Strategy Inc (MSTR) 2026 Q3 法說會逐字稿

Good afternoon, everyone. And thank you for joining us for Strategy's third-quarter 2026 earnings webinar.

各位下午好。感謝各位參加 Strategy 2026 年第三季財報網路研討會。

I am CJ, Head of Investor Relations at Strategy. Joining us today are Andrew Kang, Chief Financial Officer; Phong Le, President and Chief Executive Officer; and Michael Saylor, Founder and Executive Chairman.

我是 CJ，Strategy 投資人關係主管。今天與會的有 Andrew Kang，財務長；Phong Le，總裁兼執行長；以及 Michael Saylor，創辦人兼執行董事長。

We'll begin with approximately 60 minutes of prepared remarks, starting with Andrew, followed by Phong and Michael. We'll then move to a 30-minute live Q&A.

我們將先進行約 60 分鐘的事先準備發言，由 Andrew 開場，接著是 Phong 與 Michael。之後我們將進入 30 分鐘的即時問答。

Before we begin, I'll briefly cover our Safe Harbor statement: Some of the information we provide in this presentation regarding our future expectations, plans, and prospects may constitute forward-looking statements.

在開始之前，我先簡要說明我們的「安全港」聲明：我們在本簡報中提供的部分資訊，涉及我們對未來的預期、計畫與展望，可能構成前瞻性陳述。

Actual results may differ materially from these forward-looking statements due to various important factors, including fluctuations in the price of Bitcoin and the risk factors discussed under the caption Risk Factors in Strategy's quarterly report on Form 10-Q, filed with the SEC on August 3, 2026, and the risks described in other filings that Strategy may make with the SEC.

由於多項重要因素，實際結果可能與這些前瞻性陳述存在重大差異，包括比特幣價格波動，以及 Strategy 於 2026 年 8 月 3 日向美國證券交易委員會（SEC）提交的 Form 10-Q 季度報告中「風險因素」標題下所討論的風險因素，及 Strategy 可能向 SEC 提交之其他文件中所描述的風險。

Except as required by law, we assume no obligation to update these forward-looking statements, which speak only as of today.

除法律另有要求外，我們不承擔更新這些前瞻性陳述的義務；此等陳述僅反映截至今日的情況。

With that, I will turn the call over to Andrew Kang, CFO of Strategy.

接下來，我把電話會議交給 Strategy 財務長 Andrew Kang。

Thank you, CJ.

謝謝你，CJ。

Q3 was an exceptionally strong quarter across all parts of our business. We now hold 848,517 Bitcoins and recorded a record $21 billion fair-value gain on our Bitcoin holdings in Q3.

第三季在我們業務的各個面向都是異常強勁的一季。我們目前持有 848,517 枚比特幣，並在第三季就我們的比特幣持倉認列了創紀錄的 210 億美元公允價值收益。

MSTR share price increased 76% during the quarter. And our market cap rose to $62 billion, as of October 23. STRC's one-month volume-weighted average price was $99.27, as of the close of markets on October 23. And, as we speak today, we are just one penny away from par.

MSTR 股價在本季上漲 76%。截至 10 月 23 日，我們的市值上升至 620 億美元。截至 10 月 23 日收盤，STRC 的一個月成交量加權平均價格為 99.27 美元。而就在我們今天發言的此刻，我們距離面值只差 0.01 美元。

Our combined Bitcoin and dollar reserves represent 49 years of interest and dividend coverage, strengthening the credit quality of our digital-credit platform.

我們合計的比特幣與美元準備金，相當於可覆蓋 49 年的利息與股息支付，強化了我們數位信貸平台的信用品質。

Q3 marked our 25th consecutive quarter -- more than six years -- of building a consistent and ongoing track record of adding more Bitcoin to our balance sheet.

第三季是我們連續第 25 個季度——超過六年——持續建立一致且延續性的紀錄，將更多比特幣納入資產負債表。

Since Q3 of 2020, our holdings have grown from approximately 38,000 Bitcoin to the 848,517 Bitcoin, accounting for 4% of all Bitcoin that will ever exist.

自 2020 年第三季以來，我們的持倉已從約 38,000 枚比特幣成長至 848,517 枚比特幣，約占未來將存在的全部比特幣總量的 4%。

Strategy remains the largest institutional holder of Bitcoin in the world. Our Bitcoin holdings exceed that of IBIT; that of the largest nation states, other ETFs, and all other major DeFi institutions.

Strategy 仍是全球最大的機構比特幣持有者。我們的比特幣持倉超過 IBIT；也超過最大的主權國家、其他 ETF，以及所有其他主要 DeFi 機構。

We aim to actively manage our holdings, along with our cash reserves, to benefit both our long-term common-stock shareholders and our digital-credit investors.

我們的目標是與現金準備金一併主動管理持倉，使我們的長期普通股股東與數位信貸投資人都能受益。

The sheer scale of our reserves gives us a market-leading advantage to actively manage our strategy and goals through both bull- and bear-market cycles.

我們準備金的龐大規模，讓我們在牛市與熊市循環中，能以市場領先的優勢主動管理我們的策略與目標。

Our treasury assets have grown from approximately $54 billion at the end of Q1 [to] this year to $74 billion in this comparison. That makes Strategy the seventh largest treasury among S&P 500 companies, when we include all cash and Bitcoin on our balance sheet.

我們的庫藏資產已從今年第一季末約 540 億美元成長到本次比較下的 740 億美元。若將資產負債表上的所有現金與比特幣納入計算，Strategy 的庫藏規模在標普 500 企業中排名第七大。

As you know, the number 21 has a great deal of significance for us. We all know that there will only ever be 21 million Bitcoin in existence. And this last quarter, we recorded an approximately $21 billion in fair-value gain on our digital assets in the third quarter.

如各位所知，數字 21 對我們具有重大意義。我們都知道，比特幣的總量永遠只會有 2,100 萬枚。而在上一季，我們於第三季就數位資產認列了約 210 億美元的公允價值收益。

We started Q3 with about 846,000 Bitcoins valued at approximately $50 billion. And during the quarter, Bitcoin's price increased from approximately $58,700 to close around $83,600, adding $21 billion in value.

我們在第三季開始時持有約 846,000 枚比特幣，估值約 500 億美元。本季期間，比特幣價格從約 58,700 美元上升至收盤約 83,600 美元，增加了 210 億美元的價值。

We also added a net 1,666 Bitcoin during the quarter. And as a result of the recent rally in Bitcoin price, at the end of Q3, we recorded a $20.9 billion fair-value gain on digital assets and ended September with over $847,600 Bitcoin, worth approximately $71 billion.

我們在本季也淨增加了 1,666 枚比特幣。由於近期比特幣價格上漲，在第三季末，我們就數位資產認列了 209 億美元的公允價值收益，並於 9 月底以超過 847,600 枚比特幣作結，價值約 710 億美元。

For the third quarter, we reported a record $20.9 billion of operating income, $19.1 billion of net income, and $44.75 in diluted earnings per share. This was the highest operating and net income for any quarter in the history of the company.

第三季我們報告創紀錄的 209 億美元營業利益、191 億美元淨利，以及稀釋後每股盈餘 44.75 美元。這是公司歷史上任何一季的最高營業利益與淨利。

This milestone achievement for the company highlights the resilience and strength of our capital base and balance sheet, which allows us to weather the storm through bear markets but also readies us for exponential growth in bull markets.

公司達成這一里程碑，凸顯我們資本基礎與資產負債表的韌性與實力，使我們能在熊市中安然度過風暴，同時也為牛市中的指數型成長做好準備。

Bitcoin per share has grown from approximately 56,600 Sats at the end of 2020 to over 187,700 Sats, as of October 23, reflecting a CAGR of approximately 23% over that same period.

每股比特幣持有量已從 2020 年底約 56,600 Sats 成長至截至 10 月 23 日超過 187,700 Sats，反映同期間約 23% 的年複合成長率（CAGR）。

Year to date, Bitcoin per share is 3.7% lower, as we effectively deployed and managed through our capital-management framework, with a focus on strengthening the underlying credit of our capital structure.

年初至今，每股比特幣持有量下降 3.7%，因我們依循資本管理框架有效部署與管理，重點在於強化我們資本結構的基礎信用。

As we enter the next stage of Bitcoin-price appreciation, we will be further positioned with a stronger capital base and more robust reserves to amplify BTC yield in the long term.

隨著我們進入比特幣價格升值的下一階段，我們將以更強的資本基礎與更充沛的準備金，進一步在長期放大 BTC 收益率。

We raised approximately $5.4 billion of total capital during Q3, bringing the total year-to-date capital raise to $21.2 billion.

我們在第三季共募集約 54 億美元的總資本，使年初至今的募資總額達到 212 億美元。

We raised $22.6 billion of capital in 2024 and $25.3 billion in 2025, importantly, reflecting our effective and impactful access to the capital markets in both rising and falling Bitcoin cycles.

我們在 2024 年募集 226 億美元資本，並在 2025 年募集 253 億美元；重要的是，這反映我們在比特幣上升與下跌循環中，皆能有效且具影響力地進入資本市場。

During Q3, digital assets increased from $49.7 billion to $70.8 billion, reflecting Bitcoin-price appreciation and the net addition of Bitcoin during the quarter.

第三季期間，數位資產從 497 億美元增加至 708 億美元，反映比特幣價格升值以及本季淨增加的比特幣。

Cash and short-term investments increased to just under $5.9 billion, including $5.8 billion of total USD assets at the end of Q3, which provides more than sufficient liquidity to meet our interest and dividend payments, strengthen our overall credit quality, and provide liquidity for general Bitcoin treasury needs.

現金與短期投資增加至略低於 59 億美元，其中包括第三季末合計 58 億美元的美元資產；這提供了綽綽有餘的流動性，以滿足我們的利息與股息支付、強化整體信用品質，並為一般比特幣庫藏需求提供流動性。

Our preferred equity ended the quarter at $13.1 billion, down from the previous quarter, with the execution of our Stretch open-market repurchase program.

在執行我們的 Stretch 公開市場回購計畫後，本季末我們的優先股權益為 131 億美元，較前一季下降。

Common equity increased to $55.4 billion, bringing total equity to $68.5 billion, up $23.2 billion or 51% during the quarter.

普通股權益增加至 554 億美元，使總權益達到 685 億美元，本季增加 232 億美元或 51%。

Our treasury assets, as of October 23, were approximately $74 billion, consisting of $68.9 billion of Bitcoin and $5.1 billion in USD assets.

截至 10 月 23 日，我們的庫藏資產約為 740 億美元，其中包括 689 億美元的比特幣與 51 億美元的美元資產。

After taking into account $6.7 billion of convertible debt and $13.3 billion of preferred stock at their notional amounts, our net reserve is approximately $53.9 billion or approximately $67.3 billion, net of the out-of-the-money converts.

在按名目金額計入 67 億美元可轉換債務與 133 億美元優先股後，我們的淨準備金約為 539 億美元；或在扣除價外（out-of-the-money）可轉債影響後，約為 673 億美元。

Our mNAV is currently 1.15x; amplification, 1.28x, with a low net leverage of approximately 2.4%. And our US-dollar assets provide 3.4 years of interest and dividends coverage at current payment obligations.

我們目前的 mNAV 為 1.15 倍；放大倍數為 1.28 倍，且淨槓桿率約 2.4%，處於低水位。我們的美元資產在目前支付義務下，可提供 3.4 年的利息與股息覆蓋。

We have approximately $6.7 billion of total convertible debt outstanding compared with the $69 billion of Bitcoin and $5.1 billion of US-dollar assets, representing a BTC rating of 42x.

相較於 690 億美元的比特幣與 51 億美元的美元資產，我們目前未償還的可轉換債務總額約 67 億美元，代表 BTC 評級為 42 倍。

4 of the 6 converts are currently trading above par. For the two that are, at the moment, below par, the earliest put date remains significantly in the future and not until March 2028.

6 檔可轉債中有 4 檔目前交易價格高於面值。至於目前低於面值的兩檔，其最早賣回（put）日期仍在相當久之後，且要到 2028 年 3 月才會到期。

We have substantial asset coverage. And the staggered put maturity schedule gives us ample levers to effectively manage these obligations in the future.

我們擁有充足的資產覆蓋。而分期錯開的賣回到期時程，讓我們在未來能有充足的工具與手段來有效管理這些義務。

We now have 17 equity analysts covering us, all which carry Buy ratings, an average MSTR price target of approximately $248, and an average published Bitcoin target of approximately $111,000.

目前有 17 位股票分析師追蹤我們，全部給予買進評等，MSTR 的平均目標價約為 248 美元，且已發布的比特幣平均目標價約為 111,000 美元。

I am pleased to announce that our shareholder proposal to move our preferred-equity dividends to daily record and payment dates has been resoundingly approved by our shareholders. The final vote reflects 99.3% of approvals of votes cast in support of the amendment.

我很高興宣布，我們將優先股股利改為每日除息基準日與支付日的股東提案，已獲股東壓倒性通過。最終投票結果顯示，在已投票的票數中，有 99.3% 贊成該修正案。

Daily dividends for Stretch will begin on November 1 record date, with a November 2 payment date. Strife, Strike, and Stride are scheduled to follow, with a January 1 record date and a January 4 payment date.

Stretch 的每日股利將自 11 月 1 日的除息基準日開始，並於 11 月 2 日支付。Strife、Strike 與 Stride 預計隨後跟進，除息基準日為 1 月 1 日，支付日為 1 月 4 日。

Dividends will accrue on every calendar day, including weekends and holidays, with payment on the next business day. The overall annual dividend amounts remain unchanged and are not impacted as a result of this enhancement.

股利將於每一個曆日計提，包括週末與假日，並於下一個營業日支付。整體年度股利金額維持不變，不會因這項強化而受到影響。

Smaller, more frequent payments are designed to reduce volatility, improve liquidity, broaden investor demand, and get cash to investors sooner.

較小且更頻繁的支付，旨在降低波動、提升流動性、擴大投資人需求，並讓投資人更早收到現金。

Calendar day accruals also make Stretch and our [prefs] better suited to the future of tokenized products and increasingly around-the-clock markets. Thank you to everyone who voted in favor of this change.

以曆日計提也讓 Stretch 與我們的[prefs]更適合代幣化產品的未來，以及日益 24 小時運作的市場。感謝所有投票支持這項變更的人。

And, finally, as announced earlier today, I will be stepping down as Chief Financial Officer, effective November 5, for personal reasons.

最後，如同今天稍早宣布的，我將因個人因素卸任財務長，自 11 月 5 日起生效。

It has been an honor to serve as Strategy CFO for the past 4.5 years and to be part of such an extraordinary period of growth and innovation.

在過去 4.5 年擔任 Strategy 財務長是一項榮幸，也很榮幸能參與這段非凡的成長與創新時期。

I am extremely grateful to Michael, Phong, and the Board for their trust and support.

我非常感謝 Michael、Phong 與董事會對我的信任與支持。

And to all of our employees, thank you for your hard work, perseverance, and dedication.

也感謝我們所有員工的辛勤工作、堅持不懈與投入奉獻。

To the entire finance team, a special thank you. It has been a privilege to work alongside each of you. And I am incredibly, incredibly proud of what we have accomplished together.

對整個財務團隊，我要特別致謝。能與各位並肩工作是我的榮幸。我也為我們一起完成的成果感到無比、無比自豪。

To our shareholders, analysts, and everyone who has joined us over these last 18 quarters, thank you for your time, your engagement, and your support. It has meant a great deal to me.

致我們的股東、分析師，以及在過去 18 個季度加入我們的每一位，感謝你們的時間、參與與支持。這對我意義重大。

And, for the last time as CFO, I will turn the call over to Phong.

而且，作為財務長的最後一次，我將把電話會議交給 Phong。

Thank you, Andrew. We will miss you. And I do appreciate your 4.5 years of service to Strategy.

謝謝你，Andrew。我們會想念你。我也非常感謝你為 Strategy 服務的 4.5 年。

You've seen the company through great times and, also, through a couple of bear markets with a steady hand. And I wish you well in the future.

你以穩健的方式帶領公司走過美好時光，也走過幾次熊市。祝你未來一切順利。

The plan, going forward, throughout the course of 2026 is for myself to step back into the CFO and Principal Financial Officer role. Starting in January 2027, we'll split the CFO role between our Software and our Bitcoin businesses, which are quite different.

展望未來，整個 2026 年的規劃是由我回到財務長與主要財務負責人（Principal Financial Officer）的角色。自 2027 年 1 月起，我們將把財務長職能在軟體業務與比特幣業務之間分拆，因為兩者差異很大。

Stepping into the Principal Financial Officer role, covering our Software business will be a long-time veteran of strategy, Reza Virasteh, who currently runs operations, reporting to me; and has previously been a part of the finance leadership team running FP&A. He knows our Software business inside out and will do a great job overseeing that.

接任主要財務負責人角色、負責我們軟體業務的，將是 Strategy 的資深老將 Reza Virasteh；他目前負責營運並向我匯報，過去也曾在財務領導團隊中負責 FP&A。他對我們的軟體業務瞭若指掌，將能出色地監督該業務。

The Principal Financial Officer of our Bitcoin business will be myself. And, also, I'll continue to be the CEO of the company.

我們比特幣業務的主要財務負責人將由我擔任。同時，我也將繼續擔任公司的執行長。

Looking forward to wearing those dual hats and looking forward to continue to lead with strong folks in our Bitcoin business that you're all familiar with: CJ, here, who runs Investor Relations and Product -- and, Shirish, who runs our Treasury, will report to me directly.

我很期待同時肩負這兩個角色，也期待在你們都熟悉的比特幣業務強將團隊帶領下持續前進：負責投資人關係與產品的 CJ（在此），以及負責我們財務庫務（Treasury）的 Shirish，都將直接向我匯報。

And I think, for all intents and purposes, the transition will be seamless to our shareholders, our investors, our analysts, and our employees. And I'm looking forward to a bright future for the company.

我認為，就各方面而言，這次交接對我們的股東、投資人、分析師與員工都將是無縫的。我也期待公司擁有光明的未來。

Speaking of bright futures, I will cover off on our digital-equity strategy and our digital-credit strategy with a recap of Q3 and 2026 year to date and why I believe we have a very bright next year ahead of us.

談到光明的未來，我將回顧我們的數位股權策略與數位信用策略，並總結第三季與 2026 年迄今的表現，以及我為何相信明年將非常光明。

Now, I'll hand it over to Michael who will cover our digital capital and Bitcoin, overall, outlook and, just, general strategy for the company.

接下來我會把時間交給 Michael，他將說明我們的數位資本與比特幣的整體展望，以及公司的整體策略。

So, first, let's talk about digital equity. We had what I would consider to be -- and what Andrew mentioned -- a very strong Q3.

首先，我們來談數位股權。我們在第三季的表現，我認為——也如 Andrew 所提到——非常強勁。

I'll start with MSTR, our common equity is amplified Bitcoin. We're built to outperform Bitcoin. And we did exactly that in the return to a bull market in Q3. Bitcoin increased 43% over the course of the quarter. MSTR increased 76%.

我先從 MSTR 談起：我們的普通股權是「槓桿化的比特幣」。我們的設計目標是跑贏比特幣。而在第三季重返牛市的過程中，我們確實做到了。比特幣在該季度上漲 43%。MSTR 上漲 76%。

In addition, we added 176,000. Bitcoins since the beginning of the year. So through a fair -market cycle, we were able to significantly increase our Bitcoin. And that's more than 3x the second largest Bitcoin treasury company in the world, added all in the course of three quarters.

此外，自年初以來我們新增了 176,000 枚比特幣。因此，穿越一個完整的市場循環，我們得以大幅增加比特幣持有量。而這個增量超過全球第二大比特幣庫存公司在三個季度內新增量的 3 倍以上。

And it has allowed us to be the number 7 ranked treasury in all of the S&P 500 peer set.

這也使我們在 S&P 500 同業比較組中，成為排名第 7 的庫務（treasury）。

As Andrew said, we raised $21 billion of capital year to date -- another 21 number, coincidentally -- and we have the fourth largest issuer of capital in the US, again, in the Bitcoin-bear market.

如 Andrew 所說，我們今年迄今已募集 210 億美元資本——巧合地又是一個 21——而且我們是美國第四大資本發行人，同樣是在比特幣熊市期間。

We reduced our net leverage [2.4] -- to 2.4%, down from 8.4% in Q2. And our downside is really, now, well protected, where Bitcoin could fall 78% to $18,000 before we are 1x covered for our liabilities by our Bitcoin-asset value.

我們將淨槓桿[2.4]——降至 2.4%，由第二季的 8.4% 下滑。而我們的下行風險如今確實受到良好保護：比特幣價格即使下跌 78% 至 18,000 美元，我們的比特幣資產價值仍可對負債達到 1 倍覆蓋。

And our objective still stands: We're going to double Bitcoin per share over the course of the next seven years. And we think we are on our way to that. So I feel very strong about MSTR and where we're able to go on a go-forward basis.

而我們的目標依然不變：未來七年內，我們要把每股比特幣數量翻倍。我們認為正朝此目標前進。因此，我對 MSTR 以及我們未來能達成的方向非常有信心。

As a reminder, digital equity -- that's MSTR -- is a combination of two things: one, amplified Bitcoin -- we're going to increase Bitcoin per share; and two, digital credit. And you've seen Strife, Stretch, Stream, Strike, Stride, and potential future innovation on top of that; for example, daily calendar-day dividends.

提醒一下，數位股權——也就是 MSTR——由兩部分組成：第一，槓桿化的比特幣——我們將提高每股比特幣；第二，數位信用。你們已看到 Strife、Stretch、Stream、Strike、Stride，以及其上的潛在未來創新；例如每日曆日股利。

Our cap structure is really a volatility transformer, right? What do we do? We take digital capital, Bitcoin, which has a vol of [36]. We reduce that vol in our digital-credit, Stretch, down to what is about 10% right now. We believe we can reduce that further down to potentially, even, 5%, with a 12% dividend rate.

我們的資本結構其實是一個波動度轉換器，對吧？我們做什麼？我們把數位資本——比特幣——其波動度為[36]。我們在數位信用（Stretch）中降低該波動度，降到目前約 10%。我們相信還能進一步降到甚至可能 5%，同時提供 12% 的股利率。

And all of that excess vol and the excess returns gets accreted to our digital equity, MSTR. That's basically the formula of the company and what we're able to do with Bitcoin, which is such a rare capital asset.

而所有多餘的波動與超額報酬，會累積（accrete）到我們的數位股權 MSTR。這基本上就是公司的公式，以及我們能用比特幣這種極為稀有的資本資產所做到的事。

We're among the most liquid stocks, relative to our size; and amongst the most liquid stocks in the S&P 500 universe.

相較於我們的規模，我們是流動性最高的股票之一；同時也是 S&P 500 範圍內流動性最高的股票之一。

You'll see, here, if we take a look at our options-open-interest as a percentage of market cap, we're number 2 in the S&P 500 universe and our daily traded volume as a percentage of market cap is also number 2 in the S&P 500 universe.

你會看到，在這裡，如果我們看一下我們的選擇權未平倉量（open interest）占市值的百分比，我們在標普500成分股中排名第2，而我們的每日成交量占市值的百分比在標普500成分股中也排名第2。

What does that mean? That means there's a lot of interest in what we are, which is an amplified Bitcoin company. And there still is a lot of interest in Bitcoin, despite all of the attention that is growing towards AI and other related stocks.

這代表什麼？這代表市場對我們這家公司有很高的興趣，而我們是一家「放大版比特幣」公司。而且儘管市場的注意力愈來愈多轉向AI及其他相關股票，對比特幣的興趣仍然很高。

If you take away the market cap and don't look at us as a percentage of market cap but just on total value, we're the number 17 options-open-interest company amongst the S&P 500 universe. And we're number 18 in terms of daily traded volume.

如果你把市值因素拿掉，不用市值百分比來看，而只看總量，我們在標普500成分股中是選擇權未平倉量排名第17的公司。而就每日成交量而言，我們排名第18。

And that's a pretty big deal for a company like ours, which has grown from about $1 million to over $1 billion to over $70 billion in market cap in the course of six years.

對我們這樣的公司來說，這是相當重要的一件事；因為在六年之內，我們的市值從大約100萬美元成長到超過10億美元，再到超過700億美元。

Last year, we were the number 1 equity issuer in the world. A year before, in 2024, we were the number 2 equity issuer in the world. And this year, year to date, we're number 4, raising $21 billion in the equity-capital markets.

去年，我們是全球第1大的股票發行人。再前一年，也就是2024年，我們是全球第2大的股票發行人。而今年截至目前，我們排名第4，已在股權資本市場募得210億美元。

Three AI companies are ahead of us: AI in space, SpaceX; AI in search, Alphabet; AI in semiconductors, Intel.

有三家AI公司排在我們前面：太空領域的AI，SpaceX；搜尋領域的AI，Alphabet；半導體領域的AI，Intel。

What does this tell you? It tells you that, in any Bitcoin market, we're able to access the equity-capital markets. And this also tells you that there is still significant interest in Bitcoin and digital assets. And we see a bright future for the category, overall.

這告訴你什麼？它告訴你，在任何比特幣市場環境下，我們都能進入股權資本市場。同時也告訴你，市場對比特幣與數位資產仍然有顯著的興趣。而我們也看好整個類別的光明前景。

If you take a comparison to the 2023-2024 bull market, in that market, we outperformed Bitcoin significantly. That's the last real bull market we saw.

如果拿2023-2024年的牛市來比較，在那一輪市場中，我們的表現顯著優於比特幣。那是我們看到的上一個真正的牛市。

During that two-year period, from 2023 through 2024, Bitcoin returned 454%; MSTR returned 3.6x that, 1,897%. So as we -- believe we're entering another Bitcoin bull market, we believe because we're amplified Bitcoin, we have the potential to similarly outperform Bitcoin during the next year to two years.

在那兩年期間，也就是從2023到2024年，比特幣報酬率為454%；MSTR的報酬率是其3.6倍，達到1,897%。因此，當我們——相信我們正進入另一輪比特幣牛市時，我們也相信，因為我們是放大版比特幣，我們有潛力在接下來一到兩年同樣跑贏比特幣。

What's the difference between the previous bull market in 2023 and 2024? And what we expect to see in 2026, 2027, and beyond is, we are a very different shaped company.

2023與2024年上一輪牛市有什麼不同？以及我們預期在2026、2027及更往後會看到的是：我們已經是一家形態非常不同的公司。

The last bull market, we had 132,500 Bitcoins; at which, 37% were encumbered by Bitcoin-backed loans. Now, we have 848,500 Bitcoins, nearly 7 times what we had before and 0% of that Bitcoin is encumbered by any of our debt or our preferreds.

上一輪牛市時，我們持有132,500枚比特幣；其中有37%被比特幣擔保貸款所設定負擔（encumbered）。現在，我們持有848,500枚比特幣，幾乎是之前的7倍，而且其中0%被我們的任何債務或優先股所設定負擔。

We added 18,000 Bitcoins in the last bull market. We have since added about 200,000 Bitcoins in this market. The Bitcoin Floor in the previous market was 18,000; this time around, at 17,000.

在上一輪牛市中，我們新增了18,000枚比特幣。而在這一輪市場中，我們已新增約200,000枚比特幣。上一輪市場的比特幣底部（Bitcoin Floor）是18,000；這一次是17,000。

Our BTC rating was 0.9x, which actually meant we had less than 1x coverage on our liabilities. This time, we have 4.6x coverage on our liabilities.

我們的BTC評等是0.9倍，這其實表示我們對負債的覆蓋率不到1倍。這一次，我們對負債的覆蓋率是4.6倍。

Our net leverage bottomed out at 110% in the past market. This time around, 2.4%. And the USD duration that we had was zero. We didn't have any US dollars on our balance sheet. And this time around, it's 3.4 years.

我們的淨槓桿在上一輪市場最低降到110%。這一次是2.4%。而我們當時的美元存續期（USD duration）是零。我們的資產負債表上沒有任何美元資產。而這一次是3.4年。

So compared to the previous bear market to this bear market, we have strengthened the company significantly over the course of the last year.

因此，與上一輪熊市相比，在過去一年裡，我們已大幅強化了公司體質。

And what it means, as we exit the bear market into a bull market, we have a stronger balance sheet. And we think that creates even more opportunity for amplification and more opportunity for growth for our common equity over the course of the next-couple-of-year bull run that we expect to see.

這代表當我們從熊市走向牛市時，我們擁有更強健的資產負債表。而我們認為，這會在我們預期接下來幾年將出現的牛市行情中，為普通股帶來更多放大效應的機會與更多成長機會。

And, our Bitcoin reserve, as I mentioned, was $132,000. Now, it was $848,000. $2.2 billion versus nearly $70 billion. $0 in US assets versus $5.1 billion now. No digital credit versus $13.3 billion now. And a net leverage of 108% versus 24%.

而且，如我先前提到，我們的比特幣儲備曾是132,000。現在是848,000。22億美元對比接近700億美元。美國資產從0到現在的51億美元。數位信用從沒有到現在的133億美元。淨槓桿從108%到24%。

So what have we been doing for the last year? We've been building a fortress balance sheet so that, as we enter a full cycle, we think we can outperform the last full cycle that we went through.

那麼過去一年我們在做什麼？我們一直在打造「堡壘式」資產負債表，讓我們在進入完整循環時，有機會跑贏我們上一個經歷過的完整循環。

Since the Bitcoin all-time high, Bitcoin's fallen 35%, while our holdings of Bitcoin rose 33%. So, as Bitcoin price went down from $124,000 to $81,200, we've taken that opportunity to buy Bitcoin at a less expensive price and grow our Bitcoin holdings 33% to 849,000.

自比特幣創下歷史新高以來，比特幣下跌了35%，而我們持有的比特幣卻增加了33%。因此，當比特幣價格從124,000美元跌到81,200美元時，我們把握機會以更便宜的價格買入比特幣，並將我們的比特幣持有量增加33%至849,000枚。

So why do we think that there's an opportunity for MSTR to grow? Not just because we believe that Bitcoin price is going to grow but we think MSTR is the combination of two things, right?

那麼為什麼我們認為MSTR有成長機會？不只是因為我們相信比特幣價格會上漲，而是因為我們認為MSTR是兩件事的結合，對吧？

One is the net Bitcoin that we have on our balance sheet. And two is the BTC dollar gain, multiplied by whatever multiple you might attribute to that, which is really the functioning of our digital-credit business.

第一，是我們資產負債表上的淨比特幣部位。第二，是BTC的美元增益（BTC dollar gain），再乘上你可能賦予它的某個倍數；而這其實就是我們數位信用業務的運作方式。

So we can grow Bitcoin per share and we can grow MSTR through two levers, essentially. One is through increase of Bitcoin price, amplified to our common equity; and increase of our digital-credit business, which increases the Bitcoin gain, which can be ascribed to a multiple.

因此，我們可以提升每股比特幣（Bitcoin per share），也可以透過兩個槓桿來推動MSTR成長。第一是比特幣價格上升，並放大到我們的普通股；第二是擴大我們的數位信用業務，進而提高比特幣增益，而這些增益可以被賦予一個估值倍數。

And we think both of those components will start to take effect over the course of the next couple of years.

而我們認為，這兩個組成部分都會在未來幾年逐步開始發揮作用。

What else happens during a bull market? Well, what else happens during a bull market is we see mNAV start to expand, right? The 2021 bull market saw mNAV -- median daily mNAV -- at [2.28]; 2023, [2.57]; 2024, [2.60]. We currently sit at [1.15] but we see the potential for that to also grow over the course of the bull cycle.

牛市期間還會發生什麼？牛市期間，我們會看到mNAV開始擴張，對吧？2021年牛市的mNAV——每日中位數mNAV——為[2.28]；2023年為[2.57]；2024年為[2.60]。我們目前在[1.15]，但我們看到在整個牛市循環中它也有成長的潛力。

And as I mentioned before, ultimately, what is the goal? The goal is to double Bitcoin per share in seven years through the use of digital credit. How does that work? And it's important to emphasize the interplay between digital credit and digital equity.

如我先前提到，最終目標是什麼？目標是透過運用數位信用，在七年內將每股比特幣翻倍。這如何運作？而且必須強調數位信用與數位股權（digital equity）之間的相互作用。

If we can sell digital credit by selling Stretch at $100 into the market, right, that generates amplification to the company, right? It means that we are able to buy Bitcoin, and pay 12% on that digital credit, and accrete all the benefits of a greater-than 12% gain, which generates amplification.

如果我們能透過以100美元把Stretch賣到市場上來出售數位信用，對吧，那就會為公司帶來放大效應，對吧？這表示我們能夠買入比特幣，並為該數位信用支付12%的成本，同時取得超過12%漲幅所帶來的所有收益，從而產生放大效應。

The amplification increases Bitcoin per share. And the increase in Bitcoin per share allows the common equity to outperform Bitcoin over time.

這種放大效應會提高每股比特幣。而每股比特幣的提升，會讓普通股隨時間推移跑贏比特幣。

What are the levers? Levers are a lower cost of credit, which we look at very closely. The levers are higher digital-credit sales, which we think we'll be able to turn on, again, soon. And third lever is a higher mNAV.

有哪些槓桿？槓桿之一是更低的融資成本，我們對此會非常密切地關注。槓桿之二是更高的數位信用銷售額，我們認為很快就能再次啟動。第三個槓桿是更高的mNAV。

So let's talk about digital credit. I talked about MSTR, digital equity. Now let's talk about digital credit and our five instruments that we have.

那麼我們來談談數位信用。我談過 MSTR，也就是數位股權。現在我們來談數位信用，以及我們擁有的五種工具。

The first, the ecosystem is scaling really fast. We're really still only 22 months into digital credit. We have six issuers, right, not just ourselves, in a $16 billion market.

第一，這個生態系正在非常快速地擴張。我們在數位信用領域其實才進入第 22 個月。我們有六個發行人，對，不只是我們自己，處於一個 160 億美元的市場。

Stretch is returning to health. It's trading between $99 and $100 per our commitment. And today's Stretch closed at $99.99.

Stretch 正在恢復健康。依照我們的承諾，它的交易價格介於 99 美元到 100 美元之間。而今天 Stretch 收在 99.99 美元。

We strengthened our US-dollar coverage. We've heard from our shareholders of our digital credit, that's important. Grew the digital US-dollar assets from $2.5 billion to double -- to $5 billion.

我們強化了我們的美元覆蓋。我們已從數位信用的股東那裡聽到，這很重要。數位美元資產從 25 億美元成長到翻倍——到 50 億美元。

And we're supporting our digital-credit securities' Stretch. We repurchased $2 billion to Stretch. And we have $957 million capacity remaining.

而且我們正在支持我們的數位信用證券 Stretch。我們回購了 20 億美元的 Stretch。我們仍有 9.57 億美元的剩餘額度。

And, of course, yesterday, daily dividends were approved for Stretch, which takes effect November 1; and Strife, Strike, and Stride, which take effect January 1. And we're excited about that innovation.

當然，昨天已核准 Stretch 的每日股利，於 11 月 1 日生效；以及 Strife、Strike 與 Stride 的每日股利，於 1 月 1 日生效。我們對這項創新感到非常振奮。

And we're continuing to improve our credit profile, which I'll talk through in a little bit.

我們也在持續改善我們的信用概況，我稍後會再詳細說明。

So how do you think about digital credit? One thing to think about is, digital credit is really a combination, an alloy, of Bitcoin and US dollars.

那麼你要如何看待數位信用？有一點可以這樣想：數位信用其實是比特幣與美元的組合，一種合金。

So much like when you take iron and you combine it with chromium, we create an alloy (inaudible) -- stainless steel, which is stronger, which is lighter, which is better than the combination of the two, Bitcoin, with 46 years of coverage; and dollars, with 3.4 years of coverage creates a [60%], 40% alloy called digital credit.

就像你把鐵與鉻結合，我們會創造出一種合金（聽不清）——不鏽鋼，它更強、更輕、也更好；同樣地，把具有 46 年覆蓋期的比特幣，與具有 3.4 年覆蓋期的美元結合，會形成一種 [60%]、40% 的合金，稱為數位信用。

That's what digital credit is. It's ultimately a better version, for certain shareholders, of Bitcoin and of US dollars. And it's sum is stronger than the price.

這就是數位信用。對某些股東而言，它最終是比特幣與美元的更佳版本。而且它的總和強於其價格。

This market, as I mentioned, scaled at $16 billion in 20 months. And it's still fairly nascent and early. It is a brand-new product, never seen before in the history of capital markets. And we're pretty excited to see others come into the market.

如我所提到，這個市場在 20 個月內擴張到 160 億美元。而且它仍相當新穎、處於早期階段。這是一個全新的產品，在資本市場史上前所未見。我們也很興奮看到其他人進入這個市場。

I've mentioned our five IPOs that we did last year. And Strive has since IPO'd SATA and, recently, SATS -- two additional great products.

我提過我們去年做的五次 IPO。而 Strive 之後也讓 SATA 上市，並且最近讓 SATS 上市——另外兩個很棒的產品。

Metaplanet has announced that they plan to issue digital credit. [BMNP], which is an Ethereum-based digital-credit instrument, was launched earlier this year. CHAD, which is a Solana-based digital-credit instrument, was also launched earlier this year. [MORE] was launched.

Metaplanet 已宣布他們計畫發行數位信用。[BMNP]，一種以以太坊為基礎的數位信用工具，已在今年稍早推出。CHAD，一種以 Solana 為基礎的數位信用工具，也在今年稍早推出。[MORE] 也已推出。

And we'll see other products start to launch and Layer 2 products start to build on top of this. It is early but it is very promising to see the digital-credit ecosystem start to build that.

而我們也會看到其他產品開始推出，以及第 2 層（Layer 2）產品開始在其上建構。現在仍屬早期，但看到數位信用生態系開始建立起來，這非常令人振奮、也很有前景。

And why is digital credit attractive? Well, if you look at the market today, there's been a lot of talk about AI private credit. The yields aren't bad at 10%. But they are opaque instruments. And they're not nearly comparable in terms of the yields that you can get on a tax-equivalent basis with other forms of digital credit, like the ones we've issued.

那麼為什麼數位信用具有吸引力？如果你看今天的市場，大家談了很多 AI 私募信貸。10% 的殖利率不算差。但它們是透明度不足的工具。而且就你能以稅後等效（tax-equivalent）基礎在其他形式的數位信用（例如我們發行的這些）上取得的殖利率而言，它們遠遠無法相比。

And, of course, worse than private credit are junk bonds, bank preferreds, investment grade, mortgage-backed, et cetera -- other instruments in terms of lower yields and different risk-return profiles.

當然，比私募信貸更差的還有垃圾債、銀行優先股、投資等級債、房貸抵押證券等等——就較低殖利率與不同的風險報酬特性而言，其他工具也是如此。

As tax rates start to go up, both at the municipal level and the state level, you'll start to see that digital credit becomes even more attractive because it is a return-of-capital instrument.

隨著稅率開始上升，無論是在市政層級或州層級，你會開始看到數位信用變得更具吸引力，因為它是一種資本返還（return-of-capital）工具。

What does that mean? The return of capital means that the taxes on the dividends are tax-deferred. So rather than paying taxes, it lowers the cost basis, as long as you don't sell the underlying instrument. And so you can have a tax-deferred status for as long as 10 years.

那是什麼意思？資本返還表示股利的稅負可以遞延。因此你不是立即繳稅，而是在你不出售底層工具的前提下，透過降低成本基礎（cost basis）來處理。所以你可以維持長達 10 年的遞延課稅狀態。

That compares to qualified dividends, which might pay a 20% to 35% tax. So $100 of dividends to Stretch and digital credit stays at $100. $100 of dividends on a qualified dividend instrument, it becomes $65 to $80. And $100 -- $100 of interest and earnings on a taxable-interest instrument like a money market becomes half of that, when taxes are taken out.

這可對比合格股利（qualified dividends），其稅率可能是 20% 到 35%。因此，給 Stretch 與數位信用的 100 美元股利仍是 100 美元。合格股利工具的 100 美元股利，會變成 65 到 80 美元。而像貨幣市場這類應稅利息工具的 100 美元——100 美元的利息與收益，在扣完稅後會只剩一半。

So this is one of the reasons that we think digital credit is a superior instrument.

所以這是我們認為數位信用是一種更優越工具的原因之一。

We spent a lot of time thinking about, after the downturn of Q2, to Stretch -- some of our digital-credit instruments and how to improve our digital credit. And we put a capital framework in place. And we spoke about that at length on our previous earnings call.

在第二季下行之後，我們花了很多時間思考 Stretch——以及我們的一些數位信用工具——以及如何改善我們的數位信用。我們建立了一套資本框架。我們也在上一次財報電話會議中對此做了長篇討論。

We built up a US-dollar reserve that is a minimum of one year of dividends and interest and, now, is three years of dividends and interest.

我們建立了一個美元準備金，最低標準是一年的股利與利息，而現在已達到三年的股利與利息。

We said that we would monetize Bitcoin for the purposes of funding the US-dollar reserve, servicing our debt and interest obligations and repurchasing securities. We sold a little bit of Bitcoin as a result of that but a fraction of the Bitcoin we had hold.

我們表示，為了資助美元準備金、履行我們的債務與利息義務，以及回購證券，我們會將比特幣變現。因此我們賣出了一小部分比特幣，但只占我們持有比特幣的一小部分。

We began a digital-credit repurchase program. And we spent about $2 billion buying back Stretch. And we have a $957 million remaining authorized. We put in an MSTR repurchase program of $1 billion; of which, we have used none of it so far.

我們啟動了一項數位信用回購計畫。我們花了大約 20 億美元回購 Stretch。我們仍有 9.57 億美元的剩餘核准額度。我們也設立了一項 10 億美元的 MSTR 回購計畫；截至目前我們尚未動用其中任何額度。

And we said we're going to keep the Stretch dividend right around 12%. We're not really going to increase it because we don't think that it will drive more demand for the product in a material way. And we don't think it's best for our common shareholders to increase the dividend obligations associated with Stretch.

我們也表示會把 Stretch 的股利維持在大約 12%。我們不會真的去提高它，因為我們不認為這會在實質上帶動更多產品需求。而且我們也不認為，增加與 Stretch 相關的股利義務，對我們的普通股股東是最好的做法。

The sixth pillar that we added over the course of the last quarter is we added (inaudible) -- [USD] cash. And we added [242] -- which is currently at about $242 million.

我們在上一季期間新增的第六個支柱是，我們新增了（聽不清）——[USD] 現金。我們新增了 [242]——目前約為 2.42 億美元。

So what's the point of the USD cash? I'll start with the point of the USD reserve. It is designed to support the preferred dividends and debt interest. In fact, it is reserved and set aside explicitly for the purpose of paying dividends and interest.

那麼美元現金的重點是什麼？我先從美元準備金的重點說起。它的設計是用來支持優先股股利與債務利息。事實上，它被保留並明確撥出，專門用於支付股利與利息。

The US-dollar cash balance gives us a lot more flexibility, right? It gives us flexible liquidity so we can buy Bitcoin; we can buy back instruments like Stretch -- which we've been using it for -- and other general-treasury purposes.

美元現金餘額讓我們有更大的彈性，對吧？它提供了彈性的流動性，因此我們可以買入比特幣；我們可以回購像 Stretch 這樣的工具——我們一直在用它做這件事——以及其他一般的財務庫存用途。

So it is truly thought of like a cash balance that we can use for general-corporate purposes to improve our Bitcoin business and, ultimately, to improve our digital credit, which ultimately improves our digital equity, MSTR.

所以它確實被視為一個可用於一般公司用途的現金餘額，用來改善我們的比特幣業務，並最終改善我們的數位信用，而這也最終會改善我們的數位股權，也就是 MSTR。

USD duration -- this is the amount of USD that we have to cover our interest and dividend obligations -- rose nearly 7x from our May lows, all right? We had about 0.5 year of USD duration, previously. Now, we have 3.5 years of USD duration. And we think that is quite important.

美元存續期——也就是我們必須用來覆蓋利息與股利義務的美元金額——自5月低點以來幾乎上升了7倍，對吧？先前我們大約只有0.5年的美元存續期。現在，我們有3.5年的美元存續期。而我們認為這相當重要。

USD strength is a new metric that we put in place. And USD strength is the USD duration as a percentage of the blended Macaulay duration of our perpetual preferred instruments and our convertible instruments.

美元強度是我們新建立的一項指標。而美元強度是：美元存續期占我們永續優先工具與可轉換工具之加權（混合）麥考利存續期的百分比。

And what you see there is the USD strength gives, basically, an estimate of how much USD we have to pay dividends over the Macaulay duration of our instruments. And that has increased from 6% to 40%.

你在那裡看到的是，美元強度基本上提供了一個估計：在我們工具的麥考利存續期期間內，我們需要支付多少美元股利。而這已從6%提高到40%。

So we think these are both very strong metrics. And it shows the strength of our credit and the investment attractiveness of our credit.

所以我們認為這兩項都是非常強的指標。而且它顯示了我們信用的強度，以及我們信用的投資吸引力。

What else have we done? We have paid dividends -- [40] dividends -- over the last two years. We intend to continue to pay all of our dividends across all of our instruments. We think it is important to do so to drive confidence in the digital-credit instruments, which ultimately drives confidence in digital equity and MSTR.

我們還做了什麼？在過去兩年裡，我們已支付股利——[40]次股利——。我們打算持續在我們所有工具上支付所有股利。我們認為這樣做很重要，能夠提升對數位信用工具的信心，而這最終會帶動對數位股權以及MSTR的信心。

We introduced some of these metrics last quarter. I want to re-emphasize these metrics because they are quite important ones. And they are good ones to think about, how does digital credit and digital equity interplay? And how does Bitcoin ARR impact it?

我們在上一季引入了其中一些指標。我想再次強調這些指標，因為它們相當重要。而且它們是思考數位信用與數位股權如何相互作用的好方法。以及比特幣ARR如何影響它？

I will first start with the Hurdle ARR, 10.6%. You might say, why is it not 12%, the same as the Stretch dividend rate? Well, the Hurdle ARR blends all of our instruments together. And, as long as we see Bitcoin go up more than 10.6%, what that means that -- all of the accretion above the 10.6% goes to our equity, eight?

我先從門檻ARR（Hurdle ARR）10.6%開始。你可能會說，為什麼不是12%，也就是Stretch股利率一樣？嗯，門檻ARR把我們所有工具加總混合在一起。而只要我們看到比特幣上漲超過10.6%，這代表——超過10.6%的所有增值都會歸於我們的股權，對吧？

And so that is what we saw happen in Q3, where Bitcoin went up significantly and the equity saw the accretion above and beyond the Hurdle ARR. And that is one of the reasons we are able to produce amplified Bitcoin through our common equity.

因此，這就是我們在第三季看到的情況：比特幣大幅上漲，而股權獲得了超出門檻ARR之上的增值。這也是我們能透過普通股權產生放大版比特幣曝險的原因之一。

But, now, the second ARR is the Breakeven ARR. This says that, as long as we see 2.2% increase in Bitcoin price on an annual basis, we will be able to satisfy our dividend and interest obligations, if we were to want to, just by selling the Bitcoin that we accrete -- the Bitcoin value we accrete, the 2.2%.

不過，現在第二個ARR是損益兩平ARR（Breakeven ARR）。它表示，只要我們看到比特幣價格按年增加2.2%，我們就能夠滿足我們的股利與利息義務——如果我們想要的話——僅透過出售我們所累積增加的比特幣，也就是我們累積增加的比特幣價值，那2.2%。

And that means, into eternity, we will be able to continue to pay dividends and interest, which means that the digital credit works but it may mean that the equity could underperform Bitcoin because we are not over our Hurdle ARR.

而這意味著，直到永遠，我們都能持續支付股利與利息；也就是說數位信用是可行的，但也可能意味著股權表現會落後於比特幣，因為我們沒有超過門檻ARR。

The last ARR is our Floor ARR, 17.4%. If we see Bitcoin going down at 17.4% a year, what that will mean is the ability to cover our credit and our debt goes down to 1x.And so, at that point, the credit will get stressed below 17.4% ARR. And it means we may want to consider other different structures for the business.

最後一個ARR是我們的底線ARR（Floor ARR），為17.4%。如果我們看到比特幣每年下跌17.4%，那將意味著我們覆蓋信用與債務的能力降至1倍。因此，在那個點上，若低於負17.4%的ARR，信用就會承壓。這也表示我們可能需要考慮其他不同的業務結構。

So how do we think about these 2.2% Breakeven ARR, 10.6% Hurdle ARR, negative 17.4% Bitcoin Floor ARR? If we look historically and we look at every four-year window back to 2015, Bitcoin has experienced a rolling four-year ARR, on average, of 42.7%, which is pretty incredible -- the returns of Bitcoin over the last 10 years.

那麼我們如何看待這2.2%的損益兩平ARR、10.6%的門檻ARR、以及負17.4%的比特幣底線ARR？如果我們回顧歷史，觀察自2015年以來每一個四年視窗，比特幣的四年滾動ARR平均為42.7%，這相當驚人——也就是過去10年比特幣的報酬。

But, more importantly, Bitcoin has beaten the 2.2% Breakeven ARR in every single four-year window during that period. So that Breakeven ARR, our ability to pay our interest and dividends through Bitcoin increases, historically has occurred every single day in that four-year window.

但更重要的是，在那段期間的每一個四年視窗中，比特幣都超過了2.2%的損益兩平ARR。因此，從歷史上看，這個損益兩平ARR——也就是我們透過比特幣增值來支付利息與股利的能力——在那個四年視窗中的每一天都曾發生。

And we put another metric in here, which is the expansion of the US monetary supply -- M2 supply -- which has been 1.9% on a four-year annualized growth basis. It is interesting to see how Bitcoin four-year ARR has moved roughly with that M2 monetary supply, as you might expect.

我們在這裡還加入了另一個指標，也就是美國貨幣供給——M2供給——的擴張；以四年年化成長來看為1.9%。有趣的是，你會看到比特幣四年ARR大致隨著M2貨幣供給變動，這也符合你的預期。

We have two pages on our website that I thought would be useful to go through. If you ever go to strategy.com and go to the credit page, you can see these two analyses.

我們網站上有兩個頁面，我認為很值得帶大家看一下。如果你到strategy.com並進入credit頁面，你可以看到這兩個分析。

And these are pretty important analyses because what I would state is, early on, in the development of digital credit, people have a hard time understanding what is the risk; what are the credit spreads; and how do these ARRs come into play?

而這些是相當重要的分析，因為我想說的是，在數位信用發展的早期，人們很難理解風險是什麼；信用利差是什麼；以及這些ARR如何發揮作用？

And so let me explain the first page on our Credit tab at our website, which really goes through the credit analysis of our different instruments, our convertible bonds, and our preferred stock.

所以讓我解釋一下我們網站Credit分頁上的第一個頁面，它實際上會帶你走過我們不同工具的信用分析，包括我們的可轉換債券與優先股。

So, to analyze the credit, there are a couple assumptions that we make -- and you can change these assumptions on the page:

因此，為了分析信用，我們做了幾個假設——而且你可以在頁面上調整這些假設：

First, we assume the current Bitcoin price, right around $81,200, as of the end of last Friday; the US-dollar assets we have; and then, you enter two additional things, which is the Bitcoin volatility and the Bitcoin ARR.

第一，我們假設目前的比特幣價格，大約是81,200美元（截至上週五收盤）；我們持有的美元資產；然後你再輸入另外兩個項目，也就是比特幣波動率與比特幣ARR。

Here, we decided to be conservative and put 10% in. Recently, JP Morgan released a study that ascribed a 10% Bitcoin ARR so we thought that would be a reasonable input point. And 40% Bitcoin volatility is what we have seen historically over the course of the last four years.

在這裡，我們決定保守一點，填入10%。近期摩根大通發布了一份研究，給出10%的比特幣ARR，因此我們認為這是合理的輸入點。而40%的比特幣波動率，是我們在過去四年期間歷史上所看到的水準。

When we enter those things in and we run the analysis, what are we looking for? First thing is, we look at what is the BTC rating, right? What is the coverage that we have over the existing notional value of our preferred stock and our debt?

當我們輸入這些並執行分析時，我們在看什麼？第一件事是，我們看BTC評級，對吧？我們對於優先股與債務現有名目價值的覆蓋倍數是多少？

And, if you go down to the most junior instrument, Stride, it means we have 4.6x coverage of Bitcoin over our preferreds and our debt, right?

而如果你往下看到最次順位的工具Stride，這表示我們以比特幣對優先股與債務的覆蓋倍數是4.6倍，對吧？

So what is the risk that BTC rating goes to [1]? What is the risk that we will only have Bitcoin, right, to cover 1x all of these instruments? And the risk that occurs at the end of the Macaulay duration for our most junior instrument is 6%.

那麼BTC評級降到[1]的風險是什麼？也就是我們只剩下比特幣、用以1倍覆蓋所有這些工具的風險是什麼？而在我們最次順位工具的麥考利存續期結束時，發生該風險的機率是6%。

If you want to play around the model and put a 20% Bitcoin ARR in there, you will see it is quite sensitive to that. And that actually takes the risk -- the BTC risk -- of an instrument like Stride down to roughly 1.5%, right?

如果你想在模型裡試算，把比特幣ARR改成20%，你會看到它對此相當敏感。而那實際上會把像Stride這種工具的風險——BTC風險——降到大約1.5%，對吧？

With that risk, we can impute then a credit spread for each of these instruments. And you will see the most junior instrument, Stride, has a credit spread of [86]. Stretch has 54 basis points. And, all of these cases, they are investment-grade instruments, with that level of BTC credit, right?

有了這個風險，我們就可以推算出各個工具的信用利差。你會看到最次順位的工具Stride，其信用利差是[86]。Stretch是54個基點。而在所有這些情況下，以這樣的BTC信用水準來看，它們都是投資等級工具，對吧？

And the last thing we provide here is the BTC Floor, right? This one makes, probably, more common sense. We are at $17,662. That basically means that our Bitcoin stack will be valued at equal to our cumulative notional of all of our debt, minus our USD assets and our prefs.

最後我們在這裡提供的是BTC底線，對吧？這個可能更符合一般直覺。我們的數值是17,662美元。這基本上表示：我們的比特幣持倉價值將等於我們所有債務的累計名目金額，扣除我們的美元資產與我們的優先股。

But the big picture here is, if you look at these instruments on a Bitcoin risk and credit basis, they are very low risk instruments.

但從整體來看，如果你以比特幣風險與信用的角度來看這些工具，它們是風險非常低的工具。

Then, we have another page that says, well, how do you equate this to a price, right? And what is, potentially, a reasonable modeled price or a derived price for these instruments?

接著，我們還有另一頁在說，那麼你要如何把這件事對應到價格，對吧？以及對這些工具而言，可能合理的模型價格或推導價格是什麼？

And you will very quickly understand that, if you take a look at the effective yield of these instruments, right, and you look at something like Stretch, which has a 12% effective yield; Stride, which has a 14.35% effective yield, you take out the risk-free yield, you will see a market spread for these instruments that is much greater than the BTC-credit spread that we were able to impute, right?

你會很快理解到，如果你看看這些工具的有效殖利率，對吧，並且看像 Stretch 這種有效殖利率 12% 的；Stride 這種有效殖利率 14.35% 的，把無風險殖利率扣掉之後，你會看到這些工具的市場利差遠大於我們能夠推算出的 BTC 信用利差，對吧？

And, if you were to take that differential, you might be able to derive a much higher price for these instruments.

而且，如果你把那個差額拿來看，你或許能推導出這些工具高得多的價格。

What is the reason for showing this model? The reason for showing this model is, one, Bitcoin risk is not well understood and not well modeled today. So we thought it would be good to provide a transparent way to look at this.

為什麼要展示這個模型？展示這個模型的原因之一是：目前市場對比特幣風險的理解不夠充分，也沒有被很好地建模。所以我們認為提供一個透明的方式來看待這件事會很好。

And, two, probably more importantly, is we are early in the world of digital credit -- early in digital credit. We are a couple years into the products. It will probably take another year or two years for the market to understand. But we think there is a lot of opportunity in digital credit.

第二點，可能更重要的是：我們正處於數位信用的早期階段——數位信用的早期。這些產品推出才幾年。市場可能還需要再一到兩年才能理解。但我們認為數位信用有很大的機會。

And, if you just take a step back, right, Stretch is a 12%, now, daily-dividend instrument, which is 4x to 5x, collateral-covered. And we think it is a great option for folks out there.

而且，如果你稍微退一步看，對吧，Stretch 是一個 12% 的、現在採每日配息的工具，且有 4 倍到 5 倍的抵押品覆蓋。我們認為這對外界的投資人來說是一個很好的選擇。

It has shown the ability to go through a Bitcoin-bear cycle. And we are fairly bullish on this market, going forward. So let me deep-dive into Stretch and talk a little bit more about that. Highlights of Stretch, as of October 2026:

它已經展現出能夠度過比特幣熊市週期的能力。而且我們對這個市場未來相當看多。所以讓我深入解析 Stretch，再多談一些。截至 2026 年 10 月，Stretch 的重點如下：

I mentioned a 12.1% effective yield, $160 million of trading liquidity. It is still the most traded preferred in the entire global capital markets by a lot.

我提到 12.1% 的有效殖利率、1.6 億美元的交易流動性。它仍然是全球資本市場中交易最活躍的優先證券，而且領先幅度很大。

The volatility has started to come down to 10%. I believe we can get it below 10%, potentially approaching and below 5%.

波動率已開始下降到 10%。我相信我們可以把它降到 10% 以下，甚至可能接近並低於 5%。

And I mentioned the US-dollar strength. Even after buying back $2 billion of Stretch, it is still $8.4 billion of notional -- very large, liquid, perpetual preferred instrument.

我也提到了美元資產的強度。即使回購了 20 億美元的 Stretch，它仍有 84 億美元的名目金額——非常大、流動性高、永久型的優先證券工具。

And the $8.4 billion of notional is backed by $5.1 billion of US-dollar assets, $69 billion Bitcoin reserve, 46 years of dividend and interest payments between our US-dollar assets and our Bitcoin reserve.

這 84 億美元的名目金額由 51 億美元的美元資產、690 億美元的比特幣儲備所支撐；在我們的美元資產與比特幣儲備之間，合計可支撐 46 年的股利與利息支付。

Look, we recognize that Stretch had a pretty significant dislocation at the end of June. The price went down to about $75. What I would say is the company is committed to taking actions. And we took actions to get it back within its target range.

我們知道 Stretch 在 6 月底出現了相當顯著的錯位，價格跌到大約 75 美元。我要說的是，公司承諾採取行動。而我們也採取了行動，讓它回到目標區間內。

Not only did we get it back within its target range, we got it back to nearly par, $99.99. And we are committed to continuing to drive the instrument to trade at a range that we think is equivalent to what we think the product is valued at.

我們不僅讓它回到目標區間內，還讓它幾乎回到面值，99.99 美元。

What do we do? We introduce a new capital framework. We raise the dividend rate to 12%. We went to semi-monthly dividend payments now to daily dividend payments. And we increased the US-dollar assets. And we started buying some Stretch back.

我們做了什麼？我們導入新的資本框架。我們把股利率提高到 12%。我們把股利支付頻率從半月配息改為每日配息。我們增加了美元資產。並且開始回購部分 Stretch。

Interestingly, we started to understand a little bit more the investor base behind Stretch. In the past, we have talked about 80% retail, 20% institutional ownership, as of 3/17/'26. But what we realized that part of this retail looks a lot more like an institutional long-time holder than a retail -- potentially, fast-money investor.

有趣的是，我們開始更深入理解 Stretch 背後的投資人結構。過去我們談到截至 26 年 3 月 17 日，持有人約為 80% 零售、20% 機構。但我們發現，其中一部分所謂的零售，看起來更像是機構型的長期持有人，而不是零售——可能偏快錢的投資人。

High net-worth individuals -- meaning, folks with over $1 million in Stretch -- represent 24% of the total Stretch investment base. And what we have seen happen over the course of the last six months, institutional increase from 21% to 23% -- nearly doubled their holdings.

高淨值個人——也就是在 Stretch 上投入超過 100 萬美元的人——占整體 Stretch 投資人基礎的 24%。而我們在過去六個月看到的情況是，機構占比從 21% 增加到 23%——其持倉幾乎翻倍。

But probably more interesting is the high net-worth individuals increase from 24% to 29% and more than doubling their holdings.

但可能更有意思的是，高淨值個人占比從 24% 增加到 29%，而且其持倉增加超過一倍。

It is important for us to look at that. And it is important for us to understand that market because we think that is where potential growth is and very solid growth is.

對我們而言，觀察這點很重要。理解那個市場也很重要，因為我們認為那裡是潛在成長所在，而且會是非常扎實的成長。

Speaking of institutional holders, we are now the largest holding and the largest preferred ETF in the world by BlackRock, where we represent 3.49% of PFF.

談到機構持有人，我們現在是貝萊德（BlackRock）旗下全球最大優先股 ETF 中的最大持倉，於 PFF 中占比 3.49%。

If we look at VanEck's, the sixth largest preferred index in the world or ETF in the world. We are also the largest there at 7.58% of the weight of the total index.

如果我們看 VanEck 的產品——全球第六大的優先股指數或 ETF。我們在那裡也同樣是最大持倉，占整體指數權重的 7.58%。

Mike will talk more about this. People are building on top of Stretch. So the ecosystem are not just owners of Stretch, it is not just ETFs, but it is an entire ecosystem of companies in the DeFi space, stablecoins; in the tokenization space, funds and ETPs, cash and yield accounts, and corporate treasuries who are building on top of Stretch.

Mike 會再多談一些。人們正在 Stretch 之上建構。所以這個生態系不只是 Stretch 的持有人，不只是 ETF，而是 DeFi 領域、穩定幣領域；代幣化領域的基金與 ETP；現金與收益帳戶；以及企業財務部門等一整個生態系，正在 Stretch 之上建構。

And this is our market, right? The market, obviously, includes retail. But high net-worth individuals, institutions like this are going to build products on top of Stretch and will cause it to grow from $8.5 billion to tens of billions, if not hundreds of billions, over time.

而這就是我們的市場，對吧？這個市場當然包含零售。但像這樣的高淨值個人與機構，將會在 Stretch 之上打造產品，並隨時間推進，讓它從 85 億美元成長到數百億美元，甚至上千億美元。

That is our objective. By growing Stretch, we will be able to grow MSTR. And the virtuous cycle continues.

那就是我們的目標。透過成長 Stretch，我們將能夠成長 MSTR。而這個良性循環會持續下去。

As Andrew said, thank you to all of the folks who voted positively to move Stretch to daily dividends. The calendar-day accrual here is a pretty big deal, right? People will start to realize the benefits, as digital credit and digital transformation of capital markets occurs.

如同 Andrew 所說，感謝所有投下贊成票、支持將 Stretch 改為每日配息的朋友。這裡的按日曆日計提是一件很重要的事，對吧？隨著數位信用與資本市場的數位化轉型發生，人們會開始意識到其中的好處。

We think that is going to start happening this year, right? Bitcoin already trades 24/7. We see equities moving in that direction. You are going to start seeing the Nasdaq move to seven-day trading towards the end of this year.

我們認為這會在今年開始發生，對吧？比特幣已經是 24/7 交易。我們看到股票也正朝那個方向前進。你將會開始看到那斯達克在今年底前後走向每週七天交易。

Tokenization is going to accelerate that even faster, especially in the US, with innovation exemptions that have been put forth by the SEC. We expect that market to grow very fast, too.

代幣化將會讓這個進程加速得更快，尤其是在美國，因為 SEC 已提出創新豁免。我們也預期那個市場會非常快速成長。

And what are you going to build on top of? What are your tokenized securities? Some of them may partner with or build on top of products like Stretch.

那你要在上面建構什麼？你的代幣化證券會是什麼？其中一些可能會與 Stretch 這類產品合作或在其之上建構。

Last thing I will leave it with before I hand it over to Michael is Strategy World 2027 is going to be back in Orlando next year, March 29 to April 1. And I invite everybody to join us there.

在我把時間交給 Michael 之前，最後補充一點：Strategy World 2027 明年將回到奧蘭多，時間是 3 月 29 日到 4 月 1 日。我邀請大家一起來參加。

We are going to have an awesome time. We will run our Strategy Software Conference alongside our Bitcoin for Corporations conference, alongside the True North conference.

我們會玩得很盡興。我們將同時舉辦 Strategy 軟體大會、Bitcoin for Corporations 大會，以及 True North 大會。

And it will be a great time. And so we will speak to you before then at our 2026 Q4 earnings call. But go ahead and register. And I hope to see you all in person.

而且那將會是一段很棒的時光。因此，在那之前，我們會在 2026 年第四季財報電話會議上再與各位交流。不過請先去註冊。我希望能與各位當面相見。

And, with that, I will hand it over to Michael Saylor.

那麼，接下來我把時間交給 Michael Saylor。

Thank you, Phong. And I want to thank all of our shareholders for being with us today. I am going to say a few words about Bitcoin, and digital capital, and the way the ecosystem is evolving.

謝謝你，Phong。也感謝今天與會的所有股東。我想談幾句關於比特幣、數位資本，以及這個生態系如何演進。

So we feel like we are entering a bull market. We bounced off the 200-week moving average. Bitcoin's dominance is growing. Institutional demand is back. The banks are embracing Bitcoin. We feel like digital credit and banking credit could absorb all the new supply.

我們覺得我們正在進入牛市。我們從 200 週移動平均線反彈。比特幣的主導地位正在提升。機構需求回來了。銀行正在擁抱比特幣。我們認為數位信貸與銀行信貸可以吸收所有新增供給。

And strategy is leading on-chain. We are the most tokenized company in the digital-assets ecosystem. This chart tells the story.

而且我們的策略正在鏈上領先。我們是數位資產生態系中代幣化程度最高的公司。這張圖表說明了一切。

Bitcoin has traded above a 21% premium for 78% of its history. So we look at the 200-week moving average as the base of support. And we have gone through about a one-year bear market. We would think that we should see two or three years of a bull market at this point.

比特幣在其歷史中有 78% 的時間是以高於 21% 的溢價交易。因此我們把 200 週移動平均線視為支撐基礎。而我們已經經歷了大約一年的熊市。我們認為此時應該會看到兩到三年的牛市。

We are only about less than 24 months, 18 months or so, from the next halving. The halving will be a big deal. But there are a lot of other factors that are driving this.

距離下一次減半只剩不到 24 個月，大約 18 個月左右。減半會是件大事。但還有許多其他因素也在推動這一切。

One thing that is very auspicious for Bitcoin is that Bitcoin market-cap dominance is growing consistently through this cycle. It is about 67% of the market cap of all the crypto capital assets in the world.

對比特幣而言，一個非常吉利的現象是：在這個週期中，比特幣市值主導率持續上升。它約占全球所有加密資本資產總市值的 67%。

And so bitcoin is two-thirds. Everything else is the last third. It is pretty clear that Bitcoin is the digital-capital network -- the dominant digital-capital network -- in the world. It will not be displaced. And that is an important thing we can build upon.

所以比特幣占了三分之二。其他所有資產加起來是剩下的三分之一。很明顯，比特幣是全球的數位資本網路——也是主導性的數位資本網路——。它不會被取代。這是一個我們可以據以建構的重要基礎。

The structural catalyst for Bitcoin adoption: fiscal debasement. The money supply is going to expand bank adoption, digital credit, capital flows from institutions, tokenization, the AI disruption, which ultimately is going to drive capital into Bitcoin, and, as I mentioned, the Bitcoin halving coming up in 2028.

推動比特幣採用的結構性催化劑：財政貶值。貨幣供給將會擴張，帶動銀行採用、數位信貸、機構資金流、代幣化，以及 AI 顛覆；這些最終都會把資本推向比特幣；另外，如我提到的，2028 年即將到來的比特幣減半。

Here, you can see the capital flows and capital return to Bitcoin ETFs in Q3 to the tune of about $6.3 billion of inflows. We thought that was very auspicious.

在這裡，你可以看到第三季資金流入並回流至比特幣 ETF，流入金額約 63 億美元。我們認為這是非常吉利的訊號。

This chart structurally tells a story. And the story it tells is that the government is running deficit financing. And, that being the case, the money supply is going to have to expand sometime in the coming few years. There is no reasonable opportunity to do anything other than monetize the debt.

這張圖在結構上講了一個故事。它所講的故事是：政府正在以赤字融資運作。在這種情況下，貨幣供給在未來幾年某個時點必須擴張。除了將債務貨幣化之外，沒有任何合理的選項。

So we have cheaper sovereign debt that is going to be refinanced at a higher interest rate. Either the interest rates have to come down or the balance sheet of the Fed has to expand.

因此，我們有較低利率的主權債務將以更高利率再融資。要嘛利率必須下降，要嘛聯準會的資產負債表必須擴張。

We do not know when this will happen or how it will happen. But this chart illustrates that it is going to need to happen.

我們不知道這會在何時發生或如何發生。但這張圖表明它必須發生。

In the aftermath of the stall of the CLARITY bill in DC, we got favorable regulations, favorable guidance coming out of Treasury, the SEC, and the CFTC.

在華府的 CLARITY 法案停滯之後，我們看到財政部、SEC 與 CFTC 釋出有利的監管與有利的指引。

The Treasury guidance was very positive for digital currency. The SEC guidance was very positive for digital securities. And the CFTC guidance was very positive for digital derivatives, and digital commodities, and digital exchanges. So this is all very digital-assets-positive news. And it has all happened just this quarter.

財政部的指引對數位貨幣非常正面。SEC 的指引對數位證券非常正面。CFTC 的指引對數位衍生品、數位商品與數位交易所非常正面。因此，這些都是對數位資產非常利多的消息。而且這些都發生在本季。

We track banking adoption very closely. We look at all the major banks and the degree to which they custody crypto assets, the degree to which they extend credit, whether or not they deal with Bitcoin derivatives or wrapped Bitcoin or the actual native Bitcoin; and whether they underwrite it; and, also, their stance on it.

我們非常密切追蹤銀行端的採用情況。我們觀察所有主要銀行：它們託管加密資產的程度、提供信貸的程度、是否交易比特幣衍生品或包裝比特幣（wrapped Bitcoin）或真正的原生比特幣；是否承銷；以及它們對此的立場。

And the stance of the banks has just turned positive and has been consistently getting better. If you look at this chart, we can see we are at a 9% banking adoption, December 2023. We were 24% in December of 2025. We are now at 34%.

而銀行的立場剛剛轉為正面，並且持續改善。如果你看這張圖，我們在 2023 年 12 月的銀行採用率是 9%。在 2025 年 12 月是 24%。現在是 34%。

We will continue to track this but the banks have all the money. And this is a monetary revolution. And the most important thing for Bitcoin's success is that it be legitimized as a capital asset by the financial institutions of the world and that we create credit on top of it.

我們會持續追蹤，但銀行掌握了所有資金。而這是一場貨幣革命。對比特幣成功而言，最重要的是：它必須被全球金融機構正名為一種資本資產，並且我們要在其之上建立信貸。

If we take a look at the major banks, we can see very positive moves by Morgan Stanley, Citigroup, Deutsche Bank, Standard Chartered, Banco Santander; lots of broader digital-assets momentum across the board, as it relates to stablecoins, tokenized securities, and the like.

如果我們看看主要銀行，就能看到 Morgan Stanley、Citigroup、Deutsche Bank、Standard Chartered、Banco Santander 等都有非常正面的動作；在穩定幣、代幣化證券等方面，整體數位資產動能全面升溫。

This has the effect of de-risking the asset class, accelerating institutional adoption of the asset class, sending a signal to conservative and traditional investors that it is okay to allocate to the asset clas. And all of those things are just very positive for Bitcoin.

這會產生降低該資產類別風險的效果，加速機構對該資產類別的採用，並向保守與傳統投資人釋放訊號：配置到這個資產類別是可以的。而這些對比特幣而言都非常正面。

So how much capital do we need in order to drive the Bitcoin price? Each week, there is about $256 million of natural Bitcoin produced by Bitcoin miners available for sale. It is [450] Bitcoin a day. It works out to about $37 million a day. If you have $37 million, you can buy it all.

那麼，要推動比特幣價格，我們需要多少資金？每週大約有 2.56 億美元的自然產出比特幣（由礦工產出）可供出售。也就是每天 [450] 枚比特幣。換算約為每天 3,700 萬美元。如果你有 3,700 萬美元，你就能把它全部買下來。

After the halving, coming around April of 2028, that $37 million a day of supply will become $18 million of supply. That means that, right now, $13 billion a year buys all the Bitcoin produced. In a matter of less than two years, $6.7 billion would buy all the Bitcoin produced.

在減半之後，大約在 2028 年 4 月左右，每天 3,700 萬美元的供給將變成 1,800 萬美元的供給。這表示目前一年 130 億美元就能買下所有新產出的比特幣。不到兩年的時間，一年 67 億美元就能買下所有新產出的比特幣。

So, if you imagine the impact on a commodity price, if you knew that the production of oil was going to be cut in half or the production of gold was going to be cut in half or soybeans or natural gas or anything, that would create a price shock.

所以，如果你想像對一種商品價格的影響：如果你知道石油產量將減半，或黃金產量將減半，或黃豆、天然氣或任何東西的產量將減半，那就會造成價格衝擊。

If you look at the amount of Bitcoin that is produced and you consider that number, $260 million a week, and then, you consider that US banks are creating $17 billion of credit in the same time period, the banks are creating incredible amounts of credit.

如果你看比特幣的產出量，並考慮那個數字——每週 2.6 億美元——再對照同一期間美國銀行正在創造 170 億美元的信貸，就會發現銀行正在創造驚人的信貸規模。

Largely, this asset class has been unbanked for its history. And you can see that, as it permeates the banking system, as the banks create credit, then, that is the equivalent of buying that much or taking that much Bitcoin out of production.

在很大程度上，這個資產類別在其歷史上一直處於未被銀行體系服務的狀態。而你可以看到，當它滲透進銀行體系、當銀行創造信貸時，這就等同於買進那麼多比特幣，或把那麼多比特幣從供給中抽走。

And so, ultimately, the creation of bank credit is what drives the prices of equities up. Bank credit drives the prices of real estate up. Bank credit drives the prices of sports-team franchises up and trophy assets, like paintings.

因此，最終推動股價上漲的是銀行信貸的創造。銀行信貸推動房地產價格上漲。銀行信貸推動運動隊伍特許經營權的價格上漲，以及像畫作這類的獎盃型資產價格上漲。

If the bank will lend against it, the prices will appreciate. When you have to pay cash, that depresses prices. And so the main cycle driver here is going to be the creation of bank credit.

如果銀行願意以此作為抵押放款，價格就會上漲。當你必須用現金支付時，就會壓低價格。因此，這裡主要的週期驅動因素將是銀行信貸的創造。

And you can see the order of magnitude here. And it just does not take that much credit in order to absorb the entire natural supply. Then, the price has to move up in order to find a willing seller at a higher price.

你可以在這裡看到其量級。而且其實不需要那麼多信貸，就能吸收全部的自然供給。接著，價格就必須上移，才能在更高的價格找到願意賣出的人。

As I had said, tokenization is accelerating. Strategy is the most-tokenized company on-chain. We did not do anything for this to happen. This happened because we just happen to have securities that are ideal for tokenizing, right?

如我所說，代幣化正在加速。Strategy 是鏈上代幣化程度最高的公司。我們並沒有做任何事讓這件事發生。之所以會發生，是因為我們剛好擁有非常適合代幣化的證券，對吧？

Either amplified Bitcoin or digital credit -- both of those are correlated to Bitcoin. But you can trade them one way or the other against the Bitcoin 24/7/365. So these are very valuable in the DeFi ecosystem and the digital-asset system.

不論是放大版比特幣或數位信貸——兩者都與比特幣相關。但你可以用其中任何一種，對比特幣進行 24/7/365 的交易。所以在 DeFi 生態系與數位資產體系中，這些都非常有價值。

And, of course, one thing that DeFi does very well is it creates leverage and it allows you to, say, lever something 2x or 3x or 4x under very flexible credit terms.

當然，DeFi 很擅長的一件事是創造槓桿，並且讓你在非常彈性的信貸條件下，把某個資產加槓桿到 2 倍、3 倍或 4 倍。

The thing that you would want to lever would be a stable, highly liquid, low-volatility, high-yielding instrument like digital credit. Levering tokenized-money markets at the cost of tokenized-money markets does not really provide you much of an effective yield.

你會想加槓桿的標的，會是像數位信貸這種穩定、高流動性、低波動、且高收益的工具。以代幣化貨幣市場的成本去槓桿代幣化貨幣市場，實際上並不能提供太多有效收益率。

But if something pays 8%, 9%, 10%, 11%, 12%; and you can borrow money at 4%; and you start to put one, two, three, or four turns on it, then you can create digital income.

但如果某個東西支付 8%、9%、10%、11%、12%；而你能以 4% 借到錢；再把它加上一圈、兩圈、三圈或四圈槓桿，那麼你就能創造數位收入。

And so digital credit is a building block for digital income. And by using anywhere from 2x to 4x leverage and using stablecoins and the global marketplace, you can see how you could create a fund that pays 5%, 10%, 15%, or 20% in yen, euros, pounds, or dollars, as you like. And you can just program up and program it down.

因此，數位信貸是數位收入的基石。透過 2 倍到 4 倍槓桿、搭配穩定幣與全球市場，你可以想像如何打造一個基金，依你的需求，以日圓、歐元、英鎊或美元支付 5%、10%、15% 或 20%。而且你可以把它程式化地調高或調低。

And so, clearly, tokenization is interesting. And the market is very innovative. And we expect to be participants in it.

所以，很明顯，代幣化很有意思。而市場非常具有創新性。我們預期會成為其中的參與者。

This gives you another snapshot and explains why tokenization is so powerful. When you tokenize a security, it starts to trade 24/7/365. It also starts to trade globally. It is trading in Singapore or Hong Kong or Asia or Africa or South America.

這提供了另一個快照，並解釋為什麼代幣化如此強大。當你把一個證券代幣化，它就開始 24/7/365 交易。它也開始在全球交易。它會在新加坡、香港、亞洲、非洲或南美交易。

It also becomes programmable and so you can tranche it, slice it, amplify it, de-amplify it. The settlement goes from T+1 to nearly instantaneous. You can apply your artificial intelligence, your agentic finance to it.

它也變得可程式化，因此你可以把它分層、切片、放大、或去放大。結算從 T+1 變成幾乎即時。你可以把你的人工智慧、你的代理式金融（agentic finance）套用在上面。

Agents want to do 1,000 things on the weekend; whereas, your bank doesn't want to do anything on the weekend. And, generally, high-speed trading in a TradFi world is moving money around once or twice a week.

代理（agents）週末想做 1,000 件事；然而你的銀行週末什麼都不想做。而且一般來說，在傳統金融（TradFi）世界裡的高速交易，是每週把資金挪動一兩次。

And, of course, in the tokenized world, that might be once or twice an hour. And who knows? It might become faster than that.

當然，在代幣化世界裡，那可能是一小時一兩次。誰知道呢？它可能會變得比那更快。

It is also possible to compose very interesting different products. So product innovation accelerates. Tranching risk, creating yield, converting currency, hedging, plugging into perpetuals -- all of these things are interesting.

也有可能組合出非常有趣的不同產品。因此產品創新會加速。風險分層、創造收益、貨幣轉換、避險、接入永續合約（perpetuals）——這些都很有意思。

In a lot of traditional-finance markets, you can't innovate at all. It is just literally not allowed to create many of these financial products. In other cases, it would take six months to three years to get approval to issue the product.

在許多傳統金融市場中，你根本無法創新。很多這類金融產品就是明文不允許創造。在其他情況下，取得核准發行產品可能要六個月到三年。

And so TradFi markets are crippled, and conventional, and slow, and inefficient. And they are also beset with all sorts of capital controls that slow down the motion of money.

因此 TradFi 市場是跛腳的、守舊的、緩慢的、低效率的。而且它們也受到各式各樣資本管制的困擾，拖慢資金流動。

In the tokenized markets, to say this stuff happens 10x as fast is probably an understatement. Innovation can happen 100x to 1,000x as fast. And the money can move 1,000x, orders of magnitude quicker.

在代幣化市場中，說這些事情發生得快 10 倍，可能都還是低估。創新可能快 100 倍到 1,000 倍。而資金移動可以快 1,000 倍，快上好幾個數量級。

And, of course, what does this mean? It means the tokenized economy is delivering better financial products. Who in Japan is getting an offer of 15% yield in yen? Nobody, right?

那麼，當然，這代表什麼？這代表代幣化經濟正在提供更好的金融產品。日本有誰拿得到以日圓計價 15% 收益率的報價？沒有人，對吧？

You can deliver better financial products with different characteristics, orders of magnitude quicker, and you can make them easier to deliver.

你可以用不同特性、更快好幾個數量級的速度，提供更好的金融產品，而且也能讓它們更容易交付。

And so we actually think that the nexus of innovation is going to be in the tokenized economy. And we think a lot about how do we optimize our securities to be ideal for tokenizing.

因此我們其實認為，創新的樞紐將會在代幣化經濟中。我們也經常思考：如何把我們的證券最佳化，使其成為代幣化的理想標的。

One obvious thing is, you make it pay-a-daily dividend because people can actually take action every day of the year, including holidays in the tokenized economy. They can't in the TradFi economy.

一個顯而易見的做法是，讓它支付每日股息，因為在代幣化經濟中，人們一年 365 天每天都能採取行動，包括假日。但在 TradFi 經濟中不行。

Why does on-chain capital gravitate toward us? Well, stablecoins offer 0% yield. STRC, right, has a par value of $100. It is targeted to be stable versus the dollar. And it is 12% dividend. And, of course, Bitcoin holders are seeking upside. But tokenized MSTRs amplified Bitcoin.

為什麼鏈上資本會向我們聚集？嗯，穩定幣提供 0% 收益。STRC，對吧，面值是 100 美元。它的目標是相對美元保持穩定。而且它有 12% 的股息。當然，比特幣持有人在尋求上行空間。但代幣化的 MSTR 是放大版比特幣。

A lot of people ask about AI. Anyone that has used it knows that it is disruptive and transformational to just about everything in the world. It is eroding moats. So AI will erode moats.

很多人問到 AI。任何用過的人都知道，它對世界上幾乎所有事情都具有顛覆性與變革性。它正在侵蝕護城河。所以 AI 會侵蝕護城河。

What moats? Well, clearly, it writes software faster; it delivers services better; it creates media. It is going to provide legal consultation, education services. It transforms services. It transforms operation. It transforms the products themselves. It makes the products better, more intelligent. It changes the nexus where you deliver products.

什麼護城河？嗯，很明顯，它寫軟體更快；提供服務更好；創作媒體內容。它將提供法律諮詢、教育服務。它改造服務。它改造營運。它改造產品本身。它讓產品更好、更智慧。它改變你交付產品的樞紐所在。

Lots of industries are affected. Some are extremely affected.

許多產業都受到影響。有些受到的影響極其巨大。

On the other hand, what is it that the robots and the bots can't create? They are not very good at creating land. They are not very good at creating an acre in Palm Beach. They are not very good at creating commodities, especially scarce commodities.

另一方面，機器人與機器程式（bots）無法創造的是什麼？它們不太擅長創造土地。它們不太擅長在棕櫚灘（Palm Beach）創造一英畝土地。它們不太擅長創造商品，尤其是稀缺商品。

And, of course, the scarcest of all commodities is Bitcoin. Bitcoin is the greatest of commodities. And it is the great and the only digital scarcity.

當然，所有商品中最稀缺的是比特幣。比特幣是最偉大的商品。而且它是偉大且唯一的數位稀缺性。

So, as the market evolves and absorbs AI, what you can expect is lots of companies are going to get dematerialized, and demonetized, and degraded by AI. Lots of products and services will be transformed. Many will go away.

因此，隨著市場演進並吸收 AI，你可以預期許多公司會被 AI 去物質化、去貨幣化、並被降級。許多產品與服務將被改造。很多會消失。

There will be magical products that will emerge: self-driving cars, intelligent robots. You'll see, someone will probably figure out how to provide medical, legal, accounting, financial advice to 1 billion people for a little bit more than the cost of the compute.

會有神奇的產品出現：自動駕駛汽車、智慧機器人。你會看到，可能有人會想出如何以略高於算力成本的代價，向 10 億人提供醫療、法律、會計、金融建議。

So lots of things will transform. Lots of wealth will be created. But that wealth has to flow somewhere. It's going to flow into trophy assets, trophy real estate, products that you can't manufacture with a robot or a bot.

所以很多事情都會轉型。會創造出大量財富。但那筆財富必須流向某個地方。它將流入獎盃級資產、獎盃級不動產，以及那些你無法用機器人或機器程式製造的產品。

And, of course, if I do want to transfer and preserve capital, move it across time and space, then the best way to do it is with digital capital. And that's what Bitcoin is.

而且，當然，如果我確實想要轉移並保存資本，讓它跨越時間與空間移動，那麼最好的方式就是使用數位資本。而這就是比特幣。

So we see Bitcoin as the winner. We see lots of chaos and disruption everywhere else in the economy. But, ultimately, the world will be wealthier. There will be explosion in productivity.

所以我們把比特幣視為贏家。我們看到經濟中其他地方到處都是混亂與顛覆。但最終，世界會更富有。生產力將會爆發式成長。

And the quality of living of the consumer should increase over time. There'll just be massive disruption in careers, products, services, corporations, as we get there.

而消費者的生活品質應該會隨時間提升。只是，在到達那一步的過程中，職涯、產品、服務、企業都會出現巨大的顛覆。

This chart really shows a very important idea. If you're buying semiconductors that provide intelligence, they're 650 times cheaper this year than they were three years ago. So semiconductors are a depreciating asset.

這張圖真正呈現了一個非常重要的概念。如果你購買提供智慧的半導體，它們今年的價格比三年前便宜了 650 倍。所以半導體是一種會折舊的資產。

We learned this in the Bitcoin-mining business, where it turned out to be a much better idea to buy $1 billion of Bitcoin than $1 billion of Bitcoin mining rigs. And that's because there's a massive, very rapid depreciation cycle on hardware to provide any particular service, whether it's security or intelligence.

我們在比特幣挖礦業務中學到這一點：結果證明，買進 10 億美元的比特幣，比買進 10 億美元的比特幣挖礦設備要好得多。原因在於，任何用來提供特定服務的硬體——不論是安全或智慧——都存在巨大且非常快速的折舊週期。

So digital intelligence is going to increase abundance. But it's not going to increase the amount of Bitcoin. Bitcoin is scarce. Lots of other things. Intelligence is not going to be scarce. Anything that you can create with intelligence is not going to be scarce. It's going to be quite abundant.

因此，數位智慧將會提升供給的充裕程度。但它不會增加比特幣的數量。比特幣是稀缺的。其他很多東西則不是。智慧不會是稀缺的。任何你能用智慧創造出來的東西都不會稀缺。它會相當充裕。

And so it makes sense to capitalize a company on Bitcoin, the appreciating asset, not the Bitcoin mining rig, the depreciated asset. It makes sense to capitalize on something scarce and not something which is depreciating.

因此，用比特幣這種會升值的資產來為公司資本化是合理的，而不是用比特幣挖礦設備這種會折舊的資產。把資本押在稀缺的東西上，而不是押在會折舊的東西上，才有意義。

And so I think that the market will start to realize that. This is why, for example, digital credit, backed by Bitcoin, is a much better idea than private credit, backed by high-performance-compute data centers.

所以我認為市場會開始意識到這一點。這也是為什麼，例如，以比特幣作為擔保的數位信貸，比以高效能運算資料中心作為擔保的私募信貸要好得多。

Because you can see the hardware in the data center is depreciating. It's a very competitive market. It's going to continue to be competitive.

因為你可以看到資料中心裡的硬體正在折舊。那是一個競爭非常激烈的市場。而且它會持續保持競爭激烈。

And, on the other hand, Bitcoin is going to become less competitive. There's only 900,000 Bitcoin left to come in the next 100 years.

另一方面，比特幣會變得越來越不具競爭性。未來 100 年只剩下 90 萬枚比特幣會被產出。

And so, even, as we exponentially increase the availability of intelligence and everything related to it, we're going to exponentially decrease the availability of digital capital and everything related to it. It's just going to appreciate.

因此，即便我們以指數級提升智慧及其相關一切的可得性，我們也會以指數級降低數位資本及其相關一切的可得性。它只會升值。

People ask about quantum computing. Are we ready for it? Are we ready for AI hacks and the like? The answer is, the industry takes all these things very seriously.

人們會問量子運算。我們準備好了嗎？我們準備好面對 AI 駭客之類的事情了嗎？答案是：產業界非常嚴肅地看待所有這些問題。

We have a Bitcoin-security consortium. It has the major holders and the major businesses providing economics, products, and services related to Bitcoin in it. Companies like Coinbase, like Anchorage, like Fidelity, like Galaxy, like Blockstream, like Block, like BlackRock, like ARK.

我們有一個比特幣安全聯盟。其中包含主要持有人，以及提供與比特幣相關之經濟活動、產品與服務的主要企業。像 Coinbase、Anchorage、Fidelity、Galaxy、Blockstream、Block、BlackRock、ARK 這些公司。

We meet regularly. We support Bitcoin-related security research. We coordinate. And our focus is on making sure that we contribute to the stability and the security of the overall protocol. We will continue to do that.

我們定期會面。我們支持與比特幣相關的安全研究。我們協調合作。我們的重點是確保我們能為整體協議的穩定性與安全性做出貢獻。我們會持續這麼做。

There have been dozens and dozens of things people have been concerned about, with regard to the network, over the past 15 years. Over the coming 10 or 15 years, I am sure there will be another few dozen things that will pop up. As they pop up, some of them are real, some of them are just FUD.

在過去 15 年裡，人們對於網路曾經擔心過數十、數十件事情。在接下來 10 到 15 年，我相信還會再冒出幾十件事。當它們出現時，有些是真問題，有些只是 FUD（恐懼、不確定與懷疑）。

And, as they evolve and consensus forms that it makes sense to address them, then we are ready and able to do so. And I think this is functioning in order to provide comfort to any Bitcoin investor that all the companies in this industry take security seriously. And we are engaged and coordinating.

而當它們演進，並形成共識認為值得處理時，我們就已準備好、也有能力去處理。我認為這樣的運作，是為了讓任何比特幣投資人安心：這個產業裡的所有公司都很重視安全。而且我們正在投入並協同合作。

Future outlook. Bitcoin is 10 basis points of the world's capital assets. You can see its de minimis, a tenth of a percent. We expect, over time, that it will grow to be a percent and then, it may grow to be a few percent.

未來展望。比特幣占全球資本資產的 10 個基點。你可以看到它微不足道，只有十分之一個百分點。我們預期，隨著時間推移，它會成長到 1%，然後可能成長到幾個百分點。

But, you can see, Bitcoin only needs to be a few percent of the world's assets to be extraordinarily successful. And the thing that is going to drive that growth is institutional adoption, Bitcoin legit -- the legitimization of the asset class, the creation of credit, the creation of equity and other instruments, on top of Bitcoin, the applications of Bitcoin.

但是你可以看到，比特幣只要占全球資產的幾個百分點，就能算是極其成功。而推動這種成長的因素將是機構採用、比特幣的正當化——資產類別的合法化、在比特幣之上建立信貸、建立股權與其他工具，以及比特幣的各種應用。

We are headed toward a $100 trillion industry. That is where we think we will get to. And $100 trillion, when we get there, may still only be single digits of global wealth. And so it will be a part of the capital structure of the world. But $100 trillion is a lot of money.

我們正朝向一個 100 兆美元的產業前進。那是我們認為會到達的規模。而當我們到達 100 兆美元時，它可能仍只占全球財富的個位數百分比。因此它將成為世界資本結構的一部分。但 100 兆美元是一大筆錢。

What are the applications? Bitcoin is digital capital. Digital equity built on top of it is the second application. Digital credit instruments, as we have talked about, is a third application. Digital debt -- debt instruments, based on Bitcoin, a fourth application. Digital currency, stable digital assets that are backed by Bitcoin, will be a fifth application.

有哪些應用？比特幣是數位資本。建立在其上的數位股權是第二個應用。如我們所談到的，數位信貸工具是第三個應用。數位債務——以比特幣為基礎的債務工具，是第四個應用。數位貨幣，也就是由比特幣作為支撐的穩定型數位資產，將是第五個應用。

Digital money, something that is a stable currency equivalent that is paying you yield, is another major application. Digital derivatives, perpetual futures, crypto derivatives -- all flavors of options and perpetual contracts, another application.

數位貨幣（digital money），也就是一種等同於穩定貨幣、並且會支付你收益率的東西，是另一個主要應用。數位衍生品、永續期貨、加密衍生品——各種形式的選擇權與永續合約——是另一個應用。

And then, digital collateral, the capital that we embed into our robots, that we embed into our agents, that we embed into exchanges, that we use as financial infrastructure for all digital commerce -- all of these are very compelling applications. And they all require digital capital and, therefore, Bitcoin in order to function effectively.

然後是數位抵押品：我們嵌入到機器人裡的資本、嵌入到代理（agents）裡的資本、嵌入到交易所裡的資本，以及我們用作所有數位商務之金融基礎設施的資本——這些都是非常引人注目的應用。而它們都需要數位資本，因此需要比特幣，才能有效運作。

I think it is reasonable to consider two other industries when we look at the way the Bitcoin industry will grow:

我認為，當我們觀察比特幣產業將如何成長時，拿另外兩個產業來類比是合理的：

If we start with oil, the oil industry had a first application. It was kerosene. And people used kerosene for light. The original application of oil was reading lamps at night.

如果我們從石油開始，石油產業的第一個應用是煤油。它是煤油。人們用煤油來照明。石油最初的用途，是夜間閱讀用的燈。

And it provided a utilitarian value to the middle class, such that they could afford light at night. Because, before that, you are looking at whale oil. And whale oil was obscenely expensive compared to kerosene.

它為中產階級提供了實用價值，使他們能負擔得起夜間照明。因為在那之前，你用的是鯨油。而與煤油相比，鯨油貴得離譜。

Eventually, though, that light application was displaced by electricity. It was obsolesced. And the oil industry moved on to gasoline and then, fuel oil and then, heating oil, jet fuels. And, of course, It fueled cars that did not exist when it was invented. It fueled planes that did not exist when we first discovered kerosene.

不過最終，那種照明用途被電力取代了。它變得過時。石油產業接著轉向汽油，然後是燃料油，再到取暖油、航空燃料。當然，它為在它被發明時尚不存在的汽車提供燃料。它也為在我們最初發現煤油時尚不存在的飛機提供燃料。

And then, we saw plastics, and fertilizer, and asphalt. And then, we had lubricants and synthetic. And then, we had fabrics, nylon, and polyester, and Lycra. And then, it became a feedstock to pharmaceuticals and cosmetics and, even, food and coatings.

接著，我們看到了塑膠、化肥與瀝青。然後，我們有了潤滑油與合成材料。然後，我們有了布料、尼龍、聚酯纖維，以及萊卡。再接著，它成為製藥、化妝品，甚至食品與塗料的原料。

And so, if you think about all the applications of oil, they are everywhere -- all around us -- and they all started with kerosene. And the entire industry was a bunch of very innovative companies that figured out how to crack a barrel of oil into all of those different things and sell it to all of those different downstream manufacturers or service providers.

因此，如果你思考石油的所有應用，它們無所不在——就在我們周遭——而且全都始於煤油。整個產業由一群非常具創新力的公司所構成，他們想出如何把一桶原油裂解成各式各樣的產品，並賣給各種下游製造商或服務提供者。

Now, we take electricity. It is a similar story. The first application was the electric light bulb. That was the killer app. But, eventually, electricity drove motors, and factories, and refrigerators, and air conditioners, and radio, and television, and telephones, and computers, and Internet. Data centers, electric vehicles, and, of course, now it is AI, it thinks for us.

現在，我們來看電力。這是個類似的故事。第一個應用是電燈泡。那是殺手級應用。但最終，電力驅動了馬達、工廠、冰箱、空調、收音機、電視、電話、電腦與網際網路。資料中心、電動車，當然，現在是 AI——它替我們思考。

And, when they started with the light bulb, nobody ever thought that, eventually, we would have Starlink and the AI to be thinking for us. But it is a very logical evolution.

而當他們從燈泡開始時，沒有人會想到，最終我們會有 Starlink，以及替我們思考的 AI。但這是一個非常合乎邏輯的演進。

When we look at Bitcoin, the first application was peer-to-peer cash. Okay. How do I buy a pizza with 10,000 Bitcoin or buy two pizzas with 10,000 Bitcoin? But it is a mistake to think that the industry stays mired in that one first use case. That would be like electricity just sticking with light bulbs and oil sticking with kerosene.

當我們看比特幣時，第一個應用是點對點現金。好，我要怎麼用 10,000 枚比特幣買一個披薩，或用 10,000 枚比特幣買兩個披薩？但以為這個產業會一直困在第一個使用情境裡，是一個錯誤。那就像電力只停留在燈泡、石油只停留在煤油一樣。

What we see evolving is digital capital, digital equity, digital credit, digital debt, digital currency, digital money. That creates digital income. You want 20% in yen, euros, pounds, dollars -- pick your currency.

我們看到正在演進的是數位資本、數位股權、數位信用、數位債務、數位貨幣、數位金錢。那會創造數位收入。你想要 20% 配在日圓、歐元、英鎊、美元——挑你要的幣別。

Digital derivatives, a 10x perpetual, right? Digital collateral. How do I actually put this collateral into my prediction-market exchange, into my commodities exchange? It is an ideal collateral to fuel every financial application in the world.

數位衍生品，例如 10 倍永續合約，對吧？數位擔保品。我如何把這個擔保品放進我的預測市場交易所、放進我的商品交易所？它是理想的擔保品，可為全球每一個金融應用提供燃料。

Now, digital identity. You can use Bitcoin to create digital identity with public-private key pairs. Digital authentication follows next and then, digital commerce.

接著是數位身分。你可以用比特幣透過公私鑰匙對來建立數位身分。接下來是數位驗證，然後是數位商務。

And so Bitcoin is the basis of a whole set of digital applications. Great ideas outgrow their first use case. We will not be a $100 trillion industry, based upon swapping Bitcoin for pizza. We will become a $100 trillion industry, based upon hundreds or thousands of products created by thousands of companies -- all to solve a different problem in the world of digital finance and digital commerce.

因此，比特幣是一整套數位應用的基礎。偉大的想法會超越它的第一個使用情境。我們不會因為用比特幣換披薩而成為一個 100 兆美元的產業。我們會成為一個 100 兆美元的產業，基於數千家公司所創造的數百或數千種產品——每一種都在解決數位金融與數位商務世界中的不同問題。

And we are very enthusiastic to be part of that. But we expect many other companies to follow in our footsteps.

我們非常熱衷能成為其中的一部分。但我們也預期會有許多其他公司跟隨我們的腳步。

And that takes us to Bitcoin Treasury companies. There are four issuers of digital credit right now. They have issued 13 securities that are all based on Bitcoin.

這就帶我們談到比特幣財庫公司。目前有四個數位信用的發行人。他們已發行了 13 檔全部以比特幣為基礎的證券。

Those BTC treasury companies, like Strive, like Metaplanet, like Smarter Web -- those treasury companies have acquired 220,000 Bitcoin this year. That works out to 165% of all the Bitcoin mined this year.

那些 BTC 財庫公司，例如 Strive、Metaplanet、Smarter Web——這些財庫公司今年已收購了 220,000 枚比特幣。換算下來，相當於今年所有被挖出的比特幣的 165%。

The BTC treasury companies are buying 1.6 Bitcoin for every Bitcoin created by a Bitcoin miner. You see a supply shock forming. It is right here in front of our eyes.

BTC 財庫公司每產生 1 枚由礦工挖出的比特幣，就買進 1.6 枚比特幣。你可以看到供給衝擊正在形成。它就在我們眼前。

As the BTC treasury industry grows, their demand for Bitcoin grows. That drives up the price of the Bitcoin, driving up the value of their reserves, improving their credit, improving their equity, allowing them to raise more capital, buying more Bitcoin, growing the industry, allowing them to create new innovative products like SATA, like SATS, like MORE, like Stretch, paying daily.

隨著 BTC 財庫產業成長，他們對比特幣的需求也成長。那會推升比特幣價格，進而推升其儲備價值、改善其信用、改善其股權，讓他們能募集更多資本、買進更多比特幣、擴大產業，並讓他們能創造新的創新產品，例如 SATA、SATS、MORE、Stretch，按日支付。

There will be a continual set of new products. Those products will serve new investor bases. They will broaden the investor base. That attracts liquidity. That legitimizes the industry. That will legitimize digital credit. That will legitimize digital equity. That will legitimize digital capital.

將會持續出現一系列新產品。那些產品將服務新的投資人族群。它們會擴大投資人基礎。那會吸引流動性。那會使產業正當化。那會使數位信用正當化。那會使數位股權正當化。那會使數位資本正當化。

We are not competitors. We are [cooperators]. We are all cooperating in a virtuous cycle, in a virtuous relationship, in order to strengthen digital capital, digital credit, digital equity, and every other digital product or service that is backed by Bitcoin.

我們不是競爭者。我們是[合作夥伴]。我們都在一個良性循環、良性關係中合作，以強化數位資本、數位信用、數位股權，以及所有其他由比特幣作為支撐的數位產品或服務。

And I laid out a dozen. There will be hundreds of thousands. We are very early on in this industry's development.

我列出了十幾種。未來會有數十萬種。我們仍處於這個產業發展的非常早期階段。

You can see, if you look at this graph of issuers, multiple issuers just make the category more investable. There are a lot of investors. They can only have up to 5% exposure in one issue, or 2%, or 1%. So, if there are three issuers, they will have 15% exposure. But, if there is one issuer, they will have 5% exposure.

你可以看到，如果你看這張發行人圖表，多個發行人只會讓這個類別更值得投資。有很多投資人。他們在單一發行上最多只能有 5% 的曝險，或 2%，或 1%。所以，如果有三個發行人，他們就能有 15% 的曝險。但如果只有一個發行人，他們就只能有 5% 的曝險。

So we need multiple companies in order to diversify the risk, in order to allow all of the capital investors to comply with their mandates and manage risk, per their risk models.

因此，我們需要多家公司來分散風險，讓所有資本投資人能遵循其投資授權並依其風險模型管理風險。

And so issuers are critical to growing the industry but also, issuers create innovations. We are not in a position to create a digital-credit instrument in pounds but Smarter Web is. We were not in a position to create a daily dividend but Strive was.

因此，發行人對於產業成長至關重要；同時，發行人也會帶來創新。我們沒有能力以英鎊創造一個數位信用工具，但 Smarter Web 可以。我們也沒有能力創造每日股利，但 Strive 做到了。

And so new issuers will be able to do different things. Metaplanet is creating new innovative instruments for the Japanese market. We are not in a position to do that.

因此，新發行人將能做不同的事情。Metaplanet 正在為日本市場創造新的創新工具。我們沒有條件做到那一點。

So all of us are working together in order to grow the global market. And, as securities begin to get tokenized, then, that will make it easier for all of the global players to participate in other markets and to innovate in a more rapid fashion. I see this as very auspicious for the space.

所以我們所有人都在一起合作，以擴大全球市場。而當證券開始被代幣化之後，這將使所有全球參與者更容易參與其他市場，並以更快的速度創新。我認為這對這個領域非常吉利。

We can expect that AI is going to continue to push the boundary. It is pushing the boundaries of mathematics. It is pushing the boundaries of physics. It will push the boundaries of finance.

我們可以預期 AI 將持續推進邊界。它正在推進數學的邊界。它正在推進物理學的邊界。它也將推進金融的邊界。

We have designed all of our major credit instruments using AI. AI is critical for investors to understand them. It is critical to the models for pricing them. It is critical to solving the product design, the securities, the legal issues, et cetera.

我們使用 AI 設計了所有主要的信用工具。AI 對投資人理解它們至關重要。它對於為它們定價的模型至關重要。它對於解決產品設計、證券、法律議題等等也至關重要。

I think that the growth of AI is very auspicious to the growth of digital finance. And we just see this as a big plus for the industry, in general.

我認為 AI 的成長對數位金融的成長非常吉利。而我們整體上把這視為對產業的一大加分。

So, at this point, we have instruments for every time horizon. What I would say is, if you don't need your money for four years, and you're an equity investor, and you believe in digital credit; or you want amplified Bitcoin exposure, or you have to buy an equity instrument, you would buy digital equity like MSTR.

所以，到目前為止，我們已經有涵蓋每一種時間跨度的工具。我要說的是，如果你四年內不需要用到這筆錢，而且你是股權投資人，並且你相信數位信用；或者你想要放大比特幣曝險，或者你必須買一個股權工具，那你會買像 MSTR 這樣的數位股權。

If you don't need your money for four years and you want to invest in something without counter-party risk, you would buy digital capital. You'll buy the Bitcoin.

如果你在未來四年內不需要用到這筆錢，而且你想投資於不承擔交易對手風險的標的，你會買入數位資本。你會買比特幣。

If you're willing or you need to buy it in an exchange-traded wrapper, you'll buy an ETF like IBIT. That's fine.

如果你願意、或你需要透過交易所交易的包裝來買，你就會買像 IBIT 這樣的 ETF。這沒問題。

There are many people that are credit investors. And, if you're a credit investor and you have a long time horizon -- like, more than four years -- maybe, you want to put a piece of credit in a retirement portfolio or a trust -- a family trust -- and you want to hold it for 30 years, well, then we have instruments like Strife, Stream, Strike, Stride, SATS -- all of these are long-duration perpetual credit instruments.

有很多人是信用投資人。而且，如果你是信用投資人並且你的投資期限很長——例如超過四年——也許你想在退休投資組合或信託——家族信託——中配置一部分信用資產，並打算持有 30 年，那麼我們就有像 Strife、Stream、Strike、Stride、SATS 這些工具——這些都是長天期的永續型信用工具。

They'll pay you a fixed dividend at par, whatever that dividend is -- 10% or the like. And you can lock in that yield for a decade or 20 years or 30 years. That makes total sense, if you've got that time horizon and you don't need the money back in the next few months or few years.

它們會以面值支付固定股息，不論那個股息是多少——10% 或類似水準。而你可以把那個殖利率鎖定十年、二十年或三十年。如果你有那樣的期限、而且在接下來幾個月或幾年內不需要把錢拿回來，這就完全合理。

You will probably absorb a bit more volatility in order to get that duration. But it's like holding a 20- or 30-year bond -- a government bond -- as opposed to holding a one-month or three-month T-bill.

為了取得那樣的存續期間，你可能需要承受多一點波動。但這就像持有 20 年或 30 年期債券——政府債——而不是持有 1 個月或 3 個月期國庫券。

And so those perpetual instruments meet a need in the market. If you have money to invest for four months to four years, we would say you're a treasury credit or a shorter-duration digital-credit investor. And there are instruments like STRC, what we offer; or SATA, what Strive offers. And that's for a shorter-duration investor.

因此，這些永續型工具滿足了市場上的一項需求。如果你有資金要投資四個月到四年，我們會說你是國庫信用或較短天期的數位信用投資人。而像 STRC（我們提供的）或 SATA（Strive 提供的）這類工具就適合。這是給較短天期投資人的。

If STRC falls off of par or breaks below par, then the company's going to use all of its capital and its best efforts to return it to par as soon as it can.

如果 STRC 跌離面值或跌破面值，那公司將動用其所有資本並盡最大努力，盡快把它拉回面值。

And I don't think we would ever represent, for example, that we could do it in four days or four weeks because that might be pushing the edge of the envelope. But you can see that, here, in four months, we've shown that we can. And we think that it's a general reasonable expectation that the company will return STRC to par within four months, if it were to lose or fall below par and out of our trading range.

而我不認為我們會宣稱，例如，我們能在四天或四週內做到，因為那可能太勉強、逼近極限。但你可以看到，在這裡，我們在四個月內已經證明我們做得到。而且我們認為，一般而言，合理的預期是：如果 STRC 出現損失或跌破面值並脫離我們的交易區間，公司會在四個月內把 STRC 拉回面值。

We would do that by buying it back. We would do it by adjusting our cash balances. We would do it by adjusting our capital structure, et cetera. Whatever we needed to do that we thought was rational at the time.

我們會透過回購來做到。我們會透過調整現金餘額來做到。我們會透過調整資本結構等等來做到。在當時我們認為合理的前提下，做任何需要做的事。

Now, if you need your money back in the next four months, maybe, you have money and you want to invest it to get some yield but you need it back in five days, you're a money-market investor and we would recommend that you put your money in a money market. Right now, money markets pay SOFR or something like that.

現在，如果你在接下來四個月內就需要把錢拿回來——也許你有一筆錢想投資賺點收益，但五天後就要用——那你就是貨幣市場投資人，我們會建議你把錢放在貨幣市場。目前，貨幣市場支付的是 SOFR 或類似的利率。

We don't have a digital-credit product that is for people that want to invest money for zero to four months but partners are generating and innovating. And, in the digital-asset space, people are creating digital-money-type instruments.

我們目前沒有一個適合把資金投資零到四個月的數位信用產品，但合作夥伴正在產生並推動創新。而在數位資產領域，人們正在創造類似數位貨幣的工具。

And, over time, I expect that Bitcoin Treasury companies will create digital-money-type instruments that will meet this need. And so that's an opportunity for all of us that we're very enthusiastic about.

而且隨著時間推移，我預期比特幣金庫公司會創造出類似數位貨幣的工具來滿足這項需求。因此，這對我們所有人而言都是一個讓人非常振奮的機會。

What are we? Well, we are emerging as the central bank of the crypto economy. At this point, we're the best-capitalized public entity in the crypto space. We have about $74 billion of capital right now. That would put us as the 56th largest central bank in the world. And we're moving up these rankings at a rapid rate.

我們是什麼？嗯，我們正在成為加密經濟的中央銀行。就目前而言，我們是加密領域資本最雄厚的上市實體。我們現在大約有 740 億美元的資本。這會讓我們成為全球第 56 大的中央銀行。而且我們正以非常快的速度在排名中上升。

We will continue to grow. And our job is to bridge the TradFi market with the DeFi market, the BTC market with the fiat-USD-type market. And we expect that we will bridge the gap between Bitcoin and stablecoins, between capital and credit, between TradFi and DeFi.

我們會持續成長。而我們的工作是把傳統金融（TradFi）市場與去中心化金融（DeFi）市場連接起來，把 BTC 市場與法幣美元類型的市場連接起來。我們預期將彌合比特幣與穩定幣之間、資本與信用之間、TradFi 與 DeFi 之間的落差。

And we will work to strip volatility from Bitcoin for people that don't want vol. And we will amplify volatility for derivatives traders or equity investors that want more vol.

我們會為不想承受波動的人，努力從比特幣中剝離波動性。而對於想要更高波動的衍生品交易者或股票投資人，我們會放大波動性。

We will extract yield. We will manage risk. And we will convert currencies, right? Converting BTC into a USD instrument or a euro instrument or something similar.

我們會提取收益。我們會管理風險。而且我們會進行貨幣兌換，對吧？把 BTC 轉換成美元工具、歐元工具或類似的東西。

So it's a very powerful business. We think that, if you want to do this, you need a tower of capital, in this case, $74 billion. We think it's a very defensible moat. If someone wanted to invest $100 billion or $200 billion or maybe even more than that in order to compete with us, they would have to buy that much Bitcoin.

所以這是一門非常強大的生意。我們認為，如果你想做這件事，你需要一座資本高塔，在這個案例中是 740 億美元。我們認為這是一道非常難以攻破的護城河。如果有人想投入 1,000 億或 2,000 億美元，甚至可能更多，來與我們競爭，他們就必須買入那麼多比特幣。

And, if someone went into the market and tried to buy $200 billion of Bitcoin right now, it's quite likely that our credit spreads would compress, demand for our credit would explode, our equity premiums would expand, demand for our equity would explode, the price of Bitcoin would appreciate, our reserves would appreciate, and our overall company would grow faster than they could buy Bitcoin -- probably much faster.

而如果有人現在進入市場、試圖買入 2,000 億美元的比特幣，很可能會出現：我們的信用利差收斂、對我們信用產品的需求暴增、我們的股權溢價擴大、對我們股票的需求暴增、比特幣價格上漲、我們的儲備升值，且我們整體公司成長速度會快到他們買比特幣的速度——可能快得多。

So it's very difficult for anyone else to displace us in this position because we've established this large, defensible Bitcoin holding. We intend to use those reserves -- substantial BTC reserves and substantial USD reserves -- in order to create the digital credit which bridges all the global markets -- the global credit markets -- all the currency markets with the crypto markets, with other forms of capital, and with the traditional-finance markets.

因此，任何其他人要把我們從這個位置上擠下來都非常困難，因為我們已經建立了這筆龐大且具防禦性的比特幣持倉。我們打算運用這些儲備——大量 BTC 儲備與大量美元儲備——來創造數位信用，將所有全球市場——全球信用市場——所有貨幣市場與加密市場、其他形式的資本以及傳統金融市場連接起來。

We think it's a great business opportunity. It needs to be done. You can already see, based upon our success raising capital in the TradFi market and our success tokenizing our securities in the DeFi markets, that we're making great progress toward this ultimate vision.

我們認為這是一個很棒的商業機會。而且這件事必須有人來做。你已經可以看到，基於我們在 TradFi 市場募資的成功，以及我們在 DeFi 市場將我們的證券代幣化的成功，我們正朝向這個最終願景取得很大進展。

With that, we're ready for Q&A. And we look forward to answering your questions. Thank you for staying with us.

接下來，我們準備進入問答環節。我們期待回答各位的問題。感謝各位一路參與。

Thank you, Michael. I would like to welcome all our Q&A guests and invite them to come on video. We look forward to hearing your questions.

謝謝你，Michael。我想歡迎所有問答來賓，並邀請大家開啟視訊。我們期待聽到各位的提問。

We will go one at a time. I will call your names. And you can direct your questions to the management team.

我們會一次一位。我會點名。你可以把問題直接提給管理團隊。

For the first question, I would like to invite Andrew Harte, Director and FinTech Analyst at BTIG.

第一個問題，我想邀請 BTIG 的董事兼金融科技分析師 Andrew Harte。

Hi. Thanks for taking my question. And good work this quarter.

嗨，謝謝讓我提問。也恭喜本季表現。

Slide 26 frames the stronger balance sheet today compared to the previous bull market. And, Phong, you talked about the balance sheet enabling Strategy to take better advantage of a bull market with increased optionality.

第 26 頁投影片呈現了相較於上一輪牛市，如今更強健的資產負債表。而 Phong，你談到資產負債表讓 Strategy 能以更高的選擇權性，更好地把握牛市。

So I would love to hear what exercising that optionality looks like. And what are the key differences in how you plan to manage the business in the next bull market versus the prior ones? Thanks.

所以我很想聽聽，行使這種選擇權性具體會是什麼樣子。以及相較於之前的牛市，你們計畫在下一輪牛市中管理業務的方式有哪些關鍵差異？謝謝。

Well, I can start. And I am sure some others can join in.

好，我可以先開始。我相信也會有其他人加入。

The big difference is, one, our Bitcoin balance is almost 7 times larger, is fully unencumbered. We have US-dollar balance. And all of those things allow us to issue digital credit, which we were not able to do before.

最大的差異是，第一，我們的比特幣餘額幾乎大了 7 倍，而且完全沒有任何負擔或限制。我們也有美元餘額。而這些條件讓我們能夠發行數位信用，這是我們以前做不到的。

Before, we were relying on, primarily, leverage through convertible bonds. We have talked, at length, why we think that is inferior.

過去我們主要依賴的是透過可轉換公司債的槓桿。我們也已經長篇討論過，為什麼我們認為那種方式比較差。

One is, there is just a limit to the size of the market of convertible notes. It is a less liquid market. It is over the counter; means, retail cannot participate.

第一，可轉換票據市場的規模就是有上限。那是一個流動性較差的市場。它是場外交易；也就是說，散戶無法參與。

Amplifying the company through perpetual preferreds is far superior. And, now, we are able to do that on the back of nearly $70 billion of value of Bitcoin, which means that, if we wanted to, we could raise $10 billion, $20 billion, $30 billion through perpetual preferreds, which, if we pay 10%, 11% out at and Bitcoin goes up 30%, 40%, that creates amplification for the company and it grows the equity.

透過永續優先股來放大公司規模要優越得多。而現在，我們可以以接近 700 億美元價值的比特幣作為後盾來做到這件事；這表示如果我們想要的話，我們可以透過永續優先股籌集 100 億、200 億、300 億美元；如果我們支付 10%、11% 的配息，同時比特幣上漲 30%、40%，那就會為公司帶來放大效應並推升股東權益。

That is the big difference is, we are a much larger company and we have, now, a new strategy, which is digital credit.

所以最大的差異在於：我們是一家規模大得多的公司，而且我們現在有一個新策略，也就是數位信用。

And, Mike mentioned, that is just issuing digital credit ourselves. Then, there will be companies in the DeFi space and the TradFi space building products on top of digital credit. No one is building products on top of our convertible notes, right?

而且如 Mike 提到的，那就是由我們自己來發行數位信用。接著，DeFi 與傳統金融（TradFi）領域會有公司在數位信用之上打造產品。沒有人會在我們的可轉換票據之上打造產品，對吧？

Now, we have got DeFi. We have got traditional-finance companies that, over time, will issue stablecoins. They will produce returns, putting digital credit behind it. So I think the opportunity is pretty tremendous over the course of the next one, two, three years.

現在我們有 DeFi，也有傳統金融公司，隨著時間推移它們會發行穩定幣。它們會把數位信用放在背後來產生報酬。所以我認為在接下來一到三年內，機會相當巨大。

Yeah. And the point I would make is, you need a lot of capital in order to create a lot of credit.

是的。而我想強調的一點是，你需要大量資本才能創造大量信用。

And so, if you have a lot of capital -- like, we could create $10 billion, $20 billion, $30 billion of digital credit right now with our existing capital structure without raising any more equity capital and without Bitcoin appreciating.

因此，如果你有大量資本——像我們一樣——在不再募集任何股權資本、也不需要比特幣升值的情況下，僅憑現有資本結構，我們現在就能創造 100 億、200 億、300 億美元的數位信用。

So we have a lot of credit capacity on the balance sheet now. And, of course, we can create different types of credit. Are you creating [BTC 5]-rated credit, [BTC 2]-rated credit, right?

所以我們現在資產負債表上有很大的信用創造能力。當然，我們也可以創造不同類型的信用。你是在創造 [BTC 5] 評級的信用、[BTC 2] 評級的信用，對吧？

The amount of risk in the credit and the amount of volatility in the credit is important to various types of investors. So one type of credit we are very interested in is digital money.

信用中的風險程度與波動程度，對不同類型的投資人都很重要。因此我們非常感興趣的一種信用類型是數位貨幣。

How do you create zero-volatility digital credit? And, of course, you need a lot of capital to create zero-volatility digital credit. You need a lot of capital to create a [vol 5].

你要如何創造零波動的數位信用？當然，你需要大量資本才能創造零波動的數位信用。你也需要大量資本才能創造一個 [vol 5]。

And so we think that we are using our capital as a very powerful asset and we are positioned for the next bull run. But the company's optionality is quite powerful now because we do not have to rely upon Bitcoin to do the heavy lifting or the equity to do the lifting.

因此我們認為，我們正把資本當作一項非常強大的資產來運用，而且我們已為下一波牛市做好布局。但公司現在的選擇權（optionalities）相當強，因為我們不必依賴比特幣或股權來扛起主要的推動力。

We could use our balance sheet to do the heavy lifting right now. And that means we can meet a certain credit obligation, or we can sell a certain type of credit to a credit investor, or we can create new forms of credit with different volatility and risk profiles and different liquidity profiles, as well, that will also tap in and activate new markets.

我們現在就可以用資產負債表來扛起主要的推動力。這表示我們可以履行某些信用義務，或把某一類信用賣給信用投資人，或創造具有不同波動與風險特徵、以及不同流動性特徵的新型信用，這也會切入並啟動新的市場。

And so we are excited about that.

所以我們對此感到很興奮。

Thank you, Andrew.

謝謝你，Andrew。

Next, I would like to invite Khing Oei, Founder and CEO of Treasury.

接下來，我想邀請 Treasury 的創辦人兼執行長 Khing Oei。

Thanks, guys. Thanks for being on the call. I have two questions, if I may. One about equity and one about credit.

謝謝各位。謝謝讓我參與這通電話會議。如果可以的話，我有兩個問題。一個關於股權，一個關於信用。

On the equity side, you sold more than $5 billion of equity this quarter through the [ATM]. And the majority of that went into raising the cash balance and into buying back STRC.

在股權方面，你們本季透過 [ATM] 出售了超過 50 億美元的股權。而其中大部分用於提高現金餘額以及回購 STRC。

And it was clear you needed to stabilize the capital structure, which you have done. Now that is the case, I would love to get, maybe, some guidance or a ladder, even, about how you think about where the equity ATM is accretive so where you would really switch it on again to buy Bitcoin.

很明顯你們需要穩定資本結構，而你們也已經做到了。在此情況下，我很希望能得到一些指引——甚至是一個分段（ladder）——說明你們如何判斷在什麼情況下股權 ATM 是具增益（accretive）的，也就是你們會在什麼位置真正再次啟動它來買比特幣。

And, on the other hand, if the mNAV stays where it is or lower -- where, at which point, it would make sense to actually sell STRC, assuming it goes back par again, to buy back actually MSTR itself.

另一方面，如果 mNAV 維持在目前水準或更低——那麼在什麼點位，假設 STRC 回到面值（par），實際上賣出 STRC 來回購 MSTR 本身才是合理的？

And then, on the credit side, if I may, clearly, you have done a great job over the quarter stabilizing STRC, bringing it back very close to par, $0.01 below par. And it actually surprised me a little bit why it has not been a bit stronger, given the buybacks you have done, the cash you have raised.

然後在信用方面，如果可以的話，很明顯你們本季在穩定 STRC 上做得非常好，讓它回到非常接近面值，低於面值 0.01 美元。但考量到你們做了回購、也募集了現金，為什麼它沒有更強一些，這點其實讓我有點意外。

And I was wondering from your conversations with credit investors, institutional investors, what is it that would make them really buy this in size? Is it the coupon? Is it the cash balance? Is it some structural features?

我想知道，從你們與信用投資人、機構投資人的對話來看，究竟是什麼會讓他們真正以大規模買進？是票息（coupon）嗎？是現金餘額嗎？還是某些結構性特徵？

What would make it happen? And what would get this to $100 billion or $1 trillion-dollar asset, right? Is there a key feature that will allow it to happen from where we are sitting now? Thank you.

什麼會促成這件事？又是什麼能讓它成為 1,000 億美元或 1 兆美元規模的資產，對吧？是否有某個關鍵特徵，能讓它從我們現在的位置走到那一步？謝謝。

I can start. And you put like five questions in there, Khing, so I will try to get to all of them.

我可以先回答。Khing，你這裡面塞了大概五個問題，所以我會盡量全部回答到。

The first question: What takes Stretch to stabilize at par? And why did not it happen faster?

第一個問題：什麼會讓 Stretch 穩定在面值？以及為什麼沒有更快發生？

First, I will say is, Stretch went from a $2.5 billion IPO to $10.5 billion in the course of about eight months. You might be able to argue that we overcharged it, right? And we brought in some capital that was not the most healthy.

首先我要說的是，Stretch 在大約八個月內從 25 億美元的 IPO 成長到 105 億美元。你可以說我們把它衝得太快了，對吧？而且我們引入了一些不那麼健康的資本。

And so I think it overcharged. It dislocated from par, went down to $75. Money exited. Money, looking for accretive principal growth, entered. And we had to go through a cycling of the instrument.

所以我認為它確實被衝過頭了。它與面值脫鉤，跌到 75 美元。資金撤出。尋求具增益的本金成長的資金進來。而我們必須讓這個工具經歷一個循環調整的過程。

And so it ended up taking from June to, now, about four months to do. I think we will be at par and stick at par pretty closely. But I don't think four months is unreasonable in an instrument that grew that fast. So that's one.

因此最後從 6 月到現在，大約花了四個月。我認為我們會回到面值，並且相當貼近面值地維持。但對於一個成長如此快速的工具而言，我不認為四個月是不合理的。這是第一點。

Two: How do we want to buy Bitcoin? The primary way to acquire Bitcoin is by issuing digital credit, STRC, or other instruments that start to grow over time or other digital-credit instruments.

第二：我們想如何買比特幣？取得比特幣的主要方式，是透過發行數位信用——STRC——或其他會隨時間成長的工具，或其他數位信用工具。

And when we raise $1 billion or $2 billion a month on a Stretch, I think one thing we'll likely do this time is we'll put some of that into the US-dollar reserve and we'll use the remainder to buy Bitcoin.

而當我們透過 Stretch 每月募集 10 億或 20 億美元時，我認為這次我們很可能會做的一件事是，把其中一部分放入美元準備金，並用剩餘部分去買比特幣。

And then, the idea would be to issue equity above 1x mNAV or greater to pay the dividends and interest on the digital credit, right?

然後，這個想法就是在 1 倍 mNAV 以上或更高的水準發行股權，用來支付數位信用的股利與利息，對嗎？

But the primary way to buy Bitcoin is by issuing digital credit, put it into Bitcoin, pay a 12% dividend, and get the returns on Bitcoin of 30%, 40%.

但購買比特幣的主要方式是透過發行數位信用，把資金投入比特幣，支付 12% 的股利，並取得比特幣 30%、40% 的報酬。

Will we issue MSTR to buy Bitcoin? Perhaps, tight, if the mNAV starts to expand aggressively and we see an opportunity. But the primary way to accrete Bitcoin to the company to create amplification and increase Bitcoin per share is going to be through digital credit.

我們會發行 MSTR 來買比特幣嗎？也許會，對，如果 mNAV 開始大幅擴張，而且我們看到機會的話。但把比特幣增添到公司、創造放大效應並提高每股比特幣的主要方式，將會是透過數位信用。

Thank you.

謝謝。

Thank you, Khing. Next, I'd like to invite Alex Thorn, Managing Director and Head of Research at Galaxy.

謝謝你，Khing。接下來，我想邀請 Galaxy 的董事總經理兼研究主管 Alex Thorn。

Yeah. Thanks, CJ. And thank you Michael, Phong, and Andrew for having me on here.

是的。謝謝你，CJ。也謝謝 Michael、Phong 和 Andrew 邀請我參與。

I also wanted to ask about your digital-credit instruments. STRC and STRF have traded back towards their face value, certainly, to some extent with the help from your buybacks. And your cash hoard, I think, very prudent.

我也想問一下你們的數位信用工具。STRC 和 STRF 的交易價格已回到接近其面值，某種程度上當然也有你們回購的幫助。而你們的現金儲備，我認為非常審慎。

But STRD and STRK are still trading around [70]. And, in Europe, STRE is below [80] and it barely trades at all.

但 STRD 和 STRK 仍在大約 [70] 的水準交易。而在歐洲，STRE 低於 [80]，而且幾乎沒有成交。

What are your plans for these other prefs that aren't trading back to face value? And, for the one in Europe, are you planning to push to get it up-listed to a major exchange?

對於這些尚未回到面值交易的其他優先股，你們有什麼計畫？另外，針對歐洲那一檔，你們是否打算推動其升級上市到主要交易所？

We'd like them all to trade strong. The focus, right now, is getting Stretch back to par. I think we're close to that.

我們希望它們全部都能強勢交易。目前的重點是讓 Stretch 回到平價（par）。我認為我們已經接近了。

By the way, once it gets to par -- and, maybe, to add to my answer to Khing's question -- I think that will create a lot of confidence in the instrument, when they see something that dislocated and came back to par within four months and actually shows the resilience of the instrument on a go-forward basis.

順帶一提，一旦它回到平價——也許也補充我對 Khing 問題的回答——我認為這會讓市場對這個工具建立很大的信心，因為他們會看到一個曾經脫離（價格）而在四個月內回到平價的產品，並且實際展現出該工具在未來的韌性。

The other thing is, I do think the calendar-day daily dividends will help, right? We've been told by some large institutions that want to invest large pools of capital that are currently undeployed, where they might put it into a T-bill, earning 400 basis points; and they can put it into something like this and earn 12%.

另外一點是，我確實認為按日曆日計算的每日股利會有幫助，對吧？我們被一些大型機構告知，他們想投資目前尚未部署的大筆資金；他們可能會把資金放在國庫券（T-bill）上賺 400 個基點，而他們也可以放到像這樣的產品上賺 12%。

I think all of those types of things will grow Stretch. So that's priority number 1: get Stretch to par, grow Stretch so that we can buy Bitcoin, amplify the stock, and accrete the common. That's priority 1.

我認為這些因素都會推動 Stretch 成長。所以第一優先事項是：讓 Stretch 回到平價、擴大 Stretch，這樣我們就能買比特幣、放大股票表現，並增加普通股的價值累積。這是第一優先。

I do think, as that happens, the stock goes up; and as Bitcoin starts to grow again, that the other instruments that you're talking about, Stride, Strike, will start to grow. Stream will start to grow, right? Those are ones that are more sensitive to Bitcoin price. Stretch is less sensitive to Bitcoin price.

我確實認為，隨著這些發生，股價會上升；而當比特幣再次開始成長時，你提到的其他工具——Stride、Strike——也會開始成長。Stream 也會開始成長，對吧？那些產品對比特幣價格更敏感。Stretch 對比特幣價格的敏感度較低。

We're not dismissing those products. We're focusing on Stretch. And then, those other instruments will start to grow over time.

我們並沒有否定那些產品。我們正把重心放在 Stretch。然後，其他工具會隨時間逐步成長。

And we have -- when you think about our buyback capability, it's not just limited to Stretch, right? We could consider, if the price stays dislocated on those, looking at those two.

而且當你想到我們的回購能力時，它不只限於 Stretch，對吧？如果那些產品的價格仍然脫離基本面，我們也可以考慮針對那兩檔進行評估。

And then, Stream is the Euro-listed one, is a little bit of a challenge, right, because it's currently on an unregulated exchange in Europe, which means that it can't trade with retail.

另外，Stream 是在歐洲上市的那一檔，確實有點挑戰，對吧，因為它目前在歐洲一個未受監管的交易所上市，這意味著它不能與零售投資人交易。

And so we need to find a way to improve and correct that product over time. So we haven't forgotten about it. But the European regulatory environment, as many probably know in the capital markets, is not nearly as easy to work with as the US regulatory environment.

因此我們需要找到方法，隨時間推進去改善並修正那個產品。所以我們沒有忘記它。但如資本市場許多人所知，歐洲的監管環境遠不如美國的監管環境那麼容易運作。

I think that there's one other point worth making, Alex, which is, all of those instruments dislocated when STRC dislocated. So they all recovered to a pretty similar level. I think they were all up, like, about 30%.

Alex，我覺得還有一點值得一提：當 STRC 脫離（價格）時，所有那些工具也都跟著脫離。所以它們都回升到相當類似的水準。我想它們都上漲了大約 30%。

So the recovery of STRC, actually, was correlated or led -- or it either dragged or it was comparable to the recovery of Strife, Stride, and Strike, when it happened. So they all benefited from what we're doing.

因此，STRC 的回升其實是相關的，或是帶動——或者說，它要嘛拖著走、要嘛與 Strife、Stride、Strike 的回升幅度相當，當時就是如此。所以它們都受益於我們正在做的事情。

Right now, our focus is, make sure that STRC trades well. But then, to Phong's point, we think we're entering in a new regime. So, once we get into a stable point of equilibrium and then, we migrate them all to daily dividends, then, I think that people will probably start to give all the other credit instruments a look or more of a look.

目前我們的重點是確保 STRC 交易表現良好。但接著，如 Phong 所說，我們認為我們正在進入一個新的體制。所以，一旦我們進入穩定的均衡狀態，然後把它們全部轉為每日股利，我認為人們可能就會開始重新審視、或更認真地審視其他所有信用工具。

And we're optimistic about their future. They do all represent optionality for us. And, also, they all represent a good tokenizing opportunity for us.

我們對它們的未來感到樂觀。它們確實都代表我們的選擇權價值（optionality）。而且，它們也都代表我們一個很好的代幣化（tokenizing）機會。

And so, as they get tokenized and as the market becomes more fluid, we think that they could appreciate in value.

因此，隨著它們被代幣化、以及市場變得更具流動性，我們認為它們的價值可能會上升。

Awesome. Thank you, Phong. Thank you, Michael.

太棒了。謝謝你，Phong。謝謝你，Michael。

Thank you, Alex.

謝謝你，Alex。

Next, I'd like to invite Pete Christiansen, Director of Digital Assets and FinTech Services Research at Citi.

接下來，我想邀請花旗（Citi）數位資產與金融科技服務研究主管 Pete Christiansen。

Thank you. Good evening. Great to be on the call again.

謝謝。晚安。很高興再次參與這通電話會議。

Michael, question is, as a business scales further, you are not just allocating capital into Bitcoin but you are also increasingly creating new financial claims against Bitcoin.

Michael，我的問題是：隨著業務進一步擴張，你不只是把資本配置到比特幣，你也愈來愈多地創造以比特幣為基礎的新金融請求權。

I am just curious: How do you think about the risk that the Strategy success accelerates the financialization of Bitcoin itself, introducing leverage, duration, counter-party exposure into an asset that historically has derived much of its appeal from having none of these characteristics?

我只是好奇：你如何看待這樣的風險——也就是 Strategy 的成功會加速比特幣本身的金融化，把槓桿、存續期間（duration）、交易對手曝險引入一個歷來因為不具備這些特性而吸引人的資產？

I am just curious -- your views there.

我只是想了解——你對此的看法。

I think I read an analysis on institutional adoption of Bitcoin. And it was like 12.2% or 12% or something between the Bitcoin Treasury companies and the ETF issuers.

我想我讀過一份關於比特幣機構採用的分析。大概是 12.2% 或 12% 左右，涵蓋比特幣財庫公司以及 ETF 發行人。

And, if you roll the clock back about five years, it was, like, 3% or 4%. So institutional adoption has moved from, like, 3% -- marched up to 12%. But that means 88% of this is still either retail or native crypto.

如果把時間往回推大約五年，當時大概是 3% 或 4%。所以機構採用率從大約 3% 一路上升到 12%。但這也意味著其中 88% 仍然是零售或原生加密圈。

I think it is de-risking the industry to go toward greater institutional adoption because that legitimizes the asset. It is a good thing for the asset that BlackRock holds some of it.

我認為，朝向更高的機構採用是在為產業去風險（de-risking），因為那會使該資產正當化。BlackRock 持有其中一部分，對這個資產是好事。

And every time an institution becomes engaged, whether it is Morgan Stanley or Wells Fargo or Charles Schwab; or anytime there is a company like ours, I think that de-risks the asset because those institutions are all regulated, compliant, public, audited. They represent hundreds of millions of beneficiaries, right, rippling through every institution in the world.

而且每當有一家機構參與，不論是 Morgan Stanley、Wells Fargo 或 Charles Schwab；或任何像我們這樣的公司，我都認為這是在為該資產去風險，因為那些機構都是受監管、合規、上市、經審計的。它們代表數以億計的受益人，對吧，影響會擴散到全球每一家機構。

So the way I look at it is, if 95% of the asset was retail, not in institutions, then you do not have a lot of strong institutional benefactors and patrons.

所以我的看法是，如果 95% 的資產都在零售手上、不在機構裡，那你就不會有很多強而有力的機構受益者與支持者。

And, of course, it is the institutions that represent Bitcoin in Washington, DC. And they represent it in Brussels.

當然，正是在華盛頓特區代表比特幣的是各類機構。而在布魯塞爾代表它的也是這些機構。

And it is the institutions that actually solve the legal issues, the accounting issues.

而且，真正解決法律問題、會計問題的，也是這些機構。

It is the institutions that finance the more difficult development. And the institutions are financing all the security issues.

為更艱難的開發提供資金的，是機構。而機構也在為所有安全相關問題提供資金。

It is the institutions that have access to the frontier models. And they can actually do cybersecurity checks with the frontier models, right?

能夠取得前沿模型的，是機構。而且他們確實可以用前沿模型來做資安檢查，對吧？

So, I think, actually, it is a good thing, right, for institutional growth to progress. So I do not see it representing a risk at all. If anything, it is expanding the capital in the ecosystem. It is creating a constant bid.

所以我認為，實際上，機構成長的推進是一件好事，對吧？因此我完全不覺得這代表任何風險。如果說有什麼影響，那就是它在擴大生態系中的資本。它在創造持續性的買盤。

By the way, it is damping vol. The volatility of the asset was about 80%, 85%, when we got into this industry in 2020. And institutional adoption was 4%. And, today, the volatility is 40%. And institutional adoption is 12%.

順帶一提，它正在抑制波動率。我們在 2020 年進入這個產業時，該資產的波動率大約是 80%、85%。而機構採用率是 4%。而今天，波動率是 40%。機構採用率是 12%。

And it does not take a rocket scientist to figure out --how do you damp volatility. Well, one way you damp volatility is, there is an entire options market that formed on IBIT -- like, a $30 billion options market. So if you want to go and damp the volatility, and sell the volatility, and strip the upside, and then, strip the downside, then you need mature derivatives markets.

而且不需要火箭科學家也能想明白——要怎麼抑制波動率。嗯，抑制波動率的一種方式是：在 IBIT 上形成了一個完整的期權市場——像是一個 300 億美元的期權市場。所以如果你想去抑制波動率、賣出波動率、剝離上行，然後再剝離下行，那你就需要成熟的衍生品市場。

The mature derivatives markets only exist -- they exist because Coinbase is bringing the crypto derivatives market to the US as an advocate. They bought Deribit. They exist because BlackRock advocated for IBIT. And then, all of the derivatives on top of IBIT only exist because of BlackRock. And they exist because MSTR created a very large regulated derivatives market in MSTR stocks and its equity.

成熟的衍生品市場只會存在——它之所以存在，是因為 Coinbase 作為倡議者，正把加密衍生品市場帶到美國。他們收購了 Deribit。它之所以存在，是因為 BlackRock 為 IBIT 進行倡議。而且，建立在 IBIT 之上的所有衍生品之所以存在，也都是因為 BlackRock。它之所以存在，是因為 MSTR 在 MSTR 股票及其股權上創造了一個非常龐大、受監管的衍生品市場。

So I think that the institutional actors, both the funds -- really, there's three. There's, like, 100 funds that are very important actors.

所以我認為機構參與者——包括基金——其實主要有三類。有大概 100 檔基金是非常重要的參與者。

There's Bitcoin Treasury companies -- 100 of us but, especially, a dozen are very active, that are important actors. And then, there are all the digital exchanges, right? And the more digital exchanges that -- if Schwab trades Bitcoin, that's good for Bitcoin. If Coinbase gets bigger, that's good for Bitcoin, right?

還有比特幣金庫公司——我們大概有 100 家，但尤其有十幾家非常活躍，是重要的參與者。然後，還有所有的數位交易所，對吧？而且數位交易所越多——如果 Schwab 交易比特幣，這對比特幣是好事。如果 Coinbase 變得更大，這對比特幣也是好事，對吧？

What you want is lots of big, regulated public companies in every market, right? You want them in Japan. You want them in Europe. You want banks, exchanges, brokers, corporations, and funds -- all of them -- to be handling the asset.

你想要的是在每個市場都有很多大型、受監管的上市公司，對吧？你希望日本有。你希望歐洲有。你希望銀行、交易所、券商、企業與基金——所有這些——都在處理這項資產。

They all solve a different problem. They create legitimacy. They solve the compliance issue.

它們各自解決不同的問題。它們創造正當性。它們解決合規問題。

I'm an investor. And I live in the UK. And I have money in a retirement account. And the only way to buy Bitcoin is by buying micro-Strategy stock in the year 2020 because that's literally the only legal, practical way to do it, right?

我是投資人。我住在英國。我在退休帳戶裡有錢。而在 2020 年，購買比特幣的唯一方式就是買 micro-Strategy 的股票，因為那真的是唯一合法、可行的方式，對吧？

So we're all creating bridges to Bitcoin in a very complicated world, where there's a lot of capital that's stranded. And we're solving problems like the accounting problem.

所以我們都在一個非常複雜的世界裡為比特幣搭橋，因為有大量資本被困住。而我們正在解決像會計問題這樣的難題。

There's so many different issues that have to be solved. And no one company can do it all. But a retail investor normally struggles to solve these problems. And so I think the asset class is growing up. And it's a good thing.

必須解決的議題太多了。而沒有任何一家公司能包辦一切。但一般散戶投資人往往很難自己解決這些問題。所以我認為這個資產類別正在成熟。而這是一件好事。

And what it means is the vol will fall. The capital and liquidity will increase. The price will go up. The size of the industry will go up. And the number of beneficiaries will expand. And the number of companies that participate will expand. And the products and services will expand.

而這意味著波動率會下降。資本與流動性會增加。價格會上升。產業規模會擴大。受益者的數量會增加。參與的公司數量會增加。產品與服務也會擴張。

And those are all good things. That's what you want. It's like saying, well, in the electricity business, I'm really concerned, Mr. Edison, that other companies also want to create electric motors or use electricity; or, I'm really concerned, Mr. Rockefeller, that other people want to actually build petrochemical products that use oil. Doesn't that bother you? We only want retail people to have barrels of oil in their backyard.

而這些全都是好事。這正是你想要的。這就像有人說：嗯，在電力產業裡，我真的很擔心，愛迪生先生，其他公司也想製造電動馬達或使用電力；或者我真的很擔心，洛克斐勒先生，其他人也想打造使用石油的石化產品。這不會讓你困擾嗎？我們只希望散戶在自家後院放幾桶油。

And, of course, no industry is going to grow, until you have thousands of companies that are doing very intricate things to add value to the base product.

而且，當然，任何產業在成長之前，都必須先有成千上萬家公司做非常精細複雜的事情，為基礎產品增加價值。

The base product is Bitcoin. And it's like oil got financialized, electricity got financialized, and Bitcoin's getting financialized. And it's not a bad thing. It's a good thing, right? And it'll turn out to be a great thing. So, yeah, I look forward to that.

基礎產品就是比特幣。就像石油被金融化、電力被金融化一樣，比特幣也正在被金融化。而這不是壞事。這是好事，對吧？而且最後會證明這是一件非常棒的事。所以，是的，我很期待。

Thanks so much. Very thoughtful.

非常感謝。很有深度。

Thank you, Pete.

謝謝你，Pete。

For the last question, I'd like to invite Scott Melker, also known as The Wolf of All Streets.

最後一個問題，我想邀請 Scott Melker，也就是「The Wolf of All Streets」。

Thank you. Thanks, CJ. Thank you, everybody.

謝謝。謝謝你，CJ。謝謝大家。

Michael, you made a very compelling case earlier for 24/7 global, programmable instant settlement on MSTR, STRC via tokenization. But in your own slide that presented that, it basically said these tokens are issued by third parties and not by Strategy.

Michael，你先前提出了一個非常有說服力的論點：透過代幣化，讓 MSTR、STRC 能夠實現 24/7 全球、可程式化的即時結算。但在你展示那點的投影片裡，基本上寫的是：這些代幣是由第三方發行，而不是由 Strategy 發行。

So there is also an irony, obviously, which is that, effectively, none of these products, right now, are even available to Americans. They are generally only available offshore.

所以這裡顯然也有一種諷刺：也就是說，實際上，這些產品目前甚至都不對美國人開放，對吧？它們通常只在離岸市場提供。

And they do not actually pay the cash dividend, like STRC does. They generally rebase or reinvest in the underlying asset.

而且它們並不會像 STRC 那樣實際支付現金股息。它們通常是以再基準（rebase）或再投資於標的資產的方式運作。

And, to continue on, today, it is being reported that Nasdaq is actually urging companies not to participate in tokenization.

另外，今天有報導指出，納斯達克其實正在敦促公司不要參與代幣化。

So, with all that in mind and knowing that we have a constant pendulum swing of a regulatory environment, do you have plans for Strategy to issue its own tokenized MSTR and preferreds on-chain open to US investors, with dividends paid on-chain? And, if so, what would allow you to do that and when?

所以，綜合以上並且考量到監管環境總是在擺盪，你是否有計畫讓 Strategy 發行自家的鏈上代幣化 MSTR 與優先股，並對美國投資人開放，且股息在鏈上支付？如果有，你需要什麼條件才能做到？以及何時會做？

Well, it's an evolving industry. And I would say we're year 1 or somewhere between year 0 and year 1, especially in the US.

嗯，這是一個正在演進的產業。我會說我們現在是第 1 年，或介於第 0 年到第 1 年之間，尤其是在美國。

And we want to do everything we possibly can to support the industry. So we have been active participants in the offshore tokenization world, supporting companies like APYX and Saturn; and cheering them on; and enthusiastically watching what's happening there.

而我們希望盡一切可能來支持這個產業。所以我們一直是離岸代幣化世界的積極參與者，支持像 APYX 和 Saturn 這樣的公司；為他們加油；並且熱切地關注那裡正在發生的事情。

In the US, that's an evolving situation, where the protocols are evolving, the platforms are evolving, the compliance rules are evolving. It's not clear to me that every issue's been settled, right, as you rightly perceive.

在美國，這是一個正在演進的局面：協議在演進、平台在演進、合規規則也在演進。正如你所正確察覺的那樣，我不確定每一個問題是否都已經塵埃落定，對吧？

So our view is there probably isn't a single path. There's not, like, a single token standard. There are going to be ecosystems that build on BNB, on Ethereum, on Solana, on various open chains like that.

所以我們的看法是，可能不會只有一條單一路徑。也不會只有一種單一的代幣標準。將會有一些生態系在 BNB、以太坊、Solana，以及各種像那樣的開放鏈上建立。

There are going to be systems that probably evolve around more proprietary networks, or closed networks, or compliant networks. And there'll be flavors of compliance that'll have more KYC and less flexibility.

也會有一些系統，可能會圍繞更具專有性的網路、封閉式網路或合規網路而演進。而且會有不同層次的合規模式：KYC 更多、彈性更少。

And there'll probably be some walled-garden token systems where you can tokenize it but you can't take custody of it and you can't move it outside of the system.

也可能會出現一些「圍牆花園」式的代幣系統：你可以把它代幣化，但你不能自行保管，也不能把它移出系統之外。

My view, of course, is that the promise of tokenization is creating a free market in credit, in custody, in collaboration, in composition (inaudible) -- a completely free market.

當然，我的看法是，代幣化的承諾在於：在信貸、託管、協作、組合（聽不清）方面創造一個自由市場——一個完全自由的市場。

But you and I both know not everyone shares the same view of the benefits of a free market and where they draw the line on constraints.

但你我都知道，並不是每個人都認同自由市場的好處，也不是每個人對限制應該劃在哪裡有相同看法。

I think the short of it is, you're going to have institutions like us, like BlackRock. Larry Fink's been a major advocate for tokenization. Like, he's literally been giving speeches every yea for -- he's been on the forefront of this.

我想簡而言之，你會看到像我們、像貝萊德（BlackRock）這樣的機構。Larry Fink 一直是代幣化的重要倡議者。他幾乎每年都在發表演說——他一直站在這件事的最前線。

There are going to be institutions like us and BlackRock. And we're going to be advocating for the most powerful, progressive tokenization rules on a global basis -- and especially in the US.

會有像我們和貝萊德這樣的機構。我們將在全球範圍內——尤其是在美國——倡議最有力、最進步的代幣化規則。

I think that there's not going to be one particular platform or one particular approach. We're going to work with everybody as best we can. And then, I think the market is going to pick a set of approaches it likes. But it will be a hybrid process, where it'll be a dialogue or a dance between the regulators.

我認為不會只有某一個特定平台或某一種特定做法。我們會盡可能與所有人合作。然後我想市場會選擇一組它喜歡的方法。但這將是一個混合式的過程，會是與監管機構之間的對話或共舞。

And you'll see TradFi -- there's a TradFi view, which is more conservative. There is a digital-assets view, which is more progressive. There are going to be progressive regulators in certain jurisdictions. And there are going to be less progressive or regressive regulators in other jurisdictions.

你也會看到傳統金融（TradFi）——有一種 TradFi 的觀點，比較保守。也有一種數位資產的觀點，比較進步。在某些司法管轄區會有較進步的監管者。而在其他司法管轄區則會有較不進步、甚至倒退的監管者。

We're going to be enthusiastically working to polish our securities or to structure our securities to make them the best products we can possibly create.

我們會非常積極地努力打磨我們的證券，或重新設計我們的證券結構，讓它們成為我們所能打造的最佳產品。

I can't tell you what digital-assets initiatives we'll take now before we take them. But I think you can be sure that we're studying the entire market in every way.

在我們採取行動之前，我無法告訴你我們現在會推動哪些數位資產計畫。但我想你可以確定的是，我們正以各種方式研究整個市場。

And we're asking the question: What do we need to do? What securities do we need to create that are optimal to be tokenized? Can we change existing securities to make them better for being tokenized? How can we support digital exchanges and innovators?

而且我們在問：我們需要做什麼？我們需要創造哪些最適合代幣化的證券？我們能否改造既有證券，讓它們更適合代幣化？我們要如何支持數位交易所與創新者？

There's a whole industry of innovators, right? There are the people that are [tranching] risk, the people that are creating tokens, the people that are trading them. There are the exchanges. There are the custodians.

有一整個創新者產業，對吧？有人在做風險分層（tranching），有人在創造代幣，有人在交易它們。有交易所。有託管機構。

We're talking to all of them. And we're trying to figure out how we can best be constructive and supportive in a responsible fashion.

我們正在和他們所有人對話。我們也在試著找出，如何以負責任的方式，最具建設性、最能提供支持。

If I knew the answer, I would give it to you. But I think that, as soon as we have concrete offerings for US investors, you'll find out from us.

如果我知道答案，我就會告訴你。但我想，一旦我們為美國投資人推出具體的產品，你就會從我們這裡得知。

And, meanwhile, this is one of those things where you grind the AI really hard and you have to find what's the right legal solution, the right compliance solution, the right practical solution, and the right economic solution.

同時，這也是那種你得把 AI 用力「磨」的事情：你必須找出正確的法律解決方案、正確的合規解決方案、正確的實務解決方案，以及正確的經濟解決方案。

And then, you have to figure out how to do it without fragmenting liquidity or creating fragility or new types of risk, right, or layered risk. And that makes it complicated.

然後，你還得想辦法在不切割流動性、或不製造脆弱性、或不創造新的風險類型（對吧），或層疊風險的情況下把它做成。這就讓事情變得複雜。

So we're enthusiastic and we're optimistic. But I really think the elephant in the room here, clearly, is that the US capital markets have not converged on a tokenizing standard and a set of norms yet. And the market participants are all working their way through that.

所以我們很有熱情，也很樂觀。但我真的認為，這裡房間裡那頭大象很明顯是：美國資本市場尚未就代幣化標準與一套規範達成一致。而所有市場參與者都正在摸索、推進這件事。

But I would also say, the next 12 months, I think we'll probably see a set of standards evolve, and a framework, and a structure. And, when it happens, it'll happen pretty quickly.

但我也會說，接下來 12 個月，我想我們可能會看到一套標準、一個框架與一種結構逐步形成。而且一旦發生，就會進展得相當快。

Thank you.

謝謝。

Thank you, Scott. That concludes the Q&A.

謝謝你，Scott。問答環節到此結束。

I'd like to thank all the guests for the questions and all the attendees for joining in live. I believe we had over 50,000 people across various livestreams.

我要感謝所有來賓提出的問題，也感謝所有與會者即時參與。我相信我們在各個直播平台合計有超過 50,000 人收看。

I'll now turn the call over to Phong for any closing remarks.

接下來我把電話會議交給 Phong，請他做結語。

Thank you, CJ. Thank you to the guests who joined us today with your thoughtful questions.

謝謝你，CJ。也謝謝今天加入我們、提出深思熟慮問題的各位來賓。

Thank you, Andrew, for your service to the company over the last 4.5 years. And thank you to everyone that joined us this evening for our Q3 earnings call.

謝謝 Andrew 在過去 4.5 年對公司的貢獻與服務。也謝謝今晚參與我們第三季（Q3）財報電話會議的每一位。

I look forward to seeing everybody, again, in about three months. And take care.

期待大約三個月後再次見到大家。也請各位保重。