。我還要補充一點，我認為──我們認為目前市場上被嚴重低估的東西，是實際執行力被低估了，對吧？因此，簽署和傳遞印有大數字的文件以及簽署印有大數字的協議相對容易。我認為對我們以及長期的實際客戶需求而言，最重要的是——你不僅能夠獲得電力和土地，而且能夠按時按預算完成建設。我認為，這一點在當今市場上被嚴重低估和忽視了。

And as we think about the future as companies like CoreWeave and also Microsoft and Meta and Google, and you name them, like their emphasis on -- can you actually do what you say you're going to do because we need the power when we think we're going to have it leads us to -- like to focus squarely on do we have an excellent team.

當我們思考未來時，像 CoreWeave、微軟、Meta 和谷歌這樣的公司，以及其他許多公司，都強調——你是否真的能做到你所說的事情，因為我們需要在我們認為自己能夠擁有權力的時候擁有這種權力，這讓我們——比如，專注於我們是否擁有一支優秀的團隊。

We have excellent partners in the construction side. And are we delivering on time and on budget so that we prove the right to win the next contract. And I think that we're pretty far ahead of the pack when it comes to that relative to the competitors.

我們在建築領域擁有優秀的合作夥伴。我們是否按時按預算交付成果，從而證明我們有能力贏得下一份合約？我認為在這方面，我們比競爭對手更遙遙領先。

Ed Engel, Compass Point.

艾德‧恩格爾，指南針點。

Two questions. The first was on Helios, other ones on more operating crypto business. On Helios, you talked about that being potentially a multi-tenant site. Just curious how you're thinking about the puts and takes for financing when it comes to partnering with the new cloud like CoreWeave or maybe even a hyperscaler?Thanks.

兩個問題。第一篇是關於 Helios 的，其他的則是關於更多的加密貨幣經營業務。在 Helios 上，你提到它可能是一個多租戶網站。我很好奇，在與 CoreWeave 等新型雲端服務商，甚至是超大規模雲端服務商合作時，您是如何考慮融資方面的利弊的？謝謝。

Yeah. So we're not sure long term what the composition of tenant base is going to be as we build the Helios campus. The -- we've been -- as we said before, over and over again, we mean it, like the partnership with CoreWeave has been excellent. They are a great partner up and down, not just on signing a commercial agreement, but in design, in understanding the difficulties that come along with procuring equipment time lines, teams, et cetera.

是的。因此，隨著 Helios 園區的建設，我們還不確定長期租戶組成會是什麼樣的。正如我們之前反覆強調的，我們與 CoreWeave 的合作關係一直非常出色。他們是各方面都很棒的合作夥伴，不僅在簽署商業協議方面，而且在設計方面，在理解採購設備、時間安排、團隊等方面所遇到的困難方面也是如此。

The -- they're going through a transition period, and everyone should be -- should talk to them on their earnings call. They're going through a period where the market is trying to understand what CoreWeave's credit quality is today and what it should be on the forward. And that's going to be a big, big determinant of their ability to get better lease rates, their ability to get financing ability for us as the landlord to finance our projects.

他們正處於轉型期，每個人都應該在他們的財報電話會議上和他們談談。目前市場正處於一個試圖了解 CoreWeave 目前的信用品質以及未來信用品質應有水準的時期。這將是決定他們能否獲得更優惠的租賃價格，以及我們作為房東能否獲得融資來為我們的專案提供資金的一個重要因素。

And so where that goes, how the market evolves is thinking on CoreWeave is something we're very focused on and something that's a little unknown today. As we think about the trade-offs for capacity, not yet at least for us, there's a real decision to be made as to whether on a net economic basis, whether a lower-yielding lease from a higher credit quality tenant, net balances out to a better economic equation for us as we think about broadening the portfolio.

所以，CoreWeave 的發展方向，以及市場將如何演變，是我們非常關注的，也是目前還不太為人所知的。當我們考慮產能方面的權衡時，至少對我們來說，目前還沒有一個真正的決定，那就是從淨經濟角度來看，從信用等級更高的租戶那裡獲得收益率較低的租賃，是否能為我們擴大投資組合帶來更好的經濟效益。

Like we're -- as we are as investors, we're big believers generally in diversity and risk management. And so economics aside, as we build the data center business over time, diversifying the customer base is just something that's like a core sensibility for us as capital allocators and investors. So I think we were biased to want to do that over time anyway, economics aside.

就像我們作為投資者一樣，我們普遍相信多元化和風險管理。因此，拋開經濟因素不談，隨著我們資料中心業務的不斷發展，客戶群多元化對於我們這些資本配置者和投資者來說，就像是一種核心理念。所以我覺得，拋開經濟因素不談，隨著時間的推移，我們本來就傾向於這樣做。

Whether the economics pan out, obviously better or not, it's really going to be a function of like where the markets are at a point in time and where CoreWeave's credit risk perceived -- credit risk is relative to some of the investment-grade tenants.

經濟效益最終如何，顯然是好是壞，實際上取決於當時的市場狀況以及CoreWeave的信用風險——信用風險是相對於一些投資級租戶而言的。

Great. And then just a bit more of a bigger picture question, but -- in the past few months, we've seen Galaxy get more involved in the equity space, whether it's the (technical difficulty) Investment Banking advisory or even now the Galaxy One for retail. How do you think about the opportunities within institutional equities now that blockchain and (technical difficulty) are converging more?

偉大的。然後，再問一個更宏觀的問題——在過去的幾個月裡，我們看到 Galaxy 更多地涉足股權領域，無論是（技術上難以理解的）投資銀行諮詢，還是現在的 Galaxy One 零售業務。您認為隨著區塊鏈和技術難度的日益融合，機構股票領域有哪些機會？

Yeah. Listen, if you ask me my like five-year view, and Chris alluded to this early -- you're going to see so much tokenization of real-world assets of equities or fixed income of commodities that wallets and companies that are engaging, you're going to see this blending of what we call digital assets or crypto right now, and we call real-world traditional finance.

是的。聽著，如果你問我對未來五年的看法，克里斯也早先提到過這一點——你會看到現實世界中的股票、固定收益或大宗商品等資產被大量代幣化，錢包和參與其中的公司將會看到我們現在所說的數字資產或加密貨幣與我們所說的現實世界傳統金融的融合。

And so as that blending happens, I think you're going to see crypto customers who traditionally have all wanted to shoot the moon as they mature, slowly look for more conservative product. But the big buyers are conservative product of -- if it's tokenized credit will most likely be people that were buyers of credit just in traditional finance side.

因此，隨著這種融合的發生，我認為你會看到那些傳統上都想在成熟後追求巨大成功的加密貨幣客戶，並逐漸尋找更保守的產品。但大買家是保守派——如果是代幣化信貸，那麼很可能是那些原本就是傳統金融領域信貸買家的人。

And so like what does that mean? It means if you're a traditional finance company, bank or finance company, you know this is coming. And so you're trying to figure out, a, how to develop your own domain expertise, how to partner with people how to buy it to get ahead of some of that. And so I think both from our advisory business, but our core business is partnering. We've got a real good three-year highway of working with the big financial institutions, as partners, as adviser, and I just don't see that slowing down.

那這意味著什麼呢？這意味著，如果你是一家傳統的金融公司、銀行或金融公司，你就知道這種情況即將發生。所以你正在努力弄清楚，a，如何發展自己的領域專業知識，如何與他人合作，以及如何購買這些知識來在某些方面領先一步。所以我認為，無論是從我們的顧問業務來看，還是從我們的核心業務來看，合作都是如此。過去三年，我們與大型金融機構建立了非常良好的合作關係，既是合作夥伴，也是顧問，我看不出這種合作會放緩。

And we see that every day. Steve Kerr literally has a meeting a day, it seems with somebody who's looking at a way to partner with us. And so hopefully, we're going to announce some of those soon. But -- and so I'm really bullish. What does that mean for equity prices in some of these companies?

我們每天都能看到這種情況。史蒂夫·科爾似乎每天都要和一些想和我們合作的人開會。所以，希望我們很快就能宣布其中的一些消息。但是——所以我非常看好它。這對其中一些公司的股票價格意味著什麼？

Listen, like in anything, I mean it's hard to determine is our equity market overvalues fairly valued or undervalued. Multiples are relatively high. In general, there's lots of liquidity that's driving this thing up. There is the beginnings of some AI bubble, how long it goes is everyone's guess, and everything gets pulled up with that.

聽著，就像任何事情一樣，我的意思是，很難確定我們的股市是被高估、合理估值還是低估了。倍數相對較高。總的來說，大量的流動性推動了價格上漲。人工智慧泡沫已經開始形成，它會持續多久，每個人都不得而知，而這一切都與此息息相關。

I think you're going to see more and more crypto companies that are public. And so there's going to be more differentiation between companies that actually make money and companies that are just a story or companies that are a story that are going to make money versus companies that are a story that aren't going to make money. You're going to see a consolidation.

我認為你會看到越來越多的加密貨幣公司上市。因此，真正賺錢的公司和只是個故事的公司之間，或者說，那些只是個故事但將來會賺錢的公司和那些只是個故事但不會賺錢的公司之間，將會有更大的區別。你會看到產業整合。

There are a lot of subscale crypto companies that have okay businesses that might do $75 million, $100 million in revenue and $20 million EBITDA that don't have the capacity to go public but might be takeout candidates.

有很多規模較小的加密貨幣公司，它們的業務還不錯，收入可能達到 7,500 萬美元、1 億美元，EBITDA 達到 2,000 萬美元，但它們沒有能力上市，不過它們可能是被收購的目標。

Right now, everyone seems to think they're worth too much because we have this euphoria and so you probably don't really see the shares reshuffle until there's a setback, but this is going to be an ongoing story for the next three years, this merging of the crypto infrastructure with traditional finance.

現在，大家似乎都認為自己的股票價值過高，因為我們處於一種狂熱狀態，所以你可能要等到出現挫折才會看到股票重新洗牌，但未來三年，加密貨幣基礎設施與傳統金融的融合將是一個持續發展的故事。

Was there a follow-up, Mr. Engel?

恩格爾先生，還有後續狀況嗎？

No, thank you.

不，謝謝。

Devin Ryan, Citizens.

德文·瑞安，市民。

Appreciate you taking the questions here. I just want to touch on the digital asset treasury opportunity. Galaxy just is uniquely positioned here with both combination of your expertise, but also just the breadth of services across capital raising and asset management and trading. So I'd love to just get a little more sense of the demand you're seeing right now from groups that want to launch a strategy. How much do you want to be a part of that? I suspect you're being still very selective here.

感謝您回答這些問題。我只想簡單談談數位資產管理方面的機會。Galaxy憑藉其專業知識以及在資本募集、資產管理和交易方面的廣泛服務，在這裡擁有獨特的優勢。所以我很想更深入了解目前想要推出策略的團體的需求情況。你有多想參與其中？我懷疑你在這裡仍然非常挑剔。

And then I also appreciate it's going to be lumpy, but just want to get a sense of how sustainable you think this trajectory is? And just as you think about the bigger picture for Galaxy, how much larger could it be just as some of these debt you probably raise tens of billions of dollars of capital potentially in the coming years?

我知道這個過程肯定會有起伏，但我只是想了解一下您認為這種發展軌蹟的可持續性如何？當你思考 Galaxy 的未來時，它究竟能發展到多大規模？考慮到 Galaxy 未來幾年可能會透過這些債務籌集數百億美元的資金。

Listen, I think we're on the tail end of issuance. There's a few more coming down the pipeline, but most of the bigger ecosystems have established themselves, right? You've got a few big Solana debts. You've got a few big Ethereum debts. You've got a bunch of Bitcoin debts. There doesn't seem to be a lot more room in those -- at least in those three tokens which are the three biggest tokens in the ecosystem for more, there's a hyper liquid debt that hasn't officially started trading it, but it's been raised. And so I think we're on the tail end -- the large question is how big can some of these things grow, right?

聽著，我認為我們已經接近發行尾聲了。還有一些項目正在籌備中，但大多數大型生態系統已經確立了自身地位，對吧？你欠了Solana公司不少錢。你欠了幾筆數額龐大的以太坊債務。你欠了一大堆比特幣債務。似乎這些代幣中沒有太多空間了——至少在生態系統中最大的三個代幣中沒有了，雖然有一種流動性極強的債務尚未正式開始交易，但已經籌集完畢。所以我覺得我們已經到了尾聲——現在最大的問題是，這些東西究竟能發展到多大，對吧？

We saw MicroStrategy and hats off to Michael Saylor grow far, far bigger than everyone ever expected. A Bit Minor right now, the Ethereum debt, that Tom Lee spearheads is having that same excitement and growth and I think I looked at it this morning, it was still 145% premium, raising equity every day, buying Ethereum. And so we'll see -- some of these are going to trade at discounts and there'll be some consolidation.

我們見證了 MicroStrategy 的發展壯大，並向 Michael Saylor 致敬，這遠遠超出了所有人的預期。目前情況略有不同，由 Tom Lee 牽頭的以太坊債務也同樣令人興奮和增長，我想我今天早上看過，它仍然有 145% 的溢價，每天都在籌集資金，購買以太坊。所以我們將會看到——其中一些股票會折價交易，並且會出現一些盤整。

Net-net, they're very good for the ecosystem. In general, they brought a whole lot of new investors into crypto and I think they will evolve to be big investors if it's staking assets or even investing in venture platform companies around their major token.

總而言之，它們對生態系統非常有益。總的來說，他們為加密貨幣領域帶來了大量新投資者，我認為如果他們進行資產質押，甚至投資於圍繞其主要代幣的風險投資平台公司，他們將發展成為大型投資者。

And so in some ways, they're a supplement or even a replacement of the traditional foundation, which got set up over in Switzerland because of regulatory reasons. And we'll -- it's a little too early to see exactly what they become, but I think that's the optimistic view.

因此，從某種意義上說，它們是對傳統基金會的補充，甚至是替代品。傳統基金會由於監管原因在瑞士成立。現在判斷它們最終會發展成什麼樣子還為時過早，但我認為這是比較樂觀的看法。

Got it. Just a quick follow-up here on the lending book. As you mentioned, it's still on the move of $1.8 billion now. And I know it's important for a number of your clients. Can you talk about where the demand is coming from right now? And then just how you think about capacity for growing that from here?

知道了。關於借貸帳簿，這裡簡單跟進。正如您所提到的，目前它的流動規模仍為 18 億美元。我知道這對您的許多客戶來說都很重要。能談談目前的需求來自哪裡嗎？那麼，您認為從現在開始，如何才能實現成長？

Yeah. So the demand, I would say, is pretty broad-based and pretty similar to what it's been historically. Like for us, we sit in the middle of the institutional market we have both end customers who are borrowing cash and crypto largely to make their positions more capital efficient. So putting on reasonable leverage into their positions. We also sit -- face we'll call market makers.

是的。所以我認為，需求基礎相當廣泛，而且與歷史上的需求非常相似。對我們來說，我們處於機構市場的中間位置，我們既有借入現金和加密貨幣的終端客戶，主要目的是提高其資本效率。因此，他們需要合理地利用槓桿來鞏固自己的地位。我們也與一些我們稱之為做市商的人坐在一起。

And so participants who borrow coin in cash for working capital effectively to make markets. And then finally, there's an interdealer market where the dealers borrow from one another to fill their customer demand. That one is a steady-state piece of business, but like less interesting to us.

因此，借入硬幣現金作為營運資金的參與者實際上就是在做市。最後，還有經銷商之間的借貸市場，經銷商之間互相借貸以滿足客戶需求。那是一項穩定的業務，但對我們來說沒那麼有趣。

So what we have always been focused on and what we just have started nailing with lower cost of capital and therefore, ability to provide better structures for clients is really delivering lend borrow and locate assets for our institutional trading clients of the firm who want to augment their trading on what has historically been really a fully funded basis in crypto historically.

因此，我們一直專注於降低資本成本，從而能夠為客戶提供更好的結構，我們最近也開始在這方面取得進展。我們真正為公司希望在加密貨幣領域增加交易的機構交易客戶提供借貸和資產定位服務，而這些交易在歷史上實際上是完全由資金支持的。

So that's the prior focus of the business. That's where I think it goes -- the -- we have been focused on and the market is still lacking a more automated margin-based financing prime brokerage system that allows institutions to -- in a more automated fashion, access capital as they trade with leverage constraints, et cetera.

所以，這就是公司之前的重點。我認為問題就出在這裡——我們一直關注的，但市場仍然缺乏一個更加自動化的基於保證金的融資經紀系統，該系統允許機構以更加自動化的方式，在槓桿限制等情況下獲得資金。

We are -- we have been building that. We have actually rolled it out on a preliminary basis to a small number of clients. And we're going to do that very slowly because inherent in that is a ton of risk on the system side, on the price action side that we're just not going to take in size until we're comfortable with, until the market is ready to have it. And so that's what I think longer term we're building at. That's a big -- will be a big driver of a very fast growth of the loan book, assuming the financing is there for it. But that's how we think about the lending business today.

我們正在——我們一直在努力實現這一點。我們實際上已經初步向少數客戶推出了這項服務。我們會非常緩慢地進行這項工作，因為這其中蘊含著系統方面和價格走勢方面的巨大風險，在我們感到放心之前，在市場準備好之前，我們不會承擔如此大的風險。所以，我認為這就是我們長期發展的方向。這將是貸款組合快速成長的一個重要驅動因素，前提是融資到位。但這就是我們今天看待貸款業務的方式。

The one area that I didn't hit on and you don't really see in the numbers at all today that we think is very interesting, though, is our business historically has really been off chain with clients. And there are nascent pools being built on chain for secured financing, and in some cases, under secured or unsecured financing on chain. We take that -- that market is very nascent. We take that opportunity very seriously, though.

不過，我今天沒有提到的一個方面，也是你在數據中完全看不到的，但我們認為非常有趣的一點是，從歷史上看，我們的業務與客戶的聯繫一直非常緊密。而且，鏈上正在建立一些新興的資金池，用於擔保融資，在某些情況下，鏈上還提供擔保或無擔保融資。我們認為──這個市場還處於起步階段。不過，我們非常重視這個機會。

And so I could see a future where our financing and lending presence doesn't manifest itself purely in our loan book growth, but also manifest itself in our infrastructure and technology building, where we provide access to a much broader base of on chain financing that will be a pretty serious player. So we're very focused on that as an opportunity.

因此，我預見到未來我們的融資和貸款業務不僅體現在貸款組合的成長上，還體現在我們的基礎設施和技術建設上，我們將提供更廣泛的鏈上融資管道，這將成為一個非常重要的參與者。所以，我們非常重視這個機會。

Martin Toner, ATB Capital Markets.

Martin Toner，ATB Capital Markets。

So if I take your performance in digital assets this quarter and annualize it, I put a multiple on it, it implies it's worth a lot. How sustainable are these results in your view?

所以，如果我將你本季在數位資產方面的表現進行年化，並乘以一個倍數，這意味著它的價值很高。您認為這些結果的可持續性如何？

Listen, crypto is a really volatile asset class. And I think you're going to continue to see at least part of our results trade with that volatility, right? Our balance sheet -- we try to maneuver our balance sheet, have less of it when we think the market is going down and more of it when the market is going up, that's a difficult game. We do it better than most, but we're certainly not perfect at it. So I think you'll see a correlation of our treasury or our balance sheet assets with the market itself.

聽著，加密貨幣是一種波動性極大的資產類別。我認為你會看到我們的業績至少有一部分會繼續受到這種波動的影響，對吧？我們的資產負債表－我們試圖調整資產負債表，在市場下跌時減少資產，在市場上漲時增加資產，這是一場艱難的賽局。我們做得比大多數人好，但我們肯定還不夠完美。所以我認為你會看到我們的國庫或資產負債表資產與市場本身有相關性。

And the digital assets business side, right, the enterprise business, still has some correlation because if the price of crypto goes down, the fees we make in lots of our asset management projects go down, often volumes go down.

數位資產業務方面，也就是企業業務方面，仍然存在一定的相關性，因為如果加密貨幣的價格下跌，我們在許多資產管理項目中賺取的費用就會下降，交易量通常也會下降。

And so crypto is not mature enough yet that -- you'll have a -- the S&P up or down, it doesn't really stop Morgan Stanley or Goldman Sachs from having good quarters or bad quarters. We're still going to be a little bit correlated to crypto.

因此，加密貨幣還不夠成熟，所以——無論標普500指數上漲或下跌，都無法真正阻止摩根士丹利或高盛的表現好壞。我們仍然會與加密貨幣保持一定的相關性。

Our goal, of course, is to break that correlation. And with each quarter, we're doing better at it. And so looking at things like assets on platform, much -- the more assets on platform, the more stable our business is going to be. And so that is a north star for Chris, Tony, Aaron, all of us here, Jason, Steve.

當然，我們的目標就是打破這種關聯。每個季度，我們在這方面都做得更好。因此，從平台上的資產來看，平台上的資產越多，我們的業務就越穩定。所以，這就是克里斯、東尼、亞倫、我們所有人、傑森、史蒂夫的指路明燈。

Our senior management constantly looks at that, okay, how do we get more assets on platform? How do we stack more assets on platform? And we're getting there. We're not there yet. And so, unfortunately, I don't think you should annualize unless you really think you're going to continue to have this great inflow into the crypto markets quarter after quarter.

我們的高階主管一直在思考，如何在平台上獲得更多資產？我們如何在平台上堆疊更多資產？我們正在接近目標。我們還沒到那一步。因此，很遺憾，除非你真的認為加密貨幣市場會持續每個季度都有大量資金流入，否則我不認為你應該採用年化收益率。

We still are bullish over the medium term. I still think given the sad state of fiscal affairs in the world, that Bitcoin at $1 million is going to make sense one day. I've always said this publicly. I hope it doesn't happen next year because some real s**t will then happened in the US economy. That wouldn't be good for any of us.

我們仍然看好中期前景。鑑於目前世界財政狀況的糟糕，我仍然認為比特幣價格達到 100 萬美元總有一天是合理的。我一直都公開這麼說。我希望明年不會發生這種事，因為那樣的話美國經濟真的會出大問題。那對我們任何人都沒有好處。

But I think we're going to see a slow debasement of feet currencies, which is going to benefit the space that we're in. And so I guess that's the real -- just straight up honest answer. We try every quarter to make this business better, and we're going to keep grinding away at that.

但我認為我們將看到以英尺計價的貨幣緩慢貶值，這將有利於我們所處的領域。所以我想這才是真正的──坦誠的答案。我們每季都努力讓這項業務變得更好，我們將繼續為此努力。

That's great. Thank you, Mike. Can I -- if I can give you one more. Do you think you can do GPU as a service at Helios with some of the capacity? And are you thinking about it?

那太棒了。謝謝你，麥克。我可以再給你一次嗎？您認為能否利用 Helios 的部分容量提供 GPU 即服務？你在考慮這件事嗎？

Sure. So I think technically, the answer is yes, we could do that. Are we thinking about it? The answer is no. And the two reasons why are, one, I think there are really good companies, like our partner, CoreWeave, who have built layers and layers of technology -- and NVIDIA themselves, they've built layers and layers of technology on top of just owning raw chips that are really value-add and really get the most out of what are increasingly complex GPU clusters that expertise we have not invested in yet; we don't have in-house. And I think it's -- it would be nice to think we would just start doing that by buying GPUs.

當然。所以我覺得從技術上講，答案是肯定的，我們可以做到這一點。我們在考慮這個問題嗎？答案是否定的。原因有二：第一，我認為有一些非常優秀的公司，比如我們的合作夥伴 CoreWeave，他們構建了層層技術——還有 NVIDIA 本身，他們在擁有原始芯片的基礎上構建了層層技術，這些技術真正具有增值性，並真正最大限度地利用了日益複雜的 GPU 集群，而我們尚未投資於這方面的專業知識；我們內部沒有這方面的專業知識。我覺得——如果我們能透過購買GPU來做到這一點，那就太好了。

The other thing, given that the other just math lesson for us is, we're not we're not confident in what useful life of GPUs are ultimately going to be. And the cycles of GPU efficiency are pretty nascent still. And so we like very much investing in long-lived infrastructure that we understand useful life of, and we don't quite yet understand what the useful life of GPUs are.

還有一點，鑑於我們得到的另一個數學教訓是，我們並不確定 GPU 的最終使用壽命會有多長。GPU效率的提升週期仍處於起步階段。因此，我們非常喜歡投資我們了解其使用壽命的長壽命基礎設施，但我們目前還不完全了解 GPU 的使用壽命。

And so the business model around return on capital on GPUs, particularly if you're not -- you haven't added real expertise in real value add, I think is a really challenging thing to decide to do. So we're not thinking about it.

因此，圍繞著 GPU 資本回報率的商業模式，特別是如果你沒有在真正的增值方面增加真正的專業知識，我認為是一個非常具有挑戰性的決定。所以我們沒考慮這件事。

That concludes our -- thank you. This concludes our question-and-answer session. I would like to turn the conference back over to Mike Novogratz, Founder and CEO of Galaxy Digital, for any closing remarks.

我們的節目到此結束——謝謝。我們的問答環節到此結束。我謹將會議交還給 Galaxy Digital 的創辦人兼執行長 Mike Novogratz，請他作總結發言。

Guys, thanks for spending an hour with us this morning. I hope you hear from the tone we're excited about the opportunity ahead of us. We're charged up about our third quarter, but we're already a month into the fourth. And so we understand our job here, and we're going to work hard for you guys. So stay tuned.

各位，感謝你們今天早上抽出一個小時陪伴我們。希望您能從我們的語調中感受到我們對未來機會的興奮之情。我們對第三季充滿信心，但第四季已經過了一個月。所以，我們明白我們在這裡的工作，我們會努力為大家服務。敬請期待。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。