Galaxy Digital Inc (GLXY) 2026 Q1 法說會逐字稿

Good morning, and welcome to the Galaxy Digital first-quarter 2026 earnings call. Today's call is being recorded. After today's presentation, there will be an opportunity to ask questions. (Operator Instructions)

各位早安，歡迎參加 Galaxy Digital 2026 年第一季財報電話會議。今天的會議將被錄音。在今天的簡報之後，將有提問時間。（接線員指示）

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

此刻，我想將會議交給投資人關係主管 Jonathan Goldowsky。先生，請開始。

Good morning, and welcome to Galaxy's first-quarter 2026 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+.

各位早安，歡迎參加 Galaxy 2026 年第一季財報電話會議。在開始之前，請注意，我們的發言（包括對各位提問的回答）可能包含前瞻性陳述。由於各種因素，實際結果可能與這些陳述所描述者有重大差異，包括我們在新聞稿中的免責聲明或其他申報文件中所列示的因素；相關文件已向美國證券交易委員會（SEC）及於 SEDAR+ 申報。

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

前瞻性陳述僅截至今日有效，且不會更新。此外，我們可能會提及非 GAAP 指標，其調節表亦可在我們的財報新聞稿中找到。最後，本次電話會議中的任何資訊均不構成 Galaxy 或其關係企業對買入或賣出任何證券的建議、招攬或要約。接下來，我把時間交給 Galaxy 創辦人兼執行長 Mike Novogratz。

Yeah, good morning, everyone. Listen. First-quarter crypto prices down on average of 25%. You can see our headline number. Certainly it isn't what we'd like to be delivering quarter after quarter. All that said, I feel pretty good about the business right now. So you come into this earnings call, and I thought, well, let's break it down, data centers and then crypto and give you just how I'm seeing it from the CEO perspective, right?

好的，各位早安。聽我說，第一季加密資產價格平均下跌 25%。你們可以看到我們的頭條數字。這當然不是我們希望一季接一季交出的成績。儘管如此，我對目前的業務狀況感覺相當不錯。所以你們進到這場法說會，我想，嗯，我們把它拆開來講：資料中心，然後是加密業務，從執行長的角度告訴你們我怎麼看，對吧？

Every Monday morning, I look at my to-do list in the data center business, and it has four buckets, right? Are we delivering on time and on cost? That's not an easy feat, but so far, our team is doing an awesome job. We delivered our first data hauls. We're on schedule. More than half of the data centers around the country can't say that. And so we feel pretty good about the team down in Texas and the hard work they're doing. And so that's a check. Right?

每個星期一早上，我會看資料中心業務的待辦清單，裡面有四個面向，對吧？我們是否按時、按預算交付？這並不容易，但到目前為止，我們的團隊做得非常出色。我們已交付第一批資料機櫃（data hauls）。我們按進度推進。全美有一半以上的資料中心都做不到這點。所以我們對德州團隊以及他們的辛勤工作感到很有信心。這一項就打勾了，對吧？

The second is we've got to finance Phase II and then Phase II. The financing markets are open. I was hoping we would have the definitive details today. Trust me, that will come in a very short order. We will have Phase II finance. Our partner, CoreWeave, their credit spreads have come in. The financing markets are pretty robust right now, and we're looking at a few different options.

第二項是，我們必須為第二期（Phase II）以及接下來的第二期融資。融資市場是開放的。我原本希望今天就能提供最終細節。相信我，很快就會有結果。我們會完成第二期融資。我們的合作夥伴 CoreWeave，他們的信用利差已收斂。現在融資市場相當強勁，我們也在評估幾個不同選項。

Part three is, we have this 830 megawatts that we were granted recently, tenant for that, right? That would take a lot of stress off of me and de-risk this company even further. We're in conversations with a lot of big people. You can guess who they are. That process -- Chris will get to the dynamics of it later. My sense is that's probably going to be a second half of the year process as we get closer to 2027, the stress around 2028 power will pick up. Right now, most of the hyperscalers are focused on this year and next year and just getting the power they need.

第三項是，我們最近獲批的 830 兆瓦電力容量，需要為其找到承租戶（tenant），對吧？那會大幅減輕我的壓力，並進一步降低公司風險。我們正在與許多大型客戶洽談。你們大概猜得到是誰。這個流程——Chris 稍後會談到其中的動態。我感覺這可能會是下半年才會完成的流程；當我們更接近 2027 年時，對 2028 年電力的壓力會升高。現在，多數超大規模業者（hyperscalers）仍聚焦在今年與明年，先確保取得他們所需的電力。

And finally, new projects that we've been looking at, circling around, same answer. Hopefully, in the not-too-distant future, we're announcing a pretty cool one. And so stay tuned, don't have anything specific to tell you today. But in each of those buckets, I'm not sweating. I feel good about where we are. I feel good about the progress we're making. And I feel good about the future after that even. And so I can give a big check on the data center box.

最後，是我們一直在看、在評估的新專案，答案也一樣。希望在不久的將來，我們能宣布一個相當酷的案子。所以敬請期待，今天沒有具體內容可以分享。但在這四個面向上，我都不緊張。我對我們的位置、我們正在取得的進展，以及更長遠的未來都很有信心。所以在資料中心這一塊，我可以給一個大大的勾。

Then I flip to digital assets. As I said early in the year, I think this is a transition year for the crypto business at large, not just at Galaxy, but globally. And what I mean by that is we are going from a very speculative business where if you were being crashed, you would say it was the crypto casino to a technology that is going to be used in industry all over the world. And you're seeing that pick up in an accelerating fashion, right? Every TradeFi organization is working on their version of that infrastructure. They need a wallet, they need custody.

接著我翻到數位資產。如同我在年初所說，我認為今年是整體加密產業的轉型年，不只是 Galaxy，而是全球皆然。我的意思是，我們正從一個高度投機的生意——如果你要用比較尖銳的說法，你會說那是「加密賭場」——轉向一項將在全球各行各業被使用的技術。而你正看到這個趨勢以加速的方式在發生，對吧？每一家傳統金融（TradeFi）機構都在打造他們版本的基礎設施。他們需要錢包，需要託管。

And so we have a infrastructure business that's doing great stuff right now, is engaged in all kinds of conversations. Again, I'm not going to announce anything today, but stay tuned. We will -- we've got some announcements that are coming soon. Deals that roughly are done just aren't at the announcement stage. But that business is going to keep on growing. And for the world, it's important, right?

因此，我們的基礎設施業務目前做得很好，也參與了各式各樣的對話。同樣地，我今天不會宣布任何事情，但請持續關注。我們——有一些公告很快就會出來。有些交易大致已完成，只是還沒到可以對外宣布的階段。但那個業務會持續成長。而且對整個世界而言，這很重要，對吧？

When you want to understand what's really happening as we're tokenizing equities, tokenizing privates, tokenizing mortgages, tokenizing currencies, right? This is the way that the United States projects its power around the world. If you want to think about the real use case to crypto, it has always been the rest of the world, more so than the United States. Right here, we've got great financial services accessible to most Americans.

當你想理解真正正在發生什麼——我們正在把股票代幣化、把私募資產代幣化、把房貸代幣化、把貨幣代幣化，對吧？這就是美國在全球投射其影響力的方式。如果你要思考加密的真正使用情境，它一直以來更多是在美國以外的世界，而不是美國本土。因為在這裡，多數美國人都能取得很好的金融服務。

But there are 5.5 billion people that that's not true for. And so you're going to see the big brands being sold to places like Paraguay and Bhutan and Cambodia all over the world where people have access to our financial services. And that's part of what needs to happen is the infrastructure bill in DC, the CLARITY Act. That's got a really important six weeks. I still believe it gets past. There's a few obstacles, right?

但有 55 億人並非如此。因此，你會看到大型品牌被推向像巴拉圭、不丹、柬埔寨等世界各地，讓人們能接觸到我們的金融服務。而其中一部分需要發生的事情，是華府的基礎設施法案——CLARITY 法案。接下來六週非常關鍵。我仍然相信它會通過。當然會有一些障礙，對吧？

[Tom Tillis], who's a friend of mine, is a tough son of a gun. He has been digging in. Him and the President are not on the best of terms, and so he's pushing pretty hard on the ethics piece of this thing. I do think they'll get through that. It's important for both the Republicans who campaigned on it to get this bill done and for the Democrats who don't want to have to campaign on it to get it done. And it's important for America. And so I think once that gets done, you're going to see a further acceleration in that buildout. And it's also going to help crypto prices.

[Tom Tillis] 是我的朋友，他是個很難對付的硬漢。他一直很堅持。他和總統的關係並不是最好，所以他在這件事的倫理（ethics）部分施壓得很強。我確實認為他們會跨過這一關。這對共和黨很重要——他們競選時把這當作政見之一，必須把法案做成；對民主黨也很重要——他們不想在選舉時被迫就此議題競選，也希望把它做成。這對美國也很重要。所以我認為一旦通過，你會看到建置速度進一步加快。而且這也會推升加密價格。

Bitcoin, which is the bellwether. First quarter, we had a pretty severe sell-off all the way to 60,000. It feels like that will be a tradable bottom for this part of the move. We bounced up to 80. Now I think we're trading 76, 77. I don't see Bitcoin exploding in the near term, but it might. And so I think you've got to -- you're going to have some wood to chop through 80, 85. Once you get through that, the next stop is 100. And if you break that, then it's all price discovery.

比特幣是風向球。第一季我們出現相當劇烈的拋售，一路跌到 60,000。感覺那會是這一段走勢中可交易的底部。我們反彈到 80。現在我想我們在 76、77 附近交易。我不認為比特幣短期內會暴衝，但也有可能。所以我認為你必須——你會在 80、85 之間遇到一些需要突破的壓力。一旦突破，下一站就是 100。如果再突破，那就進入完全的價格發現（price discovery）。

And so it's not my prediction that we break that 100 this year. You're going to need a few things to happen. Mostly, that will be an easing central bank. And given the war in Iraq, we've got some pretty ugly inflation prints that are going to come through the pipeline I'm sorry the war in Iran. Pretty bad inflation points that will come through the pipeline. And so I don't think the Fed does anything but sits and watches. I know Kevin Warsh is a real believer in the productivity miracle that is coming from AI.

所以我並不預測今年會突破 100。你需要幾件事發生。最主要的是央行轉向寬鬆。而鑑於伊拉克戰爭，我們會看到一些相當難看的通膨數據會在管線中出現——抱歉，是伊朗戰爭。會有相當糟的通膨數據陸續出來。因此我不認為聯準會會做什麼，除了坐著觀望。我知道 Kevin Warsh 非常相信 AI 將帶來的生產力奇蹟。

One thing I was pointing out to the guys here is all of this wild acceleration we're seeing in AI is mostly being done on the infrastructure that already existed. Campuses like Helios where we're delivering the data centers, it's still not really -- we deliver the data center before we, they then take another two to three months to build out the inside for a final customer to use. And so, it's really not till this time next year when the next phase of power comes into powering AI. And so the AI revolution is just starting and its impact on inflation, its impact on productivity, its impact on how the world changes.

我在這裡跟大家指出的一點是，我們在 AI 看到的這種瘋狂加速，多半都是建立在既有的基礎設施之上完成的。像 Helios 這樣的園區，我們正在交付資料中心；但實際上——我們先交付資料中心，之後他們還需要再花兩到三個月把內部建置完成，最終客戶才能使用。所以，真正要等到明年這個時候，下一階段的電力才會開始用來驅動 AI。因此，AI 革命才剛開始，它對通膨的影響、對生產力的影響、以及對世界如何改變的影響，都才正要展開。

And so, listen, I think the Fed will be cutting rates by the end of the year. I think that will be very supportive of broad crypto prices. One thing I'd point out is that crypto prices were down 20%, volumes in trading markets were roughly down 20%, and here at Galaxy, our volumes were flat. And so t's the first time we've really started to see a decoupling of our business from the price, and that's very promising. If I could see that four quarters in a row, I have a big grin on my face.

所以，聽著，我認為聯準會在今年年底前會降息。我認為這將對整體加密貨幣價格非常有利。我想指出的一點是，加密貨幣價格下跌了 20%，交易市場的成交量大約也下跌了 20%，但在 Galaxy，我們的成交量持平。所以這是我們第一次真正開始看到，我們的業務與價格出現脫鉤，而這非常令人振奮。如果我能連續四個季度都看到這種情況，我會笑得合不攏嘴。

The balance sheet lost money because crypto prices were down, but we way outperformed what we would have done if we had not [a] cut some positions and also shifted a lot of our Level 2 exposure into Hyperliquid, which is one of the tokens I've talked about. We've been a supporter mostly because it's got an economic model, unlike many of the other tokens, which were more association tokens.

資產負債表之所以虧損，是因為加密貨幣價格下跌，但我們的表現遠遠優於如果我們沒有[去]減碼部分部位、並且也將大量的 Level 2 曝險轉移到 Hyperliquid（這是我談過的其中一個代幣）時本來會有的結果。我們一直是支持者，主要是因為它有一個經濟模型，不像許多其他代幣更像是關聯性代幣。

And I think Hyperliquid is a good way to look at what the future of crypto is going to look at. And so again, headline numbers weren't what I want, but I feel really good about the two businesses, both how we're doing and the macro over backdrop for both of them, and with that, I'll pass it on.

而我認為，Hyperliquid 是一個很好的切入點，用來觀察加密貨幣的未來會是什麼樣子。所以再說一次，頭條數字不是我想要的，但我對兩項業務都感到非常好——不論是我們的執行情況，還是兩者的宏觀大環境；接下來我就交棒了。

Great. Thanks, Mike, and thank you, everyone, for joining the call today. I'll start by walking through the consolidated financials and the balance sheet and then dive into the digital asset operating businesses in more detail before turning it over to Chris for an update on data centers. As Mike mentioned, Q1 was a challenging quarter for digital asset prices with total crypto market cap declining roughly 20%. While that impacted our reported results, our operating businesses continued to perform, and we reached an inflection point at Helios as we've started to come online.

太好了。謝謝你，Mike，也謝謝各位今天加入電話會議。我會先帶大家看合併財務報表與資產負債表，接著在把話題交給 Chris 更新資料中心之前，更深入說明數位資產營運業務。如 Mike 所提到的，第一季對數位資產價格而言是具挑戰的一季，整體加密市場市值約下滑 20%。雖然這影響了我們的申報結果，但我們的營運業務仍持續表現，我們也在 Helios 達到一個拐點，因為我們已開始上線。

For the first quarter, we reported GAAP net loss of $216 million for a loss of $0.49 per share and firm-wide adjusted EBITDA of negative $188 million. These results were driven primarily by unrealized mark-to-market losses on our balance sheet digital asset holdings with the treasury and corporate segment reporting an adjusted gross loss of $140 million in the quarter.

第一季，我們依 GAAP 認列淨損 2.16 億美元，每股虧損 0.49 美元；全公司調整後 EBITDA 為負 1.88 億美元。這些結果主要是由於我們資產負債表上的數位資產持有部位出現未實現按市價評價損失所致，其中財庫與企業部門在本季申報調整後毛損 1.40 億美元。

Firm-wide operating expenses, excluding gross self-transaction costs and the impairment of digital assets, were approximately $147 million in Q1, down 7% quarter-over-quarter, driven by lower professional fees and a decrease in compensation expense.

全公司營運費用（不含自營交易毛成本以及數位資產減損）在第一季約為 1.47 億美元，較前一季下降 7%，主要受惠於專業費用降低以及薪酬費用減少。

On the operating business side, our digital assets segment generated $49 million of adjusted gross profit, roughly in line with Q4 results despite broader market weakness in Q1, as Mike mentioned. I'll provide more detail on this performance in a few moments.

在營運業務方面，我們的數位資產部門產生 4,900 萬美元的調整後毛利，儘管第一季整體市場疲弱，仍大致與第四季結果一致，如 Mike 所提到的。我稍後會就這項表現提供更多細節。

In data centers, our financial results remain de minimis in Q1 as we work through the final stages of construction and commissioning for Phase I of Helios. As mentioned previously, revenue will begin ramping in Q2 as we deliver data hauls under our CoreWeave lease agreement. As a reminder, these are 15-year contracted cash flows at approximately 90% average lease level EBITDA margins, entirely uncorrelated to digital asset prices. As that revenue comes online, it will begin to meaningfully diversify our revenue and earnings profile in the coming quarters.

在資料中心方面，第一季我們的財務結果仍屬微不足道（de minimis），因為我們正在完成 Helios 第一期的最後施工與試運轉階段。如先前所述，隨著我們依 CoreWeave 租賃協議交付資料機櫃（data hauls），營收將於第二季開始爬升。提醒一下，這些是 15 年期的合約現金流，平均租賃層級 EBITDA 利潤率約 90%，且與數位資產價格完全不相關。隨著該營收上線，將在未來幾季開始實質分散我們的營收與獲利結構。

Turning to the balance sheet, we ended Q1 with approximately $10 billion in total assets, down from $11 billion at year-end, driven by the decline in digital asset prices. Total equity capital was $2.8 billion, with roughly 60% allocated to our operating businesses. This mix will fluctuate quarter to quarter, but as previously noted, we expect this share of capital allocated to our operating businesses to continue increasing in the coming quarters, driven primarily by the ongoing build-out at Helios.

回到資產負債表，我們在第一季末的總資產約為 100 億美元，較年末的 110 億美元下降，主要是受到數位資產價格下跌所致。股東權益總額為 28 億美元，其中約 60% 配置於我們的營運業務。這個組合會隨季度波動，但如先前所述，我們預期未來幾季配置於營運業務的資本占比將持續提高，主要由 Helios 持續建置所驅動。

Within Treasury and Corporate, we held approximately $1.4 billion of net digital assets and investments, down 19% quarter-over-quarter, primarily reflecting market depreciation. During Q1, we repurchased 3.2 million shares of our Class A common stock for $65 million under our previously announced $200 million share repurchase authorization. This amount more than offsets dilution from equity-based compensation awarded in 2025 and brought our quarter-end share count to approximately 390 million basic shares outstanding.

在財庫與企業部門內，我們持有約 14 億美元的淨數位資產與投資，較前一季下降 19%，主要反映市場貶值。第一季期間，我們依先前宣布的 2 億美元庫藏股回購授權，以 6,500 萬美元回購 320 萬股 A 類普通股。此金額不僅足以抵銷 2025 年授予的股權型薪酬所造成的稀釋，也使我們在季末的流通在外基本股數約為 3.90 億股。

We view share buybacks as an attractive use of capital when we see meaningful disconnect between the stock price and the intrinsic value of the company, and we'll continue to use them in a disciplined manner consistent with this philosophy going forward.

當我們看到股價與公司內在價值之間出現明顯落差時，我們認為股票回購是一種具吸引力的資本運用方式；未來我們也將秉持與此理念一致的紀律性方式持續進行。

Cash and stablecoin balances were approximately $2.6 billion at quarter-end, roughly flat from year-end. We will continue to manage our balance sheet with discipline, balancing investments while maintaining sufficient capital and liquidity, including for the potential repayment of $445 million of exchangeable notes maturing in December of this year.

季末現金與穩定幣餘額約為 26 億美元，與年末大致持平。我們將持續以紀律管理資產負債表，在投資與維持充足資本與流動性之間取得平衡，其中也包括因應今年 12 月到期、可能需要償還的 4.45 億美元可交換公司債。

Now turning to our operating results, starting with digital assets. Q1 reflected a more challenging market backdrop as we talked about with digital asset prices down quarter-over-quarter and a corresponding softening trading volumes and on-chain activity. Against that backdrop, our digital asset segment delivered $49 million of adjusted gross profit, roughly flat quarter-over-quarter. In a sequentially weaker environment, this stability reflects how the composition of the business has begun to shift.

接著看我們的營運結果，先從數位資產開始。第一季反映出較具挑戰的市場背景，正如我們所談到的，數位資產價格較前一季下跌，交易量與鏈上活動也相應轉弱。在此背景下，我們的數位資產部門仍交出 4,900 萬美元的調整後毛利，較前一季大致持平。在連續走弱的環境中，這種穩定性反映出業務組成已開始轉變。

Recurring fee revenue and transaction income continue to scale across the platform, and this pace will hold up better in quarters where volumes and prices do not. We also tightened operating expenses during the quarter, narrowing the adjusted EBITDA loss by roughly a third from Q4. In a volatile industry, how we manage the business in challenging environments matters just as much as how we perform in strong ones.

經常性費用收入與交易收入持續在平台上擴張，而在成交量與價格不佳的季度，這種成長速度將更能維持。我們也在本季收緊營運費用，使調整後 EBITDA 虧損較第四季縮小約三分之一。在一個波動性很高的產業中，我們在艱困環境下如何經營，與在景氣強勁時如何表現同樣重要。

The global markets business delivered adjusted gross profit of $31 million, up 3% quarter over quarter, with digital asset trading volumes holding steady, as Mike mentioned, even as the industry-wide activity declined more than 25%. We're adding new trading clients to a steady pace, and the mix is shifting, with a growing share coming from traditional asset managers and hedge funds, reflecting the ongoing convergence of digital assets and traditional finance.

全球市場業務交出 3,100 萬美元的調整後毛利，較前一季成長 3%；如 Mike 所提到的，即使全產業活動下滑超過 25%，我們的數位資產交易量仍維持穩定。我們正以穩定的速度新增交易客戶，且客戶結構正在轉變，來自傳統資產管理機構與避險基金的占比提高，反映數位資產與傳統金融持續融合的趨勢。

On the lending side, our average loan book declined approximately 20% quarter-over-quarter, driven by digital asset price depreciation, modest client deleveraging, and the roll-off of two larger loans. Since then, we've added new clients and originated new loans while further diversifying our counterparty base, which will continue to support a more durable loan book going forward.

在放貸方面，我們的平均放款餘額較前一季下降約 20%，主要由數位資產價格貶值、客戶小幅去槓桿，以及兩筆較大貸款到期退出所致。此後，我們已新增客戶並承作新貸款，同時進一步分散交易對手基礎，這將在未來持續支持更具韌性的放款組合。

A quick update on GalaxyOne, where we're quietly continuing to build momentum. We recently launched Solana staking at 0% commission and will be opening the platform to business accounts in the coming months, expanding the user base and addressable market. GalaxyOne is still early, but we see a meaningful opportunity to continue layering in capabilities that integrates trading, yield and asset management into a single unified experience.

簡要更新一下 GalaxyOne：我們正在低調地持續累積動能。我們近期推出 Solana 質押（staking）且佣金為 0%，並將在未來幾個月向企業帳戶開放平台，以擴大用戶基礎與可服務市場。GalaxyOne 仍處於早期階段，但我們看到一個重要機會：持續疊加功能，把交易、收益與資產管理整合為單一、統一的使用體驗。

Turning to asset management. We delivered adjusted gross profit of $18 million and ended the quarter with approximately $8 billion in assets on platform. In asset management, we generated s$69 million of net inflows during the quarter, underscoring the durability of our platform against the soft market backdrop. Flows are broad-based across both our ETF platform and alternative suite, reflecting continued institutional demand for access to digital asset ecosystem and confidence in our ability to manage through volatility.

接著看資產管理。我們交出 1,800 萬美元的調整後毛利，並在季末於平台上管理約 80 億美元資產。在資產管理方面，我們本季錄得 6,900 萬美元的淨流入，凸顯在疲弱的市場背景下，我們平台的韌性。資金流入同時來自我們的 ETF 平台與另類產品線，反映機構投資人對進入數位資產生態系的需求持續存在，並對我們在波動環境中管理的能力具信心。

Subsequent to quarter end, we secured a new $75 million investment mandate, one of the largest single-client inflows in our history. Our [SMA] and managed account business continues to grow as an increasingly important part of our overall platform, and we see a clear path to further expansion through 2026 as client appetite for bespoke mandates remains strong.

在季度結束後，我們取得一項新的 7,500 萬美元投資委託案，為我們歷史上單一客戶資金流入規模最大的案件之一。我們的 [SMA] 與全權委託帳戶業務持續成長，並日益成為整體平台中更為重要的一環；同時，隨著客戶對客製化委託的需求依然強勁，我們清楚看見至 2026 年進一步擴張的路徑。

In addition, on May 1, we will be launching a new fintech hedge fund focused on the convergence of traditional financial services, blockchain infrastructure, and emerging technologies. This is a thematic we've been operating within at Galaxy for nearly a decade and one we believe gives us a differentiated edge as investors.

此外，我們將於 5 月 1 日推出一檔新的金融科技對沖基金，聚焦於傳統金融服務、區塊鏈基礎設施與新興技術的融合。這是我們在 Galaxy 深耕近十年的主題方向之一，我們相信這能讓我們作為投資人具備差異化優勢。

We've seen this space evolve firsthand. We understand how these businesses are built, and we're able to underwrite opportunities with a level of conviction that comes from being both operators and long-time participants in the ecosystem. This approach is consistent with how we're building the asset management platform, focusing on differentiated strategies that align with where we see long-term capital formation and innovation across the digital asset ecosystem.

我們親身見證了這個領域的演進。我們了解這些企業如何被打造，也能以源自同時身為營運者與長期生態參與者的信念程度來承作（underwrite）投資機會。這種方法與我們打造資產管理平台的方式一致：聚焦於差異化策略，並與我們所見數位資產生態系中長期資本形成與創新方向相契合。

On to digital infrastructure solutions. As Mike mentioned, we spent the past eight years building institutional-grade infrastructure to support our own operating businesses, and what we're seeing now is a shift where the largest financial institutions are preparing to move on to blockchain-based rails and are coming to Galaxy as a partner in that transition.

接著談數位基礎設施解決方案。如 Mike 所提，我們過去八年打造了機構級基礎設施以支援自身營運業務；而我們現在看到的轉變是，最大的金融機構正準備遷移至以區塊鏈為基礎的軌道（rails），並在這個轉型過程中尋求 Galaxy 作為合作夥伴。

Institutions need foundational infrastructure to operate in a tokenized financial system. That includes wallet and custody technology that enable secure 24/7 movement of digital assets, as well as the ability to deliver financial products in a way that integrates with their existing systems.

機構在代幣化金融體系中運作需要基礎性基礎設施。這包括可支援數位資產安全 24/7 移轉的錢包與託管技術，以及以能與其既有系統整合的方式交付金融產品的能力。

This isn't limited to banks or traditional asset managers. It's every institution that touches a digital asset that's now trying to determine what infrastructure they need in a tokenized world whether it's trade settlement and clearing, collateral management, corporate treasury or fund administration, all of that has to be re-architected for a digital native environment. So when we think about the total addressable market, it is not niche, it's the entirety of the capital markets across the front, middle and back office, all of which ultimately needs to be rewired.

這不僅限於銀行或傳統資產管理機構。凡是接觸數位資產的機構，如今都在思考在代幣化世界中需要什麼樣的基礎設施——無論是交易結算與清算、擔保品管理、企業財資（corporate treasury）或基金行政管理（fund administration），所有這些都必須為數位原生環境重新架構。因此，當我們思考可服務市場總量（total addressable market）時，它並非利基市場，而是涵蓋資本市場前台、中台與後台的全部，最終都需要被重新接線（rewired）。

Against that backdrop, institutions are looking for partners with the technical capabilities, infrastructure, and expertise to support that transition, capabilities we at Galaxy have been building for nearly a decade. We are now taking those learnings and productizing our digital infrastructure platform into a B2B model through white-labeled solutions, bespoke integrations, and custom infrastructure to meet institutions where they are in their adoption cycle. This spans powering staking infrastructure for leading asset managers to developing wallet, custody, and private key architecture for financial institutions and service providers.

在此背景下，機構正在尋找具備技術能力、基礎設施與專業知識、能支援其轉型的合作夥伴——而這些能力正是我們 Galaxy 近十年來持續打造的。我們正把這些經驗萃取並將數位基礎設施平台產品化，透過白標（white-labeled）解決方案、客製化整合與量身打造的基礎設施，以 B2B 模式在機構採用週期的不同階段與其對接。範圍涵蓋為領先資產管理機構提供質押（staking）基礎設施，到為金融機構與服務供應商開發錢包、託管與私鑰架構。

Once we're embedded at the infrastructure layer, we're able to provide a set of services where we have real competitive strength. That includes acting as a liquidity provider to enable their clients access to crypto markets, delivering fund and investment products, and providing lending and financing solutions.

一旦我們在基礎設施層被深度嵌入，我們就能提供一系列我們具備真正競爭優勢的服務。這包括擔任流動性提供者，使其客戶得以進入加密市場；提供基金與投資產品；以及提供借貸與融資解決方案。

As we expand this business and deepen those integrations, we expect a continued shift in the composition of our revenue. Over time, our results should become less correlated to the underlying price of digital assets and increasingly driven by the pace of institutional adoption and utilization of the infrastructure itself. These are not short-cycle engagements. Winning and growing these mandates requires time, integration, and a high degree of trust. We've been investing in these relationships for a long time, and we're seeing that begin to translate into tangible opportunities, which we're excited to build on in the quarters and years ahead.

隨著我們擴展此業務並加深整合，我們預期營收組成將持續轉變。長期而言，我們的業績應會較不受數位資產底層價格影響，而更由機構採用速度與基礎設施本身的使用率所驅動。這些並非短週期合作；要贏得並擴大這些委託案需要時間、整合，以及高度信任。我們長期投資於這些關係，而我們正看到這開始轉化為具體機會；我們也期待在未來幾季與幾年持續深化與擴大。

Stepping back, the regulatory environment is continuing to develop, institutional adoption is accelerating, and the pipeline of opportunity across our digital asset businesses is extremely robust. Q1 was a difficult quarter from a market standpoint, but the most consequential developments in digital assets don't happen in price, they happen in infrastructure regulation and institutional adoption.

退一步看，監管環境持續發展，機構採用正在加速，而我們數位資產業務的機會管線極為強勁。從市場角度看，第一季是艱難的一季，但數位資產領域最具關鍵性的發展並不發生在價格上，而是發生在基礎設施、監管與機構採用上。

Before I turn it over to Chris, I want to touch on our Q2 preliminary performance. So far in Q2, we have seen an improvement in digital asset prices and overall activity. This has translated into a strong start to the quarter for Galaxy with second quarter-to-date adjusted EBITDA estimated at approximately $90 million through last Friday.

在交棒給 Chris 之前，我想先談一下我們第二季的初步表現。到目前為止，第二季我們看到數位資產價格與整體活動有所改善。這使 Galaxy 在本季開局強勁，截至上週五，第二季迄今（quarter-to-date）調整後 EBITDA 估計約為 9,000 萬美元。

With that, let me turn it over to Chris.

接下來，我把時間交給 Chris。

Thanks, Tony. The lights are on at the Helios campus.We've delivered the first data hall to CoreWeave. And I would call that the most significant milestone this business has hit since the day we signed the lease. Not long ago, this was a Bitcoin mining facility. Today, it is a live, operational AI data center with power distribution, cooling, and network connectivity. That's a credit to the team on the ground in Texas and here in New York.

謝謝，Tony。Helios 園區已經通電。我們已向 CoreWeave 交付第一座資料機房（data hall）。我會稱之為自我們簽署租約以來，這項業務達成的最重要里程碑。不久前，這裡還是一座比特幣挖礦設施；今天，它是一座正在運作的 AI 資料中心，具備配電、冷卻與網路連線。這要歸功於德州現場團隊以及紐約這邊的團隊。

This is the single most important de-risking event this business has experienced. We now have a track record of delivering on time and on budget, not a projection. That distinction matters when you're sitting across the table from a prospective customer or capital partner. We've proven we can take a site from concept to operational data center at hyperscale, and that credibility is opening doors. We remain on track to deliver substantially all of the 133 megawatts of critical IT capacity for Phase I by the end of Q2.

這是這項業務所經歷的最重要單一去風險事件（de-risking event）。我們現在有準時、按預算交付的實績，而不是預測。當你與潛在客戶或資本合作夥伴坐在談判桌對面時，這種差異非常重要。我們已證明能以超大規模（hyperscale）將一個場址從概念推進到可營運的資料中心，而這份可信度正在為我們打開更多大門。我們仍按計畫在第二季末前交付第一期（Phase I）合計 133 兆瓦的關鍵 IT 容量中的絕大部分。

Our client, CoreWeave, has indicated that it expects a multi-trillion-dollar investment-grade public company to be the end user for their GPUs at our Phase I Helios facility once the clusters are operational.

我們的客戶 CoreWeave 表示，一旦叢集（clusters）投入運作，預期將由一家市值達數兆美元、具投資等級的上市公司，作為其在我們 Helios 第一期設施所部署 GPU 的最終使用者。

Turning to Phase II. We've made meaningful progress on the greenfield construction for the 260 megawatts of incremental critical IT capacity. Site work, concrete, and steel are advancing on the new data center buildings, and phase two data hall deliveries are on track to commence in the first half of 2027. On Phase II financing, we're seeing strong demand for financing the build. Our focus is on maintaining a capital structure that gives us the flexibility to scale without over-leveraging the platform, and we expect to have more to share on Phase II financing in the near term.

接著談第二期（Phase II）。我們在新增 260 兆瓦關鍵 IT 容量的綠地（greenfield）建設方面已取得實質進展。新資料中心建築的場地工程、混凝土與鋼構施工正持續推進，第二期資料機房交付預計仍可在 2027 年上半年開始。就第二期融資而言，我們看到對建置融資的需求強勁。我們的重點是維持一個能讓我們在不過度加槓桿的情況下具備擴張彈性的資本結構，並預期在近期能就第二期融資分享更多資訊。

Turning to leasing the available 830 megawatts, the demand environment for large-scale HPC capacity remains very strong. Every major participant in this market has capital available and is racing to lock up future capacity, and we're seeing that firsthand in the quality of the conversations we're having. We are in active discussions with a select group of potential customers. A lease of this scale, multiple years and billions of dollars of contracted revenue requires extensive diligence, bespoke structuring, and careful negotiation. We've been through this process before, and we know what it takes to get it right. The compounding value of picking the right partner and the right structure is enormous, and that is worth us being deliberate about.

談到可供出租的 830 兆瓦容量，大規模 HPC（高效能運算）容量的需求環境依然非常強勁。這個市場的每一個主要參與者都有可用資本，並競相鎖定未來容量；我們從正在進行的高品質對話中親身感受到這點。我們正與少數潛在客戶進行積極洽談。如此規模的租約——多年期、且合約收入達數十億美元——需要廣泛的盡職調查、量身訂做的架構設計與審慎談判。我們以前走過這個流程，也知道要如何把它做對。選對合作夥伴與正確的結構所帶來的複利價值非常可觀，因此我們值得以審慎的步調推進。

From our seat, 830 megawatts of approved front-of-the-meter power in ERCOT is a one-of-one asset, and the responses from potential customers evaluating the opportunity reinforces this view. Importantly, though, we are not waiting on commercial structure to be finalized to proceed on development. Consistent with our approach throughout the initial Helios build, we've begun procuring critical infrastructure for the 830-megawatt development.

以我們的角度來看，在 ERCOT 擁有 830 兆瓦、已核准且位於電表前端（front-of-the-meter）的電力，是獨一無二（one-of-one）的資產；而潛在客戶在評估此機會時的回饋也強化了這個觀點。不過重要的是，我們不會因商業結構尚未定案而停下開發進度。延續我們在 Helios 初期建置期間的一貫做法，我們已開始為 830 兆瓦開發案採購關鍵基礎設施。

Specifically, we have placed deposits and issued purchase orders on main power transformers and circuit breakers for the first phase of that development and have secured capacity for the balance of long-lead electrical infrastructure. Lead times for this equipment stretched to multiple years, and steering supply early has been core to our development basis and schedule forecasts.

具體而言，我們已就該開發案第一階段的主電力變壓器與斷路器支付訂金並發出採購訂單，並已為其餘長交期（long-lead）的電力基礎設備鎖定產能。這些設備的交期已拉長至數年，而及早引導供應一直是我們開發成本基礎與工期預測的核心。

A brief update on the evolving ERCOT regulatory framework. In mid-March, ERCOT published a draft rule, PGRR145, which establishes a baseload category for projects with a 2028 energization date. Projects in that category are not subject to restudy in batch zero. Eligibility requires two things. Valid completed interconnect studies and a signed interconnection agreement with the utility.

簡要更新一下 ERCOT 持續演進的監管框架。3 月中旬，ERCOT 發布了一份規則草案 PGRR145，為 2028 年通電（energization）日期的專案建立一個基載（baseload）類別。屬於該類別的專案不需在 batch zero 中接受重新研究（restudy）。其資格要求有兩項：有效且已完成的併網研究（interconnect studies），以及與公用事業單位簽署的併網協議（interconnection agreement）。

Our interconnection studies were completed on January 15, and our service agreement is already executed. We satisfy both requirements to be eligible for base load within batch 0 based on the current draft.

我們的併網研究已於 1 月 15 日完成，且我們的服務協議也已完成簽署。依據目前的草案，我們同時滿足兩項要求，因此有資格在第 0 批次中納入基載。

I will note that PGRR 145 is still in draft form and could change. We're tracking it closely and are in active dialogue with ERCOT and our advisors. But as we read it today, nothing in the current draft indicates a deferral, and we are certainly not treating this capacity as speculative. There's still a lot to develop at the Helios campus but scaling beyond Helios (inaudible) already.

我想補充說明，PGRR 145 目前仍為草案，未來可能會變更。我們正密切追蹤，並與 ERCOT 及我們的顧問保持積極溝通。但就我們今天對條文的解讀而言，目前草案沒有任何內容顯示會延後，我們也絕對不把這個容量視為投機性的。Helios 園區仍有許多需要推進的工作，但在 Helios 之外的擴張（聽不清）也已經在進行。

We continue to evaluate a deep pipeline of opportunities across the US We're being highly selective. Not every megawatt is worth pursuing, and we're only going to transact on sites where we have conviction in power availability, land suitability, development timeline, and customer demand. Several of those sites have progressed to LOIs, and we expect we will be discussing our multi-campus portfolio within this year.

我們持續評估遍及全美、非常深厚的機會管線，同時也會高度審慎篩選。並非每一個兆瓦都值得追逐；我們只會在對電力可得性、土地適用性、開發時程與客戶需求具備信心的場址上進行交易。其中數個場址已推進至意向書（LOI）階段，我們預期在今年內會開始討論我們的多園區投資組合。

The Helios campus is the foundation, but the vision is a multi-campus, multi-customer platform built the same way, one disciplined step at a time. We spent the better part of two years building this business, and now that foundation is operational. Phase I is delivering. Phase II is under construction. We have 830 megawatts of approved incremental capacity with active customer conversations underway.

Helios 園區是基礎，但我們的願景是以同樣方式打造一個多園區、多客戶的平台，一步一腳印、紀律性地推進。我們花了將近兩年的大部分時間建立這項業務，而如今這個基礎已投入運作。第一期正在交付。第二期正在施工中。我們已取得核准的 830 兆瓦新增容量，並正與客戶進行積極洽談。

We have an additional 1.8 gigawatts progressing through the ERCOT study process and a growing pipeline beyond that. We've proven that we can execute. What lies ahead at the Helios campus and beyond is an opportunity of extraordinary scale, and we're just getting started. I'll turn it over to the operator for questions now.

此外，還有 1.8 吉瓦正在 ERCOT 的研究流程中推進，且在此之外的機會管線也持續擴大。我們已證明我們具備執行能力。Helios 園區以及更遠的未來所面臨的是一個規模極其龐大的機會，而我們才剛開始。接下來我把時間交給接線員進行提問。

Thank you, everybody.

謝謝大家。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（接線員指示）

Peter Christiansen, Citi. Please go ahead.

Citi 的 Peter Christiansen。請開始。

Thank you. Good morning. Great to be a part of the call. I'm curious on the financing side as it relates to data centers here, I mean, fully stabilized lease hyperscale deals are seeing tightening spreads, but I guess the rating agencies have been calling out syndicate financing for large deals being potentially getting strained. Just curious if you're seeing the same and how are you thinking about that on your go-forward financing strategy?

謝謝。早安。很高興參與這通電話。我想從資料中心相關的融資面來問：也就是說，完全穩定的長租期超大規模（hyperscale）交易，利差正在收斂；但我想評等機構也提到，大型交易的聯貸融資可能會面臨壓力、變得吃緊。想請教你們是否也看到同樣情況？以及你們對未來融資策略是如何思考的？

Yes, so I would agree with the comment that financing for stabilized assets in the space has started to tighten, that's definitely true. The -- what I would say is prior to maybe six months ago, the market was split and/or pretty heavy towards bank syndicates financing, more traditional project financed style financings.

是的，我同意你提到的觀察：這個領域中，針對已穩定資產的融資確實開始收斂，這點毫無疑問。我會說，在大約六個月以前，市場是分裂的，且／或相當偏向由銀行聯貸來提供融資，也就是較傳統的專案融資型態。

The high-yield bond market has definitely stepped in a big way over the last few months and has taken a lot of the market share from the larger bank syndicates, which is good because it's a much more distributed base of investors with much more flexible pools of capital rather than a traditional bank that's looking to either hold and syndicate sort of prescriptive project financing.

過去幾個月，高收益債券市場確實大幅介入，並從大型銀行聯貸手中拿走了不少市占，這是好事，因為投資人基礎更分散、資金池也更具彈性；相較之下，傳統銀行通常會以較制式的專案融資方式來承作，並考量持有與分銷。

We've pretty much seen -- things could change, but we've pretty much seen spreads tighten across the board, and that's come from a peak of sort of concern around build-outs, CapEx budgets, credit quality. And spreads have come in pretty significantly. And so the rating agencies have come through and they've started to rate a number of issues that have come out either at or above the underlying credit levels, which takes into account the fact that folks like us are actually building long-lived durable infrastructure, even though we have a tenant who has their own credit quality, those assets live beyond any tenant deal and are repurposable, et cetera. And so we're actually -- we're pretty constructive right now about. The opportunities for financing to and beyond relative to where the market even was a few months ago.

我們幾乎看到——當然情況可能會變——但我們幾乎看到利差全面收斂；這是從先前市場對於建置進度、資本支出（CapEx）預算、信用品質等議題的高峰疑慮回落而來。利差已相當明顯地縮小。因此評等機構也陸續進場，開始對一些新發行案進行評等，評等結果落在或高於其基礎信用水準；這也反映出像我們這樣的業者其實是在建置長壽命、具耐久性的基礎設施。即便我們有承租戶且其本身有信用品質，這些資產在任何單一租戶合約之後仍然存在，且可再利用、可轉作他用，等等。因此我們目前對融資機會其實相當正面——相較於甚至幾個月前的市場狀況，現在與未來的融資條件都更具吸引力。

Patrick Moley, Piper Sandler. Please go ahead.

Piper Sandler 的 Patrick Moley。請開始。

Yes, good morning. Thanks for taking the question. On the additional 830 megawatts at Helios. Mike, you mentioned that there was maybe some deals that were getting done, but nothing ready for an announcement yet. I'm just just to level set, is it safe to say that this is not an extension of the current agreement with CoreWeave, but in fact, separate tenants? And then is there anything you can add on?

是的，早安。謝謝讓我提問。關於 Helios 額外的 830 兆瓦。Mike，你提到可能有一些交易正在推進，但還沒有準備好對外宣布。我只是想先校準一下：是否可以說，這並不是與 CoreWeave 現有協議的延伸，而是不同的承租戶？另外你還能補充些什麼嗎？

I think you miss -- either I misspoke or you misheard me. What I was saying is on the 830, we're engaged in lots of conversations. And then on new projects outside of Helios, we are, as Chris said in his remarks, we're LOI stage and hopefully in the distant future, we'll have things to announce where we've got actual locked-up projects. And so that's separate from Helios, which has always been our goal to have a multi-campus business. And so, hopefully, by the time we're on next quarter, we're talking about that with much more detail.

我想你可能聽錯了——或者是我講得不夠清楚。我剛才的意思是：就這 830 兆瓦而言，我們正在進行很多對話。而至於 Helios 之外的新專案，正如 Chris 在發言中提到的，我們目前在意向書（LOI）階段，希望在更久之後，我們能有一些可以宣布的、已真正鎖定的專案。因此那部分是獨立於 Helios 之外的；而我們的目標一直都是建立多園區的業務。所以希望到下個季度時，我們能更詳細地談這件事。

Yes, and just to add on to what Mike said, Patrick, to get a different angle of the question you're asking, the -- in addition to a multi-campus strategy, we are very focused on a multi-tenant strategy as well. And so I think it's very fair to assume that we're always talking to CoreWeave because they're our biggest partner in the business today. But the customer conversations we're having extends pretty far beyond just CoreWeave. And I would expect our decision-making around the 830 is going to take into consideration the fact and the importance of having a diversified. Exposure client base across all our assets.

是的，我再補充 Mike 的說法，Patrick，從你提問的另一個角度來看：除了多園區策略之外，我們也非常聚焦於多承租戶策略。因此，你可以合理地假設我們一直都在與 CoreWeave 對話，因為他們目前是我們業務中最大的合作夥伴。但我們正在進行的客戶洽談，範圍遠不僅限於 CoreWeave。我預期我們對這 830 兆瓦的決策，會把「客戶基礎多元化」的事實與重要性納入考量，讓我們在所有資產上的客戶曝險更分散。

James Yarrow, Goldman Sachs. Please go ahead.

Goldman Sachs 的 James Yarrow。請開始。

Good morning, all. I'm speaking on behalf of James Yarrow. My question is, what is the risk appetite among your crypto trading clients and when do you expect it to stabilize or inflect as crypto prices have appreciated now?

各位早安。我是代表 James Yarrow 發言。我的問題是：你們的加密貨幣交易客戶，其風險偏好目前如何？以及在加密貨幣價格近期已上漲的情況下，你們預期何時會趨於穩定或出現轉折向上？

That's a good question. Listen, like I said on my remarks, volumes across all of crypto trading was down, call it 25% on average last quarter. We felt good that we were flat. I think you need a few catalysts. What was nice is that when you saw broadly selling from old-school, old holders of crypto that drove the prices down and who came in was retail through ETFs and retail through buying micro strategies, equity, which then translates into Bitcoin buying another crypto. When Bitcoin stabilizes and trades up, the rest of crypto does better.

這是個好問題。聽著，正如我在發言中提到的，上季整體加密交易量平均下滑約 25%。我們覺得不錯的是，我們的表現持平。我認為你需要幾個催化因素。比較好的現象是：當你看到傳統、早期持有者大幅賣出、把價格壓下來時，接手進場的是透過 ETF 的散戶，以及透過買入 MicroStrategy 這類股票的散戶，而這又會轉化為比特幣買盤以及其他加密貨幣的買盤。當比特幣走穩並上行交易時，其它加密貨幣的表現也會更好。

And so you've got places like Morgan Stanley who have moved into the space in an aggressive way and have their whole sales force now pitching a fairly large allocation of Bitcoin as part of their portfolio. And so I think what we're seeing is this transition from people that had held crypto for 5, 10, 15 years. Taking some profits, selling some of theirs and that being replaced by a broader retail buying base. We've seen a couple sovereign funds come in and buy as well or add to positions. And so I would be lying here to say if it's more muted than it had been in previous years.

因此你會看到像摩根士丹利這樣的機構，以相當積極的方式進入這個領域，並讓其整個銷售團隊開始推介：在投資組合中配置相當比例的比特幣。我們看到的是一個轉換：那些持有加密貨幣 5 年、10 年、15 年的人，正在獲利了結、賣出部分持倉，而這些供給被更廣泛的散戶買盤所取代。我們也看到有幾個主權基金進場買入或加碼部位。所以如果我說現在的熱度比前幾年更低、更偏溫和一些，那我是在說實話。

There's more excitement in AI equities, in crude oil around the war. And what we're seeing is crypto infrastructure is now being used to also trade those. And so you're seeing perpetuals, which was a crypto innovation, being brought to equity markets. And so the broad big-picture theme is this infrastructure. And what goes along with it will be very supportive to the whole space, but it's not necessarily short-term demand for -- you name the token. If it's Solana or Polkadot or Ethereum, right, that demand is less exciting right now, a little bit more muted.

目前市場對 AI 股票更興奮，對原油也因戰爭因素而更關注。而我們看到的是：加密基礎設施現在也被用來交易那些資產。因此你會看到永續合約（perpetuals）——這原本是加密領域的創新——正在被帶入股票市場。從更宏觀的主題來看，是這套基礎設施本身；以及隨之而來的應用，將會對整個領域非常有利，但不一定會在短期內直接轉化為對——你隨便說一個代幣——的需求。不論是 Solana、Polkadot 或 Ethereum，對這些代幣的需求目前沒那麼令人興奮，整體稍微偏溫和。

Again, cutting rates and the CLARITY Act passing probably gives that a kick. But what we've always seen in crypto is what really drives crypto is price.

再者，降息以及《CLARITY 法案》通過，可能會對此起到推動作用。但我們在加密市場一直看到的是，真正驅動加密市場的是價格。

And so, again, we're basing, once we get moving, people will find all kinds of reasons to get excited.

所以，再次強調，一旦行情啟動，人們就會找到各種理由感到興奮。

James Faucette, Morgan Stanley. Please go ahead.

摩根士丹利的 James Faucette。請繼續。

Thank you very much. I wanted to delve in quickly to the approval process in ERCOT and the batch process that, as I understand, it will be starting this summer. Can you just get touch on two things? First, any clarification to make sure that the recently approved 830 megawatts isn't subject to any part of that batch process or review of the batch process? And then, can you give us an assessment of where you think you are, what you may need to do to gain incremental approvals as part of that process for additional capacity and what that time frame may look like?

非常感謝。我想快速深入了解一下 ERCOT 的核准流程，以及據我理解將於今年夏天開始的批次流程。能否請你們談兩點？第一，是否能澄清一下，最近已核准的 830 兆瓦不會受到該批次流程或批次流程審查的任何影響？第二，能否請你們評估一下你們目前所處的位置、為了在該流程中取得額外容量的增量核准可能需要做什麼，以及時間表大概會是什麼樣子？

Sure. So let's start with. We have two pieces right today at Galaxy, our originally 100 megawatts that's already leased, let's focus on that first. There's nothing in the current regulatory landscape that we see that puts that capacity at risk. We have a fully executed service agreement, complete interconnect studies, Phase I is live, and we're delivering power to it.

當然。我們先從這裡開始。今天 Galaxy 這邊有兩塊：最初的 100 兆瓦已經出租，我們先聚焦這一塊。目前我們看到的監管環境中，沒有任何因素會讓這部分容量面臨風險。我們已簽署完整的服務協議，互連研究也已完成，第一期已上線，我們正在向其供電。

Next, the 830 megawatts approved early this year, we're equally confident in that. I think in my comments, we talked a little bit about the draft PGRR145 rule, which sets baseload category for projects that are not subject to restudy, not subject to looking at. And it's very clear to us, and it has been communicated as such that the 830 megawatts that was approved is part of that baseload capacity for batch zero, meaning not part off -- meaning it's the base case for all new power being studied.

接著是今年年初核准的 830 兆瓦，我們對此同樣有信心。我想在我的評論中提到過 PGRR145 規則草案，它為不需要重新研究（restudy）、不需要再被重新檢視的專案設定了基載（baseload）類別。對我們來說非常清楚，而且也已如此溝通：已核准的 830 兆瓦屬於 batch zero 的基載容量，也就是不屬於——也就是說，它是所有新增電力研究中的基準情境（base case）。

We had our studies approved in January, we had an interconnect agreement with the utility, so that as it's drafted today and as far as we can see, any potential iterations of that draft is covered. That leaves us with today what we expect could be up to an additional 1.8 gigawatts. That 1.8 gigawatts for us is what's in question from a timing perspective. And I think the best I can give you on that today is ERCOT is still working through the specifics on what they think the new batch process is going to be, and therefore which parts of our 1.8 gigawatts would fit into potentially being looked at as new studies in batch zero or new studies beyond batch zero.

我們在一月就已取得研究核准，也與公用事業單位簽了互連協議，因此就目前草案的寫法以及我們所能看到的情況，任何可能的草案迭代都已涵蓋在內。那麼今天剩下的是，我們預期可能還有最多額外 1.8 吉瓦。對我們而言，這 1.8 吉瓦在時間點上仍有不確定性。我今天能給你的最佳說法是：ERCOT 仍在釐清他們認為新的批次流程會如何運作，因此我們這 1.8 吉瓦中的哪些部分可能會被納入 batch zero 的新研究，或是 batch zero 之後的新研究，目前仍在確認中。

So that's probably the best I can give you today.

這大概就是我今天能提供的最佳資訊。

Bill Papanastasiou, Chardan Capital Markets. Please go ahead.

Chardan Capital Markets 的 Bill Papanastasiou。請繼續。

Yeah, good morning, gentlemen. Thanks for taking my questions and congrats on the recent progress at Helios. I just wanted to dig a bit deeper on potential lease economics. How could they look at -- for the uncontracted capacity relative to the CoreWeave deal? Should we expect similar headline metrics, or do you think it would be more aligned with other deals that we've seen by some of your peers? Thanks.

各位先生早安。謝謝回答我的問題，也恭喜 Helios 最近的進展。我想再深入一點了解潛在的租賃經濟性。對於尚未簽約的容量，相較於 CoreWeave 這筆交易，可能會呈現什麼樣的狀況？我們應該期待類似的主要指標，還是你們認為會更接近我們看到你們一些同業做出的其他交易？謝謝。

So that is a very good question, and it's hard to answer it directly because there's a bunch of different factors, right? So when we originally signed the CoreWeave deal, CoreWeave was -- actually, when we into negotiations, CoreWeave was still a private company and was a very different credit quality then, at least at the headline, than when we signed it today. So credit quality is a very important element to any economics to get signed with any counterparty.

這是個非常好的問題，但很難直接回答，因為牽涉到很多不同因素。當我們最初簽下 CoreWeave 交易時——其實在我們進入談判時，CoreWeave 還是私人公司，當時的信用資質（credit quality）至少在表面上，與我們今天簽約時相比是非常不同的。因此，信用資質是與任何交易對手簽署經濟條款時非常重要的一個要素。

And the way we think about it is while a headline dollars per kW per month rent rate is an important metric, sort of the net after financing cost spread capture of any deal we signed for us is probably more important. And so you have this balancing act between headline, monthly rent, revenue versus that minus financing costs, which are going to very clearly be tied to what kind of tenant we have.

我們的思考方式是：雖然每 kW 每月的名目租金（headline dollars per kW per month rent rate）是一個重要指標，但對我們而言，更重要的可能是扣除融資成本後、我們能捕捉到的利差（net after financing cost spread）。因此你會看到一個平衡：名目月租／收入，對比扣除融資成本後的結果；而融資成本會非常明確地取決於我們的承租方是什麼樣的租戶。

And so the market -- now, in the interim, a number of deals have gotten done. And while the headline numbers with regards to their rent versus ours are lagging, meaning like our headline rent number with CoreWeave is a standout in the market, we're pretty constructive that on an after-financing cost basis, the economics to us both on a dollar and an IRR basis to build for this next capacity is going to be equally attractive.

因此市場方面——在這段期間，已經有不少交易完成。雖然就名目數字來看，他們的租金相對我們是落後的，也就是說，我們與 CoreWeave 的名目租金在市場上相當突出；但我們相當正面地認為，在扣除融資成本後的基礎上，無論以金額或 IRR（內部報酬率）來看，為下一階段容量建置所帶來的經濟性，對我們而言仍會同樣具有吸引力。

And so that's just a framework for the way we think about the opportunity set and how we would strike a deal and the things we consider. Does that make sense?

這就是我們看待機會集合、以及我們如何敲定交易與考量因素的框架。這樣說清楚嗎？

Devin Ryan, Citizens Bank. Please go ahead.

Citizens Bank 的 Devin Ryan。請繼續。

Thanks. Good morning. Thanks for taking the question. Question just on trading activity. And if we were to just assume the CLARITY Act passes, let me just get some thoughts around what you think will happen with trading volumes. And, Mike, I heard, obviously, the comments around price and trading going together. But as we think about just the demand for some of the kind of the further out layer one and layer two beyond the top 10 or 20, it seems like demand has dried up quite a bit.

謝謝，早安。謝謝讓我提問。我想問交易活動（trading activity）。如果我們假設《CLARITY 法案》通過，想請教你們認為交易量會發生什麼變化。Mike，我也聽到你提到價格與交易會一起走。但如果我們思考的是，除了前 10 或 20 名之外、更偏後段的一層（layer one）與二層（layer two）資產的需求，似乎已經乾涸不少。

And so I'm just curious whether feel like that's cyclical just because risk appetite's not there, or maybe secular because there's just not a lot of activity happening on those blockchains. And so maybe we consolidate activity to a smaller number of large blockchains, and that's good for maybe institutions, but maybe not as good for kind of the speculative retail piece. So just curious kind of how you see things playing out, post CLARITY does pass.

所以我想了解，你們覺得這是週期性的——只是因為風險偏好不足；還是結構性的——因為那些區塊鏈上其實沒有太多活動在發生。因此我們可能會把活動集中到較少數的大型區塊鏈上，這對機構可能是好事，但對偏投機性的散戶端可能就沒那麼好。想請教你們怎麼看《CLARITY 法案》通過後的發展。

I think my answer is going to tend towards the latter setup that you had. Listen, I think CLARITY will bring more and more institutions in, and those institutions will come in some set of direct trading desks compete with us in Bitcoin, Ethereum and some of the other big majors.

我想我的答案會更偏向你後面提到的那種情境。聽著，我認為《CLARITY 法案》會帶來越來越多機構進場，而這些機構會以某種形式的自營交易台（direct trading desks）進來，與我們在比特幣、以太坊以及其他一些主要幣種上競爭。

People getting more comfortable with the neobank that will have a broader selection of neobank wallet structure that people are pushing, a broader selection of tokens. But I think the bigger idea here is that as you turn Wall Street on, you turn a selling machine on, and it starts with Bitcoin and Ethereum, and those things have generally propped up the whole industry.

人們也會更習慣於 neobank（新型數位銀行）所推動的、更廣泛的 neobank 錢包架構，並提供更廣泛的代幣選擇。但我認為更大的重點在於：當你把華爾街打開，你就等於打開了一台銷售機器，而它會從比特幣與以太坊開始；而這些資產通常也會支撐整個產業。

The big transition we're seeing as we move to using crypto infrastructure, it's happening at the same time where there are so many other avenues for people to speculate, right? The explosion of sports betting, online gambling, sports betting, prediction markets, even meme coin trading. In some ways, I don't think you'd ever saturate people's desire to gamble, but there's a lot more on offer than just Polkdot tokens. And so those tokens need to -- those ecosystems need to find a way to be more relevant.

我們看到的重大轉變是：當我們轉向使用加密基礎設施時，這同時也發生在人們有太多其他投機管道的時期。體育博彩的爆發、線上賭博、體育博彩、預測市場，甚至迷因幣交易。在某種程度上，我不認為人們的賭博慾望會被完全滿足，但現在可選的東西遠不只 Polkdot 代幣。因此，那些代幣——那些生態系需要找到方法變得更具相關性。

We've seen it with Hyperliquid. It's a perfect example of great technology. A tight team, but mostly an economic model in the token that lets people feel like they're participating in the economics of the underlying ecosystem, not just having association with the ecosystem.

我們在 Hyperliquid 上已經看到了。這是一個完美例子：很棒的技術、精實的團隊，但更重要的是其代幣的經濟模型，讓人們覺得自己是在參與底層生態系的經濟利益，而不只是與該生態系產生關聯。

And we have an entire hundreds of tokens that really were mostly association tokens, and that was mostly because of the regulatory environment. And I think those tokens are going to either have to restructure or they're going to slowly have less and less participation from both retail and the broad community.

而我們有數百種代幣，過去其實大多只是「關聯型代幣」（association tokens）；這主要是因為監管環境所致。我認為這些代幣要嘛必須重組，要嘛就會逐步失去來自散戶與更廣泛社群的參與度。

It doesn't mean they all will die, because if there's a community that cares about it, they'll keep pouring in resources and trying to bring in more people. But we're going to go through this transition where I would hope and think in five years, most tokens that are out there are more than just community tokens.

這不代表它們都會消亡，因為如果有一個在乎它的社群，他們會持續投入資源並嘗試帶進更多人。但我們將經歷一段轉型期；我希望也認為在五年後，市面上大多數代幣都不只是社群代幣。

Edward Engel, Compass Point. Please go ahead.

Edward Engel，Compass Point。請繼續。

Hi, thanks for taking my question. I appreciate all the clarity comments on ERCOT's new load approval process, and I know this is still being finalized by them. But I guess from a timing perspective, I mean, when do you think you're going to have more clarity on where some of your pipeline stands within either batch zero or one or beyond that?

嗨，謝謝讓我提問。我很感謝你們對 ERCOT 新的負載核准流程所做的清楚說明，我也知道他們仍在定案中。但我想從時程角度來看，我是說，你們認為何時會更清楚你們部分管線專案在第零批或第一批，或更後面批次中的進度位置？

Yeah, right now, the best visibility we have is around June, which is what indications are that both ERCOT will start to narrow in on their process for the batch interconnection study framework, at which point we're doing all the background work and ready to engage with that [post-haste] once that comes through. So a couple more months from now, towards the middle of the year?

是的，目前我們能見度最高的時間點大約在 6 月；目前的跡象顯示，ERCOT 屆時會開始收斂其批次併網研究（batch interconnection study）的框架流程。到那時我們會把所有背景工作都先做好，並在流程一出來後就能立即投入並快速跟進。所以大概再過幾個月，接近年中？

Ben Summers, BTIG. Please go ahead.

Ben Summers，BTIG。請繼續。

Hey, thanks for taking my questions. I know you guys mentioned a little bit about expanding the total addressable market for GalaxyOne, but I guess just kind of curious. I know it's still early days, but what's kind of been the most, I guess, used features of this platform and what's kind of drawn -- what do you think has gotten most investors drawn to this platform so far?

嘿，謝謝讓我提問。我知道你們提到一些關於擴大 GalaxyOne 的總可服務市場（TAM），但我有點好奇。我知道現在還算早期，但這個平台目前最常被使用的功能大概是哪些？以及你們認為到目前為止，最吸引投資人使用這個平台的原因是什麼？

Yeah. So there's a decent amount going on there. I think we have been more -- we were surprised, actually, crypto trading has been the largest use case so far, which is a little counterintuitive because there are a lot of existing crypto trading platforms out there today. And our capabilities on that front are lagging today, although we're working very hard to both expand coin coverage, adding staking, which we just did in the last quarter for Solana, and we'll follow-up with the rest of the stakeable assets very soon.

是的，這部分有不少進展。我想我們更——其實我們有點意外，到目前為止最大的使用情境是加密貨幣交易；這有點反直覺，因為現在市面上已經有很多既有的加密貨幣交易平台。而我們在這方面的能力目前還相對落後，不過我們正非常努力擴大幣種覆蓋、加入質押（staking）；我們上一季剛為 Solana 上線質押，接下來也會很快把其餘可質押資產補上。

But crypto trading use case has outperformed expectations. Cash products are performing okay, lagging a little behind. The next step we're focused on, we're exciting about, is tying it all together by offering really financing solutions for individual consumer users that allow consumers to basically leverage their entire portfolio together to increase buying power in a thoughtful and safe way. And so our product deliveries today, outside of the moonshot stuff, which we're very focused on iterating on is around creating an entire wallet effectively that a consumer can own all of their assets, cash, equities, crypto and beyond, and thoughtfully increase their buying power without taking outsized risk. So, yes, that's where Galaxy wants to answer that.

但加密貨幣交易這個使用情境的表現超出預期。現金類產品表現還可以，但稍微落後一些。我們下一步聚焦、也很興奮的是把所有功能串起來，為個人消費者提供真正的融資解決方案，讓消費者基本上可以把整體投資組合一起運用，以審慎且安全的方式提升購買力。因此，我們目前的產品交付（不含那些「登月級」的長期項目——我們也很專注在快速迭代）主要是在打造一個完整的錢包，讓消費者能持有其所有資產：現金、股票、加密貨幣及其他資產，並在不承擔過度風險的前提下，有策略地提高購買力。是的，這就是 Galaxy 想要回答的方向。

Martin Toner, ATB Cormark. Please go ahead.

Martin Toner，ATB Cormark。請繼續。

Good morning. Thanks for taking my question. The revenue number was a nice one, given how difficult crypto markets were in Q1. Is the business becoming less cyclical? And is Galaxy going to be able to do better in some of these weaker crypto markets?

早安，謝謝讓我提問。考量到第一季加密市場相當艱難，營收數字表現不錯。這是否代表業務正在變得不那麼具循環性？以及 Galaxy 是否能在一些較疲弱的加密市場中表現得更好？

Your lips to God's ears. If we can do that three quarters in a row, I'll have more confidence to say it's less cyclical. This was a promising quarter in that the trading desk stayed flat to quarter-on-quarter when overall revenue went down 25% and our balance sheet was well-positioned. Again, we were in Hyperliquid and had less of other [L2s]. We had a little less Bitcoin than we normally have, et cetera. And so if you're just looking at the digital assets business, that's our goal is to make it less cyclical.

但願如此。如果我們能連續三季做到，我才更有信心說它變得不那麼具循環性。本季令人鼓舞之處在於：在整體營收下滑 25% 的情況下，交易台的表現仍與前一季持平，而且我們的資產負債表配置得當。再次強調，我們有配置在 Hyperliquid，其他一些 [L2s] 的配置較少；我們持有的比特幣也比平常少一些，等等。所以如果你只看數位資產業務，我們的目標就是讓它不那麼具循環性。

What you're going to see in the second half of the year is we'll make some announcements about the infrastructure business, which is certainly going to be less cyclical and help in, right, that relative to crypto trading. And then if you take digital assets and you combine it with the data center business, which I try to keep those things separate in my head, so we don't take hard-earned money in one and fund stuff willy-nilly in the other, right? We're going to try to be very thoughtful in both businesses where we deploy capital.

你們會在今年下半年看到我們針對基礎設施業務做一些公告；那塊業務肯定會更不具循環性，並且相較於加密交易，能提供更多支撐。然後如果你把數位資產與資料中心業務結合起來——我在腦中會盡量把這兩件事分開，避免我們在一邊辛苦賺來的錢，卻在另一邊隨意投入、亂花資本，對吧？我們會在兩個業務上都非常審慎地部署資本。

But overall, Galaxy will be less cyclical to crypto in a big way just because of data center earnings 12 months from now. But even within the digital assets business, our goal is to become less cyclical. And I think that's going to happen. But I'm not going to declare any kind of victory for at least two to three more quarters.

但整體而言，Galaxy 對加密的循環性依賴會大幅降低，主要是因為 12 個月後資料中心的獲利貢獻。但即便在數位資產業務內部，我們的目標也是變得不那麼具循環性。我認為這會發生，但至少還要再觀察兩到三季，我不會宣告任何形式的勝利。

Joseph Vafi, Canaccord. Please go ahead.

Joseph Vafi，Canaccord。請繼續。

Hey, guys, good morning. Maybe we could touch a little bit more on the real-world asset tokenization strategy. I know you mentioned both the wallet custody, and Mike were just kind of talking on infrastructure. It seems, from my seat at least, this is kind of a bigger trend than pretty much anything else in the ecosystem right now. And just a little more color on how it evolves, how you exploit the strategy. Thank you.

嘿，各位早安。也許我們可以再多談一點現實世界資產（RWA）代幣化策略。我知道你們提到錢包託管，而 Mike 剛剛也在談基礎設施。至少從我這邊看，這似乎是目前生態系中幾乎比任何其他事情都更大的趨勢。想請你們多補充一些它如何演進、以及你們如何落地並發揮這個策略。謝謝。

Yeah. We would agree with you around the size of the direction of the trend line and the size of the total addressable market now being up and to the right and larger than we've actually ever seen in our existence. Historically, Galaxy has been building technology products and services that we've been offering to largely institutional clients for most of our -- directly to largely institutional clients and buyers with a more recent step into more consumer-focused product offerings.

是的，我們同意你對趨勢方向與規模的看法：目前的趨勢線是向上且向右，總可服務市場的規模也比我們成立以來任何時候都更大。歷史上，Galaxy 一直在打造技術產品與服務，並在我們大部分時間裡主要提供給機構客戶——直接面向以機構客戶與買方為主；而近來我們也更進一步推出更偏向消費者的產品。

What we're seeing on the tokenization -- I'll say tokenization writ large, but really, it's digital infrastructure to support their instrument tokenized assets is a demand from the business side. What people would have considered to be the biggest looming concern for Galaxy's institutional business being bank competitors.

我們在代幣化方面看到的——我會說是廣義的代幣化，但更精確地說，是支援其金融工具之代幣化資產的數位基礎設施——這是一種來自業務端的需求。過去人們可能認為，Galaxy 機構業務最大的潛在憂慮會是銀行競爭者。

We've seen the demand for those theoretical bank competitors be limited up for partnering with Galaxy to either buy or implement and use as a vendor Galaxy's technology so that the financial system itself can build out the digital infrastructure and stitch it all together so it actually works so that end users can seamlessly store value, transfer value, et cetera.

但我們看到，那些理論上的銀行競爭者的需求，更多是希望與 Galaxy 合作：要嘛購買 Galaxy 的技術，要嘛導入並以供應商身分使用 Galaxy 的技術，讓金融體系本身能建立數位基礎設施並把各環節串接起來，使其真正可運作，讓終端用戶能無縫地儲存價值、轉移價值等等。

And so the tokenization opportunity, we have been obviously tracking very closely our purchase of GK8 back in late 2022 or early 2023 was one big step, a handful of smaller acquisitions we've made with great talent, engineers, technology on staking, liquid staking, other digital infrastructure has been a sign of us seeing it coming. We didn't really, in our hearts where the market was going to land in terms of our market opportunity. It's crystallizing pretty fast now and the market opportunity for us to build infrastructure for what everyone would have thought was going to be our biggest competitors might now become our biggest customers. And so we're very excited about that. That's where the real opportunity we see sits today.

因此在代幣化機會上，我們當然一直非常密切追蹤。早在 2022 年底或 2023 年初我們收購 GK8，就是一個重要步驟；我們也做了幾筆較小的收購，取得優秀的人才、工程師與技術，涵蓋質押、流動質押以及其他數位基礎設施，這些都顯示我們看到了趨勢正在到來。只是我們當時內心並不確定市場最終會落在什麼位置、以及我們的市場機會會有多大。現在它正非常快速地明朗化：我們為原本大家以為會是最大競爭者的對象打造基礎設施，這些對象如今可能成為我們最大的客戶。因此我們對此非常興奮；這就是我們目前看到的真正機會所在。

And I think Galaxy is best positioned to actually be the partner that these large financial legacy companies need versus some of our other competitors who are either highly undercapitalized, don't have the brand, don't have the trust in their staying capacity or have chosen to really be a vertical stack that's competing directly with those institutions. And so the landscape for our opportunity to really take advantage of that opportunity, it's pretty attractive. And that's we've retooled the team, retooled our go-to-market to take advantage of that now.

而且我認為，Galaxy 最有條件成為這些大型傳統金融公司所需要的合作夥伴；相較之下，我們的一些競爭對手要嘛資本明顯不足、缺乏品牌、缺乏市場對其長期經營能力的信任，要嘛選擇做成一個垂直整合的堆疊，直接與那些機構競爭。因此，就我們能真正把握這個機會的格局而言，吸引力相當高。也因此我們已重新調整團隊、重新調整市場進入策略（go-to-market），以便現在就能把握這個機會。

Chris Brendler, Rosenblatt. Please go ahead.

Chris Brendler，Rosenblatt。請繼續。

Hey, thanks. Good morning and thanks for taking my question. I thought the Digital Assets business was. Pretty resilient given market conditions. The one area that I thought was a little weaker than I was expecting was lending. Does it reflect decreased risk appetite? Is it asset price sensitive? Just a little color on this decline in lending. We'd love to see how that's being managed in this environment.

嘿，謝謝。早安，也謝謝讓我提問。我覺得在這樣的市場條件下，數位資產業務表現相當有韌性。我認為比我預期稍弱的一塊是放貸。這是否反映風險偏好下降？是否對資產價格敏感？想請你們多補充一些放貸下滑的原因，也很想了解在這種環境下你們如何管理這塊業務。

Good morning, Chris. Look, I think we have a pretty consistent and strong trend line in the lending business overall throughout our entire history. I think the number one KPI is that we don't lose money, we don't lose our money, we don't lose shareholder money, we don't lose client money, counterparty money.

早安，Chris。你看，我認為在我們整個歷史中，放貸業務整體一直有一條相當一致且強勁的趨勢線。我認為第一大KPI就是我們不虧錢——不虧我們自己的錢、不虧股東的錢、不虧客戶的錢、不虧交易對手的錢。

We -- this was one of the first times in a while we saw a pullback. I think it's pretty natural given that a large percentage of our book is always denominated in crypto prices. We've either lent or borrowed crypto assets that when you see a couple of repeated quarters in terms of -- including the last quarter with crypto prices down mid-20s for your notional US dollar balance of your lending book to see some impact.

我們——這是我們一段時間以來第一次看到回落。我認為這很自然，因為我們的資產組合中有很大一部分始終是以加密資產價格計價。我們不是出借就是借入加密資產；當你看到連續幾個季度——包括上一季加密價格下跌約20%多——你的放貸帳簿以名目美元計的餘額就會受到一些影響。

While we'd love to keep the book growing all the time, when prices are down and clients themselves are de-risking, it's probably also smart to follow that trend, see a little bit of pullback, de-risk your book and then rebuild. And so there was a couple of things, crypto prices down when a percentage of your book is exposed means your US dollar notional by definition should follow that. We also had a handful of large, very low-risk loans that were in the book that rolled off, which is just natural roll-off.

雖然我們希望帳簿能一直成長，但當價格下跌、客戶本身也在去風險時，順勢而為、讓帳簿小幅回落、降低風險，之後再重建，可能也是明智之舉。因此有幾個因素：當加密價格下跌，而你的帳簿有一部分曝險其中時，你的名目美元規模按定義就應該隨之變動。我們也有少數幾筆大型、風險非常低的貸款在本季到期退出，這只是自然到期流失。

And so when you're picking a period quarter-end number and pegging it and looking at the health of the business, like having those roll off and then post subsequent to quarter, rebuilding the book and adding more diverse client base, it's a pretty natural progression. So from my perspective, there's nothing to read into that other than we are continuing to grab market share, we're very happy to, for periods of time, allow the deleveraging and the de-risking to happen naturally with our number one goal of building a bigger, larger resilient borrowing pool of clients while being pretty aggressive on limiting downside risk.

所以當你選取某個期末（季度末）的數字並以此作為基準來觀察業務健康度時，像這些到期退出，然後在季度之後再重建帳簿、增加更為多元的客戶基礎，這是相當自然的進程。就我而言，除了我們持續取得市占之外，沒有什麼需要過度解讀的；我們也很樂於在某些期間讓去槓桿與去風險自然發生。我們的首要目標是在相當積極限制下行風險的同時，建立更大、更具韌性的借款客戶池。

So we're very constructive in the business, that's one of our specialties. I think the opportunity set not of just building a bilateral lending book with institutions but expanding that to pretty nascent early markets on chain, for example, is a wide-open opportunity set for us. And so where we can grow the book smartly, the cone of that opportunity is a lot wider than what we worry about on the downside from a shrinking of the business.

因此我們對這項業務非常正向，這也是我們的專長之一。我認為機會集合不僅是與機構建立雙邊放貸帳簿，還包括把它擴展到例如鏈上等相當新興、早期的市場——對我們而言是非常開放的機會集合。所以在我們能夠更聰明地擴張帳簿的地方，這個機會的「錐形範圍」遠比我們所擔心的業務收縮下行要寬得多。

John Peterson, Jefferies. Please go ahead.

John Peterson，Jefferies。請繼續。

On financing Phase II and maybe refinancing Phase I, I'm curious, one of your peers earlier this year was able to restructure their debt with CoreWeave within kind of an ultimate parent guarantee from the IG-rated hyperscaler that was actually using the compute. Just curious if you have a sense, maybe that's something about restructuring phase one when it's completed or construction financing on Phase II, if that solution is part of any of the negotiations that could help on debt pricing. And if I could sneak in a follow-up, do you guys have any updated thoughts on splitting the data center business from the rest of the company?

關於第二期（Phase II）的融資以及可能對第一期（Phase I）進行再融資，我想請教一下：你們的一家同業今年稍早能夠在某種最終母公司擔保的架構下，與CoreWeave重整其債務，而提供擔保的是實際使用算力、且具投資級（IG）評級的超大規模雲端業者（hyperscaler）。想請問你們是否認為，這類方案可能成為第一期完工後重整第一期，或第二期建設融資的一部分，並有助於債務定價？另外如果我可以追問一下，你們對於把資料中心業務從公司其他業務中拆分，是否有任何最新想法？

Sure, good morning. I'll take the first one to start. I would answer that pretty succinctly in that all options are on the table. The market has been -- is pretty nascent, and the deck chairs of the largest companies in the world are shifting always pretty fast, but in the direction of own more compute, reduce the cost of owning more compute. And so we don't observe what you observed lightly and ignore it.

好的，早安。我先回答第一個。我會相當簡潔地說：所有選項都在桌上。市場一直——也仍然——相當新興，而全球最大公司的版圖與策略總是在很快地變動，但方向是：擁有更多算力、降低擁有更多算力的成本。因此我們不會輕忽你所觀察到的情況，也不會忽視它。

Our approach to that is going to be pretty firm in terms of -- we know the value of Helios. We have a very attractive economic deal with a great partner today. To the extent we do, there is an opportunity to do something along the lines you're suggesting, we're going to do it with a clear eye towards net present value to shareholders being equal or better on a risk-adjusted basis with clients.

我們對此的做法會相當堅定——我們知道Helios的價值。我們目前與一位很棒的合作夥伴有一個非常具吸引力的經濟條件交易。若確實存在你所建議那類操作的機會，我們會以清晰的視角來評估：在與客戶合作、並以風險調整後的基礎上，對股東的淨現值必須相同或更好，我們才會去做。

For Phase I, I'll just reiterate my comment today that CoreWeave has stated that our end tenant in that facility is going to be a multi-trillion-dollar IG public company. And so having -- knowing that that's the anchor in our first facility gives us and should give investors, as well as our financing partners there, a lot of de-risking and a lot of comfort level there.

至於第一期，我再重申我今天的評論：CoreWeave已表示，我們該設施的最終承租戶將是一家市值數兆美元、具投資級（IG）評級的上市公司。因此——知道第一座設施有這樣的核心客戶作為錨定，對我們、也應該對投資人以及我們在那裡的融資夥伴而言，都大幅降低風險並帶來很高的安心程度。

On the second one, on splitting the business or the potential of it, no update on that, our posture on that is the same as it's always been, it is from a management time and focus perspective, myself, Mike, Tony, the whole crew are equally focused on building both businesses. We're involved in building both businesses. We do recognize the capital structure, and the capital needs of both businesses and the earnings.

第二個問題，關於拆分業務或其可能性，目前沒有更新；我們在這件事上的立場與以往相同。從管理時間與專注度的角度來看，我、Mike、Tony以及整個團隊，對於打造兩個業務都同樣專注。我們都參與兩個業務的建設。我們確實理解兩個業務的資本結構、資本需求以及獲利。

Potential and visibility are very different, and so today they aren't natural synergistic businesses, but we're not convinced that that's not true in the future, and so we're going to continue to build both businesses and evaluate what the opportunities are when the time is right.

兩者的潛在性與能見度差異很大，因此在今天它們並不是天然具協同效應的業務；但我們也不確定未來不會變成如此。所以我們會持續建設兩個業務，並在時機成熟時評估有哪些機會。

Just put an exclamation point on what Chris said. If you think about even the growth of where these businesses are, end of the year, we have a convert that rolls off. Helios actually is Phase I at least is fully cash flowing and Phase II is getting started. And so it's probably more of a debate for us around the end of the year than it is today.

我再強調一下Chris所說的。如果你想想這些業務各自的成長階段：到年底，我們有一筆可轉債到期。Helios其實至少第一期已經完全產生現金流，而第二期也正要開始。因此，對我們而言，這可能更像是年底才需要更深入辯論的議題，而不是今天。

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.

問答環節到此結束。我想把電話會議交回Galaxy Digital創辦人兼執行長Mike Novogratz，請他做任何結語。

Yes. Well, guys, we appreciate your time today. It is a beautiful day in New York. I usually give a weather update at the start. I just want to reiterate, like we're optimistic on both businesses. We've got 700 plus people here working very hard every day. We understand we're in an environment where AI is changing every company in ways that they hadn't dreamed of two years ago, and we are engaged with that trend as well. And so I think that the world is in an AI revolution, and we plan on riding that wave and paddling our canoe as fast as possible in what will be choppy waters, because this is a pretty disruptive technology.

是的。各位，我們感謝你們今天撥冗參與。今天紐約天氣很好。我通常會在一開始做個天氣更新。我只想重申：我們對兩個業務都保持樂觀。我們這裡有700多人每天都非常努力工作。我們理解我們正處於一個AI正在以兩年前各家公司都未曾想像的方式改變每一家公司的環境，而我們也同樣投入並順應這個趨勢。因此我認為世界正處於一場AI革命，我們計畫乘著這股浪潮，在將會波濤洶湧的水域裡盡可能快地划我們的獨木舟，因為這是一項相當具顛覆性的技術。

But like hang on to your seats is the broader macro view. And thanks for your time.

但從更宏觀的角度來看，就是「請繫好安全帶」。謝謝你們的時間。

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

本次電話會議已結束。感謝您參加今天的簡報。您現在可以中斷連線。