Solana Co (HSDT) 2026 Q1 法說會逐字稿

Thank you for standing by, and welcome to the Solana Company's first-quarter operating results conference call. (Operator Instructions)

感謝各位稍候，歡迎參加 Solana Company 第一季營運成果電話會議。（接線員指示）

As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Sarina Jassy, Investor Relations. Please go ahead.

提醒各位，今天的節目將進行錄音。現在我想介紹今天節目的主持人，投資人關係 Sarina Jassy。請開始。

Thank you, operator. 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, May 15, 2026, only and includes forward-looking statements and opinion statements, including predictions, estimates, plans, expectations and other similar information. 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 filed with the United States Securities and Exchange Commission or the SEC on March 31, 2026, as well as in subsequent filings with the SEC. Our SEC filings can be found on our website or on the SEC's website.

謝謝，接線員。在我們開始之前，我想提醒各位，今天電話會議中對各位問題的評論與回覆僅反映管理層截至今日（2026 年 5 月 15 日）的觀點，並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。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在我們今日稍早發布的新聞稿，以及我們於 2026 年 3 月 31 日向美國證券交易委員會（SEC）提交的 Form 10-K 年度報告中「風險因素」章節，並在其後向 SEC 提交的文件中有更完整的說明。我們的 SEC 申報文件可在本公司網站或 SEC 網站查閱。

Investors are cautioned not to place undue reliance on forward-looking statements. We disclaim any obligation to update or revise these forward-looking statements. Please note that this conference call will be available for audio replay on our website under the News and Events section of our Investor Relations page. With that, I would now like to turn the call over to Solana Company's Chairman, President and Chief Executive Officer, Joseph Chee.

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。另請注意，本次電話會議將於我們網站投資人關係頁面的「新聞與活動」欄位提供音訊重播。接下來，我想把電話交給 Solana Company 董事長、總裁兼執行長 Joseph Chee。

Thank you, Sarina. Good afternoon, everyone, and welcome to Solana Company's First Quarter 2026 Earnings Call. I'm pleased to report on another quarter of significant progress as we continue to build out our multifaceted digital asset treasury platform and execute our Solana treasury strategy. Before diving into our strategic initiatives, I would like to highlight key additions to the Solana Company in early April. We welcome Madelene Gani as our Chief Operating Officer and Deputy Chief Financial Officer; and today announced that she will serve as our Chief Financial Officer, Treasurer and Secretary.

謝謝你，Sarina。各位下午好，歡迎參加 Solana Company 2026 年第一季財報電話會議。我很高興向各位報告，我們在持續打造多元化的數位資產金庫平台並執行 Solana 金庫策略的過程中，又取得了一個季度的重大進展。在深入介紹我們的策略性計畫之前，我想先強調我們在 4 月初對 Solana Company 的幾項重要人事增補。我們歡迎 Madelene Gani 加入，擔任營運長及副財務長；並於今日宣布她將出任財務長、財務主管（Treasurer）及公司秘書。

Madelene is joining us on this earnings call for the first time, and she will be presenting our financial results later in the call. In late April, we closed the strategic capital raise as disclosed in our public filings. The incremental offering led by global institution investor, Mirae, we participation by HashKey marks an inflection point demonstrating both deep commitment from leading APAC institutional investors and the market premium for our Solana strategy. Now turning to the first quarter of 2026. In a quarter of crypto market volatility and headwinds, I'm proud of our first quarter's performance and how we stayed focused on execution with strategic use of capital markets, on-chain opportunities and operational discipline enabled the company to maximize our SOL per shares during the first quarter.

Madelene 首次參加我們的財報電話會議，並將在稍後說明我們的財務結果。4 月下旬，我們完成了在公開申報文件中揭露的策略性募資。由全球機構投資人 Mirae 主導、HashKey 參與的增額發行，標誌著一個拐點，展現亞太地區領先機構投資人對我們 Solana 策略的深度承諾，以及市場對該策略所給予的溢價。接著談 2026 年第一季。在加密市場波動與逆風的季度中，我為我們第一季的表現感到自豪；我們始終專注於執行，透過策略性運用資本市場、鏈上機會與營運紀律，使公司在第一季得以最大化每股 SOL（SOL per share）。

Our first quarter revenue increased exponentially from the prior year. Notwithstanding the volatility of Solara price, we remain resilient and continued our execution of generating consistent staking reward of 32,500 Solara tokens in the first quarter of 2026 compared to 34,000 Solara tokens in the fourth quarter 2025.

我們第一季營收較去年同期呈指數級成長。儘管 Solara 價格波動，我們仍展現韌性，並持續執行策略：於 2026 年第一季產生穩定的質押獎勵 32,500 枚 Solara 代幣，相較之下，2025 年第四季為 34,000 枚 Solara 代幣。

At Solara Company, we are building a diversified revenue engine, architected to target institutional demand in what we believe to be one of the fastest-growing digital asset region in the world. We support the growth of on-chain ecosystem through 3 integrated revenue-generating service lines. Advisory services, we provide bespoke advisory to traditional financial institutions and corporates, enabling them to unlock tangible business value through blockchain adoption. Second, validated infrastructure. We offer what we call Pacific Backbone, a compliant high-performance infrastructure necessary for regulated institutions to scale staking and validation activities in Solana.

在 Solara Company，我們正在打造多元化的營收引擎，架構設計旨在滿足機構需求；我們相信亞太是全球成長最快的數位資產區域之一。我們透過三條整合式、可創造營收的服務線來支持鏈上生態系的成長。第一，顧問服務：我們為傳統金融機構與企業提供量身打造的顧問服務，協助其透過採用區塊鏈解鎖可衡量的商業價值。第二，驗證基礎設施：我們提供稱為「Pacific Backbone」的合規高效能基礎設施，這是受監管機構在 Solana 上擴展質押與驗證活動所必需的。

Platform business is the third piece. We bring an AI-powered end-to-end compliance stack. This serves as the critical foundation for long-term collaborative digital asset operations, seamlessly connecting our global business partners. With these initiatives, represent a multiyear trajectory, we expect the operational impact to be felt within this fiscal year. We are not simply participating in APAC growth trend, but aim to be positioned to drive meaningful impact through accelerated Solana adoption through our digital advisory services, Pacific Backbone, compliant and high-performance infrastructure and orchestration through our platform business.

第三是平台業務。我們提供 AI 驅動的端到端合規技術堆疊，作為長期協作式數位資產營運的關鍵基礎，並可無縫連結我們的全球業務夥伴。這些計畫代表一條多年期的發展軌跡，我們預期其營運影響將在本會計年度內開始顯現。我們不只是參與亞太成長趨勢，更希望透過數位顧問服務、Pacific Backbone（合規且高效能的基礎設施）以及平台業務的協同編排，推動 Solana 的加速採用並產生實質影響。

To illustrate how this unlock in recurring revenue, we view them as a self-reinforcing flywheel. First, our bespoke advisory services provide a strategic road map and implementation services for major financial institutions and corporates to transition on chain and unlock tangible business outcomes. By focusing on high-impact use cases, specifically stablecoin payments and real-world asset tokenization, we lower the barrier to entry, moving our partners from concept to execution with speed and regulatory confidence. Next, the Pacific Backbone serves as the foundation of our flywheel. The infrastructure provides the enterprise-grade throughput, security, compliance operation that institutional clients demand.

為了說明這如何解鎖經常性收入，我們將其視為一個自我強化的飛輪。首先，我們的客製化顧問服務為大型金融機構與企業提供策略路線圖與導入服務，協助其上鏈並實現具體的商業成果。透過聚焦高影響力的使用情境，特別是穩定幣支付與實體資產（RWA）代幣化，我們降低進入門檻，讓合作夥伴能在具備速度與監管信心的前提下，從概念走向落地執行。接著，Pacific Backbone 是我們飛輪的基礎。該基礎設施提供企業級吞吐量、安全性與合規營運能力，滿足機構客戶的需求。

By offering what we believe to be a trusted high-performance environment, we enable our partners to scale their on-chain operation with a reliability unique to our specialized APAC footprint.

透過提供我們認為值得信賴的高效能環境，我們使合作夥伴能以符合我們專注亞太布局所具備的獨特可靠性，擴展其鏈上營運。

In early May, we announced a strategic partnership with Jito to advance yield optimization capabilities to our validator operation. The broader digital assets -- the Pacific -- the platform business is our AI-powered orchestration foundation, offering an end-to-end compliance and operations stack. It acts as a conservative -- connective tissue for collaborative digital asset operations. It continuously brings and connect business partners, serving as an essential layer to foster digital asset operations and business partnerships. Asia-Pacific represent the majority of the world's crypto users and a substantial share of global cross-border payments and trading activity, yet it remains significantly underserved by Solana's existing network infrastructure.

5 月初，我們宣布與 Jito 建立策略合作夥伴關係，以提升我們驗證者營運的收益優化能力。更廣泛的數位資產——Pacific——平台業務是我們以 AI 驅動的協同編排基礎，提供端到端的合規與營運技術堆疊。它作為協作式數位資產營運的關鍵——連結組織（connective tissue），持續引入並連結業務夥伴，成為促進數位資產營運與商業合作關係的重要層。亞太地區擁有全球大多數加密用戶，並占全球跨境支付與交易活動的相當比重，但 Solana 現有的網路基礎設施對該地區的服務仍明顯不足。

We believe our integrated approach, advisory infrastructure and platform position us to serve this market and potentially capture meaningful recurring revenue streams if and as adoption accelerates.

我們相信，我們整合式的方法——顧問、基礎設施與平台——使我們能服務此市場，並在採用加速的情況下，有機會取得具意義的經常性收入來源。

With that, before I turn it over to Cosmo to elaborate on our treasury management and capital markets results, I would also like to mention that as you were able to see in our even subsequent section of our 10-Q, we have completed the divestiture of our cash burning PoNS business, the medical device business and completed a series of rationalization steps in Q2. The positive financial results will be felt in Q2. Let me pass the podium back to Cosmo.

在我把電話交給 Cosmo 進一步說明我們的金庫管理與資本市場成果之前，我也想提到，正如各位在我們 10-Q 的「後續事項」章節所看到的，我們已完成出售現金消耗的 PoNS 業務與醫療器材業務，並在第二季完成一系列合理化措施。其正面的財務成果將在第二季反映出來。接下來把講台交回給 Cosmo。

Hey, everyone. I'm Cosmo Jiang, Director at Solana Company and General Partner at Pantera Capital. Pantera Capital is the asset manager for Solana Company's digital asset treasury since the close of the PIPE transaction in September 2025, and I am pleased to report on another quarter of disciplined execution. As we discussed last quarter, the digital asset treasury market has moved on from its genesis phase and is solidly in its execution and consolidation phase. The first quarter of 2026 continues to validate this.

各位好，我是 Cosmo Jiang，Solana Company 董事，同時也是 Pantera Capital 的普通合夥人。自 2025 年 9 月 PIPE 交易完成以來，Pantera Capital 一直擔任 Solana Company 數位資產金庫的資產管理人；我很高興向各位報告，我們又完成了一個季度的紀律性執行。正如我們上季所討論，數位資產金庫市場已走出萌芽期，並穩步進入執行與整併階段。2026 年第一季持續驗證了這一點。

We saw further differentiation among that with operators that have institutional-grade infrastructure, transparent reporting and disciplined capital management beginning to outperform.

我們看到具備機構級基礎設施、透明揭露與紀律性資本管理的營運者之間，差異化進一步擴大，並開始表現優於同業。

The broader digital asset market experienced significant volatility during the quarter with Solana declining approximately 33% in price from December 31, 2025, through the end of the first quarter. Despite this headwind, we remain focused on our core strategy, which is growing our Solana per share through accretive capital allocation, generating consistent staking yield and building out the revenue-generating business that is designed to drive long-term value creation. Staking remains one of the most important and differentiated aspects of our business. For the quarter of 2026 -- for the first quarter of 2026, our average net staking yield was 6.9%. This compares to the system-wide average of approximately 6.0% over the same period, representing outperformance of 90 basis points.

整體數位資產市場在本季經歷顯著波動，Solana 價格自 2025 年 12 月 31 日至第一季末約下跌 33%。儘管面臨此逆風，我們仍專注於核心策略：透過具增益性的資本配置提升每股 Solana（Solana per share）、產生穩定的質押收益，並打造可創造營收的業務，以推動長期價值創造。質押仍是我們業務中最重要且最具差異化的面向之一。就 2026 年第一季而言，我們的平均淨質押收益率為 6.9%，相較於同期系統整體平均約 6.0%，超出 90 個基點。

This 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. Staking rewards are also automatically restaked to compound returns, resulting in consistent daily on-chain revenue.

此收益來自於審慎的驗證者選擇、主動的 MEV 捕捉以及持續再平衡；這正是 Pantera 在其更廣泛的數位資產投資組合中所採用的同一套機構化方法。質押獎勵也會自動再質押以複利累積報酬，從而帶來穩定的每日鏈上收入。

Turning to capital markets. We remain committed to capital allocation strategies that are accretive on a SOL per share basis regardless of market conditions. When our stock traded at a discount to net NAV during periods of broader market weakness, we executed approximately $3.5 million in share repurchases during the first quarter and $5.0 million in share repurchases year-to-date under our previously announced repurchase program as reflected in our treasury stock position. These repurchases were funded through strategic SOL sales at prices that were at a discount to our NAV per share at the time of repurchase, making them accretive to our NAV per share. At the end of April, we successfully completed a strategic capital raise of $8 million through a structured equity offering, a portion of which we deployed into SOL purchases at favorable entry points.

接著談資本市場。我們仍致力於在任何市場環境下，採取能在每股 SOL（SOL per share）基礎上具增益性的資本配置策略。當我們的股票在整體市場走弱期間以低於淨資產價值（net NAV）的折價交易時，我們於第一季執行約 350 萬美元的庫藏股回購；年初至今在先前宣布的回購計畫下累計回購 500 萬美元，如我們庫藏股部位所反映。這些回購資金來自於策略性出售 SOL；在回購當時，出售價格相對於我們每股 NAV 仍處於折價，使得回購對每股 NAV 具有增益效果。4 月底，我們透過結構性股權發行成功完成 800 萬美元的策略性募資，其中一部分已在有利的進場點位用於購買 SOL。

This capital raise was at a price of $2.60 per share, which at the time was roughly 1.1x mNAV or multiple of NAV and a result, immediately accretive to our SOL per share.

此次募資的價格為每股 2.60 美元，按當時水準約為 1.1 倍 mNAV（或 NAV 倍數），因此可立即提升我們每股 SOL 的價值（具增厚效果）。

This is the highest multiple of NAV capital raise of any Solana digital asset treasury that we know has completed since the beginning of the downturn in 2025. We believe this is -- our ability to do so is indicative of both industry factors, namely that the digital assets market has shown some signs of bottoming as well as factors idiosyncratic to capital market participants recognizing and appreciating our relative execution. We believe the ability to operate opportunistically on both sides of the capital structure, issuing our stock at a premium and buying back and trading at a discount is a powerful mechanism for creating shareholder value across different market environments.

據我們所知，這是自 2025 年景氣下行開始以來，所有已完成的 Solana 數位資產金庫公司中，以 NAV 倍數計最高的一次募資。我們認為，我們能做到這一點，既反映了產業層面的因素——亦即數位資產市場已出現一些築底跡象——也反映了資本市場參與者對我們相對執行力的辨識與肯定等公司特有因素。我們相信，能在資本結構兩端把握機會——在溢價時發行股票、在折價時回購並進行交易——是在不同市場環境下創造股東價值的強大機制。

As of March 31, 2026, Solana Company held approximately $193.8 million of Solana across all categories, including liquid holdings, stake positions and receivables and $4.4 million of cash and cash equivalents. The company's diluted share count, including common shares and in-the-money warrants, was 82.5 million shares as of March 31, 2026. As of May 12, 2026, Solana Company held 2.37 million SOL tokens. The company's diluted share count, including common shares and in-the-money warrants, was 86.0 million shares. I will now turn the call over to Madelene Gani, our Chief Operating Officer and Deputy CFO, for the detailed financial results.

截至 2026 年 3 月 31 日，Solana Company 在所有類別合計持有約 1.938 億美元的 Solana，包括流動持倉、質押部位與應收款，並持有 440 萬美元的現金及約當現金。截至 2026 年 3 月 31 日，公司稀釋後股數（包含普通股及價內認股權證）為 8,250 萬股。截至 2026 年 5 月 12 日，Solana Company 持有 237 萬枚 SOL 代幣。公司稀釋後股數（包含普通股及價內認股權證）為 8,600 萬股。接下來我將把電話會議交給我們的營運長兼副財務長 Madelene Gani，由她說明詳細財務結果。

Thank you, Cosmo, and thank you, Joe, for the introduction. I'm thrilled to be joining Solana Company is such an extraordinary inflection point, and I'm honored to present our financial results for the first quarter of 2026. Our first quarter revenue was $3.6 million, consisting primarily of $3.4 million in staking revenue and $0.2 million in other revenue. This represents significant growth from the $49,000 in revenue recorded in the first quarter of 2025, which did not include contributions from our staking revenue attributable to our treasury strategy. Cost of revenue for the first quarter was $180,000, resulting in a gross profit of $3.4 million compared to a gross loss of $72,000 in the prior year period.

謝謝你，Cosmo，也謝謝你，Joe，的介紹。我非常興奮能在 Solana Company 如此非凡的轉折點加入團隊，也很榮幸向各位報告我們 2026 年第一季的財務結果。我們第一季營收為 360 萬美元，主要由 340 萬美元的質押收入及 20 萬美元的其他收入構成。相較之下，2025 年第一季錄得的營收為 4.9 萬美元，且未包含我們因金庫策略而產生的質押收入貢獻。第一季營收成本為 18 萬美元，因此毛利為 340 萬美元；相較去年同期毛損為 7.2 萬美元。

Cost of revenue increased primarily due to the increase in staking revenue-related costs. General and administrative expenses for the first quarter of 2026 were $5.2 million compared to $3.9 million in the first quarter of 2025. The increase reflects the expansion of operations associated with the company's digital asset treasury strategy.

營收成本增加主要是因為與質押收入相關的成本上升。2026 年第一季一般及行政費用為 520 萬美元，較 2025 年第一季的 390 萬美元增加。此增幅反映公司與數位資產金庫策略相關的營運擴張。

During the quarter, we recorded an unrealized loss on digital assets and digital assets receivable of approximately $89.2 million, reflecting the approximately 33% in SOL prices during the quarter. We also recorded a realized loss on capital and digital assets of $7 million related to strategic sales executed as part of our capital allocation program and an unrealized loss on our digital assets fund investment of $1.7 million due to the decline in the value of SOL. Total operating expenses for the first quarter were $103.1 million compared to $3.9 million in prior year. Operating expenses included noncash charges of $89.2 million for unrealized loss on digital assets and digital asset receivables, $7 million for realized loss on digital assets related strategic sales executed as part of the company's capital allocation program and $1.7 million for unrealized loss on digital assets fund investment due to the decline in value of SOL.

本季我們就數位資產及數位資產應收款認列約 8,920 萬美元的未實現損失，反映本季 SOL 價格約下跌 33%。我們亦就資本及數位資產認列 700 萬美元的已實現損失，與我們資本配置計畫下執行的策略性出售相關；此外，由於 SOL 價值下跌，我們在數位資產基金投資上認列 170 萬美元的未實現損失。第一季總營業費用為 1.031 億美元，去年同期為 390 萬美元。營業費用包含非現金費用：數位資產及數位資產應收款未實現損失 8,920 萬美元；與公司資本配置計畫下執行之策略性出售相關的數位資產已實現損失 700 萬美元；以及因 SOL 價值下跌導致的數位資產基金投資未實現損失 170 萬美元。

The resulting loss from operations was $99.6 million compared to a loss of $4 million for the prior year period. Nonoperating expense for the quarter was $0.2 million, primarily attributable to dividend income earned on investments of excess cash in money market funds, offset by foreign exchange loss due to fluctuations in the Canadian to U.S. dollar exchange rate as compared to $0.2 million nonoperating income for the prior year period. We reported a net loss for the first quarter of 2026 of $99.8 million or a loss of $1.3 per basic and diluted common share based on weighted average shares outstanding of 76.6 million. This compared to a net loss of $3.8 million or $382.29 per basic and diluted common share based on weighted average shares outstanding of 10,000 in the prior year period.

因此營業損失為 9,960 萬美元，去年同期營業損失為 400 萬美元。本季營業外費用為 20 萬美元，主要來自將多餘現金投資於貨幣市場基金所取得的股利收入，但被加幣兌美元匯率波動造成的外匯損失所抵銷；相較之下，去年同期營業外收入為 20 萬美元。我們 2026 年第一季淨損為 9,980 萬美元，按加權平均流通股數 7,660 萬股計算，每股基本及稀釋後普通股虧損 1.3 美元。相較之下，去年同期淨損為 380 萬美元，按加權平均流通股數 10,000 股計算，每股基本及稀釋後普通股虧損 382.29 美元。

As of March 31, 2026, we had total assets of $200.7 million, including $4.4 million in cash and cash equivalents, $21 million in current digital assets and $172.8 million in long-term digital assets across various categories, including stake positions, restricted assets, receivables and fund investments. During the quarter, we executed approximately $3.5 million in share repurchases during our previous authorized stock repurchase program, which are reflected in treasury stocks on our balance sheet. With that, I now hand it over to Joseph for closing remarks.

截至 2026 年 3 月 31 日，我們總資產為 2.007 億美元，包括 440 萬美元的現金及約當現金、2,100 萬美元的流動數位資產，以及 1.728 億美元的長期數位資產（涵蓋多種類別，包括質押部位、受限制資產、應收款及基金投資）。本季我們在先前已核准的股票回購計畫下執行約 350 萬美元的股份回購，並已於資產負債表中以庫藏股反映。接下來我把時間交給 Joseph 作結語。

Thank you, Mady. Well, Again, thank you all for joining the Solana First Quarter 2026 operating results update. We look forward to updating you on our progress again in the coming quarters. Operator, please open the call for questions.

謝謝你，Mady。再次感謝各位參加 Solana 2026 年第一季營運結果更新。我們期待在接下來的季度再次向各位更新我們的進展。接線員，請開放提問。

(Operator Instructions) Matthew Galinko, Maxim Group.

（接線員指示）Matthew Galinko，Maxim Group。

Maybe if we could talk about the flywheel that you discussed in the prepared remarks, and particularly around the advisory. Maybe touch on what sort of traction you have there, what level of engagement you have? And is there a revenue model there? Or is it primarily just sort of engaging counterparties into the Solana ecosystem?

也許我們可以談談你在事先準備的發言中提到的飛輪，特別是關於顧問服務的部分。能否談談你們在那方面目前有什麼樣的進展、互動參與的程度如何？那裡是否有營收模式？還是主要只是把交易對手帶入 Solana 生態系？

Thank you, Matthew. I guess since I talked about that, I'll address your question here. And the answer directly, yes, it's supposed to be a revenue-generating business line. And this advisory business actually work very closely with Solana Foundation in targeting some of the major financial institutions and some tech corporates in the region. And we are in the process of signing some contracts, which represent relatively significant revenues to us even for this year, and we expect to do that over time.

謝謝你，Matthew。我想既然是我提到那部分，我就在這裡回答你的問題。直接回答：是的，這應該是一條能帶來營收的業務線。這項顧問業務實際上與 Solana Foundation 緊密合作，鎖定本區域的一些大型金融機構與科技企業。我們正在簽署一些合約的過程中，這些合約即使在今年也能為我們帶來相對可觀的收入，我們也預期會隨時間推進持續擴大。

The -- a lot of financial institutions in this -- in APAC are sort of coming from behind, -- this whole trend of major banks, asset managers, different institutions in the U.S. either getting on the asset cash management products on chain and different kind of products as well and also somebody getting on to stablecoin-based payments with the U.S. leading the way, now there are a lot of institutions that haven't done much in the past now have landed from the top to get this thing done as soon as possible. And a lot of them have not spent a lot of time understanding how to get that done and they have some basic understanding when it comes to execution, project managing the whole thing based on the time coming from the top, they need some help. And I think with us and the foundation in this part of the world, we are like the first start from the ask questions.

——在這個——在亞太地區（APAC），許多金融機構某種程度上是落後追趕——整體趨勢是，美國的主要銀行、資產管理公司與不同機構，正在把資產與現金管理產品上鏈，並推出各式各樣的產品；也有人開始採用以穩定幣為基礎的支付，美國走在前面。現在有很多過去做得不多的機構，從高層下達指令，要求盡快把這件事做起來。但其中很多機構並沒有花太多時間去理解要如何落地執行；在執行層面，他們有一些基本概念，但在高層時程壓力下，要把整個專案管理起來，他們需要協助。我認為在這個世界的這一端，我們與基金會就像是第一批能從「先問問題」開始的人。

And I think that's a good time that we to suggest that we can help them manage this and then charge them for managing the project.

我認為這正是我們建議可以協助他們管理這件事、並就專案管理向他們收費的好時機。

All right. That's very helpful. And maybe just as my follow-up, I think currently, you operate with a pretty lean structure. And so I'm wondering how you deliver those advisory services. And to the extent that you're generating material revenue there, how do you think about the allocation of any cash flow you might begin to generate from those sorts of activities.

好的，這非常有幫助。作為追問，我認為你們目前的組織相當精簡。所以我想知道你們如何交付這些顧問服務。另外，若你們在那裡開始產生可觀營收，你們會如何思考把這類活動可能帶來的現金流進行配置？

Good question, Matthew. We are doing this very carefully. We do not want to -- we're not going to let cost lead the revenue per se, right? With the current team of 2.5 people, we have hired a head of business development and advisory from Boston Consulting Group and a couple of juniors to get going. And we believe that with the revenue that we're generating from the contracts, we covered the cost that we just incurred on the human resources side.

好問題，Matthew。我們會非常謹慎地推進。我們不希望——也不會讓成本領先於營收，對吧？以目前 2.5 人的團隊，我們已從波士頓顧問公司（Boston Consulting Group）聘請一位商務拓展與顧問業務負責人，並招募了幾位初階人員來啟動。我們相信，透過合約所產生的收入，足以覆蓋我們在人力資源端剛剛發生的成本。

And the additional revenue net of cost or cash flow net of cost will be used for to execute our strategy. The core one is still to purchase SOL. And obviously, some of that will be used to reinvest in some of the infrastructure that we need to build to provide more services to the clients or partners that we bring on board to generate more revenues on a recurring basis to Solana company.

而扣除成本後的額外收入，或扣除成本後的現金流，將用於執行我們的策略。核心仍然是買入 SOL。當然，其中一部分也會用於再投資我們需要建置的基礎設施，以便為我們引入的客戶或合作夥伴提供更多服務，並為 Solana Company 產生更多經常性收入。

Fedor Shabalin, B. Riley.

Fedor Shabalin，B. Riley。

I have a first one on the Pacific Backbone infrastructure. Can you tell us where we are with that infrastructure today versus where we were at the quarter end? And specifically, how much SOL is currently delegated to the -- if any? And what's the stake ramp trajectory you're targeting over the next 2, maybe or 3 quarters? Just how should we think about the economic uplift from the integration on MEV capture relative to the standard staking yield you're currently realizing?

我第一個問題是關於 Pacific Backbone 基礎設施。能否告訴我們，目前該基礎設施的進度相較於季末時點如何？另外，具體而言，目前有多少 SOL（若有的話）已委託給該——？以及你們在接下來 2 個、也許 3 個季度所鎖定的質押爬坡（stake ramp）軌跡是什麼？我們應該如何看待整合後在 MEV 捕獲方面帶來的經濟增益，相對於你們目前實現的標準質押收益率？

Yes. Fedor, thank you for your question. Since we announced this a couple of months ago, we have also mandated the same team, which the advisory business to build this -- the infrastructure for the validation business. We have put together a detailed execution plan, and we are tracking quite well. The nodes that we are building at the moment, we are starting with 3 nodes, will be operational according to the plan in late June.

是的。Fedor，謝謝你的提問。自從我們在幾個月前宣布此事以來，我們也指派了同一個團隊——也就是顧問業務的團隊——來建置這個——驗證業務的基礎設施。我們已制定了詳細的執行計畫，目前進度追蹤得相當不錯。我們目前正在建置的節點，先從 3 個節點開始，將依照計畫於 6 月下旬投入運作。

On your question of how much SOL, especially third-party SOL that we will bring on board, we are still in the process of pitching and we already have some verbal commitments. But at this stage, I probably cannot provide you with a projected number. But we -- based on what we could see, it will be a fairly significant number that would add good revenues to our platform over time. It is something that we want to build not only to serve the clients that we would attract on our advisory services platform. For many of the larger players that have SOL at the moment, they're probably staking that SOL with some players, which are not structured the way we are structured.

關於你問到的 SOL 數量，特別是我們將引入的第三方 SOL，我們仍在推介的過程中，且已經有一些口頭承諾。但在這個階段，我可能無法提供你一個預估數字。不過我們——基於目前所看到的情況，這將會是一個相當可觀的數量，隨時間推進會為我們的平台帶來不錯的收入。這件事我們不只是想用來服務我們在顧問服務平台上所吸引的客戶。對於目前持有 SOL 的許多大型玩家而言，他們可能正把 SOL 質押在某些玩家那裡，而那些玩家的架構並不像我們這樣。

At the moment, we are structuring this as the highest and top quality institutional-grade infrastructure, and we would have hired a certification engineer to make sure that the whole process front and back will be properly certified and will meet the requirements of the most demanding finance institution across APAC. We believe that we can move some of the SOLs from some of the players, which stake that SOL with other less smaller or less institutional grade players. So that we have high hope, but I guess I will probably can only give you a more, I guess, higher confidence guidance in the next quarter.

目前，我們將其定位為最高等級、頂級品質的機構級基礎設施；我們也會聘請認證工程師，以確保整個流程前後端都能被妥善認證，並符合亞太地區最嚴苛金融機構的要求。我們相信，我們可以把部分 SOL 從一些目前把 SOL 質押在其他較小或較非機構級玩家那裡的參與者手中移轉過來。因此我們抱持很高的期待，但我想我可能要到下個季度才能給你更——我想是更有把握的指引。

That's super helpful. And another one is on how should we think about the buyback cadence going forward and overall Solana accumulation, like anything -- should we expect something beyond stake in revenue or in Solana tokens, I mean, or at least at current mNAV level, you will like stick with staking only and will not pursue any external purchases of extra tokens?

這非常有幫助。另一個問題是，未來我們應該如何看待回購的節奏，以及整體 Solana 的累積——例如，有沒有什麼——我們是否應該預期除了質押收入或以 Solana 代幣形式的收入之外的其他作為？我的意思是，或者至少在目前的 mNAV 水準下，你們會傾向只靠質押，並不會進行任何外部購買以額外增持代幣嗎？

Thank you. That's a good question. It's something we debate all the time. I think the right person to answer this question is Cosmo. Why don't I pass it on to Cosmo.

謝謝。這是個好問題。我們一直都在討論這件事。我認為回答這個問題最合適的人是 Cosmo。我把問題交給 Cosmo。

Fedor, thanks for the question. As you can appreciate, we're constantly monitoring -- we're constantly having dialogues with capital providers to see where we can potentially raise capital in an accretive way, which we were really excited to do this past quarter with major strategic investors in Asia. And we're also evaluating when our stock trades below NAV, we do what with -- what we do in that case. And we're pretty proud of the fact that we are trading well above most of our peers and certainly the average of our peers in terms of mNAV. That does mean that buybacks are less accretive for us than they are for some of our peers at this point because our mNAV multiples held up.

Fedor，謝謝你的提問。如你所知，我們一直在持續監控——也一直與資本提供者保持對話，看看是否能以增厚（accretive）的方式潛在募資；我們在上一季度與亞洲主要策略投資人完成這件事時非常振奮。我們也在評估當我們的股價低於 NAV 時，我們在那種情況下會怎麼做。我們也相當自豪，我們的交易水準在 mNAV 方面明顯高於多數同業，當然也高於同業平均。這也意味著，因為我們的 mNAV 倍數撐得住，現階段回購對我們的增厚效果不如部分同業那麼大。

But that does mean -- in which case, it means like the capital markets window opens up a little bit more on the accumulation front as opposed to the buyback front. And so it will -- I'm sure there will be volatility in our multiple as well as volatility in Solana, and we'll just try to make the best decision as we go forward. But I would expect that at these levels that we're looking to raise capital accretively as opposed to buying back aggressively.

但這也意味著——在那種情況下，資本市場的窗口在「累積」這一端會比「回購」這一端更打開一些。因此——我相信我們的倍數會有波動，Solana 也會有波動，我們會在前進的過程中盡力做出最佳決策。但以我們目前看到的這些水準，我預期我們會更傾向以增厚方式募資，而不是積極大幅回購。

And I promise my last one, it will be quick. It's on SG&A run rate going forward. So obviously, you build infrastructure of the operating business you described in Asia. And how should we think about this line item run rate from here? Is the 1Q a reasonable jumping off point?

我保證這是最後一個問題，而且很快。是關於未來 SG&A 的運行率（run rate）。很明顯，你們正在建置你們所描述的亞洲營運業務基礎設施。我們應該如何看待從現在起這個科目的運行率？第一季是否是一個合理的起點？

Or maybe are there step-ups we should model in 2Q and 3Q as you scale the business? Maybe headcount will grow from 2.5 to 3.5 or 4.5.

或者，我們是否應該在第二季和第三季，隨著你們擴張業務而在模型中納入階梯式上升？也許人員編制會從 2.5 增加到 3.5 或 4.5。

Fedor, we don't have a set of Board approved numbers that we could disclose on this call to guide you on that. But we could probably give you the thinking process behind it, so it might be helpful to you on building out your model. What we're building here, including develop infrastructure. And first of all, we are building this in Asia, the kind of IT talent that you could hire for your money is zero versus the Western world is night and day. And then in terms of the third-party consultants that we can hire to build out certain part of our infrastructure, they also come at a very low cost.

Fedor，我們沒有一套經董事會核准、可以在這通電話上披露的數字來就此提供指引。但我們可以大概說明背後的思考流程，這或許能幫助你建立模型。我們在這裡建置的內容，包括開發基礎設施。首先，我們是在亞洲建置；以同樣的預算在亞洲能聘到的 IT 人才，與西方世界相比幾乎是天壤之別。再者，就我們能聘用的第三方顧問來協助建置部分基礎設施而言，他們的成本也非常低。

I don't think you should expect very large CapEx going into this is all at a very, very low level. You're probably not going to notice it in the overall financial results.

我認為你不應該預期會有很大的資本支出（CapEx）投入；這一切都在非常、非常低的水準。你在整體財務結果中大概不會注意到。

And I mentioned at the end of my presentation that we have divested in the second quarter this year, the medical device business PoNS. And that will slow down after all the onetime and everything else, and that's a serious step that we took to rationalize our cost base, but that's all happening in the second quarter. And you would expect some pretty significant positive impact of that on our operation on a recurring basis going forward. We can only talk about that in the second Q -- when the second Q results are available and we do the next call. So I think all in all in a way that I don't think you should be expecting an uptick in your cost and then 2.5% to 3.5% to 4.5%, that will rely on the additional revenue, i.e., the contract we sign rather than we're going to let the cost front run the revenue.

我在簡報最後也提到，我們已在今年第二季剝離了醫療器材業務 PoNS。等到所有一次性項目與其他事項處理完之後，相關支出會放緩；這是我們為了合理化成本基礎所採取的一個重大步驟，而這些都發生在第二季。你可以預期，這將在未來以經常性基礎對我們的營運帶來相當顯著的正面影響。我們只能在第二季——當第二季結果出來、我們進行下一次電話會議時——再談這件事。所以整體而言，我不認為你應該預期成本會上升，然後從 2.5% 到 3.5% 到 4.5%；那將取決於額外收入，也就是我們簽下的合約，而不是我們讓成本先於收入（front run the revenue）。

So I think that's the principle that how we agreed to build out this business because you still want the investors investing in us getting access to Solana exposure and they would not be piled on by additional costs that will skew their calculation.

所以我認為，這就是我們同意用來擴建這項業務的原則，因為你仍然希望投資人投資我們是為了取得 Solana 的曝險，而不會因為額外成本而被拖累，進而扭曲他們的計算。

Ladies and gentlemen, for your participation in today's question-and-answer session. This does conclude the question-and-answer session. I'd like to hand the program back to Joseph Chee for any further remarks.

各位女士、先生，感謝各位參與今天的問答環節。問答環節到此結束。我想把流程交回 Joseph Chee，請他做進一步的結語。

Well, I guess thank you for that. And again, thank you for joining us today on the call. And we look forward to updating you on our progress in the coming quarters. And for some of you, if they have call set up separately, happy to provide more colors in what's going on and what's going to happen. Thank you very much.

那麼，我想謝謝你。再次感謝各位今天加入我們的電話會議。我們期待在接下來幾個季度向各位更新我們的進展。對於其中一些另外安排了單獨通話的各位，我也很樂意提供更多細節，說明目前的情況以及接下來會發生什麼。非常感謝。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

感謝各位女士、先生參與今天的會議。本次議程到此結束。各位現在可以掛線。祝各位有美好的一天。