Hut 8 Corp (HUT) 2025 Q2 法說會逐字稿

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Hut 8 second-quarter 2025 earnings conference call. (Operator Instructions)

女士們、先生們，大家好，感謝你們的支持。歡迎參加 Hut 8 2025 年第二季財報電話會議。（操作員指示）

At this time, I'd like to turn the conference over to Ms. Sue Ennis. Ma'am, please begin.

現在，我想將會議交給蘇恩尼斯女士。女士，請開始。

Good morning, and welcome to Hut 8's second-quarter 2025 financial results conference call. Joining us today are our CEO, Asher Genoot; and our CFO, Sean Glennan. Following the presentation, we will open the line for questions. This event is being recorded, and a transcript will be made available on our website. In addition to the press release issued earlier today, our full quarterly report on Form 10-Q is available at hut8.com, on our EDGAR profile at sec.gov, and on our SEDAR+ profile at sedarplus.ca.

早安，歡迎參加 Hut 8 2025 年第二季財務業績電話會議。今天與我們一起出席的有我們的執行長 Asher Genoot 和財務長 Sean Glennan。演講結束後，我們將開放提問熱線。我們正在錄製此活動，並將在我們的網站上發布其文字記錄。除了今天稍早發布的新聞稿外，我們的 10-Q 表季度報告全文也可在 hut8.com、sec.gov 上的 EDGAR 資料庫以及 sedarplus.ca 上的 SEDAR+ 資料庫中查閱。

Unless otherwise indicated, all figures discussed today are in US dollars. Certain statements made during this call may constitute forward-looking statements within the meaning of applicable securities laws. These statements reflect current expectations and are subject to risks and uncertainties that could cause actual results to differ materially. Certain key risks are detailed in our Form 10-Q for the quarter ended June 30, 2025, our Form 10-K for the year ended December 31, 2024, and our other continuous disclosure documents. Except as required by law, we assume no obligation to update or revise any forward-looking statements.

除非另有說明，今天討論的所有數字均以美元為單位。本次電話會議中所做的某些聲明可能構成適用證券法所定義的前瞻性聲明。這些聲明反映了當前的預期，但受可能導致實際結果大不相同的風險和不確定性的影響。某些關鍵風險在我們截至 2025 年 6 月 30 日的季度 10-Q 表、截至 2024 年 12 月 31 日的年度 10-K 表以及我們的其他持續披露文件中詳細說明。除法律要求外，我們不承擔更新或修改任何前瞻性聲明的義務。

During the call, management may reference non-GAAP measures such as adjusted EBITDA. We believe these metrics alongside GAAP results provide valuable insight into our performance. Reconciliations of GAAP and non-GAAP results are included in the tables accompanying today's press release available on our website.

在電話會議中，管理階層可能會參考非公認會計準則指標，例如調整後的 EBITDA。我們相信這些指標以及 GAAP 結果可以為我們的業績提供寶貴的見解。今天的新聞稿附帶的表格中包含了 GAAP 和非 GAAP 結果的對帳表，可在我們的網站上查閱。

With that, I'll turn the call over to our CEO, Asher Genoot.

說完這些，我將把電話轉給我們的執行長 Asher Genoot。

Thanks, Sue, and good morning, everyone. The second quarter marked a decisive step forward in the execution of our 2025 strategy. As we accelerated the development flywheel we set in motion at the end of 2024, we delivered tangible results across our operations, asset commercialization profile and infrastructure pipeline. That progress is anchored in three core themes.

謝謝，蘇，大家早安。第二季標誌著我們實施2025策略邁出了決定性的一步。隨著我們加速啟動 2024 年底的開發飛輪，我們在營運、資產商業化概況和基礎設施管道方面取得了切實的成果。這項進展基於三個核心主題。

First, the investments we made earlier this year have begun yielding measurable returns, validating both the timing and strategic focus of our capital allocation decisions. Second, our asset commercialization profile has undergone a structural evolution with a growing share of assets now commercialized under longer-term contracts. And third, our power First innovation-driven strategy has unlocked significant near-term growth potential, which we are now executing against at scale. Taken together, these themes not only frame our performance during the period, but also represent significant progress towards our broader ambition to build an enduring generational business at the intersection of energy and technology.

首先，我們今年稍早進行的投資已開始產生可衡量的回報，證明了我們的資本配置決策的時機和策略重點。其次，我們的資產商業化狀況經歷了結構性演變，現在透過長期合約實現商業化的資產份額不斷增長。第三，我們的強力創新驅動策略已經釋放了巨大的近期成長潛力，我們目前正在大規模實施這項策略。綜合起來，這些主題不僅構成了我們在此期間的表現，也代表著我們在能源和技術交匯處建立持久的世代業務的更廣泛目標方面取得了重大進展。

Let's begin with the first theme, the financial return on our first quarter investment cycle. In the second quarter of 2025, we delivered $41.3 million in revenue, a 17% increase year-over-year, driven by the infrastructure and ASIC fleet upgrades we executed ahead of the launch of American Bitcoin, a purpose-built Bitcoin accumulation vehicle and majority-owned subsidiary of Hut 8. These investments catalyzed a $16.4 million uplift in Bitcoin mining revenue for the quarter reflected in our Compute segment.

讓我們從第一個主題開始，也就是我們第一季投資週期的財務回報。2025 年第二季度，我們實現了 4,130 萬美元的收入，年增 17%，這得益於我們在推出 American Bitcoin（專用的比特幣累積工具和 Hut 8 的多數股權子公司）之前執行的基礎設施和 ASIC 機群升級。這些投資促使我們計算部門本季比特幣挖礦收入增加了 1,640 萬美元。

Net income attributable to Hut 8 was $137.3 million versus a loss of $71.9 million in the prior year period. And adjusted EBITDA was $221.2 million versus a loss of $57.5 million in the prior year period. These metrics reflect a $217.6 million gain on digital assets versus a loss on digital assets of $71.8 million during the prior year period, both recorded in accordance with FASB's fair value accounting guidance.

Hut 8 的淨收入為 1.373 億美元，而去年同期的虧損為 7,190 萬美元。調整後的 EBITDA 為 2.212 億美元，而去年同期的虧損為 5,750 萬美元。這些指標反映數位資產收益為 2.176 億美元，而去年同期數位資產損失為 7,180 萬美元，兩者均按照 FASB 的公允價值會計指南記錄。

Yet the most consequential development of the quarter is not captured by these headline results. On April 1, 2025, American Bitcoin commenced Bitcoin mining operations as a distinct commercial entity, leveraging managed services and ASIC colocation services from Hut 8.

然而，這些主要業績並未反映出本季最重要的發展。2025 年 4 月 1 日，American Bitcoin 作為一個獨立的商業實體開始比特幣挖礦業務，利用 Hut 8 的託管服務和 ASIC 主機託管服務。

As a consolidated subsidiary, its economics are reported entirely within our compute segment. Meanwhile, the infrastructure and services it consumes from Hut 8 across managed services and ASIC colocation are treated as intercompany transactions and eliminated in consolidation despite representing real and recurring economic activity. As a result, what appears in compute today reflects only the surface layer of a robust commercial engine fueled by our power and digital infrastructure businesses. This context is essential as we turn to the second theme, the evolution of our asset commercialization profile.

作為合併子公司，其經濟狀況完全在我們的計算部門內報告。同時，該公司在託管服務和 ASIC 主機託管方面從 Hut 8 消耗的基礎設施和服務被視為公司間交易，並在合併中被消除，儘管它們代表著真實且經常性的經濟活動。因此，今天計算領域出現的情況僅反映了由我們的電力和數位基礎設施業務推動的強大商業引擎的表面層。當我們轉向第二個主題，即資產商業化概況的演變時，這一背景至關重要。

In the second quarter, we executed a deliberate shift from merchant exposure to contracted assets. This transformation was underpinned by three major milestones.

在第二季度，我們有意從商家風險轉向合約資產。這一轉變由三個重要里程碑支撐。

First, we executed contracts with American Bitcoin for 130-plus megawatts of managed services delivered by our Power segment and 130-plus megawatts of ASIC colocation delivered by our Digital Infrastructure segment. Second, we initially energized our Vegas site, where upon full ramp, we expect to provide up to 205 megawatts of ASIC colocation capacity to Bitmain and through the execution of our purchase option, American Bitcoin. And third, we secured five-year capacity agreements for 310 megawatts of power generation capacity across our portfolio of four natural gas-fired power plants in Ontario, which we own and operate through Far North, our joint venture with Macquarie. These agreements represent a step change in contracted capacity, improving predictability, asset bankability, and more disciplined, long-term capital planning.

首先，我們與 American Bitcoin 簽訂了合同，由我們的電力部門提供 130 多兆瓦的託管服務，並由我們的數位基礎設施部門提供 130 多兆瓦的 ASIC 託管服務。其次，我們最初為拉斯維加斯的資料中心供電，在全面投入使用後，我們預計將為比特大陸提供高達 205 兆瓦的 ASIC 託管容量，並透過執行我們的購買選擇權 American Bitcoin 提供該容量。第三，我們與安大略省的四家天然氣發電廠簽訂了為期五年的容量協議，總發電容量為 310 兆瓦。這些發電廠由我們與麥格理的合資企業 Far North 擁有和營運。這些協議代表合約產能的重大變化，提高了可預測性、資產可融資性以及更嚴謹的長期資本規劃。

As of quarter end, nearly 90% of our energy capacity under management was commercialized under executed agreements with terms of one year or longer, up from less than 30% at the end of Q2 2024. Crucially, we achieved this transformation without deploying material growth capital, a testament to the strength of our commercial model and the value embedded in our asset base. More fundamentally, it speaks to the power of deeply aligned partnerships. The commercial outcomes we delivered in the second quarter were not simply a function of execution, they were the product of relationships built on trust, conviction and shared vision.

截至本季末，我們管理的近 90% 的能源容量已根據期限為一年或更長時間的已執行協議實現商業化，而 2024 年第二季末這一比例還不到 30%。至關重要的是，我們在沒有部署物質成長資本的情況下實現了這項轉型，這證明了我們商業模式的實力和資產基礎的價值。更根本的是，它體現了深度合作的力量。我們在第二季所取得的商業成果不僅是執行的結果，更是建立在信任、信念和共同願景基礎上的關係的產物。

Eric Trump and the American data center team: Bitme, Macquarie, Coinbase, Angrage, each played a foundational role in our progress this quarter and each remains deeply integrated in our platform strategy. Take Angrage, for example, an early backer in US Bitcoin Corp. They became equity holders in Hut 8, expanded their position as we executed on our strategy and supported American Bitcoin's go-public transaction through their stake as a major shareholder of Griffin. More than transactional, this is a long-term partnership grounded in strategic alignment and reinforced by a track record of execution.

Eric Trump 和美國資料中心團隊：Bitme、Macquarie、Coinbase、Angrage，都為我們本季的進展發揮了基礎性作用，並且都深度融入了我們的平台策略。以美國比特幣公司的早期支持者 Angrage 為例，他們成為 Hut 8 的股權持有者，在我們執行策略時擴大了他們的持股比例，並透過作為 Griffin 的大股東支持美國比特幣的上市交易。這不僅僅是一項交易，而是一項以策略協調為基礎、並透過執行記錄得到強化的長期合作關係。

Internally, we often say that we're long-term greedy. It's a mindset that captures our willingness to walk away from short-term gains in favor of partnerships we believe will compound value over time and it is foundational to how we operate.

在內心深處，我們常說自己是貪婪的。這種心態體現了我們願意放棄短期利益，轉而選擇我們認為會隨著時間的推移而產生增值效應的合作夥伴關係，這是我們營運的基礎。

This brings us to the third theme, the significant near-term growth potential we've unlocked and are now executing against through the acceleration of our development flywheel. A high-velocity, utility scale power origination program remains central to our Power First strategy. At the end of the period, our development pipeline span approximately 10,800 megawatts under diligence and approximately 3,100 megawatts under exclusivity.

這將引出第三個主題，即我們已經釋放的巨大近期成長潛力，現在我們正在透過加速我們的發展飛輪來實現這一目標。高速、公用事業規模的電力供應計劃仍然是我們「電力優先」策略的核心。截至本期末，我們的開發管道在盡職調查範圍內約為 10,800 兆瓦，在獨家範圍內約為 3,100 兆瓦。

Since the beginning of the year, we have not only continued to optimize the scale and velocity of our origination efforts but have also evolved the process by which sites suitable for AI workloads advance through our pipeline. The most meaningful evolution has been in our engagement model with prospective AI data center development partners.

自今年年初以來，我們不僅不斷優化發起工作的規模和速度，而且還改進了適合人工智慧工作負載的站點透過我們的管道推進的過程。最有意義的發展是我們與潛在人工智慧資料中心開發合作夥伴的合作模式。

As these relationships have matured, we have begun embedding prospective partners earlier in the site identification and diligence process, a shift we believe enhances alignment and execution velocity by enabling us to shape origination efforts around our partners' most critical requirements. This model now informs our approach to long-term scalability. We believe that a partnership-driven approach not only strengthens our ability to deliver individual projects but also positions us to cultivate long-term partnerships that compound over time and underpin sustained growth.

隨著這些關係日益成熟，我們開始將潛在合作夥伴更早地嵌入到場地識別和盡職調查流程中，我們相信，這一轉變使我們能夠圍繞合作夥伴最關鍵的要求來製定發起工作，從而提高協調性和執行速度。該模型現在為我們的長期可擴展性方法提供了指導。我們相信，以合作夥伴為導向的方法不僅可以增強我們交付單一專案的能力，而且還使我們能夠培養隨著時間的推移而不斷增強並支持持續增長的長期合作夥伴關係。

This philosophy is reflected in our ongoing work to commercialize development projects like Riverbend, where we are in active discussions with investment-grade tenants, while interest remains strong, we maintain a disciplined posture as we pursue what we believe to be the right partnership under the right terms. This selectivity also applies to our broader AI pipeline, where we are taking an intentional and methodical approach as we strive to optimize for long-term value creation.

這一理念體現在我們正在進行的 Riverbend 等開發案商業化工作中，我們正與投資級租戶進行積極討論，儘管興趣依然濃厚，但我們仍保持嚴謹的態度，在適當的條件下尋求我們認為正確的合作夥伴關係。這種選擇性也適用於我們更廣泛的人工智慧管道，我們採取有目的、有條理的方法，努力優化長期價值創造。

As we engage with counterparties, our innovation-driven approach continues to be another defining differentiator. Nowhere is this more evident than at Vega. Partially energized at quarter end, the site represents the latest iteration of our first principles approach to digital infrastructure with initial customer discussions supporting the viability of this architecture for future iterations of high-density, direct-to-chip, liquid-cooled infrastructure to support emerging AI workloads and customer needs.

在我們與交易對手的合作中，創新驅動的方法仍然是另一個決定性的區別因素。這一點在 Vega 身上表現得最為明顯。該資料中心已於本季末部分投入使用，代表了我們對數位基礎設施首要原則方法的最新版本，初步的客戶討論支援該架構在未來高密度、直接晶片、液冷基礎設施迭代中的可行性，以支援新興的人工智慧工作負載和客戶需求。

Designed in-house, it demonstrates our ability to deliver innovative infrastructure with speed and capital efficiency, capabilities that continue to resonate with prospective partners as we strive to build long-term relationships in next-generation data center development. That said, we have no interest in retracing the paths of incumbents. Our ambition is to redefine what is possible, just as we did in Bitcoin mining when we demonstrated that performance-optimized infrastructure could be delivered rapidly and cost effectively without sacrificing quality.

它是內部設計的，展示了我們以速度和資本效率提供創新基礎設施的能力，這些能力繼續引起潛在合作夥伴的共鳴，因為我們努力在下一代資料中心開發中建立長期關係。話雖如此，我們無意重複現任者的道路。我們的目標是重新定義什麼是可能的，就像我們在比特幣挖礦中所做的那樣，我們證明了性能優化的基礎設施可以在不犧牲品質的情況下快速且經濟高效地交付。

We believe our power first, innovation-driven approach enables us to compete and win. It is why we continue to attract exceptional partners, build a high-performing team, and sustain what we believe to be a differentiated value proposition in every market we enter. And as we scale our infrastructure platform across existing and emerging verticals, we believe it will remain the foundation of our long-term advantage.

我們相信，實力第一、創新驅動的方法使我們能夠競爭並獲勝。這就是為什麼我們不斷吸引優秀的合作夥伴，建立一支高績效團隊，並在我們進入的每個市場中保持我們所認為的差異化價值主張。隨著我們在現有和新興垂直領域擴展我們的基礎設施平台，我們相信它仍將是我們長期優勢的基礎。

With that, I'll turn to American Bitcoin. In short, the reception from both the retail and institutional communities to what we are building at American Bitcoin has been overwhelmingly positive. We completed an oversubscribed private placement that included participation from the Winklevoss Brothers who invested with Bitcoin rather than cash. The momentum we have generated is early validation of the strength of our thesis and the caliber of investors who believe in what we are building.

有了這些，我將轉向美國比特幣。簡而言之，零售和機構社群對我們在 American Bitcoin 所建構內容的接受度非常積極。我們完成了超額認購的私募，其中包括用比特幣而不是現金進行投資的文克萊沃斯兄弟的參與。我們所創造的勢頭是對我們論點的力度和相信我們所建立的東西的投資者的素質的早期驗證。

Today, we continue to execute on the go-public transaction through which American Bitcoin will become NASDAQ listed via stock-for-stock merger transaction with Griffin Digital. We reached a major milestone last week as the Form S-4 for the transaction was declared effective by the SEC, and we remain on track to complete the listing in the coming weeks, subject to customary approval and closing conditions.

今天，我們繼續執行上市交易，American Bitcoin 將透過與 Griffin Digital 的換股合併交易在納斯達克上市。上週，我們達到了一個重要的里程碑，因為美國證券交易委員會宣布交易的 S-4 表格生效，並且我們仍有望在未來幾週內完成上市，但需獲得慣例批准和成交條件。

We're excited by what this business represents for our shareholders and what it is positioned to become. Critically, American Bitcoin enables us to scale our exposure to Bitcoin while embedding a dedicated anchor tenant within our core power and digital infrastructure platform.

我們對這項業務對股東的意義以及它的未來定位感到興奮。至關重要的是，American Bitcoin 使我們能夠擴大對比特幣的敞口，同時在我們的核心電力和數位基礎設施平台中嵌入專用的主租戶。

I'll end my remarks today with a few words on our new brand. Over the past year, as we've delivered proof of execution on our Power First, innovation-driven strategy, it became clear that our brand needed to evolve, not only to reflect who we are today, but also to articulate where we are going. Our new brand captures what we are building, ambitious in scale and scope, institutional and posture, and grounded in the conviction that there is a generational opportunity to be captured at the intersection of energy and technology.

今天，我將以對我們的新品牌的幾句話來結束我的演講。在過去的一年裡，隨著我們交付了「力量第一」創新驅動策略的執行證明，我們清楚地認識到我們的品牌需要不斷發展，不僅要反映我們今天的樣子，還要闡明我們的發展方向。我們的新品牌體現了我們正在建立的目標，在規模和範圍、體制和姿態上都雄心勃勃，並且堅信在能源和技術的交匯處可以抓住一代人的機會。

It reflects the scale of our ambition, the discipline with which we operate and the intensity with which we execute. It is aligned with the caliber of our partners, the expectations of our investors and the exceptional talent that continues to join our team. Above all, it reflects our belief that we are positioned to build a business that defines the future of energy and digital infrastructure at its highest and most transformative potential.

它體現了我們的雄心壯志、我們運作的紀律以及我們執行的強度。它與我們合作夥伴的素質、投資者的期望以及不斷加入我們團隊的傑出人才相一致。最重要的是，它反映了我們的信念，即我們有能力建立一家能夠定義能源和數位基礎設施未來最高和最具變革潛力的企業。

What hasn't changed is our name. Hut 8 was the building at Bletchley Park, where Alan Turing and his team of codebreakers cracked the enigma code, supported Allied victory in World War II, and laid the foundation for modern computing. Today, we carry forward that legacy of conviction, ingenuity, and ambition as we build at the intersection of energy and technology. In Turing's words, we can only see a short distance ahead, but we can see plenty there that needs to be done.

唯一沒有改變的是我們的名字。8 號小屋是布萊切利園的一座建築，艾倫·圖靈和他的密碼破譯團隊在這裡破解了恩尼格瑪密碼，支持了盟軍在第二次世界大戰中的勝利，並為現代計算奠定了基礎。今天，我們在能源和科技的交會處繼續發揚信念、創造力和雄心壯志的傳統。用圖靈的話來說，我們只能看到前方很短的距離，但我們可以看到那裡有很多事情要做。

With that, I'll turn it over to Sean.

說完這些，我就把麥克風交給肖恩。

Thanks, Asher, and good morning, everyone. I'll start by reviewing our second-quarter 2025 results by segment. As a reminder, American Bitcoin is a consolidated subsidiary of Hut 8. Accordingly, all revenue from its self-mining operations is reported within our Compute segment, while revenue to Hut 8 from its commercial agreements with American Bitcoin is eliminated in consolidation.

謝謝，阿舍爾，大家早安。我將首先按部門回顧我們 2025 年第二季的業績。提醒一下，American Bitcoin 是 Hut 8 的合併子公司。因此，其自營採礦業務的所有收入均在我們的計算部門內報告，而 Hut 8 與 American Bitcoin 達成的商業協議產生的收入則在合併中被抵消。

I will discuss the impact of this accounting treatment as we review segment level results. Let's begin with Power, which consists of Power Generation and Managed Services. Power segment revenue for the quarter was $5.5 million versus $10.5 million in the prior year. This figure reflects a $7.8 million year-over-year decline in managed services revenue attributable fully to the termination of our managed services agreement with Ionic Digital in December 2024.

當我們審查分部層級的結果時，我將討論這種會計處理的影響。讓我們從電力開始，它由發電和託管服務組成。本季電力部門營收為 550 萬美元，而去年同期為 1,050 萬美元。這一數字反映出託管服務收入年減 780 萬美元，這完全歸因於我們與 Ionic Digital 於 2024 年 12 月終止託管服務協議。

This impact was partially offset by a $2.8 million increase in power generation revenue, driven by elevated demand across our portfolio of four natural gas-fired power plants in Ontario. We continue to see strong structural tailwinds in this market, where ESO projects electricity demand to increase by 75% by 2050 and anticipates a capacity shortfall of up to 5.8 gigawatts by 2030.

這一影響被發電收入增加 280 萬美元部分抵消，這得益於我們在安大略省的四座天然氣發電廠的需求增加。我們繼續看到該市場強勁的結構性順風，ESO 預測到 2050 年電力需求將成長 75%，並預計到 2030 年容量缺口將高達 5.8 千兆瓦。

We expect these dynamics to support increased reliance on existing dispatchable generation assets. Consistent with this outlook, we secured five-year capacity contracts across our generation portfolio during the quarter. These contracts commenced on May 1, 2026, and include a weighted average capacity payment of approximately CAD530 per megawatt business day in year one, with partial inflation indexation that allows for potential increases over time. They provide a foundation for greater revenue visibility as we transition from short-term seasonal capacity agreements to fixed contracts.

我們預計這些動態將支持增加對現有可調度發電資產的依賴。根據這一前景，我們在本季度簽訂了涵蓋整個發電組合的五年容量合約。這些合約於 2026 年 5 月 1 日開始生效，第一年的加權平均容量支付約為每兆瓦工作日 530 加元，並採用部分通貨膨脹指數化，以便隨著時間的推移可能增加。當我們從短期季節性容量協議過渡到固定合約時，它們為提高收入可見度奠定了基礎。

Revenue from our managed services agreement with American Bitcoin, which commenced at the beginning of the quarter and covers 130-plus megawatts of capacity is eliminated in consolidation and not reflected in reported results. Segment cost of revenue declined from $5.4 million to $5 million. This was driven primarily by a $2.3 million decrease in operating costs related to the termination of our managed services agreement with Ionic Digital, partially offset by a $1.9 million increase in the cost of revenue associated with higher electricity sales from our Ontario power plants.

我們與 American Bitcoin 簽訂的託管服務協議的收入於本季初開始生效，涵蓋 130 多兆瓦的容量，但在合併中被消除，並且未反映在報告結果中。分部收入成本從 540 萬美元下降至 500 萬美元。這主要是由於我們與 Ionic Digital 終止託管服務協議導致營運成本減少 230 萬美元，但安大略發電廠電力銷售額增加導致收入成本增加 190 萬美元，這部分抵消了這一影響。

We turn now to digital infrastructure, which consists of ASIC colocation and CPU colocation. Digital Infrastructure segment revenue for the quarter was $1.5 million, representing a $3.8 million decrease year-over-year driven by the termination of our ASIC colocation agreement with Ionic Digital. As with managed services, revenue from our ASIC colocation agreement with American Bitcoin is eliminated in consolidation and not reflected in reported results. This agreement also commenced at the beginning of the quarter and covers 130-plus megawatts of capacity.

我們現在轉向數位基礎設施，它由 ASIC 託管和 CPU 託管組成。本季數位基礎設施部門營收為 150 萬美元，年減 380 萬美元，原因是我們與 Ionic Digital 終止了 ASIC 主機託管協議。與託管服務一樣，我們與 American Bitcoin 簽訂的 ASIC 主機代管協議的收入在合併中被抵消，並且不會反映在報告結果中。該協議也於本季初開始生效，涵蓋130多兆瓦的容量。

The King Mountain JV, a 50-50 joint venture, also generates ASIC colocation revenue through its agreement with Marathon. As a result of the ownership structure, neither the revenue nor the cost of revenue associated with this agreement is consolidated. Instead, our share of net income from the joint venture is reported within the equity and earnings of joint venture line item on our income statement. Segment cost of revenue was $2.1 million for the quarter, down $2.2 million year-over-year due to the termination of our ASIC colocation agreement with Ionic Digital.

King Mountain JV 是一家 50-50 合資企業，也透過與 Marathon 達成的協議產生 ASIC 主機託管收入。由於所有權結構的原因，與本協議相關的收入和收入成本均未合併。相反，我們從合資企業獲得的淨收入份額在我們的損益表中的合資企業權益和收益項目中報告。本季分部收入成本為 210 萬美元，年減 220 萬美元，因為我們與 Ionic Digital 終止了 ASIC 主機託管協議。

Finally, we turn to compute. Through a portfolio of purpose-built businesses, our Compute segment provides direct exposure to the markets created by transformative technologies like Bitcoin mining and AI. Today, the segment comprises three distinct lines of business: Bitcoin mining, data center cloud and GPU as a Service. As of April 1, 2025, Bitcoin mining operations are generally conducted under the American Bitcoin brand. Our data center cloud offering continues to be delivered through five traditional data centers in Canada under the high-performance computing brand, and GPU as a Service is offered through the high-rise AI brand.

最後，我們轉向計算。透過專門建構的業務組合，我們的運算部門可以直接接觸比特幣挖礦和人工智慧等變革性技術所創造的市場。如今，該部門包含三個不同的業務線：比特幣挖礦、資料中心雲端和 GPU 即服務。自 2025 年 4 月 1 日起，比特幣挖礦業務通常在美國比特幣品牌下進行。我們的資料中心雲端產品繼續透過高效能運算品牌下的加拿大五個傳統資料中心提供，而 GPU 即服務則透過高層 AI 品牌提供。

Segment revenue rose $18.5 million year over year to $34.3 million for the quarter, driven primarily by a $16.4 million increase in Bitcoin mining revenue. This increase reflects the impact of infrastructure and ASIC fleet upgrades completed in the first quarter, which improved mining efficiency and increased Bitcoin production. These operational gains were reinforced by a higher average price of Bitcoin during the period. The segment also benefited from a $2.3 million increase in GPU as a Service revenue from high-rise AI.

該部門本季營收年增 1,850 萬美元，達到 3,430 萬美元，主要原因是比特幣挖礦收入增加了 1,640 萬美元。這一增長反映了第一季完成的基礎設施和 ASIC 機隊升級的影響，這提高了挖礦效率並增加了比特幣產量。在此期間，比特幣的平均價格上漲進一步鞏固了這些營運收益。該部門還受益於高層人工智慧帶來的 230 萬美元的 GPU 即服務收入成長。

Segment cost of revenue was $14.7 million for the quarter versus $8.7 million in the prior year, driven primarily by a $5.2 million increase in cost of revenue related to Bitcoin mining and a $0.7 million increase in cost of revenue related to GPU as a Service. With our reported results as context, we turn to underlying economics.

本季分部收入成本為 1,470 萬美元，而去年同期為 870 萬美元，主要原因是與比特幣挖礦相關的收入成本增加了 520 萬美元，以及與 GPU 即服務相關的收入成本增加了 70 萬美元。以我們報告的結果為背景，我們轉向底層經濟學。

While our Compute segment reflects the financial contribution of American Bitcoin self-mining operations, it does not capture the full scope of value creation now embedded in our platform. I want to provide clarity on three fronts: first, the accounting treatment driven by our ownership position and its impact on how intercompany activity is presented in our consolidated results; second, the commercial framework we've implemented; and third, how the carve-out of American Bitcoin, together with its future stand-alone disclosures is expected to support transparent sum of the parts valuation for Hut 8.

雖然我們的計算部門反映了美國比特幣自挖礦業務的財務貢獻，但它並沒有涵蓋我們平台中目前嵌入的價值創造的全部範圍。我想從三個方面進行澄清：首先，由我們的所有權地位驅動的會計處理及其對公司間活動在合併結果中呈現方式的影響；其次，我們實施的商業框架；第三，美國比特幣的剝離及其未來的獨立披露預計將如何支持 Hut 8 的透明部分總和估值。

Upon completion of American Bitcoin's go-public transaction, we expect to retain a controlling interest of approximately 64% in American Bitcoin and maintain voting control. As such, the entity will be fully consolidated in our financials. Under this structure, revenue generated by Hut 8 through its commercial agreements with American Bitcoin will continue to be eliminated in consolidation as these transactions are treated as intercompany so long as American Bitcoin remains a consolidated entity.

在 American Bitcoin 上市交易完成後，我們預計將保留 American Bitcoin 約 64% 的控股權並保持投票控制權。因此，該實體將完全合併在我們的財務報表中。在這種結構下，只要 American Bitcoin 仍為合併實體，Hut 8 透過與 American Bitcoin 的商業協議產生的收入將繼續在合併中被消除，因為這些交易將被視為公司間交易。

The only revenue recognized in our consolidated results will be self-mining revenue from American Bitcoin, which will then be adjusted via the noncontrolling interest line to reflect third-party ownership of American Bitcoin. This accounting treatment does not detail the scope of economic activity between Hut 8 and American Bitcoin. More specifically, the impact of these contracts is not reflected in our Power and Digital Infrastructure segment results.

我們合併業績中確認的唯一收入將是來自 American Bitcoin 的自挖收入，該收入隨後將透過非控制權益線進行調整，以反映 American Bitcoin 的第三方所有權。這種會計處理並沒有詳細列出Hut 8和美國比特幣之間的經濟活動範圍。更具體地說，這些合約的影響並未反映在我們的電力和數位基礎設施部門的業績中。

The commercial framework governing the relationship between Hut 8 and American Bitcoin was designed to balance capital-efficient scalability for American Bitcoin with infrastructure-like returns for Hut 8. While grounded in established power and data center constructs, each agreement has been tailored to reflect the distinct profile, capital intensity, and operational realities of Bitcoin mining.

Hut 8 與 American Bitcoin 之間關係的商業框架旨在平衡 American Bitcoin 的資本高效可擴展性與 Hut 8 的基礎設施式回報。雖然以現有的電力和資料中心結構為基礎，但每項協議都經過量身定制，以反映比特幣挖礦的獨特概況、資本強度和營運現實。

The ASIC colocation agreement is modeled on the economics of a triple net lease with a hyperscale tenant in a Tier 3 data center but optimized for the operational realities of a Bitcoin mining off taker. While American Bitcoin targets payback periods of approximately two years, reflecting the volatility of Bitcoin mining and rapid depreciation cycles of ASIC servers, Hut 8 adopts a longer-term view, aiming to recover its infrastructure investment over a period roughly twice as long.

ASIC 主機代管協議以與 Tier 3 資料中心的超大規模租戶簽訂的三重淨租賃的經濟模型為模型，但針對比特幣挖礦承購商的營運實際情況進行了最佳化。American Bitcoin 的目標投資回收期為大約兩年，這反映了比特幣挖礦的波動性和 ASIC 伺服器的快速貶值週期，而 Hut 8 則採取了更長遠的眼光，旨在用大約兩倍的時間收回其基礎設施投資。

This approach translates into a target annual yield on cost of approximately 25%. Under the agreement, power costs and certain operating expenses are passed through, helping insulate Hut 8 from the impact of energy price volatility. The managed services agreement is comparable to the operations and maintenance contracts we've executed with institutional partners such as a Fortune 200 renewable energy producer at our King Mountain site and generate capital at our former Kearney and Granbury sites. This agreement is designed to deliver recurring fixed fees.

這種方法意味著目標年成本收益率約為 25%。根據協議，電力成本和某些營運費用將轉嫁，從而幫助 Hut 8 免受能源價格波動的影響。此託管服務協議與我們與機構合作夥伴（例如我們金山工廠的財富 200 強可再生能源生產商）簽訂的營運和維護合約相當，並在我們以前的科爾尼和格蘭伯里工廠產生資本。本協議旨在提供經常性的固定費用。

Finally, the shared services agreement enables SG&A optimization through a time-based allocation methodology. For Hut 8, this agreement provides incremental operating leverage by spreading fixed overhead across a broader revenue base. Together, these agreements form a scalable commercial framework that positions American Bitcoin for capital-efficient growth while enhancing Hut 8's revenue composition and predictability.

最後，共享服務協議透過基於時間的分配方法實現了銷售、一般和行政費用的最佳化。對於 Hut 8 而言，該協議透過將固定間接費用分攤到更廣泛的收入基礎上，提供了增量營運槓桿。這些協議共同構成了一個可擴展的商業框架，使 American Bitcoin 能夠實現資本高效的成長，同時增強 Hut 8 的收入組成和可預測性。

More broadly, they establish a transparent framework for sum of the parts valuation across our platform. Hut 8's controlling interest in American Bitcoin provides embedded scalable exposure to Bitcoin, creating upside potential without additional investment from Hut 8's balance sheet. Upon American Bitcoin's public listing, its market valuation will serve as a benchmark for assessing the value of our interest in the company.

更廣泛地說，他們在我們的平台上建立了一個透明的各部分估值框架。Hut 8 對 American Bitcoin 的控股權提供了對比特幣的嵌入式可擴展敞口，從而無需 Hut 8 資產負債表上的額外投資即可創造上行潛力。美國比特幣上市後，其市場估值將作為評估我們對該公司權益價值的基準。

At the same time, Hut 8 retains full ownership of an infrastructure platform comprising recently contracted power generation assets, Bitcoin mining infrastructure, traditional data centers and a position in GPU as a Service through high-rise AI. These assets underpin our evolution towards low cost of capital, recurring cash flows with limited correlation to Bitcoin price volatility.

同時，Hut 8 保留了基礎設施平台的全部所有權，該平台包括最近簽約的發電資產、比特幣挖礦基礎設施、傳統資料中心以及透過高層 AI 在 GPU 即服務中的地位。這些資產支撐著我們朝向低資本成本、經常性現金流以及與比特幣價格波動相關性有限的方向發展。

In effect, this architecture positions us to deliver two distinct strategically linked streams of value creation, a scalable Bitcoin accumulation vehicle with a yield-driven energy and digital infrastructure platform. We believe this dual exposure within a unified platform is core to the long-term investment thesis for Hut 8.

實際上，這種架構使我們能夠提供兩個不同的、戰略上相互關聯的價值創造流，即一個可擴展的比特幣累積工具以及一個以收益為導向的能源和數位基礎設施平台。我們相信，統一平台內的雙重曝光是 Hut 8 長期投資理念的核心。

With respect to our balance sheet, we are often asked about our intentions for the Bitcoin we hold in reserve. To be clear, we do not view Bitcoin as a speculative asset, but as a high-value treasury reserve with materially greater flexibility and upside optionality than cash. This perspective is grounded in experience.

關於我們的資產負債表，我們經常被問到我們對所持有的比特幣的打算。需要明確的是，我們並不認為比特幣是一種投機資產，而是一種高價值的國庫儲備，其靈活性和上行選擇性比現金大得多。這種觀點是基於經驗的。

Our leadership team and Board, many of whom have deep backgrounds in traditional finance, understand both the volatility and long-duration optionality inherent in Bitcoin. As such, our approach is measured and deliberate. We are patient, not passive.

我們的領導團隊和董事會中的許多人都擁有深厚的傳統金融背景，他們了解比特幣固有的波動性和長期選擇性。因此，我們的方法是經過深思熟慮和謹慎的。我們有耐心，但不是被動的。

With the launch of American Bitcoin, we recognize that our strategic context has evolved, and we are not committed to holding Bitcoin indefinitely. Rather, our framework is pragmatic. We will continue to hold Bitcoin and deploy our holdings strategically towards opportunities we believe offer superior risk-adjusted returns and align with the long-term strategic and financial interest of (inaudible) and our shareholders.

隨著美國比特幣的推出，我們意識到我們的戰略背景已經發生了變化，我們並不承諾無限期地持有比特幣。相反，我們的框架是務實的。我們將繼續持有比特幣，並將我們的資產策略性地部署到我們認為能夠提供卓越風險調整回報的機會上，並符合（聽不清楚）和股東的長期策略和財務利益。

Crucially, Bitcoin also enables a range of active treasury management opportunities, including access to competitive financing alternatives and yield generation strategies. This utility may help explain why a growing number of operating companies, including Tesla and Block, have chosen to allocate Bitcoin as a part of their treasury reserves.

至關重要的是，比特幣還提供了一系列積極的資金管理機會，包括獲得有競爭力的融資替代方案和收益產生策略。這種實用性可能有助於解釋為什麼越來越多的營運公司（包括特斯拉和 Block）選擇將比特幣作為其資金儲備的一部分。

On the financing front, we continue to engage actively with potential counterparties to optimize our capital structure. During the first quarter, we doubled the size of our credit facility with Coinbase from $65 million to up to $130 million, with $65 million drawn at quarter end. At the same time, we improved pricing by transitioning to a fixed interest rate of 9% compared to a floating rate structure with an effective interest rate ranging from 10.5% to 11.5% between the quarter ended December 31, 2023, and the quarter ended March 31, 2025. In parallel, we continue to manage our reserve with a focus on delivering right way risk and incremental cash flow.

在融資方面，我們繼續積極與潛在交易對手合作，以優化我們的資本結構。在第一季度，我們將與 Coinbase 的信貸額度增加了一倍，從 6,500 萬美元增加到 1.3 億美元，其中 6,500 萬美元在季度末提取。同時，我們透過將利率從浮動利率結構轉換為 9% 的固定利率來改善定價，在截至 2023 年 12 月 31 日的季度和截至 2025 年 3 月 31 日的季度期間，實際利率範圍為 10.5% 至 11.5%。同時，我們繼續管理我們的儲備，重點是提供正確的風險和增量現金流。

In fiscal 2024, we generated more than $20 million in net proceeds from covered call options on Bitcoin held in reserve. In July, we further institutionalized this capability by securing a commercial license in the Dubai International Finance Center, enhancing our capacity to deploy Bitcoin into structured derivatives and yield strategies with greater flexibility and control.

在 2024 財年，我們從儲備的比特幣備兌買權中獲得了超過 2,000 萬美元的淨收益。7 月，我們透過在杜拜國際金融中心獲得商業許可證進一步製度化了這項能力，增強了我們將比特幣部署到結構化衍生性商品和收益策略的能力，具有更大的靈活性和控制力。

On the development front, we continue to make significant strides. Nowhere is our differentiated approach more evident than at Riverbend, the most visible example of our power first development model. Unlike retrofit strategies constrained by legacy infrastructure, we believe our greenfield development approach enables us to optimize site design, specification and scalability while aiming to drive down development costs.

在發展方面，我們持續取得重大進展。我們的差異化方法在 Riverbend 中得到了最明顯的體現，它是我們電力優先開發模式最明顯的例子。與受傳統基礎設施限制的改造策略不同，我們相信，我們的綠地開發方法使我們能夠優化場地設計、規格和可擴展性，同時降低開發成本。

This project exemplifies what sets us apart. While others repurpose assets to accommodate emerging workloads, we actively source and develop new sites purpose-built for next-generation compute.

這個項目體現了我們的與眾不同之處。當其他人重新利用資產來適應新興的工作負載時，我們積極尋找和開發專為下一代運算而建置的新網站。

Our conviction in this model is foundational. It is, in fact, one of the reasons I joined this team.At our core, we are builders and operators with a clear mandate: to establish new businesses in markets where our Power First, innovation-driven strategy, speed and capital efficiency position us to create outsized value.

我們對這模式的信念是根本性的。事實上，這也是我加入這個團隊的原因之一。從本質上講，我們是建造者和營運商，肩負著明確的使命：在以我們的「力量第一」、創新驅動策略、速度和資本效率為優勢的市場中建立新業務，從而創造超額價值。

In closing, the second quarter marked a decisive step forward in the execution of our 2025 strategy. We translated investment into tangible financial performance, enhanced our asset commercialization profile and advanced the development of next-generation infrastructure. Across our platform, our progress continues to validate the strength of our Power First, innovation-driven strategy, momentum we believe will accelerate upon the public listing of American Bitcoin. Thank you to our team for delivering on a complex and impactful quarter and to our investors for their continued conviction and support.

最後，第二季標誌著我們實施 2025 策略邁出了決定性的一步。我們將投資轉化為實際的財務業績，提升了資產商業化形象，推動了下一代基礎設施的發展。在我們的平台上，我們的進步不斷驗證了我們「力量第一」、創新驅動策略的優勢，我們相信，隨著美國比特幣的公開上市，這一勢頭將會加速。感謝我們的團隊在一個複雜而有影響力的季度中取得的成績，也感謝我們的投資者的持續信任和支持。

Operator, please open the line for Q&A.

接線員，請開通問答專線。

(Operator Instructions) Patrick Moley, Piper Sandler.

（操作員指示）派崔克·莫利、派珀·桑德勒。

So I had one on the power under exclusivity. It looks like it jumped up by about 500 megawatts in the quarter. So, I was just hoping you could elaborate or share any details on that 500 megawatts composition? Is it one site? Is it multiple sites?

所以我擁有獨家的權力。看起來本季的發電量增加了約 500 兆瓦。所以，我只是希望您能詳細說明或分享有關 500 兆瓦組成的詳細資訊？是一個站點嗎？是多個站點嗎？

And what the intended use of that additional power under exclusivity would be? Thanks.

那麼，在排他性下，這種額外權力的預期用途是什麼？謝謝。

Appreciate the question, Patrick. This is Asher here. So, our origination team today is really focused on two things. One is site’s purpose chosen and built for AI customers and the partners that we've been working with over the last 1.5 years.

感謝您的提問，派崔克。我是 Asher。因此，我們今天的發起團隊主要關注兩件事。一是該網站的選擇和建造目的是為 AI 客戶以及我們過去 1.5 年一直合作的合作夥伴服務的。

And second is sites that we believe can play a dual purpose, primarily looking at the Texas markets where it can work for Bitcoin mining, and it can work for AI computing depending on where the location is. And so, you'll see more about the evolution of that pipeline from exclusivity to investment in development assets like Riverbend in the upcoming quarter.

其次，我們認為這些站點可以發揮雙重作用，主要關注德克薩斯州的市場，在那裡它可以用於比特幣挖礦，並且根據位置的不同，它可以用於人工智慧計算。因此，您將在下一季看到更多關於該管道從獨家經營到對 Riverbend 等開發資產進行投資的演變過程。

And we're excited to continue to show how we're going from pipeline and assets in development to assets and exclusivity to invested assets in development where we will own the power and/or land and then going into commercialized assets as well. So, there will be a new pillar of this platform that we'll introduce into next quarter's earnings call.

我們很高興繼續展示我們如何從管道和開發中的資產轉向資產和排他性，再轉向開發中的投資資產，我們將擁有電力和/或土地，然後進入商業化資產。因此，我們將在下個季度的收益電話會議上介紹該平台的一個新支柱。

Darren Aftahi, ROTH Capital.

羅仕資本（ROTH Capital）的達倫·阿夫塔希（Darren Aftahi）。

3.1 gigs in exclusivity --

3.1場獨家演出--

Can you repeat yourself? I think you jumped on a couple of seconds after you started.

你能再說一次嗎？我認為你開始幾秒鐘後就跳起來了。

Got it. Can you hear me now?

知道了。現在你能聽到我說話嗎？

Yes. Great.

是的。偉大的。

Just following up on the 3.1 gig question prior, at least the marginal piece. Can you kind of handicap what percentage of that portfolio could potentially be used for dual purpose and what is exclusively kind of for next-gen compute?

只是繼續之前的 3.1 演出問題，至少是邊緣部分。您能否明確一下該投資組合中有多少比例可以用於雙重用途，以及哪些比例專門用於下一代運算？

Yeah. Thanks, Darren. Currently in that pipeline and as we convert that pipeline out, the way I would think about it is when we think about sites just for Bitcoin mining, we think there's probably a gigawatt of runway gives us plenty of runway in order to continue to have optionality in that business and grow into it depending on hash prices. The remainder of all those sites are either dual purpose or specifically chosen and built for AI compute. And when we think about these assets, we're thinking about them in different durations.

是的。謝謝，達倫。目前，在那個管道中，當我們轉換那個管道時，我會這樣想，當我們考慮僅用於比特幣挖掘的站點時，我們認為可能有 1 千兆瓦的跑道為我們提供了足夠的跑道，以便繼續在該業務中擁有選擇權，並根據哈希價格不斷發展。其餘所有站點要么具有雙重用途，要么專門為 AI 計算而選擇和構建。當我們考慮這些資產時，我們會以不同的持續時間來考慮它們。

Some of these assets are near term like you've seen with Riverbend and some of the other sites that we're working on today where power is available in this next year and power will be available before a data center is able to be built. And so we've done a great job there, and the team has done a phenomenal job. At the same time, we're starting to plan capacity as well and thinking about power that comes online in stages.

其中一些資產是近期的，就像您在 Riverbend 和我們目前正在工作的其他一些站點所看到的一樣，這些站點明年就可以供電，並且在數據中心建成之前就可以供電。因此，我們在那裡做得非常出色，團隊也做得非常出色。同時，我們也開始規劃容量，並考慮分階段上線的電力。

So that way, we're not constantly trying to find power and able to step into it as it becomes available. And so, we're taking shorter duration investments in addition to longer duration investments to really get the flywheel to be evolved and to show longevity in that growth. And so, as we start investing in these projects in Q2, we'll start disclosing kind of this next stage, which is we'll talk about the details of each site, when power becomes available, how it stages into it and what commercialization opportunities we see that exist on those projects.

這樣，我們就不需要不斷地尋找力量，只要有力量，我們就可以立即利用它。因此，除了長期投資之外，我們還進行短期投資，以真正推動飛輪的發展並展現出這種成長的長壽性。因此，當我們在第二季度開始投資這些項目時，我們將開始披露下一階段的信息，即我們將討論每個站點的詳細信息，何時可以使用電力，如何分階段使用電力以及我們認為這些項目存在哪些商業化機會。

Joseph Vafi, Canaccord.

約瑟夫·瓦菲（Joseph Vafi），Canaccord。

Nice vision on the business laid out here. Just on the -- maybe one on American Bitcoin. I know there's a lot going on, on the cap structure. Have you laid out yet kind of an exahash plan or the size of some goals?

這裡展現了對業務的美好願景。只是——也許有一個關於美國比特幣的。我知道在薪資上限結構方面有很多事情要做。您是否已經制定了某種計劃或一些目標的規模？

Thanks, Joe. Today, we've contributed 10.2 exahash as a part of the merger into American Bitcoin from Hut 8 with the Vegas site that brings us right over 25 exahash in terms of total optionality in order to scale into. And then in phase two and phase three of that transition, we have an ability to grow into 50 exahash as well. The way that we're thinking about it is, I think historically, Bitcoin miners have needed to grow sometimes at the expense of the economics.

謝謝，喬。今天，我們貢獻了 10.2 exahash，作為 Hut 8 與 American Bitcoin 合併的一部分，該合併將使我們的總可選性超過 25 exahash，從而可以進行擴容。然後在轉變的第二階段和第三階段，我們也有能力成長到 50 exahash。我們對此的看法是，我認為從歷史上看，比特幣礦工有時需要以犧牲經濟為代價來實現成長。

And so, the way we've structured Vega, for example, is Bitmain came in as our hosting colocation customer, and that allowed us to have much better foresight on where hash prices are and have a much shorter duration from investment to cash flow generation essentially within 24 hours rather than a six- to eight-month period.

因此，我們建立 Vega 的方式是，比特大陸作為我們的託管客戶加入，這使我們能夠更好地預測哈希價格的走向，並且從投資到現金流產生的時間大大縮短，基本上在 24 小時內，而不是六到八個月的時間。

And so, we'll continue to look to scale and innovate that, and we'll have another site that has a similar structure. And we have a couple of other ways of bringing on exahash that are not as dilutive for American Bitcoin as well in which we have partnerships that we can deploy there as well. And so, I think the best way to think about it from an American Bitcoin perspective is we have a near-term opportunity to step in and more than 2.5 times our exahash and drive our overall efficiency of the fleet down to around 14 joules per terahash. And then from there, we have the ability to continue to grow with the massive pipeline that we have today that more and more projects are going into later stage rather than earlier stage when we first disclosed our pipeline at the end of last year.

因此，我們將繼續尋求擴大規模和創新，並且我們將建立另一個具有類似結構的網站。我們還有其他幾種方式來引入 Exahash，這些方式對美國比特幣的稀釋作用也不那麼大，而且我們也有合作夥伴關係可以在那裡部署。因此，我認為從美國比特幣的角度來思考這個問題的最好方式是，我們有一個近期的機會來介入，並將我們的 exahash 提高 2.5 倍以上，並將我們礦機群的整體效率降低到每太赫茲 14 焦耳左右。然後從那時起，我們有能力繼續發展我們今天擁有的龐大管道，越來越多的專案進入後期階段，而不是像我們去年年底首次披露管道時那樣進入早期階段。

Nick Giles, B. Riley Securities.

尼克吉爾斯 (Nick Giles)，B. Riley 證券。

You've taken a clear stance to avoid announcing LOIs and just focus on the big announcements or definitive agreements. So, I guess my question is, how much of Riverbend would you be willing to develop without having made that announcement? And as we think about other opportunities, do you think it's important to be able to market an asset that's already in development? Or could it be achievable to sign a definitive agreement without any preliminary work?

您已明確表示避免宣布意向書，而只專注於重大公告或最終協議。所以，我想我的問題是，在沒有宣布這一消息的情況下，你們願意開發 Riverbend 的多少部分？當我們考慮其他機會時，您認為能夠行銷已經處於開發階段的資產是否重要？或者說，在沒有任何前期工作的情況下，簽署最終協議是否可行？

Thanks, Nick. Riverbend, we've already started deploying capital, specifically around the switchyard, substation build, tie payments and some of the civil work, as I'm sure you've all seen in the presentation today during strong section at the end. So, we'll continue to deploy and develop there. That site is a much larger campus and a single-tenant campus that we've been working very deeply with a customer on and what that site looks like. Other sites, for example, I was surprised a couple of weeks ago, we had a couple of other community hearings in a site that we have in Chicago.

謝謝，尼克。Riverbend，我們已經開始部署資金，特別是在開關站、變電站建設、連接線支付和一些土木工程方面，我相信你們都在今天的演示最後的強力部分中看到了。因此，我們將繼續在那裡部署和發展。該網站是一個更大的園區，也是一個單一租戶園區，我們一直在與客戶進行深入的合作，並確定該網站的外觀。例如，其他地點，幾週前我很驚訝，我們在芝加哥的一個地點舉行了幾次社區聽證會。

And that site, for example, is close to a bunch of other data centers and is a nice tuck-in asset. And so, the development of our own colo design there, we have a bit more comfort in spending the engineering and building meanwhile discussing with the customer. And then there's something that we're very, very excited for, which is what Vega and the design at Vega means for our company.

例如，該網站靠近許多其他資料中心，是一項很好的附加資產。因此，在那裡開發我們自己的色彩設計時，我們可以更安心地進行工程和建設，同時與客戶進行討論。還有一件事讓我們非常非常興奮，那就是 Vega 和 Vega 的設計對我們公司的意義。

We do believe that as we continue to iterate on that design and go into version two, that there is a world that we have a high-speed conversion from this base level no generator backup chilled system, cooling system technology and allow us to be able to upgrade these facilities in a very short period of time. I think that's going to -- that's a big area that we're focused on from an innovation perspective, and we believe that we'll be able to invest in a base case commercialization method but have an ability to upsize and transform that infrastructure as we commercialize into longer sales cycle opportunities.

我們確實相信，隨著我們繼續迭代該設計並進入第二個版本，我們將能夠從這個基礎水平的無發電機備用冷藏系統、冷卻系統技術進行高速轉換，並使我們能夠在很短的時間內升級這些設施。我認為這將是——從創新角度來看，這是我們關注的一個重要領域，我們相信，我們將能夠投資於基本商業化方法，但隨著我們將其商業化為更長的銷售週期機會，我們有能力擴大和改造該基礎設施。

Stephen Glagola, JonesTrading.

史蒂芬·格拉戈拉（Stephen Glagola），JonesTrading。

Could you clarify whether you are prioritizing a powered shell lease or a turnkey build-to-suit lease for your three sites totaling 430 megawatts of critical IT capacity? And if you have a preference for one approach over the other, maybe could you elaborate on how that choice aligns with your operational strategy and the needs of your customers? And then I just have a quick follow-up.

您能否澄清一下，對於總計 430 兆瓦關鍵 IT 容量的三個站點，您是否優先考慮電力外殼租賃或交鑰匙定制租賃？如果您更傾向於其中一種方法，您能否詳細說明該選擇如何與您的營運策略和客戶需求保持一致？然後我再快速跟進。

Thanks, Stephen. In one of the projects, we're looking at a colo build and focused on a triple net lease structure. And then in another project, we're looking at a build-to-suit, but rather than kind of a $2 million per megawatt powered shell build-to-suit, more around $6 million a megawatt in terms of capital deployment and yield on cost on that model.

謝謝，史蒂芬。在其中一個項目中，我們正在研究託管建設，並專注於三重淨租賃結構。然後在另一個專案中，我們正在考慮量身定制，但不是每兆瓦 200 萬美元的量身定制外殼，而是在資本部署和成本收益方面每兆瓦 600 萬美元左右。

In regards to how we're thinking about it as a business, -- the first is if we're building and executing on the data center and the customer wants to operate, we're okay with that. We are comfortable to show the market that we can first deliver this infrastructure stack before also showing the market that we can operate as well. And so, we've been very open to those discussions.

關於我們如何將其視為一項業務，首先，如果我們正在建立和執行資料中心，並且客戶想要運營，那麼我們就可以接受。我們很樂意向市場展示，我們可以先交付這個基礎設施堆疊，然後再向市場展示我們也可以運作。因此，我們對這些討論持非常開放的態度。

In addition to that, as we think about our overall platform, as Sean mentioned in his remarks, we see the need to build an infrastructure platform that continues to originate great new assets and that we're able to commercialize because as soon as we announce a deal to the market, everyone on this call is going to be asking me, when is the next site coming and who is the next customer with -- and so we spent a lot of time building that foundation where we're not just focused on one site, but we're really building that pipeline to be able to continue to scale growth. And so, with that said, Stephen, where we care about is who are the partners that we believe that we can scale with, and we're not putting all of this attention and time and energy into it where it's just a one site deal that we would look at with them.

除此之外，正如肖恩在演講中提到的那樣，當我們考慮我們的整體平台時，我們看到了構建一個基礎設施平台的必要性，該平台可以繼續產生大量新資產，並且我們能夠將其商業化，因為一旦我們向市場宣布交易，電話會議上的每個人都會問我，下一個站點什麼時候建成，下一個客戶是誰——因此，我們花了很多時間來構建這個基礎，以便我們可以繼續構建渠道。因此，史蒂芬，話雖如此，我們關心的是哪些合作夥伴是我們認為可以擴大規模的，我們不會把所有的注意力、時間和精力都投入到我們只想與他們考慮的一個站點交易上。

And so in specific scenarios, if we are at capacity and bandwidth on colo or build-to-suit structures, and we have other sites where we can do a powered shell deal or a power land deal, we're open to that because right now, as everyone sees, we have a lot of power in our pipeline and exclusivity. And as those assets starts converting out, we'd like to monetize those and be able to capture those megawatts long term as a part of our vision and the value of megawatts being more valuable over time, and we'll be engaging in various commercialization efforts.

因此，在特定情況下，如果我們在託管或定制結構上擁有足夠的容量和頻寬，並且我們還有其他可以進行電力空殼交易或電力土地交易的站點，那麼我們對此持開放態度，因為現在，正如大家所看到的，我們的管道和獨家經營權擁有很大的權力。隨著這些資產開始轉換，我們希望將其貨幣化，並能夠長期捕獲這些兆瓦，作為我們願景的一部分，並且兆瓦的價值會隨著時間的推移而變得更有價值，我們將參與各種商業化努力。

However, if we only had one site, we obviously wouldn't do that because the return per megawatt is lower. But in a world where we're long power, we'll be able to engage in a variety of commercial outcomes with a key focus on the majority of the team on obviously delivering colo and build-to-suit designs and looking at other methods as bandwidth becomes constrained as more sites come into our assets under management.

然而，如果我們只有一個站點，我們顯然不會這樣做，因為每兆瓦的回報較低。但是，在一個我們擁有長期權力的世界裡，我們將能夠參與各種商業成果，重點是讓大多數團隊顯然提供託管和客製化設計，並隨著更多站點進入我們管理的資產而導致頻寬受限，尋找其他方法。

Okay. And I don't know if I can squeeze one more quickly. But just at the current Griffin Digital share price, your stake in American Bitcoin is very significant. And maybe you could just update us on your long-term vision for this holding and provide any insight into the strategies or scenarios under consideration for monetizing it over time?

好的。我不知道我是否能再快一點。但僅以目前的 Griffin Digital 股價來看，您持有的 American Bitcoin 股份就非常可觀。也許您可以向我們介紹一下您對這項控股的長期願景，並提供一些關於正在考慮的、旨在隨著時間的推移將其貨幣化的策略或方案的見解？

Thanks, Stephen. Yes. Look, today, the implied valuation of our stake is a multibillion-dollar stake. We'll see as we become public, how we're able to continue to hold that valuation, build upon it and grow that business. With that said, I think we're thoughtful and cognizant.

謝謝，史蒂芬。是的。你看，今天，我們所持股份的隱含估值是數十億美元的股份。當我們上市時，我們將看到我們如何能夠繼續保持這一估值，在此基礎上發展並發展業務。話雖如此，我認為我們是經過深思熟慮和認識的。

I think we believe in the synergistic relationship between the two companies. That's why we had engaged and executed on this transaction in the first place. This has been an idea that is brewing with us for a long time. Even when Co2 came in and invested it as a part of our agreement with them that we had the ability to spin off this business in a way that we did with American Bitcoin.

我認為我們相信兩家公司之間的協同關係。這就是我們首先參與並執行這項交易的原因。這是我們醞釀已久的想法。即使 Co2 介入並進行投資時，作為我們與他們的協議的一部分，我們也有能力以與 American Bitcoin 類似的方式剝離這項業務。

As we think about the long-term evolution of the two companies, the question is going to be because of our consolidation mechanisms that we have with that company, how will that impact our investors and our earnings profiles with the volatility of that business, even though it's off-balance sheet. And I think we're cognizant and thoughtful of that. In addition, I think as our stake continues to grow as that business is built and grown, our belief is we'll be able to leverage some of that equity stake as well in other financing mechanisms to fund the core business in a low-cost capital manner. And so, I think luckily, we have a lot of options in front of us.

當我們考慮兩家公司的長期發展時，問題在於，由於我們與該公司的合併機制，這將如何影響我們的投資者和我們的獲利狀況以及該業務的波動性，即使它是表外業務。我認為我們已經意識到並深思熟慮了這一點。此外，我認為，隨著業務的建立和發展，我們的股份將不斷增長，我們相信，我們將能夠利用部分股權以及其他融資機制，以低成本的資本方式為核心業務提供資金。所以，我認為幸運的是，我們面前有很多選擇。

The launch of this business has been extremely successful. We're extremely proud of the team, the speed in which we've been able to become effective on our S-4 with the SEC and the path towards going public with the Griffin shareholder vote happening this month. And we'll continue to engage with investors and engage with our shareholders, meanwhile, building the businesses that we have long-term conviction in.

這項業務的推出非常成功。我們為團隊感到非常自豪，我們能夠迅速有效地與美國證券交易委員會 (SEC) 簽訂 S-4 文件，並隨著本月格里芬股東投票走向上市。我們將繼續與投資者和股東合作，同時建立我們長期堅信的業務。

And so, we're excited with where we are today. We think we've created a lot of value in a short period of time that people have seen. And as we continue to build that business that the volatility there will stabilize, and we'll continue to build the base there while building the energy infrastructure platform here at Hut 8.

因此，我們對目前的狀況感到非常興奮。我們認為我們在短時間內創造了許多人們有目共睹的價值。隨著我們繼續發展該業務，那裡的波動性將會穩定下來，我們將繼續在那裡建立基礎，同時在 Hut 8 建造能源基礎設施平台。

Paul Golding, Macquarie.

麥格理銀行的保羅‧戈爾丁。

Just wanted to clarify a comment made earlier in the Q&A. I think you mentioned that on the PowerShell project, you were looking at about $6 million per megawatt in CapEx. Just wanted to confirm that figure.

只是想澄清一下之前在問答中提出的評論。我想您提到過，在 PowerShell 專案中，您考慮的資本支出約為每兆瓦 600 萬美元。只是想確認一下這個數字。

And as we think about the Louisiana development as a greenfield project relative to the marketplace on brownfield conversion, how you're thinking about the maybe more modular approach or any other nuances in your development strategy and plan that create a level of CapEx efficiency that you might be able to deliver relative to the rest of the traditional Tier 3 marketplace?

當我們將路易斯安那州的發展視為相對於棕地轉換市場的綠地項目時，您如何考慮採用更模組化的方法或開發策略和計劃中的任何其他細微差別，從而創造一定水平的資本支出效率，以便您能夠相對於其他傳統三級市場實現這一目標？

Thanks, Paul. Appreciate the question. Yes, let me clarify that. PowerShell is roughly around $2 million a megawatt. build-to-suit, we said we can bring up to $6 million per megawatt because you include some of the MEP material in there in the negotiations with the customers.

謝謝，保羅。感謝你的提問。是的，讓我澄清一下。PowerShell 的成本約為每兆瓦 200 萬美元。我們說，如果進行客製化生產，我們可以將成本提高到每兆瓦 600 萬美元，因為在與客戶的談判中，我們將一些 MEP 材料納入其中。

And so that's kind of the balance between a colo design where we're spending north of $10 million a megawatt to a PowerShell where you're spending $2. In regards to how we're thinking about development, one of the advantages that we're bringing to the market is speed of execution and speed of power delivery. And so, some of these modular builds are part of that ability to deploy that speed. I think with Riverbend in Louisiana, the reason why we've been a bit slower to announce a transaction there is we've really been working on expanding that campus to get up to a gigawatt instead of just the original 300 megawatts that we have allocated today.

因此，這就是我們在託管設計上每兆瓦花費 1000 萬美元以上與在 PowerShell 上每兆瓦花費 2 美元之間的平衡。關於我們如何思考開發，我們為市場帶來的優勢之一是執行速度和電力傳輸速度。因此，其中一些模組化構造是部署該速度的能力的一部分。我認為，對於路易斯安那州的 Riverbend，我們之所以宣布交易速度較慢，是因為我們一直在努力將園區擴建至 1 千兆瓦，而不是僅僅達到我們今天分配的 300 兆瓦。

And so we spent some time working on that and engaging with the customer so they can make this one of their availability zones. And so that's where some of the work has gone to rather than just commercializing the initial 300 megawatts. And so, as we think about the initial 300 megawatts there and other sites of ours that have speed towards power, some of these more nuanced modular builds and that customers are open to are fast path towards speed of energization. Meanwhile, we scale into larger power into some of the campuses.

因此，我們花了一些時間來研究這個問題並與客戶溝通，以便他們可以將其作為他們的可用區域之一。因此，部分工作已投入其中，而不僅僅是將最初的 300 兆瓦商業化。因此，當我們考慮那裡最初的 300 兆瓦以及我們其他能夠快速發電的站點時，其中一些更細緻的模組化構造以及客戶願意接受的快速通電途徑。同時，我們在一些校園內擴大了電力供應。

Great. And then in terms of expanding from the 300 megawatts to the 1 gigawatt, is that coming from just your Power First approach? Or are you seeing indications of interest from customers where scale beyond 300 megawatts is crucial to long-term plans and engaging in leases?

偉大的。那麼，從 300 兆瓦擴展到 1 千兆瓦，這是否僅僅源於您的「電力優先」方法？或者您看到客戶感興趣的跡象，其中超過 300 兆瓦的規模對於長期規劃和參與租賃至關重要？

It's a mix of both. I think to start with the customer demand, we're seeing customers want larger and larger sites. Obviously, today, they'll take a multi-hundred-megawatt site if it's available sooner. But as they look longer term, we're seeing much more demand for gigawatt plus opportunities and the ability to build campuses that they can have large computing clusters and/or availability zones for their cloud networks. So, for us, it's -- if we -- for this site specifically, we believe, one is we have an ability to expand on the land footprint that we have there.

兩者皆有。我認為首先從客戶需求開始，我們看到客戶想要越來越大的網站。顯然，如果今天可以更早獲得數百兆瓦的電廠，他們就會選擇這個電廠。但隨著他們著眼於更長遠的未來，我們看到對千兆瓦以上機會的需求越來越大，並且需要建立園區的能力，以便為他們的雲端網路提供大型運算叢集和/或可用區域。因此，對我們來說，如果我們針對這個地點，我們相信，一是我們有能力擴大我們在那裡的土地足跡。

We have an ability due to the transmission story there to expand on the power and then work with the customer to show them the vision of what this opportunity can become. And Entergy Louisiana has been a great partner of ours and including the state of Louisiana as well. So we're very grateful that we have been working closely with them over the last year.

由於那裡的傳輸故事，我們有能力擴展功率，然後與客戶合作，向他們展示這個機會可以變成什麼樣的願景。安特吉路易斯安那公司一直是我們以及路易斯安那州的重要合作夥伴。因此，我們非常感謝過去一年來一直與他們密切合作。

Brian Vieten, Needham & Company.

Brian Vieten，Needham & Company。

Can you just talk about the investment necessary to gain exclusivity and then how long you hold those rights? And then I think you mentioned Texas, where is the next biggest geography within that pipeline?

您能否談談獲得獨家經營權所需的投資以及您持有這些權利多長時間？然後我想您提到了德克薩斯州，該管道內下一個最大的地理位置是哪裡？

Thanks, Brian. It depends on the opportunity in the site. Some of the projects we're actually developing. And so, when we think about exclusivity, we've applied for interconnects and it's really the land option, which are relatively cheap. I think a couple of hundred thousand dollars.

謝謝，布萊恩。這取決於現場的機會。我們實際上正在開發一些項目。因此，當我們考慮排他性時，我們申請了互連，這實際上是土地選擇，相對便宜。我認為是幾十萬美元。

And in other sites, we're spending a little bit more money. Once we spend a larger amount, call it, multimillion dollars plus, that's actually when we'll be executing on some of the underlying agreements and bringing it into our development sites under management, which is kind of the new category we're going to introduce in this upcoming quarter. And some of those projects, actually, we approved that at the end of -- at the beginning of this quarter, which obviously we're already about halfway through. And so that's important for us as we continue to develop and grow these opportunities.

而在其他網站上，我們花的錢稍微多一點。一旦我們花費了更大的金額，比如說數百萬美元以上，那實際上就是我們執行一些基礎協議並將其納入我們管理的開發站點的時候，這是我們將在即將到來的這個季度推出的新類別。實際上，我們在本季末或初就批准了其中一些項目，顯然我們已經完成了一半。因此，這對於我們繼續開發和擴大這些機會非常重要。

We think about the cost of these options as we continue to build sites, the upside of commercialization. And so, we really think about cost and duration on the upside in development and then how much commercialization opportunity there is on any given facilities. In regards to how much we have development for each individual customer and the geographic regions that we're looking at, obviously, we have a big footprint in Texas existing today, and we believe that's an interesting market even with some of the recent regulation that's come out.

在繼續建造場地時，我們會考慮這些選擇的成本以及商業化的優勢。因此，我們真正考慮的是開發的成本和持續時間，以及任何給定設施有多少商業化機會。關於我們為每個客戶和我們關注的地理區域進行多少開發，顯然，我們目前在德克薩斯州擁有很大的影響力，我們相信，即使最近出台了一些監管規定，那仍然是一個有趣的市場。

We have Louisiana, as everyone knows about today, Chicago market as well, Kansas as well and opportunities in the Pennsylvania, Ohio region as well. And so have spread out our mandate outside of just Texas over the course of the last 1.5 years.

正如大家今天所知，我們有路易斯安那州、芝加哥市場、堪薩斯州以及賓夕法尼亞州和俄亥俄州地區的機會。因此，在過去的一年半里，我們的任務範圍已擴展到德州以外的地區。

Michael Colonnese, H.C. Wainwright.

邁克爾·科隆尼斯、H.C. 溫賴特。

Just curious if you could provide any color on your plans for the proceeds from American Bitcoin's recent private placement. And based on where we are now with the market, the probability that you'll exercise a portion of all of your purchase option of Bitmain in the near term, especially as we think about the implications of hosting revenues and how those are going to ramp through your colocation agreement with them?

我只是好奇您是否可以透露一下有關 American Bitcoin 近期私募所得收益的計劃。而根據我們目前的市場狀況，您在短期內行使部分比特大陸購買選擇權的可能性有多大，特別是當我們考慮託管收入的影響以及這些收入將如何透過您與他們的主機託管協議來增加時？

Thanks, Mike. American Bitcoin's current strategy is very, very simple. Money is raised and invest into Bitcoin and/or ASICs that generate Bitcoin. And that is where the majority of all of the capital, if not all of it, will go into, and it's a very clean and pure story with low SG&A, with low other CapEx investments in other areas of the infrastructure stack and allows investors to have really a clean pure-play Bitcoin accumulation vehicle. I'm not going to steal their thunder on how they are going to be growing their exahash, but we will be scaling quickly, and we will be scaling both in the Bitcoin treasury and also in the exahash as well.

謝謝，麥克。美國比特幣目前的策略非常非常簡單。籌集資金並投資於比特幣和/或產生比特幣的 ASIC。這就是大部分（如果不是全部）資本將投入的地方，這是一個非常乾淨和純粹的故事，銷售、行政和行政管理費用低，基礎設施堆疊其他領域的其他資本支出低，並允許投資者擁有真正乾淨的純粹比特幣積累工具。我不會搶他們的風頭，談論他們將如何擴大他們的 exahash，但我們將迅速擴大規模，並且我們將同時擴大比特幣金庫和 exahash 的規模。

From a Hut 8 perspective, as we think about our current hosting agreement with Bitmain and our colocation agreement with them, we see that those economics with an execution with American Bitcoin will only get better via our pro forma stake in the underlying business there. And so, I think we're comfortable with the Bit and agreement we have and the return profile that, that provides. In addition, we're excited for the market to see all the growth potential that American Bitcoin has as it makes us public debut.

從 Hut 8 的角度來看，當我們考慮我們與比特大陸的當前託管協議以及與他們的主機託管協議時，我們發現，與美國比特幣合作的經濟效益只會透過我們在那裡的基礎業務中持有的備考股份而變得更好。因此，我認為我們對現有的 Bit 和協議以及其提供的回報感到滿意。此外，我們很高興市場能夠看到美國比特幣在首次公開亮相時所具有的全部成長潛力。

Greg Lewis, BTIG.

格雷格·劉易斯（Greg Lewis），BTIG。

I guess, Asher, along those lines around the ownership stake in American Bitcoin. You know, I think one of the reasons Hut is kind of going down this route is some of the capital intensity that Bitcoin mining can sometimes require. Just kind of curious, as you think about Hut as a majority shareholder, as there is growth, could we see Hut invest alongside deploy capital into American Bitcoin over time as we maybe see some of this growth? Or I'm just kind of curious how you're thinking about that.

我想，阿舍爾 (Asher) 的看法與美國比特幣 (American Bitcoin) 的所有權股份有關。你知道，我認為 Hut 選擇這條路線的原因之一是比特幣挖礦有時需要一定的資本密集度。只是有點好奇，當您將 Hut 視為大股東時，隨著業務的增長，我們是否可以看到 Hut 隨著時間的推移將資金投入美國比特幣，我們是否會看到這種增長？或者我只是有點好奇你怎麼想的。

Thanks, Greg. A big part of the separation of the two businesses was if we really want to build an energy infrastructure platform at Hut 8, I think great businesses that have been infrastructure businesses have been able to have predicted cash flows and be more stabilized rather than just merchant assets. And so one, this allows us to do that.

謝謝，格雷格。分開這兩項業務的很大一部分原因是，如果我們真的想在 Hut 8 建立一個能源基礎設施平台，我認為優秀的基礎設施業務能夠預測現金流，並且比僅僅商業資產更加穩定。因此，這使我們能夠做到這一點。

The second is we have had an ever-increasing shareholder base who wanted the Bitcoin exposure and a new institutional shareholder base that has wanted more of that predictable revenue. And I think we found a beautiful way in order to deliver both and not put balance sheet capital into more merchant investments and more into stabilized recurring assets. And so with that said, we've seen massive demand in the shareholder base is in our first raise in American Bitcoin, and we think we'll see plenty of demand from the markets and being able to fund and grow that business.

第二，我們擁有不斷成長的股東群體，他們希望獲得比特幣投資機會，還有新的機構股東群體，他們希望獲得更多可預測的收入。我認為我們找到了一種完美的方式來實現這兩者，而不是將資產負債表資本投入更多的商業投資，而是投入穩定的經常性資產。話雖如此，我們在首次增加美國比特幣時就看到了股東群體的巨大需求，我們認為我們將看到來自市場的大量需求，並能夠為該業務提供資金並使其發展壯大。

And so, we're very excited by that. And so, the plan is for Hut 8 to invest into the infrastructure to support that business because for Hut 8, that's long-term accretive as we're able to lock in more megawatts and especially with some of our version two designs where those have conversion opportunities as well. And for American Bitcoin allows them to minimize their CapEx spend upfront and focus on buying more machines that in turn produce Bitcoin, but the business is also not a Bitcoin mining company.

因此，我們對此感到非常興奮。因此，Hut 8 的計劃是投資基礎設施來支持該業務，因為對於 Hut 8 來說，這是長期增值的，因為我們能夠鎖定更多的兆瓦，特別是我們的一些第二版設計，其中也有轉換機會。對於 American Bitcoin 來說，他們能夠最大限度地減少前期資本支出，並專注於購買更多生產比特幣的機器，但該公司也不是比特幣挖礦公司。

The business is a Bitcoin accumulation vehicle. And so at times, when it's not accretive to buy miners, we will just be accumulating Bitcoin like MicroStrategy. -- there will be periods of time where miners are not the best investment. And unlike traditional Bitcoin companies where you just have to scale relative to your peers, whether economics are accretive or not or whether the IRRs pan out or not, we are not going to be doing that at American Bitcoin.

該業務是比特幣累積工具。因此，有時，當購買礦機無法帶來增值時，我們就會像 MicroStrategy 一樣累積比特幣。 ——有一段時間，礦機並不是最好的投資。與傳統的比特幣公司不同，無論經濟是否成長，內部收益率是否成功，你只需要相對於同業進行擴展，但我們不會在 American Bitcoin 這樣做。

What our only focus is how do we accrete Bitcoin and how do we increase Bitcoin per share for our shareholders. And we have a multipronged strategy to do that with the Bitcoin mining business, with the treasury accumulation business and with this broader ecosystem play that we're building out as well and we'll be sharing with the market.

我們唯一關注的是如何累積比特幣以及如何為股東增加每股比特幣。我們有一個多管齊下的策略，透過比特幣挖礦業務、資金累積業務以及我們正在建立的更廣泛的生態系統來實現這一目標，我們將與市場分享。

Brian Dobson, Clear Street.

布萊恩‧多布森 (Brian Dobson)，《清晰街》。

So from a high level, how would you describe the demand for HPC assets given recent significant M&A in the sector? As you're reviewing potential sites, do you sense that there's more competition? And how is competition evolving for your assets or rather demand?

那麼從高層次來看，鑑於該領域近期發生的重大併購事件，您如何描述對 HPC 資產的需求？當您審查潛在站點時，您是否感覺到競爭更加激烈？您的資產競爭或需求如何演變？

I think there's two parallel things happening here. One is a more macro industry landscape. And second is an evolution of Hut 8 in our relationships with customers and understanding demand signals more and having deeper relationships than we had before entering in this market. Starting with the first, as we think about the macro landscape, each customer has demand signals that are more urgent at times and less urgent in other times.

我認為這裡有兩件相似的事情發生。一是產業格局更加宏觀。其次，Hut 8 與客戶的關係發生了變化，我們比進入這個市場之前更了解需求訊號，建立了更深厚的關係。從第一個開始，當我們思考宏觀情勢時，每個客戶的需求訊號有時比較緊急，有時則不那麼緊急。

And so you see this wave of demand based on the customer that don't all overlap. Some customers are extremely urgent where other customers just may have filled the demand signal and are capped on their bandwidth and executing and prosecuting on those projects.

因此，您會看到這波基於客戶的需求並不完全重疊。有些客戶極度緊急，而其他客戶可能剛好滿足了需求訊號，而且頻寬受到限制，無法執行和起訴這些項目。

Overall, we believe that demand is still extremely strong. We believe that actually sites, people are more open to location. One thesis that the market, and I think we had thought was that as folks focus more and more on inference that they'll go back into kind of these proven data center markets. We're actually seeing the opposite and the willingness to expand into regional diversity as well. And -- but the big focus is on larger campuses that can scale over time in order to make those commitments.

總體而言，我們認為需求仍然非常強勁。我們相信，實際上人們對地點更加開放。我認為，我們已經想到的一個論點是，市場隨著人們越來越關注推論，他們將回到這些成熟的資料中心市場。我們實際上看到的是相反的情況以及擴展到區域多樣性的意願。但重點是更大的校園，這些校園可以隨著時間的推移而擴大規模，以履行這些承諾。

And then from a Hut 8 perspective, as we've grown deeper and deeper and have been nurturing and building these relationships and honestly have been approaching these relations in a very transparent and upfront manner on what we have delivered, what we can deliver, we've been able to build really open conversations and I think have a frontline view on changing demand signals and also the customers that we're deeply engaged with understanding the problem that we solve for them today and what are the problems that we can solve for them in the future in order to continue those relationships past just an initial deal.

然後從 Hut 8 的角度來看，隨著我們發展得越來越深入，我們一直在培育和建立這些關係，並且誠實地以非常透明和坦率的方式處理這些關係，說明我們已經交付了什麼，我們可以交付什麼，我們已經能夠建立真正開放的對話，我認為我們對不斷變化的需求信號以及我們深入接觸的客戶有前線的視角，了解我們今天為他們的問題，以及我們今天為他們的問題

That's very helpful. And then just related to American Bitcoin, a big picture question. So Washington has made significant regulatory progress related to Bitcoin. I guess, in your view, what are some areas that you'd like to see the administration address next? How can they spur further progress?

這非常有幫助。然後就與美國比特幣有關，這是一個大問題。因此華盛頓在比特幣相關的監管方面取得了重大進展。我想，您認為您希望政府下一步解決哪些問題？他們如何才能推動進一步的進步？

I think as a country today, the administration has done a wonderful job in having America be a pro-business environment. I'm seeing entrepreneurs more excited than ever to build businesses. I'm seeing communities excited to welcome new businesses in and large companies working with smaller companies and executing at a faster clip that they've ever done. I think our job here is honestly to focus on how we prosecute and execute.

我認為，作為當今的國家，政府在創造有利於商業的環境方面做得非常出色。我看到企業家們對創業比以往任何時候都更加熱情。我看到社區興奮地歡迎新企業的到來，大公司與小公司合作，並以前所未有的速度開展業務。我認為我們在這裡的工作實際上是關注如何起訴和執行。

I think the macro regulatory environment is in favor of entrepreneurs building and our focus here is to execute and build and things have been going in the right direction. And so we keep it continues to go in the way that it is right now. So we're very thankful, excited, grateful for the environment that we have today in America to be building.

我認為宏觀監管環境有利於創業家創業，我們的重點是執行和建設，事情一直朝著正確的方向發展。因此，我們會繼續以現在的方式運作。因此，我們非常感激、興奮，感謝我們今天在美國所擁有的正在建設的環境。

Chris Brendler, Rosenblatt Securities.

羅森布拉特證券公司的克里斯布倫德勒 (Chris Brendler)。

On the results. I want to ask sort of a higher-level strategic question. When it comes to Bitcoin mining and your hosting operations for other miners that you currently have in the portfolio today, how do you think about those power assets going forward with the American Bitcoin relationship? Would you prioritize American Bitcoin for some of those contracts as they expire? Or are you seeing to be open to other sort of third parties hosting at your facilities?

就結果而言。我想問一個更高層次的策略問題。當涉及比特幣挖礦以及您目前投資組合中其他礦工的託管業務時，您如何看待這些電力資產與美國比特幣關係的未來發展？當這些合約到期時，您會優先選擇美國比特幣嗎？或者您是否考慮向其他類型的第三方開放您的設施？

If we are successful at what our vision is at Hut 8, we will be long megawatts, and we would like to commercialize those megawatts in all manners across traditional HPC and AI demand, but also across Bitcoin compute, other types of compute in addition to other types of industries that have large demands in power as well. And so, as we think about American Bitcoin, -- our job at Hut 8 is to make sure that there's plenty of runway there for growth as they need, but in addition, have many more megawatts available for other customers as we build relationships and scale as well.

如果我們在 Hut 8 上成功實現了我們的願景，我們將擁有大量的兆瓦電力，並且我們希望以各種方式將這些兆瓦電力商業化，不僅滿足傳統的 HPC 和 AI 需求，還滿足比特幣計算、其他類型的計算以及其他對電力有巨大需求的行業。因此，當我們考慮美國比特幣時，我們在 Hut 8 的工作是確保那裡有足夠的發展空間，以滿足他們所需的成長，此外，隨著我們建立關係和擴大規模，還要為其他客戶提供更多的兆瓦電力。

At Hut 8, the goal is to build and scale our megawatts under management to commercialize them in a variety of mechanisms across a variety of customer use cases and credit profiles and to be able to believe in our vision that megawatts will be more valuable over time and the use cases and the demand of those megawatts will continue to increase. Makes sense.

在 Hut 8，我們的目標是建立和擴大我們管理的兆瓦電力，以便透過各種機制在各種客戶用例和信用狀況下實現商業化，並能夠相信我們的願景，即隨著時間的推移，兆瓦電力的價值會越來越高，用例和對這些兆瓦電力的需求也將繼續增加。有道理。

That's great. And then a broader question as well, but I'm not sure if I may have missed it. But when it comes to HPC and your desires to be a major player there, are there any steps along the way that we should be looking for? I'm thinking about Riverbend in particular? And have you talked at all about project financing and sort of line that up ahead of time to ease any capital concerns that your partners may have?

那太棒了。還有一個更廣泛的問題，但我不確定我是否錯過了。但是當涉及 HPC 並且您希望成為該領域的主要參與者時，我們是否應該尋找一些步驟？我特別想到了 Riverbend？您是否談論過專案融資問題，並提前安排好事宜以緩解合作夥伴可能存在的資金問題？

Most definitely. We're grateful to have Sean on the team. He passed his one-year anniversary recently. He's done an unbelievable job with the strategic financing that he's built at the company since he's joined, but we remain very, very close with lenders across all of these different commercialization opportunities and are excited as we bring them to fruition to share not only the opportunity, but the path towards financing of that opportunity.

絕對是。我們非常高興肖恩能夠加入我們的團隊。他最近剛度過一週年紀念日。自從他加入公司以來，他在策略融資方面做得非常出色，但我們與所有這些不同商業化機會的貸款方仍然保持著非常密切的聯繫，並且很高興我們能夠將這些機會付諸實踐，不僅分享機會，還分享實現這一機會的融資途徑。

Thank you I'm sure no additional questions in the queue at this time. Ladies and gentlemen, this concludes today's conference. Thank you for participating. You may now disconnect. Everyone, have a wonderful day.

謝謝，我相信現在隊列中沒有其他問題了。女士們、先生們，今天的會議到此結束。感謝您的參與。您現在可以斷開連線。祝大家有美好的一天。