Hut 8 Corp (HUT) 2025 Q3 法說會逐字稿

Thank you for standing by. At this time, I would like to welcome everyone to the Hut 8 third-quarter 2025 earnings conference call.

感謝您的耐心等待。此時此刻，我謹代表 Hut 8 公司歡迎各位參加 2025 年第三季財報電話會議。

(Operator Instructions)

（操作說明）

I would now like to turn the call over to Sue Ennis, Head of Investor Relations. You may begin.

現在我將把電話交給投資者關係主管蘇·恩尼斯。你可以開始了。

Good morning and welcome to Hut 8's third-quarter 2025 financial results conference call.

早安，歡迎參加 Hut 8 2025 年第三季財務業績電話會議。

Joining us today are our CEO, Asher Genoot; and our CFO, Sean Glennan.

今天到場的有我們的執行長 Asher Genoot 和財務長 Sean Glennan。

Following the presentation, we will open the line for questions.

演講結束後，我們將開放提問環節。

This event is being recorded. A transcript will be made available on our website.

本次活動正在錄影。成績單將在我們的網站上公佈。

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.

除了今天稍早發布的新聞稿外，我們完整的季度報告（10-Q 表格）可在 hut8.com、sec.gov 上的 EDGAR 資料以及 sedarplus.ca 上的 SEDAR+ 資料中找到。

Unless otherwise indicated, all figures discussed today are in US dollars.

除非另有說明，今天討論的所有數字均以美元計。

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-K for the year ended December31, 2024, and our other continuous disclosure documents. Except as required by law, we assume no obligation to update or revise any forward-looking statements.

本次電話會議中某些陳述可能構成適用證券法意義上的前瞻性陳述。這些陳述反映了當前的預期，但存在風險和不確定性，可能導致實際結果與預期有重大差異。某些關鍵風險已在我們的截至 2024 年 12 月 31 日的 10-K 表格以及其他持續揭露文件中詳細說明。除法律另有規定外，我們不承擔更新或修改任何前瞻性陳述的義務。

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.

在電話會議期間，管理層可能會提及非GAAP指標，例如調整後的EBITDA。我們認為，這些指標與 GAAP 結果一起，能夠為我們的業績提供有價值的見解。GAAP 和非 GAAP 結果的調整表包含在今天新聞稿隨附的表格中，可在我們的網站上查閱。

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

接下來，我將把電話轉給我們的執行長阿舍爾·吉諾特。

Thank you, Sue. Good morning, everyone.

謝謝你，蘇。各位早安。

Earlier this year, we introduced our 2025 strategy. At its foundation is our development flywheel, a framework designed to compound returns through four integrated stages of platform development: origination, investment, monetization, and optimization. This model defines how we scale across our Power, Digital Infrastructure, and Compute Layers under a unified power-first architecture.

今年早些時候，我們推出了2025年策略。其基礎是我們的發展飛輪，這是一個旨在透過平台開發的四個整合階段（發起、投資、貨幣化和優化）來複利回報的框架。該模型定義了我們如何在統一的以電力為先的架構下，擴展我們的電力、數位基礎設施和運算層。

The third quarter marked a clear inflection point in the velocity of that flywheel. That acceleration is evident not only in our financial results but also in the step-change extension of our near-term growth runway. Together, these outcomes reflect the strength of a diversified platform operating as a single integrated engine.

第三季標誌著飛輪速度出現了一個明顯的轉折點。這種加速不僅體現在我們的財務表現中，也體現在我們近期成長空間的大幅延長。這些成果共同體現了多元化平台作為單一整合引擎的強大實力。

Let's begin with our results. I'll share the highlights now before turning it over to Sean for a detailed review later in the call.

讓我們先來看結果。我現在先分享一下重點，稍後再交給肖恩進行詳細回顧。

In the third quarter of 2025, we delivered revenue of $83.5 million, up 91% year over year. This increase was driven primarily by the expansion of Bitcoin Mining revenue through American Bitcoin, the purpose-built Bitcoin accumulation vehicle we launched earlier this year.

2025年第三季度，我們的營收達到8,350萬美元，年增91%。這一成長主要得益於透過 American Bitcoin（我們今年稍早推出的專門用於累積比特幣的工具）實現的比特幣挖礦收入的成長。

American Bitcoin has scaled rapidly since its debut on the NASDAQ, contributing to significant top-line growth in our Compute segment. Because American Bitcoin is a consolidated subsidiary, its revenue is reported entirely within our Compute segment. Meanwhile, the infrastructure and services it consumes from Hut 8 are treated as intercompany transactions and eliminated in consolidation despite representing real and recurring economic activity.

自 American Bitcoin 在納斯達克上市以來，其規模迅速擴大，為我們計算部門的營收帶來了顯著成長。由於 American Bitcoin 是合併子公司，其收入全數計入我們的計算部門。同時，儘管代表著真實且經常性的經濟活動，但它從 8 號小屋消耗的基礎設施和服務被視為公司間交易，並在合併報表中被消除。

In effect, what appears in Compute today reflects only the surface layer of a robust commercial engine fueled by our Power and Digital Infrastructure businesses. Importantly, our results reflect not only top-line growth but also early evidence of commercial and financial synergies across the platform.

實際上，今天在計算領域所呈現的，只是我們強大的商業引擎的表層，而這個引擎的真正動力來自我們的電力和數位基礎設施業務。重要的是，我們的業績不僅反映了營收成長，也反映了平台內部商業和財務綜效的早期證據。

Net income was $50.6 million versus $0.9 million in the prior year period. Adjusted EBITDA was $109 million versus $5.6 million in the prior year period. These metrics reflect a $76.6 million gain on digital assets versus a $1.6 million loss on digital assets during the prior year period, both recorded in accordance with FASB's fair value accounting guidance.

淨收入為 5,060 萬美元，而去年同期為 90 萬美元。調整後 EBITDA 為 1.09 億美元，而去年同期為 560 萬美元。這些指標反映出數位資產收益為 7,660 萬美元，而上年同期數位資產虧損為 160 萬美元，兩者均按照 FASB 的公允價值會計準則進行記錄。

Beyond strong headline performance, the third quarter demonstrates the structural advantage we have unlocked by carving out the majority of our legacy Bitcoin Mining business into a standalone entity. That separation has clarified our mandate and streamlined our capital allocation framework, enabling us to focus on scaling lower cost of capital businesses, such as co-location.

除了強勁的業績表現外，第三季也展現了我們將大部分傳統比特幣挖礦業務剝離成獨立實體後所獲得的結構性優勢。這種分離明確了我們的使命，簡化了我們的資本配置框架，使我們能夠專注於擴大資本成本較低的業務，例如託管服務。

During the third quarter, that clarity drove tangible momentum at the foundation of our development flywheel: the Power layer. From the outset, we recognize that large load technologies like Bitcoin Mining and AI Computing are, at their core, functions of how effectively energy can be harnessed, deployed, and monetized. That insight shaped how we built Hut 8. We engineered the business around power expertise and designed it to transcend any single application.

在第三季度，這種清晰的認知推動了我們發展飛輪的基礎——動力層——的實際發展。從一開始，我們就認識到，像比特幣挖礦和人工智慧運算這樣的大負載技術，其核心功能在於如何有效地利用、部署和貨幣化能源。這項洞察影響了我們建造 8 號小屋的方式。我們圍繞電力專業知識建立了業務，並將其設計成能夠超越任何單一應用。

Today, surging computational demand has transformed energy from a background input into a defining constraint to growth. For us, that constraint represents an advantage.

如今，計算需求的激增已將能源從一種背景投入轉變為限制經濟成長的決定性因素。對我們來說，這種限制反而是一種優勢。

Hut 8 was built from day one with a power-first, innovation-driven strategy. By integrating Power, Digital Infrastructure, and Compute assets at scale, we aim to address energy demand from the world's most transformative technologies for decades to come.

8 號小屋從一開始就以電力優先、創新驅動的策略進行建造。透過大規模整合電力、數位基礎設施和運算資產，我們旨在滿足未來幾十年全球最具變革性技術的能源需求。

Early last year, shortly after I became CEO, we began translating our Power-first strategy into our external reporting. We introduced new performance metrics such as energy capacity under management and energy capacity under exclusivity, which reflected the utility-grade depth and rigor with which our Power-native team operated and scaled the business.

去年年初，在我擔任執行長後不久，我們就開始將我們的「權力優先」策略轉化為對外報告。我們引入了新的績效指標，例如管理的能源容量和獨家能源容量，這反映了我們的電力原生團隊在營運和擴展業務方面所展現出的公用事業級別的深度和嚴謹性。

At the time, our focus on energy was contrarian in a sector still oriented around exahash and other end-application metrics. Since then, the exponential rise of AI and the broad adoption of energy-based performance metrics have validated our founding conviction that energy is not merely an input but a structural source of value creation and competitive advantage.

當時，我們對能源的關注與當時以 exahash 和其他終端應用指標為主導的產業形成了鮮明對比。從那時起，人工智慧的指數級增長和基於能源的績效指標的廣泛採用，驗證了我們最初的信念，即能源不僅是一種投入，而且是價值創造和競爭優勢的結構性來源。

This shift underscores a fundamental distinction in the role of Power within our business. For many, Power is a reporting overlay on a legacy model or a reactive pivot to capture new value. For us, it has always been the foundational driver of our growth, the lens through which we scale, deploy capital, and allocate resources.

這一轉變凸顯了權力在我們業務中所扮演角色的根本差異。對許多人來說，Power 是在傳統模型上疊加的報告功能，或是為了獲得新價值而做出的被動調整。對我們而言，它一直是推動我們發展的根本動力，也是我們擴大規模、部署資本和分配資源的視角。

The development flywheel we introduced earlier this year codifies that foundation. It defines how we originate, invest in, monetize, and optimize critical infrastructure assets across four interconnected stages. By aligning these stages under a single Power-first framework, we can systematically convert development opportunity into tangible value with increasing speed and capital efficiency.

我們今年稍早推出的發展飛輪機制將這項基礎機制正式確立。它定義了我們如何透過四個相互關聯的階段來發起、投資、貨幣化和優化關鍵基礎設施資產。透過將這些階段統一到一個以實力為先的框架下，我們可以有系統地將發展機會轉化為有形價值，並不斷提高速度和資本效率。

As the benefits of this framework have compounded across our organization, our flywheel has entered a new phase of scale and execution. In the third quarter, that momentum drove the launch of our largest expansion initiative ,to date.

隨著這個框架帶來的好處在我們整個組織內不斷累積，我們的飛輪效應已經進入了規模和執行的新階段。第三季度，這股勢頭推動了我們迄今為止最大的擴張計劃的啟動。

Spanning four US locations with a combined 1,530 megawatts of utility capacity, this initiative has the potential to more than double the scale of our platform, diversify our presence across strategic energy markets, and position us to meet growing demand across energy-intensive applications. It underscores both the depth of our development pipeline and the scalability of our platform.

該計劃涵蓋美國四個地點，總裝置容量達 1,530 兆瓦，預計將使我們的平台規模擴大一倍以上，使我們在戰略能源市場中的業務多元化，並使我們能夠滿足能源密集型應用領域日益增長的需求。這既突顯了我們開發流程的深度，也突顯了我們平台的可擴展性。

In conjunction with the launch of this initiative and building on our early sector leadership in Power-first growth and performance metrics, we refined our reporting framework to more precisely capture the maturity and velocity of our development flywheel. This refinement is formalized in a new stage of our development pipeline, energy capacity under development, which is positioned between energy capacity under exclusivity and energy capacity under management.

為了配合這項計畫的啟動，並基於我們在電力優先成長和績效指標方面的早期產業領先地位，我們改進了報告框架，以便更準確地捕捉我們發展飛輪的成熟度和速度。這項改善在我們開發流程的新階段——在建能源產能——中得到正式體現，介於獨家能源產能和管理能源產能之間。

Capacity under development bridges origination and monetization, providing greater visibility into late-stage projects that have advanced beyond exclusivity. It applies to sites where critical development work is underway, including the execution of land and power agreements, site design, and infrastructure buildout; and engagement with prospective customers. Capacity advances from exclusivity To Development, ultimately converting to energy Capacity Under management upon monetization.

正在開發中的產能連結了專案發起和貨幣化，使已經超越獨家階段的後期專案能夠獲得更高的可見性。它適用於正在進行關鍵開發工作的地點，包括土地和電力協議的執行、場地設計和基礎設施建設；以及與潛在客戶的接觸。產能從獨家使用發展到開發，最終轉化為貨幣化後的能源產能管理。

In the near term, our focus is on commercializing the four sites in our expansion portfolio, representing 1,530 megawatts of energy capacity under development. The sites range in scale from 50 megawatts to 1 gigawatt of utility capacity, each selected for near-term Power access and the potential to support commercialization across a range of advanced technologies.

近期，我們的重點是實現擴張計畫中四個項目的商業化，這些項目代表著正在開發的1530兆瓦能源容量。這些站點的規模從 50 兆瓦到 1 吉瓦的公用事業容量不等，每個站點都是為近期電力供應和支援一系列先進技術的商業化而選擇的。

Guided by our first-principles approach to digital infrastructure, we continue to advance design and commercialization initiatives with prospective customers. Where appropriate, we will seek to incorporate next-generation architecture that enables rapid, capital-efficient deployment and the flexibility to support a range of customer requirements.

秉承數位基礎設施的第一性原理，我們不斷推動與潛在客戶的設計和商業化計劃。在適當情況下，我們將尋求採用下一代架構，以實現快速、高效的資本部署，並具備靈活性以支援各種客戶需求。

Across our expansion portfolio and broader development pipeline, we continue to execute against a long-held ambition: to build a platform that evolves alongside energy-intensive technologies for decades to come -- from the world-shaping innovations of today to the nascent ideas of tomorrow and the breakthroughs yet to be achieved.

在我們的擴張計劃和更廣泛的開發項目中，我們繼續朝著一個長期目標邁進：建立一個能夠與未來幾十年能源密集型技術共同發展的平台——從今天改變世界的創新到明天的萌芽想法，以及尚未實現的突破。

Today, the conversation is rightly dominated by AI. The scale and intensity of AI compute demand is unlike anything the power sector has seen. But we believe this is only the first chapter of a much longer story. We believe the same power infrastructure that underpins AI and high-performance computing today will, over time, form the backbone for a broader class of next-generation technologies.

如今，人工智慧理所當然地主導了這場討論。人工智慧計算需求的規模和強度是電力產業前所未見的。但我們相信這只是一個漫長故事的第一章。我們相信，如今支撐人工智慧和高效能運算的電力基礎設施，隨著時間的推移，將成為更廣泛的下一代技術的骨幹。

While it is still early, we are beginning to see directional interest from adjacent sectors that recognize that large-scale power infrastructure will be foundational to what comes next. Our platform was designed for that future. We are building for it now.

雖然現在還為時過早，但我們開始看到鄰近產業表現出方向性的興趣，他們意識到大規模電力基礎設施將是未來發展的基礎。我們的平台正是為未來而設計的。我們正在為此做準備。

As always, we will remain disciplined in how we structure and underwrite new opportunities, deploying capital only where we see a clear path to long-term value creation. We will not chase trends. We will continue to prioritize durable returns over short-term gain, as we strive to build an enduring, generational business at the intersection of energy and technology.

我們將一如既往地保持嚴謹，謹慎地建立和評估新的投資機會，只在能夠創造長期價值的明確路徑上投入資金。我們不會追逐潮流。我們將繼續優先考慮持久回報而非短期收益，努力在能源與技術的交匯點打造一家能夠傳承幾代的持久企業。

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

接下來，我將把麥克風交給肖恩。

Thanks, Asher.

謝謝你，阿舍爾。

Before I review our third-quarter 2025 results by segment, I want to briefly clarify our reporting structure, particularly as it relates to American Bitcoin.

在按業務板塊回顧我們 2025 年第三季業績之前，我想簡要說明我們的報告結構，特別是與美國比特幣相關的報告結構。

Because American Bitcoin is a consolidated subsidiary, revenue from its Bitcoin Mining operations is reported within our Compute segment. However, revenue earned by Hut 8 through our managed services and ASIC colocation agreements with American Bitcoin within our Power and Digital Infrastructure segments, respectively, is eliminated in consolidation, as is revenue from our shared services agreement with American Bitcoin.

由於 American Bitcoin 是合併子公司，其比特幣挖礦業務的收入計入我們的計算部門。然而，Hut 8 透過與 American Bitcoin 分別在電力和數位基礎設施部門簽訂的管理服務和 ASIC 託管協議所獲得的收入，以及我們與 American Bitcoin 簽訂的共享服務協議所獲得的收入，均在合併報表中被消除。

With that context, let's turn to our results.

有了這些背景訊息，讓我們來看看我們的結果。

We begin with Power, which consists of Power Generation and Managed Services.

我們從電力開始，電力包括發電和電力管理服務。

Segment revenue declined year over year from $26.2 million to $8.4 million, reflecting the full impact of the wind-down of our Managed Services Agreement with Ionic Digital in late 2024. The resulting $17.8 million reduction in Managed Services revenue was partially offset by a $1.9 million increase in Power Generation revenue, driven by elevated demand across our portfolio of four natural gas-fired power plants in Ontario.

該業務部門收入年減，從 2,620 萬美元降至 840 萬美元，反映了我們與 Ionic Digital 的管理服務協議在 2024 年底終止的全面影響。由此導致的管理服務收入減少 1,780 萬美元，部分被發電收入增加 190 萬美元所抵消，這主要得益於我們在安大略省的四座天然氣發電廠的需求上升。

While these results capture the termination of our MSA with Ionic, they do not reflect the full earnings power of our Power segment.

雖然這些結果反映了我們與 Ionic 的 MSA 終止，但它們並沒有反映我們電力部門的全部獲利能力。

During the quarter, we expanded our Managed Services Agreement with American Bitcoin to 325 megawatts of contracted capacity, the largest in our history. This milestone supports the broader structural shift we have executed this year, from merchant exposure to long-term contracted revenue.

本季度，我們將與 American Bitcoin 的管理服務協議擴大到 325 兆瓦的合約容量，這是我們歷史上最大的一次。這一里程碑體現了我們今年實施的更廣泛的結構性轉變，即從依賴商家收入轉向長期合約收入。

At quarter end, more than 85% of our energy capacity under management is commercialized under executed agreement with terms of one year or longer, positioning our Power segment for greater earnings visibility and recurring returns.

截至季末，我們管理的能源產能中超過 85% 已根據已簽署的協議實現商業化，協議期限為一年或更長，這使我們的電力部門獲得了更高的盈利可見性和經常性回報。

Segment cost of revenue rose from $5 million to $6.5 million, reflecting a $3.6 million increase in power generation cost of revenue due to higher output during the period. This was partially offset by a $2.1 million decrease in Managed Services cost of revenue, following the termination of our MSA with Ionic.

該業務部門的收入成本從 500 萬美元增加到 650 萬美元，反映出由於該期間產量增加，發電收入成本增加了 360 萬美元。由於我們與 Ionic 的 MSA 終止，託管服務收入成本減少了 210 萬美元，部分抵消了上述損失。

We turn next to Digital Infrastructure, which consists of ASIC Co-location and CPU Co-location.

接下來我們來看數位基礎設施，它包括 ASIC 託管和 CPU 託管。

Segment revenue increased 31% year over year to $5.1 million, driven primarily by the ramp-up of our ASIC Co-location activity at our Vegas site, which was initially energized in June 2025. Revenue generation commenced under an ASIC Co-location agreement with BITMAIN, supporting nearly 15 exahash of capacity delivered by the next-generation ASIC machines we co-developed with the manufacturer.

該業務部門營收年增 31% 至 510 萬美元，主要得益於我們在拉斯維加斯站點的 ASIC 託管業務的加速發展，該業務最初於 2025 年 6 月投入營運。我們與比特大陸簽訂了 ASIC 共址協議，開始產生收入，支持我們與該製造商共同開發的下一代 ASIC 機器提供的近 15 exahash 的容量。

In August and September, American Bitcoin exercised its option to purchase those machines. As a result, our co-location agreement with BITMAIN concluded in September. We subsequently transitioned to Managed Services and ASIC Co-location agreements with American Bitcoin and continue to operate the fleet under these agreements.

8 月和 9 月，American Bitcoin 行使了購買這些機器的選擇權。因此，我們與比特大陸的託管協議於9月結束。隨後，我們與 American Bitcoin 簽訂了託管服務和 ASIC 託管協議，並繼續根據這些協議運營我們的資料中心。

Because American Bitcoin is a consolidated subsidiary, revenue from these agreements is eliminated in consolidation and, therefore, not reflected in reported segment results for our Power and Digital Infrastructure segments, respectively.

由於 American Bitcoin 是合併子公司，這些協議產生的收入在合併過程中被消除，因此不會反映在我們電力和數位基礎設施部門的報告分部表現中。

Operationally, Vega remains active. Financially, revenue is now recognized as intercompany, rather than third party.

從營運層面來看，Vega 仍然處於活躍狀態。從財務角度來看，收入現在被確認為公司內部收入，而不是第三方收入。

Segment cost of revenue rose modestly year over year to $3.8 million. This $0.1 million increase was mainly driven by higher electricity and connectivity costs across our five traditional data centers in Canada.

分部收入成本較去年小幅上升至 380 萬美元。這 0.1 百萬美元的成長主要是由於我們在加拿大的五個傳統資料中心的電力和連接成本上漲所致。

Finally, we turn to Compute, which consists of Bitcoin Mining, Data Center Cloud, and GPU-as-a-Service.

最後，我們來看運算部分，它包括比特幣挖礦、資料中心雲端和 GPU 即服務。

Compute segment revenue increased more than fivefold year over year from $13.7 million to $70 million. Top-line growth was driven primarily by the expansion of Bitcoin Mining revenue from American Bitcoin.

計算業務部門的營收年增超過五倍，從 1,370 萬美元增至 7,000 萬美元。營收成長主要得益於美國比特幣挖礦收入的成長。

During the quarter, American Bitcoin deployed approximately 14.9 exahash of additional installed mining capacity at Vega, increasing Hut 8's total hash rate from approximately 12 exahash to approximately 26.8 exahash. Of that total, approximately 25 exahash was attributable to American Bitcoin at quarter end.

本季度，American Bitcoin 在 Vega 礦場部署了約 14.9 exahash 的額外挖礦容量，使 Hut 8 的總哈希率從約 12 exahash 增加到約 26.8 exahash。截至季末，其中約有 25 exahash 歸因於美國比特幣。

Supported by a higher average price of Bitcoin during the period, this expansion delivered $54.3 million in incremental Bitcoin Mining revenue.

在此期間，比特幣平均價格上漲，推動了擴張，帶來了 5,430 萬美元的比特幣挖礦增量收入。

Segment also benefited from a $2.6 million increase in GPU-as-a-Service revenue from Highrise AI, our wholly owned subsidiary. Gains from Bitcoin Mining and GPU-as-a-Service operations were partially offset by a $0.5 million decline in Data Center Cloud revenue, driven by customer churn.

該業務部門也受惠於我們全資子公司 Highrise AI 的 GPU 即服務收入增加 260 萬美元。比特幣挖礦和 GPU 即服務業務的收益被資料中心雲端收入下降 50 萬美元部分抵消，而資料中心雲端收入下降是由於客戶流失造成的。

Segment cost of revenue increased from $8.9 million to $22 million year over year, consistent with the significant expansion of operations and top-line growth we achieved across the segment during the quarter. Revenue growth significantly outpaced cost increases, resulting in substantial operating leverage.

該業務部門的收入成本同比從 890 萬美元增加到 2,200 萬美元，這與我們在本季度在該業務部門實現的營運大幅擴張和收入成長相一致。營收成長遠超成本成長，從而實現了顯著的營運槓桿效應。

Segment gross profit grew tenfold from $4.8 million to $48 million year over year. Gross margin expanded by 33.5 percentage points to 68.6%.

該業務部門毛利年增十倍，從 480 萬美元增至 4,800 萬美元。毛利率成長33.5個百分點，達到68.6%。

Taken together, our third-quarter performance reflects the strength of our integrated platform model and the accelerating momentum of our development flywheel. As we look ahead to the remainder of the year, our focus turns to execution across both our recently launched 1,530-mgawatt expansion initiative and our broader 8,650-megawatt development pipeline at quarter end.

綜合來看，我們第三季的業績反映了我們一體化平台模式的優勢以及我們發展飛輪不斷加速的勢頭。展望今年剩餘時間，我們的重點將轉向執行我們最近啟動的 1,530 兆瓦擴建計劃以及季度末更廣泛的 8,650 兆瓦開發項目。

To deliver at utility scale, we must operate from a position of both strength and flexibility and always with an eye towards the future. That has been a guiding principle of our capital strategy since I stepped into the CFO role just over a year ago. Over the past 12 months, we've executed on that strategy to build a financial foundation purpose-built for balanced risk-adjusted growth. The foundation of this strategy is our fortress balance sheet.

要實現公用事業規模的交付，我們必須在實力和靈活性兼備的基礎上運營，並且始終著眼於未來。自從我一年多前擔任財務長以來，這一直是我們資本策略的指導原則。在過去的 12 個月裡，我們執行了這項策略，建立了一個旨在實現平衡風險調整後成長的財務基礎。這項策略的基礎是我們穩健的資產負債表。

Today, three key pillars support that foundation: an actively managed strategic Bitcoin reserve, disciplined access to capital markets, and a focus on responsible leverage.

如今，支撐這項基礎的三大支柱是：積極管理的策略性比特幣儲備、有紀律地進入資本市場以及注重負責任的槓桿。

The first pillar is our strategic Bitcoin reserve. At quarter end, we held 13,696 Bitcoin in reserve, with a market value of approximately $1.6 billion; of which, 10,278 Bitcoin were held by Hut 8 and 3,418 Bitcoin were held by American Bitcoin.

第一支柱是我們的策略性比特幣儲備。截至季度末，我們持有 13,696 枚比特幣儲備，市值約為 16 億美元；其中，Hut 8 持有 10,278 枚比特幣，American Bitcoin 持有 3,418 枚比特幣。

Since February 2024, when Asher became CEO, we have benefited from nearly $1 billion in incremental value and liquidity from these holdings. That includes $689 million in contributions from Bitcoin price appreciation, $265 million in new Bitcoin-backed credit facilities with Coinbase and Two Prime at a blended cost of capital of 8.2%, and approximately $32 million in premiums realized through covered call option strategies.

自 2024 年 2 月 Asher 擔任執行長以來，我們從這些持股中獲得了近 10 億美元的增量價值和流動性。其中包括比特幣價格上漲帶來的 6.89 億美元收益，Coinbase 和 Two Prime 提供的 2.65 億美元新的比特幣支持信貸額度（綜合資本成本為 8.2%），以及透過備兌買權策略實現的約 3,200 萬美元溢價。

These results validate our conviction that Bitcoin, when actively and responsibly managed, becomes a productive reserve asset that enhances liquidity, provides optionality, and reduces reliance on equity.

這些結果證實了我們的信念，比特幣如果得到積極負責的管理，就能成為一種高效的儲備資產，增強流動性，提供選擇權，並減少對股票的依賴。

The second pillar is disciplined access to capital markets. During the quarter, we significantly reinforced this pillar with the addition of a $200 million revolving credit facility with Two Prime and the launch of a new $1 billion at-the-market equity program.

第二大支柱是規範的資本市場進入。本季度，我們透過與 Two Prime 達成 2 億美元的循環信貸協議，以及推出新的 10 億美元市場股權融資計劃，顯著加強了這一支柱。

Simultaneously with the launch of our new ATM program, we closed our previous ATM with 40% of its capacity unutilized. Shares issued under the prior program were sold, on average, at a 50% premium to the average trading price during the period, underscoring a disciplined approach focused on minimizing excess dilution.

在推出新的 ATM 程式的同時，我們關閉了先前的 ATM，該 ATM 的容量有 40% 未使用。根據先前計劃發行的股份，平均售價比該期間的平均交易價格溢價 50%，這凸顯了以盡量減少過度稀釋為重點的嚴謹方法。

The third and final pillar is responsible leverage. There's a joke among financing bankers that goes something along the lines of this: Just because I'll give you leverage doesn't mean you should take it.

第三個也是最後一個支柱是負責任的槓桿作用。金融銀行家之間流傳著這樣一個笑話：我給你槓桿並不意味著你應該接受它。

Leverage is often easy to add but expensive and painful to unwind. We, as a management team, understand these realities, and they inform our decision-making on a daily basis as stewards of shareholder capital.

增加槓桿通常很容易，但解除槓桿卻成本高且痛苦。作為管理團隊，我們了解這些現實情況，並且作為股東資本的管理者，我們每天都會根據這些現實情況做出決策。

When paired with a fortress balance sheet, responsible leverage fuels operating growth and provides strategic flexibility. As we continue to execute on our business plan, we will aim to make capital decisions in a manner designed to minimize enterprise risk and support long-term growth.

當與穩健的資產負債表結合時，負責任的槓桿作用可以促進業務成長並提供策略靈活性。隨著我們繼續執行業務計劃，我們將努力以最大限度降低企業風險和支持長期成長的方式做出資本決策。

In closing, the third quarter marked a clear inflection point in both our 2025 strategy and the velocity of our development flywheel. We believe this reflects a business with structural advantage, proven commercial velocity, and a long runway for continued growth and value creation at the intersection of energy and technology.

總之，第三季標誌著我們 2025 年策略和發展飛輪速度的明顯轉折點。我們認為這反映了一家在能源和技術交叉領域擁有結構優勢、商業速度已得到驗證，並具有長期持續成長和價值創造潛力的企業。

Backed by a fortress balance sheet, disciplined capital framework, and diversified platform spanning Power, Digital Infrastructure, and Compute, we are executing from a position of strength, as we build what we believe will become a category-defining business for the next era of energy-intensive innovation.

憑藉雄厚的資產負債表、嚴謹的資本框架以及涵蓋電力、數位基礎設施和運算的多元化平台，我們正從強大的地位出發，打造我們認為將成為下一個能源密集型創新時代標竿業務的企業。

Operator, please open the line for Q&A.

接線員，請開通問答線。

(Operator Instructions)

（操作說明）

Patrick Moley, Piper Sandler.

派崔克·莫利，派珀·桑德勒。

Little bit of a two-parter for me.

對我來說，這有點像是兩個部分的故事。

Would love to get an update on just how conversations have trended with potential HPC tenants since the last earnings call?

很想了解自上次財報電話會議以來，與潛在高效能運算租戶的洽談進度如何？

And then, second, there appears to be a notable difference in how the market is valuing your power pipeline, relative to some of your competitors; that being, there seems to be a steep discount placed on the 1.5 gigawatts that you currently have under development. So just wondering if you have any thoughts on what has led to this disconnect and whether you think it's warranted.

其次，市場對貴公司電力管道的估值似乎與一些競爭對手有顯著差異；也就是說，貴公司目前正在開發的 1.5 吉瓦電力管道似乎被大幅低估了。所以我想知道您對造成這種脫節的原因有什麼看法，以及您認為這種脫節是否合理。

Great to hear from you. I'll start on the second and go into the first.

很高興收到你的來信。我先從第二個問題開始，然後再討論第一個問題。

I think the second one is simple. People want to see us execute and prove out the ability to convert the power pipeline and then, we'll get more value for it, which I think is fair. And so for the investors that are waiting to see execution, I think they'll see value contributed to that pipeline, as that execution leads that. That's to your second question.

我認為第二個很簡單。人們希望看到我們執行並證明我們有能力轉換電力管道，然後我們可以從中獲得更多價值，我認為這很公平。因此，對於那些等待執行結果的投資者來說，我認為他們會看到該專案的價值，因為執行結果將引領專案走向成功。這是你的第二個問題的答案。

On to the first, it's no surprise, the market is very hot over the last couple of months, a ton of demand. The conversations we're having have progressed even faster. When we think about a deal -- and I know a lot of folks are on this call around this question and so might as well go into it a little bit in detail here.

首先是第一點，不出所料，過去幾個月市場非常火熱，需求量大。我們之間的對話進展得更快了。當我們考慮達成交易時——我知道很多人在這次電話會議上都在討論這個問題，所以不妨在這裡詳細討論一下。

When we think about a deal, we think about it holistically. Who is the customer? What are the commitments we're making to that customer? How are we going to finance that agreement? Where is our supply chain going to come from? How are we going to build that site?

我們在考慮一筆交易時，會從整體上考慮。誰是客戶？我們對客戶做出了哪些承諾？我們該如何為這項協議募款？我們的供應鏈將來自哪裡？我們該如何搭建那個網站？

All coupled together with the local relationships that we have with the communities, the state, to create a project that is set up for success and that could actually execute.

所有這些，再加上我們與當地社區和州政府建立的關係，共同打造了一個能夠成功並真正執行的計畫。

If we look at the timelines in which customers want these data center delivered, they're faster than any historical data center timelines from a greenfield build to delivery to the customer. And so it's really important in our opinion to have these specific pillars as a part of the deal concrete and solidified, as you deliver and commit to these obligations on these long-term contracts that we hope to continue to grow and scale with customers as we build credibility and delivery execution with them in the overall market.

如果我們看一下客戶希望這些資料中心交付的時間線，就會發現它們比以往任何資料中心從新建到交付給客戶的時間線都要快。因此，我們認為，將這些具體的支柱作為交易的一部分具體化和鞏固非常重要，因為你們要履行這些長期合約中的義務，我們希望隨著我們在整個市場中與客戶建立信譽和交付執行能力，繼續與客戶共同發展壯大。

George Sutton, Craig-Hallum.

喬治·薩頓，克雷格-哈勒姆。

Asher, you made an interesting comment that you felt AI is only the first chapter of the story. There are other chapters to come. You're positioning yourself for that.

阿舍爾，你曾發表過一個很有趣的評論，你認為人工智慧只是故事的第一章。後面還有其他章節。你正在為此做好準備。

Can you be a little bit more specific about what you're referring to there?

能更具體地說明您指的是什麼嗎？

Yeah. When we started the business -- and when I say started the business, US Bitcoin Corp, which then merged into Hut 8 -- the thesis was that as technologies evolve, their consumption on power will increase.

是的。當我們創辦這家公司時——我說的是創辦美國比特幣公司（US Bitcoin Corp），後來該公司併入了 Hut 8——我們的理念是，隨著技術的進步，其電力消耗將會增加。

We started with Bitcoin Mining because we felt like it was an under-computered sector that allowed us to arbitrage electrons and energy and capture load and help build that new generation.

我們最初選擇比特幣挖礦，是因為我們覺得這是一個電腦化程度較低的領域，這使我們能夠套利電子和能源，獲取負載，並幫助建立新一代。

The thought when we started the business was, always, we would be more than just a Bitcoin Mining company. At the time, the foresight was not to AI and data centers but we looked at green hydrogen; we looked at carbon capture; a lot of other technologies; industrial batteries. A lot of those, the economics did not actually pencil out as we go deeper.

我們創辦這家公司之初的想法始終是，我們不僅僅是一家比特幣挖礦公司。當時，我們的遠見卓識並非著眼於人工智慧和資料中心，而是著眼於綠色氫能；我們著眼於碳捕獲；以及許多其他技術；工業電池。深入分析後發現，許多專案的經濟效益其實並不划算。

Obviously, AI and where it stands today, we think, is an incredible opportunity due to the changing tide in the scale of these sites that allow you to be a leading platform within the world in competing today as a newcomer, rather than an existing incumbent. The technology is changing so you can innovate right now at the forefront of the sector, as well.

顯然，人工智慧及其目前的狀況，我們認為，是一個絕佳的機會，因為這些網站的規模正在發生變化，使你能夠成為當今世界領先的平台，即使你是一個新來者，而不是一個現有的行業巨頭。科技日新月異，所以你現在也可以走在產業前緣進行創新。

And so what I believe we did in the Bitcoin Mining sector is we're a leader in that industry today. We did not want to pivot out of that technology and just focus on the next new shiny object. We want to layer that into our platform. That was one critical portion of what we did this quarter with American Bitcoin.

因此，我認為我們在比特幣挖礦領域的成就，使我們如今成為該行業的領導者。我們不想放棄這項技術，而只專注於下一個新奇的東西。我們希望將其融入我們的平台中。這是我們本季使用美國比特幣所做工作的關鍵部分。

I think many thought it was not possible. With that spin out, if you look at the financials of American Bitcoin in this first quarter, American Bitcoin did $64 million in revenue at about $28 million in cost at 56% margin. That's a great first quarter in this public debut as a public company when the company was only started in Q2 of this year.

我認為很多人都覺得不可能。分拆完成後，如果你看一下 American Bitcoin 第一季的財務數據，American Bitcoin 的營收為 6,400 萬美元，成本約為 2,800 萬美元，利潤率為 56%。對於一家今年第二季才成立的上市公司來說，這是一個非常棒的首季業績。

And so as we think about our ability to scale and grow within that sector, which we first started, we think we're a leading provider and leading operator within that industry. We look to do the same in the data center market.

因此，當我們思考我們在該領域（我們最初起步的領域）的規模化和發展能力時，我們認為我們是該行業的領先供應商和領先營運商。我們希望在資料中心市場也能做到這一點。

As we look forward into the future, there's additional demand that we see from a power perspective from advanced manufacturing; from large-scale campuses that drive robotics; other energy-intensive use cases, as well.

展望未來，從電力角度來看，先進製造業、推動機器人技術的大型園區以及其他能源密集應用場景都將帶來額外的電力需求。

It's interesting because some of the sites that we have in our pipeline, folks have reached out because, locally, people know that we have access to that land or that power and have had other use cases reach out as well. I think, right now, we stay hyper-focused on being a leader within the data center industry platform.

有趣的是，我們正在規劃的一些專案地點，已經有人聯絡我們，因為當地人知道我們能夠獲得土地或電力資源，也有其他用途的案例聯絡我們。我認為，目前我們仍然高度專注於成為資料中心產業平台的領導者。

Once we feel like we have a very strong foothold in that market and are a leader within that market, the platform of Hut 8 will be more than just a data center platform. It is already more than just a Bitcoin Mining data center platform. That's the vision for the company.

一旦我們感覺在該市場站穩了腳跟，並成為該市場的領導者，Hut 8 的平台將不僅僅是一個資料中心平台。它已經不只是一個比特幣挖礦資料中心平台了。這就是公司的願景。

But, until then, we stay relentlessly focused on developing and competing within this sector and becoming a market leader before being distracted and looking to expand anything else.

但是，在此之前，我們將始終專注於在這個領域內發展和競爭，成為市場領導者，然後再考慮拓展其他業務。

Darren Aftahi, ROTH Capital Markets.

Darren Aftahi，ROTH Capital Markets。

This is Dylan, on for Darren.

我是迪倫，替達倫發言。

On the 1.5 gigawatts, where do you stand in terms of progress securing some of the longer lead-time items that might help with some of the build-time visibility in terms of whichever of the four sites you're working on consistently or one or the other?

關於 1.5 吉瓦的工程項目，您在確保一些需要較長提前期的項目方面進展如何？這些項目可能有助於提高建設時間的可見性，無論您是在持續推進四個站點中的一個，還是在其他站點中推進。

Great question. And so, all four of these sites, we have land control and then, the utility agreements as well. And so for those projects, we have in sequence, right now, based on customer demand. In all of these projects, Power is actually available for development.

問得好。因此，對於這四個地點，我們擁有土地控制權，並且還有公用事業協議。因此，目前我們正在根據客戶需求，按順序推進這些專案。在所有這些項目中，電力實際上都可以用於開發。

And so to your point on long lead-time items and also execution in terms of who's going to be our partners in delivering execution of the sites, as well, in terms of labor as that's another shortage in the market, we feel comfortable in the ability to be able to deliver at a time that the market expects today.

所以，關於您提到的交貨週期長的項目以及執行方面的問題，包括誰將成為我們交付和執行項目的合作夥伴，以及勞動力方面的問題（因為這是市場上的另一個短缺問題），我們有信心能夠在當今市場期望的時間內交付。

We have continued to increase our reserve of long lead-time items, like high to medium voltage breakers at the substation. There are a lot of our projects in which we're designing that we're actually using similar equipment across sites.

我們持續增加長週期物料的儲備，例如變電站的高壓至中壓斷路器。我們正在設計的許多專案中，實際上我們在不同的施工現場都使用了類似的設備。

Even if the transmission level voltage is at a certain scale, we dropped down to 34.5. And so we can create commonality across sites, irregardless of where those sites are located and what the transmission level voltage is.

即使傳輸電壓處於某個特定水平，我們也將其降至 34.5。因此，無論站點位於何處以及傳輸電壓如何，我們都可以實現站點間的共通性。

By doing that and adding that into our design, we're able to procure equipment that is valuable and can move around from site without having to take that risk on supply chain on a single site.

透過這樣做並將此納入我們的設計中，我們能夠採購有價值的設備，並且可以在不同地點之間移動，而無需承擔單一地點供應鏈的風險。

And so we continue to do that and continue to scale in that reserve that we have, as well.

因此，我們將繼續這樣做，並繼續擴大我們現有的儲備規模。

Brian Dobson, Clear Street.

Brian Dobson，Clear Street。

The business has evolved tremendously over the past year. We're about to enter '26. What key themes do you expect to emerge next year? What do you believe Hut will look like when we're discussing the company at this time next year?

過去一年，公司業務發生了巨大的變化。我們即將進入2026年。你預計明年會出現哪些關鍵主題？你認為明年這個時候我們再討論這家公司時，Hut 會是什麼樣子？

The market demand has only increased since we started this journey, especially as of recently. I think next year is a year of execution. Next year is a year that companies need to deliver on the promises they made to customers in the market. That's extremely important in order to be able to maintain that credibility and build into it.

自從我們開始這段旅程以來，市場需求有增無減，尤其是最近一段時間。我認為明年是執行之年。明年是企業兌現對市場客戶所做承諾的一年。這對於維持和鞏固這種信譽至關重要。

Right now, there's an opportunity if you have power, if you have land, and demand is there because it's such a shortage of power that exists. But that demand will only come back to you if you execute on the promises that you make today and you deliver on those promises.

現在，如果你有電力、有土地，就有機會，而且因為電力短缺，需求也很大。但只有當你履行今天所做的承諾並兌現這些承諾時，這種要求才會回到你身上。

So I see next year as a year of execution for data center providers, for actual AI companies that have raised the capital and need to deploy and show the growth rates of those businesses, as well.

所以我認為明年是資料中心供應商的執行之年，也是那些已經籌集到資金並需要部署和展示業務成長率的人工智慧公司的執行之年。

For Hut 8, we'll be along our journey of executing on those data center platforms that we announced to the market and deliver. We need to show progress and continued updates on where we are, both on the sites that we already have announced and are developing and constructing, in addition to new sites and new projects.

對於 Hut 8，我們將繼續推進我們向市場宣布的資料中心平台的實施和交付。我們需要展示進度，並持續更新我們的工作進展，包括我們已經宣布、正在開發和建造的項目，以及新的項目和新項目。

I think, for us, as we provide more transparency into our pipeline. As we start segmenting our pipeline from diligence to exclusivity to development and management, we hope to have people understand where are projects within our pipeline, what is the probability of outcome that they become successful and they can put a different weighting on each megawatt within each stage of our business.

我認為，對我們來說，隨著我們提高產品流程的透明度。隨著我們開始將專案流程從盡職調查、獨家經銷、開發和管理進行細分，我們希望人們能夠了解專案在我們專案流程中的位置，它們成功的機率，並且他們可以對我們業務每個階段的每個兆瓦專案賦予不同的權重。

And so, for us, what's really important is the transparency to the market and the execution to the market when we announce deals so they're able to much better understand our business and the evolution and growth of that business past just the initial sites or two.

因此，對我們來說，真正重要的是在宣布交易時對市場保持透明度並執行到位，以便他們能夠更好地了解我們的業務以及該業務在最初的一兩個站點之後的發展和增長。

Stephen Glagola, Jones.

史蒂芬·格拉戈拉，瓊斯。

For the 300 megawatts of gross capacity at River Bend, what is your expected ready-for-service date for a hypothetical [co-lo] lease there?

對於 River Bend 300 兆瓦的總容量，假設在那裡進行 [co-lo] 租賃，您預計何時可以投入使用？

Additionally, maybe you could share any updated milestones or timelines regarding the plans to scale the site to 1 gigawatt.

此外，您能否分享一下將網站規模擴大到 1 吉瓦的計劃的最新里程碑或時間表？

Expectation is end of 2026. The IT capacity we're looking at, at 300 megawatts utility, is roughly 216 to 224 megawatts in IT capacity. Currently, we sent some photos on my X account in regards to the delivery of the Switchyard. [Entergy] has been doing a phenomenal job in the progress that they've made at the Switchyard. We've already started moving forward on a lot of civil work for the last few months.

預計在2026年底完成。我們所看到的 IT 容量，在 300 兆瓦的公用事業規模下，大約相當於 216 至 224 兆瓦的 IT 容量。目前，我們已透過我的 X 帳戶發送了一些關於配電站交付的照片。 [Entergy] 在配電站的建造進度方面做得非常出色。過去幾個月，我們已經開始推進許多土木工程。

The substation is in process of being built right now, as well. You'll start seeing more active construction, as well. But delivery is expected for end of 2026. That's where we think there's a lot of value in that site.

該變電站目前也正在興建中。你還會看到更多活躍的施工活動。但預計 2026 年底交付。我們認為這個網站的價值就在於此。

As we look at the overall campus, the beauty of finding this project in this site was the high density of transmission line capacity that flows through the campus and its proximity to generation nearby, as well ,and allowing for the physical capacity to deliver power to the system.

從整個園區來看，選擇這個地點進行工程建設的優勢在於園區內輸電線路容量密度高，而且靠近發電廠，從而具備向系統輸送電力的物理能力。

We've been in deep discussions with Entergy on the scale of that campus. We spent a lot of work on that in Q2, as well, with one of our customers that had an interest in wanting to look at that campus being larger than just 300 megawatts.

我們一直在與 Entergy 公司就該園區的規模進行深入討論。第二季我們也投入了大量精力在這上面，我們的一位客戶有興趣考察園區，希望規模能超過 300 兆瓦。

We believe that the ability to do that exists. We have had deep discussions with Entergy. We'll be sharing more on those updates, post-announcement of the first deal.

我們相信這種能力是存在的。我們與Entergy公司進行了深入的討論。在首筆交易公佈之後，我們將分享更多相關進展。

Joseph Vafi, Canaccord.

Joseph Vafi，Canaccord。

Just, I thought maybe we drill down a little bit on the Bitcoin holdings here a little bit. Clearly, it is a differentiator versus some of your peers. It does feel like some of the GPU-as-a-Service demand is really rising.

我只是覺得，或許我們可以稍微深入探討一下這裡的比特幣持有。顯然，這使你與一些同行區分開來。感覺GPU即服務的需求確實在不斷增長。

Just wondering how you're looking at that as you work on your power pipeline. Clearly, there's value there, but it might be a little longer term to realize the GPU-as-a-Service; could be a little shorter term, leveraging power that you already have and your balance sheet.

想知道您在建立電力管道時是如何看待這個問題的。顯然，這其中蘊含著價值，但要實現 GPU 即服務可能需要更長的時間；而利用你已有的能力和資產負債表，則可能需要更短的時間。

Just wondering how you're thinking about that in the pecking order of efforts and developments, right now.

我只是想知道，目前在所有工作和發展事項中，您是如何看待這件事的優先順序排列的。

The GPU business is actually the first business we looked at before data centers. This was pre our merger with Hut 8. We looked at deploying our first cluster of GPUs. At the time, the market and scale were much smaller. Unfortunately, it took about a year in 2023 to get through the merger. And so we were about a year delayed in our strategy to deploy those GPUs.

實際上，GPU業務是我們首先關注的業務，之後才開始關注資料中心。這是在我們與 Hut 8 合併之前的事。我們研究瞭如何部署我們的第一個GPU叢集。當時，市場規模就小得多。遺憾的是，2023 年花了大約一年才完成合併。因此，我們在部署這些 GPU 的策略上大約延遲了一年。

But we launched Highrise during that period of time. When we launched, it was a bit subscale with a little over 1,000 GPUs that we have in that business. But, as you mentioned, the demand for Compute is extremely high today and combining Compute with Power creates even more value. And so from a risk profile perspective, investing in GPUs and investing in ASICs, we see as a similar risk profile.

但我們正是在那段時間推出了 Highrise。我們剛推出時規模還比較小，只有 1000 多塊 GPU，而我們在這個行業擁有這些 GPU。但是，正如您所提到的，如今對運算能力的需求非常高，將運算能力與電力結合起來能創造更大的價值。因此，從風險狀況的角度來看，投資GPU和投資ASIC，我們認為它們的風險狀況相似。

If you're unhedged, you're taking compute price risk. If you're hedged, then you're taking counterparty risk on what the value of that contract is. And so with that said, that's why as a structural build, we built Hut 8 to be the energy infrastructure platform to invest into the longer depreciating assets.

如果你沒有進行對沖，你就要承擔計算價格風險。如果你進行了對沖，那麼你就要承擔合約價值的交易對手風險。因此，基於上述考慮，我們建造了 8 號小屋，將其作為能源基礎設施平台，用於投資那些貶值週期較長的資產。

American Bitcoin, we spun out to continue to invest into ASICs. And then, Highrise, we incubated as a separate company with a separate balance sheet to invest into the GPUs, as well.

美國比特幣公司，我們剝離是為了繼續投資ASIC礦機。然後，我們孵化了 Highrise，將其作為一家獨立的公司，擁有獨立的資產負債表，以便也投資於 GPU。

And so there are definitely conversations in which Highrise is on the back of Hut 8 conversations in regards to the power infrastructure we have and can it be just a co-lo deal or also co-lo compute in some regards.

因此，Highrise 肯定會參與 Hut 8 的相關討論中，討論內容涉及我們現有的電力基礎設施，以及這是否可以只是一項託管協議，或者在某些方面也可以是託管計算。

Obviously, as we look at the scale of projects, we're extremely sensitive to what is Highrise's ability to bring on capital? What scale do we step into that? How do we think about dilution and equity versus debt on raising for GPUs? But definitely something that is a part of these discussions and that we look to grow if the opportunities are there.

顯然，在考慮專案規模時，我們會非常關注高層建築專案籌集資金的能力。我們應該以多大的規模參與其中？在為GPU融資時，我們如何看待股權稀釋以及股權與債務之間的關係？但這絕對是這些討論的一部分，如果機會合適，我們會努力發展。

But heads down focus on having a couple of long-term lease agreements, as well, that anchor the cash flows of Hut 8 as a business.

但也要埋頭努力，爭取簽訂幾份長期租賃協議，以穩定 Hut 8 的業務現金流。

John Todaro, Needham.

約翰·托達羅，尼德姆。

On the 1.5 gigawatts, just, can you frame up a little bit more what would ultimately be earmarked for HPC AI? And then, getting at one of the earlier questions, just a little bit more details on maybe some of those other use cases, like advanced manufacturing or something else that you might look at for the other capacity.

關於這 1.5 吉瓦的電力，您能否更詳細地說明一下，最終哪些電力將用於高效能運算人工智慧？然後，回到前面提到的問題，或許可以更詳細地介紹一些其他應用場景，例如先進製造或其他一些可以考慮的產能應用。

We'll go into detail on each site in short order after we share some of the more recent efforts that we have across data centers.

在分享我們最近在各個資料中心取得的一些成果之後，我們很快就會詳細介紹每個站點。

It's really interesting. I'll give you an example. One of the sites is a gigawatt site and on the map you see that's in Texas and it's in Corpus Christi, right? That's near the coast. We have 700 megawatts that come available in Q4 of next year and ,then 300 megawatts following in the 24 months after that.

真有意思。我給你舉個例子。其中一個站點是千兆瓦級站點，從地圖上可以看到它位於德克薩斯州的科珀斯克里斯蒂，對吧？那裡靠近海岸。明年第四季我們將有 700 兆瓦的電力可供使用，之後 24 個月內還將有 300 兆瓦的電力可供使用。

That site, we had never planned for AI use cases because of its proximity to the coast. We saw it as an opportunity for Bitcoin Mining or Advanced Manufacturing. There's a lot of manufacturing that you're seeing. You see SpaceX, Tesla, so forth, building facilities in Corpus Christi.

由於該地點靠近海岸，我們從未計劃過將其用於人工智慧應用。我們認為這是一個發展比特幣挖礦或先進製造業的機會。你會看到很多製造業活動。你看，SpaceX、特斯拉等等公司都在科珀斯克里斯蒂建造工廠。

But, to our surprise, we've actually had recent demand for that site, not just from kind of AI labs or Neo clouds but from hyperscalers as well and have been exploring test fits. And so I'm not saying that customers will end up landing at some of those sites but the amount of demand for Power, right now, is extremely high, as everyone knows on this call.

但令我們驚訝的是，最近我們確實收到了對該網站的需求，不僅來自人工智慧實驗室或Neo雲，還來自超大規模資料中心，我們一直在探索測試契合度。因此，我並不是說客戶最終會選擇去那些地方，但正如本次電話會議的各位所知，目前的電力需求量非常高。

And so we're focusing right now on commercializing, executing, announcing, and delivering the sites that are high on the list in data center markets. But some of these other properties where we develop the opportunity from the ground up, have a very low-cost basis because of the development work that we put in.

因此，我們目前正專注於將資料中心市場中備受關注的站點商業化、執行、發布和交付。但是，由於我們投入了大量的開發工作，我們從零開始開發的其他一些房產的成本基礎非常低。

Right now, all of our sites are being looked at across the board, even sites that historically we wouldn't have looked at it. Another example of that is Vega.

目前，我們正在對所有網站進行全面檢查，甚至包括過去我們不會檢查的網站。另一個例子是維加星。

Vega is a site that we built to show the market what a low-redundant/high-density 200 kilowatts per rack of direct liquid to chip cooling could look like. That site, we have behind the meter at a co-op territory in Vega, which is right near Amarillo, Texas. There's some curtailment obligation because you're in a small co-op that we don't want to hit the peak curve so we want to be able to curtail when this constraint needs it for the local co-op.

Vega 是我們建立的網站，旨在向市場展示低冗餘/高密度 200 千瓦/機架的直接液冷晶片冷卻系統是什麼樣子。那個網站，我們在德克薩斯州阿馬裡洛附近的維加的一個合作社區域內設有一個儀錶板。由於你們是一個小型合作社，我們不希望達到高峰曲線，所以存在一定的減產義務，因此我們希望能夠在當地合作社需要時進行減產。

But, now customers are looking at that too and said, you know what, maybe we'll take that. We're okay with some of those curtailment. It's a really interesting world that we're living in.

但現在顧客也開始注意這一點，並表示，你知道嗎，也許我們會選擇它。我們可以接受其中一些限制。我們生活在一個非常有趣的世界。

A couple of campuses are straight down the fairway in terms of this just works for AI. We don't see us putting Bitcoin there. We haven't had any discussions around other advanced manufacturing use cases. And then, the other ones that we thought we were putting in our pipeline for some of those in the long term are now being looked at as well from a data center perspective.

有幾個校園正處於發展初期，非常適合人工智慧應用。我們不打算在那裡放置比特幣。我們還沒有就其他先進製造應用案例進行任何討論。然後，我們原本打算長期推進的其他一些項目，現在也從資料中心的角度進行了考察。

And so I think you'll see more and more competition for Power, outside of just data centers. Everyone is focusing on data centers, manufacturing as you look at the overall demand curve is a big percentage of that increase.

因此，我認為除了資料中心之外，電力產業的競爭將會越來越激烈。大家都在關注資料中心，而從整體需求曲線來看，製造業在成長中所佔比例很大。

We see that in Louisiana. You're seeing multi-hundred megawatt deals that get announced on the Hyundai plant that they're building; other LNG facilities that they're building. And so I think you'll see increased competition on that power.

我們在路易斯安那州就看到了這種情況。你會看到，在他們正在建造的現代汽車工廠以及他們正在建造的其他液化天然氣設施中，宣布了數百兆瓦的交易。所以我認為你會看到電力領域的競爭加劇。

Relationships with communities will really matter. Do they want you, your business, what you bring to the community there or not. And so across the board, we think this will be a multifaceted growth in terms of how energy plays out within the US.

與社區的關係至關重要。他們是否需要你、你的企業、你為當地社區帶來的價值？因此，我們認為，從整體來看，美國能源市場的發展將是多方面的。

But, for us, at Hut 8, again, staying very focused on the data center platforms. We had built sites for this longer-term initiative. But, today, we're seeing demand on those as well that we originally weren't planning for data centers.

但是，對我們 Hut 8 來說，我們仍然非常專注於資料中心平台。我們為這項長期計劃搭建了網站。但是，如今我們也看到了對資料中心的需求，而這些需求是我們最初沒有為資料中心規劃的。

Chris Brendler, Rosenblatt.

克里斯布倫德勒，羅森布拉特。

I just wanted to follow up on that last question and answer on the competitive environment for Power. As I look at your four categories, where is the competitive pressure? Because, not surprisingly, it seems like Power is very popular these days. So where does that competitive pressure show up in your pipeline, as it moves between diligence, exclusivity, and development? How is Hut 8 positioned to win in this environment?

我只是想就上次關於電力產業競爭環境的問題和答案做個後續說明。我綜觀你們的四個類別，哪裡存在競爭壓力？因為，不出所料，《權力》這部劇最近非常受歡迎。那麼，在專案從盡職調查、獨家代理商到開發階段的過程中，這種競爭壓力會在你的產品線的哪個環節反映出來呢？在這種環境下，Hut 8 如何才能贏得比賽？

I'd love to get like a sort of more of a high-level view of Hut 8's strengths when it comes to finding sourcing and closing on power sources. That would be great.

我想更全面地了解一下 Hut 8 在尋找和達成電力供應協議方面的優勢。那太好了。

When we think about power development, there's three types of ways to consume power: front-of-the-meter; behind-the-meter; and then, net new generation build where you actually build your own generation.

當我們考慮電力發展時，有三種電力消耗方式：表前用電；表後用電；以及新建發電廠，也就是自己建造發電廠。

Front of the meter, it's about, are you finding the right place in the transmission line that other people aren't looking at. Louisiana is a perfect example of that in that site that we found. We looked at places that other people weren't looking. We had a perspective that we bet on on where the markets were heading and if this would be valuable or not. That obviously is becoming more and more competitive, as more entrants come in and the power and the value of power continues to be realized from the local landowner and farmer to the developer to, obviously, the larger platforms and hyperscalers.

在電錶前面，關鍵在於你是否找到了其他人沒有註意到的輸電線路中的正確位置。我們在那個網站上找到的路易斯安那州就是一個完美的例子。我們去看了一些別人沒看過的地方。我們當時對市場走向有預測，並認為這樣做是否有價值。顯然，隨著越來越多的參與者加入，競爭變得越來越激烈，權力和權力的價值也從當地的土地所有者和農民，到開發商，再到更大的平台和超大規模企業，不斷被人們所認識到。

Behind-the-meter is interesting because I think we've pioneered in the focus on our team in terms of behind-the-meter assets. We have 280 megawatts behind the meter at our King Mountain site, with a joint venture with NextEra. We have 205 megawatts at our Vega site. And so about 0.5 gigawatt of behind-the-meter platforms in our portfolio today.

儀錶板後方的情況很有意思，因為我認為我們在儀錶板後方資產方面，對團隊的關注是開創性的。我們在金山基地擁有 280 兆瓦的表後發電量，這是與 NextEra 的合資項目。我們在維加的廠址有205兆瓦的裝置容量。因此，我們目前投資組合中約有 0.5 吉瓦的表後平台。

I think that's really unique and interesting for a company because you don't have as many of those deals. Recently, we've had more announced within the data center space. But we've done, I think, the most within the market, especially within Texas, of existing generation plants and how do we allow to be able to pull power and co-locate a data center there, as well.

我認為這對一家公司來說真的很獨特也很有趣，因為這類交易並不多見。最近，資料中心領域有更多消息公佈。但我認為，我們在市場上，尤其是在德克薩斯州，已經做了很多工作，包括如何利用現有的發電廠，以及如何允許在那裡抽取電力並建立資料中心。

Lastly, it's generation. We think there will be a continued theme of bringing your own generation, whether interconnected to the grid or not and more acceptability by customers. Although we did not want to continue to drive and own the power plants that we have today and we said we'd find strategic value for those in the long term, having owned those power plants over the last one-and-a-half years has continued to increase our learnings and understanding of how to run generation, how to run natural gas power plants. That's about 30% of our portfolio today in which we run four natural gas power plants in Ontario.

最後，是世代。我們認為，無論是否併入電網，自備發電機發電將成為持續的趨勢，並且越來越受到客戶的接受。儘管我們不想繼續運營和擁有我們目前擁有的發電廠，並且我們說過我們會從長遠角度為它們找到戰略價值，但在過去一年半的時間裡，擁有這些發電廠不斷增加我們對如何運營發電廠、如何運營天然氣發電廠的了解和認識。目前，我們在安大略省營運四座天然氣發電廠，約占我們投資組合的 30%。

And so I think the expertise that we have and behind-the-meter and generation will continue to create that moat and that value advantage because we can go to generators and say, look, we've been able to go and amend these SGIAs to be able to co-locate data centers and we'll walk you through the process of how to do that.

因此，我認為我們擁有的專業知識、表後技術和發電技術將繼續創造護城河和價值優勢，因為我們可以對發電公司說，看，我們已經能夠修改這些SGIA協議，以便能夠託管資料中心，我們將指導你們完成整個流程。

On the generation side, we have experience in doing so and we can bring that to the table as well, whether we partner with folks or do it ourselves.

在發電方面，我們有這方面的經驗，無論我們是與他人合作還是自己動手，我們都可以把這些經驗運用到工作上。

On the front-of-the meter side, it's getting more competitive but it's focusing on areas that are underappreciated, under-looked at; and also developing those from the ground up, as well.

在儀錶板前端，競爭越來越激烈，但它專注於那些被低估、被忽視的領域；並且也從根本上發展這些領域。

The other really important thing is, look, a lot of people on this call today are here saying, Asher, where the h*** is your deal? Where is your announcement? There's been a bunch of great announcements done this week.

另一件非常重要的事情是，你看，今天參加電話會議的很多人都在問，阿舍爾，你的協議到底在哪裡？你們的公告在哪裡？本週發布了一系列重要公告。

As we live in this era where there's so much demand and excitement over this category and over this asset class, I think it remains important to be disciplined and be focused on are we doing the right deals that drive value, not just to our share price in the short term but also as we execute on these deals and the economics and the structure flow into the market?

在我們所處的這個時代，人們對這類資產類別和這類資產的需求和熱情如此之高，我認為保持自律並專注於我們是否在進行能夠創造價值的正確交易仍然非常重要，這不僅關乎我們短期內的股價，也關乎我們在執行這些交易時，經濟效益和結構如何影響市場？

There are many sites that we look at that I believe are overpriced because people want to make generational wealth because they found a piece of land in the middle of nowhere and now, want to flip it to some data center developer. Those transactions are happening.

我們考察過的許多地塊，我認為價格過高，因為人們想透過購買一塊位於荒郊野外的土地來累積世代財富，然後將其轉手賣給資料中心開發商。這些交易正在進行中。

But what is the value of those transactions? Are you able to commercialize them? Are you taking a lot of development risk?

但這些交易的價值是什麼？你們有能力將它們商業化嗎？你在開發過程中承擔了很多風險嗎？

Secondly, there are deals that we have walked away from. I could have announced those deals to the market sooner and haven't kept you guys waiting for this long. But were those the right deals to lock in for 15 years? Were we taking the right risk/reward based on what we believe is in the market, from a structure perspective, from a credit perspective, from a pricing perspective?

其次，我們也放棄了一些交易。我本來可以更早向市場宣布這些交易，而不讓大家等這麼久。但這些真的是值得簽訂15年合約的合適選擇嗎？我們是否根據對市場現狀的判斷，從結構、信用和定價等方面考慮，承擔了正確的風險/回報？

And so I appreciate all the analysts and shareholders who are on the call today for being patient with us. But we've lived through markets where in moments of excitement and moments of extreme growth, people just want to see growth at all costs.

因此，我感謝今天參加電話會議的所有分析師和股東們，感謝你們的耐心等待。但我們經歷過這樣的市場：在市場興奮和快速成長的時刻，人們只想不惜一切代價實現成長。

We've also been on the other side of those markets where momentum slows down for a little bit. Have you structured those deals thoughtfully? Have you managed your balance sheet thoughtfully?

我們也經歷過市場動能暫時放緩的情況。你是否認真考慮過這些交易的架構？你是否認真管理過你的資產負債表？

2022, we've learned a lot of those lessons. And so in markets that are exciting today, we will grow but we will also grow with the mindset that we are able to manage through any volatility that the world throws at us because I promise you all, there will be volatility in the next 15 years as we sign these long-term agreements. It's important to think about, can we manage through that as a business or not?

2022年，我們學到了很多教訓。因此，在如今充滿活力的市場中，我們將實現成長，但我們也將以能夠應對世界帶來的任何波動的心態來實現成長，因為我向大家保證，在我們簽署這些長期協議的未來 15 年裡，市場將會出現波動。重要的是要思考，作為一家企業，我們能否應對這種情況？

It's a little bit of a longer-winded answer to your question by seeing a lot of people on this call today were wanting to talk about exactly this and when the h*** are we announcing our deal and so I wanted to give a little bit more background to why we haven't shared something with the market yet.

這個問題的答案有點長，因為今天電話會議上很多人都想討論這個問題，想知道我們到底什麼時候宣布交易，所以我想稍微解釋一下為什麼我們還沒有向市場透露任何消息。

That's fantastic. Great color there.

太棒了。顏色真漂亮。

My follow-up question is on American Bitcoin. I think, last reported number was 64% pro forma ownership. But with their large ATM filing a couple of months ago, I imagine that's going down. Can you give us an updated pro forma ownership percentage? Should we start thinking about 2026 being unconsolidated? When does that flip?

我的後續問題是關於美國比特幣的。我認為，最新公佈的數字是 64% 的備考持股比例。但鑑於他們幾個月前提交的大量ATM申請，我想這種情況應該會好轉。能否提供一份最新的預期持股比例？我們是否應該開始考慮2026年可能出現非整合時期？這種情況何時會發生轉變？

Right now, the consolidation -- even if we flip under 50.1%, we have a super vote there, right? And so we continue to maintain voting control within the company until we'll consolidate for the foreseeable future. We'll share updates in regards to the business and growth there.

現在，即使我們的支持率低於 50.1%，我們也有超級投票權，對吧？因此，在可預見的未來，我們將繼續保持對公司的投票控制權，直到我們進行合併為止。我們將分享有關該公司業務和發展的最新資訊。

To date, the company has roughly 4,000 Bitcoin. And so dilution has been not -- it has not been the $2.1 billion ATM that we announced, as it's been minimal and thoughtful. And so our ownership percentage has remained roughly intact.

截至目前，該公司擁有約 4,000 個比特幣。因此，股權稀釋並沒有像我們宣布的那樣，變成 21 億美元的自動櫃員機，而是採取了最小限度、經過深思熟慮的措施。因此，我們的持股比例基本上保持不變。

Brett Knoblauch, Cantor Fitzgerald.

布雷特·諾布勞赫，康托·菲茨杰拉德。

As we look at your power pipeline, how should we decipher maybe, like, what percentage do you think is going to be used for an AI data center in some form or fashion versus maybe Bitcoin Mining as ABTC has plans to reach 100 exahash, which obviously they're going to need a lot more power capacity, which bodes well for you guys?

當我們審視你們的電力管道時，我們應該如何解讀，比如說，你們認為其中有多少百分比的電力將用於某種形式的人工智慧資料中心，又有多少百分比的電力將用於比特幣挖礦？因為ABTC計畫達到100 exahash的算力，顯然他們需要更多的電力容量，這對你們來說是個好兆頭。

But how should we look at your power portfolio split between what your new on the data center side and on the Bitcoin Mining side?

但是，我們應該如何看待您的電力組合，包括資料中心方面的新增電力和比特幣挖礦方面的新增電力呢？

We have sites that we've developed that we historically believed that we're not interesting for data centers. Obviously, that's changing the landscape that we're in today.

我們開發了一些網站，但我們過去一直認為這些網站對資料中心來說沒有吸引力。顯然，這正在改變我們今天所處的格局。

We're also designing the next generation of data centers to be able to be valuable as well, where we're able to quickly transition from Bitcoin to AI. It will be accretive for Hut 8 and American Bitcoin because if any of those transitions happen, American Bitcoin would obviously be bought out at a premium and they would be able to get their return on their investments and we would be able to get longer-term agreements by delivering short-term power.

我們也正在設計下一代資料中心，使其也能發揮價值，使我們能夠快速從比特幣過渡到人工智慧。這對 Hut 8 和 American Bitcoin 來說都是有利的，因為如果這些轉變中的任何一個發生，American Bitcoin 顯然會以溢價被收購，他們將能夠獲得投資回報，而我們將能夠透過提供短期電力來獲得更長期的協議。

And so, today, as we look at our overall pipeline, we have a team that can build and operate Bitcoin Mining facilities on turnkey and we have the ability and infrastructure to scale that very quickly. Obviously, we're building those muscles and continue to scale those muscles in more Tier 3 data center development, whether it be five-nines core network stack and GPUs or three-nine plus five-nines.

因此，今天，當我們審視我們的整體發展計劃時，我們擁有一支能夠以交鑰匙方式建造和運營比特幣挖礦設施的團隊，並且我們有能力和基礎設施快速擴展規模。顯然，我們正在增強這些能力，並繼續在更多 Tier 3 資料中心開發中擴大這些能力，無論是五個九的核心網路堆疊和 GPU，還是三個九加五個九。

But, overall, as we look at our development pipeline, we think we have ample demand for both of those businesses. At the end of the day, American Bitcoin has exahash target goals. But the most important goal that it has is increasing Bitcoin per share. And so it's not at a race to increase exahash at all costs. It's doing so thoughtfully with the right structures and ultimately increasing Bitcoin per share over the long term.

但總的來說，從我們的發展規劃來看，我們認為這兩家業務都有充足的需求。歸根究底，美國比特幣的目標是達到百億哈希（exahash）。但它最重要的目標是提高每股比特幣的價格。因此，它並不追求不惜一切代價提高 exahash 值。它透過深思熟慮的正確結構來實現這一點，並最終在長期內提高每股比特幣的價值。

It's done a great job of doing that since we launched that company. And so, as of right now, we don't see large competing interest in regards to data centers in AI. But we'll share more of that in the coming quarters, if we start seeing more constraint there.

自公司成立以來，它在這方面做得非常出色。因此，就目前而言，我們沒有看到人工智慧資料中心領域出現大規模的競爭性需求。但如果接下來的幾季我們看到這方面有更多限制，我們會分享更多資訊。

Mike Grondahl, Northland.

麥克·格倫達爾，北地。

The 1.5 gigawatts under development where you're making a lot of progress, roughly how much of that do you see ready for use in '26 versus '27?

你們正在開發的 1.5 吉瓦計畫取得了很大進展，你們預計其中大約有多少能在 2026 年和 2027 年投入使用？

It's a matter of our ability to be able to have the supply chain and the execution of that capacity. We have a lot of that power that becomes available and it's building the substation and data center to be able to match that, which is a great problem to have.

這取決於我們是否有能力建立供應鏈並有效利用這種能力。我們擁有大量可用的電力，因此需要建造變電站和資料中心來與之匹配，這真是一個幸福的煩惱。

And so River Bend is obviously a large site that everyone knows about. We talked about Corpus Christi. We have another site in West Texas. We have a site in Chicago as a part of that overall platform. We'll actually share more detail on each of those sites. So everyone on this call and the broader markets and customers can all see it, as well.

因此，河灣顯然是一個眾所周知的著名景點。我們聊到了聖體節。我們在德克薩斯州西部還有另一個站點。作為該整體平台的一部分，我們在芝加哥設有一個站點。我們將詳細介紹每個網站的情況。因此，參加此次電話會議的每個人以及更廣泛的市場和客戶都可以看到這一點。

But, overall, today, it's really about executing on those sites and being able to deliver them thoughtful and on time. I think building these data centers and these timelines is a lot to ask for our vendors and our partners in building and whether it be subcontractors, EPC. And so doing so thoughtfully and making sure we set the proper expectations with customers where we can deliver and execute for them, as well.

但總的來說，如今的關鍵在於執行這些網站，並且能夠周全地、按時地交付它們。我認為，要按照這樣的時間表建造這些資料中心，對我們的供應商和合作夥伴來說要求太高了，無論是分包商還是EPC承包商。因此，我們要深思熟慮地這樣做，並確保我們與客戶設定合理的預期，以便我們能夠為他們提供服務和執行方案。

Bill Papanastasiou, KBW.

Bill Papanastasiou，KBW。

As we near towards the first three months of ABTC trading independently, Asher, would just love to hear your thoughts on the future opportunity here for Bitcoin mining and whether the strategy is changing at all, given the AI HPC diversification play that's clearly accelerating across the peer group.

隨著 ABTC 獨立交易即將進入前三個月，Asher 非常想聽聽你對比特幣挖礦未來機會的看法，以及鑑於 AI HPC 多元化策略在同行群體中明顯加速發展，該策略是否發生了任何變化。

As we're developing our pipeline, we're looking to continue to develop and be large-scale operators and platforms for AI and data centers. A lot of the deals you'll see coming from Hut 8 announced will be on that front.

隨著我們不斷完善自身產品線，我們希望繼續發展成為人工智慧和資料中心的大型營運商和平台。Hut 8 即將宣布的許多交易都將與此相關。

We also have assets in our pipeline that we believe are great position for Bitcoin, as well, and has ample runway for American Bitcoin to run at scale.

我們還有一些正在籌備中的資產，我們認為這些資產對比特幣來說也很有利，並且有足夠的空間讓美國比特幣大規模運作。

Look, I think if we think about the company launching from day one in April 1 of this year; becoming a public company on the NASDAQ about a month or so ago; and, today, having about 4,000 Bitcoin on their balance sheet by themselves, 25 exahash mining 8 Bitcoin to 10 Bitcoin a day. That's really impressive for a period of time that it's built.

你看，如果我們回顧一下這家公司從今年 4 月 1 日成立到現在的發展歷程；大約一個月前在納斯達克上市；以及如今，他們自身資產負債表上就擁有大約 4,000 個比特幣，每天通過 25 exahash 挖礦 8 到 10 個比特幣。考慮到它的建造時間，這確實令人印象深刻。

The business is obviously still going through price discovery in the public markets. We have early investors that are heavily in the money. There are lockups will be coming up in about a month or so.

顯然，該企業仍在公開市場進行價格發現。我們有一些早期投資者，他們已經賺了很多錢。大約一個月後，將會有一些封鎖措施出台。

And so I think managing those nuances getting to a stabilized state at ABTC and, ultimately, continue to focus on building Bitcoin per share for the underlying shareholders. We can't control where the share price goes, how high it goes, how low it goes. We can control the underlying operating business.

因此，我認為要妥善處理這些細微差別，讓 ABTC 達到穩定狀態，並最終繼續專注於為底層股東創造比特幣每股價值。我們無法控制股價的走勢，也無法控制股價的漲幅或跌幅。我們可以控制底層營運業務。

That's the same mindset I had with Hut 8 when we took over and the stock was about $6 and we just focus on the fundamentals and the rest will work itself out. And so that's our same thought process with ABTC. We think as a structural initiative, a strategic initiative. We were very happy by the outcomes of it, thus far. No doubt that we'll go through some volatility there, as shares become released into the market.

我接手 Hut 8 時也是這種心態，當時股價大約是 6 美元，我們只專注於基本面，其他的一切都會迎刃而解。所以，我們對 ABTC 的思考過程也是如此。我們認為這是一項結構性舉措，一項策略性舉措。到目前為止，我們對結果非常滿意。毫無疑問，隨著股票進入市場，市場會出現一些波動。

But, overall, I think the structural ability for us to have ABTC; for us to have Highrise; and then, the infrastructure business of Hut 8, I believe that the market will see that continue to play out and the value of that over time. We were able to increase our amount of exahash, the amount of Bitcoin that we mined, the margins we mined, without any dilution to Hut 8 as its parent company. That was value accretive for ABTC shareholders and, obviously, value accretive for Hut 8 shareholders in a risk-adjusted anti-dilutive way, as well.

但總的來說，我認為我們擁有 ABTC、Highrise 以及 Hut 8 的基礎設施業務的結構性能力，我相信市場會看到這些能力繼續發揮作用，並隨著時間的推移展現其價值。我們得以增加算力（exahash）、比特幣挖礦量和挖礦利潤，而母公司 Hut 8 的權益卻沒有被稀釋。這對 ABTC 股東來說具有增值作用，而且顯然，從風險調整後的反稀釋方式來看，對 Hut 8 股東來說也具有增值作用。

And so I think, structurally, how we're forming the foundation of this business will only compound. Although the numbers, people care less about this quarter compared to us announcing a deal, look, we beat all expectations across the categories in this quarter. We look forward to continuing to execute in developing and scaling this platform.

因此我認為，從結構上看，我們建構這項業務基礎的方式只會不斷增強。雖然人們對本季的業績數字不如對我們宣布交易的關注度高，但你看，我們本季在各個類別中都超出了預期。我們期待繼續推進該平台的開發和擴展。

Matthew Galinko, Maxim Group LLC.

馬修·加林科 (Matthew Galinko)，Maxim 集團有限責任公司。

Can you touch on the role that your Bitcoin reserve plays in accessing project financing and financing for site build?

您能否談談您的比特幣儲備在獲取專案融資和網站建設融資方面所扮演的角色？

Happy to do so. The Two Prime example is a great example of that, in addition to Coinbase. When we think about the stack that we have on the balance sheet today -- and, Sean, I'll have him chime in right after this, as well, because his perspective on this has definitely changed since he joined us day one and asked me, when are we selling this, immediately versus what he's been able to do, thus far, with it.

我很樂意這樣做。除了 Coinbase 之外，Two Prime 也是一個很好的例子。當我們思考我們今天資產負債表上的資產組合時——肖恩，我稍後也會讓他插話，因為自從他加入我們第一天就問我「我們什麼時候賣掉這些資產」以來，他對這個問題的看法肯定發生了變化，而到目前為止，他已經能夠用這些資產做些什麼。

We've been able to, as Sean mentioned, write cover calls and drive a yield on that Bitcoin that we have, right? Because that's right-way risk. We get covered at a much higher price. We're okay with that world. We can use that money to fund the business.

正如肖恩所提到的那樣，我們已經能夠透過編寫選擇權合約來提高我們持有的比特幣的收益率，對吧？因為那是正道風險。我們購買保險的價格要高得多。我們能接受那樣的世界。我們可以用這筆錢來資助這項業務。

Additionally, we're able to bring on really low cost of capital on Bitcoin-backed loans with revolvers that we have that we can pull, pay back. We don't have penalties in doing so. The structure, the ability to pull on that value is really important, as well.

此外，我們能夠以極低的資金成本獲得比特幣抵押貸款，因為我們擁有循環信貸額度，可以隨時提取並償還。這樣做不會受到任何處罰。組織結構以及發揮這種價值的能力也非常重要。

As we think about, do we hold that Bitcoin at Hut 8? Does that -- long-term, all our Bitcoin exposure at ABTC and Hut 8 is more cash and just developing data centers?

我們現在要考慮的是，我們是否應該把比特幣存放在 8 號小屋？從長遠來看，我們在 ABTC 和 Hut 8 的所有比特幣投資是否都變成了更多的現金，並且只是在開發資料中心？

We'll have that story play out in the coming, call it, year, as our data center platform continues to mature and ABTC continues to mature, as well.

我們將在接下來的幾年裡見證這個故事的發展，因為我們的資料中心平台和 ABTC 也將不斷成熟。

Sean, I don't know if you have any thoughts on your perspective of Bitcoin on the balance sheet and the value that it has but I think, for us, there's a larger strategic element of, where does Bitcoin stay? Is it at Hut 8? Is it at ABTC?

肖恩，我不知道你對比特幣在資產負債表上的地位和價值有什麼看法，但我認為，對我們來說，還有一個更大的戰略因素，那就是比特幣的未來方向。是在8號小屋嗎？是在ABTC嗎？

In the long-term, as we think about exposure, we'll share that with the market as the data center platform continues to mature.

從長遠來看，當我們考慮風險敞口時，隨著資料中心平台的不斷成熟，我們將與市場分享這些資訊。

Yeah. Thanks, Asher.

是的。謝謝你，阿舍爾。

As we went through -- in the prepared remarks, we talked about the $689 million in contributions from price appreciation; the $265 million in Bitcoin-backed facilities that we've raised; and then, approximately $32 million in covered call premiums.

在準備的發言稿中，我們談到了價格上漲帶來的 6.89 億美元收益；我們籌集的 2.65 億美元比特幣支持資金；以及大約 3200 萬美元的備兌看漲期權溢價。

But it goes beyond that, right? That's direct access to capital. I think there's also a read-through to our balance sheet as, you look at the stack.

但這還不止於此，對吧？這是直接獲得資金的途徑。我認為，當你查看資產負債表時，也能從中看出端倪。

As we work with very large counterparties, creditworthiness is something that they're very focused on. I think, if you could look at our balance sheet, I think it answers a lot of their questions very quickly. It's not something we need to dwell on. It's become a check-the-box exercise, which I think has been really valuable as we've entered into the new business line of AI data centers, where the numbers are much bigger than they have been in Bitcoin Mining.

由於我們與規模非常大的交易對手合作，因此信用度是他們非常關注的問題。我認為，如果您能看一下我們的資產負債表，就能很快解答他們的許多疑問。我們沒必要糾結於此。這已經變成了一種例行公事，我認為這非常有價值，因為我們已經進入了人工智慧資料中心這一新的業務領域，這裡的數字比比特幣挖礦要大得多。

Nick Giles, B. Riley.

尼克·吉爾斯，B·萊利。

Thanks very much. Maybe another question for Sean.

非常感謝。或許可以再問肖恩一個問題。

I was wondering if you could just give us a little more color around how project financing discussions have progressed? Have you seen any changes in terms -- since your last update? And then, given some of the other deals we've seen across the space, has your thinking around structure changed at all?

我想請您詳細介紹一下專案融資討論的進度？自上次更新以來，條款方面是否有任何變更？那麼，考慮到我們在這個領域看到的其他一些交易，您對結構方面的想法是否有所改變？

Thanks very much.

非常感謝。

Yeah. Thanks a lot, Nick.

是的。非常感謝，尼克。

For one, the project financing market remains extremely healthy. If you look over the past month, we've seen two enormous deals, one with Meta and one with Vantage, with Blue Owl in the mix on the first one. There's a tremendous amount of capital out there to support data center growth.

首先，專案融資市場依然非常健康。回顧過去一個月，我們看到了兩筆巨大的交易，一筆是與 Meta 的合作，另一筆是與 Vantage 的合作，而 Blue Owl 也參與了第一筆交易。市場上有大量資金可以支持資料中心的發展。

I think the market remains bifurcated between investment grade and non-investment grade off-takers and what that looks like from a loan-to-capital and a credit spread perspective. That hasn't really changed. But suffice to say, the market remains extremely healthy, both from a bank and private credit perspective. There's lots of capital to support it.

我認為市場仍分為投資等級和非投資等級承購方兩部分，從貸款資本比和信用利差的角度來看，情況就是這樣。這一點其實並沒有改變。但總而言之，無論從銀行信貸或私人信貸的角度來看，市場依然非常健康。有足夠的資金支持。

As you think about some of the new structures that have emerged, I think we will look at everything out there that we think will create shareholder value, provide mitigants against enterprise risk.

考慮到一些新出現的組織結構，我認為我們會關注所有我們認為能夠創造股東價值、降低企業風險的組織結構。

I think one of the most important things that you can avail yourself of on the financing of these is non-recourse project financing. What that does is it insulates the parent company from any debt issues at the subsidiary level. That's something that I think is really valuable. We'll continue to evaluate those structures.

我認為在這些專案的融資過程中，您可以利用的最重要因素之一是無追索權專案融資。這樣做可以使母公司免受子公司層級任何債務問題的影響。我認為這真的很有價值。我們將繼續評估這些結構。

But, again, long story short, the market is extremely healthy. I think we're not really worried about the ability to finance these projects over the long term.

但總而言之，市場狀況非常健康。我認為我們並不真正擔心長期為這些項目籌集資金的能力。

Ben Sommers, BTIG.

Ben Sommers，BTIG。

Hey. Good morning. Thank you for taking my question.

嘿。早安.感謝您回答我的問題。

I just wanted to ask about the site in Illinois. Curious what the demand profile is for this site, given it's a little smaller than some of the sites in Texas in the pipeline or River Bend; and how we think about potentially expanding in that region.

我只是想問一下伊利諾伊州的那個網站的情況。鑑於該站點比德克薩斯州正在建設中的一些站點或 River Bend 的站點略小，我們很好奇該站點的需求情況如何；以及我們如何考慮在該地區進行潛在擴張。

Thank you.

謝謝。

We originally developed that site because most of our sites weren't in Tier 1 markets. We want to have a campus that was there that could be a nice tuck-in add-on.

我們最初開發該網站是因為我們的大多數網站都不在一線市場。我們希望保留原有的校園，並將其作為不錯的補充。

What we've seen from demand in the market is exactly that: a tuck-in site for people who have sites nearby; a burst site for some AI labs, as well -- and, enterprise, as well. And so that site is -- and then, also, is an opportunity for Highrise and GPUs as a nice kind of step in opportunity, as well, for that business. And so we're exploring opportunities there.

我們從市場需求中看到的正是如此：對於在附近有辦公場所的人來說，這是一個便捷的辦公室；對於一些人工智慧實驗室來說，這是一個突發性的辦公室；對於企業來說，也是如此。因此，該網站對於 Highrise 和 GPU 來說，也是一個不錯的機遇，也是該業務發展的一個好開始。因此，我們正在探索這方面的機會。

Right now, we're prioritizing our supply chain and the focus on some of our larger campuses, as the demand is there. And so we'd like to commercialize those first.

目前，我們優先考慮供應鏈，並將重點放在一些規模較大的校區，因為這些校區有需求。所以我們希望先將這些產品商業化。

But this is a site that we think is valuable. Even though it's a smaller site, we're focusing on it for more strategic reasons of who we place there, rather than just looking at the economics because relatively smaller in scale compared to other sites that we're commercializing.

但我們認為這是一個很有價值的網站。儘管這是一個較小的網站，但我們出於更具策略性的原因，更加關注我們選擇哪些用戶，而不僅僅是出於經濟原因，因為與我們正在商業化的其他網站相比，它的規模相對較小。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。