Galaxy Digital Inc (GLXY) 2025 Q4 法說會逐字稿

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

早安，歡迎參加 Galaxy Digital 2025 年第四季財報電話會議。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 fourth quarter and full year 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+.

早安，歡迎參加 Galaxy 2025 年第四季及全年財報電話會議。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，包括我們在盈利報告或其他文件中免責聲明中列明的因素（這些文件已提交給美國證券交易委員會和 SEDAR+），實際結果可能與這些聲明中描述的結果有重大差異。

Forward-looking statements speak only as of today and will not be updated. 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 offer by Galaxy or its affiliates to buy or sell any securities.

前瞻性陳述僅代表截至今日的信息，不會更新。此外，我們可能會討論有關非GAAP指標的參考信息，這些指標的調節表也可以在我們的收益報告中找到。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推薦、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。

Good morning, everybody. We're New York City. We've got ice in the Hudson. Still chilly out here. Listen, I think about this quarter in our year a lot, and I thought in a perfect Dickinsonian way that this is a tale of three cities, not two cities. And so I'm going to start with the shiny one.

各位早安。我們是紐約市。哈德遜河裡結冰了。外面還是很冷。聽著，我經常思考我們這一年的這個季度，而且我以一種完全狄金森式的視角認為，這是一個關於三座城市的故事，而不是兩座城市的故事。所以，我先從閃閃發光的開始。

Listen, our data center business, I couldn't be more excited for it. We're now over 1.6 gigawatts of improved capacity. If you haven't followed our stock as closely as I think you have. We got 830 megawatts of additional power approved recently.

聽著，我對我們的資料中心業務感到無比興奮。我們現在的發電容量增加了 1.6 吉瓦以上。如果你沒有像我想像中那樣密切關注我們的股票。我們最近獲得了830兆瓦額外電力供應的批准。

I want to give a shout out to the state of Texas. They've proven to be great to do business with. I literally got an extra set of cowboy boots every month. And so we're excited. Listen, there's not a lot of 830 megawatt new sites of power, being granted in the United States. We are engaging with potential tenants and, hopefully in the next, period of time have news on who's going to occupy that site.

我要特別感謝德州。事實證明，和他們做生意非常愉快。我每個月都能額外拿到一雙牛仔靴。所以我們都感到很興奮。聽著，在美國，830兆瓦的新發電廠計畫並不多。我們正在與潛在租戶接洽，希望在接下來的時間裡能有關於誰將入駐該地塊的消息。

At the same time, we've got over 1,000 employees or 1,000 workers, I should say they're not employees, building out the site for Coreweave. We hope to have or we will have our first data halls delivered by the end of Q1, and so the data center business will start cash flowing, quite quickly.

同時，我們有超過 1000 名員工（或應該說是 1000 名工人，他們不是員工），正在為 Coreweave 建立網站。我們希望或將在第一季末交付我們的首批資料中心，因此資料中心業務將很快開始產生現金流。

On top of that, we're engaged in conversations with other sites, both in Texas and in other states, and so the data center business is growing. It is a macro environment still where the demand for power is strong. You see that in (inaudible) and everywhere you're reading and looking, it's usually the same five or six major players, but underneath that there are a whole lot of other players that are, building out data centers themselves and so couldn't be more bullish on the data center business.

除此之外，我們也正在與德州和其他州的站點進行洽談，因此資料中心業務正在成長。目前宏觀環境依然強勁，電力需求旺盛。你會發現，在（聽不清楚）以及你閱讀和查看的任何地方，通常都是那五到六個主要參與者，但在這些參與者之下，還有很多其他參與者正在自己建立資料中心，因此他們對資料中心業務的前景非常樂觀。

The crypto business or the digital assets business. That itself is a tale of two cities, both internally at Galaxy and broadly macro. So macro wise, you have the crypto coins, Bitcoin, Ethereum, Solana, you name them, have been in a bear market. When we cracked 100 in Bitcoin, there was a lot of price action above that. Ever since then, I thought it's been in a, 75 to 100 range, we're at the lower end of that range right now. If you had told me a year ago with gold at the highs and Nasdaq at the highs, and a very friendly administration that we would be lower, I'd have said no way. And so when that happens, you got to think through what, what's going on.

加密貨幣業務或數位資產業務。這本身就是一個關於兩個城市的故事，既包括 Galaxy 公司內部的情況，也包括宏觀層面的情況。從宏觀角度來看，加密貨幣，比特幣、以太幣、Solana等等，都處於熊市之中。當比特幣價格突破 100 美元時，價格在該價位上方出現了大幅波動。從那時起，我認為它一直徘徊在 75 到 100 之間，而我們現在正處於這個範圍的下限。如果一年前，在黃金價格和納斯達克指數都處於高位，而且政府政策非常友好的情況下，你告訴我我們會跌得更低，我會說不可能。所以當這種情況發生時，你必須好好想想發生了什麼事。

And I think there's a lot that's going on. I think people got excited over 100,000 and felt like, the race was won, all the hard work over 15 years to get there. Felt like some relief that the community had done something so amazing and that somehow allowed people to take profit and then that profit taking became a bit of a virus. And so we are distributing a lot of those huddled coins into new buyers.

我認為有很多事情正在發生。我認為人們看到數字達到 10 萬時都非常興奮，感覺就像比賽贏了一樣，15 年來的所有努力都得到了回報。感覺如釋重負，因為社區做了一件非常了不起的事情，這在某種程度上讓人們從中獲利，然後這種獲利行為就像病毒一樣蔓延開來。因此，我們正在將大量積壓的硬幣分發給新的買家。

And I learned early on as a trader, prices are set at the margin. Obviously there have been more sellers than buyers, and the question just is when to stop.

我作為交易員很早就明白，價格是由邊際收益決定的。顯然，賣家比買家多，問題在於何時停止這種局面。

Do we find sellers exhaustion at one point, and what are the catalysts to turn it around? I do think we're at the lower end of the range, and what I would say is we've been here before, Anyone who's been in crypto for more than five years realized that part of the ethos of this whole industry is pain, and that often when things feel worse, it's time to be very focused and potentially accumulating or at least getting prepared to, because when the tide turns, it turns quick.

我們是否會在某個時刻發現賣方市場疲軟，而扭轉這種局面的催化劑是什麼？我認為我們目前處於區間下限，而且我想說的是，我們以前也經歷過這種情況。任何在加密貨幣領域工作超過五年的人都意識到，整個行業的本質就是承受痛苦，而且通常情況下，當情況感覺更糟時，正是需要集中精力並可能進行積累或至少做好準備的時候，因為一旦形勢逆轉，變化會非常迅速。

Potential catalysts are if we finally pass this crypto legislation here in the US. We just got a new Fed governor. We can talk about that later. He is not as dovish as people had hoped, right? You were hoping that you were going to get someone who would do the President's bidding, and I think the market reaction both in precious metals and crypto was telling and was a nod of recognition to Kevin Warsh as a man of integrity.

潛在的催化劑是，如果我們最終在美國通過這項加密貨幣立法。我們剛剛迎來了一位新的聯準會理事。我們可以稍後再談這件事。他並不像人們希望的那樣鴿派，對吧？你原本希望找到一個能聽命於總統的人，我認為貴金屬和加密貨幣市場的反應說明了一切，也表明了市場對凱文·沃什作為一位正直人士的認可。

That said, the budget deficit is still 6.5%, our debt is $40 trillion and the broad story that brought people into Bitcoin as a store of value, as a digital gold is intact. And so, we certainly haven't given up on our bullishness around the long-term prospects of crypto.

即便如此，預算赤字仍高達 6.5%，債務高達 40 兆美元，而當初將比特幣視為價值儲存手段和數位黃金的概念仍然成立。因此，我們當然沒有放棄對加密貨幣長期前景的樂觀態度。

So our balance sheet took a hit in the fourth quarter. In some ways it was unfortunately the mirror of the third quarter where we had a great balance sheet and gave a lot of that back. Our underlying business, however, again back to my -- The Tale of Two Cities within crypto has had a great year, right? We did over $500 million in operating revenue and so I can strip out the balance sheet. Galaxy's digital assets business is a big business. It's got a great brand, we've got great relationships with a lot of institutional customers. We had record trading volumes.

因此，我們的資產負債表在第四季度受到了衝擊。在某些方面，不幸的是，這與第三季的情況如出一轍，當時我們的資產負債表非常出色，但卻損失了許多利潤。然而，就我們目前的業務而言，再回到我之前提到的加密貨幣領域的「雙城記」——這一年過得非常精彩，對吧？我們的營業收入超過 5 億美元，所以我可以剔除資產負債表。Galaxy的數位資產業務規模龐大。它擁有優秀的品牌，我們與許多機構客戶建立了良好的關係。我們創下了交易量新高。

Our loan book has grown immensely, $12 billion of assets on our platform. And so I feel really good about our overall business and I would say neutral, to getting ready to hopefully feel bullish about the overall crypto market.

我們的貸款組合規模大幅成長，平台上的資產規模已達 120 億美元。因此，我對我們的整體業務感覺非常好，我會說保持中立，希望未來能夠對整個加密貨幣市場感到樂觀。

Last thing I'd say is there's a very big and exciting bull market in what I call blockchain plumbing or digital asset plumbing, right, even before the passage of this market structure bill. Every trait by institution that we're in touch with is figuring out in a much quicker pace, how they're going to participate in this transition to a digital world, where wallets replace.

最後我想說的是，在我稱之為區塊鏈管道或數位資產管道的領域，即使在這項市場結構法案通過之前，也存在著一個非常龐大且令人興奮的牛市。我們接觸到的每個機構都在以更快的速度思考，他們將如何參與到數位世界的過渡中，在這個數位世界裡，錢包將取代實體錢包。

Accounts, and so you read about the kind of the stablecoin debates that are going on in DC, hopefully in the next, period of time we're going to have some big announcements, about, different endeavors we're taking with trade by companies, but Galaxy sees ourselves as a partner for lots of these people. We're going to partner with some.

帳戶，所以你讀到有關華盛頓特區正在進行的穩定幣辯論，希望在接下來的一段時間裡，我們將發布一些重大公告，關於我們與公司開展的不同交易舉措，但 Galaxy 將自己視為許多這些人的合作夥伴。我們將與一些公司建立合作關係。

We sit in our office, we're like, are they a collaborator or a competitor or a client, right? They're a little bit of all of them, and so that's a bull market, for us, and it feels that way, and so, we could go into a period where the old business doesn't do as well, but you're building into the new business, and what is that new business? That new business is going to be more on Shane's stuff, but it's going to be a traditional assets that use crypto rails. You already see it. There's a protocol called XYZ which trades on the hyper liquid platform. In full disclosure, we are long hyper liquid, that is doing $4 billion of revenue already. It did 4% of the CME volume in silver.

我們坐在辦公室裡，會想，他們是合作夥伴、競爭對手還是客戶，對吧？它們兼具所有這些特點，所以對我們來說，這是一個牛市，而且感覺確實如此。因此，我們可能會進入一個舊業務表現不佳的時期，但你正在發展新業務，那麼這個新業務是什麼呢？新業務將更多地圍繞 Shane 的領域展開，但它將是一種使用加密貨幣軌道的傳統資產。你已經看到了。有一個名為 XYZ 的協議，它在超流動性平台上進行交易。坦白說，我們長期持有超流動性股票，目前已創造了 40 億美元的收入。它佔芝加哥商品交易所白銀交易量的4%。

And so as we see assets that are traditionally not trading on blockchain rails shift to the blockchain, we think that's, ripe opportunity for Galaxy and for the whole space.

因此，隨著傳統上不在區塊鏈上交易的資產轉移到區塊鏈上，我們認為這對 Galaxy 和整個領域來說都是一個絕佳的機會。

So with that, I will say I'm hoping that that Chris or Tony has a literary metaphor for their piece. And I'm going to pass the ball.

所以，我希望克里斯或東尼的作品能運用文學隱喻。我要把球傳出去。

Thanks, Mike, and thanks, everyone, for joining us on the call today. It's my pleasure to present the results for Q4 and full year 2025 before turning it over to Chris to provide a little more context on the data centers.

謝謝麥克，也謝謝各位今天參加我們的電話會議。我很榮幸向大家介紹 2025 年第四季和全年業績，之後請 Chris 為大家提供更多關於資料中心的資訊。

First, starting with our full year 2025, we reported a GAAP net loss of $241 million or $0.61 per share. These results were impacted by approximately $160 million in one-time items that occurred early in the, earlier in the year, including write-downs and other expenses related to our legacy Bitcoin mining infrastructure, costs tied to our US listing and corporate reorganization. And a negative mark to market adjustment on the embedded derivative associated with our exchangeable notes which no longer impacts results following our Q2 2025 reorganization.

首先，從我們 2025 年全年開始，我們報告 GAAP 淨虧損為 2.41 億美元，即每股虧損 0.61 美元。這些業績受到年初發生的約 1.6 億美元的一次性項目的影響，其中包括與我們遺留的比特幣挖礦基礎設施相關的減值和其他費用、與我們在美國上市相關的成本以及公司重組。與我們的可交換票據相關的嵌入式衍生品的市值調整為負值，這在我們 2025 年第二季重組後不再影響業績。

Despite these non-recurring charges, our business delivered $34 million of adjusted EBITDA in 2025. This performance came against the backdrop of a 10% decline in the total crypto market cap, driven by a 24% drop in Q4. This profitable performance also underscores the growing scale of our business and the increasing contribution of recurring fee and transaction-oriented revenue within our earnings mix.

儘管存在這些非經常性費用，但我們的業務在 2025 年實現了 3,400 萬美元的調整後 EBITDA。這一業績是在加密貨幣總市值下降 10% 的背景下取得的，其中第四季度下降了 24%。這項獲利績效也凸顯了我們業務規模的不斷擴大，以及經常性費用和交易導向收入在我們獲利結構中佔比的不斷提高。

In our Digital Assets operating segment, we generated record adjusted gross profit of $505 million in the year, up from $303 million in 2024, representing a 67% year-over-year growth, an acceleration that reflects both operating leverage and the strength of our diversified business model. Growth was broad-based with strong contributions across trading, investment banking, lending, asset management, and staking.

在我們的數位資產營運部門，本年度我們實現了創紀錄的調整後毛利 5.05 億美元，高於 2024 年的 3.03 億美元，年成長 67%，這一成長速度反映了營運槓桿和我們多元化業務模式的優勢。成長基礎廣泛，交易、投資銀行、貸款、資產管理及質押等業務均有強勁貢獻。

In Treasury and Corporate, we reported an adjusted gross loss of $86 million in 2025, primarily reflecting the unrealized losses in our digital asset and investment portfolio during the year as a result of lower digital asset prices.

在財務和公司業務方面，我們報告 2025 年調整後毛虧損 8,600 萬美元，主要反映了由於數位資產價格下跌，導致我們當年的數位資產和投資組合出現未實現虧損。

In data centers, as we've discussed previously, we expect financial results in this segment to remain de minimis until we begin recognizing revenue under phase 1 of our core weave lease agreement, which we expect to start later in Q1.

正如我們之前討論過的，在數據中心領域，我們預計該領域的財務業績將微乎其微，直到我們開始根據核心編織租賃協議的第一階段確認收入，我們預計將在第一季度晚些時候開始。

Turning to the balance sheet. We ended the year with $11.3 billion in total assets and over $3 billion in equity capital, with roughly 60% allocated to our operating businesses. That mix will fluctuate quarter over quarter with movements in our treasury portfolio, but as stated previously, over time we expect the percentage allocated to our operating businesses to increase as we scale across both digital assets and data centers.

接下來看一下資產負債表。到年底，我們的總資產為 113 億美元，股本超過 30 億美元，其中約 60% 分配給了我們的營運業務。該組合會隨著我們資金組合的變動而逐季波動，但正如之前所述，隨著我們在數位資產和資料中心方面規模的擴大，我們預計分配給營運業務的百分比會逐漸增加。

Within Treasury and Corporate, we held approximately $1.7 billion of net digital assets and investments at year-end, down 22% quarter over quarter. That decline primarily reflects market depreciation, as Mike discussed, which resulted in unrealized losses across our investment portfolio.

在財務和企業部門，截至年底，我們持有約 17 億美元的淨數位資產和投資，季減 22%。正如麥克所討論的，這種下跌主要反映了市場貶值，導致我們的投資組合出現未實現的損失。

We also closed the year with $2.6 billion of cash and stable coins on balance sheet, up approximately $700 million from Q3. That increase reflects two strategic capital raises in Q4.

年底，我們的資產負債表上現金和穩定幣總額為 26 億美元，比第三季增加了約 7 億美元。這一成長反映了第四季的兩筆策略性融資。

A $1.3 billion exchangeable note issuance and a $325 million equity investment in Galaxy by one of the world's largest asset managers, which together resulted in approximately $1.6 billion of net proceeds to the company.

全球最大的資產管理公司之一向 Galaxy 發行了 13 億美元的可交換票據，並進行了 3.25 億美元的股權投資，這兩項投資加起來為該公司帶來了約 16 億美元的淨收益。

Cash raised in Q4 went to two primary uses. Continued investments in data center infrastructure to ensure we stay on track for upcoming data hall deliveries and paying down short-term borrowings.

第四季籌集的資金主要用於兩個方面。持續投資資料中心基礎設施，以確保我們按計劃交付即將交付的資料機房，並償還短期借款。

Going forward, uses will be focused on continued data center build, as well as general corporate purposes, including ensuring sufficient liquidity for the potential repayment of the $445 million of exchangeable notes that mature in December 2026. Maintaining discipline, risk, and balance sheet management focused on strong capital and liquidity remains a critical priority as we execute our multi-pronged growth strategy across digital assets and data centers.

展望未來，資金用途將集中在繼續建造資料中心，以及一般公司用途，包括確保有足夠的流動性來償還將於 2026 年 12 月到期的 4.45 億美元可交換票據。在執行涵蓋數位資產和資料中心的多管齊下的成長策略的過程中，保持紀律、風險和資產負債表管理，重點在於保持強大的資本和流動性，這仍然是我們的首要任務。

Now shifting to our digital assets business. As Mike mentioned, Q4 reflected lower digital asset prices, softer sentiment, and reduced activity industry-wide. Coming off a record Q3, that shift was more pronounced, but we maintained strong client engagement throughout the quarter.

現在轉向我們的數位資產業務。正如麥克所提到的，第四季度反映了數位資產價格走低、市場情緒疲軟以及整個行業的活動減少。在經歷了創紀錄的第三季之後，這種轉變更加明顯，但我們在整個季度都保持了與客戶的良好互動。

In our global markets business, we delivered adjusted gross profit of $30 million in Q4, bringing our full year global markets adjusted gross profit to $423 million up 88% year over year. Our average loan book held steady at $1.8 billion despite broader market pressures, which is a strong indication of the business resilience and sustained client demand.

在我們的全球市場業務中，第四季度我們實現了 3,000 萬美元的調整後毛利，使我們全年的全球市場調整後毛利達到 4.23 億美元，年增 88%。儘管面臨整體市場壓力，我們的平均貸款規模仍穩定在 18 億美元，這有力地表明了業務的韌性和持續的客戶需求。

Digital asset trading volumes declined approximately 40% quarter over quarter, largely reflecting softer client activity on the back of a record Q3 and lower industry-wide volumes. That said, we're starting to see capital formation migrate onto blockchain rails, and we're deeply engaged with some of the world's largest banks, asset managers, and hedge funds across everything from credit and on-chain markets to electronic trading and ETF create redeem workflows.

數位資產交易量較上季下降約 40%，主要反映出在創紀錄的第三季之後，客戶活動有所減弱，以及整個產業的交易量下降。也就是說，我們開始看到資本形成向區塊鏈軌道遷移，並且我們與一些全球最大的銀行、資產管理公司和對沖基金進行了深入合作，涵蓋從信貸和鏈上市場到電子交易和 ETF 創建贖回工作流程等各個方面。

For a quick update on GalaxyOne, we're continuing to make progress here as well. While it's still early days, we're encouraged by the momentum we've seen over the first four months since our launch. We've seen strong adoption of our high yield products which offer market leading yield and serve as a compelling entry point into GalaxyOne.

關於 GalaxyOne 的最新進展，我們也在持續推進中。雖然現在還處於早期階段，但我們對自推出以來前四個月的發展勢頭感到鼓舞。我們看到，我們的高收益產品得到了廣泛採用，這些產品具有市場領先的收益，並且是進入 GalaxyOne 的絕佳途徑。

We've also been listening closely to our user feedback on what they want from their accounts. That's already led to the launch of daily buys, more accessible account minimums, and in-app staking and custody, which are coming soon.

我們也一直在密切關注用戶回饋，了解他們希望從帳戶中獲得什麼。這已經促成了每日購買、更易於接受的帳戶最低限額以及應用程式內質押和託管功能的推出，這些功能即將上線。

Now turning to asset management and infrastructure solutions. We delivered adjusted gross profit of $21 million in Q4 and $82 million in 2025, up roughly 5% year over year. Galaxy ended Q4 with $12 billion in assets on platform, down approximately 15% quarter over quarter, reflecting the impact of digital asset price depreciation.

現在轉向資產管理和基礎設施解決方案。我們第四季調整後毛利為 2,100 萬美元，2025 年為 8,200 萬美元，較去年同期成長約 5%。Galaxy 第四季末平台資產規模為 120 億美元，季減約 15%，反映了數位資產價格貶值的影響。

While overall flows were more muted in Q4, we continued to expand our product suite to meet the needs of our clients. We partnered with Invesco to launch the Invesco-Galaxy Solana ETP. We collaborated with State Street Global Advisors to tokenize a private liquidity fund, which is a step forward toward broader adoption of tokenized investment vehicles, and post quarter end, we announced the initial closing of our debut Tokenized CLO, a major step towards building a tokenized credit platform.

儘管第四季整體業務量較為平緩，但我們仍持續擴展產品組合，以滿足客戶的需求。我們與景順集團合作推出了景順-銀河Solana ETP。我們與 State Street Global Advisors 合作，將一個私人流動性基金代幣化，這是朝著更廣泛採用代幣化投資工具邁出的一步。季度末，我們宣布了首個代幣化 CLO 的首次募集，這是朝著建立代幣化信貸平台邁出的重要一步。

And on the infrastructure solutions side in Q4, we completed our fifth integration with a leading custodian and closed the acquisition of Alluvial Finance. This acquisition marks a key milestone, bringing us into liquid staking, which we see as essential for institutional adoption given its capital efficiency and alignment with broader defi and yield strategies. In all, Galaxy's digital asset business made significant strides in 2025, with momentum building both strategically and operationally.

在基礎設施解決方案方面，第四季度我們完成了與一家領先託管機構的第五次整合，並完成了對 Alluvial Finance 的收購。此次收購標誌著一個重要的里程碑，使我們進入了流動性質押領域。鑑於其資本效率以及與更廣泛的 DeFi 和收益策略的一致性，我們認為流動性質押對於機構採用至關重要。總的來說，Galaxy 的數位資產業務在 2025 年取得了重大進展，在策略和營運方面都取得了長足發展。

In global markets, we delivered record trading volumes including executing one of the largest notional bitcoin transactions in digital asset history and a record average loan book size.

在全球市場，我們實現了創紀錄的交易量，包括執行了數位資產史上規模最大的比特幣名目交易之一，以及創紀錄的平均貸款帳簿規模。

Asset management rolled out several new ETF and alternative investment products and delivered $2 billion of net inflows during the year, representing a 30% organic growth. And in infrastructure solutions, we grew our assets under stake by $750 million and scaled our platform, deepening access for clients and solidifying Galaxy's position in institutional workflows.

資產管理部門推出了多款新的 ETF 和另類投​​資產品，年內淨流入資金達 20 億美元，實現了 30% 的有機成長。在基礎設施解決方案方面，我們的資產規模增加了 7.5 億美元，並擴大了平台規模，加深了客戶的存取權限，鞏固了 Galaxy 在機構工作流程中的地位。

As we head into 2026, we're building with a clear focus, aligning the momentum in digital assets with the long-term needs of our clients. Across our platform we're seeing deeper engagement, not just access seeking, but demand for infrastructure, product, and partnership.

展望 2026 年，我們將以明確的重點進行建設，使數位資產的發展動能與客戶的長期需求保持一致。我們看到，使用者在我們平台上的參與度越來越高，他們不僅尋求存取權限，還對基礎設施、產品和合作夥伴關係提出了更高的要求。

As Mike said, the line between traditional and digital finance is disappearing, and we're designing for where institutional demand is going, not where it's been. We're meeting that moment with a unified strategy, scaling structured products like our Tokenized CLO, launching targeted investment strategies such as our newly formed fintech Fund, and delivering on chain solutions built for institutional scale.

正如麥克所說，傳統金融和數位金融之間的界限正在消失，我們正在根據機構需求的未來發展方向進行設計，而不是根據機構需求的過去進行設計。我們正以統一的策略來應對這一時刻，擴大結構化產品（如我們的代幣化 CLO）的規模，推出有針對性的投資策略（如我們新成立的金融科技基金），並提供為機構規模打造的鏈上解決方案。

We've also realigned our leadership and operating teams behind this strategy, enhancing coordination across product, infrastructure, and go to market as we serve increasingly sophisticated institutional clients who are looking for integrated solutions across our platform. This is where Galaxy stands apart, investing ahead of the curve with technology, foundation, and operational strength to be a full stack partner through this transition. Despite the recent pullback in crypto prices, we entered the year with conviction and the platform to lead.

我們還根據此策略調整了領導層和營運團隊，加強了產品、基礎設施和市場推廣方面的協調，以便更好地服務於那些尋求在我們平台上提供整合解決方案的日益成熟的機構客戶。Galaxy 的獨特之處在於，它在技術、基礎架構和營運實力方面領先一步進行投資，成為這項轉型過程中的全端合作夥伴。儘管加密貨幣價格近期有所回落，但我們帶著信心和領先地位進入了新的一年。

With that, let me turn it over to Chris to discuss the data center business.

接下來，我將把發言權交給克里斯，讓他來談談資料中心業務。

Thanks, Tony and Mike. I would normally go with we are John Gault, but I think today we're going to go with, go west, young man and grow with the country. I could not be more pleased to share that subsequent to quarter end, we completed a large load interconnect study and received approval from ERCO for an additional 830 megawatts of power capacity at the Helios campus.

謝謝托尼和邁克。我通常會說我們是約翰高爾特，但我覺得今天我們要說的是，年輕人，去西部發展，與國家共同成長。我非常高興地宣布，在季度末之後，我們完成了一項大型負載互聯研究，並獲得了 ERCO 的批准，在 Helios 園區增加 830 兆瓦的電力容量。

This approval more than doubles Helios' footprint of approved power capacity and represents a significant milestone in the long-term expansion of our flagship campus.

這項批准使 Helios 的核准電力容量增加了一倍多，也標誌著我們旗艦園區長期擴張的一個重要里程碑。

With 800 megawatts now contracted under our lease agreement with CoreWeave, this recent approval of incremental capacity expands our leasing optionality, providing additional power that can be allocated to existing or new tenants during a period of intense demand for large scale AI data center capacity.

根據我們與 CoreWeave 的租賃協議，我們目前已簽訂了 800 兆瓦的合約。此次新增容量的批准擴大了我們的租賃選擇範圍，在對大規模人工智慧資料中心容量需求旺盛的時期，我們可以向現有或新租戶分配額外的電力。

The timeline to energize the next 830 megawatts of capacity will depend on depend on several factors, including the completion of certain approved transmission infrastructure, including a private substation.

接下來 830 兆瓦容量的投產時間將取決於幾個因素，包括某些已批准的輸電基礎設施（包括一座私人變電站）的完工情況。

Based on current procurement and construction schedules, we expect to begin energizing this additional capacity in late 2028 through early 2029. With more than 1.6 gigawatts of approved power capacity, Helios is among the largest AI data center campuses currently under development and is projected to be the largest known 100% front of the meter data center campus.

根據目前的採購和建設進度，我們預計將於 2028 年底至 2029 年初開始啟用這項新增產能。Helios 擁有超過 1.6 吉瓦的核定電力容量，是目前正在開發的最大人工智慧資料中心園區之一，預計將成為已知最大的 100% 電錶前資料中心園區。

We continue to pursue ambitious expansion plans. Beyond the capacity already approved, we have two applications totaling approximately 1.8 gigawatts of incremental requests progressing through various stages of the load study process. We are actively engaged with ERCOT and closely following guidance on the timelines and requirements under the new batch process, and we're encouraged by the continued evolution and increased clarity of those procedures.

我們將繼續推動雄心勃勃的擴張計畫。除了已批准的容量外，我們還有兩份總計約 1.8 吉瓦的增量申請正在經歷負荷研究過程的各個階段。我們積極與ERCOT互動，密切關注新批次流程的時間表和要求，我們對這些程序的不斷改進和日益清晰感到鼓舞。

Turning to construction We're prepared to deliver the first data hall to core weave later in Q1 as part of our phase 1 project and remain on track to deliver the remaining data halls representing the full 133 megawatts of critical IT for phase 1 within the first half of the year.

談到建設方面，我們準備在第一季稍後交付第一個資料中心，作為我們第一階段專案的一部分，並繼續按計劃在今年上半年交付剩餘的資料中心，這些資料中心代表了第一階段全部 133 兆瓦的關鍵 IT 容量。

In order to make this possible, the team has been incredibly busy. In the fourth quarter, the building was completely dried in, meaning the structure was fully enclosed and protected from the elements, allowing us to proceed efficiently with interior work regardless of weather conditions. All generators and E houses to support the first data hall are fully set in place, and importantly, every major component required to energize that first data hall is on site and installed. With materials in position, we transition into commissioning.

為了實現這一目標，團隊一直非常忙碌。第四季度，建築物完全乾燥，這意味著結構完全封閉並免受風雨侵蝕，使我們能夠有效率地進行室內工作，而無需考慮天氣條件。為支援第一個資料大廳而安裝的所有發電機和電力房都已全部就位，更重要的是，為第一個資料大廳供電所需的所有主要部件都已運抵現場並安裝完畢。材料準備就緒後，我們進入調試階段。

As a reminder, commissioning is a multi-level process that validates the electrical and mechanical infrastructure is installed, configured, and operating correctly. We began commissioning activities in the fourth quarter and have continued moving through the process. Recently, severe winter weather swept across much of the country, including Texas, as Winter Storm Fern and heavy snow and ice moved through the region. During that period, construction was temporarily paused as several inches of snow and ice accumulated across the campus.

再次提醒，調試是一個多層次的過程，用於驗證電氣和機械基礎設施是否已正確安裝、配置和運作。我們從第四季開始進行調試工作，並一直在推進這個過程。近日，包括德州在內的美國大部分地區遭遇了嚴重的冬季天氣，冬季風暴「蕨」帶著大雪和冰雹席捲了該地區。在此期間，由於校園內積聚了數英寸厚的冰雪，施工暫時停止。

Even so, the team responded quickly and decisively, protecting critical mechanical equipment and preparing the site for rapid restart. Within five days of the storm, more than 1,000 subcontractors were back on site, and construction resumed. We remain on track to turn over the first data hall in the first quarter, with the remaining data halls coming online by the end of the second quarter.

即便如此，團隊也迅速果斷地做出了反應，保護了關鍵的機械設備，並為現場的快速重啟做好了準備。風暴過後五天內，1,000多名分包商返回工地，施工恢復進行。我們仍按計畫在第一季交付第一個資料中心，其餘資料中心將在第二季末投入使用。

Looking ahead, we've kicked off earth, concrete, and steelwork associated with our phase 2 development of the Helios campus. We've issued purchase orders to secure critical long lead equipment to support the additional building development that will house the 260 megawatts of incremental critical IT capacity for phase 2.

展望未來，我們已經啟動了與 Helios 園區二期開發相關的土方、混凝土和鋼結構工程。我們已經發出採購訂單，以確保關鍵的長週期設備能夠支援額外的建築開發，該建築將容納第二階段新增的 260 兆瓦關鍵 IT 容量。

Overall, execution remains strong, construction is tracking well, and Helios continues to transition from a large scale construction project into an operational AI data center campus, positioning us to be recognized as one of the few companies that has proven its ability to execute in a hyperscale AI data center development.

總體而言，執行力仍然強勁，建設進展順利，Helios 正從大型建設項目逐步過渡到運營中的人工智能數據中心園區，這使我們有望成為少數幾家已證明其有能力在超大規模人工智能數據中心開發領域執行項目的公司之一。

Turning briefly to phase 2 financing, we're continuing to evaluate various debt financing structures and are having productive conversations with a select number of potential partners. Our focus is on maintaining a disciplined capital structure that supports long-term scalability at Helios. Scaling Helios is just the first step in our vision of building Galaxy's data center business into a multi-gigawatt, multi-tenant, multi-campus platform.

簡單來說，關於第二階段融資，我們正在繼續評估各種債務融資結構，並與一些潛在的合作夥伴進行富有成效的對話。我們的重點是維持穩健的資本結構，以支持 Helios 的長期發展。擴展 Helios 只是我們願景的第一步，我們的願景是將 Galaxy 的資料中心業務打造成為一個多千兆瓦、多租戶、多園區的平台。

Beyond Helios, we continue to evaluate a robust pipeline of expansion opportunities across a range of possible developments. We've evaluated more than 100 campuses across the US, including many in Texas, giving our deep familiarity with ERCOT and existing development footprint. At the same time, we are actively exploring additional markets where power availability, permitting timelines, and grid dynamics may offer more attractive paths to accelerate time to power. We're seeing tremendous opportunities to scale the business and we will be focused on that growth in a measured and disciplined manner.

除了 Helios 專案之外，我們還在持續評估一系列可能的開發專案中穩健的擴張機會。我們已經評估了美國各地 100 多個園區，包括德州的許多園區，這使我們對 ERCOT 和現有開發佈局有了深入的了解。同時，我們正在積極探索其他市場，在這些市場中，電力供應、授權審批時間和電網動態可能會提供更具吸引力的途徑來加快供電速度。我們看到了擴大業務規模的巨大機遇，我們將以穩健和自律的方式專注於這一成長。

We're entering 2026 now from a position of strength. We've laid the foundation physically, operationally, and organizationally to transition Helios from construction into an operating campus.

我們現在以強大的姿態邁入2026年。我們已經從物質、營運和組織方面奠定了基礎，使 Helios 從建設階段過渡到營運階段。

The work over the past year has been about preparation and precision. The work ahead is about execution and scale. In starting off 2026 by doubling the approved capacity, power capacity at Helios campus and preparing to power on our first data center development, we expect this year will be a pivotal one as we continue to relentlessly execute on our plans. We are confident in the team, the strategy, and the progress we've made, and we're excited about what 2026 will bring for Helios and for Galaxy.

過去一年的工作重點在於準備和精準。接下來的工作重點是執行和規模化。2026 年開始，我們將把 Helios 園區的核定容量和電力容量翻一番，並準備為我們的第一個資料中心開發專案供電。我們預計今年將是關鍵的一年，因為我們將繼續不懈地執行我們的計劃。我們對團隊、策略和我們的進展充滿信心，並對 2026 年 Helios 和 Galaxy 將取得的成就感到興奮。

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

現在交由操作員提問。謝謝大家。

(Operator Instructions) Patrick Moley, Piper Sandler.

（操作說明）派崔克·莫利，派珀·桑德勒。

Mike, maybe to start things off, would love to get your thoughts on everything that's been going on in Washington around the crypto market structure bill. What are you hearing about the chances that bill passes? Is this a bill that you think is necessary to kind of advance that, transformation of the digital asset plumbing this year? And then as you look at the bill as it sits today, what aspects are you most excited for as it relates to Galaxy's business? Thanks.

麥克，或許可以先從你對華盛頓圍繞加密貨幣市場結構法案所發生的一切的看法開始。你聽說這項法案通過的可能性有多大？您認為這項法案對於今年推動數位資產基礎設施的轉型是必要的嗎？那麼，當你審視目前的法案時，你最期待它對 Galaxy 業務的哪些影響？謝謝。

Yeah, great question. First, I would say, we have spent a lot of time on this. We've got a great team in DC. I have been down myself a bunch and have literally spent more time with senators, both on the left and the right in the last 8 weeks than I have in my life combined. I guess the top line is I think a deal gets done.

嗯，問得好。首先，我想說，我們在這方面投入了大量時間。我們在華盛頓有一個很棒的團隊。我自己也經歷了很多低谷，在過去的八周里，我與左翼和右翼參議員們相處的時間，比我一生中加起來都多。我覺得最重要的是，這筆交易應該可以達成。

If you had to put a percentage on it, I would say it's 75% to 80% right now. And that's for a bunch of reasons. Both parties feel the necessity to get it done, right? The Republicans kind of took all this crypto money and ran that they were going to be the party of crypto and get stuff done, and so they have a tremendous amount of pressure on their side. And quite frankly, Democrats realized last election cycle that being anti-crypto was a really dumb.

如果要給它一個百分比，我認為目前是 75% 到 80%。這有很多原因。雙方都覺得有必要完成這件事，對吧？共和黨人利用加密貨幣，宣稱他們將成為加密貨幣的代表政黨，並推動加密貨幣的發展，因此面臨巨大的壓力。坦白說，民主黨人在上一次選舉週期中意識到，反對加密貨幣是一個非常愚蠢的做法。

Political strategy and the whole party didn't have enough knowledge about crypto. It was really being driven by a small faction led by Elizabeth Warren, Gary Gensler, you've heard that story, but broadly the moderates in the party now say, hey, this should be a bipartisan issue, and we want it off the table politically.

政治策略以及整個政黨對加密貨幣的了解都不夠。這件事實際上是由伊麗莎白·沃倫、加里·根斯勒領導的一小部分人推動的，你們都聽說過這個故事，但現在黨內的溫和派普遍認為，嘿，這應該是一個兩黨共同關注的問題，我們希望在政治上徹底解決這個問題。

And so the politics lines up. I would say, we're on the putting green, between the Republican version and the Democratic version. There have been a couple really controversial pieces to it. I think there's agreement now on most of those, the last one being interest on stable coins. And there was a meeting in DC yesterday. Both sides laid out their cases again, the White House is putting pressure and saying, guys, you're going to come up with a solution yourselves, and I do think, the crypto industry.

因此，政治局勢也隨之明朗起來。我認為，我們現在正處於共和黨版本和民主黨版本之間的過渡階段。其中有幾段內容引起了很大的爭議。我認為現在大家對其中大部分問題都達成了共識，只有最後一個問題是關於穩定幣的利率。昨天在華盛頓特區舉行了一次會議。雙方再次闡述了自己的立場，白宮施加壓力，說：「夥伴們，你們自己想出一個解決方案。」我認為，加密貨幣產業可以做到。

When you think about it, the revolutionary, Trans transformative technology would be an interest-bearing stablecoin, that's not going to happen. Some version of that and no interest is going to be the compromise. And so I do think we'll get to a compromise in the next, two to six weeks, and you'll get a bill passed. It's important for a lot of reasons.

仔細想想，這種革命性的、具有變革意義的技術本應是一種計息的穩定幣，但這不太可能發生。某種形式的上述要求，加上不收取利息，將作為折衷方案。所以我認為我們會在接下來的兩到六週內達成妥協，法案也會獲得通過。這很重要，原因有很多。

I said earlier all the trade by companies are already working on their transition right to where, I mean, listen, Paul Atkins says I want every market, on chain, and you're seeing a bunch of on chain activity, both in sandboxes and actually on public chains, that's going to wildly accelerate both the clarity that comes with the clarity bill and so.

我之前說過，所有公司都在努力轉型，我的意思是，聽著，保羅·阿特金斯說，他希望每個市場都在鏈上，而且你現在可以看到大量的鏈上活動，無論是在沙盒中還是在公共鏈上，這將極大地加速透明度法案帶來的透明度提升等等。

Defi is a space to watch, right? How Defi impacts the traditional exchanges. I already talked about both hyperliquid and XYZ and just the explosive growth those things have. There's a regulatory arm in that, right? They have less overhead, if they have a different, regulatory environment, very similar, quite frankly, to what we're seeing with prediction markets and traditional gambling, and sports betting.

DeFi領域值得關注，對吧？DeFi如何影響傳統交易所。我已經談到了超流動性和XYZ，以及它們所具有的爆炸性增長。這裡面一定有監管部門，對吧？如果它們的監管環境不同，它們的營運成本就會更低。坦白說，這與我們在預測市場、傳統賭博和體育博彩中看到的情況非常相似。

And so I do think that's like the flag, the checkered flag going down. I think there's a lot of trade by companies that probably feel short, and so you'll see a pickup in M&A post that bill passing.

所以我覺得這就好比是方格旗落下一樣。我認為很多公司可能會因為持有空頭部位而進行交易，因此你會看到該法案通過後併購活動增加。

Brett Knoblauch, Cantor Fitzgerald.

布雷特·諾布勞赫，康托·菲茨杰拉德。

This is (inaudible) for Brett. I was just wondering if you could go into kind of the future potential buildout at Helios. So I know you guys recently talked about the incremental 830 megawatts with ERCOT.

這是給布雷特的（聽不清楚）。我只是想問您能否談談 Helios 未來的潛在發展規劃。我知道你們最近和ERCOT討論了新增的830兆瓦電力。

We were wondering if throughout that study you could provide kind of how it went and if there were any glaring constraints and also I know you talked about kind of two applications totaling 1.8 gigawatts in process. Maybe if you could kind of touch on if you think that process to go similarly with this incremental 830 you just received.

我們想知道，在整個研究過程中，您能否提供研究進展情況，以及是否有任何明顯的限制。另外，我知道您提到正在進行的兩個總計 1.8 吉瓦的應用項目。或許您可以簡單談談，您認為您剛收到的這批 830 增補版的處理流程是否類似。

Sure, I will, yeah, I'll take the first crack at that. So, we have had, between the prior, interconnect request put in from the Helios campus that that we purchased from Argo. Back in 2022, plus some incremental interconnect requests that we've accumulated through land acquisitions adjacent to Helios, we've had north of 3.5 gigawatts in total our 800 approved plus the remaining amount with ERCOT at various stages of either internal study on our side or study with ERCOT and wet to get done. The 830 that we received a firm approval for for ERCOT.

當然，我會的，我會第一個嘗試。所以，在之前我們從 Argo 購買的 Helios 園區提出的互連請求之間，我們已經有了。早在 2022 年，加上我們透過收購 Helios 附近土地而累積的一些增量互連請求，我們總共有超過 3.5 吉瓦的容量，其中 800 吉瓦已獲批准，其餘容量則在 ERCOT 處於不同的研究階段，有的在我們內部進行研究，有的則與 ERCOT 一起進行研究，還有待完成。我們已獲得ERCOT的正式批准，並批准了830號方案。

Was part of actually a larger request that ultimately ERCOT in looking at where we were in the queue and the the the current grid capacity at the time, concluded through various stages of study that the grid could accept an additional 830 megawatts today, which is what we got firm approval for.

實際上，這只是一個更大申請的一部分。最終，ERCOT 在考察了我們在隊列中的位置以及當時的電網容量後，經過各個階段的研究得出結論：電網今天可以接受額外的 830 兆瓦電力，而我們也獲得了正式批准。

We -- as I said in my comments, we currently have various different studies. And request into ERCOT for an incremental 1.8 gigawatts on top of now our 1.6 that is that is already approved over 1.6 that's already approved, that 1.8 gigawatts of incremental load, is now very clearly, which is different than our 830 that that we just received is now very clearly going to be part of a new set of frameworks that ERCOT has worked out and it's still sort of working through, which is this batch processing where they're going to look at, various batches of requests given how large the queue has grown in ERCOT for requests and sort of look at, groups of requests together and in each group look at what the grid can absorb today, where that -- where those requests are coming, what infrastructure upgrades need to be made, and then sort of pro rata part out, new approvals, in a step by step process and so it's a little on the timing on the next incremental load approvals for us or anyone else in the queue is still a little unknown, and we think it's going to take a lot of time for URCO to really sort out the process on.

正如我在評論中所說，我們目前有各種不同的研究。我們向ERCOT申請在已批准的1.6吉瓦基礎上增加1.8吉瓦的負荷。這1.8吉瓦的增量負荷顯然與我們剛收到的830號文件不同，它將納入ERCOT正在製定並完善的一套新框架中。這套框架採用批量處理的方式，鑑於ERCOT的申請隊列已經非常龐大，他們將分批處理申請，並逐組審查每個申請組，評估電網當前的負載承受能力、申請來源、需要進行的基礎設施升級，然後按比例逐步批准新的負載。因此，我們或其他排隊用戶何時能獲得下一輪增量負載批准目前尚不確定，我們認為這需要很長時間。是時候讓URCO真正理順一下流程了。

And so, from our seat getting the 830 in one large chunk fully approved from us before the new batch process is in place was sort of worth its weight for us and so we're very excited about that. I think on a go forward basis us and everyone else in the queue are going to have. A number of the new processes to go through and so we're very focused on now working through and understanding what is important to ERCOT and where those stand in the queue.

因此，在我們看來，在新批次生產流程實施之前，能夠一次性獲得 830 的全面批准，對我們來說意義重大，我們對此感到非常興奮。我認為從長遠來看，我們和排隊的其他人都會有這樣的待遇。有很多新流程需要走完，所以我們現在非常專注於研究和了解對 ERCOT 來說什麼是重要的，以及這些流程在隊列中處於什麼位置。

Let me just add, given those dynamics, first shout out to our whole mining, team, data center team, both here in New York and in Texas, because, in lots of ways we got in under the line, and that was because we were prepared way ahead and we were very diligent the whole process. And so couldn't be more thrilled. It makes that power more valuable. There are not a lot of 830 megawatt chunks of power available in Texas or the United States. There's a lot of people building for the future behind the meter, or, and so I think. We'll see how the negotiations go with our next group of tenants, but it leaves me pretty bullish.

鑑於這些情況，我還要補充一點，首先要感謝我們整個採礦團隊、資料中心團隊，無論是在紐約還是在德克薩斯，因為在很多方面，我們都成功了，這是因為我們提前做好了準備，並且在整個過程中都非常認真負責。我簡直欣喜若狂。這使得這種權力更有價值。在德州乃至整個美國，830兆瓦的電力供應並不多。很多人都在幕後為未來做建設，我是這麼認為的。我們會看看與下一批租戶的談判進展如何，但這讓我相當樂觀。

James Yaro, Goldman Sachs.

James Yaro，高盛集團。

Good morning and thanks for taking the question, Mike. I really appreciate your comments on the crypto backdrop. I just wanted to expand on on one element of what you you you touched on in your prepared remarks. You've been through a lot of cycles here. Are we heading into another crypto winter or not? How long until the cycle could begin to recover and then, you're a trader, you look for these signals. So what should we be paying attention to to mark the cycle either continuing to deteriorate or or potentially inflecting?

早安，謝謝你回答這個問題，麥克。我非常感謝您對加密貨幣背景的評論。我只是想就您事先準備好的發言稿中提到的一個方面進行更詳細的闡述。你在這裡經歷了很多起起伏伏。我們會再迎來加密貨幣寒冬嗎？週期何時才能開始復甦？作為一名交易員，你要尋找這些訊號。那麼，我們應該關注哪些方面來判斷這一周期是繼續惡化還是可能出現轉折呢？

Yeah, it's a great question. I mean, listen, it feels pretty chilly right now given that we were at 100 and what was the high 130, and we're currently, I haven't seen the market in the last two minutes, 78, 80 or something. When you look on the charts, it feels to me we're kind of a 70 to 100 range until we take out 100.

是的，這是一個很好的問題。我的意思是，聽著，現在感覺挺冷的，之前氣溫高達 100 度，甚至一度達到 130 度以上，而現在，我兩分鐘沒看市場，大概只有 78 度、80 度左右。從圖表上看，我覺得我們的數值大概在 70 到 100 之間，直到我們去掉 100 這個數字。

There is like the idea that Bitcoin is now a macro asset, I think is solidified, right? There are too many people that have Own it, that have bought into it, that believe in it, that have institutions built around it, and so this is not going away. You're having a supply demand imbalance, and, when I think about potential catalyst, you think about. This mortgage structure bill and really turning on Wall Street. And I said this before, Wall Street is a selling machine.

比特幣現在已經變成一種宏觀資產，這種觀點我認為已經確立了，對吧？太多人擁有它，已經接受了它，相信它，並圍繞它建立了機構，所以它不會消失。你們目前面臨供需失衡，而當我思考潛在的催化劑時，你會想到。這項抵押貸款結構法案真的讓華爾街措手不及。我之前就說過，華爾街是一台銷售機器。

That's what Wall Street's built to do. If it's mortgages or equities or government bonds, the structure is set up to sell. And as you start putting crypto through the traditional Wall Street selling machine, you're just going to see demand pick up from pockets that we haven't seen yet. And again, that is what has kept crypto, the two-way price action you've seen because it has been a one directional move, has been more broader distribution coming in against big chunky positions, big whales getting out of their long held positions.

這就是華爾街存在的意義。無論是抵押貸款、股票或政府債券，其結構都是為了出售而設定的。當你開始透過華爾街傳統的銷售管道購買加密貨幣時，你會發現一些我們從未見過的需求開始成長。再次強調，正是這一點使得加密貨幣的價格走勢呈現雙向波動，因為先前的價格走勢是單向的，而現在更廣泛的資金流入抵消了大宗持倉，也就是大鯨魚們正在拋售他們長期持有的倉位。

And so, again, my instinct is we're closer to the bottom of the range than the beginning of a bear market. I think we, we've had a bear market. Could things go lower? Of course they could. But what I learned about painfully in three cycles now is you don't necessarily have to pick the bottom, but you've got a sense when it turns, and like pornography it when you see it, right?

所以，我的直覺是，我們距離價格區間的底部更近，而不是熊市的開始。我認為我們經歷了熊市。價格還能更低嗎？當然可以。但我在三個週期中痛苦地學到的是，你不一定要選到底部，但你會感覺到它何時會轉變，就像看色情片一樣，當你看到它時就明白了，對吧？

There will be a catalytic event, and so, That's Judge Lord at hand for you guys who think I made that quote up. And so yeah, like I said, I think we're closer to the bottom. I'm not sure we've reached it yet, but we'll tell you what we think we have.

將會有一個催化事件發生，所以，對於那些認為我編造了那句話的人來說，這就是法官洛德的旨意。所以，就像我說的，我認為我們已經接近谷底了。我不確定我們是否已經達到目標，但我們會告訴你我們認為我們已經達到了什麼程度。

Devin Ryan, Citizen Bank.

Devin Ryan，Citizen Bank。

Great, thank you. Good morning. Question just on, kind of market structure clarity, you talked about that, Mike. I mean, as we try to map this out and we're getting questions from investors trying to understand kind of where Galaxy fits.

太好了，謝謝。早安.剛才你談到了市場結構清晰度的問題，麥克。我的意思是，當我們試圖規劃這一切時，投資者提出了許多問題，試圖了解 Galaxy 的定位。

Blur between crypto and kind of trafi over time and obviously the large banks are going to need to participate in this world of tokenizing markets and that'll probably bring them closer to trading the tokens themselves.

隨著時間的推移，加密貨幣和某種交易之間的界線將變得模糊，顯然大型銀行將需要參與代幣化市場來，這可能會使它們更接近交易代幣本身。

On the flip side, it's a very technical space, so it's not going to be easy for many of them. Just enter and so curious kind of how you think about Galaxy's position in that you know the moats and then kind of what role you want to see Galaxy play as we move to a market where more assets are tokenized and you probably have more of the large banks involved in the same space as you. Thanks.

另一方面，這是一個技術性很強的領域，所以對他們中的許多人來說並不容易。我只是好奇，您如何看待 Galaxy 的市場地位？您了解它的護城河，那麼隨著市場向更多資產代幣化、更多大型銀行參與同一領域發展，您希望 Galaxy 扮演什麼角色？謝謝。

Yeah, it's a great question. We think about it a ton. I think that a couple areas where we think we need to win and have a right to be significant players, one is credit, right, we've got a great credit business and you're going to see an unchain credit world.

是的，這是一個很好的問題。我們反覆考慮過這個問題。我認為有幾個領域我們需要贏得勝利，並且有資格成為重要的參與者，其中之一是信貸，對吧，我們擁有強大的信貸業務，你們將會看到一個不受限制的信貸世界。

Explode, right? There already is a non-trade credit world and we're participating, but I think in the next three years it could be one of the big growth areas for both the market and for Galaxy. One of the complaints in DC was, well, if we allow interest-bearing stablecoins and you get deposits like. What does it do for credit creation? And I'm like, guys, credit creation is already starting on chain, and it's going to explode on Shane. And so I could see a future, not in the next few years, but in the next 10 years, where on your cell phone you've got your bank account, i.e. a stablecoin that pays some kind of interest, and you've got your lending account, right, where you're picking your from a menu of potential places to lend money.

爆炸，對吧？非貿易信貸領域已經存在，我們也在參與其中，但我認為在未來三年內，它可能會成為市場和 Galaxy 的一大成長領域。華盛頓特區的抱怨之一是，如果我們允許計息穩定幣，並且你獲得存款，那麼…它對信用創造有何作用？我當時就想，夥計們，信用創造已經在區塊鏈上開始了，而且它將會像Shane一樣爆發。因此，我預見到未來，不是在未來幾年，而是在未來 10 年，你的手機上會有你的銀行帳戶（即支付某種利息的穩定幣），以及你的借貸帳戶，對吧？你可以從一系列潛在的借貸對像中進行選擇。

And that's already in existence in a in what I'll call like a beta stage in the market but that's going to be a big part of it and the second piece is really infrastructure, right? All of these financial market players, banks, fincos, neobanks need staking. They need wallet infrastructure, and our infra infra team is growing. We're adding to it, and we're engaged in conversation around how do we help. And like I said, hopefully we get some announcements publicly in the next, period of time, but that has to be a big business for us, and we're really focused on it, because they're coming.

目前，這項技術已經以測試版的形式存在於市場上，但它將是其中的重要組成部分，而第二部分實際上是基礎設施，對吧？所有這些金融市場參與者，包括銀行、金融公司和新型銀行，都需要進行質押。他們需要錢包基礎設施，而我們的基礎設施團隊正在壯大。我們正在不斷改進它，並且正在積極探討我們如何提供幫助。正如我所說，希望在接下來的這段時間裡，我們能公開宣布一些消息，但這對我們來說是一件大事，我們非常重視，因為它們即將到來。

Listen, at one point, JPMorgan will trade Bitcoin derivatives and Bitcoin, and that's going to make our Bitcoin derivative and Bitcoin, business, it's going to be competition for it and it's going to be more difficult, and so we're hoping the pie expands, but that we're skating into the edges where those guys aren't, we use our domain expertise to help those players into the market.

聽著，摩根大通遲早會交易比特幣衍生品和比特幣，這將使我們的比特幣衍生品和比特幣業務面臨競爭，競爭會更加激烈，所以我們希望蛋糕能做大，但我們卻在那些公司還沒涉足的邊緣地帶游刃有餘，我們利用我們的專業知識幫助這些市場參與者進入市場。

James Faucette, Morgan Stanley.

詹姆斯‧福塞特，摩根士丹利。

Thanks for all the comments this morning. I wanted to to follow-up on kind of what's happening, beyond just the allocation and approvals of power. I really appreciate the color there and certainly you guys have done good work.

感謝大家今天早上的所有評論。我想了解除了權力分配和審批之外，還有哪些方面正在發生。我非常喜歡那裡的色彩，你們的工作確實做得很好。

Wondering if you can get more color on how we should be thinking about the engagements with potential tenants and kind of how they're looking at it. I get the sense that they want to do bigger pieces if they can, particularly the hyper scalers, but just love to hear any more details you can provide around that and how you're thinking about potential partners, etc. And timing.

想知道您能否更詳細地介紹一下我們應該如何看待與潛在租戶的互動，以及他們是如何看待這件事的。我感覺他們如果可以的話，想做更大的項目，特別是超大規模企業，但我很想聽聽您能提供的更多細節，以及您對潛在合作夥伴的看法等等。還有時間安排。

Sure, thanks for joining James as well. The, I think you're right, that, a, for us, the major, tenant, category we are focused on, I'll call them hyperscalers, but I think that that that term is actually. Broadening out a little further as it relates to traditional hyper scalers now what neo clouds are getting larger and larger, maybe the direct model builders themselves, etc. Like that's the universe of of tenants, and perhaps even some equipment manufacturers, that's the universe of tenant that that is out there who we are talking to and looking at who are looking for.

當然，也謝謝你陪同詹姆斯一起來。我認為你說得對，對我們來說，我們關注的主要租戶類別，我稱他們為超大規模租戶，但我認為這個術語實際上是。現在，讓我們把目光從傳統的超大規模資料中心擴展到規模越來越大的新型雲端服務商，也許還有直接的雲端模型建構者等等。這涵蓋了租戶群體，甚至可能包括一些設備製造商，這就是我們正在接觸和關注的租戶群體，他們正在尋找合適的雲端服務。

Large chunks of power capacity that they can put to work in the billions and billions and billions of dollars and gigawatts of size, because this truly is a a the new modern space race for control of who's going to have the most frontier model and the smartest brain offering to power the sort of the future of automated everything. And so the ambitions have not shrunk at all. In fact, they've grown on the tenant client side. And we've seen reiterated and elevated CapEx expectations from a lot of companies already sort of supporting that data for us, we've talked over and over again about our decision making on the first 800 megawatts to partner with CoreWeave who themselves, I think, have emerged.

他們可以投入使用價值數十億美元、規模達千兆瓦的大量電力產能，因為這確實是一場爭奪控制權的現代太空競賽，看誰能擁有最前沿的模式和最智能的大腦，為未來一切自動化提供動力。因此，他們的雄心壯志絲毫沒有縮水。事實上，他們在租戶客戶方面取得了成長。我們已經看到許多公司重申並提高了資本支出預期，這在某種程度上也印證了我們的數據。我們反覆討論與 CoreWeave 合作，共同開發第一批 800 兆瓦專案的決策，我認為 CoreWeave 本身已經脫穎而出。

Sort of, without debate as a one of one partner for and most of the large model builders and hyper scalers themselves, as an expert in arranging and automating and running, ever more complex large GPU clusters for those end end clients, for the next 830 megawatts, I think, all potential tenants are on the table. We do recognize, with extreme clarity that, availability of capital and credit on economically attractive terms is paramount, to being able to develop, a multi-billion dollar data center campus on time, on budget, et cetera.

某種程度上來說，作為大多數大型模型建構者和超大規模資料中心的獨家合作夥伴，作為為終端客戶安排、自動化和運行日益複雜的大型 GPU 叢集的專家，我認為，在接下來的 830 兆瓦電力需求中，所有潛在租戶都在考慮範圍內。我們非常清楚地認識到，以具有經濟吸引力的條件獲得資本和信貸至關重要，這樣才能按時、按預算等方式開發價值數十億美元的資料中心園區。

And the credit markets have had a little bit of a tough go in 2025. Absorbing the sheer amount of this first wave of capital that's come into the markets, and you've seen a real divergence, first in non-IG credit, with CoreWave, although there's been some let up recently, and I think their continued partnership with Nvidia and the large investment Nvidia made helps a lot on that front, but you've also seen it creep into IG concerns, initially in 2025 with Oracle. And yet, I think just last night overnight after the close, Oracle successfully punched out close to $30 billion of new bonds and preferred equity at pretty attractive rates.

2025年，信貸市場的日子不太好過。市場吸收了第一波巨額資本，並且已經出現了真正的分化，首先是非投資級信貸，以CoreWave為例，儘管最近有所緩和，我認為他們與英偉達的持續合作以及英偉達的大量投資在這方面起到了很大的幫助，但你也看到它已經悄然進入了投資級領域，最初是與Oracle在2025年達成的合作。然而，我認為就在昨晚收盤後，甲骨文公司成功地以相當優惠的利率發行了近 300 億美元的新債券和優先股。

And so for us, already having such a large exposure to Coreweave means a natural focus on higher credit quality tenants on the go forward, and I think that that's not a comment at all about Corereave and their position. I think they would be happy with. With us working with directly with IG tech tenant counterparties which also offers them an opportunity to be an orchestration agent and a GPU cluster management partner as well which we we we value a lot and going forward so that that's how we're thinking about the landscape.

因此，對我們來說，已經對 Coreweave 有如此大的投資，意味著我們未來自然會更加關注信用品質更高的租戶，我認為這完全不是在評論 Coreweave 及其立場。我認為他們會滿意的。我們直接與 IG 技術租戶交易對手合作，這同時也為他們提供了成為編排代理商和 GPU 叢集管理合作夥伴的機會，我們非常重視這一點，這也是我們未來發展的方向。

Martin Toner, ATB Capital Markets.

Martin Toner，ATB Capital Markets。

The last deal we saw, I believe was from (inaudible) was on the best terms we've seen yet, and we hadn't, we haven't yet got into a stage where each successive, HPC deal is on improved terms. The terms have really varied depending on partners and. And customers, but if data centers in space make sense, then data centers in Texas must make a lot of sense. And so should core weave, sorry, should Galaxy be driving a harder bargain on new HPC deals?

我相信我們看到的最後一筆交易是來自（聽不清楚）的，這是我們迄今為止看到的最好的條款，而且我們還沒有進入這樣一個階段：每筆後續的高效能運算交易的條款都會有所改善。具體條款因合作夥伴而異。對客戶而言，如果太空中的資料中心有意義，那麼在德州建立資料中心也一定很有意義。那麼，Core Weave（抱歉，應該是 Galaxy）是否應該在新的高效能運算交易中爭取更有利的條件呢？

Well, I'll answer this one because a markets guy, first and foremost, listen, the market's going to dictate. We want.

好吧，我會回答這個問題，因為作為一個市場人士，首先，聽著，市場會做出決定。我們想要。

Strong partners that we have a long-term partnership with, people that feel comfortable working with us and that we feel comfortable working with, and we're going to balance that first the best price. We watched the market like hawks, and certainly, it's not all apples to apples.

我們會先尋找與我們建立長期合作關係的強大合作夥伴，那些與我們合作感到舒適、我們也樂於與之合作的人，我們會在保證最佳價格的前提下，在兩者之間取得平衡。我們像鷹一樣密切關注著市場，當然，這並非完全是同類比較。

And so Chris has this very elaborate spreadsheet with his team where he tries to make it apples to apples, and we listen on core we took a risk the first trade, I think it's going to be a great risk that we got paid extra because we took credit risk with Crewe, right? They were at a time of their development, and we were that we thought it was the right bet to make, and I think we're going to be proven out to be a winner on that bet. And so we'll look at, rate plus counterparty and get the best price.

所以克里斯和他的團隊製作了一個非常精細的電子表格，他試圖讓所有交易都公平合理。我們核心觀點認為，我們在第一筆交易中承擔了風險，我認為我們因為承擔了克魯的信用風險而獲得了額外的報酬，這將是一個巨大的風險，對吧？當時他們正處於發展階段，我們認為這是個正確的決定，而且我認為事實證明我們這個決定是正確的。因此，我們將考慮利率加上交易對手方的成本，以獲得最佳價格。

There are enough players around the table that there's attention. If there was one, it's a very different story, but, and you don't need 10.

桌邊有足夠的玩家，所以大家都很關注。如果真有那麼一個，情況就完全不同了，但是，你也不需要10個。

Yeah, and I -- and the only thing I'll add is I think, I think you did rightly point out a dynamic which pro probably has surprised us a little to the upside, which we're happy about, which is, initial instinct way back when was the dollar per kilowatt rental per month rental price, was, would start out high and then over time sort of, go down and normalize to a market clearing level as bigger and bigger, potential clients come in, but as you pointed out, there isn't actually a very good.

是的，我——我唯一要補充的是，我認為，你正確地指出了一個動態，這個動態可能讓我們有點意外地有所好轉，我們對此感到高興，那就是，最初的直覺是，按每千瓦每月租金計算的價格，一開始會很高，然後隨著時間的推移，隨著越來越多的潛在客戶的加入，價格下降並趨於你的水平

Downward trend and in fact, given that there's a real choke point in available future capacity for electricity at scale, we've actually seen base rental prices go up in a lot of cases and with Cypher as well. And so that's a dynamic that I think actually, plays very favorably to what we were initially underwritten, way back when when we started this journey.

呈下降趨勢，事實上，鑑於未來大規模電力供應能力存在真正的瓶頸，我們已經看到很多情況下基本租金上漲，Cypher 也是如此。所以，我認為這種動態實際上對我們最初獲得的投資非常有利，這要追溯到我們開始這段旅程之初。

Ed Engel, Compass Point.

艾德‧恩格爾，指南針點。

Just another follow-up on Helios, I guess if you were to secure a new tenant there, could construction be done concurrently with Corey's existing buildouts, or do you think you kind of need to complete phases 12, and 3 before, really starting any new developments? Thanks.

關於 Helios 項目，我還有一個後續問題：如果您能在那裡找到新的租戶，是否可以與 Corey 現有的建設項目同時進行施工？或者您認為在真正開始任何新開發項目之前，需要先完成第 12 期和第 3 期？謝謝。

Yeah, so there, there's a couple different dimensions to the answer to that question. So one, the new 830 plus megawatts that were approved, require infrastructure build not just on the galaxy side but also on the, the grid side as well, and so the availability of that of that power, regardless of, if we could snap our fingers and move mountains ourselves still cannot, can't won't come online until late 2028 on the earliest and so you know we we're, we will be doing everything we can along the way to parallellyze the site work and the and the the concrete and the and the the ground clearing and development for all of the adjacent land that we've acquired over the over the last few years that allows us to actually execute on this.

是的，所以這個問題的答案有幾個不同的層次。因此，第一，新批准的 830 多兆瓦的裝置容量不僅需要在星系一側建造基礎設施，還需要在電網一側建造基礎設施。所以，即便我們能打個響指移山，這些電力最快也要到 2028 年底才能投入使用。因此，我們將盡一切努力，同步進行場地施工、混凝土澆築、場地清理和開發，以及我們在過去幾年中收購的所有相鄰土地的開發，以便我們能夠真正實施這個項目。

But the practical reality is we will be fully developed and delivered on the core weave Helios one side, largely in advance of, the practical ability to come online for the next 830 megawatts. So we will parallellyze, but it will come at like I'll call it sort of the back end of the core we phase 1 project anyway.

但實際情況是，我們將在核心編織 Helios 的一側全面開發和交付，很大程度上領先於未來 830 兆瓦的實際併網能力。所以我們會並行推進，但它會像我所說的那樣，作為我們第一階段專案的核心部分的後端來實現。

So yes, we can have multiple tests.

所以，是的，我們可以進行多次測試。

Greg Lewis, BTIG.

格雷格·劉易斯，BTIG。

Yeah, hey, thank you. Good morning. Thanks for taking my questions. I did want you to kind of talk about, if you could, the step up in the loan book, I guess kind of curious, maybe if you could provide any color around maybe what was driving that, you know how that might have looked if in a recovery in the market, are we, is it largely with incremental customers? Are we adding any new customers any any kind of color you're comfortable sharing around the loan book would be helpful.

是啊，謝謝。早安.謝謝您回答我的問題。我希望您能談談貸款業務增長的情況，我很好奇，您能否提供一些關於推動這一增長的具體信息，例如市場復甦時的情況，以及這主要是由於新增客戶造成的嗎？我們是否會新增客戶？您是否願意分享任何與貸款帳簿相關的顏色資訊？這將很有幫助。

Yeah, Greg, it's Tony. Thanks. I'll take that one, I mean, as we mentioned, the loan book grew pretty healthily throughout the course of 2025.

是的，格雷格，我是托尼。謝謝。我接受這個答案，我的意思是，正如我們所提到的，2025 年貸款組合成長相當健康。

We ended the year at, $1.8 billion, a little over $1.8 billion in average total for Q4. That was up slightly from Q3, and I guess the way to contextualize that is in a market where the underlying asset class was down 24, 25% on average, it tells you that the loan originations and loan [quantums] were up to offset. That value because you know these are obviously backed by crypto.

我們全年營收為 18 億美元，第四季平均總營收略高於 18 億美元。這比第三季略有成長，我想，要理解這一點，是在基礎資產類別平均下跌 24%、25% 的市場環境下，這說明貸款發放量和貸款[規模]的成長抵消了這一跌幅。之所以有這個價值，是因為你知道這些顯然是有加密貨幣支持的。

There wasn't a ton of change underneath the surface, I would say the net interest margins, as we mentioned, I think last quarter did compress a little bit earlier in the year. They have roughly held steady, over the last, kind of period of time. We have continued to grow our client base.

表面上並沒有太大的變化，我認為淨利差方面，正如我們之前提到的，上個季度年初確實略有收窄。在過去的這段時間裡，它們大致保持穩定。我們的客戶群持續成長。

The loan originations were up, and overall, we see it as a healthy business, we've talked about the collateralization on the book being somewhere. 130% or north of that that has all been fairly consistent so you know it can be a fluctuating business as a function of, the underlying market cap for crypto, but I would say our demand in that space is has remained pretty healthy, which, lends to the point Mike made around our confidence in on chain credit, continuing to become a more stable and more, visible path forward for the industry.

貸款發放量有所上升，總體而言，我們認為這是一個健康的業務。我們之前提到過，帳面上的抵押率在130%或以上，而且一直相當穩定。當然，我們也知道，由於加密貨幣的市值波動，這項業務可能會出現波動，但我認為我們在該領域的需求一直保持良好，這也印證了Mike的觀點，即我們對鏈上信貸充滿信心，認為它正成為行業發展中一條更加穩定、更加清晰的道路。

Yeah, the only other thing I, I'll add to what Tony said, being a lender, at my core by background is, growing the loan book, as a KPI is a real double edged sword for most companies. Like giving money away to growing your loan book is actually a pretty easy thing to do. Growing your loan book, while maintaining the right over causation and risk weighting.

是的，除了東尼說的，我還要補充一點，我本身就是貸款從業人員，我的背景是，對於大多數公司來說，增加貸款規模作為關鍵績效指標（KPI）是一把真正的雙刃劍。例如，用贈款來擴大貸款規模其實是一件非常容易的事。在保持適當的超額因果關係和風險權重的同時，擴大您的貸款組合。

So that you don't lose the money you give away is the most important thing and so like that, that's at the core of our D&A from when we started this business, we are very focused on growing the loan book, we're very focused on growing the loan book, without taking, any incremental net risk, along the way because it's just, it's not worth it, at the end of the day. So that has never -- that we've never wavered from that. That hasn't changed.

所以，最重要的是不要讓你的捐款損失。因此，從我們開始這項業務以來，這就是我們D&A的核心。我們非常專注於擴大貸款規模，我們非常專注於擴大貸款規模，同時不承擔任何額外的淨風險，因為從長遠來看，這樣做不值得。所以這一點，我們從未動搖過。這一點沒有改變。

Yeah, if you guys, if this was on video, you would look at both Tony and Chris's outfits, and you'd realize that this is a pretty conservative firm.

是的，如果這段影片被拍下來，你們會注意到東尼和克里斯的穿著，然後就會意識到這是一家相當保守的公司。

Joseph Vafi, Canaccord.

Joseph Vafi，Canaccord。

Congrats on the new Helios announcement. Just, I just maybe go back to price action here and Bitcoin and some of the other coins real quick. I know Mike that you had the big OG profit taking. We've heard things about, maybe a little overleverage in the system, is Bitcoin a risk asset? Is the store value? Is it trying to be both?

恭喜發布新的 Helios 產品。我只想簡單地回顧一下比特幣和其他一些加密貨幣的價格走勢。我知道麥克，你當時拿到了大筆利潤。我們聽過一些關於比特幣系統可能存在過度槓桿化的說法，比特幣是風險資產嗎？儲值是多少？它想兩者兼顧嗎？

Just it was a little surprising to see, and I think it was surprising to everyone to see, that price action, maybe just some more color on, where maybe you were seeing selling was it broad based across all these groups, or, was it over leverage, our OGs really kind of, maybe profit taking a little more than we thought, just whatever you might want to add, thanks.

看到這樣的價格走勢確實有點出乎意料，我想大家都會感到驚訝。或許可以再補充一些細節，例如，你們看到的拋售是遍及所有板塊的普遍拋售，還是過度槓桿導致的？我們老牌股的獲利回吐可能比我們預想的要多一些。如果你有什麼想補充的，謝謝。

I think the OG profit taking more than we thought is a real thing, and I think the psychology is if you've ever been a Like a speculator.

我認為 OG 獲利回吐比我們想像的要多是真實存在的，而且我認為這種心理現象與投機者類似。

Once you start selling, it becomes like a An idea, a reaction function, then you sell a little more, and it is so hard to huddle, to literally hold a position and ride it for a long trend, and there were a tremendous amount of kind of religious believers in this concept of huddling, of holding, and not letting go of your Bitcoin, and Somehow that virus or that fever broke and you started seeing some selling. Quantum has been the big excuse for people.

一旦你開始賣出，它就變成了一種想法，一種反應函數，然後你賣出更多，很難堅持持有，真的要守住一個倉位並長期持有，而這種“堅持持有，不放手”的概念曾經有很多狂熱的信徒，但不知何故，這種“病毒”或“狂熱”消退了，你開始看到一些拋售。量子力學一直是人們的藉口。

Now, I you're seeing some reaction function from the industry. I think the industry has been slow to kind of like fund the quantum institutes to say, hey, this is the real story, right? The story in layman's terms, which has always been told to me by the smart guys who in and around the Bitcoin core developers is as we get closer to quantum, we're going to get closer to quantum resistant, and you will have the Bitcoin code changed in time. So the risk of course, to the Bitcoin ecosystem is the developers all get obstinate and they fight amongst each other, and they don't, and they nihilistically blow themselves up.

現在，你會看到業界的一些反應。我認為業界在資助量子研究所方面行動遲緩，他們沒有意識到，嘿，這才是真正的問題所在，對吧？用簡單易懂的話來說，比特幣核心開發人員及其周圍的聰明人一直告訴我，隨著我們越來越接近量子技術，我們將越來越接近抗量子攻擊，比特幣程式碼也會及時進行修改。所以，比特幣生態系統面臨的風險當然是，開發者都變得固執己見，互相爭鬥，最後導致失敗，最後走向虛無主義式的自我毀滅。

I just don't see that happening, and so I think in the long run, quantum will not be a huge issue for crypto. It'll be a big issue for the world, but crypto Bitcoin especially will be able to handle it. But that's been the excuse, and I think that selling has and listen, we had one customer alone who sold $9 billion worth. And to put that in context, that was [125%] or one-third of all of IIT's inflows last year, right? The biggest player in this market, and so these big chunky positions take a while to work their way through, someone wrote an article that's like distributing an IPO, price usually goes down, then the distribution ends and it goes back up, and I think that's the.

我並不認為這種情況會發生，所以我認為從長遠來看，量子運算不會對加密貨幣造成巨大影響。這將是世界面臨的一個大問題，但加密貨幣比特幣尤其能夠應對。但那隻是藉口，我認為銷售也是如此。聽著，我們只有一個客戶，銷售額就達到了 90 億美元。為了讓大家更理解這個數字，這相當於去年印度理工學院所有學生入學人數的 125% 或三分之一，對吧？這個市場中最大的參與者，因此這些大宗的持股需要一段時間才能消化。有人寫了一篇文章，把這比作IPO的分銷，價格通常會下跌，然後分銷結束，價格又會回升，我認為這就是…

That's the part of the cycle we're in right now and I said earlier I don't know when the seller's exhaustion happens, there is not a leverage, a lot of leverage in the system anymore, and so Bitcoin specifically and crypto in general, always need a new story, a new catalyst, something that happens, and it's always hard to predict what it's going to be, and it shows up and then all of a sudden, like a wildfire, everyone kind of gets excited again, and I'm blowing smoke on the embers hoping the wildfire, picks up. I, it's not here yet, obviously by the price action.

這就是我們目前所處的周期階段，我之前說過，我不知道賣方何時會耗盡槓桿，系統中已經沒有多少槓桿了，所以比特幣，尤其是加密貨幣，總是需要新的故事，新的催化劑，一些事情發生，而這總是很難預測，但它出現了，然後突然之間，就像野火一樣，每個人都再次興奮起來，而我總是很難預測，而我則在野火中吹煙，希望在野火中吹來蔓延。顯然，從價格走勢來看，它還沒有到來。

Chris Brendler, Rosenblatt Securities.

Chris Brendler，Rosenblatt Securities。

Hey, thanks. Good morning and thanks for squeezing me in. I'm actually going to ask two quick ones if that's okay. The first one is on the new 830 megawatts of power. Does the timeline of late 28, early 29.

嘿，謝謝。早安，謝謝你們抽空幫我。可以嗎？我其實想問兩個簡單的問題。第一個是關於新增的 830 兆瓦電力。時間線是28年末到29年初。

Sort of slow the pace of current negotiations. Like, is this something that could take place, over the course of a year, or do you expect it to be shorter than that just given the voracious demand out there for power? And the second question I wanted to ask was on GalaxyOne, the 8% yield that that product is offering, is that in any way at risk from the Clarity Act and the compromise on stable corner rewards? Thanks.

放慢當前談判的節奏。比如說，這件事可能會在一年內完成嗎？還是考慮到目前電力需求的巨大需求，你預期這個過程會更短？我想問的第二個問題是關於 GalaxyOne，該產品提供的 8% 收益率是否會受到《透明度法案》和對穩定角落獎勵的妥協的影響？謝謝。

Sure.

當然。

I'll take the first one at least on the 830 megawatts. If the negotiations with the tenant goes a year, I'll be somewhere between fired and or tied up in a closet by Mike, I think.

我至少會選擇第一個，功率為 830 兆瓦。如果和租戶的談判持續一年，我想我要么會被解僱，要么會被麥克關進壁櫥裡。

The, we do have a lot of time and I, and we want to be prudent and thoughtful about who our next partner or partners will be and the economics associate associated with that. That being said, it is clear that all the market participants have the capital available today and are in a race to secure future capacity and the timelines that we were originally looking at when we started with Helios and people looking at. Very focused on what '26 and '27 power have very quickly moved to '28, '29, '30 power in terms of all the major players looking to lock that up for themselves.

我們確實有很多時間，而且我們希望謹慎周全地選擇我們的下一個合作夥伴以及與之相關的經濟顧問。也就是說，很明顯，所有市場參與者現在都擁有可用的資金，並且正在競相確保未來的產能和時間表，而這正是我們最初與 Helios 合作時以及其他相關人士所關注的。各大玩家都非常關注 2026 年和 2027 年的實力，並迅速將這種實力轉移到 2028 年、2029 年、2030 年，他們都想鎖定這一地位。

And so, we're going to balance that very strong voracious demand that we see with a little bit of prudence and making sure we make the right decision, but I think we're in no ways looking to. Watch the market for the next year or a couple of years to see how it develops in terms of in terms of partnering in particular because the reality is '28 '29 power given the lead times for the large electrical infrastructure that need to get built, those lead times today sort of push you up into early '28 at a minimum anyway and so you got to pick your partner quick, you got to make your decisions on what you're going to do and you got to start, locking up supply chains so that you can actually deliver that far out.

因此，我們將在面對如此強勁的需求時，保持謹慎，確保做出正確的決定，但我認為我們絕不會這樣做。密切關注未來一兩年的市場發展，尤其是在合作方面，因為現實情況是，考慮到大型電力基礎設施建設的周期，2028 年和 2029 年的電力供應至少要到 2028 年初才能實現，所以你必須盡快選擇合作夥伴，決定你要做什麼，並開始鎖定供應鏈，以便能夠提前交付。

And so that that's how we're thinking about prosecuting that opportunity on the on the GalaxyOne side. I'll pitch it to Tony and I'll kick in if I can be helpful.

所以，這就是我們 GalaxyOne 方面考慮如何抓住這個機會的方式。我會把這個想法告訴東尼，如果我能幫上忙，我會出一份力氣。

Yeah, Chris, so the short answer is you're talking about the premium yield 8% that we're offering on the GalaxyOne platform right now. Short answer is no, that is not at risk from the Clarity Act, at least is our understanding the way that anything in the Clarity Act is proposed.

是的，克里斯，簡而言之，你指的是我們目前在 GalaxyOne 平台上提供的 8% 的優質收益率。簡而言之，答案是否定的，至少根據我們對《清晰法案》提案方式的理解，這不會受到該法案的影響。

That is a, it's an offering. That is available to accredited investors only, we have, certain customer limits and a total portfolio limit on how much we're offering there, but it is really in the interest of, growing our overall, client, base as that as that business gets off the ground. That rate is obviously subject to change with, a period of notice, and that'll be driven by sort of broad supply and demand, but we also think about it more generally as diversifying our funding sources for the market's business more broadly, obviously within a box of, discipline asset liability management, but it's not, it's a rate that we control and it's not subject to the clarity Act at all. Hopefully that answers your question.

那是一種奉獻。這僅對合格投資者開放，我們對客戶數量和總投資組合金額都有一定的限制，但這確實是為了擴大我們的整體客戶群，因為這項業務正在逐步發展。此利率顯然會根據市場供需關係進行調整，並會提前通知一段時間。但我們也從更廣泛的角度考慮，這可以使我們的市場業務的融資來源更加多元化。當然，這需要在資產負債管理的框架內進行，但該利率由我們控制，並且完全不受《清晰性法案》的約束。希望這能解答你的疑問。

Thank you, and that concludes the question-and-answer session. I'd like to turn the conference back over to Mike Novogratz, Founder and CEO, for his closing remarks.

謝謝，問答環節到此結束。現在我把會議交還給創辦人兼執行長麥克‧諾沃格拉茨，請他致閉幕詞。

Guys, thanks a lot. We appreciate all the insightful questions and your support. I just want you all to know that we're working our tails off here, and our eye is certainly on the prize, and so hopefully come back next quarter with better numbers and a better story.

各位，非常感謝。我們感謝大家提出的所有富有洞察力的問題和支持。我只想讓大家知道，我們正在全力以赴，目標明確，希望下個季度能帶著更好的數據和更好的消息回來。

Have a great day. Thank you.

祝你有美好的一天。謝謝。

Thank you, sir. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines and have a wonderful day.

謝謝您，先生。今天的電話會議到此結束。感謝各位蒞臨今天的報告會。現在您可以斷開線路了，祝您有美好的一天。