Sharplink Inc (SBET) 2026 Q1 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 first quarter ended March 31, 2026. By now, everyone should have access to the first quarter 2026 earnings press release, which was issued this morning at approximately 8:00 AM Eastern Time.

各位早安，感謝各位參與今天的電話會議，討論 Sharplink 截至 2026 年 3 月 31 日止第一季的財務與營運成果。截至目前，大家應已取得 2026 年第一季財報新聞稿，該新聞稿已於今晨約美東時間上午 8:00 發布。

The release is available in the Investor Relations section of Sharplink's website. This call will also be available for webcast replay on the company's website. Following the management's prepared remarks, we will open the call for questions.

該新聞稿可於 Sharplink 官網的投資人關係（Investor Relations）專區取得。本次電話會議亦將於公司網站提供網路重播。在管理團隊的預備發言結束後，我們將開放提問。

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

接下來我將把電話交給 Sharplink 業務與法務副總裁 Dodi Handy 進行開場說明。請開始。

Thank you, Operator. Please see Sharplink's quarterly report on Form 10-Q, filed on Friday, May 8, 2026, with the SEC, along with the earnings press release that crossed the wire 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 identify some of the risks and uncertainties that could affect our business, prospects, and future results.

謝謝，接線員。請參閱 Sharplink 於 2026 年 5 月 8 日（週五）向美國證券交易委員會（SEC）提交的 10-Q 季度報告，以及今晨透過新聞專線發布的財報新聞稿。這些文件列示若干可能導致 Sharplink 實際結果與我們今日所述存在重大差異的因素，並指出可能影響我們業務、前景與未來結果的部分風險與不確定性。

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.

Sharplink 不承擔亦不承諾更新任何前瞻性陳述之義務。我們在本次電話會議中所作的任何前瞻性陳述，僅以目前可得資訊為基礎，且僅代表其作出當日之觀點。

In addition, we may be discussing or providing certain metrics today, such as ETH per share and other treasury-related performance metrics, that are not GAAP measures. Please see our earnings press release and our SEC filings for further information regarding these metrics.

此外，我們今天可能會討論或提供若干指標，例如每股 ETH 以及其他與資金庫（treasury）相關的績效指標，這些並非 GAAP 衡量指標。關於這些指標的進一步資訊，請參閱我們的財報新聞稿及向 SEC 提交的文件。

To set the agenda for today's call, we will begin with Joe Lubin, Sharplink's Chairman, Co-Founder of Ethereum, and Founder and CEO of Consensys. Joe will provide a broader perspective on Ethereum's technological evolution, ecosystem development, and long-term role in global financial infrastructure.

為說明今日會議議程，我們將先由 Sharplink 董事長、以太坊共同創辦人、以及 Consensys 創辦人兼執行長 Joe Lubin 開始。Joe 將就以太坊的技術演進、生態系發展，以及其在全球金融基礎設施中的長期角色，提供更宏觀的觀點。

Next, Sharplink's Chief Executive Officer, Joseph Chalom, will share his thoughts on the current market environment, as well as Sharplink's active Treasury management strategy and discipline execution to date. Finally, our Chief Financial Officer, Bob Delucia, will review Sharplink's financial results for the first quarter of 2026, along with key performance metrics related to our ETH treasury.

接著，Sharplink 執行長 Joseph Chalom 將分享他對當前市場環境的看法，以及 Sharplink 積極的資金庫管理策略與迄今的紀律化執行成果。最後，我們的財務長 Bob Delucia 將回顧 Sharplink 2026 年第一季的財務結果，以及與我們 ETH 資金庫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. Good morning, Joe.

現在我想把電話交給 Sharplink 董事會主席 Joseph Lubin。早安，Joe。

Thank you, Dodi, and good morning, everyone. From my vantage point as Co-Founder of Ethereum and Founder and CEO of Consensys, I want to take a step back and frame the broader technological evolution that is unfolding across Ethereum. What we're witnessing is the continued maturation of a global, programmable financial infrastructure.

謝謝你，Dodi，各位早安。以我作為以太坊共同創辦人以及 Consensys 創辦人兼執行長的視角，我想先退一步，為以太坊正在展開的更廣泛技術演進做個框架性的說明。我們所見證的，是一個全球、可程式化金融基礎設施的持續成熟。

Ethereum has become the foundation for a new class of markets built on transparency, composability, credible neutrality, and trust minimization. At its core, Ether is not just a digital asset. It is a productive, programmable financial primitive that powers the system. It secures the network, enables economic coordination across applications, and increasingly underpins a wide range of financial activity, from stable coins to tokenized assets to decentralized finance.

以太坊已成為一類新型市場的基礎，這些市場建立在透明性、可組合性、可信中立性（credible neutrality）與信任最小化之上。在其核心，以太幣（Ether）不僅是一種數位資產。它是一種具生產性、可程式化的金融基元（financial primitive），為整個系統提供動力。它保障網路安全，促進跨應用的經濟協調，並日益支撐從穩定幣到代幣化資產再到去中心化金融等廣泛的金融活動。

What differentiates Ethereum is the depth and breadth of its ecosystem. The Ethereum Foundation, alongside a global community of researchers, developers, and organizations like Consensys, continues to lead in defining both the problem space and the solution space for decentralized systems. The pace of innovation and development has dramatically accelerated recently due to assists from machine intelligence. This includes advancements at the base layer, improvements in scalability through Layer 2, and critical work around privacy, security, and long-term resilience.

以太坊的差異化在於其生態系的深度與廣度。以太坊基金會（Ethereum Foundation）與全球研究人員、開發者及如 Consensys 等組織一道，持續在去中心化系統的問題空間與解決方案空間之界定上扮演領導角色。在機器智慧的助力下，近期創新與開發的速度已大幅加快。這包括基礎層的進展、透過第二層（Layer 2）提升可擴展性的改進，以及在隱私、安全與長期韌性方面的關鍵工作。

What's most exciting about Ethereum's recent trajectory is that the base layer is now scaling visibly and on a predictable cadence. Since May of 2025, Ethereum has shipped two consecutive on-time hard forks, Pectra and Fusaka, raising L1 execution capacity and materially expanding data availability for Layer 2.

以太坊近期走勢最令人振奮之處在於，基礎層如今正以可見且可預期的節奏進行擴容。自 2025 年 5 月以來，以太坊已連續按期推出兩次硬分叉（hard fork），Pectra 與 Fusaka，提升了 L1 執行容量，並實質擴大了對 Layer 2 的資料可用性。

The next major upgrade, Glamsterdam, is currently targeted for the first half of 2026 and designed to improve block processing and supporting upgrades that will enable higher L1 throughput in the future. Ethereum's advantage is not only that it has the deepest application, developer, and institutional ecosystem. It is also that the protocol continues to scale and harden at the base layer in parallel with advances at Layer 2. And recent advances in synchronous composability across L1 and L2s will soon enable cross-chain atomic transaction execution and unification of liquidity pools.

下一次重大升級 Glamsterdam 目前目標為 2026 年上半年，旨在改善區塊處理，並提供支援性升級，使未來能達成更高的 L1 吞吐量。以太坊的優勢不僅在於其擁有最深厚的應用、開發者與機構生態系。也在於該協議在 Layer 2 持續進展的同時，基礎層亦並行擴容並強化。而近期在 L1 與各 L2 之間同步可組合性（synchronous composability）的進展，將很快使跨鏈原子交易執行與流動性池的整合成為可能。

An area that has received increased attention recently is quantum computing. While quantum represents a non-zero risk over time, it is important to separate signal from noise. There will be a great deal of frantic speculation and misinformation in this space over the coming years.

近期受到更多關注的一個領域是量子運算。雖然量子技術隨時間推進確實存在非零風險，但重要的是要分辨訊號與雜訊。未來幾年在此領域將出現大量急切的臆測與錯誤資訊。

From our perspective, Ethereum is well positioned to lead the way for decentralized protocols into the post-quantum future. Becoming quantum safe won't be a detour for Ethereum. It is a natural outcome of the Ethereum roadmap involving real-time, zero-knowledge proving of blocks designed to grow transaction throughput by orders of magnitude.

從我們的角度來看，以太坊已具備良好條件，引領去中心化協議邁向後量子（post-quantum）未來。達成量子安全（quantum safe）對以太坊而言不會是繞道而行。它將是以太坊路線圖的自然結果：透過即時、零知識（zero-knowledge）區塊證明，旨在將交易吞吐量提升數個數量級。

The Ethereum ecosystem has been actively researching quantum-resistant cryptography for many years. A key design principle of Ethereum is cryptographic agility, meaning the network can evolve its underlying cryptographic primitives as new, more secure standards emerge. This is not a reactive posture, but something that has been anticipated and designed for.

以太坊生態系多年來一直積極研究抗量子密碼學（quantum-resistant cryptography）。以太坊的一項關鍵設計原則是密碼學敏捷性（cryptographic agility），意指當新的、更安全的標準出現時，網路能演進其底層密碼學基元。這並非被動反應的姿態，而是早已被預期並納入設計之中。

We are already seeing work across the ecosystem exploring alternatives to elliptic curve cryptography, including hash-based and lattice-based approaches. These are kinds of foundational upgrades that can be implemented over time in a measured and secure way, consistent with Ethereum's approach to long-term durability.

我們已看到整個生態系正在探索橢圓曲線密碼學（elliptic curve cryptography）的替代方案，包括基於雜湊（hash-based）與基於格（lattice-based）的方法。這些屬於可隨時間以審慎且安全的方式逐步導入的基礎性升級，符合以太坊對長期耐久性的做法。

Ethereum is already ahead of both other blockchains and traditional systems in preparing for emerging risks like quantum computing. The ecosystem has been proactively developing quantum-resistant cryptography for years, supported by a core design principle of cryptographic agility that allows the network to evolve its security architecture as new standards emerge. This forward-looking approach positions Ethereum as a more secure and resilient platform relative to others, but it also reinforces the importance of building systems that are adaptable and future-proof.

在為量子運算等新興風險做準備方面，以太坊已領先其他區塊鏈與傳統系統。多年來，生態系一直以前瞻方式推動抗量子密碼學的發展，並以密碼學敏捷性這一核心設計原則為支撐，使網路能在新標準出現時演進其安全架構。這種前瞻性的做法，使以太坊相較於其他平台更為安全且更具韌性，同時也再次凸顯建構可適應、具未來相容性的系統之重要性。

Unlike other blockchain technologies that are very likely to get slower in order to become quantum-safe, Ethereum will scale up dramatically, even while hardening against quantum computing threats. Beyond security and resilience, Ethereum continues to extend its lead across the dimensions that matter most. It has the deepest liquidity, the largest developer ecosystem, and the strongest network effects in decentralized finance, stablecoins, and tokenized assets. It is where institutions are choosing to build, not just experiment, and it is where new economic models, including agentic finance and autonomous on-chain activity, are beginning to take shape.

不同於其他區塊鏈技術很可能為了達成量子安全而變慢，以太坊即使在強化以抵禦量子運算威脅的同時，也將大幅擴容。除了安全與韌性之外，以太坊也持續在最重要的面向上擴大領先。它擁有最深的流動性、最大的開發者生態系，以及在去中心化金融、穩定幣與代幣化資產方面最強的網路效應。機構選擇在此建構，而不僅僅是試驗；同時，新的經濟模型（包括代理式金融（agentic finance）與自主的鏈上活動）也正開始成形。

As this ecosystem grows, we expect Ether to increasingly differentiate itself from other digital assets. While correlations may persist in the short-term, the long-term drivers of value for ETH are fundamentally different. They're tied to network usage, economic activity, and the expansion of on-chain financial infrastructure. The number of transactions per day on Ethereum has risen steadily in 2026.

隨著這個生態系統成長，我們預期以太幣將日益與其他數位資產區隔開來。雖然短期內相關性可能仍會存在，但 ETH 的長期價值驅動因素在本質上截然不同。它們與網路使用、經濟活動，以及鏈上金融基礎設施的擴張息息相關。2026 年以來，以太坊每日交易筆數穩步上升。

As Ether and Ethereum bring far greater trust to on-chain transactions, processes, and agreements, various kinds of financial risks will be lessened or eliminated, and additional value will accrue to Ether in the form of a monetary premium.

隨著以太幣與以太坊為鏈上交易、流程與協議帶來更高的信任，各類金融風險將被降低或消除，而額外價值將以「貨幣溢價」的形式累積至以太幣之上。

Over time, we believe this will lead to a meaningful decoupling to the upside from Bitcoin. Bitcoin has established itself as a store of value. Ether is also a store of value, and Ethereum is a productive, programmable platform powering a rapidly expanding digital economy. Ether's value is increasingly driven by the breadth and depth of activity happening on-chain. Ethereum is quickly becoming the settlement layer for the global digital economy, and Sharplink is positioned to translate that growth into long-term, sustainable shareholder value.

隨著時間推移，我們相信這將促成與比特幣在上行方向上的顯著脫鉤。比特幣已確立其作為價值儲存工具的地位。以太幣同樣是價值儲存工具，而以太坊則是一個具生產力、可程式化的平台，驅動著快速擴張的數位經濟。以太幣的價值愈來愈由鏈上發生的活動廣度與深度所驅動。以太坊正迅速成為全球數位經濟的結算層，而 Sharplink 已就位，能將這股成長轉化為長期、可持續的股東價值。

With that, I'd like to turn the call over to our Chief Executive Officer, Joseph Chalom, to discuss how Sharplink is positioned to capitalize on the Ethereum opportunity. Joseph?

接下來，我想把電話會議交給我們的執行長 Joseph Chalom，請他說明 Sharplink 如何把握以太坊的機會。Joseph？

Thank you, Joe. Good morning, everyone, and thank you for joining us. We are now approximately nine months into executing our Ethereum treasury strategy, and importantly, doing so in a market environment that reflects strong long-term institutional adoption despite near-term crypto price consolidation.

謝謝你，Joe。各位早安，感謝大家加入我們。我們執行以太坊財庫策略至今約九個月；更重要的是，我們是在一個市場環境下推進該策略：儘管短期加密資產價格盤整，但長期機構採用依然強勁。

It is important for you to understand that Sharplink is building an entirely new category in public markets, an institutional-grade ETH treasury platform designed to materially compound ETH per share through disciplined capital allocation and best-in-class yield generation.

你們需要理解的是，Sharplink 正在公開市場打造一個全新的類別：一個機構級的 ETH 財庫平台，透過嚴謹的資本配置與同業最佳的收益生成，旨在實質性地提升每股所對應的 ETH（ETH per share）並使其複利成長。

Our strategy is simple. Accumulate ETH accretively, make it productive, and scale that advantage over time. Today, I'd like to discuss our thoughts on where we are in the current crypto market cycle and how we're making our Ether productive as part of our active management strategy. As many of you are aware, the market is working through a meaningful deleveraging cycle that began last fall.

我們的策略很簡單。以具增值性的方式累積 ETH，使其具生產力，並隨時間擴大這項優勢。今天，我想談談我們對當前加密市場週期所處位置的看法，以及我們如何在主動管理策略中讓以太幣發揮生產力。如各位所知，市場正在經歷一個自去年秋天開始的顯著去槓桿週期。

Periods of excess leverage can take multiple quarters to fully clear through the system. While this has affected the price of Ether, our stock price, and broader sentiment towards the digital asset treasury sector, it does not change the underlying trajectory of the ecosystem. We believe we have largely moved past these deleveraging impacts over the last few months. Ether has started a strong recovery due to that leverage mostly having been cleared from the system, as well as rapidly accelerating institutional adoption.

過度槓桿的時期可能需要多個季度才能在系統中完全出清。雖然這影響了以太幣價格、我們的股價，以及市場對數位資產財庫板塊的整體情緒，但並不改變生態系統的基本發展軌跡。我們相信，過去幾個月我們已在很大程度上走出去槓桿的影響。由於槓桿多已從系統中出清，加上機構採用快速加速，以太幣已開始強勁復甦。

The pace of institutional adoption cannot be overstated with new announcements every day. The market is experiencing strong momentum across the four core pillars of growth. Stablecoins, tokenization, Institutional DeFi, and now agentic finance.

機構採用的速度之快，怎麼強調都不為過，幾乎每天都有新的公告。市場在四大核心成長支柱上正展現強勁動能。穩定幣、代幣化、機構級 DeFi，以及如今的代理式金融（agentic finance）。

Stablecoins continue to scale as a core settlement layer for global payments with total supply now exceeding $320 billion and annual transaction volumes in the tens of trillions of dollars rivaling traditional payment networks. Ethereum sits at the center of this growth, hosting more than half of all circulating stablecoin supply.

穩定幣持續擴張，作為全球支付的核心結算層；目前總供給量已超過 3,200 億美元，年交易量達數十兆美元，足以與傳統支付網路匹敵。以太坊位於這波成長的中心，承載了流通中穩定幣供給量的一半以上。

This momentum is increasingly reflected at the institutional level. Hong Kong has granted its first stablecoin issuer licenses under a dedicated regulatory framework for fiat-referenced stablecoins. While in Europe, the ECB has moved to the next phase of the digital euro project, targeting a potential first issuance by 2029. These developments reflect the broader global shift towards regulated, local currency-denominated digital money.

這股動能在機構層面也愈發明顯。香港已在針對法幣參考穩定幣的專門監管框架下，核發首批穩定幣發行人牌照。而在歐洲，歐洲央行（ECB）已推進數位歐元專案至下一階段，目標是在 2029 年前後進行首次發行。這些發展反映出全球正更廣泛地轉向受監管、以本地貨幣計價的數位貨幣。

Tokenization of real-world assets is rapidly moving from concept to production. Just in the past month, the New York Stock Exchange announced plans for a blockchain-based platform enabling 24x7 trading and instant settlement of tokenized US equities and ETFs. While Nasdaq launched an equity token design in March 2026, putting public issuers at the center of tokenized ownership.

現實世界資產（RWA）的代幣化正迅速從概念走向實際上線。僅在過去一個月，紐約證券交易所（NYSE）宣布計畫推出基於區塊鏈的平台，使代幣化的美國股票與 ETF 能夠 24x7 交易並即時結算。同時，那斯達克（Nasdaq）於 2026 年 3 月推出股權代幣設計，讓公開發行人處於代幣化所有權的核心。

The DTCC recently announced plans to facilitate initial production trades of tokenized securities in July 2026, with a full-service launch in October 2026, developed alongside more than 50 financial institutions, including Goldman Sachs, BlackRock, and JP Morgan. Ethereum has emerged as a dominant settlement and issuance layer for tokenized real-world assets, representing roughly 52% of the market by on-chain value.

美國存管信託與清算公司（DTCC）近期宣布計畫於 2026 年 7 月促成代幣化證券的初步量產交易，並於 2026 年 10 月推出全方位服務上線；該計畫與超過 50 家金融機構共同開發，包括高盛、貝萊德與摩根大通。以太坊已成為代幣化現實世界資產的主要結算與發行層，按鏈上價值計約占市場的 52%。

Institutional participation is accelerating in lockstep, with Bullish Global announcing a multibillion-dollar acquisition of transfer agent Equiniti to bring the traditional securities infrastructure needed to support tokenized markets at scale. Institutional momentum in DeFi is following a similar trajectory, albeit with important lessons still being learned.

機構參與也在同步加速；Bullish Global 宣布以數十億美元收購過戶代理機構 Equiniti，以引入支援代幣化市場規模化所需的傳統證券基礎設施。DeFi 的機構動能也呈現類似軌跡，儘管仍有重要的教訓正在學習中。

Despite recent setbacks, the DeFi industry seems to be rallying to raise the standards that are necessary to support the next stage of institutional adoption of DeFi for borrowing, lending, swapping, and other financial activities.

儘管近期遭遇挫折，DeFi 產業似乎正凝聚力量，提高支援下一階段機構採用 DeFi（用於借貸、兌換及其他金融活動）所必需的標準。

What's notable is that this is the ecosystem solving its own problems without government intervention or regulatory bailouts that have historically characterized crises in traditional financial markets. Sharplink was pleased to play a small part in helping advise through this crisis.

值得注意的是，這是生態系統在沒有政府介入或監管紓困的情況下自行解決問題；而政府介入與監管紓困歷來常是傳統金融市場危機的特徵。Sharplink 很高興能在協助度過這場危機的諮詢工作中略盡棉薄之力。

Importantly, the vast majority of DeFi innovation, liquidity, and institutional engagement continues to occur on Ethereum. In addition to the well-known use cases of stablecoins, tokenization, and DeFi, we're beginning to see the emergence of new categories and use cases on Ethereum, such as agentic finance and commerce.

重要的是，絕大多數的 DeFi 創新、流動性與機構參與仍持續發生在以太坊上。除了眾所周知的穩定幣、代幣化與 DeFi 等用例之外，我們也開始看到以太坊上出現新的類別與用例，例如代理式金融與商務。

As AI agents begin to transact, pay for data, access services, and coordinate with other agents, they will need programmable wallets, stablecoins, identity, and verifiable settlements, infrastructure that Ethereum is uniquely positioned to provide, given its security, liquidity, developer ecosystem, and composability. The scale of this opportunity is already becoming visible. Coinbase recently cited 167 million micropayment transactions processed by AI agents, a figure that would have been unimaginable just two years ago.

隨著 AI 代理開始進行交易、為資料付費、存取服務並與其他代理協作，它們將需要可程式化錢包、穩定幣、身分識別與可驗證的結算；以太坊憑藉其安全性、流動性、開發者生態與可組合性，具備獨特優勢可提供這些基礎設施。這項機會的規模已開始顯現。Coinbase 近期提到由 AI 代理處理的微支付交易達 1.67 億筆，這在僅僅兩年前仍是難以想像的數字。

Coinciding with the recent mainstream adoption of AI agent frameworks, Ethereum has seen its fastest growing period of unique wallet address activity in the first quarter of 2026. We expect the advancement of AI agents to meaningfully impact and accelerate Ethereum usage metrics in the near and long term.

隨著 AI 代理框架近期被主流採用，以太坊在 2026 年第一季迎來其獨特錢包地址活動成長最快的時期。我們預期 AI 代理的進展將在短期與長期內，對以太坊的使用指標帶來顯著影響並加速成長。

And finally, regulatory trends in the United States are heading in the right direction. Senators Thom Tillis and Alsobrooks released a compromise last week on the final major sticking point in the Digital Asset Market Clarity Act, with Coinbase and Circle immediately backing the deal and urging the Senate Banking Committee to advance to markup. Progress has been positive but slow. Its passage would extend the regulatory clarity established by last year's Genius Act across the broader digital asset market, a significant milestone for the industry.

最後，美國的監管趨勢正朝正確方向發展。參議員 Thom Tillis 與 Alsobrooks 上週就《數位資產市場明確法案》（Digital Asset Market Clarity Act）最後一個主要爭議點提出折衷方案；Coinbase 與 Circle 立即支持該協議，並敦促參議院銀行委員會推進至審議修正（markup）程序。進展正面但緩慢。若能通過，將把去年《Genius Act》所建立的監管明確性延伸至更廣泛的數位資產市場，這將是產業的一項重要里程碑。

All of these tailwinds reinforce our long-term view. Ethereum continues to lead across these dimensions due to its security, trust, liquidity, and network effects. It remains the dominant settlement layer for institutional-grade activity across digital assets. For Sharplink, this is critical. We provide both institutional and retail investors the ability to express their views on this Ethereum opportunity through our public equity. We have built a foundation to operate across market cycles. In strong environments, we can access the capital markets to raise equity and grow ETH per share in an accretive manner.

所有這些順風因素都強化了我們的長期觀點。以太坊憑藉其安全性、信任、流動性與網路效應，持續在這些面向領先。它仍是數位資產中機構級活動的主導結算層。對 Sharplink 而言，這點至關重要。我們透過公開上市股票，讓機構與零售投資人都能表達他們對這項以太坊機會的看法。我們已建立可跨越市場循環運作的基礎。在強勁的市場環境中，我們可以進入資本市場籌集股權資金，並以具增益（accretive）的方式提升每股 ETH。

In consolidation periods, our focus on productivity and optimized yield generation enables us to continue compounding ETH per share. We're designed to be productive in both environments, which brings me to our active treasury management strategy. Our North Star has not changed. To compound ETH per share over time and maximize productivity with risk management being top of mind.

在盤整期間，我們對生產力與最佳化收益生成的專注，使我們得以持續複利提升每股 ETH。我們的設計可在兩種環境下都保持生產力，這也引出我們的主動式庫藏管理策略。我們的北極星目標並未改變。隨時間推移複利提升每股 ETH，並在以風險管理為首要前提下最大化生產力。

We often describe our model as ETH-denominated beta exposure with an alpha overlay. We've often stated that in contrast with Bitcoin, ETH is a natively productive asset. You can stake your ETH on the Ethereum network and earn the Ethereum staking rate. From day one, we stake nearly 100% of our ETH. What we have not shared is operational depth required to do this safely at scale.

我們常將自身模式描述為以 ETH 計價的 Beta 曝險，並疊加 Alpha 策略。我們也多次指出，相較於比特幣，ETH 是一種原生具生產力的資產。你可以在以太坊網路上質押 ETH，並賺取以太坊質押利率。自第一天起，我們幾乎將 100% 的 ETH 進行質押。我們尚未分享的是：要在規模化情況下安全地做到這一點所需的營運深度。

Since launching our ETH treasury strategy, we've been singularly focused on building a durable and productive ETH accumulation engine. We've been doing that quietly and in a risk-managed manner. Sharplink aims to be the most sophisticated ETH capital deployer in DeFi, and we have the structural advantage of having long-term capital with scale.

自推出我們的 ETH 庫藏策略以來，我們一直專注於打造一個耐久且具生產力的 ETH 累積引擎。我們一直低調地、並以風險管理的方式推進這項工作。Sharplink 旨在成為 DeFi 中最成熟的 ETH 資本部署者，而我們具備結構性優勢：擁有具規模的長期資本。

Unlike participants constrained by short-term liquidity requirements, we can deploy with a long-term horizon and structure bespoke opportunities that capture differentiated risk-adjusted yields. But sophistication means more than access. It means discipline. In a market structure where exploits remain a real risk, we apply rigorous due diligence to every deployment. We take a deliberate, patient approach to evaluating opportunities.

不同於受短期流動性需求限制的參與者，我們可以以長期視角進行部署，並設計量身打造的機會，以捕捉具差異化的風險調整後收益。但「成熟」不僅僅是取得管道。它意味著紀律。在漏洞攻擊仍屬真實風險的市場結構下，我們對每一次部署都進行嚴格的盡職調查。我們以審慎且有耐心的方式評估機會。

We will not sacrifice quality for yield. And we believe this discipline is itself a source of long-term competitive advantage. When we launched last June, we started with staking and liquid staking as foundational tools for making our ETH productive, using two well-respected external managers with whom we have had a very positive experience. As we expanded our internal management capabilities, we brought the majority of our treasury management activities in-house.

我們不會為了收益而犧牲品質。我們也相信，這份紀律本身就是長期競爭優勢的來源。去年六月我們啟動時，以質押與流動質押作為讓 ETH 具生產力的基礎工具，並採用兩位備受尊敬的外部管理人，我們與其合作經驗非常正面。隨著我們擴充內部管理能力，我們已將大部分庫藏管理活動內部化。

Our team has since been active in sourcing and evaluating a robust pipeline of ETH productivity opportunities and are actively working on new ecosystem allocations. As an example, this morning we announced a non-binding memorandum of understanding for our first fund partnership with Galaxy Digital.

此後，我們團隊一直積極尋找並評估一條強健的 ETH 生產力機會管線，並正積極推進新的生態系配置。例如，今天早上我們宣布與 Galaxy Digital 的首個基金合作夥伴關係之非具約束力合作備忘錄。

Our diligence was supported by Crypto Insights Group, a top institutional due diligence firm specializing in digital assets. The Galaxy Sharplink On-Chain Yield Fund will deploy roughly $125 million and be managed by Galaxy Digital's expert team. Their team will source deals, evaluate risk reward, deploy capital, conduct risk management and live on-chain oversight, as well as portfolio diversification and construction.

我們的盡職調查獲得 Crypto Insights Group 的支持，該機構是專精於數位資產的頂尖機構級盡職調查公司。Galaxy Sharplink 鏈上收益基金將部署約 1.25 億美元，並由 Galaxy Digital 的專家團隊管理。其團隊將負責尋找交易、評估風險報酬、部署資本、執行風險管理與即時鏈上監督，以及投資組合分散與建構。

The goal of this fund is to generate yield in a risk-minded way that will provide liquidity to on-chain protocols, helping their cold start problem. Sharplink is contributing roughly 80% of this capital alongside Galaxy Digital as a limited partner. In exchange, the Galaxy Sharplink On-Chain Yield Fund will receive economic incentives for being an early mover and providing longer-term capital than the industry has historically offered at scale.

該基金的目標是在重視風險的前提下產生收益，並為鏈上協議提供流動性，以協助解決其冷啟動問題。Sharplink 將以有限合夥人身分與 Galaxy Digital 共同出資，其中約 80% 的資本由 Sharplink 提供。作為交換，Galaxy Sharplink 鏈上收益基金將因早期進場並提供較業界過往在規模上所能提供的更長期資本，而獲得經濟激勵。

Since we are investing with our LSE, we will continue earning the Ethereum staking rate and retaining our ETH exposure. We will measure the success of this fund to our shareholders by the amount of incremental ETH we can buy with the proceeds, above what we would have earned through staking alone.

由於我們是以 LSE 進行投資，我們將持續賺取以太坊質押利率並保留我們的 ETH 曝險。我們將以「相較於僅透過質押本可獲得的收益之上，能用該基金收益額外買入多少 ETH」來向股東衡量此基金的成功。

The opportunity cost is not dollars or just ETH, it's how much we generate above holding staked ETH for the period deployed. This is what ecosystem-aligned capitalism looks like. Industry participants working together to support the growth of on-chain projects through a sustainable for-profit investment model. We believe this will be a highly effective partnership and look forward to sharing its progress over time. We selected Galaxy Digital following a rigorous and disciplined diligence process, which will serve as a benchmark as we evaluate future external strategies for a measured minority allocation of our treasury over time.

機會成本不是美元或僅僅是 ETH，而是我們在部署期間相較於持有已質押 ETH 能多產生多少收益。這就是與生態系對齊的資本主義樣貌。產業參與者透過可持續的營利投資模式合作，支持鏈上專案的成長。我們相信這將是一項極具成效的合作夥伴關係，並期待隨時間分享其進展。我們在嚴謹且有紀律的盡職調查流程後選擇 Galaxy Digital；此流程也將作為基準，供我們未來評估外部策略，並在時間推移中以審慎方式將庫藏的一小部分配置於外部策略。

Looking ahead, we expect to announce additional ETH allocations. Future ETH productivity opportunities may take different forms, including additional fund investment partnerships and active participation in on-chain vault strategies. Inbound demand and deployment opportunities have been strong, but we are not rushing. Operational rigor is non-negotiable. As a public company, we work alongside leading legal, audit, and accounting partners, and every deployment must meet institutional standards.

展望未來，我們預期將宣布更多 ETH 配置。未來的 ETH 生產力機會可能以不同形式呈現，包括更多基金投資合作夥伴關係，以及積極參與鏈上金庫（vault）策略。外部主動洽詢的需求與部署機會一直很強，但我們不會急於行動。營運嚴謹性沒有妥協空間。作為上市公司，我們與領先的法律、審計與會計合作夥伴並肩合作，每一次部署都必須符合機構標準。

Again, as stewards of capital, we prioritize disciplined risk management over speed. I'll close where I began. Growing ETH per share remains our North Star, and doing so in a way that strengthens the Ethereum ecosystem is central to our mission.

再次強調，作為資本的受託管理者，我們優先考量有紀律的風險管理，而非速度。我將以我開始的地方作結。提升每股 ETH 仍是我們的北極星目標，而以能強化以太坊生態系的方式來達成，則是我們使命的核心。

With that, I will now turn the call over to our Chief Financial Officer, Bob Delucia, to walk through our first quarter 2026 financial results. Bob?

接下來，我將把電話會議交給我們的財務長 Bob Delucia，請他帶大家回顧 2026 年第一季財務結果。Bob？

Thank you, Joseph. I'll begin by encouraging everyone to review our quarterly report on Form 10-Q for the period ending March 31, 2026, which we filed this past Friday afternoon with the SEC. The 10-Q provides detailed disclosures and footnotes to complement today's discussion, offering stockholders and investors a comprehensive view of Sharplink's financial position, liquidity, and ETH treasury performance.

謝謝你，Joseph。我先建議各位查閱我們截至 2026 年 3 月 31 日期間的 Form 10-Q 季度報告；我們已於上週五下午向美國證券交易委員會（SEC）提交。10-Q 提供了詳細揭露與附註，以補充今天的討論，讓股東與投資人能全面了解 Sharplink 的財務狀況、流動性，以及 ETH 庫藏表現。

We will now go through the financial results for the quarter ending March 31, 2026. As we review our first quarter financial results, I'd like to remind everyone that all comparisons and variance commentary refer to the prior year quarter results unless otherwise specified.

現在我們將回顧截至 2026 年 3 月 31 日的季度財務結果。在檢視第一季財務結果時，我想提醒各位：除非另有說明，所有比較與差異（variance）評論皆以去年同期季度結果為基準。

As of March 31, 2026, Sharplink held 589,305 in ETH, with a fair value of $1.2 billion. In addition, we held 189,327 LsETH, or liquid stake ETH, and 66,102 of weETH, or wrapped Ether token, with a combined net cost value of $487 million. Subsequent to quarter end, our combined ETH holdings have increased to 590,824 native ETH, 209,788 as-if converted LsETH, and 72,372 as-if converted weETH for a total of 872,984 ETH as of Monday, May 4, 2026.

截至 2026 年 3 月 31 日，Sharplink 持有 589,305 枚 ETH，公允價值為 12 億美元。此外，我們持有 189,327 枚 LsETH（即流動質押 ETH）以及 66,102 枚 weETH（即封裝以太幣代幣），合計淨成本價值為 4.87 億美元。在季度結束後，我們的合計 ETH 持倉已增加至 590,824 枚原生 ETH、209,788 枚（假設轉換後）LsETH，以及 72,372 枚（假設轉換後）weETH；截至 2026 年 5 月 4 日（週一）合計為 872,984 枚 ETH。

Revenue for the quarter ended March 31, 2026 was $12.1 million, compared to $0.7 million for the quarter ended March 31, 2025. The material increase in revenue was primarily due to the continued success of our ETH staking strategy during the first quarter, including our $200 million deployment onto Linea Layer 2. We had a net realized gain for the three months ended March 31, 2026 of $12 million that was due to a combination of the redemption of LsETH into ETH and the conversion of ETH into weETH in the first quarter.

截至 2026 年 3 月 31 日止季度營收為 1,210 萬美元，相較於截至 2025 年 3 月 31 日止季度的 70 萬美元。營收大幅增加主要歸因於我們在第一季持續成功的 ETH 質押策略，包括我們將 2 億美元部署至 Linea 第二層（Layer 2）。截至 2026 年 3 月 31 日止三個月，我們的已實現淨收益為 1,200 萬美元，主要來自第一季將 LsETH 贖回為 ETH，以及將 ETH 轉換為 weETH 的組合影響。

Further, we had a $506.7 million unrealized loss at March 31, 2026 due to the ETH market conditions that were soft during the first quarter of 2026. SG&A expenses in the first quarter were $9.9 million, compared to $1.1 million in the prior year quarter. The increase in SG&A was due to the expenses incurred in the implementation and the active execution of our ETH treasury strategy started during mid-2025.

此外，由於 2026 年第一季 ETH 市場狀況疲弱，截至 2026 年 3 月 31 日我們錄得 5.067 億美元的未實現損失。第一季的 SG&A 費用為 990 萬美元，較去年同期的 110 萬美元增加。SG&A 增加係因我們自 2025 年年中開始推動 ETH 財庫策略，在其導入與積極執行過程中所產生的費用所致。

Net loss for the quarter ended March 31, 2026 with $685.6 million versus $1 million loss in the prior year quarter. Net loss for the first quarter of 2026 was driven by a $191.7 million impairment charge related to the lowest intraday pricing of LsETH and weETH during the first quarter of 2026. Plus the previously mentioned net of the $12 million realized gain and the $506.7 million unrealized loss.

截至 2026 年 3 月 31 日止季度的淨損失為 6.856 億美元，相較去年同期淨損失 100 萬美元。2026 年第一季的淨損失主要受 1.917 億美元的減損費用影響，該減損與 2026 年第一季 LsETH 與 weETH 的盤中最低價格相關。另加上前述已實現收益 1,200 萬美元（淨額）以及 5.067 億美元的未實現損失。

As we previously mentioned, it is important to note that these impairment charges and unrealized losses reflect the current market pricing dynamics and follow the current US GAAP accounting standards. They do not represent a realized economic loss on our ETH position, nor do they reduce the number of ETH units we hold. The success of our ETH treasury strategy is measured in the prudent ETH accumulation and measuring its productivity over time.

如先前所述，需特別注意的是，這些減損費用與未實現損失反映的是當前市場定價動態，並遵循現行美國 GAAP 會計準則。它們不代表我們 ETH 部位的已實現經濟損失，也不會減少我們持有的 ETH 單位數量。我們 ETH 財庫策略的成功，係以審慎累積 ETH，並隨時間衡量其生產力來評估。

As of March 31, 2026, the cash on hand was $16.9 million compared to cash on hand of $28.5 million as of December 31, 2025. In addition to the SEC and the CFTC announcement that Joseph mentioned previously, I would also like to highlight the vote on April 15, 2026 by the Financial Accounting Standards Boards, also known as FASB, on their unanimous decision to move forward to expand the scope of their project, accounting for the transfer of cryptoassets, to address cryptoassets that provide the holder with the right to receive another cryptoasset, like LsETH and weETH, within the current fair value standard now being used for our native ETH assets.

截至 2026 年 3 月 31 日，手頭現金為 1,690 萬美元，較截至 2025 年 12 月 31 日的 2,850 萬美元下降。除 Joseph 先前提到的 SEC 與 CFTC 公告外，我也想強調財務會計準則委員會（Financial Accounting Standards Board，亦稱 FASB）於 2026 年 4 月 15 日的投票：其一致決議推進擴大其「加密資產移轉之會計處理」專案範圍，以涵蓋那些賦予持有人有權收取另一種加密資產的加密資產（如 LsETH 與 weETH），並在目前用於我們原生 ETH 資產的公允價值準則下加以處理。

If adopted, this would align their treatment with the fair value framework we currently apply to our native ETH holdings, which we believe would improve the consistency and transparency of our financial reporting. For additional details, our complete financial statements and accompanying footnotes, including all required disclosures and management's MD&A analysis, are contained in our quarterly report on Form 10-Q for the period ended March 31, 2026, filed with the SEC.

若獲採納，這將使其處理方式與我們目前適用於原生 ETH 持有部位的公允價值架構一致，我們相信這將提升財務報導的一致性與透明度。更多細節請參閱我們向 SEC 提交、截至 2026 年 3 月 31 日止期間的 Form 10-Q 季報，其中包含完整財務報表與附註（含所有必要揭露）以及管理階層的 MD&A 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.

以上為我們的準備發言。接下來我們將開放參與電話會議的各位提問。接線員，交給你。

(Operator Instructions) Brian Kinslinger, Alliance Global Partners.

(接線員指示) Brian Kinslinger，Alliance Global Partners。

Great. Thanks so much. Can you talk about the benefits to launching the On-Chain Yield Fund with Galaxy as opposed to Sharplink committing ETH directly into projects and will there be an opportunity to increase the fund in size?

很好。非常感謝。你能談談與 Galaxy 合作推出 On-Chain Yield Fund 的好處，相較於 Sharplink 直接將 ETH 投入專案？另外，未來是否有機會擴大基金規模？

Great question. Thank you. Good morning, Brian. We took a step back and recognized that we have a really talented in-house team to deploy ETH, to look at opportunities. But ultimately, the Galaxy partnership is the first in scaling access to a larger number of high-quality opportunities.

問得很好。謝謝。早安，Brian。我們退一步思考後認知到，我們內部確實有一支非常有才華的團隊可以部署 ETH、尋找機會。但最終，與 Galaxy 的合作是第一步，能將我們的觸及面擴大到更多高品質機會。

And, Brian, what makes it compelling is that it comes with institutional diligence and risk management. It will provide us access through the fund to a larger number of early-stage, high-quality opportunities within the on-chain ecosystem. And that's a big part of our ecosystem-first approach as we try to build long-term value for our stockholders.

而且，Brian，之所以吸引人，是因為它包含機構級的盡職調查與風險管理。透過該基金，它將讓我們得以接觸到鏈上生態系中更多早期且高品質的機會。這也是我們「生態系優先」方法的重要一環，因為我們希望為股東建立長期價值。

And this on-chain fund essentially debuts a new type of capital to the market. Our goal is to help protocols break out from the cold start problem. And while VC funds, for example, target longer-duration investments, they actually focus on higher risk, higher reward equity backing. And even with this funding, protocols find themselves in the feedback loop trying to get off the ground post-launch. That's what we call the cold start problem.

而這個鏈上基金本質上是向市場推出一種新的資本類型。我們的目標是協助協議克服「冷啟動問題」。例如，VC 基金通常鎖定更長期間的投資，但其實更聚焦於高風險、高報酬的股權支持。即便有了這些資金，協議在上線後仍常陷入一個回饋迴圈，努力讓產品與生態起步。這就是我們所稱的冷啟動問題。

And typical liquid funds can't provide this type of time commitment needed to get the protocols off the ground. We at Sharplink, because we have what we call near-permanent capital or long-term capital, we're kind of uniquely positioned to provide that capital. In this case, with scale through the Galaxy Sharplink fund.

而一般的流動性基金無法提供讓協議真正起步所需的時間承諾。我們 Sharplink 因為擁有所謂的近乎永久資本或長期資本，因此在提供這類資本方面具備相對獨特的定位。在此案例中，則是透過 Galaxy Sharplink 基金的規模化來實現。

And most importantly, as much as we could do some of this on our own, Galaxy has unique capabilities and scale. They have a position in the market alongside ours. They also have good visibility into deal flow. And they have an ability to filter for the best opportunities in this space. So we wanted to be selective. We want to be discerning. And working with Galaxy will basically be at the top of the funnel. That's why we decided to work with Galaxy and scale.

而且最重要的是，儘管其中一些我們也能自行完成，Galaxy 具備獨特能力與規模。他們在市場上的定位與我們相輔相成。他們也對交易來源（deal flow）有良好的能見度。並且具備篩選此領域最佳機會的能力。因此我們希望審慎選擇。我們希望具備辨識力。與 Galaxy 合作基本上會位於漏斗頂端。這就是我們決定與 Galaxy 合作並擴大規模的原因。

And then your second part of your question, yes, this could be the first of additional funds with Galaxy or with other asset managers or through our own investment vehicles. But the short story is it's two public companies who are best in class partnering together to bring unique capital to the ecosystem with a level of diligence that you would expect from an institutional allocator.

至於你問題的第二部分，是的，這可能是與 Galaxy、其他資產管理人，或透過我們自有投資工具推出更多基金的第一步。但簡而言之，這是兩家同為上市公司、各自同級最佳（best in class）的合作夥伴攜手，為生態系帶來獨特資本，並具備你會期待機構配置者所採用的盡職調查水準。

That's great. Thank you. My follow-up would be, is there a way to think about what a reasonable annual or long-term yield might be on a fund like this, or is it too soon to say?

太好了。謝謝。我追問一下：對於這樣的基金，是否有方法去思考合理的年度或長期殖利率可能是多少，還是現在說還太早？

I think it's too soon to say. What I will say is it's part of an overall balance sheet portfolio allocation, where, as I mentioned on my call, we started by fully deploying into native simple staking and liquid staking. You saw in January we took a portion of our portfolio, around 8%, and we put it in a composable liquid restaking token alongside Consensys Linea, ether.fi, and EigenCloud.

我認為現在說還太早。我能說的是，這是整體資產負債表投資組合配置的一部分；如我在電話會議中提到的，我們一開始先全面部署於原生、簡單的質押以及流動質押。你們在一月也看到，我們將投資組合中約 8% 的一部分，配置到一個可組合的流動再質押代幣，並與 Consensys Linea、ether.fi 以及 EigenCloud 一同參與。

You can think of this as the next step in that efficient frontier. It will be seeking higher yields than you would get in the standard Ethereum staking rate. But again, we're looking to hit singles and doubles. We're not looking for VC-like returns. So that's how I would frame it.

你可以把這視為在那條效率前緣上的下一步。它將尋求高於標準以太坊質押利率的收益率。但同樣地，我們追求的是「一壘安打、二壘安打」。我們不追求類似 VC 的報酬。所以我會用這樣的方式來框架說明。

And I would share that in the future we'll be more transparent as to what our collective yield and returns are as we complete these deployments. So we will be more transparent. But to date, we've been beating the Ethereum staking rate, and we intend to continue to do that as our benchmark and hurdle.

另外我也想分享，未來當我們完成這些部署後，我們會更透明地揭露我們整體的殖利率與報酬。所以我們會更透明。但截至目前，我們的表現一直優於以太坊質押利率，而我們也打算以此作為基準與門檻，持續維持超越。

Great. Thanks so much.

很好。非常感謝。

Lance Vitanza, TD Securities.

Lance Vitanza，TD Securities。

Thanks, guys, for taking the questions. My question is, I guess, what, in your view, is the single most underappreciated driver of Ethereum demand over the next 12 to 24 months?

謝謝各位接受提問。我的問題是，我想請教在你們看來，未來 12 到 24 個月內，以太坊需求最被低估的單一驅動因素是什麼？

I think the most obvious answer would be stablecoins. And you're seeing them go from being a single-use crypto use case to essentially be a platform where lots of different types of payments will happen. It could be as simple as crypto pairs on chain.

我認為最顯而易見的答案會是穩定幣。你會看到它們從單一用途的加密用例，轉變為一個本質上會發生各種不同類型支付的平台。它可以簡單到只是鏈上的加密交易對。

But more importantly, you're starting to see it being used in cross-border remittances. You're starting to see them being used intra-company for treasury operations and optimization in corporates. You're starting to see them be used for corporate payments across borders. That is something that's very sustainable, very clear. You can almost argue it's the first proof of case for tokenization.

但更重要的是，你開始看到它被用於跨境匯款。你開始看到它在企業內部用於資金管理（treasury）作業與優化。你開始看到它被用於企業跨境付款。這是一件非常可持續、非常清晰的事情。你幾乎可以說，這是代幣化的第一個可行性證明案例。

But I would say the faster-growing and bigger opportunity is tokenization of real-world assets. To date, there's about 30 million to 35 billion of on-chain real-world assets that have been tokenized. You're starting to hear movements from the New York Stock Exchange, Nasdaq, DTCC. And just last week, a multibillion-dollar acquisition by the bullish exchange of Equiniti, a traditional transfer agent. In fact, our transfer agent. All with a goal of doing step function change and tokenization. So now you have issuers, you have platforms, you have liquidity venues. And my expectation is that will be growing exponentially.

但我會說，成長更快、機會更大的，是現實世界資產的代幣化。截至目前，鏈上已代幣化的現實世界資產大約有 300 億到 350 億。你開始聽到紐約證券交易所、納斯達克、DTCC 的動向。而就在上週，看多（bullish）的交易所以數十億美元收購了 Equiniti——一家傳統的過戶代理（transfer agent）。事實上，也是我們的過戶代理。這些動作的目標都是要實現階躍式變革並推動代幣化。所以現在你有發行人、有平台、有流動性場所。而我的預期是，這將呈指數型成長。

And then the final thing, which I think is in the early, early stages and it's too soon to forecast, is the growth in agentic payments. The Coinbase report a couple of weeks ago from Brian Armstrong said there were about 160-plus million micropayments in agentic finance just in the first quarter. Leveraging a protocol, an open-source protocol called X402 for micropayments.

最後一點，我認為仍處於非常、非常早期階段，現在要預測還太早，那就是代理式（agentic）支付的成長。Coinbase 在幾週前 Brian Armstrong 的報告中提到，僅第一季在代理式金融中就有超過 1.6 億筆微支付。其運用的是一個名為 X402 的微支付開源協議。

These payments, whether they be stablecoins, transactions and tokenized assets, DeFi or agentic, need payment rails for settlement. And to date, Ethereum has been the dominant platform, capturing over 50%. So I think it's those four pillars.

這些支付——不論是穩定幣、交易與代幣化資產、DeFi 或代理式——都需要用於結算的支付軌道（payment rails）。而截至目前，以太坊一直是主導平台，市占超過 50%。所以我認為就是這四大支柱。

Stablecoins are the most proven use case. I would say that tokenization is where we expect step function change. DeFi will be the rails in the future for stablecoins and tokenized assets to be traded and swapped and borrowed and lent. And agentic, I would say, is the wild card. I can't tell you when, but it might be the most impactful over time. And Ethereum is not only well positioned, it has the license to win.

穩定幣是最被驗證的用例。我會說，代幣化是我們預期會出現階躍式變化的領域。DeFi 將成為未來穩定幣與代幣化資產進行交易、兌換、借貸的軌道。而代理式，我會說，是那張王牌（wild card）。我無法告訴你會在何時發生，但長期來看它可能最具影響力。以太坊不僅處於有利位置，它也具備勝出的「許可」與條件。

So my follow-up, thank you for that. My follow-up is, to the extent that activity increasingly migrates to Layer 2, how confident are you that Ethereum captures sufficient value at the base layer? And what, if any, evidence gives you that conviction today?

所以我的追問，謝謝你的回答。我的追問是，若活動愈來愈多遷移到 Layer 2，你們對以太坊在基礎層（base layer）能捕捉到足夠價值有多大信心？以及目前有哪些證據讓你們有這樣的信念？

Well, I think we saw a intentional policy from the Ethereum Foundation several years back to help scale Layer 2 until such time as Ethereum Layer 1 or mainnet had the throughput and a fee level that was necessary to support that activity.

我認為我們在幾年前就看到以太坊基金會有一項有意為之的政策：協助擴展 Layer 2，直到以太坊 Layer 1 或主網具備支撐該等活動所需的吞吐量與費用水準。

You've seen in the last several upgrades and what's coming next that Joe Lubin mentioned, Glamsterdam, you're seeing step function increases in throughput and a significant reduction in the cost per transaction. So you'll have both the capacity and the economic incentives. And I would expect more and more activity over time to return to Ethereum Layer 1 Mainnet. And that should inure to the benefit of not only Mainnet, but the Ether token that's used to secure those transactions.

你在最近幾次升級以及接下來 Joe Lubin 提到的 Glamsterdam 中看到，吞吐量出現階躍式提升，且每筆交易成本顯著下降。因此你將同時具備容量與經濟誘因。我預期隨著時間推移，會有愈來愈多活動回流到以太坊 Layer 1 主網。而這不僅將使主網受益，也將使得用於保障這些交易安全的以太幣（Ether）代幣受益。

So years ago you heard a lot of talk about Solana being faster and cheaper. As these upgrades are happening, Ethereum is giving Solana a run for the money. But in difference, in contrast, it has both the security, the developer community and the staking ecosystem to provide economic security. So we're quite confident that over time, more and more of the value will inure to the Layer 1. And that's positive for Ether, our treasury asset.

所以幾年前你聽到很多人談 Solana 更快、更便宜。隨著這些升級發生，以太坊正在讓 Solana 感受到強勁競爭。但不同之處在於，以太坊同時具備安全性、開發者社群與質押生態系，以提供經濟安全性。因此我們相當有信心，隨著時間推移，愈來愈多價值會回流並歸於 Layer 1。這對以太幣——我們的庫藏資產——是正面的。

Thanks for taking the questions.

謝謝讓我提問。

Devin Ryan, Citizens Bank.

Devin Ryan，Citizens Bank。

Hey, guys. This is Neil Elaf for Devin. Maybe my first question agentic finance. So you guys get quite a lot of context in the opening remarks. I guess maybe you could talk a little bit more how you see it evolving over the next 12 months. Kind of sounds like payments is probably like the big pushing point, but maybe trading potentially as well.

嗨，各位。我是代 Devin 提問的 Neil Elaf。我第一個問題可能是關於代理式金融（agentic finance）。你們在開場致詞提供了相當多背景。我想也許你們可以再多談一些，未來 12 個月你們如何看它的演進。聽起來支付可能是最大的推動點，但也許交易也有可能。

And then I guess, could you also elaborate a little more on how you think ETH is best positioned here? Maybe more from a transaction speed point as opposed to cost.

另外，我想請你們也再多闡述一下，你們認為 ETH 在這裡如何具備最佳定位？也許更從交易速度的角度，而不是成本。

Yeah, I think we're still early, but it's unbelievably promising what we're seeing across not agentic finance, but also commerce. So you have what I would consider a convergence of a handful of mega forces. The first just being the availability and growth in wallet on-chain infrastructure, smart wallets.

是的，我認為我們仍在早期，但我們在代理式金融以及商業領域看到的情況都極其令人振奮。所以我認為有幾股巨大的力量正在匯聚。第一股力量就是鏈上錢包基礎設施（wallet on-chain infrastructure）、智慧錢包的可用性與成長。

There's somewhere between 600 million and 800 million wallets, and they are growing quite rapidly. And those wallets contain both stablecoins, Bitcoin, ETH, Solana, and other tokens. But I think what you're starting to see is increasingly those wallets will act in a more autonomous manner. Not on their own, not as the masters of individuals, but actually within the framework of X402 micropayments and a new protocol released on Ethereum called ERC-8004. These are the road rails of this agentic highway.

目前大約有 6 億到 8 億個錢包，而且成長相當快速。這些錢包同時持有穩定幣、比特幣、ETH、Solana 以及其他代幣。但我認為你開始看到的是，這些錢包將愈來愈以更自主的方式運作。不是自行其是、也不是成為個人的主人，而是在 X402 微支付與以太坊上新發布的一個名為 ERC-8004 的新協議框架內運作。這些就是這條代理式高速公路的道路軌道（road rails）。

And what you're going to be seeing is both micropayments as well as, I believe, a higher transaction volume for people who are instituting or developing autonomous trading strategies. They need guardrails and they need throughput. And Ethereum Mainnet is offering that. But it will also happen on the Layer 2. You're starting to see this happen on chain because of the confluence of the wallet infrastructure. You're also seeing AI agent infrastructure through Claude, through Anthropic, and these capabilities being integrated with that wallet infrastructure.

你將會看到微支付，以及我相信，對於正在建立或開發自主交易策略的人而言，交易量也會更高。他們需要護欄（guardrails），也需要吞吐量。而以太坊主網正在提供這些。但這也會發生在 Layer 2。由於錢包基礎設施的匯聚，你開始看到這些在鏈上發生。你也透過 Claude、透過 Anthropic 看到 AI 代理基礎設施，而這些能力正在與該錢包基礎設施整合。

And then finally, when you start seeing tokenization of assets, and I don't mean illiquid assets like real estate and private equity. But I mean ETFs, money market funds, as well as tokenized individual securities. You're going to see this wallet infrastructure support things that you had only seen in institutional finance on Wall Street.

最後，當你開始看到資產代幣化——我指的不是像不動產、私募股權這類流動性較差的資產。而是指 ETF、貨幣市場基金，以及代幣化的個別證券。你將會看到這套錢包基礎設施支援過去只在華爾街機構金融中才看得到的事物。

So, for example, the borrower lend tokenized securities and funds for yield, just like institutions have been doing for generations. Or yield harvesting on chain in an automated manner, whether on DeFi or even just moving assets out of low yielding bearing accounts into higher yielding opportunities, including stablecoins.

所以，舉例來說，借款人可以出借代幣化證券與資金來獲取收益，就像機構世世代代一直在做的那樣。或者以自動化方式在鏈上進行收益耕作（yield harvesting），不論是在 DeFi 上，或甚至只是把資產從低收益的計息帳戶移轉到更高收益的機會中，包括穩定幣。

And that confluence of a wallet infrastructure, the automation we're describing, as well as the throughput of Ethereum really creates a guide path of what we're going to see in the future.

而錢包基礎設施、我們所描述的自動化，以及以太坊的吞吐量三者的匯流，確實勾勒出我們未來將會看到的發展路徑。

I would also just add, you're seeing a wealth transfer that's going to happen over the next decade to two of tens, if not a hundred trillion dollars of assets to a more AI native population. This confluence of events is only going to accelerate agentic finance and commerce and Ether and the Ethereum opportunity are positioned to win. I can't tell you the timeline, but I think we're probably underestimating the impact on our daily lives. And that's going to be very, very beneficial for Ether as a treasury asset.

我也想補充一點：未來十到二十年，將會發生一場財富轉移，規模可能是數十兆美元，甚至上看一百兆美元的資產，轉移到一個更 AI 原生的人口族群手中。這些事件的匯流只會加速代理式金融與商業（agentic finance and commerce），而 Ether 與以太坊的機會正處於有利位置、具備勝出的條件。我無法告訴你時間表，但我認為我們可能低估了它對日常生活的影響。而這將會對 Ether 作為庫藏資產非常、非常有利。

Yeah, the timeline is ramping up now. So from Consensys perspective, as we observe activity in the different MetaMask surfaces, whether it's an embedded wallet surface or APIs, SDKs or the actual mobile or extension client, we're seeing a lot of what we believe is agentic activity.

是的，時間表現在正在加速。所以從 Consensys 的角度來看，當我們觀察 MetaMask 各個介面上的活動——不論是嵌入式錢包介面，或是 API、SDK，或實際的行動端或擴充套件客戶端——我們看到大量我們認為屬於代理式（agentic）的活動。

And we're a privacy tool, so we're inferring certain things, but a ton of agents are using MetaMask to do different things in the space. It's people and companies doing trading strategies, setting up vaults, adjusting vaults, and we all need to be pretty careful. As some of you've probably heard, an agent can take your instructions, read your instructions, maybe compact its memory and forget what you told it to do or not to do.

而我們是一個隱私工具，所以我們是在推斷某些事情，但確實有大量代理在使用 MetaMask 在這個領域做各種事。有人與公司在執行交易策略、建立金庫（vaults）、調整金庫，而我們都必須非常小心。正如你們一些人可能聽過的，代理可能會接收你的指令、讀取你的指令，然後也許壓縮它的記憶，忘記你告訴它該做或不該做的事。

And so while we've seen huge wrap up in payments in ERC-8004, which [Mark Bedros] did Consensys wrote with Ethereum personnel and Google personnel, that is all super healthy activity. We're seeing some activity that really needs to be guardrailed. And so we launched a delegation framework and toolkit that enables you to guardrail what agents can do.

因此，雖然我們看到在 ERC-8004 的支付方面有很大的進展（這是 [Mark Bedros] 在 Consensys 與以太坊人員及 Google 人員共同撰寫的），那都是非常健康的活動。但我們也看到一些活動確實需要設置護欄。因此我們推出了一個委派框架與工具包，讓你能為代理可做的事情設置護欄。

So while we love our agents and other forms of machine intelligence, we really need to ensure that they don't do things that with either our own MetaMask wallets or MetaMask wallets that we get them that are outside of proper behavior, like exceeding their allowances or sharing information that they shouldn't be. So our ecosystem needs to take a prudent, careful approach, but it's happening really fast.

所以，雖然我們喜歡我們的代理與其他形式的機器智慧，但我們確實需要確保它們不會用我們自己的 MetaMask 錢包，或我們提供給它們的 MetaMask 錢包，去做出超出適當行為範圍的事情，例如超出授權額度（allowances），或分享不該分享的資訊。因此，我們的生態系需要採取審慎、小心的做法，但這一切發生得非常快。

Thanks, guys. Okay, a lot of color there. Maybe just a short follow up. So it looks like traditional ETH is probably around a little bit below 70% of like total ETH. Is there a number kind of in the long run that you're targeting to like begin to diversify more into alternative ETH strategies?

謝謝各位。好，這裡資訊量很大。也許簡短追問一下。看起來傳統的 ETH 可能大約占總 ETH 的 70% 略低一些。長期來看，你們是否有一個目標比例，打算開始更多地分散到替代性的 ETH 策略上？

I would expect into the long term that the vast majority of our ETH will stay in simple staking as well as liquid staking protocols. But it does mean that a minority of our portion of the ETH of our diversified portfolio can follow the strategies that we've done and new strategies. But I do think that will be the minority of the portfolio over time.

我預期長期而言，我們絕大多數的 ETH 仍會維持在簡單質押以及流動質押協議中。但這也意味著，在我們多元化投資組合中的一小部分 ETH，可以延續我們既有的策略以及採用新的策略。不過我確實認為，隨著時間推移，那會一直是投資組合中的少數部分。

But we're thinking of it as an efficient frontier. And each step we take is more sophisticated, requires more diligence. But again, on an overall basis, we're trying to exceed the Ethereum staking rate, but we're not trying to hit triples and home runs. We're trying to hit singles and doubles in a diversified portfolio. So I believe the majority will stay in staking. As we see opportunities, we'll be opportunistic, but we'll be prudent.

但我們把它視為一條效率前緣（efficient frontier）。我們每往前一步都更複雜，也需要更高的盡職調查。但再說一次，整體而言，我們的目標是超越以太坊的質押利率，但我們不是要追求三壘安打或全壘打。我們希望在一個多元化投資組合中打出一壘安打與二壘安打。所以我相信大多數仍會留在質押。看到機會時，我們會把握，但也會保持審慎。

Thanks for taking the question, guys.

謝謝各位回答問題。

Fedor Shabalin, B. Riley Securities.

Fedor Shabalin，B. Riley Securities。

Thank you very much, operator, and good morning, everyone. My first one is kind of a high level that institutional adoption of ETH continues to build, yet token price has lagged at the pace of adoption. In your opinion, what explains the disconnect? And when do you expect it to close? And maybe which catalysts do you see as necessary to trigger a rating of the price of the token? Thank you.

非常感謝，接線員，大家早安。我第一個問題比較宏觀：機構對 ETH 的採用持續增加，但代幣價格相對採用速度卻落後。依你們看，這種脫節的原因是什麼？你們預期何時會收斂？以及你們認為需要哪些催化劑，才能觸發代幣價格的重新評價？謝謝。

Yeah, great question. We are seeing a divergence because all the real world signals around stablecoin tokenization, DeFi and the tail opportunity of Agentic are all screaming that we're seeing a once in a generation reset of financial rails. And the vast majority of this stuff is happening in the Ethereum ecosystem.

是的，這是個好問題。我們確實看到分歧，因為圍繞穩定幣、代幣化、DeFi，以及代理式（Agentic）的長尾機會等所有現實世界訊號，都在強烈顯示我們正在見證一場「一代一次」的金融軌道重置。而這些事情的絕大部分都發生在以太坊生態系中。

So as I've explained earlier, it is leading by a wide margin in each of these domains. I think over the last year or so, both Bitcoin and ETH have become more correlated to macro geopolitical and liquidity trends than we had seen in the previous 5 to 10 years. And at the end of the day, we are trading in a band that is subject to short term market structure.

所以如我先前所說，它在這些領域都以很大的幅度領先。我認為在過去一年左右，比特幣與 ETH 都比前 5 到 10 年更與宏觀地緣政治與流動性趨勢呈現高度相關。而歸根結底，我們目前是在一個受短期市場結構影響的區間內交易。

And I think as some of the short-term market structure works itself through, whether it was the deleveraging we saw last October, whether it's some of the liquidity that's left the system and some of the geopolitical risk, we'll start seeing it trade more on its long-term fundamentals. As I mentioned on my earnings call, we think the market is working through the end of a multi-quarter deleveraging cycle. It's obviously created a disconnect between price and the underlying adoption, but fundamentals are strengthening. I've shared that earlier on my call. Historically, we've seen this pattern before where we've seen periods of consolidation followed by even stronger price appreciation and ecosystem growth.

而我認為，隨著一些短期市場結構因素逐步消化——不論是我們去年十月看到的去槓桿、系統中流動性的流出，或是一些地緣政治風險——我們將開始看到它更依其長期基本面來交易。正如我在法說會上提到的，我們認為市場正在消化一個跨越多季的去槓桿週期的尾聲。這顯然造成了價格與底層採用之間的脫節，但基本面正在走強。我在先前的電話會議中也分享過。歷史上我們以前也看過這種模式：先是盤整期，接著是更強的價格上漲與生態系成長。

So I think in my view, we are seeing at this point a temporary divergence between short-term market structure and macro and what the long-term fundamentals are. But as an Ethereum treasury, we are less focused on the day to day. We are here to deploy long term capital into this thesis. We view this as a temporary dislocation and not in any way structural weakness.

所以我認為，就我看來，我們此刻看到的是短期市場結構與宏觀因素，和長期基本面之間的暫時性分歧。但作為以太坊庫藏（Ethereum treasury），我們較不關注每日的波動。我們在這裡是要把長期資本部署到這個投資論點上。我們把這視為暫時性的錯位，而不是任何結構性的疲弱。

And if anything, what you've seen is Ethereum over the last year, including the most recent releases and what's coming, really create a dominant throughput security and trust framework that other blockchains are really going to struggle to keep up with.

而且如果說有什麼的話，你看到的是以太坊在過去一年——包括最近的版本釋出以及接下來的規劃——確實建立起一個在吞吐量、安全性與信任方面都具主導地位的框架，其他區塊鏈將很難跟上。

So I'd be more focused on what you're hearing from Larry Fink and the likes of Franklin Templeton and NYSE and Nasdaq and the DTCC than I would be in the short-term price movement. You can't overreact. You have to focus every day on what's right for the mid and long term, and that's to continue to invest in this institutional adoption. So, again, a divergence between short term and long term. We're always focused on the long term.

所以，相較於短期價格波動，我會更關注你從 Larry Fink，以及 Franklin Templeton、NYSE、Nasdaq、DTCC 等機構所聽到的訊息。你不能反應過度。你必須每天專注於什麼對中長期是正確的，而那就是持續投資於這個機構採用的趨勢。所以，再次強調，短期與長期之間存在分歧。我們始終專注於長期。

And let me pan out a little bit and put this into a longer time frame context. So the world is in a complicated place. We're going multi-polar in terms of power structures in the world. And the world is really composed of platforms. It's platforms all the way down from software platforms like AWS, Instagram, Facebook, Twitter, nation states or platforms. You can be de-platformed with respect to your citizenship or your voter rolls. And that's what decentralized protocols, Bitcoin and Ether rose to address.

讓我把視角稍微拉遠一點，將這件事放到更長的時間框架中來看。當今世界處於一個複雜的局面。就全球權力結構而言，我們正走向多極化。而世界其實是由各種平台所構成。從 AWS、Instagram、Facebook、Twitter 這類軟體平台一路往下，乃至於民族國家本身也是平台。你可能會在公民身分或選民名冊等層面被「去平台化」。而去中心化協議、比特幣與以太幣（Ether）的興起，正是為了解決這類問題。

So the value propositions of Ether and Bitcoin are credible neutrality and censorship resistance. So Bitcoin is censorship resistant and as neutral as it can be with respect to certain aspects of money, where Bitcoin is money. And Ether and Ethereum are censorship resistant and credibly neutral with respect to providing a decentralized platform for decentralized applications. And that's all about moving many Web2 applications and elements of traditional finance and other elements of society to something that looks like Web3 or a decentralized worldwide web and to decentralized finance.

因此，以太幣與比特幣的價值主張在於可信中立性與抗審查性。比特幣具備抗審查性，並且在貨幣的某些面向上盡可能保持中立——比特幣就是貨幣。而以太幣與以太坊則在提供去中心化應用的去中心化平台方面，具備抗審查性與可信中立性。這一切都關乎把許多 Web2 應用、傳統金融的各種要素以及社會的其他要素，遷移到看起來像 Web3 或去中心化的全球網路，以及去中心化金融之上。

So to accomplish this, Ether and Bitcoin need to be rigorously decentralized because of their special period of initiation in time. They're the only two that have been able to accomplish that and protect that. So Ethereum now has to scale transaction throughput massively, but not ever at the expense of the core value propositions of censorship resistance and credible neutrality. And we've achieved that and we continue to achieve that.

要做到這一點，以太幣與比特幣必須嚴格去中心化，因為它們在時間上有一段特殊的啟動期。目前只有這兩者能夠做到並守住這一點。因此，以太坊現在必須大幅擴展交易吞吐量，但絕不能以犧牲抗審查性與可信中立性這些核心價值主張為代價。而我們已經做到，並且會持續做到。

So Ethereum has been slower as a Layer 1 than some other Layer 1s in scaling because Ethereum would not compromise its rigorous decentralization. The hard but necessary path is achieving global scale via many improvements at Layer 1, which are going on really rapidly right now with some research breakthroughs. And via further scaling mechanisms at the modular Layer 2 and the modularity at Layer 2 is incredibly valuable for scaling and providing different kinds of logical contexts for companies or nation states, et cetera.

因此，相較於其他一些 Layer 1，以太坊作為 Layer 1 在擴容上一直較慢，因為以太坊不願意在嚴格去中心化上妥協。艱難但必要的道路，是透過 Layer 1 的多項改進來達到全球規模——這些改進目前正以非常快的速度推進，並伴隨一些研究突破。同時也透過模組化 Layer 2 的進一步擴容機制；而 Layer 2 的模組化對於擴容非常有價值，並能為企業或民族國家等提供不同類型的邏輯環境。

So all of this is now taking shape in the form of Glamsterdam, the next hard fork, Hegota, a hard fork after that where we scale Layer 1, we scale Blobs at Layer 2, and there's some specific pieces that protect censorship resistance. And we're at the point where we've essentially, we're on the cusp of achieving two holy grails for blockchain.

因此，這一切現在正逐步成形，體現在 Glamsterdam（下一次硬分叉）、Hegota（之後的一次硬分叉）等路線圖上：我們擴展 Layer 1、在 Layer 2 擴展 Blobs，並且有一些特定的組件用來保護抗審查性。我們已經來到一個關鍵點——基本上正站在實現區塊鏈兩大「聖杯」的門檻上。

The first holy grail is pretty unique to Ethereum. It's real-time proving of Blocks at Layer 2 and at Layer 1. And real-time proving of blocks enables something that we're calling synchronous or near-synchronous composability. And there are projects, we have a project at Consensys, our friends at Gnosis have a project called the Ethereum Economic Zone, where we are unifying fragmented liquidity pools and unifying execution contexts across different Layer 2 networks.

第一個聖杯相當程度上是以太坊獨有的。那就是在 Layer 2 與 Layer 1 上對區塊進行即時證明（real-time proving）。而區塊的即時證明，能夠實現我們所稱的同步或近同步的可組合性（synchronous or near-synchronous composability）。目前已有一些專案在做這件事：我們在 Consensys 有一個專案；我們的朋友 Gnosis 也有一個名為 Ethereum Economic Zone 的專案，目標是在不同的 Layer 2 網路之間統一碎片化的流動性池，並統一執行環境。

And down into Layer 1, where we can initiate a transaction or set of transactions at either Layer 1 or a Layer 2 and bring in transactions in the same execution context atomically, so they can draw from different pools of liquidity and happen magically via zero-knowledge proofs effectively in a single transaction or in some transactions that are in the same block -- or in consecutive blocks.

並且一路延伸到 Layer 1：我們可以在 Layer 1 或某個 Layer 2 發起一筆交易或一組交易，並在同一個執行環境中以原子方式（atomically）納入其他交易，使其能夠動用不同的流動性池，並透過零知識證明以近乎「魔法般」的方式有效地在單筆交易中完成——或是在同一個區塊中的多筆交易完成——或是在連續的區塊中完成。

So we are pretty much there. There's some details left to be worked out, but unification of the Ethereum ecosystem, the Ethereum platform is underway.

所以我們幾乎已經到位了。還有一些細節需要釐清，但以太坊生態系與以太坊平台的整合正在進行中。

Thank you very much. It's a very helpful color related to the architecture of the ecosystem. And my quick follow-up has an internal nature. So about your partnership with Galaxy. So with Galaxy running the funds investment management, what's left here for Sharplink's in-house asset management team to do? Kind of maybe help us reconcile your focus on internal management of your majority of your assets with outsourcing this strategy to Galaxy.

非常感謝。這些補充對理解生態系架構很有幫助。我接下來的追問偏向內部運作。關於你們與 Galaxy 的合作。既然 Galaxy 負責基金的投資管理，那麼 Sharplink 內部的資產管理團隊還需要做什麼？也請協助我們理解：你們強調多數資產由內部管理，卻又把這個策略交由 Galaxy 來執行，兩者之間如何一致。

Thank you.

謝謝。

Sure. I think some of it is about the level of scale and diligence. We see a pipeline of opportunities, not just in staking, liquid restaking, and through our strategic partnership with Consensys. But from time to time, we will partner with others. We are not outsourcing this to Galaxy. We founded the fund together, we are both limited partners in the fund. And this is not going to be a black box fund where we just wait to receive returns.

當然。我認為其中一部分在於規模與盡職調查的深度。我們看到一條機會管線，不僅在質押、流動再質押（liquid restaking），以及透過我們與 Consensys 的策略合作。但我們也會不時與其他夥伴合作。我們並不是把這件事外包給 Galaxy。這支基金是我們共同成立的，我們雙方都是基金的有限合夥人（LP）。而且這不會是一個黑箱基金，我們不會只是等著收取回報。

So while they are the general manager -- the general partner and manager of the fund, we are both LPs. And this is a partnership. That's why it's co-branded. So we don't view this as outsourcing. We view this as an opportunity to capture on-chain yield opportunities in scale. And frankly, in a way that others have not been able to do. And we're doing it with a partner we trust, with a partner that's best in class, and frankly, one that has skin in the game.

因此，雖然他們是普通合夥人（GP）兼基金管理人——也就是基金的普通合夥人與管理人——但我們雙方都是 LP。這是一種合作關係。這也是為什麼會採用聯名品牌。所以我們不把它視為外包。我們把它視為一個能以規模化方式把握鏈上收益機會的契機。坦白說，這是其他人未必做得到的方式。我們與一個我們信任、同時也是業界一流的夥伴合作；而且坦白說，對方也有真金白銀的投入（skin in the game）。

So I think what we're doing is first of its kind. But again, much of the asset management -- in fact, the majority is happening in-house. But we will find select opportunities where partnering will yield better results for our investors. And we're doing it in a capital efficient manner. So we will look at every opportunity at both the cost and yield perspective. And in this case, it made more sense to partner because of the scale we can provide to deploy to multiple opportunities within a single framework.

所以我認為我們正在做的是首創之舉。但再說一次，資產管理的很大一部分——事實上是大多數——仍在內部進行。不過我們會挑選某些機會，透過合作能為投資人帶來更好的結果。而且我們會以資本效率高的方式來做。因此，我們會從成本與收益兩個角度評估每一個機會。在這個案例中，基於我們能提供的規模、並能在單一框架內部署到多個機會，與其合作更合理。

So again, you would have seen we've insourced the vanilla staking ETH purchases. But we will always use the best framework to generate the results. So we don't see this as being inconsistent. We see it being entirely consistent in how to build an optimized portfolio.

所以再說一次，你們也看到我們已把標準（vanilla）的 ETH 購買與質押內製化。但我們會始終採用最好的框架來產生成果。因此我們不認為這有任何不一致。我們認為這完全符合打造最佳化投資組合的方式。

I appreciate all the color. That's super clear. Thank you very much. And continue on. Best of luck.

感謝你提供這麼多補充資訊。非常清楚。非常感謝。我就不再追問了。祝你們一切順利。

Joe Vafi, Canaccord Genuity.

Joe Vafi，Canaccord Genuity。

Hi, this is Will Johnson. I'm for Joe. Thanks for taking my question. In the quarter, we saw some large DeFi exploits, which put some pressure on DeFi TVL. And I know you mentioned in this post some deleveraging since last fall. So I was just wondering if you could provide some more color on these DeFi dynamics and how all this has changed your view on risk on Layer 1 versus Layer 2 and deploying Ether Native versus liquid staking. Thanks.

你好，我是 Will Johnson。我代替 Joe 發言。感謝讓我提問。本季我們看到一些大型 DeFi 攻擊事件，對 DeFi 的 TVL 造成了一些壓力。我也知道你在這次發文中提到，自去年秋天以來出現了一些去槓桿。因此我想請你再多補充一些關於這些 DeFi 動態的看法，以及這些變化如何影響你們對 Layer 1 相對於 Layer 2 的風險觀點，還有在部署上選擇原生 Ether（Ether Native）相對於流動質押（liquid staking）的考量。謝謝。

Yeah, great question. Thank you, Will. And actually very timely. There's a reason we're doing this at this time. So for more context, the recent hacks that involved the Kelp DAO were obviously unfortunate. That said, we have pretty institutional and advanced partner vetting, whether it be asset management partners, whether it be protocols. We have lots of internal controls and custody that's aimed to prevent us from having exposure to things like this.

是的，這個問題很好。謝謝你，Will。而且其實非常切題。我們選在這個時間點做這件事是有原因的。補充一些背景，近期涉及 Kelp DAO 的駭客事件顯然令人遺憾。不過，我們在夥伴審核方面相當機構級且成熟，不論是資產管理夥伴或是協議本身。我們有許多內部控制與託管安排，目的就是避免我們暴露在這類事件之下。

And obviously, none of our assets were in any way affected. That said, it was a major setback in the short term for the broader DeFi landscape. We're actually really happy to see fast-moving actors, high-quality actors, who were part of what they call the DeFi United recovery efforts. And we played a small part in helping advise on that recovery to stabilize the DeFi markets.

而且很明顯，我們的任何資產都沒有受到任何影響。話雖如此，這在短期內對更廣泛的 DeFi 生態而言是一個重大挫折。我們其實很高興看到行動迅速、品質很高的參與者，投入他們所稱的 DeFi United 復原工作。而我們也在協助就該復原方案提供建議、以穩定 DeFi 市場方面，扮演了一小部分角色。

But it's important to note these hacks, whether it be the Solana PERP DEX on Drift, the Kelp DAO, they did not happen because of a smart contract exploit. The majority of these issues happened off-chain, essentially exploiting centralized points of failure either at the social layer or how people, humans, configured transfer of assets through bridging.

但需要強調的是，這些駭客事件——無論是 Drift 上的 Solana PERP DEX、Kelp DAO——都不是因為智慧合約被利用而發生。這些問題的大多數發生在鏈下，本質上是利用了中心化的單點故障，可能在社交層面，或是人們（人為）在透過跨鏈橋進行資產轉移時的設定方式被鑽了漏洞。

The technology is secure in our view. The vast majority of these are not smart contract. They're human exploits. And when you have centralization and social engineering combined with AI, this can happen, including off-chain. And in our view, what is required is to continue to support further decentralization.

在我們看來，技術本身是安全的。其中絕大多數並非智慧合約問題。而是人為漏洞。當中心化與社交工程再加上 AI 結合時，這種情況就可能發生，包括在鏈下。而在我們看來，所需要的是持續支持進一步的去中心化。

In our view, the bar going forward needs to be higher. It needs to be at the Sharplink Galaxy, institutional grade, operational standard. And that's the standard we hold ourselves to and our partners to. We actually have worked closely through this situation. Our team worked closely with our strategic partner, Consensys, along with Joe Lubin, who's on the call, who stepped in.

在我們看來，未來的門檻必須更高。必須達到 Sharplink Galaxy 的機構級、營運標準。這也是我們對自己以及合作夥伴所要求的標準。我們其實在這次事件中密切合作。我們的團隊與我們的策略夥伴 Consensys 密切合作，並且 Joe Lubin（也在這通電話上）也介入協助。

We played a small part in helping structure the capital contribution with Aave. And at the end of the day, we believe this is a net positive for the entire ecosystem, and it helped stabilize markets. At the end of the day, you've seen issues in both traditional finance and on-chain finance. And our top priority is to safeguard our investors and our balance sheet. And we've taken an extremely conservative approach when vetting protocols. We've vetted dozens of protocols, most of which we turned away. And that will never change.

我們在協助與 Aave 一起規劃資本挹注結構方面，扮演了一小部分角色。而歸根結底，我們相信這對整個生態系是淨正面影響，並且有助於穩定市場。歸根結底，你已經在傳統金融與鏈上金融都看到了問題。而我們的首要任務是保護我們的投資人以及我們的資產負債表。在審核協議時，我們採取了極度保守的做法。我們審核了數十個協議，其中大多數我們都拒絕了。而這一點永遠不會改變。

And finally, it's worth noting that the security setup that was exploited in this most recent attack would not have passed our own due diligence checks. And for future deployments, we feel very comfortable with our risk management teams. We feel comfortable with our policies. In the case of the Galaxy Sharplink Fund, we're working with a partner who has probably the largest on-chain security team for these type of deployments. And we're going to use scrutiny and take our time rather than just prioritizing yield.

最後也值得注意的是，在這次最新攻擊中被利用的安全設定，無法通過我們自身的盡職調查檢核。而對於未來的部署，我們對我們的風險管理團隊非常有信心。我們對我們的政策也有信心。以 Galaxy Sharplink Fund 而言，我們正與一個合作夥伴合作，該合作夥伴可能擁有針對此類部署規模最大的鏈上安全團隊。我們將採取更嚴格的審視並花時間，而不是只把收益率放在優先順位。

So when we look at future investment opportunities, the standard is going to be high. And overall, when you have institutions like ours who are setting those standards, who are holding them rigorously, this is ultimately very good for the DeFi community because you end up reinforcing those protocols who do things the right way. And those protocols who do not will not deserve to get allocations of this type of capital. So we're not shying away from this. We're just doing it with a different set of standards than you've seen exploited in the past.

因此，當我們評估未來投資機會時，標準會非常高。整體而言，當像我們這樣的機構在制定並嚴格執行這些標準時，這最終對 DeFi 社群非常有利，因為你會強化那些以正確方式做事的協議。而那些做不到的協議，不應該獲得這類資本的配置。所以我們並不是要退縮。我們只是以一套不同於過去被利用的標準來推進。

Great. Thanks.

很好。謝謝。

With no further questions, I would like to turn the conference back over to Joseph Chalom for closing remarks.

如果沒有進一步的問題，我想把會議交回給 Joseph Chalom 作結語。

So first of all, thank you, everyone. And before we close, I want to leave you all with a very simple perspective. We are operating in a market that's still early. It's volatile. And its progress is being built out in real time. But the direction has never been clearer. And it's becoming increasingly clear that Ethereum is emerging as the foundation for a new financial system, for new financial rails. And the opportunity ahead for Sharplink and our investors is extremely compelling.

首先，謝謝各位。在結束之前，我想留給大家一個非常簡單的觀點。我們正在一個仍處於早期的市場中運作。它波動很大。而它的進展正在即時建構中。但方向從未如此清晰。而且越來越清楚的是，以太坊正在成為新金融體系、新金融軌道的基礎。而 Sharplink 與我們投資人面前的機會極具吸引力。

Our role is not to focus on or try to predict short-term market movements. But we are executing with discipline and consistency. Sometimes we slowdown in order to speed up, to build a platform that compounds value over time. And we've built a model that's designed to perform across market cycles. We're focused, again, on growing ETH per share. And we're grounding our strategy in making our ETH the most productive, but in a risk-managed and a repeatable way. We've been doing it this way from day one.

我們的角色不是去關注或試圖預測短期市場波動。而是以紀律與一致性來執行。有時我們會放慢腳步以便加速，打造一個能隨時間複利累積價值的平台。而我們建立了一個旨在跨越市場循環都能表現的模型。我們再次聚焦於提升每股 ETH。我們的策略立足於讓我們的 ETH 發揮最高生產力，但以風險管理且可重複的方式來進行。我們從第一天起就是這樣做的。

And what we focus on is disciplined execution, responsible growth, and a real focus on long-term value creation for our shareholders. We are energized by the opportunity ahead. And we're confident in the path that we're on. So, again, thank you all for joining us today, for your continued support in Sharplink's vision. And we look forward to updating you again in the next quarter. Thank you.

而我們所專注的是有紀律的執行、負責任的成長，以及真正聚焦於為股東創造長期價值。我們對前方的機會感到振奮。我們也對目前所走的路徑充滿信心。所以，再次感謝各位今天加入我們，並持續支持 Sharplink 的願景。我們期待在下一季再次向各位更新。謝謝。

Thank you. This will conclude today's conference. You may disconnect at this time. And thank you for your participation.

謝謝。今天的會議到此結束。您現在可以中斷連線。也感謝您的參與。