Galaxy Digital Inc (GLXY) 2026 Q3 法說會逐字稿

Good morning, everyone, and welcome to the Galaxy Digital third quarter 2026 earnings call.

各位早安，歡迎參加 Galaxy Digital 2026 年第三季財報電話會議。

(Operator Instructions) At this time, I'd like to turn the floor over to Taylor Reinhart, Head of Investor Relations. Please go ahead.

(接線員指示) 現在我想把會議交給投資人關係主管 Taylor Reinhart。請開始。

Good morning and welcome to Galaxy's third quarter 2026 earnings call. Before we begin, please note that our remarks, including answers to your questions, may contain forward-looking statements. Actual results may 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 年第三季財報電話會議。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（包括我們在財報新聞稿或其他已向美國證券交易委員會（SEC）及 SEDAR+ 提交之文件中的免責聲明所列因素），實際結果可能與這些陳述所描述者存在重大差異。

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 stories. Finally, the information on this call does not constitute a recommendation, solicitation or offer by Galaxy or its affiliates to buy or sell any securities.

前瞻性陳述僅截至今日有效，且不會更新。此外，我們可能會討論非 GAAP 指標；其調節表亦可在我們的財報資料中找到。最後，本次電話會議中的資訊不構成 Galaxy 或其關係企業對任何證券之買入或賣出建議、招攬或要約。

With that, I'll now turn the call over to Mike Novogratz, Founder and CEO of Galaxy, to discuss her results.

接下來，我將把電話會議交給 Galaxy 創辦人兼執行長 Mike Novogratz，請他討論其業績。

Good morning, everyone, and welcome, Taylor, to the Galaxy team. You guys will get to know her well and will like her as much as we do.

各位早安，也歡迎 Taylor 加入 Galaxy 團隊。各位很快就會更了解她，而且會像我們一樣喜歡她。

Listen, we had an awesome quarter. I'm really proud of what the team delivered. But what excites me more is what performance says about where Galaxy is headed. We spent years investing ahead of two enormous shifts. Finance moving on chain and the build out of AI infrastructure, and we're increasingly seeing those investments translate into results with the strategy playing out in three important ways this quarter.

聽著，我們這一季表現非常出色。我為團隊交出的成果感到非常自豪。但更讓我興奮的是，這樣的表現所反映出 Galaxy 的發展方向。我們多年來一直在兩個巨大的轉變之前提前投資。金融上鏈，以及 AI 基礎設施的建置；而我們也愈來愈看到這些投資轉化為成果，本季我們的策略以三個重要面向展現出來。

First, we saw a strong rebound in crypto markets. Bitcoin was up more than 40% with a meaningful improvement in sentiment and client activity. Our global markets business capitalized on that momentum, growing trading volumes and expanding client engagement. We also saw a significant appreciation across our investment portfolio, respecting the value of capital we've deployed across crypto and the broader technology ecosystem.

第一，我們看到加密市場強勁反彈。比特幣上漲超過 40%，市場情緒與客戶活動明顯改善。我們的全球市場業務把握了這股動能，帶動交易量成長並擴大客戶參與度。我們也看到投資組合整體顯著升值，反映我們在加密領域與更廣泛科技生態系所部署資本的價值。

Second, the opportunity in digital assets is getting bigger, and I think we're just scratching the surface of what's ahead. Crypto remains an important and growing asset class, but the opportunity extends well beyond that, with digital assets increasingly becoming the foundation for the future of finance. And increasingly, those two worlds are coming together. You can see it in the growing adoption of stablecoins, the tokenization of traditional financial assets and the participation of major financial institutions. I have a tremendous amount of conviction that the financial architecture developed by the crypto industry will underpin much of how the financial system operates in the future. Galaxy has spent years investing in these capabilities, and we're still in early stages. I believe that that investment will translate into meaningful results over the next several years.

第二，數位資產的機會正在變得更大，我認為我們才剛開始觸及未來的表面。加密資產仍是重要且持續成長的資產類別，但機會遠不止於此；數位資產正日益成為未來金融的基礎。而且這兩個世界正愈來愈融合。你可以從穩定幣採用度提升、傳統金融資產代幣化，以及大型金融機構的參與中看見。我非常堅信，加密產業所建立的金融架構，將支撐未來金融體系運作方式的很大一部分。Galaxy 多年來一直投資於這些能力，而我們仍處於早期階段。我相信這些投資將在未來幾年轉化為具意義的成果。

Regulatory clarity will be an important part of that. While the Clarity Act has not become law, unfortunately, the SEC and the CFTC are working towards clearer frameworks. There's still a lot to sort out, but the direction is encouraging. And investing ahead of these shifts has always been part of our strategy. We did it early in crypto, investing in companies and technologies that help build the ecosystem. Now we're taking that same approach to AI, increasingly investing in the next generation of companies through our investment strategies and our balance sheet.

監管明確性將是其中的重要一環。雖然《Clarity Act》尚未成為法律，但不幸的是，SEC 與 CFTC 正在朝更清晰的監管框架努力。仍有許多問題需要釐清，但方向令人鼓舞。而在這些轉變之前提前投資，一直是我們策略的一部分。我們在加密領域很早就這麼做了，投資於有助於建構生態系的公司與技術。現在我們也以同樣方式布局 AI，透過我們的投資策略與資產負債表，愈來愈多地投資於下一代公司。

Third is data centers. Where we're building a very sizable business. Helios has come a long way in the past year. We're now generating approximately $80 million of leasing revenue per quarter from Phase 1. As Phase 2 comes online next year, we expect to exit 2027 at an annualized leasing revenue run rate of between $800 million and $850 million based on our current delivery schedules. That is a substantial business from the capacity we've already leased, and the momentum is building. We have significant additional approved power available to lease and a deep development pipeline beyond that.

第三是資料中心。我們正在打造一個規模相當可觀的業務。Helios 在過去一年取得長足進展。我們目前僅第一期就每季約可產生 8,000 萬美元的租賃收入。隨著第二期於明年上線，依據目前的交付時程，我們預期在 2027 年底的年化租賃收入運行率將介於 8 億至 8.5 億美元。就我們已出租的容量而言，這是一門相當可觀的業務，而且動能正在累積。我們還有大量已核准、可供出租的額外電力，以及更深的後續開發管線。

I want to address the timing of leasing announcement at Helios II. Earlier this year, I spoke about the possibility of recent agreement during the summer. We were in advanced discussions around a potential transaction, but as the market dynamic shifted material in late summer, we ultimately decided not to move forward on the terms being considered. The market for large-scale power via data centers has become increasingly constrained. While demand for capacity beginning in 2028 and beyond has strengthened. With more than 800 megawatts of secured power and supporting infrastructure, we believe Helios 2 is an even more valuable asset today than it was just a few months ago. And with delivery plan for 2028, we have the flexibility to evaluate our opportunities and get the right deal.

我想說明 Helios II 租賃公告的時點。今年稍早我曾提到，夏季期間可能會達成近期協議。我們當時就一筆潛在交易進行了深入討論，但由於夏末市場動態出現重大變化，我們最終決定不以當時考量的條件繼續推進。大型資料中心用電的市場供給正變得愈來愈吃緊。同時，對於 2028 年及之後開始的容量需求則有所增強。憑藉超過 800 兆瓦的已確保電力與配套基礎設施，我們認為 Helios 2 如今比幾個月前更具價值。且在 2028 年交付計畫下，我們具備彈性來評估各種機會並取得合適的交易。

We built Galaxy by adopting the changing markets and being disciplined about where we commit capital. These are large, long-term agreements and we're not going to compromise on terms just to meet an announcement date. We continue to have productive and after discussions with prospective customers with a focus on maximizing long-term value for shareholders. And as the Helios campus scales, we're fundamentally changing the earnings profile of Galaxy. We've established a digital asset franchise with significant earnings power, growing opportunities for recurring fee-based revenue, and a data center business is adding long-term contracted cash flows. Together, these businesses give us multiple drivers of growth and more diversified earnings base that we believe will make Galaxy a stronger, more durable franchise over time.

我們打造 Galaxy 的方式，是順應市場變化，並在資本投入上保持紀律。這些都是大型、長期的合約，我們不會為了趕上公告日期而在條款上妥協。我們仍持續與潛在客戶進行富有成效的後續討論，重點在於為股東最大化長期價值。隨著 Helios 園區規模擴大，我們正在從根本上改變 Galaxy 的獲利結構。我們已建立具顯著獲利能力的數位資產平台，並擴大經常性、以費用為基礎的收入機會；同時資料中心業務正在帶來長期合約化的現金流。這些業務合在一起，為我們提供多重成長動能與更分散的獲利基礎；我們相信這將使 Galaxy 隨時間推進成為更強大、更具韌性的特許經營。

We also have the balance sheet to back that ambition. It's a competitive advantage that allows us to commit capital as a principle, invest in growth across our businesses and take advantage of opportunities as they arise. We're focused on putting that capital to work where we see the most attractive long-term returns. That includes investing on our own shares when we believe they're trading at a meaningful discount. We've repurchased $200 million year to date and this morning announced an additional $200 million share repurchase authorization. As significant shareholders ourselves, we see buybacks as another potential way to allocate capital thoughtfully to create long-term value.

我們也有足以支撐這項雄心的資產負債表。這是一項競爭優勢，使我們能以主體身分投入資本、在各項業務中投資成長，並在機會出現時加以把握。我們專注於將資本投入在我們認為最具吸引力的長期報酬之處。其中包括在我們認為股價以顯著折價交易時，回購自家股票。今年迄今我們已回購 2 億美元，並於今早宣布額外 2 億美元的股票回購授權。作為重要股東，我們將回購視為另一種審慎配置資本、創造長期價值的方式。

Chris will now take you through how we're translating these opportunities into results across our businesses and what we're focused on next. Chris, over to you.

接下來 Chris 將帶各位了解我們如何把這些機會轉化為各項業務的成果，以及我們下一步的重點。Chris，交給你。

Thanks, Mike.

謝謝你，Mike。

Starting with digital assets, one of the strengths of our global markets business is the breadth of solutions we can offer clients. We're seeing growing demand for more sophisticated trading and financing solutions, particularly as traditional financial institutions look to participate in decentralized markets through products and structures, they're familiar with. We spent years building capabilities for crypto native clients, and that experience gives us an advantage as traditional finance increasingly moves on chain. We understand these markets can move quickly and have the flexibility to develop solutions for both groups.

從數位資產談起，我們全球市場業務的一項優勢在於能為客戶提供廣泛的解決方案。我們看到對更精密的交易與融資解決方案的需求日益增加，特別是當傳統金融機構希望透過他們熟悉的產品與架構參與去中心化市場時。我們多年來為加密原生客戶建立能力，而這些經驗使我們在傳統金融日益上鏈之際具備優勢。我們理解這些市場變化迅速，並具備彈性為兩類客群開發解決方案。

Lending is a great example. We've expanded the Galaxy on-chain financing rate or GOFR, which gives clients access to on-chain financing, alongside our Grove financing facility, which allows us to support more lending activity through external capital. We're expanding our loan syndication, collar lending and structured financing capabilities, broadening the range of clients and financing needs we can serve.

放貸就是一個很好的例子。我們擴展了 Galaxy 的鏈上融資利率（GOFR），讓客戶可取得鏈上融資；同時也透過我們的 Grove 融資安排，使我們能藉由外部資本支持更多放貸活動。我們正在擴大貸款聯貸、領口式放貸（collar lending）與結構性融資能力，拓寬我們可服務的客戶範圍與融資需求。

We're seeing the same innovation across trading. Our derivatives business executes sophisticated options and hedging strategies for clients. And this quarter, we completed our first compute-linked derivatives transaction, extending our capabilities into an emerging market that we believe has the potential to grow into a sizable new standalone asset class.

我們在交易業務上也看到同樣的創新。我們的衍生品業務為客戶執行精密的選擇權與避險策略。而在本季，我們完成了首筆與算力（compute）連結的衍生品交易，將我們的能力延伸至一個新興市場；我們相信該市場有潛力成長為規模可觀、可獨立成類的新資產類別。

In asset management, we're expanding our investment strategies and product offerings to meet evolving institutional demand. During the quarter, we launched the Galaxy SharpLink On-Chain Yield Fund, an actively managed strategy providing access to yield opportunities in decentralized finance through an institutionally managed SMA for a public company. Sticking with on-chain asset management theme, Sweep, the first ever decomposable 24/7 on-chain money market fund in partnership with State Street Global Advisors is now approaching $300 million of AUM, which we believe is an early signal of strong product market fit among first-mover institutions interacting with tokenized real-world assets.

在資產管理方面，我們正擴展投資策略與產品供給，以滿足不斷演變的機構需求。本季我們推出 Galaxy SharpLink 鏈上收益基金（On-Chain Yield Fund），這是一項主動管理策略，透過為一家上市公司提供由機構管理的 SMA，讓其得以參與去中心化金融中的收益機會。延續鏈上資產管理主題，Sweep——與道富環球投資顧問（State Street Global Advisors）合作推出、史上首個可分解（decomposable）的 24/7 鏈上貨幣市場基金——其管理資產規模（AUM）目前已接近 3 億美元；我們認為，這是先行機構與代幣化實體資產互動下，產品市場契合度強勁的早期訊號。

With Galaxy Digital Ventures, we are progressing toward a first close of Fund 2 expected toward the end of Q4 with a fund target size of $250 million to $300 million. As an investor, you only win the right to raise a second larger fund once you've proven out a strong process and great returns, and the GEV team has done that with Fund 1, currently marked at 2.25 gross MOIC. In digital asset infrastructure, we're seeing growing momentum with some of the world's largest financial institutions and are expanding our capabilities and offerings across tokenization, custody, and staking to meet their evolving needs.

透過 Galaxy Digital Ventures，我們正朝向第二期基金（Fund 2）的首次關帳邁進，預計在第四季末左右完成，基金目標規模為 2.5 億至 3 億美元。作為投資人，只有在你證明了穩健流程與優異報酬後，才有資格募集第二支更大的基金；GEV 團隊已透過第一期基金做到這點，目前標記為 2.25 倍的總 MOIC（毛倍數）。在數位資產基礎設施方面，我們看到與全球一些最大型金融機構的動能持續增強，並正擴展我們在代幣化、託管與質押等領域的能力與產品，以滿足其不斷演進的需求。

Staking is an area where we're seeing growing engagement with major institutions. Assets under stake grew 64% in the quarter to $4.6 billion. While this was primarily driven by price appreciation of the underlying assets in the quarter, we've also seen a number of large ETF providers begin delegating their ETH and SOL stake to Galaxy's infrastructure, driving over $400 million of gross new inflows in Q3 and subsequent to quarter end, and we expect additional sizable partner launches before year end.

質押是我們看到大型機構參與度持續提升的領域。本季質押資產規模成長 64%，達到 46 億美元。雖然這主要是由本季標的資產價格上漲所帶動，但我們也看到多家大型 ETF 供應商開始將其 ETH 與 SOL 的質押委託給 Galaxy 的基礎設施，於第三季及季後帶來超過 4 億美元的總新增流入；我們預期在年底前還會有更多規模可觀的合作夥伴上線。

More broadly, our relationship with BNY announced this summer has been an important validation of our capabilities as we continue to deepen our engagement with leading global financial institutions. These are complex engagements with long sales cycles, but the potential is significant. Our objective is to become a long-term strategic partner as institutions build out their digital asset businesses, creating opportunities to expand relationships beyond an initial mandate and generate meaningful recurring revenue over time.

更廣泛而言，我們於今年夏天宣布與 BNY 的合作關係，是對我們能力的重要驗證，因為我們持續加深與全球領先金融機構的合作。這些合作相當複雜、銷售週期也很長，但潛在價值可觀。我們的目標是成為機構建立其數位資產業務時的長期策略夥伴，創造機會將關係從初始委任擴展至更多合作，並隨時間推進產生具意義的經常性收入。

Turning to our data center business, we're continuing to deliver against our development plans while advancing substantial pipeline of future opportunities. This was our first full quarter of leasing revenue from Helios, marking an important milestone as our development investments and long-term contracted revenues begin converting into realized contracted cash flows.

接著談到我們的資料中心業務，我們在推進開發計畫的同時，也持續推動大量未來機會的管線。這是我們首次完整一季認列來自 Helios 的租賃收入，標誌著一個重要里程碑：我們的開發投資與長期合約收入開始轉化為已實現的合約現金流。

Phase 2, which will deliver an additional 260 megawatts of critical IT capacity, is fully funded and under construction, putting us in a strong position as financing for new data center developments become increasingly constrained.

第二期（Phase 2）將新增 260 兆瓦的關鍵 IT 容量，已完成全額資金到位並正在施工中；在新資料中心開發融資日益受限之際，這使我們處於有利位置。

Both buildings and the supporting substation are progressing on schedule and within budget, building on our successful delivery of Phase 1. Structural steel installation is well underway on the first building, construction is advancing on the second, and key electrical infrastructure is being installed. We expect construction activity to ramp significantly over the coming months with data hall deliveries scheduled to begin in the second quarter of 2027.

兩棟建物及其配套變電站均按進度、在預算內推進，並延續我們成功交付第一期（Phase 1）的成果。第一棟建物的結構鋼安裝已大幅展開，第二棟的施工也在推進，關鍵電力基礎設施正在安裝中。我們預期未來數月施工活動將顯著加速，資料機房（data hall）預計自 2027 年第二季開始交付。

On permitting, we've secured the key environmental approvals required for ongoing construction at Helios. While certain additional approvals remain outstanding following Governor Abbott's September directive, we do not currently expect an impact to our construction progress or our anticipated energization timelines. Turning to Helios II, to build on Mike's earlier comments, we saw several important shifts in market dynamics beginning in late summer that we believe have meaningfully strengthened our competitive position. Forward power availability has become increasingly constrained, with new power approvals more difficult to secure and delays in competing developments limiting the amount of large-scale compute capacity that can realistically be delivered between 2028 and 2030. At the same time, we're seeing a meaningful increase in demand from hyperscalers, Frontier Labs and Neo Clouds, now looking to secure capacity for 2028 and beyond to support existing backlogs and future growth. Underlying demand for compute remains as strong as we've ever seen it.

在許可方面，我們已取得 Helios 持續施工所需的關鍵環境核准。儘管在 Abbott 州長 9 月指令後仍有部分額外核准尚未完成，我們目前不預期會影響施工進度或我們預計的送電（energization）時程。談到 Helios II，延續 Mike 先前的評論，我們在夏末開始看到市場動態出現幾項重要轉變，我們認為這些轉變已實質強化我們的競爭地位。前瞻電力可用性日益受限，新電力核准更難取得，且競爭開發案的延宕限制了 2028 至 2030 年間可實際交付的大規模算力容量。同時，我們看到來自超大規模雲端業者（hyperscalers）、Frontier Labs 與 Neo Clouds 的需求顯著增加，這些客戶正尋求鎖定 2028 年及以後的容量，以支援既有積壓需求與未來成長。算力的底層需求依然是我們所見過最強勁的水準。

Financing markets have also become more selective, and we believe access to capital will increasingly favor developers with proven execution capabilities, high-quality counterparties and financing structures that appropriately allocate risk. Having successfully delivered Helios Phase 1 with Phase 2 fully funded and progressing on schedule, we are building a track record that we believe will differentiate Galaxy in this environment. Meanwhile, the evolving regulatory and political landscape in Texas has created additional uncertainty around future data center development. Based on our current understanding of the applicable requirements, we do not believe Helios II is subject to the same uncertainties facing certain other projects, further strengthening its relative attractiveness. Taken together, these developments have changed how we evaluate the opportunity at Helios II. We're taking the time to engage with the right counterparties and evaluate structures that we believe can maximize long-term shareholder value for Galaxy. The focus of our active conversations is squarely on investment-grade hyperscalers or counterparties supported by investment-grade credit enhancements, considering not only headline economics and counterparty quality, but also critical lease terms, probability of execution and future growth potential outside of the Helios campus.

融資市場也變得更具選擇性，我們認為資本取得將日益偏好具備經驗證的執行能力、高品質交易對手，以及能適當分配風險的融資結構之開發商。我們已成功交付 Helios 第一期，且第二期資金已全額到位並按進度推進，正建立一項我們相信能在此環境中使 Galaxy 脫穎而出的實績。同時，德州不斷演變的監管與政治環境，為未來資料中心開發帶來額外不確定性。基於我們目前對適用要求的理解，我們不認為 Helios II 會面臨某些其他專案所遭遇的同類不確定性，進一步強化其相對吸引力。綜合而言，這些發展改變了我們評估 Helios II 機會的方式。我們正投入時間與合適的交易對手洽談，並評估我們相信可為 Galaxy 最大化長期股東價值的結構。我們目前積極對話的重點，明確聚焦於投資等級的超大規模雲端業者，或由投資等級信用增強支持的交易對手；我們不僅考量表面經濟條件與交易對手品質，也同時評估關鍵租賃條款、執行成功機率，以及 Helios 園區之外的未來成長潛力。

Beyond Helios 2, we've made meaningful progress through ERCOT's batch 0 process. As announced in September, five of our Texas Data Center projects received conditional batch 0 classifications, representing approximately 4.2 gigawatts of capacity. That includes more than 1.6 gigawatts of previously approved base load capacity at Helios 1 and 2, which remains largely unaffected by the ongoing ERCOT process. Our 3 expansion projects, Caspian, Selene, and Helios III, received study load classifications, representing an additional 2.6 gigawatts of potential capacity. While we submitted Caspian for baseload classification, ERCOT ultimately reclassified it as study load, and our subsequent dispute for reconsideration was denied.

除 Helios 2 之外，我們也透過 ERCOT 的 batch 0 流程取得具意義的進展。如 9 月所宣布，我們在德州的五個資料中心專案獲得有條件的 batch 0 分類，代表約 4.2 吉瓦的容量。其中包含 Helios 1 與 2 先前已核准、超過 1.6 吉瓦的基載（base load）容量，該部分基本不受目前 ERCOT 流程影響。我們的三個擴建專案 Caspian、Selene 與 Helios III 獲得研究負載（study load）分類，代表額外 2.6 吉瓦的潛在容量。雖然我們為 Caspian 申請的是基載分類，但 ERCOT 最終將其重新分類為研究負載，而我們其後提出的復議爭議亦遭駁回。

Although that wasn't the outcome we had sought, Caspian remains part of the Batch Zero study, and we expect greater clarity on power allocation and anticipated energization timelines for these projects in April 2027 based on the timelines communicated to us by ERCOT. These classifications cover a substantial portion of our broader development pipeline of more than 5.7 gigawatts, providing a foundation for potential growth well beyond the initial phases of Helios. Beyond our data center business, we're also investing in the growth of AI across the firm with a focus on opportunities ranging from frontier model developers to emerging technologies at the intersection of AI and financial infrastructure. Through Galaxy Ventures and our broader investment activities, we're building on our experience gained from investing early in the digital asset ecosystem. To date, we've deployed more than $80 million across 11 portfolio companies via 17 investments, including SpaceX, Etched, Carta, Born, PRM Labs and Architect. While these companies are all early in their growth journey, our current unrealized mark-to-market on that pool of investments is already 3.4x. Importantly, our ambition extends beyond just generating returns for our balance sheet. We're using these investments to build a track record, establish relationships and create commercial opportunities across the Galaxy platform. Across our businesses, we're focused on translating the investments we've made into tangible results and long-term earnings growth.

雖然這並非我們所期望的結果，但 Caspian 仍是 Batch Zero 研究的一部分；根據 ERCOT 向我們傳達的時程，我們預期將於 2027 年 4 月就這些專案的電力分配與預計送電（energization）時程獲得更明確的資訊。這些分類涵蓋了我們更廣泛、超過 5.7 吉瓦的開發管線中的相當大一部分，為 Helios 初期階段之後的潛在成長奠定基礎。除資料中心業務外，我們也在全公司投資推動 AI 成長，聚焦於從前沿模型開發者到 AI 與金融基礎設施交會處的新興技術等各類機會。透過 Galaxy Ventures 及我們更廣泛的投資活動，我們正延續早期投資數位資產生態系所累積的經驗。截至目前，我們已透過 17 筆投資，向 11 家投資組合公司部署超過 8,000 萬美元資金，其中包括 SpaceX、Etched、Carta、Born、PRM Labs 與 Architect。儘管這些公司仍處於成長早期階段，我們目前在該投資池的未實現按市價計值（mark-to-market）已達 3.4 倍。重要的是，我們的企圖心不僅止於為資產負債表創造報酬。我們正運用這些投資建立績效紀錄、建立關係，並在 Galaxy 平台上創造商業機會。在各項業務中，我們專注於將既有投資轉化為具體成果與長期獲利成長。

I'll now turn the call over to Tony to discuss our financial results.

接下來我把電話交給 Tony，請他說明我們的財務結果。

Thanks, Chris and Mike.

謝謝，Chris 和 Mike。

For the third quarter, Galaxy reported net income of $323 million, adjusted gross profit of $569 million and adjusted EBITDA of $455 million, marking a sharp improvement from second quarter performance. Our results reflected the continued earnings power of our digital assets franchise, the first full quarter of leasing revenue from Helios, and significant appreciation across our investment portfolio. Firm-wide operating expenses, excluding grossed-up transaction costs, digital asset impairments, and pass-through data center operator costs, were $161 million compared with $147 million in the prior quarter. This increase was primarily driven by higher depreciation and amortization expense related to Helios Phase I entering full operation. Our operating businesses generated combined adjusted gross profit of approximately $150 million, up more than 75% from $86 million in the prior quarter and adjusted EBITDA of $60 million compared with approximately $1 million in Q2.

第三季，Galaxy 公布淨利 3.23 億美元、調整後毛利 5.69 億美元，以及調整後 EBITDA 4.55 億美元，較第二季表現大幅改善。我們的結果反映了數位資產業務的持續獲利能力、Helios 租賃收入的首個完整季度，以及投資組合的顯著增值。全公司營運費用（不含加總列示的交易成本、數位資產減損，以及資料中心營運商的轉嫁成本）為 1.61 億美元，較前一季的 1.47 億美元增加。此增幅主要來自 Helios 第一期進入全面營運後，相關折舊與攤銷費用上升。我們的營運型業務合計產生約 1.50 億美元的調整後毛利，較前一季的 8,600 萬美元成長逾 75%；調整後 EBITDA 為 6,000 萬美元，而第二季約為 100 萬美元。

On a segment level, starting with digital assets, the business generated $71 million of adjusted gross profit, up from $66 million in the prior quarter, reflecting increased client activity and the breadth of our platform. Within global markets, adjusted gross profit increased to $53 million from $49 million in Q2. Our digital asset trading volumes grew 12%, outperforming the broader spot market where volumes declined, demonstrating the strength of our trading franchise. In lending, our average loan book grew over 25% to approximately $1.8 billion, reflecting continued demand for our financing solutions.

以分部來看，先從數位資產開始，該業務產生 7,100 萬美元的調整後毛利，高於前一季的 6,600 萬美元，反映客戶活動增加以及我們平台的廣度。在全球市場（Global Markets）方面，調整後毛利由第二季的 4,900 萬美元增加至 5,300 萬美元。我們的數位資產交易量成長 12%，優於整體現貨市場交易量下滑的表現，展現我們交易業務的實力。在放貸業務方面，我們的平均放款餘額成長逾 25%，至約 18 億美元，反映市場對我們融資解決方案的持續需求。

Asset Management and Infrastructure Solutions generated $19 million of adjusted gross profit compared to $17 million in the second quarter. Assets under management increased by over 30% to $5.9 billion, driven by growth of more than 40% in ETFs and 30% in alternatives. As Chris mentioned, assets under stake also increased more than 60% to approximately $4.6 billion, reflecting both market appreciation and new capital inflows. Fee growth was more modest during the quarter as reported AUM reflects quarter-end balances, including capital raised late in the period, while fee revenue reflects activity throughout the course of the quarter.

資產管理與基礎設施解決方案（Asset Management and Infrastructure Solutions）產生 1,900 萬美元的調整後毛利，較第二季的 1,700 萬美元增加。管理資產規模（AUM）成長逾 30% 至 59 億美元，主要由 ETF 成長逾 40% 以及另類投資成長 30% 所帶動。如 Chris 所提及，質押資產（assets under stake）亦增加逾 60% 至約 46 億美元，反映市場增值與新增資金流入。本季費用成長較為溫和，原因在於所揭露的 AUM 反映季末餘額（包含期末較晚募集的資金），而費用收入則反映整個季度期間的活動。

Turning to data centers, we generated approximately $79 million of adjusted gross profit and $69 million of adjusted EBITDA, representing the first full quarter of contribution from Helios Phase 1. Capital expenditures were approximately $757 million during the quarter compared with $448 million in Q2. We expect spending to increase as Phase 2 construction progresses with a significant portion of the remaining construction expenditures anticipated in the first half of 2027. As a reminder, there are a few moving pieces related to interest income and expense in our data centers business that will affect our financials over the coming quarters. As financing proceeds are deployed into construction, our short-term investment balances and related interest income will decline. At the same time, a greater portion of our borrowing costs will be capitalized on the balance sheet rather than expensed through the income statement.

談到資料中心，我們產生約 7,900 萬美元的調整後毛利與 6,900 萬美元的調整後 EBITDA，這是 Helios 第一期貢獻的首個完整季度。本季資本支出約為 7.57 億美元，較第二季的 4.48 億美元增加。隨著第二期建設推進，我們預期支出將上升，剩餘建設支出中相當大一部分預計將發生在 2027 年上半年。提醒一下，資料中心業務中與利息收入與利息費用相關的幾個變動因素，將在未來幾季影響我們的財務表現。隨著融資資金投入建設，我們的短期投資餘額及相關利息收入將下降。同時，我們借款成本中將有更大比例在資產負債表上資本化，而非透過損益表費用化。

At quarter end, data center segment had approximately $6.8 billion in total assets and approximately $5.3 billion in total liabilities, reflecting continued investment in Helios and the financing secured for Phase 2. We do expect this segment's total asset base to grow as construction progresses and capital is deployed. The Treasury and Corporate segment generated $419 million of adjusted gross profit during the quarter compared with a $42 million loss in Q2, driven primarily by significant appreciation across our digital asset holdings and private investments during the quarter, including notable contributions from Etched and Forward Industries, among others. As Mike mentioned, these investments reflect our ability to identify compelling opportunities across the digital asset ecosystem and broader technology ecosystem and represent an important source of long-term value for Galaxy. We also held approximately $1.7 billion in net digital assets and investments at quarter end, up nearly 50% from Q2, including exposure to Bitcoin and other liquid digital assets.

截至季末，資料中心分部總資產約 68 億美元、總負債約 53 億美元，反映我們持續投資 Helios 以及為第二期取得的融資。隨著建設推進與資金投入，我們預期該分部的總資產基礎將持續成長。財資與企業（Treasury and Corporate）分部本季產生 4.19 億美元的調整後毛利，相較第二季為 4,200 萬美元的虧損，主要由本季我們的數位資產持有部位與私募投資的顯著增值所帶動，其中包括 Etched 與 Forward Industries 等的明顯貢獻。如 Mike 所提及，這些投資反映我們在數位資產生態系與更廣泛科技生態系中辨識具吸引力機會的能力，並代表 Galaxy 長期價值的重要來源。季末我們亦持有約 17 億美元的淨數位資產與投資，較第二季增加近 50%，其中包含比特幣及其他具流動性的數位資產曝險。

Firmwide, we ended the quarter with approximately $4.9 billion of cash, stablecoins, and treasury bills, compared with $2.5 billion at the end of June. This increase was driven largely by proceeds from the $3.5 billion financing completed during the quarter to fund construction of Helios Phase 2. Looking ahead, we anticipate pursuing Phase 3 financing in the first half of 2027 with the structure of that financing being informed by market conditions, comparable transactions and our assessment of the most attractive terms available. We also have $445 million of exchangeable notes maturing in December 2026. We have the necessary resources on balance sheet to meet that maturity today but are always evaluating different financing options in the context of our overall liquidity position and broader capital priorities. We exited the quarter with approximately $3 billion of book equity with more than 80% allocated to our operating businesses, providing a strong capital foundation as we continue to scale. On share repurchases, we deployed approximately $79 million during the third quarter, and as Mike mentioned, we purchased the remaining portion of our previously authorized $200 million during the month of October. These repurchases have more than offset dilution from equity-based compensation, contributing to a net reduction in shares outstanding year-to-date. The Board's approval of an additional $200 million authorization announced today allows us to continue opportunistically buying back stock when we believe it's trading at a meaningful discount to intrinsic value and it fits within our broader capital plan.

全公司層面，我們在季末持有約 49 億美元的現金、穩定幣與美國國庫券，較 6 月底的 25 億美元增加。此增幅主要來自本季完成的 35 億美元融資所得，用於資助 Helios 第二期建設。展望未來，我們預期將於 2027 年上半年推進第三期融資，其融資結構將依市場狀況、可比交易，以及我們對可取得之最具吸引力條款的評估而定。我們亦有 4.45 億美元的可交換票據將於 2026 年 12 月到期。以目前而言，我們資產負債表上具備足夠資源以因應該到期償付，但我們也會在整體流動性狀況與更廣泛資本優先事項的脈絡下，持續評估不同的融資選項。我們在季末的帳面股東權益約為 30 億美元，其中超過 80% 配置於營運型業務，為我們持續擴張提供堅實的資本基礎。在庫藏股回購方面，我們第三季投入約 7,900 萬美元；如 Mike 所提及，我們也在 10 月買回先前已授權 2 億美元回購額度的剩餘部分。這些回購已超過股權型薪酬造成的稀釋，促成今年迄今流通在外股數的淨減少。董事會今日宣布核准新增 2 億美元回購授權，使我們得以在我們認為股價相對內在價值存在顯著折價、且符合整體資本規劃時，持續把握機會回購股票。

With that, operator, let's open the line for questions.

那麼，接線員，讓我們開放電話線進行提問。

(Operator Instructions) Patrick Molly, Piper Sandler.

(接線員指示) Patrick Molly，Piper Sandler。

Hey, good morning, everyone. This is Will Cops on for Patrick. I want to go back to the comments on the Helios lease discussions from over the summer. Can you help us understand what led you to step away and what terms you need to see in a deal you're willing to sign? Was it driven mainly by economics and revenue or more by counterparty and credit support or something else?

各位早安。我是 Will Cops，代替 Patrick 發言。我想回到你們夏季期間關於 Helios 租賃討論的評論。你們能否協助我們理解，當時是什麼原因讓你們選擇暫時退出？以及你們需要在一筆你們願意簽署的交易中看到哪些條款？主要是經濟性與收入因素所驅動，還是更多是交易對手與信用支持，或其他原因？

Hey, Will, good morning.

Will，早安。

Thank you for joining for the question.

謝謝你加入並提出問題。

So, as we said in the remarks, we have been pursuing opportunities throughout the year at early stages, given that Helios II energization timeline really isn't until the middle of 2028 at the earliest expected right now. Those conversations got pretty serious going into the summer, and then a lot of stuff happened, right?

所以，如同我們在發言中所說，鑑於 Helios II 的送電（energization）時程在目前的預期下最早也要到 2028 年年中，我們今年一直在早期階段持續尋求各種機會。這些對話在進入夏季時變得相當認真，然後很多事情發生了，對吧？

We saw actual projects around us getting delayed. We saw regulatory headwinds not just in Texas but across the country tightening up and therefore an expectation that available power on the forward was going to be tighter than I think we or the market really understood. At the same time, we saw a number of financing structures start to come into the market. Think like investment grade wraps around non-investment grade potential counterparties that we thought were interesting and that we were evaluating, the issue there is the devils are in the details and so an investment grade wrap that doesn't actually achieve investment grade protection for both our debt and our equity. Isn't really investment-grade wrap. And you don't really know those things until you get into the details, and you get to the finer points. And finally, to sort of back that up, the financing markets obviously around that time also started backing up and the focus on structure, counterparty really came into light for us and for the whole market. And so with all that as the backdrop, we decided to take a pause, take a breath, reignite conversations more broadly. And that sort of happened at exactly the same time that a number of the big hyperscalers started turning their attention to 2028 available power. And so that's what led us to decide to broaden out the process. And that's why now we're in active conversations with a number of high-grade potential tenants who are now very focused on figuring out what their power strategy is for 2028.

我們看到周遭的實際專案出現延宕。我們看到監管逆風不僅在德州，而是在全國各地都在收緊，因此市場開始預期遠期可用電力會比我們或市場原先真正理解的還要更吃緊。同時，我們也看到一些融資結構開始進入市場。例如，針對一些可能的非投資級交易對手，提供投資級的增信（wrap）；我們覺得這些結構很有意思，也在評估之中，但問題在於魔鬼藏在細節裡——如果所謂的投資級增信，實際上無法為我們的債務與股權都提供投資級的保護，那就不是真正的投資級增信。而且在你深入細節、談到更細微的條款之前，你其實不會知道這些。最後，作為佐證，當時融資市場顯然也開始轉趨緊縮，市場對結構設計與交易對手的關注，對我們以及整個市場而言都變得非常突出。因此，在這樣的背景之下，我們決定先暫停一下、緩一口氣，並更廣泛地重新啟動對話。而這也剛好發生在同一時間點：一些大型 hyperscaler（超大規模雲端業者）開始把注意力轉向 2028 年的可用電力。這就是促使我們決定擴大流程的原因。也因此，目前我們正與多家高品質的潛在承租方進行積極洽談，他們現在非常專注於釐清其 2028 年的電力策略。

Thanks a lot.

非常感謝。

James Yarrow, Goldman Sachs.

James Yarrow，高盛。

Good morning and thanks for taking the question.

早安，謝謝讓我提問。

I was hoping you might be able to update us on your current capital deployment priorities. In light of the new buyback program, the maturing notes at the end of the year, as well as the continued need to deploy capital into the data center segment? And could you speak to your appetite, I guess, or maybe just expand on your appetite to potentially replace the notes maturing in December with additional debt?

我想請你們更新一下目前的資本部署優先順序。考量到新的庫藏股回購計畫、年底到期的票據，以及仍需持續向資料中心業務投入資本。另外，你們能否談談你們的意願——或者更進一步說明——是否可能以新增負債來替換 12 月到期的票據？

Yeah, sure, James. I'll take that one.

好的，當然可以，James。這題我來回答。

So first, when we think about capital planning, we start with what is the business need. Across our two businesses, which obviously have different capital need profiles, but that is the first focus for capital requirements. We obviously have a funding and financing plan for the data centers, the digital asset businesses broadly. Tend to be self-financing in many ways as financial services oriented. And so we think of our business needs as the first priority.

首先，當我們思考資本規劃時，我們會從業務需求出發。我們有兩個業務板塊，顯然它們的資本需求輪廓不同，但資本需求的第一個重點就是業務需要。我們當然有一套針對資料中心的資金與融資計畫；而數位資產業務整體而言，在很多方面偏向自我融資，因為它更偏金融服務導向。因此，我們把業務需求視為第一優先。

Secondly, I would say we think about a capital buffer and cushion on the balance sheet, maintaining a healthy, strong, robust balance sheet, I think it's a very important principle from our standpoint. As we talked about, we have significant cash, stablecoins and liquidity on balance sheet in addition to liquid investments on the balance sheet that we have the ability to shift around as necessary. As you'll see, we've got about 80%, actually more than 80% of our capital now deployed into our operating businesses. We talked about this over the last couple of quarters. You should expect that number to increase.

第二，我會說我們會考量資產負債表上的資本緩衝與安全墊；維持健康、強健、穩健的資產負債表，我認為從我們的角度來看是一項非常重要的原則。如同我們提到的，我們在資產負債表上除了有大量現金、穩定幣與流動性之外，還有流動性投資，我們可以視需要進行調整與配置。如你們所見，我們目前大約 80%——其實超過 80%——的資本已部署到我們的營運業務中。我們在過去幾季也談過這點。你們應該預期這個比例會提高。

As we see the investment in those businesses grow out. And then third, we extinguished the buyback, the $200 million initial. We thought it was appropriate to have an additional authorization, but we will be very, I would say, opportunistic in how we think about deploying additional capital from a buyback perspective.

隨著我們對這些業務的投資逐步擴大。第三，我們已用完（extinguished）最初的 2 億美元回購額度。我們認為再增加一個授權額度是合適的，但就回購角度而言，我們在思考如何部署額外資本時會非常——我會說——機會導向。

The second part of your question remind me. If you could just.

你問題的第二部分，提醒我一下。你如果可以再……

Maybe just expand a little bit on the comments around the exchangeable notes and I guess appetite to replace that. I think you pointed out you have enough resources to not have to do so, but just maybe the moving parts there.

也許再多談一點關於可交換票據（exchangeable notes）的評論，以及我想你們替換它的意願。我記得你提到你們有足夠資源不一定需要這麼做，但想了解其中的變動因素。

Yeah, got it. Thanks. Yeah, so the exchangeable. So we have $445 million of exchangeable notes maturing in December. Look, the way we think about that is, first and foremost, we have the capital resources to pay that back in full without refinancing it. As we did a convertible issuance Q4 of last year.

好的，了解。謝謝。是的，關於可交換……我們有 4.45 億美元的可交換票據在 12 月到期。我們對此的看法是：第一也是最重要的，我們有資本資源可以全額償還，而不需要為此再融資。就像我們在去年第四季做過一次可轉換債發行一樣。

Those resources were deployed across our operating businesses and to sort of pre-fund some of this. And so we're not going to pre-commit to anything in terms of what we may or may not do for broader debt or capital planning. But suffice to say, we have the resources to pay that back in the near term.

那些資源已部署到我們的營運業務中，也算是為其中一部分做了預先資金安排（pre-fund）。因此，對於我們可能或不可能在更廣泛的負債或資本規劃上採取什麼行動，我們不會事先承諾。但總之，我們在短期內有資源可以償還。

That's super clear. Thank you so much.

非常清楚。非常感謝。

Peter Christensen, Citi.

Peter Christensen，花旗。

Good morning, thanks for the question. I wanted to ask about the digital assets part of the business that you generated. Decent gross profit this quarter, yet EBITDA still negative. I'm just curious, what are some of the key investments that's suppressing profitability there? And how do you think for digital assets to become more sustainably EBITDA, what do we need to see occur?

早安，謝謝讓我提問。我想問你們所產生的數位資產業務部分。本季毛利不錯，但 EBITDA 仍為負。我很好奇，是哪些關鍵投資在壓抑那邊的獲利能力？以及你們認為要讓數位資產業務的 EBITDA 更可持續地轉正，我們需要看到哪些事情發生？

Yes, so thanks for the question. This is Tony. I'll start and Chris can add as he sees fit.

是的，謝謝你的問題。我是 Tony。我先回答，Chris 也可以視情況補充。

I would say broadly the second quarter, as we talked about in our comments, the broader landscape was volumes and activity in the crypto space were down. Obviously, the price of crypto is still something underlying that drives a lot of the. Activity in our trading and derivatives businesses, we continue to outperform in that space. Our volumes were up on a quarter-over-quarter basis. We believe we're continuing to take share in those businesses. Our lending book grew about 20%, 25% quarter-over-quarter. And we're adding recurring revenue streams, which we think is the most important part of building a more durable business. We do continue to invest. We are making investments in a few different areas that we've talked about, digital infrastructure, areas where we see future growth and so as activity continues to pick up, I think you should see us move closer toward consistent profitability in that segment. The other thing I'll mention, it's a bit nuanced, but we did have a small accounting adjustment that we.

我會說，整體而言，第二季如同我們在評論中提到的，加密市場的整體環境是交易量與活動都在下滑。顯然，加密資產價格仍是驅動我們交易與衍生品業務許多活動的底層因素。我們在該領域仍持續跑贏。我們的交易量以季對季來看是增加的。我們相信我們在這些業務中持續取得市占。我們的放貸業務規模季對季成長約 20% 到 25%。而且我們正在增加經常性收入來源，我們認為這是打造更具韌性業務最重要的一環。我們也確實持續投資。我們在幾個不同領域進行投資，先前也談過，包括數位基礎設施，以及我們看到未來成長的領域；因此，隨著活動回升，我認為你們應該會看到我們在該分部更接近穩定且一致的獲利能力。另外我也補充一點，這有點細微，但我們確實有一項小幅的會計調整，我們……

In terms of how we accounted for certain things in the business that if not for that change on a quarter-over-quarter basis, we would have been profitable in that segment just this quarter. It's sort of a one-time shift. But other than that, we're Chris, I don't know if you have any other comments.

就我們在業務中對某些事項的會計處理而言，如果不是因為這項按季變動的調整，僅就本季來看，我們在該分部本來會是獲利的。這有點像一次性的移轉。除此之外，Chris，我不確定你是否還有其他補充。

Yes, I'll just supplement that a little bit. I think there's a few things going on in digital assets and the broader financial infrastructure markets that drive our thinking and our planning around profitability and what we're investing in. The key is like, one volumes in the narrow niche crypto market obviously are suppressed and are a bit challenged at the moment and our business generally is a pipe business where the more volume that flows through it, the more opportunity there is for us to generate revenue for the business, historically at least. We do have a long-term view on. Crypto assets like Bitcoin, for example, and the decentralization theme, particularly in a more complicated digitally driven agentic AI world. But that aside, the other thing that's happening is a transition to real world assets of the legacy financial system moving on chain. And so what we're doing today is prosecuting the business that we can in the crypto markets while investing in technology and people.

是的，我再稍微補充一下。我認為在數位資產以及更廣泛的金融基礎設施市場中，確實有幾件事情正在發生，驅動我們對獲利能力的思考與規劃，以及我們投資的方向。關鍵在於：第一，在狹義的小眾加密市場中，交易量顯然受到壓抑、目前也有些挑戰；而我們的業務一般而言屬於「管道型」業務——流經的量越大，我們為公司創造營收的機會就越多，至少從歷史上看是如此。我們對此抱持長期觀點。例如比特幣等加密資產，以及去中心化的主題，特別是在一個更複雜、由數位驅動且具代理式（agentic）AI 的世界裡。但撇開這點不談，另一個正在發生的事情是：傳統金融體系的實體資產正轉向上鏈（on-chain）。因此，我們今天一方面在加密市場中推進我們能做的業務，同時也在技術與人才上進行投資。

And licensure, for example, so that we are going to be in a position to be on the forefront to be able to service the transition of volumes from traditional legacy real-world assets on-chain into a digital form. And so we actually, while we never like to lose money ever.

例如牌照（licensure），以便我們能站在最前沿，具備能力去服務傳統、既有的實體資產交易量上鏈並以數位形式呈現的轉移。所以我們其實——雖然我們從來都不喜歡虧錢。

Being able to sustain the amount of revenue we have in this niche market while being able to having the luxury, having the capital to be able to invest in growth so that we're positioned to capture that mega opportunity is really where we're at in the business today.

能在這個小眾市場中維持我們目前的營收水準，同時又有餘裕、有資本去投資成長，讓我們能夠就位以掌握那個巨大的機會，這就是我們目前業務所處的位置。

James Faucette, Morgan Stanley.

James Faucette，摩根士丹利。

Thanks very much. I wanted to ask quickly on. Helios One and working with CoreWeave there, just any insight you can share with us around what you know about their agreements with their partners for not only Phase 1, but also if that's going to -- if that same partner is likely to also take on Phases 2 and 3?

非常感謝。我想快速請教一下。關於 Helios One 以及與 CoreWeave 的合作，你們能否分享一些你們所了解的資訊：他們與合作夥伴的協議不僅是第一期（Phase 1），也包括是否——同一個合作夥伴很可能也會承接第二期與第三期（Phases 2 and 3）？

Sure, good morning, James. Thanks for joining for the question.

當然，早安，James。謝謝你加入並提問。

So I'll set the stage for our relationship with Coreweave, how it's set up and how we understand their contract restructure and how their business model works. I think it's important and it's illustrative of how we think about the risk and also the insight we have or don't have into their ultimate operations. Our relationship with CoreWeave with the three leases that exist today for Helios One, also at CoreWeave's parent company. We face CoreWeave, Inc the way we think about that is that means that ultimately, we face CoreWeave's entire portfolio of customers, and we face effectively CoreWeave's residual. Equity and interest in those contracts after their site-level GPU secured financings. That's pretty much the business model. That's our exposure. We like that exposure because what it means is that we are not subject to, at our facility, a single counterparty look through exposure in the instance where there's an idiopathic problem with that one counterparty.

我先為我們與 CoreWeave 的關係做個背景說明：它是如何架構的、我們如何理解他們的合約重整，以及他們的商業模式如何運作。我認為這很重要，也能說明我們如何看待風險，以及我們對他們最終營運所掌握或未掌握的資訊程度。我們與 CoreWeave 的關係，來自目前 Helios One 的三份租約，也同樣是在 CoreWeave 的母公司層級。我們面對的是 CoreWeave, Inc；我們的理解是：這代表最終我們面對的是 CoreWeave 全部的客戶組合，並且實質上面對的是 CoreWeave 在其合約中、在其以站點層級 GPU 擔保融資之後所剩餘的權益與利益。這基本上就是他們的商業模式。這就是我們的曝險。我們喜歡這樣的曝險，因為這意味著在我們的設施層面，如果某一個對手方發生特有（idiopathic）的問題，我們不會承受「單一對手方穿透式曝險」。

CoreWeave's portfolio of pretty much all of the entire hyperscaler universe and most of the Frontier Labs is the credit that we look to across their whole portfolio. Now, Coreweave's contracts, while we don't have insight into all of them or into the specificity necessarily, CoreWeave generally contracts with its customers under four, I believe now the average is closer to five years as they reported. On a GPU hour basis generically, not on a facility level agreement. And so, what that means is CoreWeave has the ability to balance their loads to their customers across their data center footprint. That's important because it means that the answer to the question of who's the underlying tenant at Helios by definition can and we expect will change over time, both because they commit generic GPU loads to their clients and because we know that the tenors of their contracts are shorter than the leases they have to sign by definition.

CoreWeave 的客戶組合涵蓋幾乎整個超大規模雲端服務商（hyperscaler）宇宙，以及多數 Frontier Labs；我們評估信用時看的是他們整體組合的信用。至於 CoreWeave 的合約，雖然我們無法洞悉所有合約或每一份合約的細節，但一般而言，CoreWeave 與其客戶簽約期限為四年——我相信現在他們披露的平均值更接近五年。合約通常是以 GPU 小時（GPU hour）為基礎的通用計價，而不是以單一設施層級的協議。因此，CoreWeave 能夠在其資料中心版圖內，為客戶在不同站點之間平衡負載。這點很重要，因為這意味著：Helios 的底層承租人是誰，按定義可以、而且我們也預期會隨時間改變；一方面因為他們對客戶承諾的是通用的 GPU 負載，另一方面因為我們知道他們合約的期限按定義短於他們必須簽署的租約期限。

We have been communicated by Tim from CoreWeave that the loads running today that we see every day on the screen in Helios One are coming from a customer contract that's currently allocated to a large multi-trillion-dollar investment grade hyperscaler. We don't have insight yet into ultimately who's going to be in Phase 2, let alone Phase 3, that will happen as we get closer to energization and data halt turnover and they decide at that point in time in 2027 where their load is needed and where they want to allocate load. To a particular facility and so that's really the setup. I know that investors want to hear a direct look through to an investment-grade counterparty on the other side. It's just not the business model and not the way the contracts are set up at the Core Weave side. And it's the platform and the risk that we underwrote when we originally did the transaction.

CoreWeave 的 Tim 曾告知我們：目前在 Helios One，我們每天在螢幕上看到的運行負載，來自一份目前被分配給某家大型、數兆美元市值、投資等級（investment grade）超大規模雲端服務商的客戶合約。但我們目前尚未掌握第二期（Phase 2）最終會是誰，更不用說第三期（Phase 3）；這會在我們更接近送電（energization）與資料廳（data hall）交付時才會明朗，屆時他們會在 2027 年決定其負載需要在哪裡、以及想把負載分配到哪一個設施。這就是整體架構。我知道投資人希望能直接穿透看到對側是一個投資等級的對手方。但這不是他們的商業模式，也不是 CoreWeave 端合約的設計方式。而這正是我們在最初做這筆交易時所承作（underwrote）的平台與風險。

That's not to say that there won't be opportunities if it's credit enhancing. To look through to a direct customer and drop it down in SPV, for example, which we've seen happen once or twice in the market so far. But that sort of is downstream from Corewave financing their GPUs and getting better execution on their GPU financing through an SPV. Direct deal and would come with our ability to approve or disapprove of any change in the tenant from the core week parent company down to a particular SPV. And so we'll look at that on a case-by-case basis and evaluate it and assume it's credit enhancing. It's obviously something that we would engage with.

這並不是說，如果能提升信用（credit enhancing），未來就不會有機會。例如，穿透到直接客戶，並把它下放到 SPV（特殊目的公司），我們迄今在市場上也看過一兩次。但那通常是在 CoreWeave 透過 SPV 來為其 GPU 融資、並在 GPU 融資上取得更好執行之後的下游安排；而且，若承租人從 CoreWeave 母公司變更為某個特定 SPV，我們也有權核准或否決任何變更。因此我們會逐案檢視、評估，並在確實能提升信用的前提下——這顯然是我們願意參與討論的事情。

Got it. That's really helpful. And then back on the Helios 2 and kind of the engagement there. Obviously, I think we're all sensitive to the changes in some of the market dynamics, etcetera, that Mike alluded to and mentioned at the outset. Are there key market, incremental market changes or clarifications that we should expect to come through before we. Be able to announce a new tenant for Helios 2, or I'm just trying to get a sense of what the timeline and checklist is we should be paying attention to for that.

了解。這非常有幫助。接著回到 Helios 2 以及那邊的洽談進展。顯然，我想我們都對一些市場動態的變化等保持敏感，正如 Mike 在一開始所提到與暗示的。在我們能夠宣布 Helios 2 的新承租人之前，是否有一些關鍵的市場變化、額外的市場變動或釐清事項，是我們應該預期會先發生的？我只是想了解一下，我們應該關注的時間表與檢核清單是什麼。

Thanks.

謝謝。

Yeah. So the dynamics there, I tried to lay it out as clearly as possible in the prepared remarks.

好的。所以那邊的動態，我已經在事先準備的發言中，盡可能清楚地說明了。

There's a few things that I would look towards. There's nothing today holding us back from executing on what would be a deal with an end tenant. Like the speculation around late summer and the timing and the conversation we're in, like we could have signed a deal had we wanted to, that a lot of that was in our control to make a decision go forward, we proactively chose not to. Because of the change in market dynamics. And that still sort of exists today. There is obviously Texas, there's a lot going on in Texas from a regulatory perspective. There are some key dates coming up in December, we expect to have clarity on audit results that we've submitted across the assets, including Helios II. All of those things in April of 2027, we expect to get allocations of batch zero. Study load, power, et cetera, like all of those things are on potential tenants' minds. What I would say quite clearly is there are absolutely investment-grade tenants who, despite questions around the ERCOT process, want to contract and lock up power. And when they do the work on our portfolio, in particular on Helios I and Helios II.

我會關注幾件事。就今天而言，沒有任何事情會阻礙我們去執行一筆與最終承租戶（end tenant）達成的交易。像是外界對於夏末、時點以及我們正在進行的對話的揣測——其實如果我們想要，我們本來就可以簽下交易；其中很大一部分是在我們可控範圍內、由我們決定是否推進，但我們主動選擇不簽。原因在於市場動態的變化。而這種情況在今天某種程度上仍然存在。顯然德州方面，從監管角度來看有很多事情正在發生。12 月有一些關鍵日期即將到來；我們預期能就我們已提交、涵蓋各項資產（包括 Helios II）的稽核結果獲得明確結論。還有在 2027 年 4 月，我們預期會取得 batch zero 的配額分配。研究負載（study load）、電力等——這些都在潛在承租戶的考量之中。我可以很清楚地說：確實有投資等級（investment-grade）的承租戶，即便對 ERCOT 流程仍有疑問，仍希望簽約並鎖定電力。而當他們對我們的資產組合做完功課後，特別是針對 Helios I 與 Helios II。

We think they generally come to the same conclusion we have, which is Helios II is a pretty unique asset in terms of when its studies were approved prior to the batch process and the likelihood that Helios 2 is going to be unimpacted generally by any of the uncertainty. But nonetheless, like those dates are key and for some of the tenant base looking at it, they're looking for. Us to pass through those unscathed as we expect to in order to sort of finally contract. Again, that's not the entire base. There are absolutely deals we expect we could do, but the entire universe, clarity on the regulatory front in Texas in particular would help the process along.

我們認為他們通常會得出與我們相同的結論：就 Helios II 而言，它是一項相當獨特的資產，因為它的各項研究（studies）是在 batch 流程之前就已獲核准，因此 Helios II 在整體上很可能不會受到任何不確定性的影響。但即便如此，這些日期仍然很關鍵；對於部分正在評估的承租戶而言，他們在等待。我們如同預期般能夠安然度過這些節點，之後才會最終簽約。再次強調，這不是全部的客群。我們確實預期有一些交易是可以做成的，但就整體市場而言，尤其是德州監管面的明確性，將有助於推動流程向前。

Devin Ryan, Citizens Bank.

Devin Ryan，Citizens Bank。

Thanks. Good morning, everyone. I want to come back to Chris's comments on kind of broadening the pipes to be able to trade more, kind of a couple of parts here. What else are you watching on regulatory guidance that you guys think is critical from here? And then assuming that progresses, how are you thinking about where Galaxy is best positioned to participate in tokenization, meaning how do you see Galaxy being able to compete with, obviously, well-funded incumbents that the. Likely be coming here as well? And then are there specific real-world assets that are more attractive to Galaxy?

謝謝。各位早安。我想回到 Chris 關於「把管道加粗、以便能做更多交易」的評論，這裡有幾個部分。從現在開始，你們還在關注哪些你們認為至關重要的監管指引？然後假設這些進展順利，你們如何看待 Galaxy 在代幣化（tokenization）領域最有利的參與位置——也就是說，你們認為 Galaxy 將如何與資金雄厚的既有大型機構競爭，因為他們。很可能也會進入這個領域？另外，有沒有特定的實體世界資產（real-world assets）對 Galaxy 更具吸引力？

And then even beyond just trading and trade finance, how do you see Galaxy's potential infrastructure partner here as we kind of progress in this world of tokenizing more real-world assets and trading them? Appreciate there's a lot in there, but just some thoughts. Thanks.

再者，甚至不僅是交易與貿易融資（trade finance），在我們逐步進入更多實體世界資產代幣化並進行交易的世界時，你們如何看待 Galaxy 在此作為潛在基礎設施合作夥伴的角色？我知道問題很多，但想聽聽一些想法。謝謝。

Yeah, hey, it's Mike. Listen, so our big bet is that. The infrastructure that crypto created is going to end up being the infrastructure that a lot of the traditional world operates on. When that happens, we'll see, right? It is starting to happen. I would tell you that almost every traditional finance shop is building towards that, partly because they have to, because if it happens, they need to be there. One of our businesses that we're putting a lot of effort into and is growing is actually being the partner to help build that infrastructure for traditional finance companies. That's in some ways a fee or a SaaS business, but the real upside of that is once you get partnership, the ancillary services, the trading, the potentially offering other products.

對，嗨，我是 Mike。聽著，我們最大的押注是：加密產業所建立的基礎設施，最終會成為許多傳統世界運作所依賴的基礎設施。何時會發生，我們再看，對吧？但它已經開始發生了。我會告訴你，幾乎每一家傳統金融機構都在朝這個方向建設，部分原因是他們必須這麼做，因為如果真的發生，他們就得在場。我們投入大量資源、且正在成長的一項業務，其實就是成為合作夥伴，協助傳統金融公司建置這套基礎設施。這在某種程度上是一種收費或 SaaS 的業務，但真正的上行空間在於：一旦建立合作關係，後續的附加服務、交易，以及可能提供其他產品。

That's where the growth of those things come. And so we announced the one deal with Bank of New York, we are very engaged with a few other large participants and like I think that's a good strategy, it's not going to dominate our revenue in the next 12 months, but when I look out 24 and 36 months. It's where I think will be a key part of that play. The second real angle is on-chain credit. Chris talked about a few of the deals we've already done. Like we have credit as part of our DNA. Chris came from a credit shop. It's been a big driver of our business since we started. And we are one of the leaders of on-chain credit today. We think that business is going to continue to grow. And so building on-chain prime, building on-chain credit, on-chain asset management lives really on top of that. I'd love to say in two years, we're really an on-chain our digital asset business is really an on-chain digital asset business. And that's what we're driving towards. And that's what when someone asks Tony about the investment dollars, they're all tech dollars and they're all tech dollars and regulatory dollars going into that build out.

這些成長就會從那裡出現。因此我們宣布了與紐約梅隆銀行（Bank of New York）的一筆合作；我們也正與其他幾家大型參與者密切洽談。我認為這是一個好策略——它不會在未來 12 個月主導我們的營收，但當我把視野拉到 24 到 36 個月。我認為它會成為這個布局中的關鍵部分。第二個真正的切入點是鏈上信貸（on-chain credit）。Chris 談到我們已經做過的一些交易。信貸是我們 DNA 的一部分。Chris 來自信貸機構。自我們成立以來，信貸一直是我們業務的重要驅動力。而我們目前是鏈上信貸領域的領導者之一。我們認為這項業務會持續成長。因此，打造鏈上主經紀（on-chain prime）、打造鏈上信貸、鏈上資產管理，本質上都是建立在這之上。我很希望兩年後，我們的數位資產業務真正成為一個「鏈上」的數位資產業務。這就是我們正在推動的方向。而當有人問 Tony 關於投資資金的去向時，那些都是科技投入——都是科技投入與監管投入，用於完成這套建置。

Edward Engel, Compass Point.

Edward Engel，Compass Point。

Hi, thanks for taking my question. Back in February, I think you kind of acknowledged maybe aspirations that you'd a deal for Helios 2 within the next 12 months. Should we assume this timeline maybe gets extended by a little bit just given that you walked away from the deal this summer? And then just quickly on Helios 1 financing, I think you last mentioned that the Phases 1 and 2 should have enough free cash for the kind of self-fund Phase 3. Has that also changed just given maybe the exchangeable notes that better do and maybe some of these recent buybacks?

嗨，謝謝讓我提問。回到 2 月時，我記得你們某種程度上提到，可能希望在接下來 12 個月內為 Helios 2 達成一筆交易。考量到你們今年夏天放棄了那筆交易，我們是否應該假設這個時程可能會稍微延後一些？另外很快問一下 Helios 1 的融資：我記得你們上次提到，第 1 與第 2 期應該有足夠的自由現金流來某種程度上自籌第 3 期。在你們發行可交換公司債（exchangeable notes）以及近期一些回購之後，這點是否也有所改變？

Hey, Ed. Good morning.

嗨，Ed。早安。

I'll take the first part of the question. On Helios II leasing timeline, I think we've covered a lot of it so far. I think the expectations around timing of signing a deal, let's start from the fact that Helios II's energization timeline is expected to be in mid-2028. If you work back from mid-2028, that gives us 1.75 roughly years of room for both finding the right partner, negotiating the right deal, design, planning, and then ultimate construction. While that's not infinite time, that is a lot of cushions that we have, which we appropriately think we should take, given how dynamic the market is to find the right partner, get the right economic transaction because these are deals we have to live with for effectively the rest of our professional lives given their tenor. So we take it very seriously, it's very important. I wouldn't peg a specific time. I would tell you though that it's very difficult to enter into direct conversations with some of the largest companies in the world without an intent to ultimately transact and we are in direct conversations with some of those companies right now. And so I'm pretty positive and pretty bullish on the opportunity set in front of us for that right now and know that our end date solving backwards is to deliver those potential clients data halls in 2028.

我先回答問題的第一部分。關於 Helios II 的租賃時程，我想我們目前已經涵蓋了很多。談到簽約時點的預期，我們先從一個事實開始：Helios II 的送電（energization）時程預期在 2028 年年中。如果從 2028 年年中往回推，我們大約有 1.75 年的空間，用於尋找合適的合作夥伴、談判出合適的交易條款、設計與規劃，並最終進入施工。雖然這不是無限的時間，但我們確實有相當多的緩衝；考量市場變化非常快速，我們認為應該善用這些緩衝，去找到對的合作夥伴、取得對的經濟條件，因為這些合約的期限很長，基本上等同於我們職業生涯剩餘時間都要與之共存。所以我們非常嚴肅看待，這非常重要。我不會去設定一個特定時間點。但我會告訴你：若沒有最終交易的意圖，要與全球一些最大型公司進入直接對話是非常困難的；而我們現在正與其中一些公司進行直接對話。因此，我對眼前的機會集合相當正面、也相當看多；而我們倒推的最終期限，是在 2028 年交付這些潛在客戶的資料機房（data halls）。

On the second part of your question, so as Phase 1 and Phase 2 are fully funded through the completion and end of construction. We will have the opportunity to. Refinance Phase 1 if we think the economics make sense from a refi standpoint, which may give us the opportunity to take some additional capital out. But importantly, we do not need to do that. As we've said before, Phase 3 is fully equity funded through the project. We intend to pursue debt financing sometime in the first half of 2027, and the equity financing being fully available already has not changed.

關於你問題的第二部分，由於第一期與第二期在施工完成與竣工前都已獲得全額資金支持。我們將有機會。若我們認為從再融資（refi）的角度經濟效益合理，便可對第一期進行再融資，這可能讓我們有機會額外提取一些資金。但重要的是，我們並不需要這麼做。如同我們先前所說，第三期在整個專案期間完全以股權資金出資。我們打算在2027年上半年某個時間點尋求債務融資，而股權融資已完全到位這一點並未改變。

Great.

很好。

Thank you for that.

謝謝你的說明。

Brett Knoblauch, Cantor Fitzgerald.

Brett Knoblauch，Cantor Fitzgerald。

Hi, guys. Thanks for taking my question. On just like the permitting environment, I think you guys touched on it briefly in your prepared remarks regarding kind of Helios II. How critical is it to have all those permits in place before maybe we look to sign a lease there? And how are your customers thinking about maybe a permitting freeze and one if the election goes the other way in Texas that potentially could be extended?

嗨，各位。謝謝讓我提問。關於許可（permitting）環境，我想你們在事先準備的發言中有稍微提到，尤其是關於 Helios II。若我們可能要在那裡簽租約，在此之前把所有許可都到位有多關鍵？另外，你們的客戶如何看待可能出現的許可凍結，以及如果德州選舉結果走向另一邊，這種凍結可能被延長的情況？

So on the permitting front, we could take this in a couple of different tranches. One, for Helios, one and two and three under development. We have all the permits in hand needed to begin and continue construction. There are still a handful of permits that TCEQ primarily would issue and/or approve that are not permits that would prevent us either from continuing construction or ultimately delivering and energizing data halls for the client. They're unrelated to cooling, they primarily relate around the potential to operate diesel Gen. Backups and so there's and some other like potable water and things on site, they're not limiters.

就許可這一塊，我們可以分幾個層次來談。第一，針對 Helios，一期、二期與三期都在開發中。我們已取得所有開始並持續施工所需的許可。目前仍有少數主要由 TCEQ 核發及／或核准的許可尚未取得，但這些並不是會阻止我們繼續施工，或最終向客戶交付並為資料機房送電（energizing）的許可。它們與冷卻無關，主要與柴油發電機備援的潛在運轉許可相關，另外還有一些像是現場飲用水（potable water）等事項，這些都不是限制因素。

All the permits we need for those things are in hand already and for future developments that will require sort of those level of permits, they're months to years out from when we would actually need them to begin construction. And so we're just very confident that while today there's a permitting freeze, while ERCOT and all the stakeholders are attempting to comply with Governor Abbott's. Announcement, we're not of the belief that those timelines are going to intersect anywhere close to one another, that we have concerns that permitting is going to be an issue for us at Helios.

我們目前已取得這些事項所需的所有許可；而對於未來開發案需要同等層級許可的部分，距離我們實際需要它們來開始施工仍有數月到數年的時間。因此我們非常有信心：即便目前存在許可凍結，ERCOT 與所有利害關係人正試圖遵循 Abbott 州長的。公告，我們不認為這些時程會在任何接近的時間點交會到一起，以致我們會擔心許可在 Helios 專案上成為問題。

Perfect.

完美。

Thank you guys really appreciate it.

謝謝各位，真的很感謝。

John Peterson, Jefferies.

John Peterson，Jefferies。

Great. Thanks. Sorry to keep going on the data center stuff. But you outlined that some of the hyperscalers might be willing to secure power now even before final approval -- sorry, yes, secure a lease here in power even before final approvals from ERCOT. But curious what you're hearing in the project financing market and if the debt markets are, I guess, willing to be that forgiving or if we have to get past that April deadline for any potential leases you signed today to be financed. And maybe also just kind of a follow-up, I guess, as you talk to potential lenders, like how much stricter are they being on different debt covenants and LTVs and LTCs and all those sorts of metrics?

很好。謝謝。抱歉一直追問資料中心的事情。但你們提到，有些超大規模業者（hyperscalers）可能願意在 ERCOT 最終核准之前就先鎖定電力——抱歉，是的，在 ERCOT 最終核准之前就先在這裡簽租約並鎖定電力。不過我想了解你們從專案融資市場聽到的情況：債務市場是否也願意這麼寬容？還是說，對於你們今天簽下的任何潛在租約，要能取得融資就必須先跨過四月那個期限？另外也想追問一下：你們與潛在放款人溝通時，他們在各種債務契約條款（covenants）、LTV、LTC 等這類指標上，變得嚴格多少？

Yeah, so it's a very good question. From a counterparty perspective, right, we're not seeing, like as you pointed out, we're not seeing broadly really any. Push back to, hey, let's just not engage until we see clarity in Texas. People know power exists in Texas. People know power is affordable and getting cheaper in Texas. People know that that's going to be a tier one market, we believe, and they believe for a lot of time to come for these kinds of assets. And so, the conversation we're having really, they want to understand the dynamics at play with our assets. But they're certainly willing to move past that pretty quickly. On the lender side, first and foremost, the existing facilities we have in place are not impacted at all by any potential perceived uncertainty around the Texas regulations. And so there's no covenant breaches, there's no risk to capital availability. Those facilities, those are fine. On a go-forward basis, like I do believe the risk on investing capital in advance of knowing for sure whether you have the right to energize is a risk that we in theory would be taking should we choose to do that and therefore what lenders would be choosing to take along with us. And lenders generally are a lot more conservative than we would be as a developer in the equity. The good news for us is, as Tony pointed out, like our potential financing needs outside of our own capital start to get highlighted as we turn the corner into Q1 and. Q2 of 2027. And so from a timing perspective, we, for better or for worse, have the luxury of being able to assess the regulatory environment, see how December goes with respect to the RFI audit results, choose to deploy our own capital at risk based on that landscape, and we really don't have to go to the markets to have conversations or will want to go to the markets to have conversations until there's a lot more clarity in 2027. And so not all of our competitors are in that situation. We happen to have the luxury of being able to do that and we're happy with that.

是的，這是個非常好的問題。從交易對手（counterparty）的角度來看，正如你指出的，我們並沒有看到普遍性的。反彈說「在德州情況明朗之前就先不要接觸」。大家都知道德州有電力資源。大家都知道德州電力價格可負擔而且還在變便宜。我們相信、他們也相信，德州將會成為這類資產的一級市場（tier one market），而且會持續很長一段時間。因此，我們實際在進行的對話是：他們想了解我們資產所面臨的動態因素。但他們當然也願意很快往下推進。在放款人端，首先也是最重要的是，我們現有的融資安排完全不受任何對德州法規可能存在的不確定性觀感所影響。因此不存在契約違約（covenant breaches），也不存在資金可得性風險。那些融資安排都沒問題。就未來而言，我確實認為：在尚未確定是否擁有送電權利（right to energize）之前就先投入資本，理論上是我們若選擇這麼做就會承擔的風險，因此放款人也會選擇與我們共同承擔這個風險。而放款人通常比我們作為股權開發商更為保守。對我們來說的好消息是，正如 Tony 所指出的，我們在自有資金之外的潛在融資需求，會在我們進入2027年第一季以及。第二季時才會更明顯。因此就時點而言，不論好壞，我們有餘裕去評估監管環境、看看12月關於 RFI 稽核結果會如何，並在該情勢下選擇是否以自有資金承擔風險進行投入；而且在2027年之前，我們其實不必、也不會想要去市場上進行融資對話，直到情況更為明朗。因此並非所有競爭對手都處於這種狀況。我們剛好有這樣的餘裕，也對此感到滿意。

Joseph Voffe, Canaccord. Please go ahead with your question.

Joseph Voffe，Canaccord。請開始提問。

Hey, guys. Good morning. Nice to see progress on all fronts here. I was wondering if we could kind of just drill down on the digital asset side of things. Is there anything particular to point to here on trading share gains in the quarter that you like to call out? And then just the appetite to continue to expand the lending book from here from a risk management point of view, comments there would be appreciated too. Thank you.

嗨，各位。早安。很高興看到各方面都有進展。我想我們能否更深入談談數位資產這一塊。本季交易市占提升方面，有沒有什麼特別值得指出、你們想特別強調的？另外，從風險管理角度來看，對於接下來持續擴大放貸資產組合（lending book）的意願如何？也希望能聽聽你們的看法。謝謝。

Yeah, good morning.

是的，早安。

So on the trading side, I think factually the numbers are that our volumes grew 12% quarter-over-quarter and industry volumes were roughly flat. So I think from a pure share gain perspective, we continue to make incremental gains of market share, albeit in a fairly slow and tepid environment for traditional crypto assets, but the team is performing extremely well given that condition and Galaxy is getting stronger.

就交易業務而言，客觀數據是：我們的交易量季增12%，而產業整體交易量大致持平。因此，從純粹市占提升的角度來看，我們持續取得一些漸進式的市占增長；儘管傳統加密資產的環境相當緩慢且偏冷淡，但在這樣的條件下團隊表現非常出色，而 Galaxy 也在變得更強。

On the lending side of the business, we did expand our lending footprint over the quarter pretty dramatically. I think we were up 27% quarter-over-quarter average loan book size. We think there's huge opportunity in that space. We think that we could probably grow faster if we wanted to. That's not always the right thing to do as a lender is grow whenever you can. And so we don't. We pick our spots and we choose them wisely.

就放貸業務而言，我們在本季相當大幅度地擴張了放貸版圖。我想我們的平均放款資產組合規模季增27%。我們認為這個領域有巨大的機會。我們認為如果我們想要，其實可以成長得更快。但作為放款人，並不是任何時候能成長就去成長都是正確的做法。因此我們不會。我們會挑選合適的切入點，並且審慎選擇。

As I said in my remarks, the other thing we're really focused on the lending side is we're pretty cognizant that you can't really just grow a lending business ad infinitum with a. Finite balance sheet, particularly a finite balance sheet that has a lot of uses across the company.

正如我在發言中提到的，我們在放貸端真正聚焦的另一件事是：我們非常清楚，你不可能只靠著一個有限的資產負債表，尤其是一個在公司內部有很多用途的有限資產負債表，讓放貸業務無限擴張。

The good thing is we do have the capabilities internally and we think there's a very large opportunity to expand our structured credit offerings to originate loans, package them, sell them off, think more traditional financial debt capital markets businesses.In a whole new design space on chain that really has not been tapped yet in any size. And so I think you should expect us to.

好消息是，我們內部確實具備相關能力，而且我們認為有非常大的機會擴大我們的結構性信用產品，去承作貸款、把它們打包、再出售出去，更像傳統金融的債務資本市場業務。在鏈上這是一個全新的設計空間，過去其實還沒有以任何規模被真正開發。所以我想你們應該會看到我們……

Both grow our balance sheet exposure to our loan book, but also be able to grow volumes outside of just our own balance sheet exposure. And the team is hard at work on creating structures, creating risk boxes so that we can do that responsibly for ourselves and potential clients and off-takers. And so more to come on that, but I think that's the future to see of our lending business.

一方面擴大我們資產負債表對貸款組合的曝險，另一方面也能把規模做大到不僅僅依賴我們自有資產負債表的曝險。團隊正在努力設計結構、建立風險框架（risk boxes），讓我們能以負責任的方式，對我們自己以及潛在客戶與承接方來做這件事。後續還會有更多進展，但我認為這就是我們放貸業務未來的方向。

Thanks very much, Chris.

非常感謝你，Chris。

Chris Brendler, Rosenblatt Securities.

Chris Brendler，Rosenblatt Securities。

I wanted to follow-up on the idea of the sort of modernization of financial infrastructure and this whole space moving on chain and Galaxy's position within that opportunity. You had the BNY this last quarter, any other. Sort of color you could provide on your progress with partnering with traditional financial institutions and helping with this process and then zooming out a little bit, what does the revenue mix look like in digital assets as if you are successful in capitalizing this opportunity? How much will the business move away from transactional and lending and trading activity and more towards either asset management, custody or staking activities as you progress on that?

我想追問一下關於金融基礎設施現代化、以及整個領域上鏈（on chain）這件事，還有 Galaxy 在這個機會中的定位。你們上個季度與 BNY 有合作，還有沒有其他你能分享的進展細節，關於你們與傳統金融機構合作、協助推動這個流程？另外把視角拉遠一點，如果你們成功把握住這個機會，數位資產業務的營收組合會長什麼樣子？隨著你們推進，業務會在多大程度上從交易型、放貸與交易活動，轉向資產管理、託管或質押等活動？

Well, certainly, the goal is to move it away in a large fashion, right? I mean, part of that is how fast this stuff moves on chain. It's one of these things that my intuition is it will go slow and then it will go fast.

當然，我們的目標是要在很大程度上把它轉移出去，對吧？其中一部分取決於這些東西上鏈的速度。我對這類事情的直覺是：一開始會很慢，然後會突然變得很快。

Kind of like when people go bankrupt, right? Like it happens, and all of a sudden you're like, well, how did that happen? And so we haven't seen it yet. We're seeing lots of positive signs, like stablecoin use is a big part of it, but we haven't seen a wholesale shift to tokenization. People still trade normal equity is not tokenized. Partly that's because most of the traditional players haven't built out their infrastructure. And so there is a scramble going on.

有點像人們破產一樣，對吧？事情發生了，突然之間你會想：哇，怎麼會變成這樣？所以我們還沒真正看到那一刻。我們看到很多正面訊號，例如穩定幣的使用是其中很重要的一部分，但我們還沒看到全面性的代幣化轉移。人們仍然在交易一般的股票，股票並沒有被代幣化。部分原因是多數傳統玩家還沒有把他們的基礎設施建好。因此現在確實出現了一波搶建潮。

That we're part of for these institutions to build out their digital wallets, their custody, their staking abilities or to hire people to do their staking abilities for them. And I think once that infrastructure shows up, you very well might see that part of the business really start to grow. And so, we're walking that tightrope between making sure our core business that we have operates as best it can and makes as much money it can while investing for this future that we're very confident will come. We just don't have the forward calendar where the checkered flag is I know it's not a perfect answer for you, but that's exactly the mindset that we have. And again, we wouldn't be making this investment if we didn't have strong conviction that that's where the world is going and seeing lots of green shoots.

我們也參與其中，協助這些機構建置他們的數位錢包、託管、質押能力，或是聘請人員替他們執行質押。我認為一旦這些基礎設施到位，你很可能會看到那部分業務開始真正成長。因此，我們正走在一條鋼索上：一方面確保現有核心業務運作到最好、賺到最多；另一方面也要為我們非常有信心會到來的未來投資。只是我們沒有一個明確的時間表，不知道終點線（checkered flag）在哪裡。我知道這不是一個完美的答案，但這正是我們的思維方式。而且再說一次，如果我們沒有強烈的信念認為世界會往那個方向走、並且看到很多早期萌芽（green shoots），我們也不會做這些投資。

I'll just add, if you think about the revenue mix, I think that was your second question, to Mike's point, this build-out in infrastructure and adoption will take time, but one way to think about it is our more traditional businesses around trading, derivatives, lending, etc., will grow the opportunity set will grow with the overall growth of the pie. So the mix may shift for us, but we think that the opportunity set. For the more recurring fee-based revenue as well as the more transactional-based can grow together as the industry grows and adoption continues.

我補充一下，如果你在想營收組合——我想那是你的第二個問題——如 Mike 所說，基礎設施的建置與採用需要時間，但有一種思考方式是：我們較傳統的業務，例如交易、衍生品、放貸等，會隨著整體市場「餅」變大而擴大其機會集合。所以對我們而言，組合可能會改變，但我們認為機會集合會是：較具經常性、以費用為基礎的收入，以及較偏交易型的收入，會隨著產業成長與採用持續推進而一起成長。

And the last piece I'll add on that is just from an infrastructure business model perspective, which I think is part of the question. We see the financial players in institutions around the world in two categories, or at least they pick and choose these two categories depending on the service needed, right? There's a we need to own it. Own the underlying technology, own the underlying operating risk, or we are okay white labeling and contracting out. And so what we are doing today is we are selectively partnering with some of the large institutions who need to own certain components, think base layer custody, think maybe like a custody allocation engine, etcetera, to help build that, and we get paid to help build that increases not only their capabilities, but our portfolio of capabilities to then offer as a platform service to those companies and everyone else for the components of those services that they are okay not owning and would rather contract out. To create recurring revenue for us. And so the model is getting paid both upfront to help build, but also over time, stacking a recurring revenue business for a platform service for both those customers and the long tail of middle market and lower market financial institutions who would never need to build and own their own capabilities.

最後我再補充一點，從基礎設施商業模式的角度——我想這也是問題的一部分。我們看到全球的金融機構大致分成兩類，或者說他們會依服務需求在這兩類之間做取捨。一類是「我們需要自己擁有它」：擁有底層技術、承擔底層營運風險；另一類則是「我們可以接受白標（white labeling）與外包簽約」。因此，我們現在所做的是：選擇性地與一些大型機構合作，這些機構需要擁有某些組件——例如底層託管、可能像託管配置引擎等——我們協助他們建置，並收取建置費。這不僅提升他們的能力，也擴充我們自身的能力組合，進而能把它作為平台服務提供給這些公司，以及其他所有公司，針對那些他們不需要自己擁有、而更願意外包的服務組件。為我們創造經常性收入。所以這個模式是：一方面先收取前期建置費，另一方面隨時間推進，逐步堆疊平台服務的經常性收入，服務對象既包括這些客戶，也包括中型市場與更小型市場的長尾金融機構——他們根本不需要、也不會去自建並擁有自己的能力。

That's fantastic.

太棒了。

Ben Summers, BTIG.

Ben Summers，BTIG。

Hey, good morning, and thank you for taking my question. So kind of build off the last one a little bit, I wanted to ask around the individual investor adoption of digital asset product offerings through Galaxy One. It seems like the TradFi institutional interest is significant, but kind of curious how Galaxy One could potentially contribute to the revenue mix over time?

嗨，早安，謝謝你們回答我的問題。延續上一題再深入一點，我想問的是：透過 Galaxy One，個人投資人對數位資產產品的採用情況如何？看起來傳統金融（TradFi）機構端的興趣很高，但我也很好奇，隨著時間推進，Galaxy One 可能會如何對營收組合做出貢獻？

Yeah, we haven't talked about Galaxy One in our prepared remarks or reeling questions a lot recently. We're actually under the hood really excited about not only what's going on there, but also the product roadmap. And so our assets on platform, while still relatively small there, have grown quite substantially. We're well north of $125 million, I believe, the last number I saw there and growing fast. And on the forward, this year was really a. Build baseline capabilities and ensure that our retail-facing offering had digital asset crypto-related capabilities that were on par with what's.Available in the market. We still got a little. Bit of work to do on there, but that was the big lift so far this year. What we look forward to next year in 2027 actually is rolling out expanded brokerage capabilities across a number of different asset classes. Our real focus there is not only just baseline capabilities to compete with existing big platforms, but actually offer much more higher-end bespoke wealth management style access products and capabilities for high earners, individuals with networks that they want to preserve and grow. And we have a really cool lineup of. Product roadmap on that front that we're really excited to start rolling out in Q1 2027. So more to come on that. But we think the opportunity set is much broader than just offering crypto access and is going to be quite differentiated in 2027.

是的，我們最近在事先準備的發言或問答中，確實比較少談到 Galaxy One。但其實在內部，我們對那邊正在發生的事情，以及產品路線圖都非常興奮。因此，我們平台上的資產規模雖然相對仍小，但成長相當顯著。我記得我看到的最新數字已經遠超過 1.25 億美元，而且成長很快。就往前看，今年主要是建立基礎能力，並確保我們面向零售客戶的產品，在數位資產、加密相關能力上，能與市場上可取得的水準相當。我們還有一些工作要完成，但這是今年迄今最大的重點。我們期待明年——其實是 2027 年——推出涵蓋多種資產類別的擴展券商（brokerage）能力。我們在那裡的真正重點，不只是具備能與現有大型平台競爭的基本能力，而是提供更高端、客製化的財富管理風格產品與能力，讓高收入者、以及希望保存並增值其資產網絡的個人能夠取得相應的服務。我們在這方面有一套非常酷的產品路線圖，對於在 2027 年第一季開始推出，我們非常期待。後續還會有更多資訊。但我們認為，機會集合遠不只是提供加密資產的進入管道，並且在 2027 年會呈現相當差異化。

Super helpful.

非常有幫助。

Thank you for taking my question.

謝謝你回答我的問題。

Michael Kim, Bloomberg.

Michael Kim，彭博。

Hey, good morning. Thanks for taking my question. So I noticed that the average annual revenue assumption for Phase 2 of Helios 1 just ticked down a bit from last quarter's forecast. So just wondering if you could maybe flesh that out in terms of or maybe with respect to your earlier comments around supply remaining constrained and demand strengthening as well as your competitive positioning?

嗨，早安。謝謝你回答我的問題。我注意到 Helios 1 第二期的平均年度營收假設，相較於上季的預測略微下調了一點。想請教你是否可以進一步說明一下，尤其是結合你先前提到的供給仍然受限、需求正在轉強，以及你們的競爭定位？

Yeah, Michael, it's Tony. I'll address the first part of the question and then if Chris wants to hit the other. So nothing has changed with regard to Phase 2 and the revenue. It's simply a clarification of the recognition under lease accounting for GAAP purposes that we just wanted to help analysts clarify for their model building. Nothing fundamentally has changed. Phase 2 is exactly the same.

好的，Michael，我是 Tony。我先回答問題的第一部分，然後如果 Chris 想補充其他部分再接著說。所以第二期與營收方面沒有任何改變。這只是針對 GAAP 目的下、依租賃會計進行認列方式的一個釐清，我們希望能協助分析師在建立模型時更清楚。基本面沒有任何改變。第二期完全一樣。

Got it. That's helpful. Thanks.

了解。這很有幫助。謝謝。

Bill Papanastasiou, Chardan Capital Markets.

Bill Papanastasiou，Chardan Capital Markets。

Yeah, good morning. Thanks for taking my questions. We're hearing that long lead time item equipment procurement is becoming increasingly harder to come by. Just quickly here, how is the team strategizing equipment procurement for its uncontracted sites and lining that up with energization timelines? Any pressure there on Helios to build out timelines?

是的，早安。謝謝你回答我的問題。我們聽說長交期設備的採購變得越來越難取得。想快速請教一下，團隊如何為尚未簽約的場址規劃設備採購策略，並與送電（energization）時程對齊？Helios 的建置時程是否因此承受任何壓力？

Sure. So on the procurement side, our internal mantra is be early and be deliberate, but don't get too far ahead of yourself on demand. So it's always a delicate balance for us. Again, for us, we have the lowercase l luxury of having a balance sheet and resources available to us to allow us to lean in.Where we see potential future supply chain bottlenecks. We're now becoming a large consistent buyer of a lot of the infrastructure and so the big suppliers, we while not on the same level as the hyperscalers, we are a key customer to critical infrastructure suppliers now. And so we have the access and the ability to place deposits, lock up future capacity for ourselves. Like for example, for Helios II already, we've already committed approximately $230 million. In deposits and purchase orders for future electrical infrastructure, mostly focused on long lead time equipment that early on we saw the potential for some supply chain disruption. It's not I would not characterize supply chain for infrastructure today as something that's completely prohibiting and limiting from growth and expansion, it's available. There are also new suppliers globally that are emerging that we have traveled around the world to meet with and evaluate as to whether the equipment meets the highest standards so that we can install into our infrastructure, and we've made substantial progress on that front too.

當然。在採購方面，我們內部的口訣是：要提早、要有計畫，但也不要在需求尚未明朗前就超前太多。所以對我們而言，這一直是個需要拿捏的微妙平衡。同樣地，對我們來說，我們有一個小寫 l 的「奢侈」——也就是我們有資產負債表與可用資源，讓我們能在看到未來可能出現的供應鏈瓶頸時加大投入。我們現在正逐步成為許多基礎設施的穩定大型買家，因此大型供應商那邊，雖然我們還不到超大規模雲端業者（hyperscalers）的等級，但我們現在已是關鍵基礎設施供應商的重要客戶。因此我們有管道與能力去支付訂金、為自己鎖定未來產能。例如就 Helios II 而言，我們已經承諾約 2.30 億美元。以訂金與採購訂單的形式，用於未來的電力基礎設施，主要聚焦在長交期設備；我們在早期就看到供應鏈可能出現一些干擾。我不會把目前基礎設施的供應鏈形容為完全阻礙或限制成長與擴張；供應仍然是有的。此外，全球也有一些新供應商正在崛起；我們已經走訪世界各地與他們會面並評估其設備是否符合最高標準，以便能安裝到我們的基礎設施中；在這方面我們也取得了相當大的進展。

Martin Toner, ATB Cormark Capital Markets.

Martin Toner，ATB Cormark Capital Markets。

Please go ahead with your question. Mike is a very unique CEO because of his market sense. And so I wanted to ask Mike what he thinks of the credit market. Your customers need a lot of money. Seems like kind of a handoff to me. I would love to hear what Mike thinks about it and how he thinks it'll be resolved and on what timeline if he's willing to speculate.

請開始提問。Mike 是一位非常獨特的 CEO，因為他對市場的敏銳度很高。所以我想問 Mike 他怎麼看信用市場。你們的客戶需要大量資金。對我來說，這似乎有點像是在交棒。我很想聽聽 Mike 對此的看法、他認為會如何解決，以及若他願意推測的話，大概會在什麼時間軸上發生。

It's a great question. I mean, you don't have to be living under a rock if you didn't realize there was stress in the credit markets recently, and the equity markets have sold off some, but not as dramatic as the stress one might have seen in the credit markets. That's happened for a few reasons, right? This war in Iran has kept oil prices over $100. That pushed up the 10-year yield, which pushed up the credit yield and just the recognition of just how big this infrastructure build is going to be. And so I think partly pressure or higher rates. As a base case is starting to be absorbed psychologically by the market, right? We are not going to go back any time in the short-term to short-term interest rates at 1% or 2% and long-term rates below 4%, right?

這是個很好的問題。我的意思是，如果你不是住在與世隔絕的地方，你就會知道最近信用市場確實出現壓力；股市也有一些回檔，但沒有信用市場所呈現的壓力那麼劇烈。這是由幾個原因造成的，對吧？這場伊朗戰爭讓油價維持在每桶 100 美元以上。這推升了 10 年期殖利率，進而推升信用利差／信用殖利率，同時市場也開始意識到這次基礎設施建置的規模會有多大。因此我認為部分原因是壓力或較高利率。作為基本情境，市場在心理層面開始逐步消化，對吧？短期內我們不會回到短期利率 1% 或 2%、長期利率低於 4% 的環境，對吧？

There was a whole generation of traders and investors that started to live with that as their base case. And I think we're going back to an era where. Short-term rates are probably between 4% and 6%, 4% and 5%, and the yield curve being tending to be more steep. And so in some ways, this is a one-time adjustment in psychology that is coming off of what was really an era that was abnormal historically. I do think this election is going to come and go. And there's going to be a lot of, readjustment for the first week or two. And then, like always, economics takeover from politics when it comes to markets. The war will, if the war ends and oil comes down, right, if Trump attacks. And we end the war or we pressure them to end the war, I mean, there are people negotiating like crazy right now to try to end the war, and you get oil going back from 100 to 60, it's going to take a tremendous amount of pressure off the fixed income markets and hence the credit markets. And so Chris was saying we have the luxury of being able to wait to the turn of the first quarter, second quarter before we really need to tap credit markets.

有整整一代的交易員與投資人把那樣的環境當作基本情境在生活。而我認為我們正在回到一個時代：短期利率大概會落在 4% 到 6%、或 4% 到 5% 之間，而殖利率曲線也傾向變得更陡峭。因此在某種程度上，這是一種一次性的心理調整，因為我們正從一個在歷史上其實相當不正常的時代走出來。我確實認為這次選舉會來也會走。接著在頭一兩週會有很多重新調整。然後就像一向如此，當涉及市場時，經濟會取代政治成為主導。戰爭方面，如果戰爭結束、油價下來，對吧？如果川普出手攻擊。我們結束戰爭或施壓他們結束戰爭——我的意思是，現在有很多人正瘋狂地在談判試圖結束戰爭；如果油價從 100 回到 60，將會大幅減輕固定收益市場、也因此信用市場的壓力。所以 Chris 剛才說，我們有餘裕可以等到第一季末、第二季初，才真正需要去動用信用市場。

I'm thrilled with that because I know one thing, this intention never lasts forever, right? It always resolves itself. There are bullets that Scott Destin has in his gun. We'll see if he uses them. Kevin Warsh will most likely raise rates, not the week before the election, but soon after. And at one point, you slow the economy because you have to, if that's what it takes. We have indigestion in the credit market, it is probably close to peak nervousness, there's not an easy path out, but I think time is going to heal this thing and mostly that's going to be. The reaction to the oil prices. The good news is, Meta is coming out and doing a monster equity raise. Anthropic said they have $130 billion on their balance sheet. I think that was the number, is going to raise another $100 billion. And so every time I see giant equity raises, I breathe a sigh of relief for the credit market, right?

我對此非常高興，因為我知道一件事：這種緊張狀態不可能永遠持續，對吧？它總會自行化解。Scott Destin 手上還有子彈。我們看看他會不會用。Kevin Warsh 很可能會升息，不會是在選舉前一週，但很可能在選後不久。而在某個時間點，你必須讓經濟降溫，因為如果那是必要的話，就得這麼做。信用市場出現消化不良，可能已接近最緊張的高峰；沒有一條容易的出路，但我認為時間會修復這件事，而主要會是。對油價的反應。好消息是，Meta 正在進行一筆巨額的股票增資。Anthropic 說他們資產負債表上有 1,300 億美元。我想那是那個數字，並且還要再募 1,000 億美元。所以每當我看到這種巨額的股權融資，我就會對信用市場鬆一口氣，對吧？

You could argue if it's good for the equity holders of those companies or not that they're being diluted.

你可以爭論，對那些公司的股東而言，被稀釋究竟是不是好事。

That's a separate discussion. But more equity, less credit is one way to think about it. And so this last week, to some degree, was good for the credit markets because we saw this massive amount of equity. And I don't think the belief in what's coming in AI is going away.

那是另一個議題。但用「更多股權、更少信貸」來理解，是一種思考方式。因此，上週在某種程度上對信貸市場是有利的，因為我們看到大量的股權融資。而且我不認為市場對 AI 未來發展的信念會消失。

Like if you just yesterday, four of the most, to a layman, absurd math problems got solved.

就像如果你只是看昨天，對一般人而言，四個最、可以說荒謬的數學難題被解出來了。

Buy these machines and the breathtaking accomplishments of AI are going to start translating into medical advancements and even consumer, if you look at the consumer apps.

買下這些機器，AI 令人屏息的成就就會開始轉化為醫療上的進展，甚至在消費端——如果你看看消費者應用程式。

From Instinct to Muse to Grokbot, as consumers start using them, the demand for AI picks up, but also the acceptance of AI. And so it's going to be a politically charged issue, but like this is the transformative technology that is literally going to change the world. And in some ways, we need it to win. Like Galaxy is betting on it that it's going to win. But quite frankly, as an American, we need it to win. When I think of $41 trillion of debt, like the only way out is we have above average growth with lower inflation, which is one of the promises of AI, or at least one of the potentials of AI. And so one of the reasons we made this bet is because we're good patriots. But we actually believe that this really, and listen, there's going to be a. New regulatory framework that comes out sometime in the next 12 to 18 months.

從 Instinct 到 Muse 到 Grokbot，當消費者開始使用它們時，對 AI 的需求會上升，同時對 AI 的接受度也會提高。因此這會成為一個政治色彩濃厚的議題，但這就是一項真正具變革性的技術，將會徹底改變世界。而且在某些方面，我們需要它勝出。像 Galaxy 就在押注它會勝出。但坦白說，作為美國人，我們需要它勝出。當我想到 41 兆美元的債務時，唯一的出路就是在較低通膨下實現高於平均的成長，而這正是 AI 的承諾之一，或至少是 AI 的潛力之一。因此，我們做出這個押注的原因之一，是因為我們是愛國者。但我們也確實相信這真的——而且聽著，接下來會有一個。新的監管框架，會在未來 12 到 18 個月內某個時間點出爐。

That meeting at the White House, which looked like it was performative, wasn't just performing. They've come out with a bunch of things that are going to slowly be or quickly be instituted to make people feel better about AI safety. But that conversation is not going away either. We plan on being part of it. Like being at the table trying to help guide. Like I think the best AI policy is one that keeps people optimistic. And so you might see some things that are perceived as small step backwards to go two steps forward. But this is, again, the country is making a long-term bet on AI. Galaxy is. And I think we're pretty optimistic it's going to turn out well.

白宮那場會議，看起來像是在作秀，但並不只是作秀。他們已經推出了一系列措施，將會逐步或快速地落實，讓人們對 AI 安全更安心。但那場對話也不會消失。我們計畫成為其中的一部分。像是坐在談判桌上，試著協助引導。我認為最好的 AI 政策，是能讓人們保持樂觀的政策。因此你可能會看到一些被視為小幅倒退的措施，為的是之後能前進兩步。但總之，這個國家正在對 AI 做一個長期押注。Galaxy 也是。而我想我們相當樂觀，結果會很好。

That's great.

太好了。

Thank you very much, Mike.

非常感謝你，Mike。

(Operator Instructions) I'd like to turn the floor back over to Mike for any closing comments.

(接線員指示) 我想把時間交回給 Mike，請他做任何結語。

Yeah, listen, I want to give a shout out to the Galaxy team. First of all, people have been working their tail off in all aspects of this thing and also to our investors. Nobody likes when their stock goes down or dislikes it as much as I do. We are working hard to build a company that, someone always stock markets are weighing machines. And we really hope that, in six months, 12 months, 18 months, and 36 months, when we're weighed, the conclusion of the equity market is that we're worth a lot more than we are today. And so that's our goal. Appreciate the questions and appreciate the support.

是的，聽著，我想向 Galaxy 團隊致意。首先，大家在這件事的各個面向都拼命工作；也要感謝我們的投資人。沒有人喜歡自己的股價下跌，或至少沒有人比我更不喜歡。我們正在努力打造一家公司——有人總說股市是稱重機。我們真心希望，在 6 個月、12 個月、18 個月以及 36 個月後，當市場來「稱重」我們時，股權市場的結論會是：我們的價值遠高於今天。所以這就是我們的目標。感謝各位的提問，也感謝各位的支持。

And with that, we'll conclude today's conference call and presentation. We do thank you for joining. You may now disconnect your lines.

那麼，我們將結束今天的電話會議與簡報。非常感謝各位參與。您現在可以掛斷電話線。