SharpLink Gaming Inc (SBET) 2025 Q2 法說會逐字稿

Good morning, everyone, and thank you for participating in today's conference call to discuss SharpLink's Q2 2025 financial and operating results. By now, everyone should have access to the second-quarter 2025 earnings press release, which was issued yesterday afternoon at approximately 4:05 PM Eastern Time.

大家早安，感謝您參加今天的電話會議，討論 SharpLink 2025 年第二季的財務和營運業績。現在，每個人都應該可以看到 2025 年第二季收益新聞稿，該新聞稿於昨天下午東部時間下午 4 點左右發布。

The release is available in the Investor Relations section of SharpLink's website. This call will also be available for webcast replay on the company's website. Following management's remarks, we'll open up the call for Q&A.

新聞稿可在 SharpLink 網站的投資者關係部分查閱。此次電話會議也將在公司網站上進行網路直播重播。在管理階層發言之後，我們將開始問答環節。

I will now turn the call over to SharpLinx's Vice President of Corporate Communications, Dodi Handy, for introductory comments.

現在，我將把電話轉給 SharpLinx 公司企業傳播副總裁 Dodi Handy，請他做開場演講。

Well, thank you, operator. Please see SharpLink's filings with the SEC and the earnings press release this morning, which lists some of the factors that may cause the results of SharpLink to differ materially from what we say today and which identify some of the risks and uncertainties that could affect our business, prospects, and future results.

好的，謝謝您，接線生。請參閱 SharpLink 向美國證券交易委員會提交的文件和今天上午的收益新聞稿，其中列出了一些可能導致 SharpLink 的結果與我們今天所說的大不相同的因素，並確定了一些可能影響我們的業務、前景和未來結果的風險和不確定性。

SharpLink assumes no duty and does not undertake to update any forward-looking statements made by us during this call. This call is based only on information currently available to us and speaks only as of the date when it is made.

SharpLink 不承擔任何義務，也不承諾更新我們在本次電話會議中所做的任何前瞻性陳述。這項呼籲僅基於我們目前掌握的信息，並且僅代表呼籲之日的觀點。

In addition, we may be discussing or providing certain metrics today such as ETH concentration that are not GAAP metrics. Please see our earnings press release and SEC filings for further information regarding these metrics.

此外，我們今天可能會討論或提供某些非 GAAP 指標（例如 ETH 濃度）。有關這些指標的更多信息，請參閱我們的收益新聞稿和 SEC 文件。

To set the agenda for today's call, we're going to begin with SharpLink's Chairman, Co-Founder of Ethereum, and Founder and CEO of ConsenSys, Joseph Lubin, who will outline the company's mission, vision for Ethereum's role in the future of global finance and the macro trends driving SharpLink's strategy.

為了確定今天電話會議的議程，我們首先請 SharpLink 董事長、以太坊聯合創始人、ConsenSys 創始人兼首席執行官 Joseph Lubin 概述公司的使命、以太坊在未來全球金融中的作用願景以及推動 SharpLink 戰略的宏觀趨勢。

Next, Co-Chief Executive Officer, Joseph Chalom; will discuss SharpLink's ETH treasury strategy in detail, including how the company will scale its ETH holdings, activate ETH to generate yield, and leverage capital markets to accelerate growth and drive stockholder value.

接下來，聯合執行長 Joseph Chalom 將詳細討論 SharpLink 的 ETH 財務策略，包括公司如何擴大其 ETH 持有量、激活 ETH 以產生收益以及如何利用資本市場來加速成長並推動股東價值。

Mr. Chalom will be followed by our Co-Founder and Co-Chief Executive Officer, Rob Phythian, who will provide an update on SharpLink's Affiliate Marketing business. And then finally, Chief Financial Officer, Robert DeLucia, will review the second-quarter 2025 financial results and key performance metrics related to SharpLink's ETH treasury.

Chalom 先生之後，我們的共同創辦人兼聯合執行長 Rob Phythian 將介紹 SharpLink 的聯盟行銷業務的最新進展。最後，財務長 Robert DeLucia 將回顧與 SharpLink 的 ETH 資金相關的 2025 年第二季財務表現和關鍵績效指標。

I would now like to turn the call over to SharpLink's Chairman of the Board, Joseph Lubin. Here you go, Joe.

現在我想將電話轉給 SharpLink 董事會主席 Joseph Lubin。給你，喬。

Thank you, Dodi, and good morning, everyone. Today marks the start of a new chapter for SharpLink. Our first earnings call as a company fully aligned around a single powerful mission: to become the world's largest and most trusted Ethereum treasury company.

謝謝你，多迪，大家早安。今天標誌著 SharpLink 新篇章的開始。我們作為一家公司的首次財報電話會議完全圍繞著一個強大的使命：成為世界上最大和最值得信賴的以太坊財務公司。

This earnings call represents the very first opportunity for SharpLink's leadership to talk with our fellow shareholders since launching this exciting new journey together just a few months ago. I'd like to share a brief introduction on myself and provide a look back at Ethereum's origin story.

這次財報電話會議是 SharpLink 領導層自幾個月前共同開啟這一激動人心的新旅程以來第一次與股東交談的機會。我想簡單介紹一下我自己，回顧一下以太坊的起源故事。

In 2014, as part of an extraordinary group of people who co-founded Ethereum, Bitcoin was around five years old and starting to show signs of anti-fragility and staying power. And Ethereum's big idea was to create a single blockchain that could power all kinds of different assets at the same time.

2014 年，身為以太坊聯合創始人之一，比特幣誕生已有五年，並開始展現出抗脆弱性和持久力的跡象。以太坊的偉大想法是創建一個可以同時為各種不同資產提供支援的單一區塊鏈。

If you could have all kinds of different assets on the same blockchain, then maybe they could interact. You could write programs, we call them smart contracts, to control that interaction and put those on the blockchain, too. The vision was that the Bitcoin was the world's first digital asset, Ethereum would be the world's first digital economy. And that evolution has played out pretty much as we envisioned.

如果你可以在同一個區塊鏈上擁有各種不同的資產，那麼它們也許可以相互作用。您可以編寫程式（我們稱之為智能合約）來控制這種互動並將其放在區塊鏈上。願景是，比特幣將成為世界上第一個數位資產，以太坊將成為世界上第一個數位經濟體。這種演變基本上符合我們的設想。

Before Ethereum launched, I founded ConsenSys AG and later ConsenSys Software Inc. to be a commercial counterpart to the non-profit Ethereum Foundation. ConsenSys introduced products like MetaMask, which is now the most popular crypto wallet in the world; and Infura, which is the most popular way for developers to access Ethereum and other blockchains.

在以太坊推出之前，我創立了 ConsenSys AG，後來又創立了 ConsenSys Software Inc.，作為非營利以太坊基金會的商業對應機構。ConsenSys 推出了 MetaMask 等產品，它現在是世界上最受歡迎的加密錢包；以及 Infura，這是開發人員訪問以太坊和其他區塊鏈的最受歡迎方式。

ConsenSys has been a major builder and operator of the Ethereum protocol since the early days. We catalyzed global adoption of Ethereum, incubated and invested in hundreds of Ethereum native start-ups, and helped pioneer new technologies like staking, smart contracts, and zero-knowledge proofs that are scaling Ethereum today.

ConsenSys 自早期以來一直是以太坊協議的主要建造者和營運商。我們催化了以太坊的全球採用，孵化並投資了數百家以太坊原生新創企業，並幫助開拓了諸如權益證明、智能合約和零知識證明等正在擴展以太坊規模的新技術。

On July 30, just two weeks ago, I marked the 10th anniversary of Ethereum launch by ringing the Nasdaq closing bell with my friend, Dankrad Feist, the Protocol Architecture Co-Lead from the Ethereum Foundation; as part of the global celebration of the network and ecosystem that took place around the world.

就在兩週前的 7 月 30 日，我和我的朋友、以太坊基金會協議架構聯合負責人 Dankrad Feist 一起敲響了納斯達克收盤鐘，慶祝以太坊發布十週年；這是在世界各地舉行的網絡和生態系統全球慶祝活動的一部分。

Nasdaq shared with us that this was the largest activation of the year for them, and I'm not surprised. This is another data point indicating that traditional finance is onboarding to decentralized finance.

納斯達克告訴我們，這是他們今年最大的一次激活，我並不感到驚訝。這是另一個數據點，顯示傳統金融正在轉向去中心化金融。

Today, Ethereum secures hundreds of billions of dollars in digital assets, processes trillions of dollars of transactions each year, and is home to products from Wall Street titans like BlackRock, Fidelity, Apollo, Franklin Templeton, JPMorgan and many others. What began in 2015 as a bold vision for decentralized computation has grown into the foundation of a multitrillion-dollar opportunity spanning DeFI, stablecoins, tokenized assets, and more.

如今，以太坊保護著數千億美元的數位資產，每年處理數兆美元的交易，並且是貝萊德、富達、阿波羅、富蘭克林鄧普頓、摩根大通等華爾街巨頭產品的所在地。2015 年，我們開始了一個大膽的去中心化運算願景，如今，它已發展成為涵蓋 DeFI、穩定幣、代幣化資產等數萬億美元商機的基礎。

From bootstrapping a small developer community to powering trillions in economic activity, Ethereum's growth has been exponential for a decade, and we're still just getting started. For those who are unfamiliar, Ethereum is the technology platform that sits underneath most of the stablecoins and other digital assets in the world and gives them the ability to do what they do.

從引導一個小型開發者社群到推動數兆美元的經濟活動，以太坊十年來一直呈指數級增長，而我們才剛起步。對於那些不熟悉的人來說，以太坊是世界上大多數穩定幣和其他數位資產的技術平台，它賦予它們執行其功能的能力。

So the fact that they settle in real-time, the fact that they're borderless, the fact that they're programmable; all the things that make digital assets great, that comes from Ethereum. It's a decentralized technology like the Internet that acts like a public utility and does that so well that it's become what CNBC calls, Wall Street's invisible backbone.

因此，它們即時結算、無邊界、可編程；所有讓數位資產變得偉大的東西，都來自於以太坊。它是一種像互聯網一樣的去中心化技術，其功能類似於公共事業，並且運作良好，以至於它成為了 CNBC 所說的華爾街的隱形支柱。

The beating heart of all this activity is a revolutionary decentralized trust system called Proof-of-Stake that allows Ethereum to secure and validate all these different transactions. And at the heart of Proof-of-Stake is Ether or ETH, the native digital asset of Ethereum.

所有這些活動的核心是一種革命性的去中心化信任系統，稱為權益證明，它允許以太坊保護和驗證所有這些不同的交易。權益證明的核心是以太坊的原生數位資產 Ether 或 ETH。

ETH is an extraordinary asset. It's an excellent store value, it has been deflationary at multiple points in time. When staked, it earns a productive real yield of approximately 3%. And it's also a growth asset. Historically, ETH market cap has grown by about $1 for every $2 of high-quality liquid assets secured on a Ethereum Layer 1 and Layer 2s.

ETH 是一項非凡的資產。它具有極佳的儲存價值，在多個時間點都出現通貨緊縮。當進行質押時，它可獲得約 3% 的實際收益。這也是一種成長資產。從歷史上看，以太坊第 1 層和第 2 層上每擔保 2 美元的優質流動資產，ETH 的市值就會增長約 1 美元。

ETH macro opportunity is real, and we believe it's still very early in its life cycle. For perspective, stablecoins today have a total market cap of around $240 billion, with the US Treasury Secretary, Scott Bessent, recently stating that $2 trillion is a very, very reasonable market cap for dollar-backed stablecoins by 2028, and he could see it greatly exceeding that.

ETH 宏觀機會是真實存在的，我們相信它還處於生命週期的早期階段。從這個角度來看，目前穩定幣的總市值約為 2,400 億美元，美國財政部長 Scott Bessent 最近表示，到 2028 年，2 兆美元對於美元支持的穩定幣來說是一個非常合理的市值，而且他可能會看到它大大超過這個數字。

Tokenized security is around $25 billion today, but are projected by Boston Consulting Group and others to reach up to $16 trillion by 2030, We believe SharpLink's ETH treasury strategy positions us at the center of this multitrillion-dollar shift, giving our stockholders exposure to one of the most disruptive trends in capital markets history.

目前代幣化證券的價值約為 250 億美元，但波士頓顧問集團和其他公司預測，到 2030 年價值將達到 16 兆美元，我們相信 SharpLink 的 ETH 資金策略使我們處於這一數萬億美元轉變的中心，讓我們的股東接觸到資本市場歷史上最具顛覆性的趨勢之一。

This is a structural opportunity on the same scale as the Bretton Woods Accord and Nixon's closing of the gold window in 1971, which laid the foundation for decades of falling US treasury rates and rising bond prices. We're on the same scale as that of Japan's boom and bust in the '80s and '90s, which set up three decades of low interest rate yen borrowing for [carry] trades.

這是一個與布雷頓森林協定和尼克森1971年關閉黃金窗口同等規模的結構性機遇，為數十年來美國國債利率下跌和債券價格上漲奠定了基礎。我們目前的規模與日本上世紀 80 年代和 90 年代的繁榮與蕭條時期相當，當時的日圓匯率為 30 年來的低利率借款（套利）交易奠定了基礎。

At this moment, we're positioned to benefit from a multi-decade progression towards a digitized and decentralized economy, a shift that has accelerated since the inception of Bitcoin and is now gaining meaningful institutional adoption and legislative support. This will put a persistent bid under digital assets like ETH and Bitcoin that are leading the drive to decentralization.

目前，我們正受益於數十年來向數位化和去中心化經濟邁進的進程，這一轉變自比特幣誕生以來一直在加速，目前正在獲得有意義的機構採用和立法支持。這將對引領去中心化進程的 ETH 和比特幣等數位資產產生持續的推動作用。

This macro shift from intermediated platforms to digital decentralized systems is powering what we believe will be one of the most significant capital market transformations in history. Legislators in the US are writing new rules for Web3, the re-decentralization of the World Wide Web. And Paul Atkins and Hester Peirce just initiated the SEC's Project Crypto to accelerate market structure in this direction.

我們認為，從中介平台到數位分散系統的宏觀轉變正在推動歷史上最重要的資本市場轉型之一。美國立法者正在為萬維網的重新去中心化——Web3 制定新規則。Paul Atkins 和 Hester Peirce 剛剛啟動了美國證券交易委員會的“加密計劃”，以加速市場結構朝著這個方向發展。

As investors recognize this dynamic and the paradigm shift that is underway, we're seeing a major surge in institutional interest and adoption. ETH is rapidly emerging as the core institutional, functional, and productive digital asset. And Ethereum as the emerging rails for institutions, asset issuers, builders, and even AI agents, with demand accelerating seemingly every day.

隨著投資者認識到這種動態和正在發生的範式轉變，我們看到機構興趣和採用率大幅增加。ETH 正在迅速崛起成為核心的機構性、功能性和生產性數位資產。以太坊作為機構、資產發行人、建造者甚至人工智慧代理商的新興軌道，其需求似乎每天都在增長。

To further discuss how SharpLink is uniquely positioned to capitalize on this generational market opportunity, I'd like to turn the call over to our newly appointed Co-Chief Executive Officer, Joseph Chalom. Joseph?

為了進一步討論 SharpLink 如何利用這一代際市場機遇，我想將電話轉給我們新任命的聯合執行長 Joseph Chalom。約瑟夫？

Thank you, Joe, and good morning, everyone. I joined SharpLink because I see a powerful opportunity to continue shaping the next generation of financial infrastructure. The world is changing and SharpLink, through its Ethereum treasury strategy and ecosystem activities, is positioned to lead that change.

謝謝你，喬，大家早安。我加入 SharpLink 是因為我看到了繼續塑造下一代金融基礎設施的強大機會。世界正在發生變化，SharpLink 透過其以太坊財務策略和生態系統活動，有望引領這項變化。

As Joe mentioned earlier, our mission is to become the world's largest and most trusted Ethereum treasury company. This is a company built on institutional-grade principles for one purpose: to unlock Ethereum's full potential and put it to work for investors. I'm thrilled to be part of it.

正如 Joe 之前提到的，我們的使命是成為全球最大、最值得信賴的以太坊財務公司。這是一家依照機構級原則建立的公司，目的只有一個：釋放以太坊的全部潛力，並讓其為投資者服務。我很高興能參與其中。

SharpLink's commitment to aligning its strategic direction with the Ethereum ecosystem reflects a bold and forward-looking vision, one that deeply resonates with my passion for digital assets and scaling innovative financial technologies. Prior to joining SharpLink, I spent nearly two decades at BlackRock, where I served in senior leadership roles, helping scale BlackRock's Aladdin portfolio and risk management system, one of the largest platforms for the entire buy-side community, and architecting BlackRock's digital asset efforts.

SharpLink 致力於將其策略方向與以太坊生態系統保持一致，這體現了一種大膽而前瞻性的願景，這與我對數位資產和擴展創新金融技術的熱情產生了深刻共鳴。在加入 SharpLink 之前，我在貝萊德工作了近二十年，擔任過高級領導職務，幫助擴展貝萊德的阿拉丁投資組合和風險管理系統（整個買方社區最大的平台之一），並設計了貝萊德的數位資產工作。

Over the last five years of my tenure at BlackRock, I focused on setting the strategy and executing BlackRock's digital asset efforts. I hope to bring institutional-grade crypto strategies to traditional finance and institutional investors.

在貝萊德任職的最後五年裡，我專注於制定策略和執行貝萊德的數位資產工作。我希望為傳統金融和機構投資者帶來機構級的加密策略。

This included several landmark product innovations, notably, the launch last January 2024 of the iShares Bitcoin Trust, IBIT, the world's largest spot Bitcoin ETF, with approximately $85 billion in assets; the launch last July 2024 of the iShares Ethereum Trust, ETHA, which is now the world's largest spot ETH ETF and manages approximately $14 billion in assets; and finally, the launch of BUIDL, the world's largest tokenized US treasury fund built on Ethereum.

其中包括幾項具有里程碑意義的產品創新，特別是於 2024 年 1 月推出 iShares 比特幣信託基金 (IBIT)，這是全球最大的現貨比特幣 ETF，管理約 850 億美元的資產；於 2024 年 7 月推出 iShares 以太坊信託基金 (ETHA)，這是目前全球最大的產品投資億美元的資產；最後，推出以以太坊為基礎的全球最大代幣化美國公債基金 BUIDL。

My overarching mission through these efforts was to bridge the world of traditional finance with a crypto ecosystem and its vibrant community. These efforts were built through deep collaboration with industry partners like Nasdaq, Coinbase, Securitize, Anchorage Digital, and others, who are building a robust ecosystem to support these innovative digital asset products.

透過這些努力，我的首要任務是將傳統金融世界與加密生態系統及其充滿活力的社群連結起來。這些努力是透過與納斯達克、Coinbase、Securitize、Anchorage Digital 等行業合作夥伴的深入合作實現的，他們正在建立一個強大的生態系統來支持這些創新的數位資產產品。

At SharpLink, my goal is to provide investors with the smartest way to benefit from the long-term Ethereum opportunity. We are in the early stages of a strategy designed to give stockholders institutional-grade, risk-managed exposure to ETH and its yield.

在 SharpLink，我的目標是為投資者提供最明智的方式，從長期以太坊機會中獲益。我們正處於一項策略的早期階段，旨在為股東提供機構級、風險管理的 ETH 及其收益敞口。

Our efforts are backed by best-in-class transparency and reporting. And we're going to be doing it in a way that strengthens the Ethereum network and create enduring value for our stockholders. We are motivated by the long-term ETH opportunity and not by a short-term ETH trade.

我們的努力以一流的透明度和報告為後盾。我們將採取加強以太坊網路並為股東創造持久價值的方式來實現這一目標。我們的動機是長期的 ETH 機會，而不是短期的 ETH 交易。

Let me now turn into a deeper dive on our Ethereum treasury strategy, a core pillar of SharpLink's long-term value creation plan. We're taking a strategic forward-leaning approach. We're not just accumulating and holding ETH on our balance sheet, we're activating it. Much like how Michael Saylor and Strategy unlocked access to Bitcoin through a treasury strategy, our goal is for SharpLink link to unlock public market access to ETH and Ethereum ecosystem.

現在，讓我更深入地探討我們的以太坊財務策略，這是 SharpLink 長期價值創造計畫的核心支柱。我們採取的是具有前瞻性的策略方針。我們不僅在資產負債表上累積和持有 ETH，我們還在啟動它。就像 Michael Saylor 和 Strategy 透過財務策略解鎖比特幣的存取權一樣，我們的目標是透過 SharpLink 連結解鎖公共市場對 ETH 和以太坊生態系統的存取權。

But we're going a step further. Beyond just capital appreciation, we're transforming ETH into a yield-generating treasury asset through native staking, restaking, and participation in DeFi. Simply put, our investment thesis is to raise capital in an efficient manner.

但我們要更進一步。除了資本增值之外，我們還透過原生質押、重新質押和參與 DeFi 將 ETH 轉變為產生收益的財政資產。簡而言之，我們的投資理念是以有效的方式籌集資金。

We're currently doing this by selectively issuing common equity. We're also exploring the use of equity-linked securities to capture the inherent value in ETH's volatility and evaluating additional capital-raising structures such as preferred securities.

我們目前正在透過選擇性地發行普通股來實現這一目標。我們也正在探索使用與股票掛鉤的證券來捕捉 ETH 波動性的內在價值，並評估優先證券等其他融資結構。

All of this is to further our ultimate goal of increasing our ETH concentration, our North Star metric. This metric measures how much ETH we hold per 1,000 diluted shares and serves as the clearest indicator of both the scale and capital efficiency of our ETH accumulation strategy. By focusing on ETH concentration, we give investors a transparent objective way to track how we're building long-term shareholder value.

所有這些都是為了進一步實現我們的最終目標：提高 ETH 集中度，也就是我們的北極星指標。此指標衡量每 1,000 股稀釋股份中我們持有多少 ETH，是衡量我們 ETH 累積策略規模和資本效率的最清晰指標。透過關注 ETH 集中度，我們為投資者提供了一種透明客觀的方式來追蹤我們如何建立長期股東價值。

So to recap, we believe SharpLink offers the smartest way for investors to gain exposure to ETH and the Ethereum opportunity. First, we capture ETH and its full yield potential well beyond what's available through passive ETF exposure.

總而言之，我們相信 SharpLink 為投資者提供了接觸 ETH 和以太坊機會的最明智的方式。首先，我們捕捉了 ETH 及其全部收益潛力，遠遠超出了透過被動 ETF 曝險所能獲得的收益潛力。

Second, even compared to staked ETH, our active capital market strategy and intelligent treasury management increases ETH concentration over time, putting more ETH behind each share, delivering even more value to our stockholders. And importantly, SharpLink benefits from its unique strategic relationship with ConsenSys, as well as trusted relationships with asset managers Galaxy and ParaFi, and with our industry-leading custodians, Coinbase and Anchorage Digital.

其次，即使與質押的 ETH 相比，我們積極的資本市場策略和智慧資金管理也會隨著時間的推移提高 ETH 的集中度，使每隻股票背後擁有更多的 ETH，從而為我們的股東帶來更多價值。重要的是，SharpLink 受益於與 ConsenSys 的獨特策略關係，以及與資產管理公司 Galaxy 和 ParaFi 以及我們領先業界的託管人 Coinbase 和 Anchorage Digital 的信任關係。

These relationships help us achieve institutional-grade treasury operations and efficiency. Our approach creates a powerful value proposition for our stockholders, delivered through a highly liquid, fully transparent, Nasdaq-listed company, led by a team of world-class experts.

這些關係幫助我們實現機構級的財務運作和效率。我們的方法為我們的股東創造了強大的價值主張，透過由世界級專家團隊領導的高度流動性、完全透明的納斯達克上市公司來實現。

Since launching our treasury strategy on June 2 of this year, we have raised more than $2.6 billion in investor capital and purchased more than 700,000 units of ETH. And we've done it in a way that has significantly improved our ETH concentration metric, demonstrating our ability to maximize value for our stockholders.

自今年 6 月 2 日推出財務策略以來，我們已籌集了超過 26 億美元的投資者資金，並購買了超過 70 萬個 ETH 單位。我們的做法顯著提高了 ETH 集中度指標，證明了我們有能力為股東實現價值最大化。

We've raised this capital through a series of strategic transactions that have positioned SharpLink as one of the largest public ETH treasury companies. On May 30, 2025, we closed a $425 million private placement, led by ConsenSys and supported by other prominent crypto venture capital firms and providers that included ParaFi Capital, Electric Capital, Pantera Capital, and Galaxy Digital, to name a few.

我們透過一系列策略交易籌集了資金，使 SharpLink 成為最大的公共 ETH 資金公司之一。2025 年 5 月 30 日，我們完成了 4.25 億美元的私募，由 ConsenSys 領投，並得到其他知名加密創投公司和供應商的支持，其中包括 ParaFi Capital、Electric Capital、Pantera Capital 和 Galaxy Digital 等。

In addition, we have a total of $6 billion in ATM capacity in place, providing significant flexibility to continue raising capital to build our ETH holdings. And in the last week or so, we've raised $600 million in capital through registered direct offerings with global institutional investors, some of which are among the largest in the world. Our capital markets approach remains opportunistic with a focus on both accretion and cost of capital, with the aim of increasing our ETH concentration metrics.

此外，我們總共擁有 60 億美元的 ATM 容量，為繼續籌集資金以建立我們的 ETH 持有量提供了極大的靈活性。在過去一周左右的時間裡，我們透過向全球機構投資者註冊直接發行籌集了 6 億美元資金，其中一些投資者是世界上最大的機構投資者之一。我們的資本市場方法仍然是機會主義的，重點是增值和資本成本，目的是提高我們的 ETH 集中度指標。

We are frequently asked whether we have set a specific target for the amount of ETH we intend to acquire. Our plan is to continuously and aggressively accumulate ETH over the long term for the benefit of our stockholders.

我們經常被問到是否為我們打算取得的 ETH 數量設定了具體目標。我們的計劃是長期持續積極地累積 ETH，以造福我們的股東。

Before I hand over to my partner, Rob Phythian, I want to take a moment to thank our team for their herculean efforts in helping launch our new Ethereum treasury strategy. I also want to recognize our strategic partners at ConsenSys for their incredible collaboration and depth of expertise that they're bringing to this effort. Both of these are differentiated advantages for SharpLink.

在將工作交給我的合夥人 Rob Phythian 之前，我想花點時間感謝我們的團隊為幫助我們推出新的以太坊財務策略所做的巨大努力。我還要感謝 ConsenSys 的策略夥伴，感謝他們為這項工作提供的出色合作和深厚的專業知識。這兩者都是SharpLink的差異化優勢。

I will now turn the call over to Rob to provide an update on SharpLink Affiliate Marketing operating business. Rob?

現在我將把電話轉給 Rob，讓他提供有關 SharpLink Affiliate Marketing 營運業務的最新情況。搶？

Thank you, Joseph. And thank you, everyone, for joining today's call. For those who are new to our company, SharpLink's legacy Affiliate Marketing business is focused on performance-based customer acquisition, connecting leading sports books and online casino operators with high-value players. Through our flagship affiliate network, PAS.net, we enable our partners to drive qualified traffic, conversion, and long-term player retention across both US regulated and global iGaming markets.

謝謝你，約瑟夫。感謝大家參加今天的電話會議。對於剛加入我們公司的人來說，SharpLink 的傳統聯盟行銷業務專注於基於績效的客戶獲取，將領先的體育博彩和線上賭場營運商與高價值玩家聯繫起來。透過我們的旗艦聯盟網路 PAS.net，我們使我們的合作夥伴能夠在美國監管和全球 iGaming 市場中推動合格的流量、轉換和長期玩家保留。

In addition to PAS.net, we operate a portfolio of state-specific, direct-to-player websites. These platforms are designed to engage local sports betters and casino players in a highly targeted compliant manner, driving traffic to operating partners licensed in each respective state. This dual approach gives us both scale and precision, making us a valuable acquisition channel for the iGaming industry.

除了 PAS.net 之外，我們還經營一系列針對特定州、直接面向玩家的網站。這些平台旨在以高度針對性的合規方式吸引當地體育博彩者和賭場玩家，從而為在各州獲得許可的營運合作夥伴帶來流量。這種雙重方法使我們兼具規模和精確度，使我們成為 iGaming 行業寶貴的收購管道。

Looking ahead, we see meaningful opportunities to evolve this business. As the gaming ecosystem continues to integrate blockchain technologies and digital assets, SharpLink is positioning itself at the forefront of this shift. We're actively exploring partnerships with crypto-focused gaming platforms, enabling us to offer new, innovative marketing solutions tailored to a digitally native, tech-savvy audience.

展望未來，我們看到了發展這項業務的重大機會。隨著遊戲生態系統不斷整合區塊鏈技術和數位資產，SharpLink 將自己定位於此轉變的前沿。我們正在積極探索與以加密為重點的遊戲平台建立合作夥伴關係，這使我們能夠為數位原生、精通技術的受眾提供量身定制的全新創新行銷解決方案。

With that, I'll turn the call over to our Chief Financial Officer, Bob DeLucia, to take you through our financial results. Bob?

接下來，我將把電話轉給我們的財務長 Bob DeLucia，讓他向您介紹我們的財務表現。鮑伯？

Thank you, Rob. First, please refer to our press release this morning for the Q2 financial highlights and an update on our current ETH treasury strategy metrics. We will now go through the financial results for the quarter ended June 30, 2025.

謝謝你，羅布。首先，請參閱我們今天上午的新聞稿，以了解第二季度財務亮點以及我們當前 ETH 財務策略指標的更新。我們現在將回顧截至 2025 年 6 月 30 日的季度財務表現。

As we review our second quarter financial results, I'd like to remind everyone that all comparisons and variance commentary referred to the prior-year quarter, unless otherwise specified. Please note that these results reflect less than one month of activity from our newly implemented ETH treasury strategy, which launched on June 2, 2025.

當我們回顧第二季的財務表現時，我想提醒大家，除非另有說明，所有比較和差異評論均指去年同期。請注意，這些結果反映的是我們於 2025 年 6 月 2 日啟動的新實施的 ETH 財務策略的不到一個月的活動。

As of June 30, the last day of the second quarter, the company held 24,704 ETH with a net value of $61.5 million. In addition, we held 164,731 LsETH, or liquid staked ETH, with a net value of $382.4 million after factoring in an impairment resulting from our current accounting rules.

截至第二季最後一天 6 月 30 日，該公司持有 24,704 枚 ETH，淨值為 6,150 萬美元。此外，我們持有 164,731 LsETH（即流動質押 ETH），扣除現行會計規則導致的減損後，淨值為 3.824 億美元。

I'd like to talk about LsETH for a moment because if you aren't familiar with how liquid staking works, there are some counterintuitive accounting factors that investors and stockholders need to be aware of. Under the rules, LsETH is classified as a digital, intangible asset because the LsETH token provides an enforceable right to redeem an underlying amount of ETH deposited in a smart contract.

我想暫時談談 LsETH，因為如果您不熟悉流動性質押的工作原理，那麼投資者和股東需要注意一些違反直覺的會計因素。根據規則，LsETH 被歸類為數位無形資產，因為 LsETH 代幣提供了可執行的權利，可以贖回智能合約中存入的一定數量的 ETH。

Digital intangible assets must be recorded at their historical costs less any impairment on the condensed consolidated balance sheet. The company performs a test of digital intangible assets for impairment annually or more frequently, if events or changes in circumstances indicate that the asset is impaired.

數位無形資產必須以其歷史成本減去合併資產負債表中的減損金額進行記錄。如果事件或情況變化顯示資產已發生減損，公司則每年或更頻繁地對數位無形資產進行減損測試。

The test for impairment consists of a comparison of the fair value of the digital intangible assets with their carrying amount. Impairment losses are not reversible under US GAAP. Increases and the value of LsETH are not recognized until the redemption or sale of LsETH occurs. Following the receipt of LsETH in early June of 2025, the price of LsETH decreased, and it was determined that the carrying amount of the LsETH exceeded its fair value during the quarter ended June 30, 2025.

減損測試包括將數位無形資產的公允價值與其帳面價值進行比較。根據美國公認會計準則，減損損失是不可逆的。直到贖回或出售 LsETH 時，其增加和價值才會被確認。在 2025 年 6 月初收到 LsETH 後，LsETH 的價格下降，並確定在截至 2025 年 6 月 30 日的季度內，LsETH 的帳面價值超過了其公允價值。

In determining if an impairment has occurred, the company is required to use the lowest price of one LsETH quoted on an active exchange at any time during the quarter, which in Q2, was approximately $2,300. As a result, the company recognized an impairment loss of $87.8 million on its LsETH holdings, reducing the carrying value of the LsETH.

在確定是否發生減損時，公司需要使用本季度任何時間在活躍交易所報價的 1 LsETH 的最低價格，在第二季度，該價格約為 2,300 美元。結果，該公司確認其 LsETH 持有量減損損失 8,780 萬美元，從而降低了 LsETH 的帳面價值。

So there's no confusion for our investors, I want to state plainly that this impairment loss is a non-cash loss and as a result of the company following the current accounting practices. Assets like LsETH are relatively new, and we recognized a tremendous effort that is going into updating US GAAP to accommodate digital assets. Over time, we expect further progress to ensure that investors have a clear and consistent information about a company's financial performance across a variety of digital assets.

為了避免讓我們的投資者感到困惑，我想明確地指出，這筆減損損失是非現金損失，是公司遵循現行會計慣例的結果。像 LsETH 這樣的資產相對較新，我們意識到需要付出巨大的努力來更新美國 GAAP 以適應數位資產。隨著時間的推移，我們期待進一步的進展，以確保投資者能夠清晰、一致地了解公司在各種數位資產上的財務表現。

Revenue in the second quarter was $0.7 million compared to $1 million in Q2 of 2024. Gross profit in the second quarter of 2025 was $0.2 million or 30% of revenue compared with $0.3 million or 28.5% of revenue for Q2 of last year. SG&A expenses in the second quarter were $2.3 million compared to $1.5 million in Q2 of 2024.

第二季的營收為 70 萬美元，而 2024 年第二季的營收為 100 萬美元。2025 年第二季的毛利為 20 萬美元，佔營收的 30%，而去年第二季的毛利為 30 萬美元，佔營收的 28.5%。第二季的銷售、一般及行政費用為 230 萬美元，而 2024 年第二季為 150 萬美元。

Net loss in the second quarter was $103.4 million compared to $0.5 million in Q2 of last year. The current quarter loss was primarily driven by the $87.8 million non-cash accounting impairment and the recognition of a $16.4 million of non-cash stock-based compensation expense in conjunction with the strategic advisory agreement with ConsenSys. As of June 30, 2025, cash on hand was $5.1 million compared to cash on hand of $1.4 million as of December 31, 2024.

第二季淨虧損為 1.034 億美元，去年同期為 50 萬美元。本季虧損主要由於 8,780 萬美元的非現金會計減損以及與 ConsenSys 簽訂的策略諮詢協議相關的 1,640 萬美元的非現金股票薪酬費用確認。截至 2025 年 6 月 30 日，庫存現金為 510 萬美元，而截至 2024 年 12 月 31 日，庫存現金為 140 萬美元。

For additional details, I want to emphasize that today's remarks are only a summary of certain highlights. Our complete, official financial statements in the accompanying footnotes, including all required disclosures and management's discussion and analysis, are contained in our quarterly report on Form 10-Q for the period ended June 30, 2025, filed with the Securities and Exchange Commission.

至於更多細節，我想強調的是，今天的發言只是一些亮點的總結。隨附腳註中的完整官方財務報表（包括所有必需的揭露和管理層的討論與分析）包含在我們向美國證券交易委員會提交的截至 2025 年 6 月 30 日的 10-Q 表季度報告中。

This concludes our prepared remarks. We will now open it up for questions from those participating in the call. Operator, back to you.

我們的準備好的演講到此結束。我們現在將開始回答電話會議參與者的提問。接線員，回到你身邊。

(Operator Instructions) Devin Ryan, Citizens.

（操作員指示）Devin Ryan，公民。

Congrats on the launch and progress on strategy to date. I appreciate you taking the questions. I guess, first of all, I want to dig in a little bit on the points that you made around the opportunity to activate ETH to drive incremental yield beyond staking that we've seen your team has some unique background to do that.

祝賀戰略的啟動和迄今為止的進展。感謝您回答這些問題。我想，首先，我想深入探討您提出的觀點，即激活 ETH 的機會可以推動質押以外的增量收益，我們已經看到您的團隊有一些獨特的背景來做到這一點。

So I'd just love to hear a little bit more about some of the areas you're focused on near-term to do that and then how you see it evolving long-term? And just what type of yield pickup you think you can generate from that?

因此，我很想聽聽您近期重點關注的一些領域，以及您如何看待它的長期發展？您認為由此可以獲得什麼類型的收益提升？

This is Joseph Lubin or Joe Lubin for the purposes of this call. I'll be the air traffic controller for these questions. And I may answer some, but we'll route them appropriately. Joseph Chalom, can you handle that, please?

就這次通話而言，我是 Joseph Lubin 或 Joe Lubin。我將擔任這些問題的空中交通管制員。我可能會回答一些問題，但我們會適當地安排它們。約瑟夫‧查洛姆，你能處理一下嗎？

Sure. Devin, welcome to the call, and thanks for the question. I think when you take a step back, we want to do a few things. We want to accumulate ETH for the long term, and we want to activate it through yield strategies. To date, we've really focused on native staking and the liquid staking protocol that Bob mentioned. I think as we continue to grow, we would like to take advantage of all this taking opportunities, whether that is native, liquid, restaking or to participate in DeFI yields.

當然。德文，歡迎您參加電話會議，感謝您的提問。我認為當你退一步時，我們想做一些事情。我們希望長期累積 ETH，並希望透過收益策略來激活它。到目前為止，我們真正關注的是 Bob 提到的原生質押和流動質押協議。我認為，隨著我們的不斷發展，我們希望利用所有這些機會，無論是原生的、流動的、重新質押的還是參與 DeFI 收益的。

That said, I think it's very important to emphasize that our expectation is we're going to do this in an incredibly risk-managed way. Building a portfolio of ETH staking should be along some risk-return continuum, and we're going to use our institutional-grade experience, plus the experience and depth of expertise at ConsenSys, to continually optimize that.

話雖如此，我認為必須強調的是，我們的期望是，我們將以一種極其風險管理的方式來做到這一點。建構 ETH 質押投資組合應該遵循一定的風險回報連續性，我們將利用我們的機構級經驗，加上 ConsenSys 的經驗和深厚的專業知識，不斷優化這一點。

But we're doing it in a way that's going to be safe and accretive for our shareholders. And if we do that well, which we will, there'll be a compounding effect as part of our treasury strategy.

但我們採取的方式是安全且能為股東帶來增值。如果我們做得好，那麼作為我們財務策略的一部分，它會產生複合效應。

Excellent. And just for my follow-up, in the investor presentation, you have a lot of good detail on there, but you frame a valuation opportunity for ETH of $15,000 to $40,000 by 2028, which would obviously be really nice appreciation from here. And I think you probably underlined some of the strategy to buy ETH as much as you can.

出色的。就我的後續問題而言，在投資者演示中，您提供了許多很好的細節，但您設定的 ETH 估值機會是到 2028 年達到 15,000 美元至 40,000 美元，這顯然會是一個非常好的升值。我認為您可能強調了一些盡可能多購買 ETH 的策略。

So I'd love to just hear about some of the broad strokes around how you're thinking about the valuation for ETH, the type of adoption on Ethereum you think we need to see to get to those types of levels? And anything else you would frame in that question as well.

所以我很想聽聽您對 ETH 估值的看法，您認為我們需要看到以太坊的哪種採用類型才能達到這種水平？以及您想在這個問題中提出的任何其他問題。

So it's not easy to peg an actual number by a certain period of time for the price of Ether. Ether is at its mainstream moment or Ethereum is at its means to moment currently in the sense that it's scalable, affordable, usable enough.

因此，很難根據某一時期內以太幣的價格來確定一個實際數字。目前，以太幣正處於主流階段，或者說以太坊正處於發展階段，因為它具有可擴展性、價格合理、足夠可用。

It's no longer dangerous to be an Ethereum company in the United States of America. And it is now open for business to be a company that either use the tokens or issues tokens or makes use of DeFI. So it's on. And that's just going to be a game changer.

在美國經營以太坊公司不再危險。現在，使用代幣、發行代幣或利用 DeFI 的公司都可以開展業務。就這樣吧。這將會改變遊戲規則。

The Ethereum ecosystem needs more applications, and there are many developers coming into the space that previously were not comfortable coming into the space because of the previous administration's attack on our technology. So the builders are coming, the companies are coming, the applications are coming, the users that are coming and there's legislative support.

以太坊生態系統需要更多的應用程序，由於前政府對我們技術的攻擊，許多開發人員之前並不願意進入該領域。因此，建築商來了，公司來了，應用程式來了，用戶來了，並且還有立法支援。

There's support through major financial institutions that have all made it clear that Ethereum is the technology that they're going to build on. It's primarily because it's the largest, most mature ecosystem in the space. And it's also because financial institutions appreciate technologies that haven't gone down once in the last 10 years and Ethereum is in a class of its own.

主要金融機構都表示支持，以太坊是他們將要開發的技術。這主要是因為它是該領域最大、最成熟的生態系統。這也是因為金融機構重視過去 10 年從未出現過故障的技術，而以太坊就是其中獨一無二的。

So whether it's $8,000, $10,000, $15,000 by the end of this year or much higher by the end of subsequent years, it's all about Ethereum becoming a new kind of software. We're calling it Trustware that will enable the world to onboard itself in terms of financial applications and really become Web3, the decentralized World Wide Web. And so we do anticipate that as we grow scalability, that the world's applications will sit on decentralized rails and much of that will be on Ethereum.

因此，無論今年年底的價格是 8,000 美元、10,000 美元、15,000 美元，還是在接下來的幾年裡達到更高的價格，這都與以太坊成為一種新型軟體有關。我們稱之為 Trustware，它將使世界能夠在金融應用方面加入進來，並真正成為 Web3，即去中心化的萬維網。因此，我們確實預計，隨著可擴展性的提高，世界上的應用程式將運行在去中心化的軌道上，其中大部分將在以太坊上。

Joseph Vafi, Canaccord Genuity.

Canaccord Genuity 的 Joseph Vafi。

Congratulations on the progress so far. And thanks for having me on the call here today. I thought maybe we'd start a little bit, you rapidly achieved a prominent position in broader ecosystem with the treasury strategy.

祝賀迄今為止的進展。感謝您今天邀請我參加這次電話會議。我想也許我們會開始一點點，你透過財務策略在更廣泛的生態系統中迅速取得了突出的地位。

Just wondering, away from the ETH treasury strategy, are there other things you're working on right now to broaden the value use and, I guess, the mainstreaming of ETH ecosystem over and above buying and staking? And then I have a quick follow-up.

只是想知道，除了 ETH 財務策略之外，您現在還在做其他事情來擴大價值用途，以及除了購買和質押之外，ETH 生態系統的主流化嗎？然後我有一個快速的後續問題。

So I personally am involved with the company called ConsenSys that has, for around 10 years, been working to build, grow, expand the Ethereum ecosystem. And there are lots of synergies that we're exploring between ConsenSys and SharpLink. And so we may have a concrete answer to your question at some point soon, but let me throw it over to Joseph, in case has any thoughts on that front.

因此，我個人參與了一家名為 ConsenSys 的公司，該公司大約 10 年來一直致力於建立、發展和擴展以太坊生態系統。我們正在探索 ConsenSys 和 SharpLink 之間的許多協同作用。因此，我們可能很快就會對您的問題給出具體的答案，但請讓我把它交給約瑟夫，以防他對此有任何想法。

Sure. So lots of Joseph on this call and answer, but thanks for the question.

當然。關於這個電話和答案有很多問題，但還是感謝約瑟夫提出這個問題。

I think right now, we, on behalf of our stockholders, are really, really focused on doing an excellent job executing on our ETH treasury strategy. We do have an existing Affiliate Marketing businesses -- business, and we believe there are going to be opportunities to find new operating businesses that drive revenue, that are both synergistic and complementary with what we do today. But we'll also leverage the close relationship, the strategic partnership with ConsenSys.

我認為現在，我們代表股東，非常非常專注於出色地執行我們的 ETH 財務策略。我們確實有現有的聯盟行銷業務，我們相信有機會找到新的營運業務來推動收入，這些業務與我們今天的業務具有協同作用和互補性。但我們也將利用與 ConsenSys 的密切關係和策略夥伴關係。

That is a differentiated advantage for SharpLink. No other ETH Treasury has that strategic relationship with the company with the most experience and depth of knowledge in Ethereum. So I would ask you to be patient. We are exploring additional opportunities to drive revenue growth.

這對 SharpLink 來說是一個差異化優勢。沒有其他 ETH Treasury 與在以太坊領域擁有最多經驗和最深厚知識的公司建立這樣的策略關係。所以我請你們要有耐心。我們正在探索更多機會來推動收入成長。

And that revenue growth itself and the earnings could be reinvested in ETH, so we can create a bit of a flywheel and a righteous cycle. But that's something we're exploring. We're early in the strategy, and we're focused on doing it right.

而收入成長本身和收益可以重新投資於 ETH，這樣我們就可以創造一個飛輪和一個良性循環。但這是我們正在探索的事情。我們正處於該戰略的早期階段，我們專注於正確地執行它。

My role -- let me just follow up a little bit. My role is Chairman of the Board at SharpLink. And I don't have day-to-day executive responsibilities. That said, I'm paying very careful attention to what's going on day-to-day at SharpLink because it's doing important things and it's moving really fast.

我的角色——讓我稍微跟進一下。我的職位是 SharpLink 董事會主席。我沒有日常的行政職責。話雖如此，我還是密切關注 SharpLink 的日常動態，因為它正在做重要的事情，而且進展非常快。

ConsenSys has contributed to top-tier talent to SharpLink and seconded some talent to SharpLink. So the team on the ground at SharpLink has an intimate understanding of what ConsenSys does and what's going on in the Ethereum ecosystem, and we're constantly sharing information about what we're seeing with our -- all the personnel at SharpLink.

ConsenSys 為 SharpLink 貢獻了頂級人才，並為 SharpLink 借調了一些人才。因此，SharpLink 的實地團隊對 ConsenSys 的功能以及以太坊生態系統的現狀有著深入的了解，並且我們不斷與 SharpLink 的所有人員分享我們所看到的資訊。

So any event or innovation that's going on in the Ethereum space is immediately ingested at SharpLink. And so while SharpLink needs to focus on the core strategy for now, they have the full benefit of the business of ConsenSys to lean on.

因此，以太坊領域發生的任何事件或創新都會立即被 SharpLink 吸收。因此，雖然 SharpLink 目前需要專注於核心策略，但他們可以充分利用 ConsenSys 的業務優勢。

That's great color. And then maybe just really quickly on the treasury strategy itself, clearly off to a very strong start with solid momentum in comparing and contrasting, for example, to Strategy, formerly known as MicroStrategy, you do have yield generation capability. How do you think that, that yield generation could, perhaps, form maybe a slightly different way or approach to treasury accumulation relative to the different financial instruments available to you and your balance sheet?

顏色真棒。然後也許只是快速地談論財務策略本身，顯然開局非常強勁，並且發展勢頭強勁，例如與 Strategy（以前稱為 MicroStrategy）進行比較和對比，您確實具有收益生成能力。您認為，相對於您和您的資產負債表可用的不同金融工具，收益產生可能會形成一種略有不同的資金累積方式或方法嗎？

Mr. Chalom, all yours.

查洛姆先生，恭候您的光臨。

Sure. I think, first, we have to give credit where credit is due. And Michael Saylor and his team have done an amazing job with strategy in their Bitcoin treasury. And what's interesting is they've demonstrated over the past 4 years that they can create a premium to the NAV in their stock price and they can sustain it. And that is really important.

當然。我認為，首先，我們必須給予應得的讚揚。邁克爾·塞勒 (Michael Saylor) 和他的團隊在比特幣金庫策略方面做得非常出色。有趣的是，過去 4 年他們已經證明，他們可以創造高於資產淨值的股價，並且可以維持這種溢價。這確實很重要。

And they've done that largely because they have an ability to drive both earnings and to use financial products to raise capital that are accretive. I think at SBET and in ETH treasury strategy, you have that. You have an ability to have capital appreciation in an efficient public company, highly liquid wrapper, I think what you also have is the ability to create yield and compounded on a continual basis. So that is really, really important.

他們之所以能做到這一點，主要是因為他們有能力推動獲利，並利用金融產品來籌集增值資本。我認為在 SBET 和 ETH 財務策略中，你擁有這一點。您有能力在一家高效的上市公司、高度流動性的包裝中實現資本增值，我認為您還擁有持續創造收益和複合收益的能力。所以這真的非常重要。

I also think owning ETH through SBET or a public company, you have an ability not just to focus on the accumulation and compounding of these, but you also have the benefit that the revenue that's thrown off from the yield has a forward valuation. And there will be opportunities to grow that revenue.

我還認為，透過 SBET 或上市公司擁有 ETH，你不僅能夠專注於這些資產的累積和複合，而且還可以享受收益產生的收入具有遠期估值的好處。並且將有機會增加收入。

And I think that is why you're going to see this be a successful strategy. But we owe a tip of the hat to Michael Saylor. This just has the additional benefit of compounding yields.

我認為這就是為什麼你會看到這是一個成功的策略。但我們應該向邁克爾·塞勒致敬。這還有增加收益的額外好處。

Brian Kinstlinger, Alliance Global Partners.

布萊恩金斯特林格 (Brian Kinstlinger)，Alliance Global Partners 成員。

There are several smart blockchains. Ethereum by far, has the largest share in terms of total value locked and total assets secured. Can you talk about some of the key developments that will ensure Ethereum can sustain its lead or even increase that share that investors should be tracking?

有幾種智慧區塊鏈。到目前為止，以太坊在鎖定的總價值和擔保的總資產方面佔有最大的份額。您能否談談一些關鍵發展，以確保以太坊能夠保持領先地位，甚至增加投資者應該關注的份額？

Sure. Brian, happy to address that. The Ethereum term ecosystem did go through a period of doldrums for a while. Well, there was lower activity and lower mood in the broad blockchain ecosystem, and that certainly affected Ethereum more than others.

當然。布萊恩，很高興回答這個問題。以太坊生態系統確實經歷了一段時間的低迷期。嗯，廣泛的區塊鏈生態系統的活動較少，情緒也較低，這對以太坊的影響肯定比其他區塊鏈更大。

It was partially as a result of the attacks of the SEC that were mostly directed towards Ethereum because it has the most decentralized protocol and because the United States of America, major financial institutions felt that the decentralization and disintermediation that Ethereum enabled was a bit of a threat to way that they like to do business.

部分原因是由於美國證券交易委員會 (SEC) 的攻擊，這些攻擊主要針對以太坊，因為它擁有最去中心化的協議，而且美國的主要金融機構認為以太坊實現的去中心化和非中介化對他們喜歡的經營方式構成了一定威脅。

But fortunately, we're beyond that, and headwinds have turned into gale-force tailwinds at our back. The sentiment inside the Ethereum ecosystem is very high right now. Even during the more malaise period, the builders were just building. We've been heads down building for 10 years, building, enabling infrastructure to scale the technology and get it ready for its mainstream moment.

但幸運的是，我們已經克服了這一點，逆風已經變成了我們身後的強風。目前，以太坊生態系內部的情緒非常高漲。即使在經濟較低迷的時期，建築工人也持續建設。我們已經埋頭苦幹了 10 年，致力於建造和啟用基礎設施以擴展該技術並為它成為主流做好準備。

And so as I said before, we're already scalable enough both horizontally and vertically to handle rapid growth. What we're focusing on now is creating greater composability across the Layer 2 networks and Layer 1. So there are various technologies being built and actually in use that will enable synchronous composability across different Layer 2 networks. And so that means within two seconds or less, you can get transactions done, even across different networks.

正如我之前所說，我們在水平和垂直方向上已經具備了足夠的可擴展性來應對快速成長。我們現在關注的是在第 2 層網路和第 1 層之間創建更大的可組合性。因此，有各種技術正在建構並實際使用，以實現跨不同第 2 層網路的同步可組合性。這意味著您可以在兩秒或更短的時間內完成交易，即使跨越不同的網路。

And there's a huge effort to beef up the performance of Layer 1, so that's the transaction through per second and reducing the latency. So that involves growing the amount of gas per block, reducing block times and a variety of other techniques, including parallelization of smart contract execution.

我們付出了巨大的努力來增強第 1 層的效能，從而提高每秒的交易量並減少延遲。因此，這涉及增加每個區塊的 gas 量、減少區塊時間以及各種其他技術，包括智慧合約執行的並行化。

And so the ambitions of the Ethereum ecosystem, the core developers are to make Layer 1 extremely more performant while still retaining appropriate decentralization. After all, it is decentralization that distinguishes Ethereum from essentially all other protocols. Perhaps Bitcoin and Ethereum are in the same class in that respect.

因此，以太坊生態系統的目標是，核心開發人員讓第 1 層的性能更加出色，同時仍保持適當的去中心化。畢竟，以太坊與所有其他協議的區別在於其去中心化。或許從這個方面來說，比特幣和以太坊是同一等級的。

So I would just add to Brian's question, one of the reasons why we think we are at a moment that matters in a paradigm shift is this Ethereum macro opportunity. You have tailwinds of the GENIUS and CLARITY Act, you have the Circle IPO. But more importantly, you are seeing very significant growth in institutional adoption.

因此，我只想補充一下 Brian 的問題，我們認為我們正處於範式轉變的重要時刻的原因之一就是以太坊的宏觀機會。您擁有《天才法案》和《清晰法案》的順風，並且擁有 Circle 的 IPO。但更重要的是，你會看到機構採用率的顯著成長。

And if you take a step back, the expansion of the assets and transactions on Ethereum and the L2 is because Ethereum is a global platform not just for stablecoins and tokenized real-world assets, but also decentralized finance. That drives network value of Ethereum.

如果你退一步來看，以太坊和 L2 上的資產和交易的擴張是因為以太坊是一個全球平台，它不僅是穩定幣和代幣化的現實世界資產，也是去中心化金融的平台。這推動了以太坊的網路價值。

Our partners at ConsenSys published a really interesting trustware report that laid out a fundamental way of thinking about Ethereum and its network valuation. And the simplest headline is that ETH market capitalization could grow by $1 for every $2 of assets secured on Ethereum.

我們在 ConsenSys 的合作夥伴發布了一份非常有趣的信任軟體報告，其中闡述了對以太坊及其網路估值的基本思考方式。最簡單的標題是，以太坊上每擔保 2 美元的資產，ETH 的市值就會成長 1 美元。

And right now, if you look at the competition, Ethereum is securing nearly 60% of all stablecoin transactions, 83% of tokenized real-world assets and 72% of high-quality liquid DeFI transactions, and that's 10x the second largest platform. So we think there's not only momentum, but there's mind share and institutional adoption. And that drives Ethereum network value and ETH market capitalization.

現在，如果你看看競爭對手，以太坊佔據了所有穩定幣交易的近 60%、現實世界代幣化資產的 83% 和高品質流動性 DeFI 交易的 72%，是第二大平台的 10 倍。因此我們認為，不僅存在動力，還存在心智份額和機構採用。這推動了以太坊網路價值和 ETH 市值的成長。

And Brian, let me put a timeline to my remarks. On May 7, our core developers landed the most complex hard fork in the history of Ethereum or at least the biggest one. And that was obviously landed flawlessly, as we do, and that had some scalability improvements.

布萊恩，請允許我為我的發言安排一個時間表。5 月 7 日，我們的核心開發人員完成了以太坊歷史上最複雜或至少最大的硬分叉。正如我們所做的那樣，這顯然是完美實現的，並且具有一些可擴展性的改進。

The next hard fork for Fusaka is scheduled to land in the October, November time frame. And that will enable greater scalability of the Layer 2 technologies and has a few other enhancements. Soon after that, we have Glamsterdam, is going to be focused on scaling Layer 1. And so we expect Glamsterdam to land sometime in Q2 of next year.

Fusaka 的下一次硬分叉預計將於 10 月或 11 月期間進行。這將使第 2 層技術具有更大的可擴展性，並帶來一些其他增強功能。此後不久，我們將推出 Glamsterdam，專注於擴展第 1 層。因此我們預計 Glamsterdam 將於明年第二季某個時候登陸。

And even alongside those improvements, there are things that we can do alongside that, namely increasing gas limits and soon, parallelizing the release schedule between essentially improvement of the Ethereum Layer 1 technology versus the Ethereum Layer 2 technology, which depends on a different kind of storage called blocks. So all of this is happening essentially now and pretty rapidly.

除了這些改進之外，我們還可以做一些事情，例如提高 gas 限制，並很快將發佈時間表與以太坊第 1 層技術的改進和以太坊第 2 層技術的改進並行，後者依賴於一種稱為區塊的不同類型的儲存。所以所有這一切基本上都在發生，而且進展相當迅速。

Great. My follow-up would be, thus far, your capital has been raised through equity, but you alluded to evaluating other structures. Can you talk about your approach to debt? Are there maximum debt-to-equity ratios that you look to maintain or any other metrics? And how we should think about them?

偉大的。我的後續問題是，到目前為止，您的資金已經透過股權籌集，但您提到評估其他結構。您能談談您處理債務的方法嗎？您是否希望維持最高的債務權益比率或任何其他指標？我們又該如何看待它們呢？

Joseph?

約瑟夫？

To date, we've been really focused on raising common equity. We've done it through a PIPE. We've done it through registered direct offerings. And as we alluded to in our call, we have $6 billion of ATM facilities that are available -- that are really available to us.

到目前為止，我們一直專注於提高普通股權益。我們已經透過 PIPE 完成了它。我們透過註冊直接發行實現了這一目標。正如我們在電話會議中提到的那樣，我們擁有價值 60 億美元的 ATM 設施可供使用——這些設施確實可供我們使用。

Our focus at this point is also, and we've said this publicly, to explore the use of equity-linked securities in order to capture the inherent value in ETH's volatility. And we're also evaluating additional capital-raising structures such as preferred securities.

我們目前的重點也是（我們已經公開表示）探索使用與股票掛鉤的證券來捕捉 ETH 波動中的內在價值。我們也正在評估優先證券等其他融資結構。

So we are early in our capital raise. We've raised $2.6 billion in under 11 weeks that has resulted in our ETH treasury owning $3.3 billion of ETH. But as we move forward, we're going to make sure we're using every opportunity to raise capital in the most efficient way. To date, it's been common equity, but equity linked is coming in our future at the appropriate time, and we're going to do it in a disciplined way.

因此，我們的融資工作仍處於早期階段。我們在不到 11 週的時間內籌集了 26 億美元，這使得我們的 ETH 資金庫擁有 33 億美元的 ETH。但隨著我們不斷前進，我們將確保利用每個機會以最有效的方式籌集資金。到目前為止，我們持有的是普通股，但未來在適當的時候，我們會將股票與股票掛鉤，並且會以有紀律的方式進行。

Congratulations on the strategy and the success.

祝賀該戰略並取得成功。

Bill Papanastasiou, KBW.

比爾·帕帕納斯塔西奧（Bill Papanastasiou），KBW。

A bit of a side note, a full-circle moment for me about a decade ago. I recall watching Joe Lubin speak in Toronto during the L4 Venture days. Just two questions for me. First, we can start off with --- maybe you can share your vision of how treasury strategies will evolve over time, as competition seems -- competition across smart contract blockchains seems to become more competitive.

稍微補充一下，大約十年前對我來說這是一個圓滿的時刻。我記得在 L4 Venture 期間在多倫多看過喬·魯賓的演講。我只有兩個問題。首先，我們可以這樣開始——也許您可以分享一下您對財務策略將如何隨著時間推移而發展的看法，因為競爭似乎——智能合約區塊鏈之間的競爭似乎變得更加激烈。

Sure. So I'll start with a longer-range overview and then hand it over to Joseph for a more immediate view. So this is a paradigm shift. We are past the inflection point, and we're fully in the paradigm shift towards a progressive decentralizing of the global economy. That's not just my opinion, that seems to be the opinion of legislators and regulators in the United States, in other places, it seems to be the opinion of major financial institutions. I may be living further in the future than those people, but it's nice to see people catching up pretty rapidly.

當然。因此，我將從更長遠的概述開始，然後將其交給約瑟夫以獲得更直接的看法。所以這是一個典範轉移。我們已經過了轉折點，並且正在全面轉向全球經濟逐步分散化的典範轉移。這不僅僅是我的觀點，這似乎是美國立法者和監管者的觀點，在其他地方，這似乎也是主要金融機構的觀點。我可能比那些人生活得更遠，但很高興看到人們正在迅速趕上。

And the paradigm shift will involve all of us becoming on chain. Also, in the same sense that interactive companies or web studios in the '90s and the ops started working with traditional organizations to build websites, you get their information online to build e-commerce sites to bring them on to mobile and social over the last years and essentially transform the global economy by bringing companies and people online.

這種範式轉變將使我們所有人都陷入其中。此外，就像 90 年代的互動公司或網路工作室和營運部門開始與傳統組織合作建立網站一樣，你可以將他們的資訊放到網路上，建立電子商務網站，並在過去幾年裡將它們帶入行動和社交領域，並透過將公司和個人帶到線上，從本質上改變全球經濟。

We are doing that in our ecosystem by making it both legal and comfortable and easy for people and organizations to use tokens to participate in the token economy. So as tip of the spear, companies like SharpLink are bringing traditional finance to DeFI by, a, recognizing that there's a deep structural shift going on in a structural trade in place.

我們正在我們的生態系統中實現這一目標，使個人和組織能夠合法、舒適、輕鬆地使用代幣參與代幣經濟。因此，作為先鋒，像 SharpLink 這樣的公司正在將傳統金融引入 DeFI，因為它們認識到現有的結構性交易正在發生深刻的結構性轉變。

As I mentioned in my remarks on this call, this is very similar to 30 years of treasury rates going down and bond prices going up. It's very similar to 30 years of the Japanese carry trade. So something structural is going on.

正如我在本次電話會議上的發言中提到的那樣，這與 30 年來國債利率下降、債券價格上漲的情況非常相似。這與日本30年的套利交易非常相似。因此，一些結構性的事情正在發生。

And we believe that we and others are going to be well advised to continue to accumulate what we think of as the highest-powered money on the planet right now, which is the Ether and Bitcoin. And they're highest power because they're unsensorable and because they don't admit the exploitation and financial repression of citizens of different nation states.

我們相信，我們和其他人將會被明智地繼續累積我們認為目前地球上最強大的貨幣，即以太幣和比特幣。他們之所以擁有最高權力，是因為他們無法被感知，也因為他們不承認對不同民族國家公民的剝削和經濟壓制。

And so we will continue to do this. We will differentiate ourselves because we are deep in the technology and we can bring all the expertise of ConsenSys and an ecosystem to bear on what SharpLink does. Joseph, my colleague, will do the same for the traditional finance industry.

因此我們將繼續這樣做。我們將脫穎而出，因為我們擁有深厚的技術，並且可以將 ConsenSys 和生態系統的所有專業知識應用於 SharpLink 的工作。我的同事約瑟夫將為傳統金融業做同樣的事情。

And we are going to eventually make use of an extremely large pool of the highest-powered money to do things that will be societally impactful. That is a later stage of this particular strategy.

我們最終將利用最強大的資金池來做一些對社會有影響的事情。這是該特定策略的後期階段。

Let me throw it over to Joseph.

讓我把它交給約瑟夫。

Sure. I would say, from a competitive and evolution perspective, I want to start by just acknowledging that competition is excellent in the space. What do I mean by that? It means that there are multiple market leaders and some of the largest institutional investors in the world, who believe in the thesis of an Ethereum long-term opportunity.

當然。我想說，從競爭和發展的角度來看，我首先要承認的是，該領域的競爭非常激烈。我這樣說是什麼意思？這意味著世界上有多個市場領導者和一些最大的機構投資者相信以太坊的長期機會。

That said, there is room for multiple treasuries. We believe, like in many network scale businesses, a few will take the mode assets because scale and liquidity really matters. We're proud to be among the top 50 last week in liquid public stocks, which is a really positive thing for our investors.

儘管如此，仍有空間容納多個國庫。我們相信，就像在許多網路規模企業中一樣，少數人會採取模式資產，因為規模和流動性確實很重要。我們很榮幸上週躋身流動性公開股票前 50 名，這對我們的投資者來說是一件非常積極的事情。

I also would say, we are taking a long-term view. And as much as we focus on what's happening in the industry, we're actually singularly focused on being the most trusted and the most transparent in this space. Trusted in that we will follow the best risk-managed approach to raising capital, acquiring ETH, and then deploying it for yield.

我還想說，我們著眼於長遠。儘管我們專注於行業動態，但我們實際上只專注於成為這個領域最值得信賴和最透明的企業。我們相信，我們將遵循最佳的風險管理方法來籌集資金、獲取 ETH，然後部署它來獲取收益。

And we will also do it in a way that's most transparent, with weekly updates and other means for people to track our core metrics. And that, I think, in the long run, will be differentiating. And institutional capital is looking for not only long-term investment opportunities, but to do it with the most transparent and trusted in the industry, and that's where we're going to keep our focus for our stockholders.

我們也將以最透明的方式進行，透過每週更新和其他方式讓人們追蹤我們的核心指標。我認為，從長遠來看，這將會有所不同。機構資本不僅尋求長期投資機會，也尋求與業界最透明、最值得信賴的投資機會，而這正是我們將為股東關注的重點。

That was a very informative response from both of you. Joe Lubin, you spoke about the world moving on chain. Are there any major infrastructure gaps that need to be solved in order to see this happen? Do you see any potential overhangs today from seeing TradFi move over to DeFI essentially?

你們兩位的回答非常有啟發性。喬·魯賓，您談到了世界在鏈條上運轉。為了實現這一目標，是否存在需要解決的重大基礎設施差距？您是否認為 TradFi 從本質上轉向 DeFI 會帶來任何潛在的風險？

As I said in my earlier remarks, we are at our mainstream moment right now in terms of scalability, affordability, usability, legality. And what we anticipate is that more and more demand will come. And like any technology, we're going to have to respond to what that demand does to our ecosystem through our technology.

正如我在先前的評論中所說，就可擴展性、可負擔性、可用性和合法性而言，我們現在正處於主流時刻。我們預計需求將會越來越大。與任何技術一樣，我們必須透過我們的技術來應對這種需求對我們的生態系統的影響。

So we've had many moments in the last 10 years where new uses have come along and they've shown us how we need to improve the technology. So we'll need a lot of that going forward in terms of maintaining scalability of the technology as more and more use cases and companies and people are onboarded.

因此，在過去的十年中，我們多次發現新的用途，並向我們展示如何改進技術。因此，隨著越來越多的用例、公司和人員加入，我們在保持技術可擴展性方面需要做很多工作。

Usability is a very important one. So we've done a pretty good job making wallets and applications more usable, more intuitive. But their -- ConsenSys and many other projects in our ecosystem are experimenting with the artificial intelligence to make the technology delightful and intelligible.

可用性非常重要。因此，我們在使錢包和應用程式更加實用、更加直觀方面做得相當出色。但他們的——ConsenSys 和我們生態系統中的許多其他項目正在嘗試人工智慧，以使這項技術令人愉悅和易於理解。

People don't read terms and conditions on the web currently, and it's going to be unreasonable to expect that people will understand the intricacies of decentralized finance or the intricacies of decentralized governance in our [Dow], for instance. And so people will soon have access to what I like to think of as a digital twin AI agent that understands them well, that represents their interests on the web and on chain.

目前，人們不會閱讀網路上的條款和條件，並且期望人們能夠理解去中心化金融的複雜性或我們[道瓊斯]去中心化治理的複雜性是不合理的。因此，人們很快就能使用我喜歡的數位孿生人工智慧代理，它可以很好地理解他們，代表他們在網路和鏈上的利益。

And so we will be building that technology that you own and you control, that protects your own personal information, and enables you to understand what's going on in a protocol upgrade or some proposal in a decentralized organization or how to position yourself in decentralized finance or in a game or something like that.

因此，我們將建立您擁有和控制的技術，保護您的個人信息，並使您能夠了解協議升級或去中心化組織中的某些提案的進展情況，或者如何在去中心化金融或遊戲或類似領域中定位自己。

So the user interface that you can talk to, that you can express your intent and have a network of solvers underneath that go ahead and fulfill your request within two seconds, that's the kind of advancement that we're going to need over next two-plus years in order to make the technology really easy to use.

因此，您可以與之交談的用戶介面，您可以表達您的意圖，並且下面有一個求解器網絡，可以在兩秒鐘內完成您的請求，這就是我們在未來兩年多的時間裡所需要的進步，以使該技術真正易於使用。

Kevin Dede, H.C. Wainwright.

凱文·德德、H.C. 溫賴特。

Maybe a little back-office housekeeping question, gentlemen. I don't understand whether or not you're running your own validator nodes or intend to continue outsourcing and what you might do to extract higher levels of NAV?

先生們，也許這是一個有關後台管理的小問題。我不明白您是否正在運行自己的驗證器節點或打算繼續外包，以及您會做些什麼來提取更高水準的資產淨值？

Joseph, do you want to talk about the back office and the trajectory?

約瑟夫，你想談談後台和發展軌跡嗎？

Sure. I think risk controls are really, really important, Kevin. And that's why when the Strategy was kicked off, we partnered with leading asset managers like ParaFi and Galaxy as well as with Anchorage and Coinbase to build that structure around us to make sure we were doing the institutional grade best-in-class accumulation and staking. To date, we've used delegated staking through those custodians and as I mentioned earlier, through native staking and one liquid staking protocol.

當然。我認為風險控制非常非常重要，凱文。這就是為什麼當策略啟動時，我們與 ParaFi 和 Galaxy 等領先的資產管理公司以及 Anchorage 和 Coinbase 合作，在我們周圍建立該結構，以確保我們進行機構級的最佳積累和質押。到目前為止，我們已經透過這些託管人使用了委託質押，並且正如我之前提到的，透過原生質押和一個流動質押協議。

As I mentioned, we are going to continually evaluate that to look at what the most efficient way to drive yield is across the full gamut of opportunities, again, staking, restaking, DeFI yield opportunities. But we're going to do it in a risk-managed way because at the end of the day, this is a treasury strategy to accumulate and compound but we're going to do it in a way that's best for our stockholders and not take unnecessary risk.

正如我所提到的，我們將不斷評估這一點，以尋找在所有機會中推動收益的最有效方式，包括質押、再質押、DeFI 收益機會。但我們將以風險管理的方式進行，因為歸根結底，這是一種累積和複合的財務策略，但我們將以對股東最有利的方式進行，而不會承擔不必要的風險。

That said, our differentiated relationship with ConsenSys gives us incredible depth of knowledge and access to this community to make sure we are taking in the highest risk-reward way. And I think that's a differentiator relative to our competitors.

也就是說，我們與 ConsenSys 的差異化關係為我們提供了令人難以置信的深度知識和接觸這個社區的管道，以確保我們以最高的風險回報方式行事。我認為這是我們與競爭對手的區別。

As much as you feel free to offer, I'd appreciate understanding the buy triggers. I mean within the context of these ETH worth $15,000 to $40,000, how do you approach your day-to-day buying on the market?

只要您願意提供，我就會很感激您了解購買觸發因素。我的意思是，在這些價值 15,000 美元到 40,000 美元的 ETH 背景下，您如何進行日常的市場購買？

I think I'll take a high-level answer to that, which is, as you just described, if there's a long-term ETH opportunity, and ETH today is trading in the mid-4,000s, and you believe there's going to be significant adoption on the Ethereum network, therefore, driving the value of the up, and that is the thesis; then you want to buy and accumulate as much ETH as possible early in this mega cycle, and that's simply what we're doing. And we're trying to execute, again, through best-in-class providers. But I think we're very focused on accumulating because that is where we are early in this adoption cycle.

我認為我會從宏觀角度來回答這個問題，就像你剛才描述的，如果存在長期的 ETH 機會，並且 ETH 如今的交易價格在 4,000 美元左右，而你相信以太坊網絡將會被廣泛採用，從而推動其價值上漲，這就是論點；那麼你想在這個超級週期的早期購買和積累盡可能多的 ETH，而這正是我們正在做的事情。我們正嘗試再次透過一流的供應商來執行。但我認為我們非常注重積累，因為這是我們在這個採用週期的早期階段所處的狀態。

At this time, I'd like to turn the floor back over to Mr. Chalom for closing comments.

現在，我想把發言權交還給查洛姆先生，請他發表最後評論。

Well, thank you, everyone, for joining our first earnings conference call as an ETH treasury company. We truly appreciate your continued support and confidence in our vision.

好吧，感謝大家參加我們作為 ETH 財務公司的首次收益電話會議。我們真誠感謝您對我們願景的持續支持和信任。

And I want to be clear, we remain focused on executing our strategy, driving growth, and delivering value for our stockholders. And we look forward to speaking with you again on our next earnings call. So have a great weekend, everyone.

我想明確指出的是，我們仍然專注於執行我們的策略、推動成長並為股東創造價值。我們期待在下次財報電話會議上再次與您交談。祝大家週末愉快。

Ladies and gentlemen, this concludes today's event. You may disconnect your lines or log off the webcast at this time, and enjoy the rest of your day.

女士們、先生們，今天的活動到此結束。現在您可以斷開線路或退出網路直播，享受剩餘的一天。