SharpLink Gaming Inc (SBET) 2025 Q3 法說會逐字稿

Good morning, everyone, and thank you for participating in today's conference call to discuss SharpLink's financial and operating results for the third quarter ended September 30, 2025.

各位早安，感謝各位參加今天的電話會議，討論 SharpLink 截至 2025 年 9 月 30 日的第三季財務和營運業績。

By now, everyone should have access to the third quarter 2025 earnings press release, which was issued yesterday afternoon at approximately 4:05 PM Eastern Time. 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 the call up for Q&A.

現在，所有人都應該可以查閱到 2025 年第三季收益新聞稿，該新聞稿於昨天下午美國東部時間下午 4 點左右發布。新聞稿可在 SharpLink 網站的投資者關係部分查閱。本次電話會議也將在公司網站上提供網路直播回放。管理層發言結束後，我們將開放問答環節。

I will now hand the call over to SharpLink's Vice President of Business and Legal Affairs, Dodi Handy. Please go ahead.

現在我將把電話交給 SharpLink 的業務和法律事務副總裁 Dodi Handy。請繼續。

Thank you, operator. Please see SharpLink's quarterly report on Form 10-Q filed yesterday with the SEC and the earnings press release, which crossed the wire yesterday afternoon. These documents list 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. SharpLink assumes no duty and does not undertake to update any forward-looking statements. Any forward-looking statements made by us during this call is based only on information currently available to us and speaks only as of the date when it is made.

謝謝接線生。請參閱 SharpLink 昨天向美國證券交易委員會提交的 10-Q 表格季度報告以及昨天下午發布的盈利新聞稿。這些文件列出了一些可能導致 SharpLink 的業績與我們今天所說的業績有重大差異的因素，並指出了一些可能影響我們業務、前景和未來業績的風險和不確定性。SharpLink不承擔更新任何前瞻性聲明的義務，也不承諾進行更新。我們在本次電話會議中作出的任何前瞻性陳述均僅基於我們目前掌握的信息，並且僅代表作出陳述之日的情況。

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指標，例如 ETH 集中度，但這些指標並非 GAAP 指標。有關這些指標的更多信息，請參閱我們的盈利新聞稿和提交給美國證券交易委員會的文件。

To set the agenda for today's call, we will begin with SharpLink's Chairman, Co-Founder of Ethereum and Founder and CEO of Consensys, Joseph Lubin, who will provide a broader perspective on Ethereum's continued growth, institutional adoption and the evolving regulatory landscape shaping the digital asset economy. Next, Co-Chief Executive Officer, Joseph Chalom, will discuss SharpLink's progress and execution of its ETH treasury strategy, highlighting key achievements from the quarter and our areas of primary focus in the quarters ahead. Then Rob Phythian, Co-Chief Executive Officer, will share an update on SharpLink's affiliate marketing business. He'll then be followed by Chief Financial Officer, Bob DeLucia, who will be recapping the third quarter 2025 financial results and key performance metrics related to SharpLink's ETH strategy.

為了確定今天電話會議的議程，我們將首先邀請 SharpLink 董事長、以太坊聯合創始人兼 Consensys 創始人兼首席執行官 Joseph Lubin，他將就以太坊的持續增長、機構採用以及塑造數位資產經濟的不斷變化的監管環境提供更廣泛的視角。接下來，聯合執行長 Joseph Chalom 將討論 SharpLink ETH 國庫策略的進展和執行情況，重點介紹本季的主要成就以及我們未來幾季的主要關注領域。接下來，聯合執行長羅伯菲西安將分享 SharpLink 聯盟行銷業務的最新進展。接下來，財務長鮑勃·德盧西亞將回顧 2025 年第三季的財務表現以及與 SharpLink 的 ETH 策略相關的關鍵績效指標。

I would now like to turn the call over to SharpLink's Chairman of the Board, Joseph Lubin. Joe, the floor is yours.

現在我將把電話交給 SharpLink 的董事長 Joseph Lubin。喬，現在輪到你發言了。

Thank you, Dodi. Good morning, everyone. I am the Chairman of SharpLink and as many of you know, also a Co-Founder of Ethereum and the CEO and Founder of Consensys, a leading Ethereum software development company. Consensys is SharpLink's strategic adviser, offering support across a broad range of topics from product collaboration, market education, protocol due diligence and more. The strategic connectivity between Consensys and SharpLink gives SharpLink stockholders unique competitive advantages relative to other ETH digital asset treasuries.

謝謝你，多迪。各位早安。我是 SharpLink 的董事長，而且正如你們許多人所知，我也是以太坊的共同創辦人，也是領先的以太坊軟體開發公司 Consensys 的執行長兼創辦人。Consensys 是 SharpLink 的策略顧問，在產品合作、市場教育、協議盡職調查等廣泛領域提供支援。Consensys 和 SharpLink 之間的策略連結使 SharpLink 股東相對於其他 ETH 數位資產持有者擁有獨特的競爭優勢。

Stockholders are starting to see early examples of this, such as the staking collaboration between Consensys and SharpLink that we announced in October to provide enhanced levels of risk-adjusted yield on a portion of our ETH capital.

股東們已經開始看到這方面的早期例子，例如我們在 10 月宣布的 Consensys 和 SharpLink 之間的質押合作，旨在為我們的部分 ETH 資本提供更高水準的風險調整後收益。

Beyond this unique partnership, we're seeing incredible tailwinds that I can only describe as a massive acceleration of an institutional adoption super cycle. Wall Street and other institutions, including our own government in the U.S., are fully embracing the Ethereum opportunity. Just over the past few months, we've seen major accelerants to this adoption.

除了這種獨特的合作關係之外，我們還看到了令人難以置信的順風，我只能將其描述為機構採用超級週期的大規模加速。華爾街和其他機構，包括我們美國政府，都在全力擁抱以太坊帶來的機會。在過去的幾個月裡，我們看到了這種普及速度的大幅提升。

These include the SEC's project crypto announcement to support bringing capital markets on chain as a national competitive advantage, the passage of the GENIUS Act to create a regulatory framework for stablecoin adoption, JPMorgan announcing that they will allow institutional clients to use their Ether holdings as collateral for loans, governments in Japan and South Korea announcing the launch of their local currency-denominated stablecoins on Ethereum, where the bulk of the global stablecoin activity resides. Alibaba announcing the launch of their Layer 2 network built on Ethereum. At their Sibos Annual Meeting 5 weeks ago, the Swift CEO announced as a focus of his keynote that they are working with Consensys to build the Swift ledger using Linea, Consensys' Layer 2 Ethereum technology.

其中包括美國證券交易委員會宣布支持將資本市場上鍊，以此作為國家競爭優勢；透過《GENIUS法案》為穩定幣的採用創建監管框架；摩根大通宣布將允許機構客戶使用其持有的以太幣作為貸款抵押品；日本和韓國政府宣佈在以太坊上推出以本國貨幣計價的穩定幣，而全球大部分穩定幣活動都集中在以太坊上。阿里巴巴宣布推出基於以太坊的 Layer 2 網路。5 週前，Swift 執行長在 Sibos 年度股東大會上宣布，作為其主題演講的重點，他們正在與 Consensys 合作，使用 Consensys 的 Layer 2 以太坊技術 Linea 建立 Swift 帳本。

It was clear to everyone at Sibos that traditional finance was now moving rapidly to onboard itself onto Ethereum and various aspects of decentralized finance. And in parallel to Swift's adoption, the DTCC and other central securities depositories around the world, major stock exchanges and banks like JPMorgan and Deutsche Bank are just a few of the major financial institutions that are building on Ethereum.

Sibos 的每個人都清楚地意識到，傳統金融現在正在迅速地向以太坊和去中心化金融的各個方面靠攏。與 Swift 的採用同步，DTCC 和世界各地的其他中央證券存管機構、主要證券交易所和銀行（如摩根大通和德意志銀行）等主要金融機構都在基於以太坊進行構建。

I will restate our long-term thesis. Ethereum is becoming mainstream global trustware, a new kind of software platform that eliminates some traditional risks and inefficiencies and guarantees execution as advertised. And Ether is the institutional-grade trust commodity that is powering transactions, agreements and systems on the next-generation financial infrastructure. Ethereum continues to extend its massive lead in the smart contract platform space as Ethereum dominates the flows across stablecoins, tokenized real-world assets and high-quality DeFi liquidity. This institutional adoption super cycle is underway, and it is now finally supported by our regulators.

我將重申我們的長期論點。以太坊正在成為全球主流的信任軟體，這是一種新型的軟體平台，它消除了一些傳統風險和低效之處，並保證按預期執行。而以太幣是機構級的信任商品，它為下一代金融基礎設施上的交易、協議和系統提供動力。以太坊在智慧合約平台領域持續擴大其巨大領先優勢，以太坊在穩定幣、代幣化現實世界資產和高品質 DeFi 流動性方面佔據主導地位。這一輪機構採納超級週期正在進行中，現在終於得到了監管機構的支持。

Joseph Chalom and I both attended and presented this week a very high-quality Cantor crypto event organized by Cantor Fitzgerald. It brought together many of the leading U.S. regulators and legislators with top-tier founders, C-suite execs and investors for a wide range of presentations and discussions. The institutions are present in force and accelerating their activities in the Ethereum ecosystem.

本週，我和 Joseph Chalom 都參加了由 Cantor Fitzgerald 組織的 Cantor 加密貨幣活動，並在活動中進行了演講。它匯集了許多美國主要監管機構和立法者，以及頂尖的創始人、高管和投資者，進行了廣泛的演講和討論。這些機構已強勢入駐以太坊生態系統，並加速進行活動。

Ethereum has done the hard part, implementing the strongest security, attracting the most validators and the largest developer community while maintaining the most rigorously decentralized network, all with a track record of 100% uptime for over 10 years since inception. This has resulted in Ethereum becoming the home of most of the DeFi liquidity in the ecosystem. Now to support institutional adoption and high transaction volume, in addition to the massive scaling provided by the Ethereum Layer 2 networks, we're witnessing step function improvements in Ethereum's Layer 1 mainnet transaction throughput, scalability and efficiency.

以太坊已經完成了最困難的部分，實現了最強大的安全措施，吸引了最多的驗證者和最大的開發者社區，同時保持了最嚴格的去中心化網絡，自成立以來，10 多年來一直保持著 100% 的正常運行時間。這使得以太坊成為該生態系統中大部分 DeFi 流動性的所在地。為了支援機構採用和高交易量，除了以太坊 Layer 2 網路提供的大規模擴展之外，我們還看到以太坊 Layer 1 主網的交易吞吐量、可擴展性和效率得到了階躍式提升。

Further improvements are coming with Ethereum's Fusaka upgrade in December, which will unlock even further much more regular parallel scaling upgrades to support the growing demand from institutions to drive transactions and value on Ethereum's mainnet, which SharpLink are executing in anticipation of a future where Ethereum becomes the settlement layer for trillions of dollars in tokenized assets, real-world instruments and on-chain liquidity, increasing ETH per share for our investors.

隨著以太坊在 12 月進行 Fusaka 升級，將會有進一步的改進，這將解鎖更多更頻繁的平行擴容升級，以支持機構對以太坊主網上的交易和價值日益增長的需求。 SharpLink 正在執行這些升級，以期在未來以太坊成為數萬億美元代幣化資產、現實世界工具和鏈上流動性的結算層，從而提高我們投資者的每股 ETH 價值。

As a co-founder of Ethereum, I've witnessed great cyclicality and volatility in the price of digital assets, including ETH. It should not distract us from the secular paradigm shift that is now going mainstream. SharpLink is perfectly positioned to build value for shareholders at the confluence of technological scaling and maturity, regulatory clarity and institutional adoption of Ethereum.

作為以太坊的聯合創始人，我親眼目睹了包括 ETH 在內的數位資產價格的巨大周期性和波動性。這不應分散我們對正在成為主流的世俗範式轉變的注意力。SharpLink 憑藉以太坊的技術規模化和成熟度、監管透明度和機構採用率的交匯點，佔據了為股東創造價值的完美位置。

I'd like now to turn the call over to our Co-Chief Executive Officer, Joseph Chalom, to walk through how we're positioned during this important moment in the Ethereum journey and share our third quarter operational updates. Joseph?

現在，我想把電話交給我們的聯合執行長 Joseph Chalom，讓他介紹一下我們在以太坊發展歷程的這個重要時刻所處的定位，並分享我們第三季的營運更新。約瑟夫？

Thank you, Joe, and good morning, everyone. To begin, I'd like to share that we are really pleased with the results of this quarter, our first full reporting period since we launched our Ethereum treasury strategy. We'll talk through our Q3 financials in more detail later, but I want to highlight 2 very positive points.

謝謝你，喬，大家早安。首先，我想分享的是，我們對本季的業績非常滿意，這是我們自推出以太坊金庫策略以來的第一個完整報告期。我們稍後會更詳細地討論第三季的財務狀況，但我想強調兩點非常正面的方面。

First, we delivered approximately $10.8 million in total revenue, up over 10x year-over-year as a result of our best-in-class treasury management and staking nearly 100% of our ETH. Second, we delivered net income of approximately $104.3 million, largely driven by gains in our Ethereum holdings. These results demonstrate the strong momentum we're seeing across our business. particularly as institutions continue to build on and engage with the Ethereum ecosystem amid a new era of regulatory clarity.

首先，由於我們一流的資金管理和近 100% 的 ETH 質押，我們的總收入約為 1,080 萬美元，較去年同期成長超過 10 倍。其次，我們實現了約 1.043 億美元的淨收入，這主要得益於我們以太坊持有量的收益。這些結果表明，我們業務正呈現強勁的成長勢頭，尤其是在監管環境日益明朗的背景下，各機構持續建構並積極參與以太坊生態系統。

What was once viewed as a major barrier to institutional participation has now been lifted with the digital asset industry gaining clear recognition and support from the U.S. government. It is not a coincidence that we're seeing a major inflection point for institutional adoption of digital assets and decentralized finance. Wall Street and governments globally are recognizing the power of stablecoins to facilitate nearly instant movement of value at no cost. The largest banks and asset managers are deploying on chain and announcing road maps for the tokenization of real-world assets.

曾經被視為機構參與的主要障礙如今已被消除，數位資產產業獲得了美國政府的明確認可和支持。我們看到機構採用數位資產和去中心化金融迎來了一個重要的轉捩點，這絕非偶然。華爾街和全球各國政府都認識到穩定幣的力量，它可以促進價值的近乎即時轉移，而且無需任何成本。最大的銀行和資產管理公司正在部署區塊鏈技術，並公佈現實世界資產代幣化的路線圖。

This unlocks a new frontier of distribution and capital efficiency for investors. And we're also seeing institutions, including SharpLink, access high-quality DeFi for borrowing, lending and other financial primitive.

這將為投資者開啟分銷和資本效率的新領域。我們還看到包括 SharpLink 在內的機構正在利用高品質的 DeFi 進行借貸和其他金融活動。

Given the history, security, trust and liquidity on Ethereum, it not only has the license to win, it is winning the predominance of this institutional activity. For this reason, we're building a SharpLink team capable of fully capitalizing on this paradigm shift. I'm really proud that we've been able to attract some of the brightest talent in our industry to our senior executive team, giving us greater institutional experience and expertise. Matthew Sheffield joined as our Chief Investment Officer from FalconX, where he served as the Head of U.S. Spot Trading and previously worked at Bridgewater Associates.

鑑於以太坊的歷史、安全性、信任度和流動性，它不僅有獲勝的可能，而且正在贏得這種機構活動的主導地位。因此，我們正在組建一支 SharpLink 團隊，以便充分利用這種範式轉移。我非常自豪我們能夠吸引業內一些最優秀的人才加入我們的高階管理團隊，這使我們擁有更豐富的機構經驗和專業知識。馬修謝菲爾德 (Matthew Sheffield) 從 FalconX 加入我們，擔任首席投資官，此前他曾擔任 FalconX 美國現貨交易主管，更早之前他曾在 Bridgewater Associates 工作。

Mandy Campbell joined as Chief Marketing Officer from Bain Capital Crypto, where she led marketing for the firm's dedicated digital asset and early-stage venture funds and previously built brands for companies like GitHub and Facebook. And Michael Camarda joined as our Chief Development Officer from Consensys, where he led corporate development. He previously worked at JPMorgan across investment banking and strategic investments.

Mandy Campbell 加入 Bain Capital Crypto 擔任首席行銷官，此前她負責該公司專門的數位資產和早期創投基金的行銷工作，並曾為 GitHub 和 Facebook 等公司打造品牌。Michael Camarda 從 Consensys 加入我們，擔任首席發展官，他在 Consensys 負責企業發展。他之前曾在摩根大通從事投資銀行和策略投資的工作。

Leveraging our expertise and strategic partnership with Consensys, our team is laser-focused on identifying the best ETH deployment opportunities and ecosystem partnerships to maximize value creation. Since we initiated our Ethereum treasury strategy in June, we have staked nearly 100% of our ETH. This is in contrast with many of our peers and with the ETH ETFs. We're earning real on-chain yield through native staking and liquid staking protocols.

憑藉我們的專業知識和與 Consensys 的策略合作夥伴關係，我們的團隊專注於尋找最佳的 ETH 部署機會和生態系統合作夥伴關係，以最大限度地創造價值。自 6 月啟動以太坊金庫策略以來，我們已經質押了近 100% 的 ETH。這與我們的許多同行以及以太坊 ETF 形成了鮮明對比。我們透過原生質押和流動性質押協議獲得真正的鏈上收益。

More recently, working alongside Consensys, we announced we will deploy $200 million of ETH onto its Linea Layer 2 platform in partnership with EigenCloud, ether.fi and Anchorage Digital Bank. Our scale and permanent capital base allows us to structure multiyear deals that generate yield and economic incentives that materially exceed the standard Ethereum staking rate. Importantly, we're accessing DeFi level yields while carefully managing our risk, including ensuring that this deployment and custody is maintained within Anchorage, one of our qualified custodians.

最近，我們與 Consensys 合作，宣布將與 EigenCloud、ether.fi 和 Anchorage Digital Bank 合作，在其 Linea Layer 2 平台上部署 2 億美元的 ETH。我們的規模和永久資本基礎使我們能夠建立多年期交易，從而產生遠超以太坊標準質押率的收益和經濟誘因。重要的是，我們在謹慎管理風險的同時，獲得了 DeFi 等級的收益，包括確保此部署和託管在我們的合格託管機構之一 Anchorage 內。

Yield opportunities like this are generally not available to individual investors or passive ETFs and highlight the enhanced value that our actively managed treasury can generate for our investors. As part of our mandate, we've been proactively sharing our long-term vision for Ethereum's role in global finance to both retail and institutional audiences. A central element of our Ethereum adoption thesis is that most financial assets, including funds, stocks and bonds will be tokenized. This means that ownership of these assets will be represented in a digital token format on the blockchain.

像這樣的收益機會通常不會向個人投資者或被動型 ETF 開放，這也凸顯了我們主動管理的國庫基金能夠為投資者創造的更高價值。作為我們使命的一部分，我們一直積極主動地向零售和機構受眾分享我們對以太坊在全球金融領域中所扮演角色的長期願景。我們關於以太坊採用論點的核心要素是，大多數金融資產，包括基金、股票和債券，都將被代幣化。這意味著這些資產的所有權將以數位代幣的形式在區塊鏈上表示。

We're not alone in this view. Just last month, Larry Fink, the CEO of BlackRock, shared his vision that all assets will be tokenized on chain to drive both efficiency and accessibility for investors. At SharpLink, we're not a passive observer of this paradigm shift. We're helping usher it in. In September, we announced a partnership with Superstate, a digital transfer agency to become the first public company to natively issue its stock on Ethereum.

持這種觀點的人並非只有我們。就在上個月，貝萊德執行長拉里·芬克分享了他的願景，即所有資產都將在鏈上進行代幣化，以提高效率並方便投資者。在 SharpLink，我們並非這種典範轉移的被動旁觀者。我們正在幫助它到來。9 月，我們宣布與數位轉帳機構 Superstate 建立合作關係，成為第一家在以太坊上原生發行股票的上市公司。

The intent of this innovative partnership is to increase both accessibility and on-chain utility of our public equity for the new digitally native investor base. We're actively working in the ecosystem to ensure there are market participants which can support this innovative new financial standard and primitive.

這項創新合作的目的是提高我們面向新興數位原生投資者群體的公開股權的可及性和鏈上實用性。我們正在積極參與生態系統建設，以確保有市場參與者能夠支持這項創新金融標準和基礎架構。

It's important to acknowledge that like others in our space, SharpLink share price has experienced periods of volatility. That's expected given our exposure to our reserve asset, ETH, which is volatile. What's important is that we've grown our total ETH holdings significantly over the past quarter and doubled our ETH per share concentration from 2.0 to 4.0 since the inception of our ETH treasury strategy in June.

值得注意的是，與我們所在領域的其他公司一樣，SharpLink 的股價也經歷過波動時期。考慮到我們持有的儲備資產 ETH 波動性較大，這種情況也在意料之中。重要的是，在過去一個季度裡，我們的 ETH 總持有量大幅成長，自 6 月開始實施 ETH 國庫策略以來，我們的每股 ETH 持有量也從 2.0 翻了一番，達到 4.0。

As we have shared in the past, SharpLink is relentlessly focused on shareholder value and ETH per share accretion. We have built a team that is well positioned to navigate these volatile markets. We have the expertise and agility to take advantage of the right capital market opportunities with a strong balance sheet as our foundation. Our digital asset treasury structure gives us flexibility to make strategic decisions for the benefit of our investors.

正如我們之前所分享的，SharpLink 始終專注於股東價值和每股 ETH 價值的成長。我們已經組建了一支能夠應對這些動盪市場的團隊。我們擁有專業的知識和敏捷的反應能力，能夠抓住合適的資本市場機遇，並以穩健的資產負債表為基礎。我們的數位資產資金庫結構使我們能夠靈活地做出有利於投資者的策略決策。

Speaking on capital markets specifically, when our multiple to NAV is above 1, we have the ability to issue new shares and purchase ETH. This is immediately accretive to ETH per share. When our multiple to NAV is below 1, we can raise capital to fund share buybacks. We can do this by monetizing our volatility through convertible bonds or other equity-linked structures, and we can utilize a portion of the $3 billion of ETH on our balance sheet as collateral to borrow capital. In either of these scenarios, we're able to execute transactions that are accretive to stockholders and increase our ETH per share concentration.

具體來說，就資本市場而言，當我們的本益比高於 1 時，我們就有能力發行新股併購買 ETH。這將立即提升每股 ETH 的價格。當我們的市淨率低於 1 時，我們可以籌集資金進行股票回購。我們可以透過可轉換債券或其他股權掛鉤結構將波動性貨幣化來實現這一點，並且我們可以利用資產負債表上價值 30 億美元的 ETH 的一部分作為抵押品來借入資金。無論哪種情況，我們都能執行有利於股東的交易，並提高每股 ETH 的集中度。

I want to share just one example of where we found an innovative opportunity to raise capital. In October, we raised $76.5 million through a registered direct offering priced at a 12% premium to our then market price and a premium to the net asset value of our ETH holdings. This novel transaction paired an equity sale with a short-dated premium purchase agreement, enabling us to issue stock to a high-quality institutional investor interested in gaining upside exposure via this unique structure. This deal reflects the strong institutional confidence in SharpLink's strategy and long-term vision.

我想分享一個例子，說明我們如何找到一個創新的融資機會。10 月份，我們透過註冊直接發行籌集了 7,650 萬美元，發行價較當時的市場價格溢價 12%，也較我們 ETH 持有量的淨資產價值溢價。這項新穎的交易將股權出售與短期溢價購買協議相結合，使我們能夠向有興趣透過這種獨特結構獲得上漲收益的高品質機構投資者發行股票。這項交易體現了機構對 SharpLink 策略和長期願景的堅定信心。

By raising capital at a premium, we continue to expand our ETH treasury and increased ETH per share for our stockholders. Beyond innovative treasury management, we do not have an exclusive multiyear asset management agreement in place like other treasuries. We manage the vast majority of our assets through our in-house team of institutional experts from both crypto and traditional financial markets. This allows us to raise capital, acquire ETH and maximize its productivity through in-house active management, allowing more of this value to flow to our stockholders. Together, these factors place SharpLink in a distinctly advantageous position to capitalize on the institutional adoption super cycle now unfolding across the Ethereum ecosystem.

透過溢價籌集資金，我們不斷擴大 ETH 儲備，並提高股東每股獲得的 ETH 數量。除了創新的資金管理之外，我們不像其他資金管理公司那樣簽訂多年獨家資產管理協議。我們透過公司內部由來自加密貨幣市場和傳統金融市場的機構專家組成的團隊來管理我們的絕大部分資產。這使我們能夠籌集資金、收購 ETH 並透過內部積極管理最大限度地提高其生產力，從而使更多價值流向我們的股東。綜合這些因素，SharpLink 處於明顯的有利地位，可以充分利用目前在以太坊生態系統中正在發生的機構採用超級週期。

In closing, our third quarter earnings results mark a proof point that SharpLink's Ethereum treasury model is indeed working. Our mission is to give investors the smartest and most efficient way to benefit from the long-term Ethereum opportunity. We have built what we believe is the most innovative Ethereum treasury company, providing stockholders with institutional-grade, risk-managed exposure to ETH and its yield.

總之，我們第三季的收益結果證明了 SharpLink 的以太坊金庫模型確實有效。我們的使命是為投資者提供最明智、最有效的方式，讓他們能夠從以太坊的長期投資機會中獲益。我們打造了我們認為最具創新性的以太坊金庫公司，為股東提供機構級、風險管理的以太坊及其收益敞口。

With that, I will now turn the call over to my partner, Rob Phythian, to provide an update on SharpLink's Affiliate Marketing business. Rob?

接下來，我將把電話交給我的合夥人羅伯·菲西安，讓他介紹一下 SharpLink 的聯盟行銷業務的最新情況。搶？

Thanks, Joseph, and good morning, everyone. With the shifting of SharpLink's focus and management resources towards execution of our ETH treasury strategy, we reduced emphasis on expanding our Affiliate Marketing business. Nonetheless, this segment continues to operate steadily, providing a modest source of revenue through our performance marketing and player acquisition services.

謝謝你，約瑟夫，大家早安。隨著 SharpLink 將重心和管理資源轉移到執行我們的 ETH 國庫策略上，我們減少了對擴大聯盟行銷業務的重視。儘管如此，該業務部門仍在穩步運營，透過我們的效果行銷和玩家獲取服務提供適度的收入來源。

For the 3-month reporting period ending September 30, 2025 and 2024, revenue declined to approximately $570,000 from $882,000, respectively. Our 2025 consolidated net loss from continuing operations improved with losses declining to approximately $1,800 compared to a consolidated net loss from continuing operations of $781,000 for the same 3 months in 2024. We are very pleased that our affiliate marketing segment is holding its own and operating efficiently as part of a broader business platform.

截至 2025 年 9 月 30 日及 2024 年 9 月 30 日的 3 個月報告期間內，收入分別從 882,000 美元下降至約 570,000 美元。我們 2025 年持續經營業務的合併淨虧損有所改善，虧損額降至約 1,800 美元，而 2024 年同期持續經營業務的合併淨虧損為 781,000 美元。我們非常高興地看到，我們的聯盟行銷部門發展穩健，並作為更廣泛的業務平台的一部分高效運作。

To provide you with greater insight and perspective on SharpLink's third quarter financial results, I'll now turn the floor over to Bob DeLucia. Bob?

為了讓您更深入了解 SharpLink 第三季的財務業績，現在我將把發言權交給 Bob DeLucia。鮑伯？

Thank you, Rob. I'll begin by encouraging everyone listening today and those who have read our earnings release to review our quarterly report on Form 10-Q for the period ended September 30, 2025, which we filed yesterday afternoon with the SEC. The 10-Q provides detailed disclosures and footnotes that complement today's discussion, offering stockholders and investors a comprehensive view of SharpLink's financial position, liquidity and each treasury performance metrics.

謝謝你，羅布。首先，我鼓勵今天收聽節目的各位以及已經閱讀過我們盈利報告的各位，查看我們昨天下午向美國證券交易委員會提交的截至 2025 年 9 月 30 日的季度報告（10-Q 表格）。10-Q 表格提供了詳細的揭露資訊和腳註，補充了今天的討論，為股東和投資者提供了 SharpLink 財務狀況、流動性和各項財務績效指標的全面概覽。

We will now go through the financial results for the quarter ended September 30, 2025. As we review our third quarter income statement results, I'd like to remind everyone that all comparisons and variance commentary refer to the prior year quarter unless otherwise specified. As of September 30, the company held 580,841 ETH with a net fair value of $2.4 billion. In addition, we held 236,906 LsETH or liquid state ETH with a net cost value of $622.7 million. Subsequent to the end of the quarter, our combined ETH holdings have continued to climb, standing at 637,752 ETH and 223,499 LsETH for a total of 861,251 as of Sunday, November 9, 2025.

接下來，我們將介紹截至 2025 年 9 月 30 日的季度財務表現。在回顧第三季損益表結果時，我想提醒大家，除非另有說明，所有比較和差異說明均指去年同期。截至 9 月 30 日，該公司持有 580,841 個 ETH，淨公允價值為 24 億美元。此外，我們持有 236,906 個 LsETH 或流動性 ETH，淨成本價值為 6.227 億美元。季度末之後，我們的 ETH 持有量持續攀升，截至 2025 年 11 月 9 日星期日，ETH 持有量為 637,752 ETH，LsETH 持有量為 223,499 LsETH，總計為 861,251 ETH。

Revenue in the third quarter increased to $10.8 million compared to $0.9 million in Q3 of 2024. The increase was due to the success of our ETH staking strategy during the third quarter. I'd like to point out that our income statement now reflects a section presenting other operating income resulting from our ETH holdings. We believe this presentation of our income statement provides our stockholders, investors and the general public with greater clarity and ease of understanding our results when reading our financial statements.

第三季營收增至 1,080 萬美元，而 2024 年第三季為 90 萬美元。這一成長歸功於我們第三季以太坊質押策略的成功。我想指出，我們的損益表現在增加了一個部分，列示了我們持有 ETH 所產生的其他營業收入。我們相信，這種損益表的呈現方式能夠讓我們的股東、投資者和廣大公眾在閱讀我們的財務報表時，更清晰、更輕鬆地理解我們的業績。

SG&A expenses in the third quarter were $12.4 million compared to approximately $709,000 in Q3 of 2024. Net income for the third quarter increased materially to $104.3 million compared to a net loss of $0.9 million in Q3 of last year. The significant growth in net income was primarily driven by $107.3 million unrealized gain related to fair value accounting adjustments on our ETH holdings. We also had a realized gain of $6.3 million from the conversion of ETH to LsETH and a noncash impairment charge of approximately $7 million due to the lowest intraday market price for LsETH during the third quarter.

第三季銷售、一般及行政費用為 1,240 萬美元，而 2024 年第三季約為 70.9 萬美元。第三季淨利大幅成長至 1.043 億美元，而去年第三季淨虧損為 90 萬美元。淨收入的顯著增長主要得益於與我們持有的 ETH 的公允價值會計調整相關的 1.073 億美元未實現收益。我們還從 ETH 轉換為 LsETH 中獲得了 630 萬美元的已實現收益，並且由於 LsETH 在第三季度的日內市場價格最低，產生了約 700 萬美元的非現金減值費用。

As of September 30, 2025, cash on hand was $11.1 million compared to cash on hand of $1.4 million as of December 31, 2024. Additionally, at September 30, 2025, we held $26.7 million in USDC stablecoins as a financial asset.

截至 2025 年 9 月 30 日，現金餘額為 1,110 萬美元，而截至 2024 年 12 月 31 日，現金餘額為 140 萬美元。此外，截至 2025 年 9 月 30 日，我們持有價值 2,670 萬美元的 USDC 穩定幣作為金融資產。

For additional details, our complete official financial statements and 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 September 30, 2025, filed with the SEC.

有關更多詳情，請參閱我們截至 2025 年 9 月 30 日的季度報告（表格 10-Q），該報告已提交給美國證券交易委員會 (SEC)，其中包含我們完整的正式財務報表及所有必要的披露信息和管理層討論與分析。

This concludes our prepared remarks. We will now open it up for questions from those participating on the call. Operator, back to you to provide instructions for those who may have questions for management.

我們的發言稿到此結束。現在我們將開放提問環節，供參與電話會議的人員提問。操作員，請您為可能對管理層有疑問的人員提供指導。

(Operator Instructions) Devin Ryan, Citizens Bank.

（操作員指示）Devin Ryan，Citizens Bank。

First question is probably for Joseph Lubin. I'd love to dig in a little bit just on kind of the Ethereum growth and particularly Linea because it just -- it seems like a ton of momentum there, and I know that can kind of trickle down into more activity here. And so huge wins like Swift. And so I'd love to just hear about what the attributes are that are driving that demand from partners? And then also, if you can just talk a little bit more about what the pipeline there looks like and any color around kind of the details of the pipeline, if you can, just in terms of what the use cases are and what most people are interested in?

第一個問題可能要問約瑟夫·盧賓。我很想深入探討以太坊的成長，特別是 Linea 的發展，因為它看起來勢頭強勁，我知道這種勢頭可能會帶動這裡更多的活動。所以就有了像Swift這樣的大獲成功。所以我很想了解一下，究竟是哪些因素促使夥伴產生了這種需求？另外，能否再詳細談談那裡的管道結構，以及管道細節方面的一些信息，例如它的使用場景以及大多數人感興趣的內容？

So the general answer is that the institutions are finally here that financial institutions and other enterprises have recognized that digital assets are an incredibly important technology that decentralization is a direction of travel for not just the financial industry, but for the Internet and the web itself. Ethereum has executed its roll-up-centric road map for scaling and executed it remarkably well. So we have a lot of scalability capacity that has come online and much more coming nearly every day.

因此，總的來說，答案是金融機構和其他企業終於意識到，數位資產是一項極為重要的技術，去中心化不僅是金融業的發展方向，也是網路和網路本身的發展方向。以太坊已經成功執行了以 Rollup 為中心的擴容路線圖，並且執行得非常出色。因此，我們已經投入使用了大量可擴展容量，幾乎每天都有更多容量投入使用。

We are focusing on making operations more interoperable across the different networks and down to the Layer 1, even while we scale Layer 2s with enhanced BLOB, binary large object access and scaling Layer 1 as well. The Fusaka upgrade will do great things for both of those. And the Glamsterdam upgrade, hopefully, somewhere around 6 months later, will, in particular, concentrate on Layer 1 scalability. We've also decoupled the ability to upgrade BLOBs and gas limits from the traditional upgrade cycle. And so we're going to be able to accelerate both of those.

我們致力於使不同網路之間的操作更具互通性，直至第 1 層，同時我們也透過增強 BLOB、二進位大物件存取來擴展第 2 層，並擴展第 1 層。Fusaka的升級將對這兩方面都大有裨益。希望在 6 個月左右完成的 Glamsterdam 升級，將特別專注於 Layer 1 的可擴展性。我們也把升級 BLOB 和 gas 限制的功能與傳統的升級週期解耦了。因此，我們將能夠加快這兩項進程。

Linea is particularly exciting because it is the only Layer 2 technology, zkEVM technology that is 100% compatible with Ethereum Layer 1. Additionally, it's making use of ether for fees on that network and on subsequent implementations of the Linea technology and is burning both Ether and Linea as we speak, contributing to the financial health of the mothership Layer 1.

Linea 之所以特別令人興奮，是因為它是唯一一種 100% 與以太坊 Layer 1 相容的 Layer 2 技術，即 zkEVM 技術。此外，它還利用以太幣支付該網路以及後續 Linea 技術實現中的費用，並且目前正在銷毀以太幣和 Linea，為母艦 Layer 1 的財務健康做出貢獻。

We -- I can't announce too much about what we're launching in the near term on Linea. And the Swift project itself is going well. We are on track to build the prototype that has been articulated. And other financial -- systemically important financial institutions are also building on Ethereum technology. We've seen actual launches from DTCC.

我們—我不能透露太多關於Linea近期即將推出的產品資訊。Swift 專案本身進展順利。我們正按計劃推進已製定的原型機的建造工作。其他具有系統重要性的金融機構也正在利用以太坊技術進行建置。我們已經親眼目睹了DTCC的實際發射。

There are other ESDs around the world that are making use of Consensys' Ethereum technology. Major stock exchanges have announced that they are tokenizing stocks on the Ethereum technology and consensus Ethereum technology and major banks are also doing the same thing. I leave it there.

世界各地還有其他 ESD 也正在使用 Consensys 的以太坊技術。各大證券交易所已宣布將股票代幣化，並採用以太坊技術和以太坊共識技術，各大銀行也在做同樣的事情。我把它放在那裡。

Yes. No, I appreciate all that detail. And then just one on SharpLink and kind of the broader strategy as we look into 2026, and I appreciate there's a number of variables that probably go into this. But how do you think about what percentage of ETH over kind of the intermediate term should be staked versus could be applied to enhance yield or operating earnings in other ways for the business? And so is there a percentage?

是的。不，我很欣賞這些細節。然後，我們再談 SharpLink 以及我們展望 2026 年的更廣泛策略，我知道這可能有很多變數。但是，您認為在中期內應該質押多少比例的 ETH，而可以將這些 ETH 用於以其他方式提高業務收益或營運收入？那麼，具體百分比是多少呢？

Or how are you thinking about that? And then as we think about kind of intermediate term, the incremental spread that you think your team can generate above and beyond what someone can get as kind of just a staking yield as they're an active owner of ETH?

或者，你對此有何看法？那麼，當我們考慮中期收益時，您認為您的團隊除了作為 ETH 的活躍持有者透過質押獲得的收益之外，還能產生多少額外的收益呢？

So Devin, I'll take that. This is Joseph, and thanks for the question. I think there's 2 ways to answer it. Given ETH is a productive asset that you can stake, restake and gain yield, as a treasury, our first responsibility is to provide that yield. So I just want to say we have been staking nearly 100% of our ETH since the inception of our treasury strategy as a responsibility and as a steward of that.

德文，我接受這個。我是約瑟夫，謝謝你的提問。我認為有兩種回答方式。鑑於 ETH 是一種可以質押、重新質押並獲得收益的生產性資產，作為國庫，我們的首要責任是提供這種收益。所以我想說的是，自從我們制定國庫戰略以來，我們一直將近 100% 的 ETH 進行質押，這是我們應盡的責任，也是我們對國庫的管理。

Second is we don't provide guidance on the specific yield we expect to achieve from our staking and restaking opportunities. But what we will say is we are focused on a risk-adjusted yield. There may be people who swing for the fences and seek very high DeFi level yields. You would have seen our Linea and Consensys announcement just last month, where we're deploying about $200 million of our ETH -- from our ETH Treasury in a collaboration with ether.fi, Eigen, Linea and Consensys. And in that case, we're investing in a liquid restaking token, and we're getting enhanced yield without taking enhanced risk because of economic incentives from some of our collaborators and partners.

其次，我們不提供關於預期從質押和重新質押機會中獲得的具體利益的指導。但我們可以肯定的是，我們關注的是風險調整後的報酬率。可能會有人孤注一擲，尋求 DeFi 領域非常高的收益。上個月，您應該已經看到了我們關於 Linea 和 Consensys 的公告，我們將從我們的 ETH 國庫中拿出約 2 億美元的 ETH，與 ether.fi、Eigen、Linea 和 Consensys 合作部署。在這種情況下，我們投資的是一種流動性強的再質押代幣，由於一些合作者和合作夥伴提供的經濟激勵，我們在不承擔更高風險的情況下獲得了更高的收益。

So I think what you'll hear from us is we're going to take an institutional approach to how we stake. We're going to stake nearly 100% of our ETH and seek the best risk-adjusted returns, which you can do given the scale of us being the second largest corporate holder of ETH. So we're going to participate in the ecosystem. We're going to get that yield.

所以我認為你們將會聽到的是，我們將採取制度化的方式來進行質押。我們將質押近 100% 的 ETH，並尋求最佳的風險調整後效益。鑑於我們是第二大 ETH 企業持有者，這完全可以實現。所以我們要參與這個生態系。我們一定會達到那個產量。

The one thing we've highlighted is that this unique yield opportunity in this collaboration is still being risk managed and the liquid restaking token is sitting in Anchorage our qualified custodian. So you could think of us trying to get the best risk-adjusted yield, but we won't give a target on the spread. We will do the right thing and focus on risk management and get those best opportunities for our investors that the average retail investor cannot achieve and that an investor in an ETH ETF cannot achieve either.

我們重點強調的是，此次合作中獨特的收益機會仍在進行風險管理，流動性再質押代幣存放在我們合格的託管機構 Anchorage 中。所以你可以認為我們的目標是獲得最佳的風險調整報酬率，但我們不會給出利差目標。我們將做正確的事，專注於風險管理，為我們的投資者爭取普通散戶投資者無法獲得、以太坊 ETF 投資者也無法獲得的最佳機會。

And let me also emphasize that it is the relationship, the close relationship between SharpLink and Consensys that enabled us to configure a yield situation that was significantly above the staking -- the regular staking yield without increasing any risk above what one would normally do in the vanilla case. And that was directly due to the Linea relationship.

我還要強調，正是 SharpLink 和 Consensys 之間的密切關係，使我們能夠配置出一種收益情況，其收益遠高於常規質押收益，而不會增加任何超出普通質押情況下通常風險的風險。而這完全是由於與 Linea 的關係。

Brian Kinstlinger, Alliance Global Partners.

Brian Kinstlinger，Alliance Global Partners。

Great. As a follow-up to those questions, can you speak to the pipeline of other capital deployment opportunities? And will there be competition with some of the larger ETH holders as well? Or do you think some of these opportunities are exclusive to SharpLink?

偉大的。作為對上述問題的後續，您能否談談其他資本部署機會的進展？那麼，是否會與一些較大的以太坊持有者競爭呢？或者您認為其中一些機會是 SharpLink 獨有的？

I can take that one. Thanks, Brian. We are looking and surveying the entire ecosystem for opportunities, staking, restaking, liquid staking, potentially borrow and lend with our ETH in the DeFi ecosystem. That said, we've hired a really expert team with both crypto and institutional experience that is focused not only on those enhanced yield opportunities, but what are the inherent risks. And we are right now in the midst of doing a survey of the entire ecosystem for these yield opportunities.

我可以接受這個。謝謝你，布萊恩。我們正在檢視整個生態系統，尋找機會，包括質押、再質押、流動性質押，以及在 DeFi 生態系統中使用我們的 ETH 進行借貸。也就是說，我們聘請了一支真正具有加密貨幣和機構經驗的專家團隊，他們不僅關注那些更高的收益機會，還關注其中固有的風險。我們目前正在對整個生態系統進行調查，以尋找這些收益機會。

The Consensys Linea announcement was the first in what I would expect would be more innovative announcements. And what's interesting being a large corporate holder of ETH is that we view our ETH as permanent capital. And what that means is as we approach the ecosystem, many of these ecosystem protocols are very, very interested in not only having us stake our ETH with them, but to commit to a multiyear staking relationship. And others have a very difficult time doing that, whether you're a retail investor, whether you're an ETF manager because of the daily liquidity that you may need.

Consensys Linea 的發布只是我預期中更多創新發布會的開端。作為一家持有大量 ETH 的企業，有趣的是，我們將我們的 ETH 視為永久資本。這意味著，當我們接近生態系統時，許多生態系統協議不僅非常非常希望我們把 ETH 質押在它們上面，而且還希望我們承諾建立多年的質押關係。而其他人則很難做到這一點，無論是散戶還是 ETF 經理，因為他們可能需要日常流動性。

So when we approach the ecosystem and are willing to provide multiyear commitments, we are seeing that they are very eager to provide enhanced incentives for that locked TVL or total value locked. So we're still surveying. You will see, I believe, additional announcements later this quarter and in quarter 2. But we're viewing it essentially as a portfolio of staking. And as an institutional investor and steward, we are looking at the efficient frontier of opportunities.

因此，當我們接觸生態系統並願意做出多年承諾時，我們發現他們非常渴望為鎖定的 TVL 或總鎖定價值提供更強有力的激勵。所以我們仍在進行調查。我相信，在本季度晚些時候和第二季度，您將會看到更多公告。但我們本質上將其視為一個投資組合。作為機構投資者和管理者，我們正在尋找最有效的投資機會。

And that's how we're approaching it, like a great steward of institutional capital for our investors.

我們就是這樣做的，像一位優秀的機構資本管理者一樣為我們的投資者服務。

Great. And then maybe for Joe Lubin, we hear a lot about Agentic AI and autonomous digital commerce. How do you feel Ethereum is positioned for this trend compared to other chains? I know it sounded like the Osaka upgrade definitely improves the positioning, but maybe I'd love to hear your thoughts.

偉大的。然後，對於喬·盧賓來說，我們經常聽到關於智慧體人工智慧和自主數位商務的討論。與其他區塊鏈相比，您認為以太坊在這一趨勢中處於怎樣的地位？我知道大阪升級肯定改善了定位，但我很想聽聽你們的看法。

Yes. So we at Consensys and across the Ethereum ecosystem are very excited for our Agentic future, our hybrid human machine intelligence future. The Ethereum Foundation itself has been doing some outstanding work in figuring out the many ways that we in the ecosystem can support Agentic AI. Consensys itself has been doing some of the same. Marco De Rossi, Consensys has been working with the Ethereum Foundation and with Google to pioneer ERC-8004, which is essentially a registry for Agentic AIs to register their capabilities, be accessible by other agents or other software humans.

是的。因此，Consensys 以及整個以太坊生態系統都對我們的智慧體未來，我們的人機混合智慧未來感到非常興奮。以太坊基金會本身在探索生態系統中支援智慧體人工智慧的多種方式方面做出了傑出貢獻。Consensys 本身也在做一些類似的事情。Consensys 的 Marco De Rossi 一直與以太坊基金會和谷歌合作，率先開發 ERC-8004，它本質上是一個供智能體 AI 註冊其能力的註冊表，以便其他智能體或其他軟體人類可以訪問。

So it's useful for discovery, and it's useful for reputation as other agents or humans can provide feedback on the registry regarding their results with respect to certain characteristics that have been published in the registry.

因此，它對發現很有用，對聲譽也很有用，因為其他代理人或人類可以就註冊表中已發布的某些特徵的結果提供回饋。

Linea is going to be a very welcome home to agents. And another interesting element that I think has the potential to transform how we interact with the web quite significantly and how Agentic AI interacts with other Agentic AI is x402, the Internet and web was built without native money, native payments. and also native identity, that's a different topic. Essentially, x402 is going to enable first a holy grail, the holy grail of micro payments that makes sense to make use of because Ethereum is very inexpensive right now and getting more inexpensive to do transactions and the Layer 2s are very inexpensive.

Linea 將會成為經紀人們非常理想的住所。另一個我認為有可能顯著改變我們與網路互動方式以及智能體人工智慧與其他智能體人工智慧互動方式的有趣因素是 x402，互聯網和網路在構建之初並沒有原生貨幣、原生支付，也沒有原生身份，但這又是另一個話題了。從本質上講，x402 首先將實現一個聖杯，即微支付的聖杯，而使用微支付是有意義的，因為以太坊目前非常便宜，而且交易成本還在不斷降低，Layer 2 也非常便宜。

And so it's starting to make sense to be able to pay subsecond fees for accessing data and other kinds of services on the Internet. So you can imagine as the web evolves, APIs can be wrapped in x402 and agents or people can ask for data, receive a price, pay that price and be able to access what they want from a website without having to sit through all the advertising that is currently saturating the worldwide web.

因此，能夠以亞秒級的價格存取網路上的資料和其他類型的服務，開始變得有意義了。所以你可以想像，隨著網路的發展，API 可以被封裝在 x402 中，代理商或用戶可以要求數據，獲得價格，支付價格，然後就能從網站上存取他們想要的內容，而無需忍受目前充斥著全球網路的各種廣告。

And Brian, I would just add what Joe was describing is a massive future opportunity and use case on the Ethereum network. And that will drive more usage of Ether as the native token securing it. And that's why we believe there's a long-term macro opportunity to own as much Ether as possible. And this Agentic AI use case is another tailwind for Ethereum, just like tokenized assets, stable coins and institutional adoption.

Brian，我還要補充一點，Joe所描述的正是以太坊網路未來巨大的機會和應用場景。這將推動更多人使用以太幣作為其原生安全代幣。因此，我們認為從長遠來看，持有盡可能多的以太坊是一個宏觀投資機會。而智能體人工智慧的應用案例，就像代幣化資產、穩定幣和機構採用一樣，是以太坊的另一個好因素。

Fedor Shabalin, B. Riley Securities.

Fedor Shabalin，B. Riley Securities。

Good to see solid staking rewards contribution in 3Q revenues. And my question is about the current multiple to net asset value. The stock is trading at a discount right now. And could you provide any details on what initiatives you consider besides just share buybacks? Any color on your priorities here would be helpful.

很高興看到質押獎勵對第三季營收做出了穩健的貢獻。我的問題是關於目前淨資產價值倍數的問題。該股票目前處於折價交易狀態。除了股票回購之外，您能否詳細說明您還在考慮哪些其他措施？如果您能用顏色標明您的優先事項，那就太好了。

Sure. I think we are going through a period, which we hope is temporary, where many treasury -- digital asset treasuries are seeing some compressed multiple to I do think it provides us with an opportunity to do 2 things, which are really, really important when you put shareholders first. We are set up to basically be able to deal not only with ETH price volatility, but even when our NAV is trading as a discount. Our goal continues to be ETH per share growth. And when our market multiple to NAV is above 1, we can issue equity to purchase more shares.

當然。我認為我們正在經歷一個時期，我們希望這只是暫時的，在這個時期，許多國庫——數位資產國庫的估值倍數都受到了壓縮。我認為這為我們提供了兩個機會，讓我們能夠做兩件事，這兩件事在將股東利益放在首位時真的非常重要。我們已做好準備，不僅能夠應對 ETH 價格波動，甚至在我們淨值折價交易時也能應對。我們的目標仍然是實現每股以太坊 (ETH) 的成長。當我們的市淨率高於 1 倍時，我們可以發行股票來購買更多股份。

When it's below 1, we can buy back stock. And you would have seen that in August, our Board approved a stock buyback program. And both of these actions are accretive. So in this space, volatility can become an opportunity to capture value and not always a constraint.

當它低於 1 時，我們可以回購股票。您應該已經看到，在8月份，我們的董事會批准了一項股票回購計畫。這兩種行為都具有累積效應。因此，在這個領域，波動性可以成為獲取價值的機會，而不總是限制因素。

I would also say that our decision framework, again, is rooted in ETH per share accretion and capital efficiency. We've built an incredible team of institutional experts who are constantly looking at opportunities both business development opportunities as well as capital market opportunities when we're in a period where our NAV is trading at a discount. We won't publicly disclose further details into our methodology for competitive purposes. But at the end of the day, we are focused on increasing ETH per share concentration, and we've disclosed that it's more than doubled from 2.0 to 4.0 through our disciplined capital management.

我還要再次強調，我們的決策架構仍然以每股 ETH 增值和資本效率為基礎。我們組建了一支由機構專家組成的優秀團隊，他們不斷尋找機會，包括業務發展機會以及資本市場機會，尤其是在我們的淨資產值折價交易時。出於競爭目的，我們不會公開揭露我們方法論的更多細節。但歸根結底，我們專注於提高每股 ETH 的集中度，我們已經披露，透過我們嚴格的資本管理，該比例已從 2.0 增加到 4.0，翻了一番還多。

I appreciate the fact that we are in a position where we could raise capital in multiple ways. And when our multiple to NAV is below 1, we have to be careful in terms of how we can raise equity. But you would have seen the unique fundraising opportunity we took advantage of in October. And we are going to continue doing the right thing for investors, but with a focus on ETH concentration. Again, we are not providing guidance or detail on how we would execute on our capital market strategy or share buybacks at this time.

我很欣慰我們目前能夠透過多種方式籌集資金。當我們的淨資產值倍數低於 1 時，我們在籌集股權方面就必須格外謹慎。但您應該已經看到了我們在十月份利用的這次獨特的籌款機會。我們將繼續為投資者做正確的事情，但重點將放在以太坊集中度上。再次聲明，目前我們不會就如何執行我們的資本市場策略或股票回購計畫提供任何指導或細節。

I appreciate this color. And my follow-up is -- has a macro nature, and this question is probably for Joe Lubin. Maybe many investors view of Solana as a competitor to ETH, citing its transaction speed and low cost as the key advantages. And how can Ethereum preserve its leading position in the face of this competition? And additionally, could you provide more details about ETH December upgrade and what the main updates will include just briefly, if you can frame it up.

我喜歡這個顏色。我的後續問題是——這是一個宏觀問題，這個問題可能應該問喬·盧賓。或許許多投資人將 Solana 視為 ETH 的競爭對手，並指出其交易速度快、成本低是主要優勢。面對如此激烈的競爭，以太坊如何保持領先？另外，能否簡單介紹一下以太坊 12 月的升級詳情以及主要更新內容？

Let me start with the second piece. Data availability sampling is one of the major upgrades, and that's going to enable nodes on the network to need to hold less data, but it will enable the amount of BLOBs or binary large objects to grow significantly. And there's also an upgrade that enables them to start to grow as a result of essentially something like monthly activity that called parameter-based upgrading. And so both BLOBs as well as gas limits will be upgradable on a very regular basis. So that's going to enable greater scalability at both Layer 1 and Layer 2.

讓我們先從第二部分開始。數據可用性採樣是主要升級之一，它將使網路上的節點需要保存更少的數據，但同時也將使 BLOB 或二進位大物件的數量顯著增長。此外，還有一項升級，使它們能夠透過類似每月活動之類的東西開始成長，這項升級稱為基於參數的升級。因此，BLOB 和 gas 限制都將可以定期升級。這樣一來，就能在第 1 層和第 2 層實現更大的可擴展性。

Ethereum, the whole ecosystem is growing pretty dramatically in its scalability. And we already see networks on Ethereum that significantly rival or beat Solana's transaction throughput, a project that's coming online rapidly, Mega ETH operates at speeds that I believe are significantly in excess in terms of transaction per second throughput. The Solana numbers actually include in their transaction per second throughput, essentially their voting mechanism, which are not actual transactions initiated by users.

以太坊的整個生態系統在可擴展性方面正經歷著非常顯著的成長。我們已經看到以太坊上的網路在交易吞吐量方面與 Solana 相媲美甚至超越了 Solana（一個正在快速上線的項目），Mega ETH 的運行速度我認為在每秒交易吞吐量方面已經遠遠超過了 Solana。Solana 的數據實際上包含了其每秒交易吞吐量，這本質上是其投票機制，而這些並非用戶發起的實際交易。

And so we'll see pretty soon the total transaction throughput of the Ethereum ecosystem eclipse what Solana is doing. And we have composability enhancements, which will enable transactions and operations across different Layer 2s and across Layer 1 to be very smooth and to have very low latency in between them. So we'll start to see applications being built that access multiple Layer 2 networks and Layer 1 in roughly the same operation.

因此，我們很快就會看到以太坊生態系統的總交易吞吐量超過 Solana 的水平。我們也進行了可組合性增強，這將使跨不同二層和跨一層的交易和操作非常流暢，並且它們之間的延遲非常低。因此，我們將開始看到一些應用程式能夠以大致相同的操作存取多個二層網路和一層網路。

And Fedor, it's worth noting that if you look at the most recent figures, stablecoins, which is probably the fastest-growing area of digital assets with over $300 billion, over 60% of all stablecoin activity is happening on Ethereum and its ecosystem. Ethereum has -- last time I looked, approximately 10x as much stablecoin activity as Solana. Over 80% of tokenized real-world assets, which we believe is going to be the next driver of growth is happening on Ethereum. And so we feel quite confident that institutional real activity is going to be dominated by the Ethereum ecosystem despite some of the marketing and prior hype around Solana.

Fedor，值得注意的是，如果你看一下最新的數據，穩定幣可能是成長最快的數位資產領域，市值超過 3000 億美元，而所有穩定幣活動中超過 60% 都發生在以太坊及其生態系統中。根據我上次觀察，以太坊的穩定幣交易量大約是 Solana 的 10 倍。我們認為，超過 80% 的代幣化現實世界資產（這將是下一個成長驅動力）都發生在以太坊上。因此，儘管 Solana 之前進行了一些行銷和炒作，但我們仍然相當有信心，機構的實際活動將由以太坊生態系統主導。

Sorry, another important point to make is that many users don't need incremental transaction per second throughput. A lot of these networks are sufficiently capable of handling the volume. What a lot of the use cases do require is reliability and nothing comes close to the 10 years of uptime, noninterrupted uptime that Ethereum provides.

抱歉，還有一點要說明，那就是很多用戶不需要每秒鐘遞增的交易吞吐量。這些網路大多足以處理如此大的流量。許多應用場景都需要可靠性，而以太坊提供的 10 年不間斷正常運作時間是其他任何技術都無法比擬的。

Kevin Dede, H.C. Wainwright.

凱文·迪迪，H.C. 溫賴特。

Mr. Lubin, apologies for dragging you back over the upcoming upgrades. But I'm curious, given your insight, how you see them progressing? I know the merge pushed to the right on numerous occasions, and I'm wondering if in your negotiations with financial service institutions, whether or not that potentiality affects discussion of ETH versus Solana.

盧賓先生，很抱歉再次打擾您，討論即將到來的升級事宜。但我很好奇，根據您的見解，您認為它們會如何發展？我知道合併進程曾多次被推向右翼，我想知道在你們與金融服務機構的談判中，這種可能性是否會影響關於 ETH 與 Solana 的討論。

So in terms of being able to land upgrades on time, the Ethereum ecosystem has significantly matured on that front. The Ethereum Foundation is almost a brand-new foundation. It is firing on so many new cylinders and the level of breadth that it's addressing and excellence at which it's operating is incredibly exciting to all observers from deep inside the ecosystem and hopefully from outside of the ecosystem. So we're targeting more than one major upgrade to the Ethereum protocol per year, hopefully landing on an average of 2. And we're on track to accomplish that this year.

因此，就按時完成升級而言，以太坊生態系統在這方面已經顯著成熟。以太坊基金會幾乎是一個全新的基金會。它在許多方面都取得了突破性進展，它所關注的廣度和卓越的運作水平，對於生態系統內部的所有觀察者，以及希望生態系統外部的觀察者來說，都令人無比興奮。因此，我們的目標是每年對以太坊協議進行不只一次重大升級，希望平均每年能達到兩次。我們有望在今年實現這一目標。

We're looking like we're on track to accomplish that next year. We do expect after Fusaka, the Glamsterdam upgrade will probably land somewhere around 6 to 8 months after Fusaka lands in December.

我們看來明年有望實現這個目標。我們預計，在 Fusaka 之後，Glamsterdam 的升級可能會在 Fusaka 於 12 月上線後的 6 到 8 個月左右上線。

And as I indicated before, we've decoupled a bunch of the upgrade trajectories from the main of a mean schedule so that we'll be able to upgrade the number of logs or binary large objects on their own pace, and we're going to be able to upgrade the gas limits on its own pace. And so we look to do a number of those decouplings in parallel developments over time. As always, when we do the work, we're doing the work for the next few major upgrades. These things take time, and we've got many, many teams on a number of different clients that are always working in parallel. And an upgrade kicks from the priorities that need to be addressed and the level of maturity of that thread to determine what actually ends up in an upgrade.

正如我之前提到的，我們已經將許多升級軌跡與平均計劃的主線解耦，這樣我們就可以按照自己的節奏升級日誌或二進制大對象的數量，並且我們也可以按照自己的節奏升級 gas 限制。因此，我們計劃隨著時間的推移，透過並行開發的方式逐步實現這些解耦。和以往一樣，我們每次工作都是為了接下來幾次重大的升級做準備。這些事情都需要時間，我們有很多團隊服務許多不同的客戶，他們總是並行工作。升級取決於需要解決的優先事項以及該問題的成熟度，從而決定最終升級的內容。

Also, yes, in terms of how financial institutions impact the Ethereum upgrade cycle, I would argue that financial institutions are starting to be a forcing function in what the Ethereum ecosystem considers necessary to include in the protocol. Things like enhancements to reduce the delays on the staking queue are a very important one that is being addressed, and we've written specifications to handle that and essentially solve that problem. But other than that, because of the roll-up centric road map, much of the activity of financial institutions will be landing at Layer 2s. Layer 2s have their own upgrade schedule and often their own technologies.

是的，就金融機構如何影響以太坊升級週期而言，我認為金融機構正在成為以太坊生態系統認為協議中必須包含哪些內容的推動因素。諸如改進以減少質押隊列的延遲之類的措施非常重要，我們正在著手解決，並且已經編寫了規範來處理這個問題，從根本上解決了這個問題。但除此之外，由於以整合為中心的路線圖，金融機構的大部分活動都將落在第二層。二層網路有自己的升級計劃，而且通常也有自己的技術。

And so that sort of modularity enables the Ethereum protocol proper to have an upgrade schedule and activities that are decoupled from the needs of different institutions that are making use of the technology of Layer 2. So no delays would be caused by us paying attention to the needs of financial institutions and just improvements would be driven by that.

因此，這種模組化使得以太坊協議本身能夠擁有一個升級計劃和活動，這些計劃和活動與使用 Layer 2 技術的不同機構的需求分開。因此，我們關注金融機構的需求不會造成任何延誤，只會推動改善。

When you look at the entire Ethereum ecosystem and some of the large treasury companies evolving, I mean, I know you know them all, BitMine, yourself, ETHzilla, The ETH Machine, all accumulating massive amounts of the token. How would you recommend we look at the inflation characteristics of token issuance?

當你觀察整個以太坊生態系統以及一些大型資金管理公司的發展時，我的意思是，我知道你都了解它們，例如 BitMine、你自己、ETHzilla、ETH Machine，它們都在累積大量的代幣。您建議我們如何看待代幣發行的通膨特徵？

So I can jump in there. Joseph, do you want to start?

所以我可以加入進去。約瑟夫，你想先開始嗎？

Joe, why don't you go on token inflation, and I'll chat about competition or what I call co-opetition.

喬，你來談談代幣通膨，我來談談競爭，或者我稱之為競合。

Yes. So the Ethereum issuance schedule has expected inflation below 1% annually. I think it's a little bit below Bitcoins and massively below Solanas, which I think is -- I forget what it is, but it's probably in the range of 6% to 8%. Ethereum as it gets busier, burns ether with every transaction. We do issue ether to incentivize validators to build blocks.

是的。因此，以太坊的發行計畫預計每年的通貨膨脹率將低於 1%。我認為它比比特幣略低，比索拉納斯低得多，索拉納斯的價格——我忘了​​具體是多少了，但可能在 6% 到 8% 之間。隨著以太坊交易量的增加，每筆交易都會銷毀以太幣。我們發行以太幣來激勵驗證者建立區塊。

But you can expect that the max that could be issued in a year that if there's effectively no burning, I believe, is, I think, around 1.5%. And we're almost certainly going to be below 1%. I haven't looked recently, but my guess is it's probably around 0.7% or 0.8%. Please don't hold me to that.

但你可以預期，如果沒有實際的債務償還，一年內可能發行的最大金額，我認為，大約是 1.5%。我們幾乎肯定會低於 1%。我最近沒查過，但我估計大概在 0.7% 或 0.8% 左右。請不要以此為證。

And again, as the network gets busier and busier, we'll be burning more ether. We will move to net zero issuance when the network is really busy, and we'll move to being deflationary when the network gets very busy. And it's not just the Ethereum network Layer 1 that burn ether. Layer 2 Linea network is burning ether, and we look to see other projects taking up that mechanic and start burning ether as well on different networks. And so my colleague informs me that I was pretty close that median annual inflation rate is around 0.8%.

而且，隨著網路越來越繁忙，我們將消耗更多的以太幣。當網路非常繁忙時，我們將轉向淨零發行；當網路非常繁忙時，我們將轉向通貨緊縮。而且，不只是以太坊網路第一層會銷毀以太幣。Layer 2 Linea 網路正在燃燒以太幣，我們期待看到其他項目也採用這種機制，並在不同的網路上開始燃燒以太幣。於是我的同事告訴我，我的估計相當接近，年通貨膨脹率中位數約為 0.8%。

Remember.. Yes, it was deflationary after the merge for, jeez, I want to say almost a year.

記住..是的，合併後經濟出現了通貨緊縮，哎呀，我想說差不多持續了一年。

For a while. Yes, exactly.

一陣子。是的，正是如此。

And Kevin, I just want to add from a SharpLink perspective, you spoke about some of our competitor or peer digital asset treasuries in the Ethereum ecosystem. We view that as actually very positive and a validation of the macro investment thesis that Joe and I have been speaking about. Co-opetition is actually very good. One of the most important things you've seen since the launch of this wave of digital asset treasuries in the Ethereum ecosystem since May and June is a complete change in the level of mind share and conversation, not only about Ethereum, but institutional adoption that's happening on Ethereum. And that mind share, I think, had been lost for a period of time to Bitcoin and Solana.

Kevin，我只想從 SharpLink 的角度補充一點，你提到了我們在以太坊生態系統中的一些競爭對手或同行數位資產庫。我們認為這實際上是一個非常積極的信號，驗證了喬和我一直在談論的宏觀投資理論。競合其實非常好。自 5 月和 6 月以來，以太坊生態系統中湧現出這波數位資產庫以來，你所看到的最重要的事情之一是，人們的思維方式和討論水平發生了徹底的變化，不僅是關於以太坊，還有以太坊上正在發生的機構採用情況。我認為，比特幣和 Solana 已經佔據了我們一段時間的市場份額。

And I think we've regained that whole position.

我認為我們已經重新奪回了那個地位。

I would say we're trying to differentiate ourselves from our peers who we respect in a few ways. One is we are building, as I shared, the strongest in-house team with expertise to manage the vast majority of our ETH and ETH staking. And when you can do it on team, more of the yield inures to the benefit of our shareholders. So you're not paying out 1, 2 or even a higher percent of your NAV every year to third-party asset managers. We use them selectively.

我認為我們正試圖在某些方面與我們尊敬的同行們區分開來。正如我之前所說，我們正在組建一支最強大的內部團隊，擁有管理我們絕大多數 ETH 和 ETH 質押業務的專業知識。而且，如果能以團隊形式完成，更多的收益就會歸於我們的股東。所以你每年不需要向第三方資產管理公司支付 1%、2% 甚至更高比例的資產淨值。我們會選擇性地使用它們。

And second is our team in conjunction with our advisers at Consensys we are going to be differentiating ourselves on yield generation and finding the best opportunities and to do it in a really risk-managed way because we have a team of experts along with Consensys who know how to do that. And we are going to be committed to the North Star, which is increasing ETH concentration and making sure throughout this process, even through volatility of the price of Ether that we're transparent, and we're always going to do the right thing for investors.

其次，我們的團隊將與 Consensys 的顧問合作，在收益創造方面脫穎而出，尋找最佳機會，並以真正可控的方式進行，因為我們擁有一支專家團隊，加上 Consensys 的顧問，他們知道如何做到這一點。我們將始終堅持北極星目標，即提高以太坊的集中度，並確保在此過程中，即使以太坊價格波動，我們也能保持透明，並且始終為投資者做正確的事情。

So we welcome the competition. It's a validation of the thesis. And I hope the entire industry does well because that will be really, really good for not only the Ethereum ecosystem, but hopefully for the long-term price of Ether, which secures the transactions on Ethereum.

所以我們歡迎競爭。這是對論點的驗證。我希望整個產業發展良好，因為這不僅對以太坊生態系統非常有好處，而且有望對以太坊的長期價格也有好處，以太坊用於確保以太坊上的交易。

Joseph. I appreciate the color. I was curious about the collective impact on token issuance and burn because, I mean, this is unprecedented in Ether's history to have such huge accumulation held in treasury versus necessarily working on the transaction side. But I appreciate the color. Thank you for that.

約瑟夫。我喜歡這個顏色。我很好奇這會對代幣發行和銷毀產生怎樣的集體影響，因為，我的意思是，以太坊歷史上從未有過如此巨大的代幣積累在國庫中，而不是用於交易方面。但我很欣賞這個顏色。謝謝。

On that note of working in-house, would that include at some point that SharpLink starts running its own validator nodes?

說到內部開發，這是否意味著 SharpLink 會在某個時候開始運行自己的驗證節點？

I think we started our ETH treasury strategy in late May, early June. You would have seen tremendous progress. staking nearly 100% of our ETH, accumulating over $3 billion of ETH, doing unique things in the ecosystem like our partnership and announcement with Consensys and Linea, the intent to tokenize our public equity with our collaboration with Superstate. We shared on previous calls that we are looking at what the future operating model can be and whether we will be doing things to operate companies.

我認為我們的以太坊金庫策略始於五月下旬或六月初。您會看到巨大的進步。我們質押了近 100% 的 ETH，累積了超過 30 億美元的 ETH，在生態系統中做了一些獨特的事情，例如我們與 Consensys 和 Linea 的合作和公告，以及我們與 Superstate 合作將我們的公共股權代幣化的意圖。我們在先前的電話會議中提到，我們正在研究未來的營運模式，以及我們是否會採取措施來經營公司。

I think watch for the future, but we don't have a comment on whether we're going to validate ourselves or leverage third parties like we've been doing to date through our qualified custodians and through liquid staking. Over time, we will evolve our operating business, but we have nothing to share on today's call, Kevin, but great question.

我認為應該拭目以待，但我們目前無法評論我們將是自行驗證，還是像迄今為止透過合格託管人和流動性質押那樣利用第三方。隨著時間的推移，我們會不斷發展我們的營運業務，但凱文，我們今天在電話會議上沒有什麼可以分享的，不過你的問題問得很好。

Okay. Well, I think I did ask you after the June quarter call. So I appreciate that. In light of sort of compressing premiums to NAV, I'm wondering, Mr. Chalom, how you're viewing issuing preferreds versus converts.

好的。嗯，我想我是在六月季度電話會議之後問過你的問題。我很感激。鑑於溢價與淨值之間的某種壓縮，我想知道，查洛姆先生，您是如何看待發行優先股與可轉換債券的。

And I understand your financial service prowess and experience, and I value your opinion.

我了解您在金融服務領域的實力和經驗，也很重視您的意見。

Sure. Kevin, I think the beautiful thing about doing this through a structure, a public company structure and a digital asset treasury structure is we have many tools available to us to raise capital. And to date, it's primarily been through issuance of common equities. You mentioned 2 others, convertibles and other equity-linked securities or prefs. There are certainly tools in the toolbox that can enable us to capture value from both ETH volatility as well as investors who may be seeking exposure to that volatility.

當然。凱文，我認為透過某種結構，例如上市公司結構和數位資產資金庫結構來做這件事的好處在於，我們有很多工具可以用來籌集資金。迄今為止，主要還是透過發行普通股來實現的。您還提到了另外兩種：可轉換債券和其他股權掛鉤證券或優先股。當然，我們有一些工具可以幫助我們從以太坊波動中獲取價值，也可以幫助那些尋求參與這種波動的投資者。

And in both those instances, we would be able to issue those capital structures without diluting shareholders even when we're trading below NAV.

在這兩種情況下，即使我們的股價低於淨資產值，我們也能夠在不稀釋股東權益的情況下發行這些資本結構。

We do view those, Kevin, as complementary tools to our at-the-market and stock buyback strategies. And as I said before, the fact that our reserve asset Ether is volatile is actually a plus. And there are many ways, as you've described, to monetize that volatility while enhancing liquidity and ETH exposure. We're not going to comment on today's call about share buybacks or our future capital raise, but there are -- those are 2 very good tools in our toolbox, and we're constantly looking at these opportunities to see how we can both raise capital and allow ourselves to capitalize on the volatility of our asset. And both converts and prefs are tools we're considering.

凱文，我們確實將這些視為我們以市價交易和股票回購策略的補充工具。正如我之前所說，我們的儲備資產以太坊的波動性其實是件好事。正如你所描述的那樣，有很多方法可以利用這種波動性來賺錢，同時增強流動性和以太坊敞口。我們今天不會對股票回購或未來融資的電話會議發表評論，但股票回購和未來融資確實是我們工具箱裡的兩個非常好的工具，我們一直在關注這些機會，看看我們如何籌集資金，並讓我們自己能夠從資產的波動性中獲利。我們正在考慮使用 converts 和 prefs 這兩個工具。

Ladies and gentlemen, that concludes our time allowed for questions. I'll turn the floor back to Mr. Chalom for any final comments.

女士們、先生們，提問環節到此結束。我把發言權交還給查洛姆先生，請他作最後的總結發言。

Thank you all. In conclusion, I really want to thank everyone for joining us today and for your continued support and confidence in SharpLink's long-term vision. We are really proud of the progress we've made in this third quarter, our first full quarter of being an Ethereum treasury strategy, and we're very excited about what's ahead.

謝謝大家。最後，我衷心感謝今天到場的各位，感謝你們一直以來對 SharpLink 長期願景的支持與信任。我們為第三季度取得的進展感到非常自豪，這是我們作為以太坊金庫策略的第一個完整季度，我們對未來充滿期待。

I need to thank our team who's worked relentlessly over this period in building and accumulating and staking our ETH and doing it, as you would expect in a risk-managed way from an institutional steward of billions of dollars of ETH on our balance sheet, and we look forward to speaking with you again on our next earnings call.

我要感謝我們的團隊，他們在此期間不懈努力，構建、積累和質押了我們的 ETH，並且按照我們所期望的風險管理方式進行，作為資產負債表上數十億美元 ETH 的機構管理者，我們期待在下次財報電話會議上再次與您交流。

Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束。您可以在此時斷開線路。感謝您的參與。