Solana Co (HSDT) 2025 Q4 法說會逐字稿

Good day. Thank you for standing by.

大家好。感謝各位耐心等候。

Welcome to the Solana Company fourth-quarter and full-year 2025 conference call.

歡迎參加 Solana Company 2025 年第四季暨全年電話法說會。

(Operator Instructions) Please be advised that today's conference is being recorded.

(接線員指示) 請注意，今天的會議將被錄音。

I would now like to hand the conference over to your first speaker today, Serena Jassy of Investor Relations. Please go ahead.

現在我想把會議交給今天的第一位講者，投資人關係部的 Serena Jassy。請開始。

Thank you, operator.

謝謝，接線員。

Before we begin, I would like to inform you that comments and responses to your questions during today's call reflect management's views as of today, March 30, 2026, only; and will include forward-looking statements and opinion statements, including predictions, estimates, plans, expectations, and other similar information.

在開始之前，我想提醒各位，今天電話會議中對各位提問的評論與回覆，僅反映管理層截至今日（2026 年 3 月 30 日）的觀點；並將包含前瞻性陳述與意見性陳述，包括預測、估計、計畫、預期及其他類似資訊。

Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties. These risks and uncertainties are more fully described in our press release issued earlier today and in the sections entitled Risk Factors in our annual report on Form 10-K for the year ended December 31, 2025, filed with the United States Securities and Exchange Commission, or the SEC, on March 30, 2026, and in other subsequent filings with the SEC.

由於若干風險與不確定性，實際結果可能與明示或暗示的內容存在重大差異。這些風險與不確定性已在我們今日稍早發布的新聞稿，以及我們向美國證券交易委員會（SEC）於 2026 年 3 月 30 日提交之截至 2025 年 12 月 31 日止年度 Form 10-K 年報中「風險因素」章節，並在其後向 SEC 提交的其他文件中更完整地說明。

Our SEC filings can be found on our website or on the SEC's website. Investors are cautioned not to place undue reliance on forward-looking statements. We disclaim any obligation to update or revise these forward-looking statements.

我們的 SEC 申報文件可在本公司網站或 SEC 網站查閱。提醒投資人勿過度依賴前瞻性陳述。我們不承擔更新或修訂這些前瞻性陳述的任何義務。

Please note that this conference call will be available for audio replay on our website under the News & Events section of our Investor Relations page.

請注意，本次電話會議的錄音回放將可於我們網站投資人關係頁面之「新聞與活動」區提供收聽。

With that, I'd now like to turn the call over to Solana Company's Executive Chairman, Joseph Chee.

接下來，我想把電話會議交給 Solana Company 執行董事長 Joseph Chee。

Thank you. Good afternoon, everyone. Welcome to Solana Company's fourth-quarter and full-year 2025 earnings call.

謝謝。各位下午好。歡迎參加 Solana Company 2025 年第四季暨全年財報電話會議。

I'm Joseph Chee, the Executive Chairman of Solana Company. I'm pleased to report on a transformative year for Solana and the shareholders.

我是 Solana Company 的執行董事長 Joseph Chee。我很高興向各位報告，2025 年對 Solana 以及股東而言是具有轉型意義的一年。

When we closed our $500-plus million PIPE transaction in September 2025, we described it as a new beginning. Looking back over the full year -- and, particularly, over the fourth quarter -- I believe we have validated the ambition with tangible results across every dimension of our strategy.

當我們在 2025 年 9 月完成超過 5 億美元的 PIPE 交易時，我們將其形容為一個新的開始。回顧全年——尤其是第四季——我相信我們已以策略各面向的具體成果，驗證了這份雄心。

Our digital treasury is larger. Our advocacy is broader. Our capital markets toolkit is more sophisticated. We have expanded the business well beyond a passive holding structure into a multi-faceted platform, with distinct value-adding legs.

我們的數位資產庫存更大了。我們的倡議推廣更廣了。我們的資本市場工具箱更成熟精密了。我們已將業務從被動持有架構大幅擴展為多元平台，形成多條具備明確增值能力的業務支柱。

I'll speak to the strategic picture and then, Cosmo, Director at the Solana Company, will take you through the operational and financial results.

我將先談策略全貌，接著 Solana Company 董事 Cosmo 會帶各位回顧營運與財務成果。

As we close out 2025, I want to walk through the three distinct activities that, together, define the foundation of the Solana Company; and how each contributes to our goal of creating long-term shareholder value by growing Solana Company's SOL per share and contributing to the growth of Solana ecosystem.

在 2025 年告一段落之際，我想說明三項彼此獨立、但共同構成 Solana Company 基礎的活動；以及各自如何透過提升 Solana Company 每股 SOL（SOL per share），並促進 Solana 生態系成長，來達成我們創造長期股東價值的目標。

The first is capital markets, from our ATM programs and other offerings to share buybacks; to operating businesses that synergize directly with our SOL holdings and the broader Solana ecosystem.

第一是資本市場：從我們的 ATM 計畫與其他發行方案到庫藏股回購；以及與我們的 SOL 持倉與更廣泛 Solana 生態系直接產生協同效應的營運型業務。

The second is asset management: the core accumulation of SOL and the disciplined deployment of capital to grow our holdings in a way that's accretive on a per share basis. This includes staking yield, which is the on-chain income we generate by staking, substantially, all of our SOL.

第二是資產管理：核心在於累積 SOL，並以紀律性的資本配置方式擴大持倉，且在每股基礎上具增益效果。這也包含質押收益（staking yield），也就是我們透過將幾乎全部 SOL 進行質押，在鏈上所產生的收入。

This is not passive. It requires rigorous validator selection, MEV optimization, and continuous rebalancing. It produces a meaningful and growing revenue stream.

這並非被動操作。它需要嚴謹的驗證者（validator）選擇、MEV 最佳化，以及持續的再平衡。它帶來一條具規模且持續成長的營收來源。

Cosmo will speak to the specific [APR] we achieved in 2025 and year to date, 2026; and how that compares to public benchmarks. It also includes intelligent risk-adjusted deployment into other yield opportunities on Solana. We'll talk about our on-chain partnership with Anchorage and Kamino on this front, later.

Cosmo 將說明我們在 2025 年以及 2026 年迄今所達成的具體 [APR]；並比較其與公開基準的差異。此外也包括在 Solana 上，將資本以智慧且風險調整後的方式部署至其他收益機會。稍後我們也會談到在此方面與 Anchorage 及 Kamino 的鏈上合作夥伴關係。

The third is marketing and partnership: our role as a designated DAT partner to the Solana Foundation, particularly in Asia-Pacific; and the broader institutional outreach that has defined our public presence since launch.

第三是行銷與合作夥伴：我們作為 Solana Foundation 指定的 DAT 合作夥伴（特別是在亞太地區）的角色；以及自成立以來所建立的更廣泛機構端對外拓展，形塑了我們的公開能見度。

This has included publishing educational content on Solana and DATs on our website; participating in prominent podcasts; engaging with local print and online media; and presenting at key ecosystem industry events, including Solana Breakpoint Abu Dhabi, Solana Accelerate - Consensus Hong Kong, Hong Kong FinTech Week, TOKEN2049, [GTC], Japan Fintech Week, among others.

這包括在我們網站發布關於 Solana 與 DAT 的教育內容；參與知名 Podcast；與在地平面與線上媒體互動；並在生態系關鍵產業活動中發表演講，包括 Solana Breakpoint Abu Dhabi、Solana Accelerate - Consensus Hong Kong、香港金融科技週（Hong Kong FinTech Week）、TOKEN2049、[GTC]、日本金融科技週（Japan Fintech Week）等。

The company has also conducted investor roadshows and partnership meetings with Solana Foundation, with a focus on under-penetrated Asian markets, including Mainland China, Japan, Hong Kong, and Singapore.

公司也與 Solana Foundation 共同進行投資人路演與合作夥伴會議，重點聚焦於尚未充分滲透的亞洲市場，包括中國大陸、日本、香港與新加坡。

In addition, the company has delivered educational presentations at Web3 and technology executive programs at leading universities and institutions; and made regular appearances on mainstream financial media outlets, including CNBC and Bloomberg.

此外，公司亦在頂尖大學與機構的 Web3 與科技高階主管課程中提供教育型簡報；並定期登上主流財經媒體，包括 CNBC 與 Bloomberg。

We are also very active in engaging the bankers, research analysts of investment banks, and brokers to promote coverage on Solana and Solana Company. The company also intends to establish a strategic partnership with major financial institutions across key markets, which may adopt Solana as their underlying blockchain to support payment and tokenization initiatives.

我們也非常積極與銀行家、投資銀行研究分析師及券商互動，以推動對 Solana 與 Solana Company 的研究覆蓋。公司亦計畫在主要市場與大型金融機構建立策略合作夥伴關係，這些機構可能採用 Solana 作為其底層區塊鏈，以支援支付與代幣化相關計畫。

In February, we announced a landmark collaboration with Anchorage Digital and Kamino, making HSDT the first digital asset treasury to enable borrowing against natively staked SOL held in qualified custody. This is the first-of-its-kind tri-party custody model to access on-chain protocols on Solana.

2 月，我們宣布與 Anchorage Digital 與 Kamino 的里程碑式合作，使 HSDT 成為首個數位資產庫存（digital asset treasury），可在合格託管下，針對原生質押（natively staked）的 SOL 進行抵押借款。這是首創的三方託管模式，可在 Solana 上存取鏈上協議。

Under the structure, Anchorage Digital acts as a collateral manager for our natively staked SOL, allowing us to earn staking rewards, while simultaneously unlocking borrowing power on Kamino, all while our assets remain in a segregated account at Anchorage Digital Bank, never leaving custody.

在此架構下，Anchorage Digital 擔任我們原生質押 SOL 的抵押品管理人（collateral manager），使我們在賺取質押獎勵的同時，也能在 Kamino 解鎖借款額度；且我們的資產始終留存在 Anchorage Digital Bank 的隔離帳戶中，從不離開託管。

Anchorage Digital's Atlas collateral management system provides 24/7 automated oversight of loan-to-value ratios; orchestrate margin and collateral movements; and execute rules-based liquidations when required, giving us institutional-grade risk and compliance control, alongside direct on-chain participation.

Anchorage Digital 的 Atlas 抵押品管理系統可 24/7 自動監控貸款價值比（loan-to-value, LTV）；協調保證金與抵押品的移轉；並在需要時執行依規則的清算，讓我們在直接參與鏈上活動的同時，具備機構級的風險與合規控管。

Also in February, we announced the Pacific Backbone, a strategic roadmap to invest in a new low-latency cluster across the Asia-Pacific region, beginning with nodes connecting Seoul, Tokyo, Singapore, and Hong Kong. This infrastructure build-up is designed to drive staking and validation; support ecosystem development in the region; and diversify our revenue streams.

同樣在 2 月，我們宣布「Pacific Backbone（太平洋骨幹）」計畫，這是一項策略路線圖，將投資於亞太地區新的低延遲叢集（cluster），首先從連接首爾、東京、新加坡與香港的節點開始。此基礎建設擴建旨在推動質押與驗證；支持區域內生態系發展；並使我們的營收來源更多元化。

Asia-Pacific represent the majority of the world's crypto users; and a substantial share of global cross-border payments and trading activities. Yet, it remains significantly underserved by the Solana existing network infrastructure. The Pacific Backbone is our commitment to closing that gap.

亞太地區擁有全球大多數的加密貨幣使用者；並占全球跨境支付與交易活動相當大的比重。然而，Solana 現有的網路基礎設施在該地區仍明顯不足。Pacific Backbone 是我們致力於縮小此落差的承諾。

We plan to begin activating nodes immediately, optimize performance, and adopt new technologies in the second half of 2026; and launch liquidity-related products and services within the next 12 to 18 months. The build-up is designed to serve market makers, high-frequency traders, exchanges, and traditional finance partners; and is expected to include DeFi, liquid staking, AMM, RPC, and execution services for institutional partners in the region.

我們計畫立即開始啟用節點、最佳化效能，並於 2026 年下半年採用新技術；並在未來 12 至 18 個月內推出與流動性相關的產品與服務。此擴建旨在服務造市商、高頻交易者、交易所與傳統金融合作夥伴；預期將為區域內的機構合作夥伴提供 DeFi、流動質押（liquid staking）、AMM、RPC 與交易執行（execution）等服務。

With that, I'll turn it over to Cosmo to elaborate on our treasury management and capital markets results; and some of the key financials. Cosmo?

接下來，我把時間交給 Cosmo，請他進一步說明我們的庫存管理與資本市場成果，以及部分關鍵財務數據。Cosmo？

Thank you, Joe. Hello, everyone.

謝謝你，Joe。各位好。

I'm Cosmo Jiang, a Director of Solana Company and General Partner at Pantera Capital.

我是 Cosmo Jiang，Solana Company 董事，亦為 Pantera Capital 的普通合夥人。

Pantera has been the asset manager for Solana Company's digital asset treasury since the close of the PIPE transaction in September 2025. I'm proud to report on a relatively strong first six months of operation.

自 2025 年 9 月 PIPE 交易完成交割以來，Pantera 一直擔任 Solana Company 數位資產金庫的資產管理人。我很自豪地報告，我們在營運的前六個月表現相對強勁。

As I noted last quarter, we believe the genesis phase of the digital asset treasury market is over. The white space that we identified earlier in 2025 has been substantially filled. We're now squarely in the execution and consolidation phase. I believe the fourth quarter validated that thesis.

如我在上季所提到的，我們認為數位資產金庫市場的創世階段已經結束。我們在 2025 年初所辨識的市場空白已大幅被填補。我們現在正處於執行與整併階段。我認為第四季驗證了這項論點。

We've seen meaningful differentiation among DApps, with stronger operators or those with institutional sponsorship, transparent reporting, and disciplined capital management, starting to separate from the others.

我們看到 DApp 之間出現顯著分化；具備更強營運能力、或有機構背書、透明揭露與嚴謹資本管理的業者，開始與其他業者拉開差距。

We believe Solana Company is among that leading group. The results we are reporting today, we believe, reflect that.

我們相信 Solana Company 位於該領先群之列。我們今天所報告的結果，我們認為反映了這一點。

Let me begin with staking, as it's one of the most important and differentiated aspects of our business. As of December 31, 2025, Solana Company had staked substantially all of its SOL holdings.

我先從質押（staking）談起，因為這是我們業務中最重要且最具差異化的面向之一。截至 2025 年 12 月 31 日，Solana Company 已將其幾乎全部 SOL 持倉進行質押。

For the fourth quarter of 2025, our internal calculations reflect an average net staking yield of 6.8%. This compares to the system-wide average of 6.2%, using public benchmarking data from research provider Blockworks over the same time period, representing outperformance of nearly 60 basis points.

就 2025 年第四季而言，我們內部計算顯示平均淨質押收益率為 6.8%。相較之下，根據研究機構 Blockworks 於同期間的公開基準資料，系統整體平均為 6.2%，代表我們超越表現接近 60 個基點。

Year to date in 2026, our internal calculations show our staking yield has been 7.0% APY compared to the system-wide average of 6.0%, continuing that same pattern of disciplined outperformance.

2026 年迄今，我們內部計算顯示質押收益率為 7.0%（年化 APY），而系統整體平均為 6.0%，延續同樣嚴謹的超額表現模式。

This staking yield is generated through careful validator selection, active MEV capture, and continuous rebalancing, the same institutional approach that Pantera applies across its broader digital asset portfolio.

此質押收益率來自於審慎的驗證者（validator）選擇、主動的 MEV 捕捉，以及持續的再平衡；這與 Pantera 在其更廣泛的數位資產投資組合中採用的機構級方法一致。

Staking rewards are automatically restaked to compound returns. The result is consistent daily on-chain revenue that can fund the operations of the business and grow the company's SOL per share.

質押獎勵會自動再質押以複利增長報酬。其結果是穩定的每日鏈上收入，可用於支應業務營運並提升公司每股 SOL。

As Joe mentioned, we have recently expanded our yield generation options through an announced collaboration with Anchorage Digital and Kamino, which provides institutional-grade infrastructure for both custody and on-chain borrowing.

如 Joe 所提到的，我們近期透過已宣布與 Anchorage Digital 及 Kamino 的合作，擴大了收益生成選項；該合作為託管與鏈上借貸提供機構級基礎設施。

We're in the early stages of executing against this opportunity and believe it could have the potential to drive an additional 100 basis points to 200 basis points of yield across our asset base.

我們正處於執行此機會的早期階段，並相信其有潛力在我們的資產基礎上額外帶來 100 至 200 個基點的收益率提升。

Turning to capital markets, different market environments and valuation paradigms provide different opportunities. Regardless, we plan to always pursue actions that are accretive on a per share basis.

談到資本市場，不同的市場環境與估值範式會帶來不同的機會。無論如何，我們計畫始終採取能在每股基礎上增值（accretive）的行動。

Since the launch of our digital asset treasury, we've been able to grow SOL per share through both share issuance, as well as share buybacks.

自我們的數位資產金庫啟動以來，我們已能透過發行股份以及回購股份兩種方式，提升每股 SOL。

Early in the fourth quarter, when our stock traded well above 1.0 times (inaudible) NAV, our ATM program was a useful tool for disciplined issuance. We raised over $29 million through the ATM program, with proceeds deployed primarily into SOL purchases.

在第四季初，當我們股價交易價格遠高於 1.0 倍（聽不清）NAV 時，我們的 ATM 計畫是進行有紀律發行的有用工具。我們透過 ATM 計畫募得超過 2,900 萬美元，所得款項主要用於購買 SOL。

When the broader digital assets markets pulled back, we also saw our valuation multiple compress to below 1.0 times (inaudible) NAV; at which point, share repurchases became an accretive option.

當更廣泛的數位資產市場回檔時，我們也看到估值倍數壓縮至低於 1.0 倍（聽不清）NAV；在此情況下，股份回購成為具增值性的選項。

We have now executed over $3 million in share repurchases year to date, under our buyback program adopted this past November, funded primarily by the sale of Solana at prices that were accretive to NAV per share.

在今年迄今，我們已在去年 11 月採納的回購計畫下執行超過 300 萬美元的股份回購；資金主要來自於以對每股 NAV 具增值性的價格出售 Solana。

We believe the ability to operate on both sides of the capital structure, which means issuing when trading at a premium and buying back when trading at a discount, is what makes the ATM and buyback program together such a powerful toolkit to create shareholder value in almost any market environment for this business model.

我們相信，能在資本結構兩端運作——也就是在溢價交易時發行、在折價交易時回購——使得 ATM 與回購計畫結合成為一套極具威力的工具組，幾乎在任何市場環境下都能為此商業模式創造股東價值。

Looking ahead to 2026, we continue to evaluate the full spectrum of capital-formation alternatives, including convertible debt, warrant-link structures, and strategic M&A.

展望 2026 年，我們將持續評估各類資本形成（capital-formation）替代方案的完整光譜，包括可轉換債、權證連結結構，以及策略性併購（M&A）。

We're often in exploratory conversations with many different investors, ranging from retail brokerages to family offices; to strategic corporates; to institutional hedge funds and long-only funds. We do welcome any shareholder feedback and referrals.

我們經常與各類投資人進行探索性對話，範圍涵蓋散戶券商、家族辦公室、策略性企業，以及機構型避險基金與長線（long-only）基金。我們也歡迎任何股東的回饋與引薦。

Next, our treasury, as of December 31, 2025, Solana Company held 2.36 million SOL tokens and $7 million of cash and stablecoins. The company's diluted share count, including common shares and in-the-money warrants, was 84.1 million shares.

接著談我們的金庫：截至 2025 年 12 月 31 日，Solana Company 持有 236 萬枚 SOL 代幣，以及 700 萬美元的現金與穩定幣。公司稀釋後股數（包含普通股與價內權證）為 8,410 萬股。

As of March 27, 2025, Solana Company held 2.33 million SOL tokens. The company's diluted share count, including common shares and in-the-money warrants, was 82.6 million shares. That means that in the six months since the beginning of embarking on our digital asset treasury strategy on September 18, we've actually increased our SOL per share by 14%.

截至 2025 年 3 月 27 日，Solana Company 持有 233 萬枚 SOL 代幣。公司稀釋後股數（包含普通股與價內權證）為 8,260 萬股。這表示，自 9 月 18 日開始推動我們的數位資產金庫策略以來的六個月內，我們的每股 SOL 實際上增加了 14%。

This is measured using the value of the capital raised divided by the price of SOL and the diluted share count at transaction close compared to the March 27 figures just mentioned.

此係以募資金額除以 SOL 價格，並以交易交割時的稀釋後股數計算，與前述 3 月 27 日的數據相比較而得。

We are proud of that meaningful per share accretion from our active management.

我們為主動管理所帶來的這項顯著每股增值感到自豪。

I will now turn the call over to Jeff Mathiesen for the financial results.

接下來我將把電話會議交給 Jeff Mathiesen，說明財務結果。

Thank you, Cosmo.

謝謝你，Cosmo。

Our financial results reflect our full fourth quarter of DAT operations and the full year ended December 31, 2025.

我們的財務結果反映了 DAT 營運的完整第四季，以及截至 2025 年 12 月 31 日止的完整年度。

Our fourth-quarter revenue of $5.2 million included staking revenue of $5.1 million, comprising the majority of the increase from the prior year period. For the full-year 2025, total revenue was $6 million, including $5.5 million of staking revenue, compared to $0.5 million for the full-year 2024.

我們第四季營收為 520 萬美元，其中包含 510 萬美元的質押收入，構成相較去年同期增幅的主要來源。2025 年全年總營收為 600 萬美元，其中包含 550 萬美元的質押收入；相較之下，2024 年全年為 50 萬美元。

For the fourth quarter, cost of revenue was $0.2 million, in line with the prior year period.

第四季的營收成本為 20 萬美元，與去年同期一致。

Selling, general, and administrative expenses for the fourth quarter of 2025 were $13 million compared to $2.2 million reported in the fourth quarter of 2024, due primarily to increased non-cash compensation costs; salaries and wages; digital asset management and custodian fees; as well as legal and professional fees, in conjunction with the addition of the company's DAT strategy.

2025 年第四季的銷售、一般及行政費用為 1,300 萬美元，較 2024 年第四季報告的 220 萬美元增加，主要因非現金薪酬成本增加；薪資與工資；數位資產管理與託管費用；以及因新增公司 DAT 策略而產生的法律與專業服務費用。

Research and development expenses were $0.9 million, in line with the prior year period.

研發費用為 90 萬美元，與去年同期一致。

Total operating expenses for the fourth quarter of 2025 were $206.1 million compared to $3.1 million in the fourth quarter of 2024. Operating expenses included non-cash charges of $178.3 million of unrealized loss on digital intangible assets and digital assets receivable; $12.1 million for realized loss on digital intangible assets; and $2.1 million for unrealized loss on digital assets on investment due to the decline in the value of SOL.

2025 年第四季總營業費用為 2.061 億美元，較 2024 年第四季的 310 萬美元大幅增加。營業費用包含非現金費用：數位無形資產及應收數位資產的未實現損失 1.783 億美元；數位無形資產的已實現損失 1,210 萬美元；以及因 SOL 價值下跌導致投資持有之數位資產未實現損失 210 萬美元。

The resulting loss from operations for the fourth quarter of 2025 was $201.1 million compared to a loss of $3.1 million in the prior year period.

因此，2025 年第四季營業損失為 2.011 億美元，較去年同期 310 萬美元的損失增加。

Current-year non-operating income for the fourth quarter was $526.6 million and included a $526.3 million gain from the change in fair value of derivative liability related to the stapled warrants from the September PIPE transaction compared to non-operating loss of $0.8 million in the prior year period, comprised mostly of foreign exchange loss.

本年度第四季的營業外收益為 5.266 億美元，其中包含與 9 月 PIPE 交易之綑綁權證（stapled warrants）相關的衍生負債公允價值變動所產生的 5.263 億美元收益；相較之下，去年同期營業外損失為 80 萬美元，主要由外匯損失構成。

We reported net income for the fourth quarter of 2025 of $325.6 million or earnings of $4.25 per basic and diluted common share, based on weighted average shares outstanding of 76.6 million.

我們報告 2025 年第四季淨利為 3.256 億美元，或每股基本及稀釋普通股盈餘 4.25 美元，係以加權平均流通在外股數 7,660 萬股計算。

We had a net loss of $3.9 million in the prior year period or a loss of $793.01 per basic and diluted share. For the full-year 2025, we reported a net loss of $40.9 million or a loss of $1.85 per basic and diluted common share, based on weighted average shares of 22.0 million, compared to a net loss of $11.7 million or a loss of $3,282.26 per basic and diluted common share for the full-year 2024.

我們在前一年同期錄得淨虧損390萬美元，或每股基本及攤薄虧損793.01美元。2025全年，我們錄得淨虧損4,090萬美元，或按加權平均股數2,200萬股計算，每股基本及攤薄普通股虧損1.85美元；相較之下，2024全年淨虧損為1,170萬美元，或每股基本及攤薄普通股虧損3,282.26美元。

At December 31, 2025, we had $7.3 million in cash and approximately $293.7 million of digital assets, comprised of $217.7 million in digital intangible assets, $70.4 million in digital assets receivable, and $5.6 million in digital assets fund investment, for a combined total, approximately $301 million.

截至2025年12月31日，我們持有現金730萬美元及約2億9,370萬美元的數位資產，其中包括2億1,770萬美元的數位無形資產、7,040萬美元的應收數位資產，以及560萬美元的數位資產基金投資；合計約3.01億美元。

Total assets were $303 million. Total shareholders' equity was $300.9 million at year end.

總資產為3.03億美元。年末股東權益總額為3.009億美元。

With that, operator, let's now open the call up for questions.

那麼，接線員，現在我們開放提問。

Certainly. (Operator Instructions)

好的。(接線員指示)

Fedor Shabalin, B Riley.

Fedor Shabalin，B Riley。

Thank you very much, operator. Good afternoon, everyone. Thank you for the update.

非常感謝，接線員。各位下午好。謝謝你們的更新。

I just have a couple of questions.

我只有幾個問題。

First one is on ATM and buybacks. Beyond these two tools and the stake in yield compounding organically, what incremental capital-rising structures are you actively evaluating? That's maybe specifically SOL-collateralized term lending beyond the Kamino facility or maybe structured equity products on the table? How do you think about the accretion model for each, relative to the dilution cost of the ATM at current levels?

第一個是關於ATM與庫藏股回購。除了這兩項工具，以及在收益複利方面的有機持股之外，你們目前正積極評估哪些額外的募資架構？例如，是否考慮在Kamino融資安排之外，進一步推出以SOL作為抵押的定期貸款，或是有結構型股權產品在評估中？相較於目前水準下ATM的稀釋成本，你們如何看待各種架構的增厚（accretion）模型？

Thank you.

謝謝。

Cosmo, looks like a question for you.

Cosmo，看起來這題是問你的。

Yeah. Thanks, Fedor, for the question.

是的。謝謝你提問，Fedor。

We're thinking pretty broadly about what the capital markets opportunities are to us. We're trying to optimize for the lowest cost of capital that we can get.

我們對資本市場機會的思考相當廣泛。我們正努力把資金成本優化到能取得的最低水準。

Clearly, when our stock is trading below 1 times NAV, we think share buybacks are a pretty powerful tool to accrete value per share for our shareholders. We have an outstanding share buyback program that we'll continue to pursue.

很明顯，當我們股價低於淨資產價值（NAV）的1倍交易時，我們認為股票回購是相當有力的工具，可為股東提升每股價值（增厚）。我們有一項仍在進行中的股票回購計畫，並會持續推進。

At the same time, there are interesting ways where we can raise additional capital in a prudent way, as long as it is accretive to our shareholders.

同時，只要能為股東帶來增厚，我們也有一些審慎募集額外資本的有趣方式。

Some of the options that are out there that we've seen some of our competitors do include things like convertible debt with a high strike or high-strike warrants; structured equity notes, with -- where the common is being sold above NAV, potentially with additional kickers above NAV; as well as the preferred equity options.

我們看到一些競爭對手採用的選項包括：高轉換價的可轉換債，或高行使價的認股權證；結構型股權票據——在普通股以高於NAV的價格出售的情況下，可能再搭配高於NAV的額外增益條款；以及優先股等選項。

We're evaluating all these. It really comes down to where we think we can get the best terms and where the market is. It does seem like that there is appetite to do things. But you guys will know when we actually do execute.

我們正在評估上述所有方案。歸根結底取決於我們認為能取得的最佳條件，以及市場狀況。看起來市場確實有意願做一些交易。但等到我們真正執行時，你們就會知道。

We are going to be focused on, to the extent that we are, selling our volatility via warrants; that we are selling volatility at a price that makes sense. We do think there's a reasonable world where we can continue to sell our volatility and do so via either convertible debt or equity -- structured equity.

我們將專注於：在我們透過認股權證出售波動度的情況下，必須以合理的價格出售波動度。我們確實認為，在一個合理的情境下，我們可以持續出售波動度，並透過可轉換債或結構型股權等方式來進行。

Thank you very much for the color. That's helpful.

非常感謝你提供的補充說明。這很有幫助。

My second one -- Cosmo, probably, for you, again -- in your press release, your quoted referencing pursuing highly selective strategic capital markets transactions to advance the company's objectives. Can you help me understand what highly selective actually means in practice?

第二個問題——Cosmo，可能還是問你——在你們的新聞稿中，你提到將推進「高度選擇性」的策略性資本市場交易，以達成公司的目標。你能幫我理解「高度選擇性」在實務上具體代表什麼嗎？

The company has already launched the Kamino-Anchorage borrowing structure and the new -- recently announced Pacific Backbone structure initiative. Does strategic capital markets transactions refer to new instruments like tokenized equity through Superstate's Opening Bell, Solana-denominated convertible structures, or potentially mergers with complementary DAT vehicles?

公司已經推出Kamino-Anchorage的借款架構，以及近期宣布的Pacific Backbone架構倡議。所謂策略性資本市場交易，是否指像是透過Superstate的Opening Bell進行代幣化股權、以Solana計價的可轉換架構，或是與互補的DAT載體進行潛在合併等新工具？

Given that Solana Company's fully diluted share count moved a little bit by late March through warrant exercises and buyback, what is the internal hurdle rate or Solana per share accretion test the transaction must clear before you would proceed in current environment?

鑑於Solana Company的完全稀釋股數在3月底因認股權證行使與回購而略有變動，在目前環境下，你們內部的門檻報酬率（hurdle rate）或「每股Solana增厚」測試，需要達到什麼標準才會推進交易？

Thank you very much.

非常感謝。

Fedor, it's Joseph Chee here.

Fedor，我是Joseph Chee。

Maybe I'll start with one point. And then, I think you have, like, multiple questions buried in one question.

我先回應一點。然後我覺得你其實把好幾個問題藏在同一個問題裡。

When we talk about highly selective strategic, it is like Cosmo said: It's important that we raise capital at the right level so that it's accretive to for our shareholders. But, at the same time, one important consideration that we bear in mind is, also, to bring in, like, high-quality strategic investors. Not only they would -- their name on our share register, which means something to the market, would actually promote the credibility and reputation of the firm.

當我們談到「高度選擇性」的策略性交易時，就像Cosmo所說：重要的是我們要在合適的水準募資，讓交易能對股東具增厚效果。但同時，我們也會考量另一個重要因素：引入高品質的策略性投資人。不僅是他們的名字出現在我們的股東名冊上——這對市場具有意義——也能提升公司的可信度與聲譽。

Also, I think some of the strategic investors may work with us on some of the strategic business build-out or opportunities. They might be someone that is very close to the Solana ecosystem.

此外，我認為部分策略性投資人也可能在一些策略性業務建置或機會上與我們合作。他們可能是與Solana生態系非常接近的夥伴。

I think part of this statement here, when they (inaudible) highly selective strategic capital market transaction, it also means optimizing the shareholder register and bringing some of the good investors onto register to help us grow and, also, to get them onto the Solana ecosystem.

我想這段話的一部分意思是：當我們（聽不清）「高度選擇性」的策略性資本市場交易時，也代表要優化股東名冊，把一些優質投資人納入名冊，協助我們成長，並且也讓他們進入Solana生態系。

We're going to build out their businesses on the blockchain, right?

我們會在區塊鏈上建置他們的業務，對吧？

Then, for the rest of the question that talks about hurdle rates and things like that, I'll leave that to Cosmo.

至於你問題後半段提到的門檻報酬率等，我就交給Cosmo來回答。

Thanks, Joe. Fedor, again, great question.

謝謝，Joe。Fedor，再次，這是個很好的問題。

I would say, I apologize -- pre-apologize -- for this: It is dependent on what the market will give us. There's our controllables that we can control. And then, there's the uncontrollables that are out of our hands.

我想我得先——先道個歉——因為這取決於市場願意給我們什麼條件。有些是我們可控的因素。也有些是我們無法掌控的外部因素。

From a controllable perspective, I hope you can trust me when I say that we are aggressively looking at anything under the sun that is reasonable.

從可控的角度來看，希望你能相信我：我們正積極評估所有合理可行的選項。

Now, all the options are out there. We're talking to existing investors that have been with us for a long time. We're talking to new investors who are looking at DATs, who have been looking at DATS for a long time; or even new investors that have not looked at DATs but are looking for Solana exposure in an alpha-generative way. And so we're talking to all these folks about what kinds of things make the most sense for them.

目前所有選項都在桌面上。我們正在與長期支持我們的既有投資人溝通。我們也在與新的投資人溝通——他們長期關注DAT，或甚至是過去沒有看過DAT、但正在尋找以產生alpha的方式取得Solana曝險的新投資人。因此，我們正與這些人討論，什麼樣的安排對他們最合理。

There is a little bit of a -- when you talk about accretion, different structures can be accretive on different time horizons, as well, right? There are some transaction structures where it maybe looks a little less accretive near term but it's actually very accretive long term, especially when you think about the strategic benefits it might bring to us; some of which, Joseph Chee just mentioned.

談到增厚時，還有一點是：不同架構在不同時間尺度上可能呈現增厚效果，對吧？有些交易架構在短期看起來增厚較少，但長期其實非常增厚，尤其當你把它可能帶來的策略性效益納入考量時；其中一些效益，Joseph Chee剛剛也提到了。

I think the other color I would give you is that, we are active repurchasers of our stock. I'd say that continues to be an interesting avenue.

我想我能補充的另一點是：我們確實在積極回購自家股票。我會說這仍然是一條很有意思的途徑。

If someone were to do the math, they would be able to get to probably something like double-digit type accretion that we're targeting. That said, there's always opportunity to do things for less than that, with less accretion than that.

如果有人去做一下數學計算，他們大概會得出我們所鎖定的、可能是兩位數類型的增值（accretion）。話雖如此，總是有機會以更低的成本去做事情，增值幅度也可能低於那個水準。

I am very proud to say that we are managing both the asset side of the balance sheet, as well as the liability side of the balance sheet.

我非常自豪地說，我們同時在管理資產負債表的資產端，以及負債端。

The asset side, which means buying things well, finding opportunities to acquire Solana in interesting ways beyond just buying spot Solana; and, the liability side, all the capital markets transactions we've been talking about.

資產端，指的是把東西買得好、找到機會以有趣的方式取得 Solana，而不只是直接在現貨市場買 Solana；而負債端，則是我們一直在談的所有資本市場交易。

In aggregate, in the six months since we've started doing this, I would say it's pretty compelling that we've been able to grow Solana per share by 14%, all right, over six months. Now, I'm definitely not saying that that is what we will do, going forward, or necessarily that the market will present opportunities for us to do that. But, at least, (inaudible) inception to date of this strategy, we're pretty happy about those results.

整體而言，在我們開始做這件事之後的六個月裡，我會說相當有說服力的是，我們已經把每股 Solana 提高了 14%，好，六個月內。當然，我絕對不是說未來我們也會這樣做，或市場一定會提供讓我們做到這件事的機會。但至少，就這個策略自（聽不清）啟動至今的表現而言，我們對這些結果相當滿意。

Okay. That's clear. Thank you very much.

好的。很清楚。非常感謝。

Thank you very much for your color. Continued best of luck.

非常感謝你提供的補充說明。祝你接下來一切順利。

Matthew Galinko, Maxim Group.

Matthew Galinko，Maxim Group。

Hey. Appreciate you taking my questions.

嗨。感謝你回答我的問題。

You touched on the the DATs space entering consolidation phase. Just hoping maybe you could go a little bit deeper into how you see that playing out and over what timeframe we might see consolidation, particularly in the SOL DATs.

你提到 DATs 領域正在進入整併階段。我希望你能再深入一點談談你認為這會如何發展，以及我們可能在什麼時間範圍內看到整併，特別是在 SOL 的 DATs 方面。

Thanks.

謝謝。

Thank you, Matthew.

謝謝你，Matthew。

It looks like you have -- your question is actually for Cosmo, as well. Cosmo?

看起來你的問題其實也要問 Cosmo。Cosmo？

Yeah. It's a great question.

是的。這是個很好的問題。

Look, I would say, I wear a few hats:

你看，我會說我身兼數職：

One is certainly as Director of HSDT and the other is as an investor at Pantera Capital, where we've invested in many of these DATs.

其中一個當然是 HSDT 的董事，另一個則是 Pantera Capital 的投資人，我們投資了許多這類 DATs。

I think you'll realize that a lot of these DATs were formed not so long ago, right? I'm realizing that, now, it's almost exactly the one-year anniversary of when I decided to kick off investing in these digital asset treasuries, which really kicked off the boom in the DATs space -- almost exactly a year ago, today.

我想你會意識到，很多這些 DATs 其實是不久前才成立的，對吧？我現在才發現，幾乎正好是一年前，我決定開始投資這些數位資產金庫（digital asset treasuries），也就是大約在今天一年前，真正引爆了 DATs 領域的熱潮。

Amd so a lot of these companies and management teams have only been at it for, at most, a year, which was an early one or, more likely, three to six months. And so, as you would expect, many of these people who came in with the right intentions still believe they have the right to win.

所以，很多這些公司和管理團隊最多也才做了一年；如果是比較早期的也就一年，更多的可能只有三到六個月。因此，如你所預期，許多帶著正確初衷進來的人，仍然相信自己有勝出的權利。

And so it's going to take some time for some management teams to realize they either are not going to make it or they need to throw in the towel. And so That takes some time for people to come to that realization. Amnd so that's one thing to think about.

所以，會需要一些時間讓某些管理團隊意識到，他們要嘛撐不下去，要嘛需要認輸退出。因此，人們要走到這個認知需要時間。所以這是其中一個需要思考的點。

The other is, strategically, it has to be a good fit; and, culturally, it has to be a good fit. It takes two to tango, ultimately, with consolidation.

另一個是，從策略面來看必須是很好的契合；從文化面來看也必須是很好的契合。最終要完成整併，必須雙方都有意願。

To date, we've only seen one instance of DATs consolidation in the Bitcoin space. We haven't seen anything else.

截至目前，我們只在比特幣領域看過一次 DATs 的整併案例。除此之外，還沒有看到其他案例。

But I think it's the easiest way to consolidate for me: Solana DATs to Solana DATs. It is possible that we see acquisition opportunities of other assets -- and, certainly, of other asset DATs that could be accretive, even if they're acquired by a Solana DATs.

但我認為對我來說最容易的整併方式是：Solana 的 DATs 併 Solana 的 DATs。也有可能我們會看到收購其他資產的機會——當然也包括其他資產的 DATs；即使是由 Solana 的 DATs 來收購，只要能帶來增值（accretive），也可能是可行的。

We're looking. We're considering things pretty widely. But it does take two to tango. It does take a management team that's willing to realize that the right path forward is consolidation.

我們正在觀察。我們也在相當廣泛地評估各種可能。但這確實需要雙方都有意願。也需要對方管理團隊願意認知到，正確的前進道路是整併。

And then, just as importantly, there is the concept of whether it's accretive enough. While the math is tricky; while everyone trades below 1 times NAV, there are ways to structure it. We don't want to give away all the capital-markets special sauce that we're working on.

然後，同樣重要的是，還有一個概念：增值幅度是否足夠。雖然計算很棘手；雖然大家都在 1 倍 NAV 以下交易，但仍有一些結構化的方法。我們不想把我們正在研究的資本市場「獨門配方」全部透露出來。

There are interesting things that we can do. And so we're working through that. Hopefully, there's something to do eventually but, unfortunately, nothing to report today.

我們可以做一些很有意思的事情。所以我們正在推進這些工作。希望最終能做成一些事，但很可惜，今天沒有可以報告的內容。

Great. That's super helpful. Appreciate it. Look forward to seeing where that goes.

很好。這非常有幫助。感謝。期待看看後續會如何發展。

My follow-up question, just on a clean-up on the model. Your SG&A was about $13 million in the fourth qaurter.

我的追問是，針對模型做個釐清。你們第四季的 SG&A 大約是 1,300 萬美元。

I'm just curious if that's a good number to use as the run rate on a GAAP basis in 2026? Or is that a little bit inflated for the early stages of operating through the DAT launch?

我只是想確認，這個數字是否適合作為 2026 年 GAAP 口徑的常態化費用水準（run rate）？還是說，因為 DAT 啟動初期的營運，這個數字有點偏高？

Thanks.

謝謝。

Again, thank you for the questions.

再次感謝你的提問。

I think it's probably a question that our CFO, Jeff, should answer. Jeff?

我想這大概是我們 CFO Jeff 應該回答的問題。Jeff？

Are you able to hear me?

你聽得到我嗎？

Now, I can. Yes.

現在聽得到。是的。

Okay. All right.

好。好的。

(inaudible) we talked about was the non-cash compensation expense that came in during the quarter.

（聽不清）我們談到的是本季出現的非現金薪酬費用。

And then, also, we had higher run rate for legal and professional fees, as we were setting up this new business for us.

另外，因為我們在為這個新業務做建置，法律與專業服務費用的常態水準也比較高。

As we get moving forward, some of that should come out of our future costs.

隨著我們往前推進，其中一部分應該會從未來成本中消退。

Obviously, it's going to somewhat fluctuate, as we do some of the business. But I would say, for the most part, fourth quarter was higher than what you (inaudible) expect.

當然，隨著我們進行一些業務，費用會有一定程度的波動。但我會說，大致上第四季的水準高於你（聽不清）所預期的。

Thank you.

謝謝。

Bill Papanastasiou, Chardan Capital Markets.

Bill Papanastasiou，Chardan Capital Markets。

Yeah. Good evening, gentlemen. Thank you for taking my questions.

是的。各位先生晚安。謝謝你們回答我的問題。

For the first one -- apologize if I missed this -- but just clarification: Is the Anchorage collaboration active today? Are you able to share how that's going in the early days; and what institutions you're seeing the most demand from using this product or which ones you plan on targeting first?

第一個問題——如果我漏聽了先說聲抱歉——我想確認一下：你們與 Anchorage 的合作目前已經啟動了嗎？你們能否分享一下初期進展如何；以及你們看到哪些機構對使用這個產品的需求最大，或你們計畫優先鎖定哪些機構？

Thanks.

謝謝。

No worries, Bill. You didn't miss anything.

不用擔心，Bill。你沒有漏掉任何內容。

Cosmo?

Cosmo？

Bill, thanks for dialing in.

Bill，謝謝你撥入。

The Anchorage partnership is still -- we're still working out the kinks. We're pretty excited to deploy. But we want to do so in a risk-managed way and in a way that makes sense.

Anchorage 的合作夥伴關係目前仍在——我們還在把一些細節問題（kinks）理順。我們對部署非常興奮。但我們希望以風險可控的方式、以及合理的方式來推進。

We anticipate that being relatively soon. But it has not yet taken off.

我們預期會在相對不久的時間內發生。但目前還沒有真正啟動。

I would say that some of the most interesting opportunities that exist on Kamino today relate to some of their private credit yields or, rather -- sorry -- relate to their more housing-backed financing opportunities, such as PRIME, which yields in the 7%-plus range; or some of the other stablecoin yields, which are in the 6%-plus range.

我會說，今天在 Kamino 上一些最有意思的機會，與他們的某些私募信貸收益有關，或者——抱歉——更準確地說，是與他們更多以住房作為抵押的融資機會有關，例如 PRIME，收益率在 7% 以上；或其他一些穩定幣收益率，在 6% 以上的區間。

We believe we're able to borrow closer to 3% to 4% to be able to pursue those opportunities. And so that is a really interesting spread.

我們相信，我們能以更接近 3% 到 4% 的利率借款，從而把握那些機會。因此，這是一個非常有意思的利差。

Now, we want to do so, again, in a risk-managed and controlled way. But we do think that that is available to us. We feel pretty good about about the capacity of those opportunities.

當然，我們希望再次以風險可控、受控的方式來做。但我們確實認為這對我們而言是可行的。我們對這些機會的承載容量感到相當有信心。

We do think that, as the first ones to really do this, we anticipate that other people will want to follow and will likely follow in our footsteps. We certainly welcome that for the growth of the Solana ecosystem.

我們確實認為，作為第一批真正這麼做的人，我們預期其他人會想要跟進，而且很可能會追隨我們的腳步。我們當然歡迎這件事，因為這有助於 Solana 生態系的成長。

We're doing this as much for growing our actual yield that we can generate at Solana, as well as to make sure that the underlying Solana token, which we believe in and are invested in, also increases in value, as we participate in the ecosystem and encourage others to participate.

我們這麼做，一方面是為了提升我們在 Solana 上能夠產生的實際收益率；另一方面也是為了確保我們所看好並已投資的底層 Solana 代幣（SOL）在我們參與生態並鼓勵他人參與的同時，也能提升其價值。

Right now, we haven't seen a lot of other institutions start to deploy yet in Solana DeFi. I think a big piece of that is the regulatory clarity. People are looking for market structure legislation to pass in order to come into DeFi in a much bigger way.

目前我們還沒有看到很多其他機構開始在 Solana DeFi 上部署。我認為其中很大一部分原因是監管明確性。大家都在等待市場結構相關立法通過，才會以更大規模進入 DeFi。

But, when we do, we believe the on-chain yield available to us on Solana could actually increase, in addition to capacity increasing. And so we're excited about that opportunity in the medium-term horizon.

但是，一旦真的發生，我們相信在 Solana 上我們可獲得的鏈上收益率可能會上升，同時承載容量也會增加。因此，我們對中期時間範圍內的這個機會感到興奮。

Great. Appreciate that color.

很好。感謝你提供這些補充說明。

And then, one last question, if I may; just a high-level one on the Solana ecosystem.

然後，如果可以的話，最後一個問題；是一個關於 Solana 生態系的高層次問題。

Taking a step back and looking at the landscape, obviously, there's a lot of excitement with tokenization of real-world assets and bringing TradFi markets on-chain. Perhaps, you can just provide your view on where Solana sits in all of this; and how you see it competing with the other networks that are going after similar markets.

退一步看整體格局，顯然市場對現實世界資產（RWA）代幣化以及把傳統金融（TradFi）市場搬到鏈上有很多期待。也許你可以談談你對 Solana 在其中所處位置的看法；以及你如何看待它與其他同樣瞄準類似市場的網路競爭。

Cosmo, you want to go first? I'll supplement.

Cosmo，你要先說嗎？我再補充。

Yeah. Happy to.

好。很樂意。

Yeah.

好。

Look, Bill, thank you so much for asking that.

Bill，謝謝你提出這個問題。

As much as an investment in Solana Company is about investing in our management team's ability to execute against this plan and grow Solana, for sure, in an effective way, the most important piece of that function is certainly Solana itself -- the SOL itself and its value growth.

投資 Solana Company，固然是在投資我們管理團隊執行這個計畫並有效推動 Solana 成長的能力；但其中最重要的一環，無疑是 Solana 本身——也就是 SOL 本身及其價值成長。

This really comes back to why we are so excited about pursuing a Solana-based digital asset treasury. Because one of the areas that we're seeing -- really finding product-market fit, right now, across blockchain technology is this concept of real-world assets, tokenization, and everything that you can do with that when you put it into DeFi.

這其實回到我們為何對打造以 Solana 為基礎的數位資產金庫如此興奮。因為我們看到，當下在區塊鏈技術中真正找到產品市場契合（product-market fit）的一個領域，就是現實世界資產、代幣化，以及把它放進 DeFi 後你能做的所有事情。

Solana is very well positioned because Solana's speed, low fees, broad retail and institutional distribution make it one of the most compelling networks for RWA tokenization. Solana is the number 3 blockchain for RWAs, with $1.7 billion on chain; and the number 2 network for tokenized stocks, with over $260 million of value locked.

Solana 的定位非常有利，因為 Solana 的速度、低費用、廣泛的零售與機構分發，使其成為 RWA 代幣化最具吸引力的網路之一。Solana 是 RWA 的第 3 大區塊鏈，鏈上規模達 17 億美元；同時也是代幣化股票的第 2 大網路，鎖倉價值超過 2.6 億美元。

According to Blockworks Research, Solana has facilitated almost 98% of tokenized equity spot volume by blockchain, showing that Solana is actually -- while it may be the second or third place for a number of assets, it's actually the chain where assets actually move and are traded.

根據 Blockworks Research，Solana 幾乎促成了按區塊鏈計算的代幣化股票現貨成交量的 98%，這顯示 Solana 實際上——即使在多種資產上可能排名第二或第三——卻是資產真正流動與交易發生的那條鏈。

The top 3 contributors to Solana's RWA TVL are BlackRock products, their tokenized treasuries; Prime, which is issued by Figure Markets in asset-backed credit; and Ondo's US treasuries.

Solana 的 RWA TVL 前三大貢獻者是 BlackRock 的產品（其代幣化美國國債）、Prime（由 Figure Markets 發行的資產擔保信貸），以及 Ondo 的美國國債產品。

There's a growing roster of institutional partnerships already live on the network, from Apollo Global and their tokenized private credit fund to Janus Henderson and their two tokenized funds on Solana or VanEck Treasury Fund or Franklin Templeton's money market fund.

目前網路上已上線的機構合作夥伴名單也在擴大，從 Apollo Global 的代幣化私募信貸基金，到 Janus Henderson 在 Solana 上的兩檔代幣化基金，或是 VanEck Treasury Fund、Franklin Templeton 的貨幣市場基金等。

And so we really look forward to seeing the continued traction from these [asset] issuers, as well as new issuers and new products, as the RWA tokenization market matures.

因此，隨著 RWA 代幣化市場逐步成熟，我們非常期待看到這些（資產）發行方持續帶來動能，以及更多新發行方與新產品的出現。

Thanks, Cosmo.

謝謝你，Cosmo。

Bill, just to add on to that, right? I think I've been asked that question many times, whether it's -- we get various functions and dinners and seminars, right?

Bill，我再補充一下，對吧？我被問過很多次這個問題，不管是在——我們參加各種活動、晚宴和研討會，對吧？

Like, all of the RWA that you get onto the chain, where's the liquidity coming from? That's probably the biggest question mark for most people around the world. Let's say you have another 10 trillion of assets coming on chain. Who's buying it?

像是，你把所有 RWA 放到鏈上之後，流動性從哪裡來？這大概是全球大多數人最大的疑問。假設又有 10 兆美元的資產上鏈。誰來買？

We think that a lot of this liquidity that we're buying -- this on-chain asset (inaudible) an accumulation of stablecoins and crypto-based payments, mainly from cross-border payments -- a lot of that probably has to do with trade, over time.

我們認為，我們正在買入的這些流動性——這些鏈上資產（聽不清）——很大一部分來自穩定幣的累積以及以加密為基礎的支付，主要是跨境支付；其中相當一部分長期來看可能與貿易有關。

In various functions we did talk about this. I think, as you could see that, last year, the broad numbers, the stablecoin payments are ready to hit something, like, over $30 trillion, right? A lot of this -- I think, over time, they will stay in the form of crypto, instead of turning back to fiat.

我們在各種場合也談過這點。我想你也看到，去年從宏觀數據來看，穩定幣支付規模已準備要達到類似超過 30 兆美元，對吧？其中很多——我認為隨著時間推移，它們會以加密形式留存，而不是再換回法幣。

If you think about Solana, especially if you think about the export and cross-border trade, a big part of it has to do with Asia, China being one of them -- the markets that's very export led.

如果你看 Solana，尤其是出口與跨境貿易，很大一部分與亞洲有關，中國就是其中之一——這些市場非常以出口為導向。

As you know, for all these cross-border trading companies, manufacturing companies, speed and certainty, lowering the FX risk, is important. But cost is also very important.

如你所知，對所有這些跨境貿易公司、製造業公司而言，速度與確定性、降低外匯風險都很重要。但成本也同樣非常重要。

And then, you can see all that point towards Solana. That's why we're also spending quite a bit of work in different parts of Asia. Especially, there are a lot of import-export trade and a lot of cross-border payments.

而你會看到，這些因素都指向 Solana。這也是為什麼我們在亞洲不同地區投入了相當多的工作。特別是那些有大量進出口貿易與大量跨境支付的地方。

We believe that Solana, probably, will be one of the main blockchain, if not the blockchain, to use for a lot of these cross-border payments.

我們相信 Solana 很可能會成為這些跨境支付所使用的主要區塊鏈之一，甚至可能就是主要的那一條。

Great. Thank you for all the color.

很好。謝謝你提供這些補充說明。

I would now like to turn the call back to Joseph Chee for closing remarks.

我現在想把電話交回給 Joseph Chee，請他做結語。

Thank you. Thank you, all, for joining Solana Company's fourth-quarter, full-year 2025 operating results update. Thanks for all the good questions.

謝謝。感謝各位參加 Solana Company 2025 年第四季及全年營運結果更新。也謝謝大家提出的好問題。

We are pleased about the progress we have made this year. Look forward to sharing further updates next quarter.

我們對今年取得的進展感到滿意。期待在下個季度分享更多更新。

Operator, it's time to close up the call. Thank you.

接線員，現在可以結束電話會議了。謝謝。

This concludes today's program. Thank you for participating. You may now disconnect.

今天的節目到此結束。感謝您的參與。您現在可以掛線。