Sharplink Inc (SBET) 2025 Q4 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 year ended December 31, 2025. By now, everyone should have access to the full-year 2025 earnings press release, which was issued this morning at approximately 8:00 AM Eastern Time. This release is available in the investor relations section of Sharplink's website.

各位早安，感謝各位參加今天的電話會議，討論 Sharplink 截至 2025 年 12 月 31 日的年度財務和經營業績。現在，所有人都應該可以查閱到 2025 年全年收益新聞稿，該新聞稿於今天早上美國東部時間上午 8 點左右發布。這份新聞稿可在 Sharplink 網站的投資者關係部分查閱。

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. I'll now hand the call over to Sharplink's Vice President of Business and Legal Affairs, Dodi Handy, for introductory comments.

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。現在我將把電話交給 Sharplink 的業務和法律事務副總裁 Dodi Handy，請他作開場白。

Thank you, operator. Please see Sharplink's annual report on Form 10-K filed last Friday afternoon with the SEC and the earnings press release which crossed this morning. 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 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 statement 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 上週五下午向美國證券交易委員會提交的 10-K 表格年度報告以及今天早上發布的盈利新聞稿。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不承擔任何義務，也不承諾更新任何前瞻性聲明。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 per share that are not GAAP metrics. Please see our earnings press release and SEC filings for further information regarding these metrics. 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. Joe will be providing a broader perspective on Ethereum's continued evolution and institutional adoption shaping the digital asset economy.

此外，我們今天可能會討論或提供某些指標，例如每股 ETH，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。為了確定今天電話會議的議程，我們將首先由 Sharplink 董事長、以太坊聯合創始人兼 Consensys 創始人兼執行長 Joseph Lubin 發言。Joe 將從更廣泛的角度探討以太坊的持續發展和機構採用如何塑造數位資產經濟。

Next, Sharplink's Chief Executive Officer, Joseph Chalom, will discuss the company's strategy and execution as an institutional grade ETH treasury platform, including key accomplishments from the full year and our priorities looking ahead.

接下來，Sharplink 執行長 Joseph Chalom 將討論公司作為機構級 ETH 國庫平台的策略和執行情況，包括全年的主要成就以及我們未來的優先事項。

Finally, our Chief Financial Officer, Bob DeLucia, will review Sharplink's results for the year ended December 31, 2025, and key performance metrics related to our ETH treasury.

最後，我們的財務長 Bob DeLucia 將檢視 Sharplink 截至 2025 年 12 月 31 日的年度業績，以及與我們的 ETH 國庫相關的關鍵績效指標。

So with that said, I'd now like to turn the call over to Sharplink's Chairman of the Board, Joseph Lubin. Joe, the floor is yours.

那麼，接下來我將把電話交給 Sharplink 的董事長 Joseph Lubin。喬，現在輪到你發言了。

Thank you, Dodi, and good morning, everyone. As Dodi mentioned, I'm the Chairman of Sharplink, Co-Founder of Ethereum, and Founder and CEO of Consensys. I've been involved with Ethereum since its inception, and I want to start by grounding today's discussion in what has fundamentally changed and why 2025 represented a decisive moment in Ethereum's evolution. This journey has not been and will not be linear. We can't ignore that price volatility is present but it does not need progress.

謝謝你，多迪，大家早安。正如 Dodi 所提到的，我是 Sharplink 的董事長、以太坊的共同創辦人，也是 Consensys 的創辦人兼執行長。我從以太坊誕生之初就參與其中，我想先從根本上探討以太坊發生了哪些變化，以及為什麼 2025 年是以太坊發展歷程中的一個決定性時刻。這趟旅程從來都不是一帆風順的，將來也不會是一帆風順的。我們不能忽視價格波動的存在，但這並不意味著價格需要上漲。

Volatility is a feature of new financial architectures, particularly in their formative years. It is a foundational element of a start-up economy. And when that economy becomes larger and more established, ETH will become far more valuable and much less volatile. Even today, with the price volatility we've seen, it could not be clear that Ethereum has become the financial backbone of on-chain markets and the dominant settlement layer for global digital finance.

波動性是新型金融架構的特徵，尤其是在其形成初期。它是創業經濟的基礎要素。當該經濟體規模更大、發展更成熟時，ETH 的價值將大幅提升，波動性也將大大降低。即使在今天，在我們所看到的這種價格波動下，以太坊是否已成為鏈上市場的金融支柱和全球數位金融的主導結算層仍然不甚明朗。

Ethereum and its Layer 2 ecosystem secure approximately 60% of all stable coins and tokenizes real-world assets and over two-thirds of total DeFi value. For much of the past decade, Ethereum and decentralized financial infrastructure was often described as an experiment or an impractical vision. With the adoption we're seeing, it is clear that phase is now firmly behind us.

以太坊及其 Layer 2 生態系統保障了約 60% 的所有穩定幣，並將現實世界的資產代幣化，以及超過三分之二的 DeFi 總價值。在過去十年的大部分時間裡，以太坊和去中心化金融基礎設施經常被描述為一項實驗或不切實際的願景。從目前的普及程度來看，很明顯，那個階段已經徹底過去了。

The decentralized trust that the credibly neutral Ethereum platform uniquely provides has scaled just in time for a financial system that desperately needs better forms of trust, inter-operation, and collaboration. What we saw in 2025 is that institutional adoption profoundly accelerated. This is visible in the media with the constant drumbeat of announcements from financial institutions, large, and small. But what is visible is only the tip of the iceberg. Institutions have gained experience with private permission at the Ethereum networks for years.

以太坊平台以其可信賴的中立性，獨樹一幟地提供了去中心化的信任，而這種信任的擴展恰逢其時，滿足了金融體系迫切需要的更好的信任、互通性和協作形式。我們在 2025 年看到的是，機構採用率大幅加快。這一點在媒體上顯而易見，各種規模的金融機構不斷發佈公告。但我們看到的只是冰山一角。多年來，各機構在以太坊網路上累積了私有授權的經驗。

In 2025, global regulators and legislators began to give institutions permission to build on and use public permissionless Ethereum in addition to more private and confidential networks, which will increasingly take the form of Ethereum Layer 2. Top financial firms are not just facilitating investment in ETH, they are actively building on it. For example, just in the latter half of 2025, Fidelity launched a tokenized money market fund and built its stable coin fed on Ethereum.

2025 年，全球監管機構和立法者開始允許機構在公共的無需許可的以太坊上構建和使用網絡，以及更私有和機密的網絡，這些網絡將越來越多地採用以太坊 Layer 2 的形式。頂尖金融公司不僅在為以太坊投資提供便利，而且還在積極地進行以太坊的開發和建設。例如，就在 2025 年下半年，富達推出了代幣化貨幣市場基金，並建立了基於以太坊的穩定幣。

BNY Mellon partnered with securitized to launch a tokenized AAA-rated collateral loan obligation fund on the public Ethereum blockchain. And JPMorgan Asset Management launched its first tokenization fund on the public Ethereum blockchain. BNP Pariba, Santander, ING, and other global banks started piloting stable coin and tokenized deposit projects, levering Ethereum and Ethereum Layer 2 solutions.

BNY Mellon 與 securitized 合作，在公共以太坊區塊鏈上推出了代幣化的 AAA 級抵押貸款債券基金。摩根大通資產管理公司在以太坊公共區塊鏈上推出了首個代幣化基金。法國巴黎銀行、桑坦德銀行、荷蘭國際集團和其他全球性銀行開始試行穩定幣和代幣化存款項目，利用以太坊和以太坊 Layer 2 解決方案。

Exchange trade products had expanded access, while tokenized funds, deposits, and even equities are increasingly settling on Ethereum rails. This distinction matters. Institutions are now using Ethereum infrastructure creating long-term structural demand for both the network and its native asset ETH.

交易所交易產品的取得管道擴大了，而代幣化資金、存款甚至股票也越來越依賴以太坊。這種區別很重要。目前，各機構都在使用以太坊基礎設施，從而為該網路及其原生資產 ETH 創造了長期的結構性需求。

From a technology standpoint, Ethereum is scaling to meet the needs of major institutional players. Ethereum continues to advance performance and throughput through core protocol upgrades. The Petra upgrade delivered meaningful improvements to validator performance, efficiency, and overall network capacity.

從技術角度來看，以太坊正在擴展以滿足主要機構參與者的需求。以太坊透過核心協議升級不斷提升效能和吞吐量。Petra 升級顯著提升了驗證器的效能、效率和整體網路容量。

The Fusaka upgrade, which went live in December, pushed that further with enhancements to data availability and execution. And Ethereum is becoming the settlement and coordination layer for agentic transactions as well. I'm excited to see the Ethereum Foundation's recent support of infrastructure to support this natural fit.

Fusaka 升級於 12 月上線，透過增強數據可用性和執行力，進一步推動了這一進程。以太坊也正在成為代理交易的結算和協調層。我很高興看到以太坊基金會最近對基礎設施的支持，這正契合了以太坊的自然發展。

As AI agents begin to transact for their humans or autonomously, whether executing payments, managing portfolios, or coordinating across protocols, they require a settlement and operating environment that is programmable and permissionless. The combination of smart contract composability, deep liquidity, and battle-tested security makes Ethereum the most credible infrastructure for agent-facilitated and agent-to-agent economic activity at scale.

當人工智慧代理人開始代表人類或自主進行交易時，無論是執行支付、管理投資組合還是跨協議協調，它們都需要一個可編程且無需許可的結算和運行環境。智慧合約的可組合性、強大的流動性和久經考驗的安全性相結合，使以太坊成為大規模代理促成和代理間經濟活動最可靠的基礎設施。

As agentic transaction volume grows, it represents a meaningful new source of settlement demand that flows directly through the Ethereum network and, of course, accrues value to ETH. Ethereum done the hard work. Liquidity, decentralization, security, uptime, and developer adoption over more than a decade of continuous, never down operation.

隨著代理交易量的成長，它代表了一種重要的新的結算需求來源，這種需求直接流經以太坊網絡，當然，也會為 ETH 增加價值。以太坊完成了最艱難的工作。十多年來，我們始終保持著流動性、去中心化、安全性、正常運作時間和開發者採納率，並且從未出現過任何故障。

What we are seeing now is a convergence of technological maturity regulatory clarity, and institutional appreciation and adoption. And this huge ramp in attention from institutions is providing forcing functions that will rapidly drive improvements across Ethereum ecosystem from shorter staking executes to fast and synchronous composability across Ethereum Layer 1 and Layer 2s. With that, I'd like to turn the call over to our Chief Executive Officer, Joseph Chalom, to go further on how Sharplink will capitalize on this momentum. Joseph?

我們現在看到的是技術成熟度、監管清晰度和機構認可與採納的整合。機構的關注度大幅提升，這將帶來一些強制性因素，從而迅速推動以太坊生態系統的改進，從縮短質押執行時間到以太坊 Layer 1 和 Layer 2 之間的快速同步組合。接下來，我想把電話交給我們的執行長 Joseph Chalom，讓他進一步介紹 Sharplink 將如何利用這一發展勢頭。約瑟夫？

Thank you, Joe, and good morning, everyone. As Joe outlined, Ethereum has entered a new phase of institutional adoption and Sharplink was purpose built to operate with focus and discipline at both this moment in the market and for the long term. From the outset of our ETH treasury strategy, our approach has been deliberate and measured, prioritizing long-term value creation over growth of holdings for its own sake.

謝謝你，喬，大家早安。正如喬所概述的那樣，以太坊已經進入了機構採用的新階段，而 Sharplink 的設計初衷就是為了在當前的市場形勢和長遠發展中保持專注和自律。從我們制定 ETH 國庫戰略之初，我們就採取了深思熟慮、穩妥謹慎的做法，優先考慮長期價值創造，而不是為了成長而成長。

Our objective is to accumulate ETH through accretive means and manage it responsibly with an institutionally governed public company framework. That performance and discipline are increasingly being recognized by the market. According to the latest Form 13F filings, our institutional shareholder ownership has grown to approximately 46% as of December 31, 2025. The highest percentage of institutional holders of any Ethereum treasury company.

我們的目標是透過增值方式累積以太坊，並以製度化的上市公司框架負責任地管理它。這種表現和紀律正日益得到市場的認可。根據最新的 13F 表格文件，截至 2025 年 12 月 31 日，我們的機構股東持股比例已成長至約 46%。在所有以太坊國庫公司中，機構持股比例最高。

We believe this demonstrates that investors are actively differentiating Sharplink from the broader digital asset treasury category. As the space matures, we are seeing a clear rotation towards platforms that combine productivity, governance, and shareholder alignment. We believe we are positioned at the forefront of that shift.

我們認為這表明投資者正在積極地將 Sharplink 與更廣泛的數位資產管理類別區分開來。隨著該領域的成熟，我們看到一個明顯的趨勢，即轉向兼顧生產力、公司治理和股東利益的平台。我們相信我們正處於這一變革的前沿。

At a high level, Sharplink's value proposition rests on three pillars: first, structural ETH accumulation that is growing ETH per share in an accretive manner; second, productive treasury management, generating yield above native taking rates through partnerships and innovation. This aims to ensure that the ease we hold actively contribute to shareholder value rather than remain idle on our balance sheet; and third, strong public company governance and transparency. These are institutional controls and disclosures that our expert in-house team has put in place.

從宏觀層面來看，Sharplink 的價值主張是基於三大支柱：首先，結構性地累積 ETH，以增值的方式增加每股 ETH 的數量；其次，高效的資金管理，透過合作和創新創造高於原生收益率的收益。這旨在確保我們持有的資產能夠積極為股東創造價值，而不是閒置在資產負債表上；第三，強大的上市公司治理和透明度。這些是我們內部專家團隊所製定的製度控制和資訊揭露措施。

Our north star is clear, to compound ETH per share over time and maximize productivity of our balance sheet. It is not to accumulate ETH at all costs or passively wait for ETH price appreciation. We approach this by redefining the efficient frontier of institutional yield, evaluating staking, retaking, selective DeFi, and actively managed allocation opportunities through an institutional risk management lens.

我們的目標很明確，就是隨著時間的推移，實現每股 ETH 的複利成長，並最大限度地提高資產負債表的生產力。並非要不惜一切代價囤積 ETH，或被動地等待 ETH 價格上漲。我們透過重新定義機構利益的有效邊界，並從機構風險管理的角度評估質押、贖回、選擇性 DeFi 和主動管理的配置機會，來解決這個問題。

We believe our differentiated treasury management approach will outperform other digital asset treasuries that are not engaging in active portfolio construction and management. Our scale permanent capital base and internal expertise enable us to structure bespoke, multiyear deployment arrangements that are generally unavailable to individual investors or Passive Exposure Vehicles. These deployments are designed to enhance ETH-denominated returns while maintaining disciplined standards around custody, liquidity, compliance, and risk control.

我們相信，我們差異化的資金管理方法將優於其他不進行積極投資組合建構和管理的數位資產資金管理機構。我們龐大的永久資本基礎和內部專業知識使我們能夠建立客製化的多年部署安排，而這些安排通常是個人投資者或被動投資工具無法獲得的。這些部署旨在提高以 ETH 計價的收益，同時保持託管、流動性、合規性和風險控制的嚴格標準。

A great example of this initiative is our deployment into Consensys' linear Layer 2 chain, where we allocated $200 million in ETH in partnership with [Ether.fi] and iGenCloud to generate ETH denominated returns that exceed standard staking rates. This institutional-grade risk managed structure is secured with an anchorage digital bank, our regulated qualified custodian and reflects the type of innovative opportunities we intend to continue pursuing and replicating as the ecosystem evolves.

這項措施的一個很好的例子是我們部署到 Consensys 的線性 Layer 2 鏈上，我們與 [Ether.fi] 和 iGenCloud 合作，投入了 2 億美元的 ETH，以產生超過標準質押率的 ETH 計價收益。這種機構級風險管理結構由錨定數位銀行（我們的受監管合格託管人）提供保障，體現了我們打算隨著生態系統的發展繼續追求和複製的創新機會類型。

On the regulatory front, the pathage of the Genius Act and continued progress around the Clarity Act and related market structure legislation represent meaningful steps towards distinguishing decentralized digital commodities like Ethereum's native asset ETH from centralized token issuers. While the Clarity Act has not yet passed and legislative outcomes remain subject to process, the overall direction is constructive.

在監管方面，《天才法案》的推進以及《清晰法案》和相關市場結構立法的持續進展，代表著在將以太坊原生資產 ETH 等去中心化數位商品與中心化代幣發行者區分開來方面邁出了意義重大的步伐。雖然《澄清法案》尚未通過，立法結果仍有待程序，但整體方向是建設性的。

Greater clarity around market structure and digital asset classification will reduce uncertainty for public companies, asset managers, and regulated intermediaries. For institutions, regulatory ambiguity has historically been a gating factor more than market volatility. Clear statutory definition and emerging market structure frameworks will allow boards compliance teams and risk committees to further evaluate participation in the crypto ecosystem with greater confidence. As regulatory guardrails solidify capital that has been sitting on the sidelines can engage through familiar governance, reporting and custody standards.

市場結構和數位資產分類的更清晰將降低上市公司、資產管理公司和受監管中介機構的不確定性。對機構投資人而言，監管的不確定性歷來比市場波動更能起到阻礙作用。明確的法律定義和新興市場結構框架將使董事會合規團隊和風險委員會更有信心地進一步評估參與加密生態系統的可能性。隨著監管保障措施的完善，一直觀望的資本可以透過熟悉的治理、報告和託管標準參與其中。

Regulatory clarity were lower friction, reduced perceived legal risk, and broaden institutional participation in the Ethereum ecosystem. And as more institutional market participants are able to enter on-chain capital markets Sharplink plans to continue growing its lead and executing on opportunities created by regulatory tailwinds through partnerships, on-chain deployments, and compounding yield strategies, we're on our way to becoming the world's most sophisticated bridge between traditional finance and crypto-native deployments.

監管的清晰度降低了摩擦，減少了感知到的法律風險，並擴大了機構參與以太坊生態系統的範圍。隨著越來越多的機構市場參與者能夠進入鏈上資本市場，Sharplink 計劃繼續擴大其領先優勢，並透過合作、鏈上部署和複利收益策略，抓住監管利好帶來的機遇，我們正在成為連接傳統金融和加密原生部署的世界上最複雜的橋樑。

To execute on these opportunities, Sharplink has assembled a dedicated in-house institutionally experienced team with deep sophistication across capital markets, risk management, and digital asset operations. Unlike many participants in this space, we manage the majority of our treasury activities in-house rather than relying on third-party discretionary managers or outsourced treasury platforms. We believe this is a structural differentiator for Sharplink and for our shareholders.

為了掌握這些機遇，Sharplink 組建了一支經驗豐富的內部機構團隊，在資本市場、風險管理和數位資產營運方面擁有深厚的專業知識。與該領域的許多參與者不同，我們大部分的財務活動都是在公司內部管理的，而不是依賴第三方全權委託經理或外包財務平台。我們認為這對 Sharplink 和我們的股東來說是一個結構性差異化優勢。

Many digital outset treasury companies externalized treasury management to third-party sponsors under exclusive long-term arrangements that include high fees or revenue sharing. That structure can create a compounding value league that works against stockholders over time. We built our platform internally with a more of a fixed cost base so that the value we generate stays within the treasury and compounds for our stockholders. Our economics are aligned directly with our shareholders.

許多數位化早期財務公司將財務管理外包給第三方贊助商，並簽訂了獨家長期協議，其中包括高額費用或收入分成。這種結構可能會形成一種複利式的價值聯盟，隨著時間的推移，這種聯盟會對股東造成不利影響。我們採用內部建構平台的方式，以更固定的成本為基礎，這樣我們創造的價值就能留在公司內部，並為股東帶來複利成長。我們的經濟效益與股東利益直接相關。

This internal treasury model gives us greater control over execution, titans risk oversight, and has better alignment with public company governance. We believe this structure will become increasingly important as investors differentiate digital asset treasuries based on governance, cost efficiency, and true value creation per share.

這種內部財務模式使我們能夠更好地控制執行、監管巨頭風險，並且與上市公司治理更加協調一致。我們認為，隨著投資者根據治理、成本效益和每股真實價值創造來區分數位資產組合，這種結構將變得越來越重要。

Ethereum, like all transformative technologies in their early adoption, experiences periods of heightened volatility. We have all felt the recent drawdown in ETH price and other crypto assets, and Sharplink is not immune to that. Our financial results will naturally reflect this volatility through unrealized gains and losses that can move materially from quarter to quarter. Our strategy is designed to operate through up cycles and down cycles, not to react to them.

以太坊和所有變革性技術一樣，在其早期應用階段都會經歷波動性加劇的時期。我們都感受到了近期以太價和其他加密資產的下跌，Sharplink 也未能倖免。我們的財務表現自然會反映出這種波動性，未實現的損益可能會逐季發生顯著變化。我們的策略旨在應對上升週期和下降週期，而不是對它們做出反應。

We believe Sharplink is both a procyclical and countercyclical investment. In strong markets, we can efficiently access capital markets to grow ETH per share in an accretive manner. We demonstrated this in 2025 and raising roughly $2.1 billion in equity via our at-the-market facility. Our constant focus on productive treasury management is important regardless of the market regime.

我們認為 Sharplink 既具有順週期性，又具有逆週期性。在強勁的市場中，我們可以有效地進入資本市場，以增值的方式提高每股 ETH 的價值。我們在 2025 年證明了這一點，並透過我們的市場發行機制籌集了約 21 億美元的股權。無論市場環境如何，我們始終專注於高效的資金管理至關重要。

Putting our ETH to work and generating incremental ease enables us to grow our ETH per share metric in both bull and bear markets alike. In more challenging markets like we have seen in the last few months, this focus on productivity and risk-adjusted yield becomes even more important and is a key differentiator for Sharplink.

運用我們的 ETH 並創造增量便利，使我們能夠在牛市和熊市中都提高每股 ETH 的指標。在像過去幾個月我們所看到的更具挑戰性的市場中，這種對生產力和風險調整後收益的關注變得更加重要，也是 Sharplink 的關鍵差異化因素。

We believe it's important for the market to distinguish between short-term price movements and the long-term value creation. Our belief is that a lot of the volatility we have experienced recently is related to the ripple effects of the liquidations and deleveraging we saw on October 10 of last year. That day was the single largest deleveraging event in our industry's history.

我們認為，市場區分短期價格波動和長期價值創造非常重要。我們認為，最近經歷的許多波動都與去年 10 月 10 日發生的清算和去槓桿化帶來的連鎖反應有關。那一天是我們產業史上規模最大的去槓桿化事件。

Similar to what we saw at the end of 2022, it can take several months for the system to fully unwind and rebound following an event like this. We believe strongly in the long-term Ethereum opportunity, and our premise is simple. You can get beta exposure to ETH by investing in Sharplink and own more ETH per share tomorrow than you do today through our disciplined active capital management.

與 2022 年底我們看到的情況類似，在發生此類事件後，系統可能需要幾個月的時間才能完全恢復和反彈。我們堅信以太坊的長期發展機遇，我們的前提很簡單。透過投資 Sharplink，您可以獲得 ETH 的 beta 敞口，並透過我們嚴謹的主動資本管理，明天您每股擁有的 ETH 數量將比今天更多。

It's also important to emphasize we don't attempt to call bottoms or predict short-term market movements in the price of ETH. Ethereum remained a volatile asset class and periods of drawdown are part of its historical cycles. What gives us conviction is not short-term price action, but structural macro trends, institutional adoption, regulatory clarity, the growth in stable coins, tokenized assets, and DeFi participation.

還需要強調的是，我們不會試圖預測以太坊價格的底部或短期市場走勢。以太坊仍然是一種波動性較大的資產類別，下跌時期是其歷史週期的一部分。真正讓我們充滿信心的不是短期價格走勢，而是宏觀結構趨勢、機構採納、監管清晰度、穩定幣、代幣化資產和 DeFi 參與度的成長。

Whether this crypto price consolidation proves to be a temporary noise or a longer-term cycle, our focus remains unchanged. We compound ETH per share through disciplined capital allocation and productive treasury management. Volatility is not a flaw of this asset class. It's a byproduct of monetizing a rapidly emerging and innovative new financial system. Our role is to harness that volatility through disciplined capital allocation rather than simply react to it. We have also taken steps to ensure that our name and brand accurately reflect who we are today. Last month, we formally updated our branding and digital presence, including the launch of a new website and adoption of our new tagline, Ethereum with an edge. As part of this process, we've also removed the word gain from our corporate identity. Reflecting that our strategy, capital allocation and long-term value proposition are now centered on Ethereum and the Digital Asset Treasury Management segment.

無論此次加密貨幣價格盤整最終被證明是暫時的波動還是一個更長期的周期，我們的關注點始終不變。我們透過嚴格的資本配置和高效的資金管理，實現了每股 ETH 的複合成長。波動性並非此類資產的缺陷。這是快速興起且極具創新性的新型金融體系貨幣化的副產品。我們的職責是透過有紀律的資本配置來駕馭這種波動性，而不是簡單地對其做出反應。我們也採取了措施，確保我們的名稱和品牌能夠準確地反映我們今天的面貌。上個月，我們正式更新了品牌形象和數位形象，包括推出新網站和採用新標語「以太坊，更勝一籌」。作為這個過程的一部分，我們也從公司標識中刪除了「獲得」一詞。這反映出我們的策略、資本配置和長期價值主張現在都以以太坊和數位資產資金管理領域為中心。

This rebranding is not cosmetic. It is fully aligned with what Sharplink has been building since June of last year and a signal of our continued commitment to building an institutional grade ETH treasury company. we would be honored if you thought of us as your sharpest link to growing your exposure to ETH, the foundational asset of the emerging decentralized economy. Looking ahead, we remain focused on executing with consistency and clarity as the Ethereum ecosystem continues to grow and scale.

這次品牌重塑並非表面功夫。這與Sharplink自去年6月以來一直致力於打造的理念完全一致，也標誌著我們持續致力於成為機構級以太坊（ETH）金庫公司的決心。如果您認為我們是您拓展ETH投資（ETH是新興去中心化經濟的基礎資產）的最佳途徑，我們將不勝榮幸。展望未來，隨著以太坊生態系統的持續發展和規模擴大，我們將繼續專注於以一致和清晰的方式執行任務。

We believe Sharplink is uniquely positioned to provide investors with institutional grade exposure to Ethereum through a transparent publicly traded company, offering stockholders a disciplined and risk management way to participate in the long-term growth of the Ethereum network and opportunity. We are also prioritizing the expansion of productive ETH deployment strategies, deepening institutional partnerships and maintaining capital market flexibility to increase ETH per share.

我們相信 Sharplink 憑藉其獨特的優勢，能夠透過透明的上市公司，為投資者提供機構級的以太坊投資機會，為股東提供一種有紀律、可控風險的方式，參與以太坊網路的長期發展和機會。我們也在優先考慮擴大高效的 ETH 部署策略、深化機構合作關係以及保持資本市場的靈活性，以提高每股 ETH 的價值。

Finally, I'd like to really acknowledge the stellar efforts of our entire team for working relentlessly over the past year and in a really focused manner to build our new ETH treasury strategy. Importantly, we do it in an investor-aligned manner.

最後，我要衷心感謝我們整個團隊在過去一年中不懈努力、全神貫注地建立新的 ETH 國庫策略。重要的是，我們以符合投資者利益的方式開展工作。

With that, I'll turn the call over to our Chief Financial Officer, Bob DeLucia, to walk through our full 2025 financial results. Bob?

接下來，我將把電話交給我們的財務長鮑勃·德盧西亞，讓他詳細介紹我們 2025 年的全部財務表現。鮑伯？

Thank you, Joseph. I'd like to remind our listeners to review our annual report on Form 10-K as of and for the year ended December 31, 2025, which we filed Friday afternoon with the SEC. The 10-K provides detailed footnotes and related disclosures that complement our discussion today, offering stockholders and investors a comprehensive view of Sharplink's financial position, liquidity, and ETH treasury performance.

謝謝你，約瑟夫。我想提醒各位聽眾，請查閱我們截至 2025 年 12 月 31 日止年度的 10-K 表格年度報告，該報告已於上週五下午提交給美國證券交易委員會。10-K 文件提供了詳細的腳註和相關披露，補充了我們今天的討論，為股東和投資者提供了 Sharplink 財務狀況、流動性和 ETH 國庫表現的全面概覽。

We will now go through the financial results for the year ended December 31, 2025. As I review our full-year results, I'd like to remind everyone that all comparisons and variance commentary referred to the prior year period, unless otherwise noted. As of December 31, 2025, Sharplink held 640,026 ETH, with a net fair value of $1.9 billion. In addition, we held 204,409 LsETH, or liquid stake deeds, with a cost value of $501 million. Subsequent to year-end, our combined ETH holdings have climbed standing at 604,618 ETH; 208,893 as if converted LsETH; and 55,188 as if converted [ETH], for a total of 868,699 ETH as of Monday, March 1, 2026.

接下來，我們將查看截至 2025 年 12 月 31 日的年度財務表現。在回顧我們全年業績時，我想提醒大家，除非另有說明，所有比較和差異評論均指上一年期間。截至 2025 年 12 月 31 日，Sharplink 持有 640,026 個 ETH，淨公允價值為 19 億美元。此外，我們還持有 204,409 份 LsETH（即流動性權益契約），總價值為 5.01 億美元。截至2026年3月1日星期一，截至年底，我們持有的ETH總量已增至604,618 ETH；按LsETH轉換後為208,893；按[ETH]轉換後為55,188，總計868,699 ETH。

Revenue for the year ended December 31, 2025, was $28.1 million compared to $3.7 million for the year ended December 31, 2024. The increase was due to the success of our ETH staking strategy during the year with taking revenues increasing to $15.3 million in the fourth quarter, from $10.3 million in the third quarter of 2025, an increase of nearly 50% between the third and fourth quarters. We achieved this growth even as the ETH market price was falling.

截至 2025 年 12 月 31 日止年度的收入為 2,810 萬美元，而截至 2024 年 12 月 31 日止年度的收入為 370 萬美元。這一成長歸功於我們今年的 ETH 質押策略取得了成功，第四季的營收從 2025 年第三季的 1,030 萬美元增加到 1,530 萬美元，第三季和第四季之間成長了近 50%。即使在以太坊市場價格下跌的情況下，我們也實現了這種成長。

We also had a net realized gain for the year ended 2025 of $55.2 million. That was due to the conversion of ETH into LsETH and the redemption of LsETH in the fourth quarter. Further, we had a $616.2 million unrealized loss at December 31, 2025, due to the ETH market conditions that deteriorated during the second half of 2025.

截至 2025 年，我們的淨實現收益為 5,520 萬美元。這是由於 ETH 轉換為 LsETH 以及 LsETH 在第四季度的贖回造成的。此外，由於 2025 年下半年 ETH 市場狀況惡化，截至 2025 年 12 月 31 日，我們未實現虧損達 6.162 億美元。

SG&A expenses for the year ended were $42.3 million compared to $5.7 million for the year ended December 31, 2024. The increase in SG&A was due to the expenses incurred in the implementation of our ETH treasury strategy during 2025. Net loss for the year ended December 31, 2025, totaled $734.6 million versus a net income of $10.1 million in the previous year. The net loss was primarily driven by a $140.2 million impairment charge related to the lowest pricing of LsETH in the previously mentioned $616.2 million unrealized loss.

截至本年度結束時的銷售、一般及行政費用為 4,230 萬美元，而截至 2024 年 12 月 31 日的年度則為 570 萬美元。銷售、一般及行政費用的增加是由於我們在 2025 年實施 ETH 國庫策略過程中產生的費用所致。截至 2025 年 12 月 31 日止年度，淨虧損總額為 7.346 億美元，而前一年淨利為 1,010 萬美元。淨虧損主要源自於 LsETH 最低定價相關的 1.402 億美元減損支出，而先前已提及的 6.162 億美元未實現虧損也與此有關。

These charges and losses were offset by a realized gain on the conversion of ETHs to LsETH and an LsETH redemption during 2025 of $55.2 million. It is important to emphasize that the impairment charges and unrealized losses reflect market pricing and follow the current US GAAP accounting standards. They do not represent realized economic losses on our ETH's position nor do they reduce the number of units of ease we hold.

這些費用和損失被 ETH 轉換為 LsETH 的已實現收益以及 2025 年 LsETH 的贖回 5520 萬美元所抵消。需要強調的是，減損費用和未實現損失反映了市場定價，並遵循現行的美國通用會計準則。它們並不代表我們ETH部位的實際經濟損失，也不會減少我們持有的ETH單位數量。

The success of our treasury strategy is measured in a disciplined, ETH accumulation measuring its productivity over time and not based on short-term market fluctuations. As of December 31, 2025, cash on hand was $28.5 million compared to cash on hand of $1.4 million as of December 31 and 2024.

我們的資金管理策略的成功與否，取決於我們是否有紀律地累積以太坊，並衡量其隨時間推移的生產力，而不是基於短期市場波動。截至 2025 年 12 月 31 日，現金餘額為 2,850 萬美元，而截至 2024 年 12 月 31 日，現金餘額為 140 萬美元。

Additionally, at December 31, 2025, we held $1.9 million in [USDC] stable coins as a financial asset. For additional details, our complete official audited financial statements and accompanying footnotes including all required disclosures, risk factors and management discussion and analysis are contained in our annual report on Form 10-K for the period ended December 31, 2025, filed with the SEC.

此外，截至 2025 年 12 月 31 日，我們持有價值 190 萬美元的 [USDC] 穩定幣作為金融資產。如需更多詳情，請參閱我們截至 2025 年 12 月 31 日止期間的完整官方審計財務報表及附註（包括所有必需的披露、風險因素和管理層討論與分析），這些內容均包含在我們向美國證券交易委員會提交的 10-K 表格年度報告中。

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

我們的發言稿到此結束。現在我們開放提問環節，歡迎參加電話會議的各位提問。接線員，已接通。

(Operator Instructions) Fedor Shabalin, B. Riley Securities.

（操作員說明）Fedor Shabalin，B. Riley Securities。

My first one is on capital rising. If the stock remains range-bound at these levels? Are you evaluating alternative capital resin way to secured lending against the ETH Treasury or non-dilutive instruments just to continue growing ETH concentration develops server pressure there, equity -- or more broadly, can you frame for us what the 2026 capital plan looks like in terms of magnitude and mix?

我的第一篇文章是關於資本成長的。如果股價繼續在這些價位區間震盪呢？您是否正在評估以以太坊國庫或非稀釋性工具作為擔保貸款的替代資本樹脂方式，以繼續擴大以太坊集中度，從而緩解伺服器壓力，增加股權？或者更廣泛地說，您能否為我們概述一下 2026 年的資本計劃在規模和組合方面是什麼樣的？

Sure, I'll take that. Good morning, Fedor. Our approach to raising capital is actually very straightforward and disciplined. We will access the equity markets when doing so is clearly accretive to our ETH concentration per share. That is our governing metric in our north star. It's the issuance of new equity capital increases ETH concentration on a per share basis, we'll act decisively. But if it does not, we won't. And capital markets activity is therefore very, very market dependent and not strategy dependent we do not issue equity to grow the balance sheet or simply to pursue scale for its own sake.

好的，我接受。早安，費多爾。我們籌集資金的方式其實非常直接且有條不紊。當進入股票市場能夠大幅提高我們每股 ETH 持股比例時，我們將進入股票市場。這是我們指引方向的準則。發行新的股權資本會增加 ETH 的每股集中度，我們將採取果斷行動。但如果情況並非如此，我們就不會這麼做。因此，資本市場活動非常非常依賴市場，而不是策略；我們不發行股票來擴大資產負債表，也不是為了追求規模而發行股票。

The $2.5 billion we raised earlier in 2025 and was executed under really favorable market conditions and increased our ETH per share in a meaningful way. And going forward, we're going to use the same discipline and apply it whatever the market condition is. Growth and accumulation is a byproduct of accretion. Growth and accumulation for its own sake is not the objective. So our north star continues to remain compounding ETH per share over time.

我們在 2025 年初籌集了 25 億美元，這筆資金是在非常有利的市場條件下完成的，並且顯著提高了我們每股的 ETH 價值。展望未來，我們將繼續秉持同樣的原則，無論市場狀況如何，都將之付諸實踐。成長和累積是堆積作用的副產品。成長和累積本身並不是目的。因此，我們的目標仍然是隨著時間的推移，實現每股 ETH 的複利成長。

The second question was about essentially leveraging our balance sheet to borrow against our ETH to raise capital. And at this point, we haven't decided to do that, but we've maintained the flexibility and relationships with the market to do that if it made sense.

第二個問題本質上是關於如何利用我們的資產負債表，以我們的 ETH 為抵押進行借貸來籌集資金。目前我們還沒有決定這樣做，但我們保持了靈活性，並與市場建立了良好的關係，以便在合適的時候這樣做。

That's helpful. And my follow-up, in the context of one of your strategic objectives for 2026 specifically on the expansion of partnership opportunities with Ethereum ecosystem. And I guess this one is for Joe Lubin. Given your history as an Ethereum co-founder, alongside Vitalik Buterin, could you help us understand the nature of your current working relationship with Vitalik? And specifically, does your proximity to the core technical leadership give sharing any information or strategic advantage when it comes to anticipating protocol level changes, like upgrades or maybe shifts in the ETH road map that could impact the value or utility of the treasury? And more broadly, should investors see you, Sharplink, as having a collaborative relationship with Ethereum's technical leadership? Or is the treasury strategy operating independently of those tariffs?

那很有幫助。我的後續問題是，在您 2026 年的策略目標之一，即擴大與以太坊生態系統的合作機會的背景下。我想這首曲子是獻給喬·盧賓的。鑑於您曾與 Vitalik Buterin 共同創立以太坊，您能否協助我們了解您目前與 Vitalik 的工作關係？具體來說，您與核心技術領導層的密切聯繫，是否能讓您分享任何資訊或策略優勢，從而預測協議層面的變化，例如昇級或以太坊路線圖的調整，這些變化可能會影響金庫的價值或效用？更廣泛地說，投資者是否應該將 Sharplink 視為與以太坊技術領導層存在合作關係？或者說，財政部的策略是獨立於這些關稅之外的？

Yeah. Thank you for that question. So to the extent that our company, Consensys, is deeply expert in the Ethereum protocol. On Layer 1 execution, Layer 1 Consensys and deeply expert in Layer 2, CK EVM protocol technology in the form of Linea. And to the extent that personnel in our protocols teams, our Linea team, our [Betamas] team are constantly in contact with not just if they're on foundation researchers and other personnel and other leaders across the ecosystem regarding the advancement of the protocol, and we have contributed I think second only to Ethereum foundation in terms of advancement of the protocol.

是的。謝謝你的提問。因此，我們公司 Consensys 對以太坊協議有著深入的專業知識。在第 1 層執行方面，第 1 層 Consensys 和第 2 層 CK EVM 協定技術以 Linea 的形式展現出深厚的專業知識。而且，我們協議團隊、Linea 團隊、[Betamas] 團隊的人員與基金會研究人員、其他人員以及整個生態系統的其他領導者保持密切聯繫，並不斷推進協議的發展。我認為，就協議的推進而言，我們的貢獻僅次於以太坊基金會。

We certainly believe that we have if not an advantage, at least we are deeply aware of what's going on in the ecosystem and able to shape it for the benefit of the ecosystem, which is really all about maintaining rigorous decentralization, credible neutrality, sensor ship resistance. So the stronger Ethereum is, the more it will continue to win and Sharplink is 100% dedicated to the health of the Ethereum technology. And we believe that Sharplink shareholders will benefit from that perspective.

我們當然相信，即使我們沒有優勢，至少我們也深刻了解生態系統中正在發生的事情，並且能夠為了生態系統的利益而塑造它，這實際上就是要保持嚴格的去中心化、可信的中立性以及對感測器船的抵抗。因此，以太坊越強大，它就越能繼續取得成功，而 Sharplink 也 100% 致力於以太坊技術的健康發展。我們相信，Sharplink的股東將從這種觀點中受益。

Devin Ryan, Citizens Bank.

Devin Ryan，公民銀行。

First question just on ETH price. A lot of the price action still feels dominated by positioning macro flows. And it's a question I asked frequently, just when we'll see correlations break down where everything doesn't just trade with Bitcoin's price. And I'm curious if there's a threshold that you're thinking about where fundamental ETH demand becomes large enough to offset some of the speculative flows around the edges that are obviously impacting price? And are there any metrics of kind of real demand that you would kind of point out as key indicators that we should be tracking? And then just how does that inform kind of the treasury management decisions as well.

第一個問題只關於以太幣價格。價格走勢目前仍主要受宏觀部位流動的影響。這也是我常問的問題：什麼時候相關性才會消失，所有東西的交易不再只是與比特幣的價格掛鉤？我很好奇，您是否考慮過這樣一個門檻：當以太坊的基本需求足夠大時，才能抵消一些明顯影響價格的邊緣投機性資金流動？那麼，您認為有哪些衡量實際需求的指標是我們應該關注的關鍵指標呢？那麼，這又是如何影響財務管理決策的呢？

Sure. Thanks, Devin. We recognize that, first of all, ETH is very volatile. It's actually a feature of this asset class. For a long time, ETH traded pretty linearly uncorrelated with Bitcoin. We are seeing more correlation actually with macro factors than we had in a long time. And obviously, we're going through a period of deleveraging since October 10, and that typically takes months or even up to two quarters to work its way through the system.

當然。謝謝你，德文。我們首先認識到，以太坊價格波動性很大。這實際上是此類資產的一個特徵。長期以來，以太坊的交易價格與比特幣的交易價格幾乎沒有線性相關性。我們發現，目前與宏觀因素的相關性比以往任何時候都要強。顯然，自 10 月 10 日以來，我們一直處於去槓桿化階段，這通常需要數月甚至長達兩個季度的時間才能在系統中完成。

I think the leading indicator we would ask our investors to focus on is that macro Ethereum adoption opportunity, what we like to call and others refer to as the super cycle. So there seems to be a bit of short-term divergence between the price of crypto and the adoption that we're seeing. I feel pretty strongly that we've never had a period of time in the history of crypto, where institutions are more attuned, institutions are allocating no longer experimenting in the Ethereum ecosystem.

我認為我們希望投資者關注的領先指標是以太坊的宏觀普及機會，我們稱之為超級週期，其他人也這樣稱呼它。所以，目前加密貨幣的價格和我們所看到的普及程度之間似乎存在一些短期背離。我強烈認為，在加密貨幣的歷史上，我們從未經歷過這樣一個時期：機構投資者更加關注以太坊生態系統，不再進行相關實驗。

Joe laid out in his introduction, just a handful of institutional use cases. We're seeing it across stable coin growth where most of the stable coin activity is happening in the Ethereum ecosystem by a large margin relative to the next two largest blockchains.

Joe 在引言中列舉了一些機構應用案例。我們看到穩定幣的成長趨勢是，大部分穩定幣活動都發生在以太坊生態系統中，遠遠超過其他兩個最大的區塊鏈。

Second is we're seeing tokenization at what I think is a very, very early stage of a step function shift. Historically, we've seen individual funds, individual tokens, be tokenized on disparate platforms. Now we're hearing about the largest asset managers essentially saying that they have plans to tokenize all their assets. So I think we're looking for signals, but they're loud and clear that we're talking about potential tokenization of fund complexes. And the reason why that matters is Ethereum is the leading ecosystem for tokenization. And the final thing is DeFi, what we like to refer to as good DeFi or institutional DeFi we're starting to see larger and larger institutions start participating. And all of this bodes well for the Ethereum network, for activity, for total value locked, and that should benefit the price of ether.

其次，我認為我們目前看到的標記化還處於一個非常非常早期的階段，而這只是一個階躍函數轉換的開始。從歷史上看，我們已經看到各個基金、各個代幣在不同的平台上被代幣化。現在我們聽到一些大型資產管理公司表示，他們計劃將所有資產代幣化。所以我覺得我們正在尋找訊號，但這些訊號非常明確地表明，我們正在討論基金複合體的潛在代幣化。而這之所以重要，是因為以太坊是代幣化領域的領先生態系統。最後一點是 DeFi，我們喜歡稱之為優質 DeFi 或機構 DeFi，我們開始看到越來越多的大型機構開始參與其中。所有這些都預示著以太坊網路、活躍度和總鎖定價值將大幅提升，這應該會提振以太幣的價格。

That said, we're not in the business of calling bottoms. We're not in the business of making price predictions but the macro tailwinds are stronger than we've ever seen, despite the short-term volatility and price consolidation. So we don't drive our business model based on the price of ETH, we just wake up every day trying to give our investors smarter beta exposure to the price of ETH, and then we make it productive in what we think of as almost an alpha overlay strategy being more productive than retail investors can do themselves or that they can achieve through exposure for example, to an ETF.

話雖如此，我們並沒有從事預測底部的工作。我們並非從事價格預測業務，但儘管短期內存在波動和價格盤整，宏觀利好因素卻比以往任何時候都更加強勁。因此，我們的商業模式並非基於 ETH 的價格，我們每天醒來都努力為投資者提供更明智的 ETH 價格 beta 敞口，然後我們透過我們認為幾乎是 alpha 疊加策略來實現其生產力，這種策略比散戶投資者自己操作或透過例如投資 ETF 等方式實現的生產力更高。

That's great color. As a follow-up, I just want to hit on yield above native staking. You guys, in the prepared remarks, outlined some of the focus areas and kind of action plan. Can you just give us a sense of how we should think about kind of the yield stack evolving through 2026? I don't know if there's a way to quantify the different buckets and orders of magnitude? And then just interrelated, you spoke about potential partnerships that you're working on. How could those also help accelerate the strategy there?

顏色真好看。作為後續，我只想強調一下高於原生質押的收益。你們在事先準備好的演講稿中，概述了一些重點領域和行動計畫。您能否簡單介紹一下我們應該如何看待 2026 年之前的收益率結構演變？我不知道是否有辦法量化不同的類別和數量級？然後，你也談到了你正在洽談的潛在合作關係，這兩者之間也密切相關。這些措施又如何加速該領域的策略實施？

Sure. It's a great question. And I think we want to be a little bit more transparent now that our strategy is growing and maturing. So I would say that native staking of our ETH remains our baseline. And I think we've said publicly multiple times. Since inception in June, we've been staking nearly 100% of our ETH because if you have a productive asset like ETH, it's respectful to investors to stake as much as you can. And not all of our competitors have been doing that.

當然。這是一個很好的問題。我認為，隨著我們的策略不斷發展和成熟，我們應該更加透明一些。所以我認為，ETH 的原生質押仍然是我們的基本策略。而且我認為我們已經多次公開說過。自 6 月成立以來，我們幾乎 100% 的 ETH 都進行了質押，因為如果你擁有像 ETH 這樣具有生產性的資產，那麼盡可能多地進行質押是對投資者的尊重。並非所有競爭對手都這麼做了。

Beyond that, we've selectively deployed some of our ETH Capital into institutional grade structures. We shared that publicly that we did a large $200 million deployment from our balance sheet into a partnership with Consensys, their linear blockchain and two bluechip DeFi protocols, Etherfi and iGenCloud in order to be able to deploy permitting capital, meaning provide liquidity and protocol commitments for a multiple year periods.

除此之外，我們也選擇性地將部分以太幣資本投資於機構級結構。我們公開宣布，我們從資產負債表中投入了 2 億美元，與 Consensys 及其線性區塊鏈以及兩個藍籌 DeFi 協議 Etherfi 和 iGenCloud 建立了合作關係，以便能夠部署許可資本，這意味著在未來多年內提供流動性和協議承諾。

You get the liquid retaking rate, but on top of that, you get economic incentives denominated in ETH, and we didn't have to compromise on operational risk we were one of the first public companies to deploy into DeFi within our regulated qualified custodian at (inaudible). I think as we think about 2026, we are going to move a little bit further along the efficient frontier to drive additional yield for our investors. But we do it through four lenses.

您不僅可以獲得流動性回收率，還能獲得以 ETH 計價的經濟激勵，而且我們無需在營運風險上做出妥協——我們是首批在受監管的合格託管機構內部署 DeFi 的上市公司之一。（聽不清楚）我認為，展望 2026 年，我們將沿著效率前沿再前進一點，從而為我們的投資者帶來額外的收益。但我們是透過四個鏡頭來實現的。

First is we always look at counterparty risk controls. Which is really, really important in the crypto ecosystem. We look at how we can maintain operational protections through our regulated custodians. We look at liquidity parameters of the partnership or protocol, and we always look at regulatory consideration. So again, no matter what the staking yield is, it's our hurdle rate. And our objective is to generate yield on a risk-adjusted basis above the native staking rate in a very disciplined, risk-adjusted manner. And you'll see we will be doing more partnerships in the ecosystem because we have something quite rare in the digital asset space, which is permanent capital and will make it useful on behalf of our investors. That actually is our comparative admission.

首先，我們始終關注交易對手風險控制。這在加密貨幣生態系統中真的非常非常重要。我們研究如何透過受監管的託管機構來維持營運保障。我們會考察合作關係或協議的流動性參數，並且總是考慮監管因素。所以，無論質押收益率是多少，這都是我們的門檻收益率。我們的目標是以非常嚴謹、風險調整的方式，在風險調整的基礎上，獲得高於原生質押率的效益。你會發現，我們將在生態系統中進行更多合作，因為我們在數位資產領域擁有非常罕見的永久資本，這將使我們的投資者受益。這其實是我們相對承認的事實。

Brian Kinstlinger, Alliance Global Partners.

Brian Kinstlinger，Alliance Global Partners。

Can you talk about the pipeline of the yield-generating deployments and partnerships and help us understand the time it takes to do due diligence on the associated risks? And my second question, which is related, does the pressure on ETH make these types of deals more or less attractive to either side of the transaction? Or does it have no impact on demand for such transactions?

您能否談談能夠產生收益的部署和合作項目，並幫助我們了解對相關風險進行盡職調查所需的時間？我的第二個問題與此相關，ETH 面臨的壓力會使這類交易對交易雙方更具吸引力還是更不具吸引力？或者說，這對這類交易的需求沒有任何影響？

Sure. So we have built an internal team that has both investment management capabilities from both traditional finance and digitally native members. We have a DeFi team who's focused on sourcing these opportunities. And I would emphasize what Joe Lubin said earlier, many of these opportunities are being sourced in conjunction with our strategic partners at Consensys. That the deepest access to these protocols. We are looking at, I would say, almost a dozen different protocols and opportunities, and it takes at least a couple of months to do the proper due diligence.

當然。因此，我們組建了一支內部團隊，該團隊既擁有來自傳統金融領域的投資管理能力，又具備數位原生世代成員的能力。我們有一個專門負責尋找這些機會的 DeFi 團隊。我還要強調喬·盧賓之前所說的，這些機會中的許多都是與我們的策略夥伴 Consensys 共同尋找的。這是對這些協議最深入的訪問。我想說，我們正在研究近十幾種不同的方案和機會，而進行適當的盡職調查至少需要幾個月的時間。

First is you need to get comfortable that they have the risk controls that you would expect. We diligence things like smart contract risk, counterparty risk, liquidity risk, sometimes depegging risk, then we get to the point where we feel comfortable and you negotiate commercial relationships to try to leverage our scale and permitting capital to get a better yield or return on a risk-adjusted basis. And then finally, we often work directly with our custodians to see if they can support it within the qualified custodial wrapper.

首先，你需要確信他們擁有你所期望的風險控制措施。我們會盡職調查智能合約風險、交易對手風險、流動性風險，有時還會調查脫鉤風險，然後當我們覺得時機成熟時，我們會協商商業關係，嘗試利用我們的規模和許可資本，以風險調整後獲得更好的收益或回報。最後，我們經常直接與託管人合作，看看他們是否能在合格的託管框架內提供支援。

And it's important because in crypto, where there's heavy risk in D5 protocols, if you can reduce your custody and operational risk, we think of that as ops alpha. So that is question number one. Question number two is, I mentioned earlier, the rate of return on staking will vary over time. You're seeing a very large rush into staking with staking rates higher -- sorry, staking utilization rates higher than we've seen in most of the history of Ethereum. That's because of the DATs and the ETFs. But again, that is our hurdle rate. And our ability to generate returns are less sensitive to short-term movements in the price of ETH or staking rates. Because we're negotiating and deploying under a multiyear agreement.

這很重要，因為在加密貨幣領域，D5 協議存在很大的風險，如果你能降低託管和營運風險，我們就認為這是營運阿爾法。這是第一個問題。第二個問題是，正如我之前提到的，質押的報酬率會隨時間而改變。你會看到大量用戶湧入質押市場，質押率——抱歉，是質押利用率——比以太坊歷史上大多數時期都要高。那是因為DAT和ETF的存在。但再次強調，這是我們的最低門檻。而且，我們產生收益的能力對 ETH 價格或質押費率的短期波動較不敏感。因為我們正在根據多年期協議進行談判和部署。

So we're making a lot of progress, but we're going to do it in a very disciplined manner. That's who we are and that's our strategy.

所以我們正在取得很大進展，但我們會以非常嚴謹的方式進行。這就是我們，這就是我們的策略。

And let me add -- let me add to that, that I didn't mention DeFi that much in my previous response, not only are some of the best mines in DeFi consensus available to Sharplink, but some of them have actually moved over from Consensys to Sharplink.

另外，我想補充一點——我之前的回覆中沒有過多提及 DeFi，不僅 Sharplink 可以使用一些 DeFi 共識領域最好的礦場，而且其中一些礦場實際上已經從 Consensys 遷移到了 Sharplink。

Gareth Gacetta, Cantor Fitzgerald

加雷斯·加塞塔，坎托·菲茨杰拉德

Can you provide any color on the difference in staking yields you guys earned in the fourth quarter between native and liquids taking? More specifically, just how much greater is the liquid staking yield on top of native staking?

能否詳細說明一下你們在第四季透過原生代幣和流動性代幣獲得的質押收益差異？更具體地說，流動性質押的收益率比原生質押高出多少？

We haven't yet disclosed that. And part of the fourth quarter was still in deployment -- and we've also been, in many cases, renegotiating our staking rates and incentives. So I don't have those numbers at hand. I think what you're going to see is later this year as we reach a steady state we will likely start disclosing more frequently how we're doing in terms of our overall portfolio, staking, liquid restaking, linear and any other capital allocations. Because we do think of it as a portfolio of returns.

我們尚未披露此事。第四季的一部分仍在部署中——而且在許多情況下，我們也一直在重新協商我們的質押費率和激勵措施。所以我手邊沒有這些數字。我認為，隨著我們今年稍後達到穩定狀態，我們將開始更頻繁地揭露我們在整體投資組合、質押、流動性再質押、線性投資以及任何其他資本配置方面的表現。因為我們確實把它看作是一個收益組合。

Great. That makes sense. And a follow-up to that. Could you maybe talk about the willingness to explore opportunities on the ETH Layer 1 itself versus layer 2s like Linea going forward?

偉大的。這很有道理。以及後續報道。您能否談談未來在以太坊 Layer 1 本身與 Linea 等 Layer 2 之間探索機會的意願？

SP-21 Like, I think today, most of our stake deed is done through anchorage and done through Coin base on a delegated basis, and they use a series of validators that are diversified and a series of validators that are generating optimal yield. And that happens to my knowledge, largely on main net, but we're very flexible whether it's the layer 1 or layer 2 in order to achieve the highest risk-adjusted returns. And as Joe mentioned earlier, we are starting to see really good opportunities in F but we're being patient and doing the proper due diligence because it does introduce risks beyond the native staking. And we're thinking of this as a portfolio of allocations and we're trying to push the efficient frontier, but to do so in an institutional-grade manner.

SP-21 就像，我認為目前我們的大部分權益契約都是透過錨定和 Coinbase 以委託方式完成的，他們使用一系列多元化的驗證器和一系列能夠產生最佳收益的驗證器。據我所知，這種情況主要發生在主網上，但為了獲得最高的風險調整收益，我們在第 1 層或第 2 層方面非常靈活。正如喬之前提到的，我們開始看到 F 領域存在非常好的機會，但我們保持耐心，並進行適當的盡職調查，因為它確實引入了原生質押之外的風險。我們把這看作是一個投資組合，我們試圖突破有效邊界，但要以機構級的方式進行。

Joseph Vafi, Canaccord Genuity.

Joseph Vafi，Canaccord Genuity。

Just thought we'd double-click on clarity what it may mean for the broader ecosystem? I know you mentioned it, but just maybe we drill down on it a little bit and how maybe that evolves post clarity. And I know you I know it's super early that you did mention AI and the like. We're just wondering if you're seeing any pilot projects related to perhaps AI entering into maybe five or are there more permissionless payment schemes or algorithms?

我們只是想再次強調一下，這可能對更廣泛的生態系統意味著什麼？我知道你提到過，但或許我們可以更深入地探討一下，以及在情況明朗之後，這件事可能會如何發展。我知道你現在就提到人工智慧之類的東西還為時過早。我們想知道您是否看到任何與人工智慧相關的試點項目，例如進入五大領域，或者是否有更多無需許可的支付方案或演算法？

Sure. I'll take the first question, which is regulatory clarity, and then I'll pass it over to Joe Lubin to handle the Agentic dimension and how we're seeing it all. On the regulatory clarity, I think if we look back, the Genius Act was a very, very good step. It was not only a good step in clarifying stable coins in the US. I think it was setting off a bit of a geopolitical race because we're starting to see countries around the world focus on locally denominated stable points. And the growth in stable coins from what today is around $310 billion to what Secretary (inaudible) will be several trillion over the next few years is going to happen not only in the US It's going to happen globally.

當然。我先回答第一個問題，即監管清晰度，然後我會把問題交給喬·盧賓，讓他來處理代理層面以及我們是如何看待這一切的。關於監管清晰度，我認為回顧過去，《天才法案》是一個非常非常好的舉措。這不僅是澄清美國穩定幣問題的一個好開始。我認為這引發了一場地緣政治競賽，因為我們開始看到世界各國都在關注以當地貨幣計價的穩定貨幣。穩定幣的市值將從目前的約 3,100 億美元增長到未來幾年內部長（聽不清楚）所說的數萬億美元，這不僅會發生在美國，而且會在全球範圍內發生。

And we're seeing that in Korea, we're seeing it in Japan, we're seeing it in Hong Kong, and, to a lesser extent, in Europe. So that is one set of drivers. I would say the Clarity Act, which is trying to provide both market structure and token security classification, is important as much as a signal as it is to make sure that institutional investors are comfortable that when they invest in crypto, they have the regulatory clarity behind them. And I won't predict whether the Clarity Act will pass before the midterms. I think there's a high level of confidence it will pass this year.

我們在韓國看到了這種情況，在日本看到了這種情況，在香港看到了這種情況，在歐洲也有一定程度的這種情況。這是一組驅動程式。我認為，《清晰法案》旨在提供市場結構和代幣證券分類，其重要性不僅在於發出一個訊號，更在於確保機構投資者在投資加密貨幣時，能夠確信他們背後有明確的監管保障。我不會預測《清晰法案》能否在中期選舉前獲得通過。我認為大家對它今年通過充滿信心。

I do have pretty strong conviction that even in the event it does not pass. We've heard from both the SEC and the CFTC, the two primary US regulators that they're not only saying they're working in unison, they put working groups together, and if necessary, I feel confident they can do through rulemaking what the legislative branch has not been able to accomplish it.

我確實非常確信，即使它最終沒有通過​​。我們從美國證券交易委員會（SEC）和商品期貨交易委員會（CFTC）這兩個主要的美國監管機構那裡了解到，他們不僅表示正在齊心協力，還組建了工作小組，而且我相信，如有必要，他們可以通過制定規則來實現立法部門未能實現的目標。

So I think we have institutional adoption tailwind, and I believe we have regulatory tailwinds that are going to be very, very positive for both Stable Points tokenization of traditional fund stock commodities as well as institutional participation in DeFi. We may need to be a little bit patient, but the trend is behind us. And with that, I'll turn it over to Joe to speak a little bit more about what we're seeing in the Agentic economy on chain and specifically what we're seeing in Ethereum.

所以我認為我們有機構採用的順風，而且我相信監管方面的順風對於穩定點數代幣化傳統基金股票商品以及機構參與 DeFi 都將是非常非常積極的。我們可能需要再耐心等待一段時間，但這種趨勢已經過去了。接下來，我將把麥克風交給喬，讓他再詳細談談我們在鏈上代理經濟中看到的情況，特別是我們在以太坊中看到的情況。

Thanks, Joseph. Thank you for the question. There is just so much to discuss at the intersection of AI in crypto. I'll try to keep it fairly short. But the bottom line is that I and crypto, at least in my opinion, badly need each other. These are two foundational technologies that could each reform that society alone. But we should recognize as a society as technologists, what I think of as the necessary complementarity of decentralized trust as represented by blockchains and the unprecedented centralized intelligence power and control that AI enables the crypto space.

謝謝你，約瑟夫。謝謝你的提問。人工智慧與加密貨幣的交叉領域有許多值得探討的地方。我會盡量長話短說。但歸根究底，至少在我看來，我和加密貨幣彼此都非常需要。這兩項基礎性技術，每一項都足以單獨改變一個社會。但作為技術工作者，我們應該認識到，區塊鏈所代表的去中心化信任與人工智慧為加密領域帶來的前所未有的集中式智慧力量和控制力之間存在著必要的互補關係。

And I think most of the initiatives coming more from the crypto space than the AI space, although there's certainly a lot of AI researchers that think about decentralization. But the crypto space will empower a healthy evolution of human and machine intelligence and economic and financial agency. But it needs, in my opinion, it really needs AI to fully flourish.

而且我認為大多數相關措施更多來自加密貨幣領域，而不是人工智慧領域，儘管確實有許多人工智慧研究人員在思考去中心化問題。但加密貨幣領域將促進人類和機器智慧以及經濟和金融自主權的健康發展。但我認為，它真的需要人工智慧才能充分發展。

The world needs decentralized protocols and decentralized infrastructure to empower humans and communities with full agency. And these humans will be bonding deeply with AI to ensure that hopefully, AI will be user-centric and not continue in the exploit of toxic directions that Web 2 plus AI has become. So crypto will fix AI's centralization problem by providing decentralized compute data sourcing, training and inference on decentralized physical infrastructure networks are deepening via Zero Knowledge proof technology, (inaudible) able secure data and private data markets through Federated Learning and zero-knowledge machine learning.

世界需要去中心化的協議和去中心化的基礎設施，以賦予人類和社區充分的自主權。這些人將與人工智慧建立深厚的聯繫，以確保人工智慧能夠以用戶為中心，而不是繼續朝著 Web 2 + AI 已經變得有害的方向發展。因此，加密貨幣將透過提供去中心化的運算資料來源來解決人工智慧的中心化問題，在去中心化的實體基礎設施網路上進行訓練和推理，並透過零知識證明技術不斷深化，（聽不清楚）能夠透過聯邦學習和零知識機器學習來保障資料安全和私有資料市場。

AI can be treated on sensitive proprietary data without ever exposing the underlying information. We at Consensys are doing work with the X402 protocol, enabling micropayments for agent-to-agent, commerce and human agent commerce. We've participated in building IT 804, which is essentially a registry system for agents to register themselves and their capabilities and reputation systems that people, companies and agents can feed back on how the agents are doing.

人工智慧可以處理敏感的專有數據，而無需洩露底層資訊。Consensys 正在研究 X402 協議，以實現代理對代理商、商業和人際代理商業的微支付。我們參與了 IT 804 的建設，它本質上是一個註冊系統，供代理商註冊自己、他們的能力和聲譽系統，個人、公司和代理商可以就代理商的表現提供回饋。

And AI fixes what we could think of as crypto usability problem. So we're moving to intense based user ice and user experience. And that means that AI will help us by explaining and handling complex, highly technical blockchain transactions and do so in natural language. Users can simply say or type what they want to achieve and their AI agents, which might be there their digital twin, we'll be able to translate that and execute it for (inaudible) AI will help transform crypto-wallet into neobanks and intelligent financial advisers that you fully own and control and these wallets lot are users from security risks.

人工智慧解決了我們所謂的加密貨幣可用性問題。所以我們正在轉向以用戶冰和用戶體驗為核心的深度行銷。這意味著人工智慧將幫助我們解釋和處理複雜、高度技術性的區塊鏈交易，並且是用自然語言進行解釋和處理。使用者只需說出或輸入他們想要實現的目標，他們的 AI 代理（可能是他們的數位孿生體）就能將其翻譯並執行。 （聽不清楚）AI 將有助於把加密錢包轉變為您完全擁有和控制的新型銀行和智慧財務顧問，這些錢包可以有效降低用戶的安全風險。

So I can go on and on, but let me -- let me leave it there. Maybe the last thing to add is that the AI-enabled velocity of software development is off the charts right now, and it's accelerating. So for instance, developers at Consensys and across Ethereum ecosystem are putting two or more speedups in software development philosophy.

我還可以繼續說下去，但就讓我——就此打住吧。最後要補充的是，人工智慧賦能的軟體開發速度目前已經達到了驚人的水平，而且還在加速發展。例如，Consensys 和整個以太坊生態系統的開發人員正在軟體開發理念中引入兩種或多種加速方法。

So look for that to continue and look for the quality of software to improve.

所以，期待這種情況繼續下去，並期待軟體品質得到提升。

Kevin Dede, HC Wright.

Kevin Dede，HC Wright。

Thanks for having me on the call. I know Joseph, you offered a little color on the consensus partnership and then consensus people joining your staff and working with Ethereum and Agri Cloud. I was just wondering if you could kind of break down how you're approaching DeFi, some broad brush strategically given partnerships and internal personnel. And then specifically, how are you leveraging liquid versus rack?

謝謝邀請我參加電話會議。我知道 Joseph，你曾簡要介紹了共識夥伴關係，以及共識領域的人員加入你的團隊並與以太坊和 Agri Cloud 合作的情況。我只是想問您能否大致介紹一下您是如何看待 DeFi 的，考慮到合作夥伴關係和內部人員，從戰略角度進行一些概括性的闡述。具體來說，您是如何利用液態而非架狀儲存的？

Sure. I'll take that. So there's a word in crypto that's used quite often, which is composability. And when we approach partnerships it's often not to a single protocol. The example we gave was working with consensus, their Layer 2 ZK EVM chain as well as two blue-chip DeFi partners, I think that's a model that is repeatable. And the reason why we're seeing that is a lot of crypto and protocols are starved of liquidity, especially since October 10, and what they're looking for is an ability to have permanent capital.

當然。我接受。在加密貨幣領域，有一個詞經常被用到，那就是可組合性。而且，當我們尋求合作夥伴關係時，通常並非遵循單一協議。我們舉的例子是與共識機制、他們的 Layer 2 ZK EVM 鏈以及兩家藍籌 DeFi 合作夥伴合作，我認為這是一個可重複的模式。我們看到這種情況的原因是，許多加密貨幣和協議都缺乏流動性，尤其是在 10 月 10 日之後，他們所尋求的是擁有永久資本的能力。

The crypto ecosystem often is plagued with folks that will put money in protocols essentially try to generate as much quick yield, whether in token value or otherwise, and then they move on from protocol to protocol. So what we're seeing is a lot of demand from DeFi protocols for multiyear permitting capital deployment and they're willing to pay incentives to do that.

加密生態系統經常受到一些人的困擾，這些人將資金投入到各種協議中，本質上是為了盡可能快速地獲得收益，無論是代幣價值還是其他方面，然後他們就會從一個協議轉移到另一個協議。因此，我們看到 DeFi 協議對多年期資金部署的需求非常大，他們也願意為此支付激勵措施。

We are being approached by virtually every sophisticated DeFi protocol, Vault provider to try to find ways to partner and that actually puts us in a pole position. And I'm quite confident that over a period of time, we are building a portfolio that is actively managed, which is in contrast with how individuals or ETFs can give exposure to ETH productivity.

幾乎所有成熟的 DeFi 協議和金庫提供者都與我們聯繫，希望找到合作方式，這實際上使我們處於領先地位。我相當有信心，隨著時間的推移，我們將建立一個積極管理的投資組合，這與個人或 ETF 如何提供 ETH 生產力曝險截然不同。

And I think that will be very, very positive for our investors. And I think it's less around standard staking, liquid re-staking. It's more the composability of bringing partners together to look at yield opportunities less around the wrapper, more about risk-adjusted returns. And we will try to be as public as possible when we enter into these partnerships because that is our comparative advantage.

我認為這對我們的投資者來說將是非常非常好消息。我認為這與標準質押、流動性再質押關係不大。更重要的是將合作夥伴聚集在一起，共同尋找收益機會，而不是專注於形式，而是專注於風險調整後的回報。我們將盡可能公開透明地進行這些合作，因為這是我們的比較優勢。

So it's less about the wrapper. It's more about the risk-adjusted return and how each one of these deployment fits into a diversified portfolio management or portfolio allocation framework. So it is a portfolio of capital, and we're going to deploy it to our comparative advantage. And if you do that right, it's really respectful and beneficial for our investors.

所以，包裝並不重要。更重要的是風險調整後的效益，以及每項投資部署如何融入多元化的投資組合管理或投資組合配置架構。所以這是一個資本組合，我們將利用它來發揮我們的比較優勢。如果你這樣做得當，這對我們的投資者來說既是尊重也是有益的。

Thank you. Ladies and gentlemen, that concludes our question-and-answer session. I'll turn the floor back to Mr. Chalom for any final comments.

謝謝。女士們、先生們，我們的問答環節到此結束。我把發言權交還給查洛姆先生，請他作最後的總結發言。

Well, before we close, I want to emphasize that we are building Sharplink for a world where Ethereum is at the core of the future innovative financial infrastructure. Our job is to be the stewards of our stockholders' capital and our ETH treasury with the north star that we say over and over to increase ETH per share responsibly.

最後，我想強調一點，我們建構 Sharplink 的目標是讓以太坊成為未來創新金融基礎設施的核心。我們的職責是管理好股東的資本和我們的 ETH 資金，我們始終堅持以負責任的方式增加每股 ETH 為目標。

We believe Sharplink is the smartest way for investors to participate in this long-term Ethereum opportunity. And at our core, we are Ethereum there with an edge. So thank you all for joining us today for your continued support and confidence in our vision and strategy. I'm really proud of the work our team has accomplished in 2025 and I'm optimistic and excited for the opportunities ahead in 2026. We look forward to speaking with you again on our next earnings call, and have a great day, everyone.

我們認為 Sharplink 是投資者參與以太坊長期投資機會的最明智方式。從本質上講，我們是以太坊，但具有優勢。感謝各位今天蒞臨，感謝你們一直以來對我們的願景和策略的支持與信任。我為我們的團隊在 2025 年所取得的成就感到非常自豪，並且對 2026 年的機會充滿樂觀和興奮。我們期待在下次財報電話會議上再次與您交流，並祝大家今天過得愉快。

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。