Sharplink Inc (SBET) 2026 Q2 法說會逐字稿

Good morning, everyone, and thank you for participating in today's conference call to discuss Sharplink financial and operating results for the second quarter ended June 30, 2026. By now, everyone should have access to the second quarter 2026 earnings press release. Which was issued this morning at approximately 8:00 a.m. Eastern Time. The release is available in the Investor Relations section of Sharplink website. This call will also be available for webcast replay on the Sharplink website.

各位早安，感謝各位參與今天的電話會議，討論 Sharplink 截至 2026 年 6 月 30 日止第二季的財務與營運成果。目前各位應已取得 2026 年第二季財報新聞稿。該新聞稿已於今日上午約美東時間 8:00 發布。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 Sharplink 官網提供網路直播重播。

Following management's prepared remarks, we will open the call for questions. I will now hand the call over to Sharplink Vice President of Business and Legal Affairs, Dodi Handy, for introductory comments.

在管理團隊的事先準備發言之後，我們將開放提問。現在我將把電話交給 Sharplink 業務與法務事務副總裁 Dodi Handy，進行開場說明。

Thank you, operator. Please see Sharplink quarterly report on Form 10-Q filed on Friday, August 7, 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. 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. 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 SEC filings. For further information regarding these metrics.

謝謝，接線員。請參閱 Sharplink 於 2026 年 8 月 7 日（星期五）向美國證券交易委員會（SEC）提交的 10-Q 季度報告，以及今天上午透過新聞專線發布的財報新聞稿。這些文件列示若干因素，可能導致 Sharplink 的實際結果與我們今天所述內容出現重大差異，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 不負任何義務，亦不承諾更新任何前瞻性陳述。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，且僅截至其作出之日有效。此外，我們今天可能會討論或提供某些指標，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。請參閱我們的財報新聞稿與 SEC 申報文件。以取得關於這些指標的進一步資訊。

To set the agenda for today's call, we will begin with Joseph Lubin, Sharplink Chairman of the Board, Co-Founder of Ethereum and Founder and CEO of ConsenSys. Joe will discuss Ethereum's evolution and the foundational infrastructure for programmable financial and economic activity, including the network's technological roadmap, expanding institutional adoption and an ecosystem that grows increasingly capable of supporting global finance at scale. Next, Sharplink Chief Executive Officer, Joseph Chalom, will discuss the Ethereum institutional supercycle, Sharplink ecosystem initiatives, recent capital allocation activity, and how Sharplink is putting its ETH treasury to work through staking and active treasury management.

為設定今天電話會議的議程，我們將先由 Sharplink 董事會主席、以太坊共同創辦人、ConsenSys 創辦人兼執行長 Joseph Lubin 開始。Joe 將討論以太坊的演進，以及作為可程式化金融與經濟活動之基礎性基礎設施，包括該網路的技術路線圖、持續擴大的機構採用，以及一個日益具備以全球規模支撐金融能力的生態系。接著，Sharplink 執行長 Joseph Chalom 將討論以太坊的機構超級循環、Sharplink 生態系倡議、近期資本配置活動，以及 Sharplink 如何透過質押與主動資金庫管理來運用其 ETH 資金庫。

Finally, our Chief Financial Officer, Robert DeLucia, will recap Sharplink second quarter financial results, liquidity position, and key ETH treasury performance metrics.

最後，我們的財務長 Robert DeLucia 將回顧 Sharplink 第二季財務結果、流動性狀況，以及關鍵的 ETH 資金庫績效指標。

Now at this time, I'd like to turn the call over to Sharplink Chairman of the Board, Joseph Lewin. Joe, the floor is yours.

現在，我想把電話交給 Sharplink 董事會主席 Joseph Lewin。Joe，請開始。

Thank you, Dodie, and good morning, everyone.

謝謝你，Dodie，各位早安。

As a co-founder of Ethereum and CEO of ConsenSys, I have had the privilege of helping build the ecosystem from its earliest days. For much of the first decade, Ethereum was often evaluated through the narrow lens of diverse waves of innovation, Crypto market cycles and short-term asset prices. Those forces remain visible, but they are increasingly incomplete measures of the progress taking place visibly and beneath the surface. Ethereum is transitioning from technology once viewed as experimental into core infrastructure for programmable financial and economic activity. Stablecoins, tokenized assets, decentralized markets and automated commerce are operating today, settling meaningful value and attracting increasingly sophisticated users, human, corporate and machine. It's clear that this market is unique compared to others. Ethereum now benefits from more mature custody, security and compliance infrastructure, deeper institutional expertise and a more constructive regulatory framework.

作為以太坊共同創辦人與 ConsenSys 執行長，我有幸自最早期便參與建構這個生態系。在第一個十年的大部分時間裡，以太坊常被以較狹隘的視角評估：各種創新浪潮、加密市場循環與短期資產價格。這些力量仍然可見，但它們愈來愈不足以衡量正在發生的進展——無論是表面上或水面下。以太坊正從曾被視為實驗性的技術，轉型為可程式化金融與經濟活動的核心基礎設施。穩定幣、代幣化資產、去中心化市場與自動化商務如今已在運作，結算具意義的價值，並吸引愈來愈成熟的使用者——包括個人、企業與機器。很明顯，這個市場相較於其他市場具有獨特性。以太坊如今受益於更成熟的託管、安全與合規基礎設施、更深厚的機構專業能力，以及更具建設性的監管框架。

Major financial and technology companies are moving beyond proof-of-concept projects towards production systems. Technological adoption, regulatory development and asset prices will not always move on the same timeline, but the direction of travel is increasingly clear. Ethereum is foundational infrastructure for the programmable global economy. Manufacturers and stakeholders are increasingly aligning around this inevitable outcome. The momentum is not exclusively top-down. Alongside accelerating institutional participation, we are seeing renewed excitement and engagement from retail users, developers and entrepreneurs. Institutional adoption brings scale, capital, and credibility, while grassroots participation continues to drive experimentation, applications, and community growth.

主要金融與科技公司正從概念驗證（proof-of-concept）專案，邁向正式上線的生產系統。技術採用、監管發展與資產價格不一定會在同一時間軸上變動，但前進方向愈來愈清晰。以太坊是可程式化全球經濟的基礎性基礎設施。製造商與利害關係人正愈來愈一致地朝向這個不可避免的結果對齊。這股動能並非僅由上而下。在機構參與加速的同時，我們也看到散戶使用者、開發者與創業者重新燃起的興奮與投入。機構採用帶來規模、資本與公信力，而草根參與則持續推動實驗、應用與社群成長。

Together, they reinforce our belief that we are entering a new Ethereum era supported by broad-based conviction rather than any single category of participant. The Ethereum economy is becoming an increasingly intrinsic part of the diverse global economy. Ethereum's defining advantage is a credibly neutral, censorship-resistant programmable infrastructure that is guaranteed to execute properly formed transactions or programs. It enables institutions and other participants to transact and coordinate through automated transparent rules without surrendering control to a single commercial intermediary, thus eliminating or reducing exposure to counterparty risk and other forms of risk.

兩者共同強化了我們的信念：我們正進入一個新的以太坊時代，其支撐來自廣泛的信心，而非任何單一類別的參與者。以太坊經濟正成為多元全球經濟中愈來愈內在的一部分。以太坊最具決定性的優勢，是一個可信中立、抗審查、可程式化的基礎設施，能保證正確執行符合格式的交易或程式。它使機構與其他參與者能透過自動化且透明的規則進行交易與協作，而無須將控制權交給單一商業中介，從而消除或降低對手方風險與其他形式的風險曝險。

The Ethereum Foundation has described this as shared, neutral digital infrastructure for governments, institutions and communities. Its applications extend beyond payments to asset issuance, trade settlement, identity, registries, attestations and tokenized markets. Over time, we expect ETH's value proposition to become increasingly aligned with the amount, quality and strategic importance of activity across the network. Robinhood's decision to build its blockchain infrastructure on Ethereum is one recent proof point. In its Q2 results, Robinhood described Robinhood Chain as a permissionless AI-native financial-grade Ethereum layer 2 blockchain built to institutional standards, a platform with 28 million customers and $369 billion in assets choosing Ethereum Rails for its next generation of products.

以太坊基金會將其描述為供政府、機構與社群共享的中立數位基礎設施。其應用不僅限於支付，亦延伸至資產發行、交易結算、身分、登記系統、證明（attestations）與代幣化市場。隨著時間推進，我們預期 ETH 的價值主張將愈來愈與整個網路上的活動量、活動品質與策略重要性相一致。Robinhood 決定在以太坊上建構其區塊鏈基礎設施，是近期的一個佐證。在其第二季業績中，Robinhood 將 Robinhood Chain 描述為一條無許可（permissionless）、AI 原生、金融級的以太坊第二層（layer 2）區塊鏈，依機構標準打造；該平台擁有 2,800 萬名客戶與 3,690 億美元資產，選擇以太坊軌道（Ethereum Rails）作為其下一代產品的平台。

Institutions that hold the world's assets are moving in the same direction. Just last week, BlackRock, the world's largest asset manager, expanded its tokenized cash platform with new products built on Ethereum, building on the continued growth of its BITL fund. JPMorgan, a bank whose CEO once publicly dismissed digital assets, has also deepened its Ethereum footprint, filing for a second tokenized money market fund on the network and expanding institutional use of its JPM coin deposit token on Ethereum space network. The Ethereum ecosystem is also evolving to support this next stage of adoption. The Ethereum Foundation continues to play an essential role in protecting the protocol's core properties and long-term resilience, while additional specialized steward organizations are emerging to add focus and execution across important areas of the ecosystem.

持有全球資產的機構也正朝同一方向前進。就在上週，全球最大資產管理公司貝萊德（BlackRock）以在以太坊上打造的新產品擴展其代幣化現金平台，並延續其 BITL 基金的持續成長。摩根大通（JPMorgan）——其執行長曾公開否定數位資產——也加深了其在以太坊上的布局，在該網路上申請第二檔代幣化貨幣市場基金，並擴大其 JPM coin 存款代幣在以太坊 space network 上的機構使用。以太坊生態系也正在演進，以支援下一階段的採用。以太坊基金會持續在保護協議的核心特性與長期韌性方面扮演關鍵角色，同時也有更多專業化的管理／監護（steward）組織正在出現，以在生態系的重要領域增加聚焦與執行力。

We are supporting that evolution directly through investment in ETH Labs, Ethereum Institutional and ETH Systems, which Joseph will discuss in greater detail. These organizations are designed to address protocol development, institutional engagement and privacy infrastructure while preserving the independence and credible neutrality that differentiates Ethereum from other blockchain ecosystems. This diversification of specialized steward organizations will greatly strengthen, accelerate and broaden the Ethereum ecosystem. The protocol roadmap is advancing in parallel. The upcoming Glamsterdam hard fork marks the first concrete step in the broader lean Ethereum roadmap that Vitalik recently outlined, a three to four-year effort to rebuild Ethereum's core around lean consensus, lean data and lean execution.

我們正透過投資 ETH Labs、Ethereum Institutional 與 ETH Systems 直接支持這項演進，Joseph 將進一步詳述。這些組織旨在在維持以太坊相較其他區塊鏈生態系之獨立性與可信中立性的同時，推動協議開發、機構互動與隱私基礎設施。這種專業化管理／監護組織的多元化，將大幅強化、加速並拓展以太坊生態系。協議路線圖也在同步推進。即將到來的 Glamsterdam 硬分叉，標誌著 Vitalik 近期所概述之更廣泛「精簡以太坊」（lean Ethereum）路線圖的第一個具體步驟；這是一項為期三到四年的努力，旨在以精簡共識（lean consensus）、精簡資料（lean data）與精簡執行（lean execution）重建以太坊的核心。

Its two headline changes, EPBS, Enshrined Proposer Builder Separation, and BAL, Block Level Access Lists, provide the technical foundation for subsequent upgrades, including the next hard fork Hagoda. For institutions, the significance is that Glamsterdam is not a one-off upgrade, but the next major move in a multi-year evolution towards a much faster, more private and quantum-resistant Ethereum. With capacity and performance improvements expected to powerfully compound across each successive fork.

其兩項最受矚目的變更——EPBS（Enshrined Proposer Builder Separation，內建提議者—建構者分離）與 BAL（Block Level Access Lists，區塊層級存取清單）——為後續升級提供技術基礎，包括下一次硬分叉 Hagoda。對機構而言，其重要性在於 Glamsterdam 並非一次性的升級，而是邁向更快速、更具隱私性且具量子抗性的以太坊之多年演進中的下一個重大步驟。預期容量與效能的提升將在每一次後續分叉中強力疊加、持續放大。

Ethereum's first decade proved the technology. The next will be defined by its adoption at massive scale as the network moves rapidly from experimentation to real-world implementation. That transition has significant implications for the company's positions to participate in Ethereum growth. That is why we are building Sharplink to be an active participant in this new Ethereum era. Our objective is to provide public market investors with disciplined, productive exposure to Ethereum long-term growth while supporting the ecosystem that underpins our treasury asset, Ether. As Ethereum role in the global economy expands, we intend for SharpLink to grow alongside it.

以太坊的第一個十年證明了這項技術。下一個十年，將隨著網路快速從實驗走向真實世界落地而以大規模採用來定義。這一轉變，對公司參與以太坊成長的布局具有重大意涵。這也是我們打造 Sharplink，成為這個全新以太坊時代積極參與者的原因。我們的目標是在支持作為我們庫藏資產之基礎的生態系（以太幣 Ether）的同時，為公開市場投資人提供有紀律、具生產力的方式參與以太坊的長期成長。隨著以太坊在全球經濟中的角色擴大，我們希望 SharpLink 能與之共同成長。

I would now like to turn the call over to Sharplink Chief Executive Officer, Joseph Chalom, to discuss how SharpLink is putting that strategy into place.

接下來我想把電話會議交給 Sharplink 執行長 Joseph Chalom，請他說明 SharpLink 如何落實這項策略。

Joseph.

Joseph。

Thank you, Joe, and good morning, everyone. Thank you for joining us.

謝謝你，Joe，各位早安。感謝各位加入我們。

Joe briefly described the new Ethereum era taking shape. From my perspective, we are well underway in the institutional supercycle. This new era is a crucial part of making sure the network is ready for the coming demand. Importantly, we're not just observing this new era take shape, we are actively building it. We deploy ETH capital back into the ecosystem through staking, our DeFi deployments and the Galaxy Sharplink on-chain yield fund. We're also funding new institutions to accelerate institutional adoption. Including ETH Labs, Ethereum Institutional, and ETH Systems, which I will go into more detail on later in my remarks.

Joe 簡要描述了正在成形的全新以太坊時代。就我看來，我們已經在機構超級循環中走得很深。這個新時代是確保網路能為即將到來的需求做好準備的關鍵一環。重要的是，我們不只是旁觀這個新時代成形，我們正在積極建構它。我們透過質押、DeFi 部署，以及 Galaxy Sharplink 鏈上收益基金，把 ETH 資本回投到生態系中。我們也在資助新的機構，以加速機構採用。包括 ETH Labs、Ethereum Institutional 與 ETH Systems，我稍後會在發言中進一步說明。

We are proud to be one of Ethereum most active stewards and have taken a deliberate approach to building relationships, supporting critical infrastructure, and creating new ways to make our ETH productive. We are genuinely energized by the momentum we're seeing and the caliber of engagement it's generating. We believe our efforts have helped shift the narrative on Ethereum from one defined by short-term price swings to one grounded in long-term value creation, reinforcing our conviction that this is the moment to lead with the discipline and ambition this Ethereum opportunity deserves. This turnaround reflects real work by real people. Joe Lubin, myself, Tom Lee of BitMine and a number of other ecosystem stakeholders have been actively investing directly in Ethereum infrastructure. We are telling its story more effectively than we have in the past, and it's working. Sentiment has turned very positive. Ethereum is winning.

我們很自豪能成為以太坊最積極的管理者之一，並以審慎的方式建立關係、支持關鍵基礎設施，以及創造讓我們的 ETH 更具生產力的新方法。我們對所見到的動能及其帶來的高品質參與深受鼓舞。我們相信，我們的努力已協助把以太坊的敘事從「短期價格波動」轉向「以長期價值創造為基礎」，並強化我們的信念：現在正是以這個以太坊機會所值得的紀律與企圖心來領導的時刻。這次轉變反映了真實的人所做的真實工作。Joe Lubin、我本人、BitMine 的 Tom Lee，以及其他多位生態系利害關係人，都一直在直接投資以太坊基礎設施。我們比過去更有效地講述它的故事，而且正在奏效。市場情緒已轉為非常正面。以太坊正在勝出。

During the month of July, ETH appreciated 22% compared to 11% for Bitcoin, while Solana declined 5%. That price performance is being matched by capital flows. According to Blockworks, U.S. Spot Ethereum ETFs pulled in approximately $349 million in net inflows in July. Outpacing Bitcoin's ETFs at roughly $281 million and Solana ETFs at approximately $25 million over the same period. Short-term asset prices do remain volatile, but ETH's price performance and the capital flowing in are signals reinforcing our belief that a new Ethereum era is taking shape alongside continued progress across institutional adoption, network development and on-chain activity. We spent the last year building for this exact environment. This past June marked our first anniversary since launching our Ethereum treasury strategy. In that time, we raised over $3.3 billion in capital and became the world's second largest corporate holder of ETH. We recruited a world-class team spanning traditional finance and digital assets expertise. We have been among the most active companies putting that ETH to work. Establishing institutional custody and staking infrastructure to make our treasury productive from day one.

在 7 月份，ETH 上漲 22%，相較之下比特幣上漲 11%，而 Solana 下跌 5%。這樣的價格表現也反映在資金流向上。根據 Blockworks，美國現貨以太坊 ETF 在 7 月約有 3.49 億美元的淨流入。同期間，超越比特幣 ETF 約 2.81 億美元，以及 Solana ETF 約 2,500 萬美元。短期資產價格仍然波動，但 ETH 的價格表現與資金流入，正是強化我們信念的訊號：一個新的以太坊時代正在成形，同時機構採用、網路發展與鏈上活動也持續進展。我們過去一年一直在為這樣的環境做準備。今年 6 月是我們推出以太坊庫藏策略滿一週年。在此期間，我們募得超過 33 億美元資本，並成為全球第二大企業 ETH 持有者。我們延攬了一支世界級團隊，橫跨傳統金融與數位資產專業。我們也是最積極讓這些 ETH 發揮效用的公司之一。自第一天起即建立機構級託管與質押基礎設施，讓我們的庫藏資產能產生收益。

Just as importantly, we built a culture of institutional risk management and governance from the outset, which has kept us disciplined and resilient through a volatile crypto cycle. The market is validating the institutional character of the platform we have built. As part of the Russell Index June 2026 reconstitution, Sharplink was added to the Russell 2000 and the Russell 3,000 indices. According to FTSE Russell, approximately $12.2 trillion in assets are benchmarked against Russell US indices. We view our inclusion as an important milestone that broadens institutional visibility and eligibility for index-linked ownership, while providing external validation of Sharplink scale, liquidity and strategy.

同樣重要的是，我們從一開始就建立了機構級風險管理與治理文化，使我們在波動的加密週期中仍能保持紀律並具韌性。市場正在驗證我們所打造平台的機構屬性。作為 Russell 指數 2026 年 6 月重組的一部分，Sharplink 被納入 Russell 2000 與 Russell 3,000 指數。根據 FTSE Russell，約有 12.2 兆美元資產以 Russell 美國指數作為基準。我們將此次納入視為重要里程碑：一方面擴大機構能見度並提升指數連結型持有的可投資資格，另一方面也對 Sharplink 的規模、流動性與策略提供外部驗證。

I now want to turn to capital allocation. We have been consistent from day one about our framework to compound ETH per share and grow net ETH over time. We pursue those objectives through two complementary engines. The first is disciplined public market capital allocation, including issuing equity when terms are attractive and accretive, purchasing ETH when doing so improves long-term shareholder economics and repurchasing Sharplink shares when they trade below our assessment of its intrinsic value. We demonstrated that optionality during the second quarter. On June 23, 2026, we completed a $75 million registered direct offering, issuing roughly 10 million shares and accompanying warrants at a combined purchase price of $7.49 per share and warrant. Importantly, the transaction was completed at a premium to Sharplink net asset value, providing capital on attractive terms. We used a portion of that capital to acquire approximately 10,000 ETH at an average price of approximately $1,611 per ETH. We also purchased 2.1 million shares during Q2 at an average price of approximately $4.70 per share for an aggregate purchase price of approximately $10 million. Since initiating our repurchase activity in August 2025, we have repurchased approximately 4 million shares at an aggregate cost of approximately $41.7 million.

接下來我想談資本配置。自第一天起，我們就一貫遵循以「每股 ETH 複利成長」並隨時間推進提升淨 ETH 的框架。我們透過兩個互補的引擎來達成這些目標。第一個是有紀律的公開市場資本配置，包括在條件具吸引力且具增益（accretive）時發行股權、在有助於改善長期股東經濟效益時買入 ETH，以及在 Sharplink 股價低於我們對其內在價值的評估時回購 Sharplink 股票。我們在第二季展現了這種彈性。2026 年 6 月 23 日，我們完成一筆 7,500 萬美元的註冊直接發行（registered direct offering），以每股與認股權證合計購買價格 7.49 美元，發行約 1,000 萬股並附帶認股權證。重要的是，該交易以高於 Sharplink 淨資產價值（NAV）的溢價完成，得以在具吸引力的條件下取得資本。我們使用其中一部分資本，以每枚 ETH 約 1,611 美元的平均價格，購入約 10,000 枚 ETH。我們也在第二季以每股約 4.70 美元的平均價格回購 210 萬股，合計買回金額約 1,000 萬美元。自 2025 年 8 月啟動回購以來，我們已回購約 400 萬股，合計成本約 4,170 萬美元。

Together, these actions show how we can raise capital on attractive terms, acquire ETH during market dislocations, and repurchase shares when our equity is undervalued, all in support of long-term shareholder value. The second engine is treasury productivity. We stake and selectively deploy our ETH to earn incremental returns above the composite Ethereum staking rate or CSER, a market benchmark for the average annualized yield earned by Ethereum validators. Our most recent example of this was our announcement of the Galaxy Sharplink On-Chain Yield Fund. The fund has $125 million in committed capital, including $100 million from Sharplink and $25 million from Galaxy Digital. Sharplink will fund its investment through a contribution of ETH or liquid-staked ETH. We're very excited to share that the initial investment opportunities have already been identified. Actual deployment timing will depend on finalizing those opportunities in line with the fund's risk and return standards.

綜合而言，這些行動展現了我們如何在具吸引力的條件下募資、在市場錯位時買入 ETH，以及在我們的股權被低估時回購股票，皆以支持長期股東價值為目標。第二個引擎是庫藏資產生產力。我們透過質押並選擇性部署 ETH，以賺取高於以太坊綜合質押利率（CSER）的增量報酬；CSER 是市場基準，用以衡量以太坊驗證者平均年化收益率。我們最近的例子是宣布成立 Galaxy Sharplink 鏈上收益基金。該基金已承諾資本 1.25 億美元，其中 Sharplink 1 億美元、Galaxy Digital 2,500 萬美元。Sharplink 將以投入 ETH 或流動質押 ETH（liquid-staked ETH）的方式為其投資出資。我們非常高興地分享，初步投資機會已經辨識完成。實際部署時點將取決於在符合基金風險與報酬標準的前提下完成這些機會的最終敲定。

We are actively evaluating additional productivity strategies, including other funds, on-chain vaults, direct deployments, and structured ecosystem opportunities. Inbound demand has been strong, but access alone is not a reason to deploy capital. We proceed only when the expected incremental ETH return appropriately compensates shareholders for the risk, liquidity profile and operating burden. That productivity mindset extends beyond our own balance sheet. Our scale, market presence and connectivity also enable us to serve as an institutional steward of the Ethereum ecosystem. As I mentioned earlier, we provided anchor funding to ETH Labs, Ethereum Institutional and Ethereum Systems, three organizations we believe are already generating real momentum and driving the next stage of Ethereum institutional development. These three independent organizations serve different functions.

我們正積極評估其他提升生產力的策略，包括其他基金、鏈上金庫（vaults）、直接部署，以及結構化的生態系機會。市場的主動需求一直很強，但僅有取得投資機會的管道並不足以成為部署資本的理由。只有在預期新增的 ETH 報酬能適當補償股東所承擔的風險、流動性特性與營運負擔時，我們才會推進。這種生產力思維不僅限於我們自身的資產負債表。我們的規模、市場能見度與連結性，也使我們能夠作為以太坊生態系的機構級受託管理者。如我先前提到的，我們為 ETH Labs、Ethereum Institutional 與 Ethereum Systems 提供了基石資金；我們相信這三個組織已在產生實質動能，並推動以太坊機構化發展的下一階段。這三個獨立組織各自扮演不同功能。

First, ETH Labs, founded by former senior Ethereum Foundation contributors is focused on advancing the core protocol, scaling, ecosystem growth, usability and interoperability. Its work is designed to prepare Ethereum for the next wave of institutional, DeFi and agentic finance adoption while reinforcing the network's credible neutrality, security and resilience. Second, Ethereum Institutional serves as a dedicated institutional front door and help desk to the Ethereum ecosystem, assisting banks, asset managers, custodians and market infrastructure providers move from evaluation to deployment. The organization has built more than 500 institutional relationships and convened over 150 senior executives representing approximately $250 Trillion in combined assets. Third, ETH Systems is an engineering and research company founded by the team behind the Ethereum Foundation's Institutional Privacy Task Force. It is building privacy and compliance infrastructure that enables banks, asset managers, and other regulated institutions to transact on Ethereum at scale without exposing sensitive information such as trade details or client identity.

首先，ETH Labs 由前以太坊基金會（Ethereum Foundation）資深貢獻者創立，專注於推進核心協議、擴容、生態系成長、可用性與互通性。其工作旨在讓以太坊為下一波機構、DeFi 與代理式金融（agentic finance）的採用做好準備，同時強化網路的可信中立性、安全性與韌性。第二，Ethereum Institutional 作為以太坊生態系專門面向機構的入口與服務台，協助銀行、資產管理公司、託管機構與市場基礎設施提供者從評估走向部署。該組織已建立超過 500 個機構關係，並召集逾 150 位高階主管，代表合計約 250 兆美元的資產規模。第三，ETH Systems 是一家工程與研究公司，由以太坊基金會「機構隱私工作小組」（Institutional Privacy Task Force）背後的團隊創立。其正在建置隱私與合規基礎設施，使銀行、資產管理公司及其他受監管機構能在不暴露交易細節或客戶身分等敏感資訊的情況下，以規模化方式在以太坊上進行交易。

Together, these organizations serve as three coordinated accelerants of adoption for protocol scalability, institutional engagement and privacy for regulated financial activity. I am pleased to serve on the Board of Ethereum Institutional, where my experience across asset management and financial market infrastructure can help traditional organizations understand how Ethereum is uniquely suited to fit their business needs. We believe stronger protocol, Institutional participation and privacy infrastructure can accelerate Ethereum adoption and strengthen the ecosystem underlying and powered by the ETH on our balance sheet. The growing market engagement around these initiatives reinforces our conviction that investors are increasingly recognizing Ethereum institutional opportunity. The opportunity set is expanding alongside Ethereum itself. The network has the deepest developer base in the blockchain sector and hosts more than half of global stablecoin supply, the majority of tokenized real-world assets and approximately 62% of DeFi total value locked. That depth of activity creates liquidity, resilience and an innovation base that is difficult to replicate.

綜合而言，這些組織在協議可擴展性、機構參與，以及受監管金融活動的隱私三個面向，作為協同推動採用的加速器。我很榮幸能在 Ethereum Institutional 董事會任職，並運用我在資產管理與金融市場基礎設施方面的經驗，協助傳統機構理解以太坊如何能獨特地契合其業務需求。我們相信，更強健的協議、機構參與與隱私基礎設施，能加速以太坊採用，並強化支撐且由我們資產負債表上的 ETH 所驅動的生態系。圍繞這些倡議日益增加的市場參與，進一步強化了我們的信念：投資人正愈來愈認可以太坊的機構化機會。機會集合正隨著以太坊本身一同擴大。該網路擁有區塊鏈產業中最深厚的開發者基礎，並承載全球超過一半的穩定幣供給、多數的代幣化實體資產（RWA），以及約 62% 的 DeFi 總鎖倉價值（TVL）。如此深度的活動帶來流動性、韌性與創新基礎，難以被複製。

One of the most important emerging categories is agentic finance. As AI agents increasingly make purchases, manage financial positions and transact with other agents, they will require programmable money, verifiable identities, enforceable rules and permissionless settlement infrastructures. Early indicators are already meaningful. Based on the last 30 days, Coinbase's X402 protocol is showing a run rate of approximately 225 million payment transactions across tens of thousands of active agents. While still early, this activity demonstrates that autonomous software agents are beginning to participate directly in economic activity and should increase demand for stablecoins, collateral, Smart contract execution and secure verifiable settlement.

其中一個最重要的新興類別是代理式金融（agentic finance）。隨著 AI 代理愈來愈多地進行購買、管理金融部位並與其他代理交易，它們將需要可程式化貨幣、可驗證身分、可執行的規則，以及無需許可的清算結算基礎設施。早期指標已相當有意義。以最近 30 天為基礎，Coinbase 的 X402 協議顯示其年化運行速率約為 2.25 億筆支付交易，涵蓋數以萬計的活躍代理。雖仍處早期，但這些活動顯示自主軟體代理正開始直接參與經濟活動，並應會提升對穩定幣、抵押品、智慧合約執行，以及安全且可驗證結算的需求。

In summary, we have built scale and now we are putting that scale to work. We are allocating capital dynamically, combining foundational staking with selective active return strategies. We are supporting infrastructure that strengthens Ethereum and evaluating additional ways to use our operating platform to generate long-term shareholder value. We are relentlessly focused on our North Star, compound ETH per share and net ETH earned over time through disciplined capital allocation, productive treasury management and rigorous risk controls. We have also taken a proactive strategic role in telling the Ethereum story alongside a broader community of stakeholders, and we believe that work has helped turn the tide on how the market perceives the Ethereum opportunity. We intend to keep showing up, not just as one of Ethereum largest holders, but as one of the most active champions.

總結而言，我們已建立規模，現在正讓這個規模發揮效用。我們以動態方式配置資本，結合基礎質押與選擇性的主動報酬策略。我們支持能強化以太坊的基礎設施，並評估更多運用我們營運平台以創造長期股東價值的方法。我們始終如一地聚焦於我們的北極星目標：透過嚴謹的資本配置、有效的資金庫管理，以及嚴格的風險控管，提升每股 ETH 的複利成長，並在時間推移中增加淨賺取的 ETH。我們也在更廣泛的利害關係人社群中，採取主動的策略角色來講述以太坊的故事；我們相信這項工作已協助扭轉市場對以太坊機會的看法。我們將持續投入，不僅作為以太坊最大的持有人之一，更作為最積極的倡議者之一。

With that, I'll turn the call over to our Chief Financial Officer, Robert DeLucia, to review our second quarter financial results. Bob.

接下來，我將把電話會議交給我們的財務長 Robert DeLucia，請他回顧我們第二季的財務結果。Bob。

Thank you, Joseph.

謝謝你，Joseph。

I'll begin by encouraging everyone to review our quarterly report on Form 10-Q for the period ended June 30, 2026. Which we filed on Friday, August 7, 2026, with the SEC. The 10-Q provides detailed disclosures and footnotes that complement today's discussions, offering stockholders, analysts, and investors a comprehensive view of Sharplink financial position, liquidity, and its ETH treasury performance.

我先建議各位查閱我們截至 2026 年 6 月 30 日止期間的 Form 10-Q 季度報告。我們已於 2026 年 8 月 7 日（星期五）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，補充今天的討論，讓股東、分析師與投資人能全面了解 Sharplink 的財務狀況、流動性，以及其 ETH 資金庫（treasury）表現。

We will now go through the financial results for the quarter ended June 30, 2026. I'd like to remind everyone that all comparisons and variance commentary refer to the prior year quarter unless otherwise specified.

我們現在將說明截至 2026 年 6 月 30 日止季度的財務結果。提醒各位，除非另有說明，所有比較與差異說明均以去年同期為基準。

As of June 30, 2026, Sharp Link held 632,784 native deeds with a net fair value of $989 million. In addition, we held 162,083 of LSEs or liquid state deeds and 66,267 of weETH or racked ETH with a combined net cost value of $369.2 million. Subsequent to quarter end, our combined ETH holdings have increased to 634,255 native ETH, 181,748 as if redeemed LSEs and 72,935 as of redeemed weETH for a total of 888,938 E as of Monday, August 3, 2026. Total revenue for the quarter ended June 30, 2026, was $11.5 million compared with $0.7 million for the quarter ended June 30, 2025. The increase was driven by our staking and ETH yield generating strategies. We recorded a net realized gain of $1.4 million compared with a $5.4 million realized gain in the prior year quarter. The gain in the current quarter was due to the derecognition of LSEs. We also recorded an unrealized loss of $321 million. Compared with a $2.4 million unrealized loss in Q2 of 2025. We also recorded an impairment charge of $76.1 million compared with a $87.8 million charge in the prior year quarter.

截至 2026 年 6 月 30 日，Sharp Link 持有 632,784 枚原生 ETH，淨公允價值為 9.89 億美元。此外，我們持有 162,083 枚 LSE（或流動質押 ETH），以及 66,267 枚 weETH（或再質押 ETH），合計淨成本為 3.692 億美元。在季度結束後，我們的合併 ETH 持有量已增加至：634,255 枚原生 ETH、181,748 枚（假設贖回）LSE，以及 72,935 枚（假設贖回）weETH；截至 2026 年 8 月 3 日（星期一）合計為 888,938 枚 ETH。截至 2026 年 6 月 30 日止季度的總營收為 1,150 萬美元，較截至 2025 年 6 月 30 日止季度的 70 萬美元增加。增加主要由我們的質押與 ETH 收益生成策略所帶動。我們認列已實現淨收益 140 萬美元，去年同期為已實現收益 540 萬美元。本季收益主要來自 LSE 的除列（derecognition）。我們亦認列未實現損失 3.21 億美元。相較之下，2025 年第二季未實現損失為 240 萬美元。我們也認列減損費用 7,610 萬美元，去年同期為 8,780 萬美元。

SG&A expenses in the second quarter were $9.1 million compared with $2.4 million in the prior year quarter. The increase reflects our EAT treasury strategy operating for a full quarter in 2026 versus only a partial period following its launch in early June 2025. The additional expenses included personnel, custody. Insurance, legal, accounting and other public company infrastructure costs. For the second quarter of 2026, we reported a net loss of $394.3 million, compared to a net loss of $103.4 million in the prior year. The Q2 2026 results were given primarily by the previously discussed unrealized fair value loss of $321 million and an impairment charge of $76.1 million, which was partially offset by the $1.4 million of realized gains. Overall, our second quarter performance reflects the broad decline in crypto asset prices experienced across the market during the quarter.

第二季的銷售、一般及行政（SG&A）費用為 910 萬美元，去年同期為 240 萬美元。增加反映我們的 EAT 資金庫策略在 2026 年完整運作一整季，而 2025 年僅在 6 月初推出後涵蓋部分期間。新增費用包括人員與託管。保險、法律、會計及其他上市公司基礎設施成本。2026 年第二季，我們報告淨損 3.943 億美元，去年同期淨損為 1.034 億美元。2026 年第二季的結果主要由前述 3.21 億美元的未實現公允價值損失與 7,610 萬美元的減損費用所致，部分由 140 萬美元的已實現收益抵銷。整體而言，我們第二季表現反映了該季度市場普遍經歷的加密資產價格大幅下跌。

As we noted previously. The impairment charges and unrealized losses recorded this quarter reflect current market pricing dynamics and the accounting requirements of U.S. GAAP. These accounting measures do not represent realized economic losses on our ETH position, nor do they impact the number of ETH units we hold. Our Treasury strategy continues to be evaluated on disciplined ETH accumulation and long-term productivity of those assets over time. As of June 30, 2026, cash on hand was $56.2 million compared to cash on hand of $28.5 million as of December 31, 2025. Between our cash position. Our unencumbered ETH holdings and the flexibility of our capital allocation framework, we believe Sharplink maintains ample liquidity going forward to execute on its strategy across a range of market conditions and opportunities.

如同我們先前所指出的。本季所認列的減損費用與未實現損失，反映了當前市場定價動態以及美國GAAP 的會計要求。這些會計衡量並不代表我們 ETH 部位的已實現經濟損失，也不會影響我們持有的 ETH 單位數量。我們的財庫策略仍將以紀律性累積 ETH，以及這些資產隨時間推移的長期生產力為核心，持續評估。截至 2026 年 6 月 30 日，手上現金為 5,620 萬美元，相較於 2025 年 12 月 31 日的 2,850 萬美元。在我們的現金部位、未設質押的 ETH 持有量，以及資本配置框架的彈性之間，我們相信 Sharplink 未來仍將維持充足流動性，以在各種市場環境與機會下執行其策略。

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 June 30, 2026 filed with the SEC.

如需更多細節，我們完整的財務報表及其附註（包含所有必要揭露）與管理階層的 MD&A 分析，均載於我們就截至 2026 年 6 月 30 日止期間向 SEC 提交的 Form 10-Q 季度報告中。

This concludes our prepared remarks. We will now open it up for questions from those participating on the call.

以上為我們預先準備的發言。接下來我們將開放給參與本次電話會議的各位提問。

Operator, back to you.

接線員，交給你。

(Operator Instructions) Devin Ryan, Citizens Bank.

(接線員指示) Devin Ryan，Citizens Bank。

Thanks so much. Good morning, Joe, Joseph and Bob.

非常感謝。早安，Joe、Joseph 和 Bob。

I want to start with a question on the agentic opportunity, obviously tracking a lot of activity. I think I just read somewhere where in recent months, the majority of traffic on the Internet is now non-human. So AI agents are obviously scaling pretty rapidly, but we're also early days. So I'd love to just hear a little bit more about how you all see that playing out on blockchain. I know you mentioned stablecoins, we're seeing good activity there, but just kind of the evolution with agents. From where we are now? Do they care which chain they use? Why is Ethereum well-suited? How much share can Ethereum win? And then just more broadly, what Sharplink is doing to position for that opportunity? I know ETH Labs is maybe one example, but just love to hear a little more about how you're thinking about the opportunity.

我想先從「代理式（agentic）」機會的問題開始，顯然我們正在追蹤大量活動。我想我剛在哪裡讀到，近幾個月網際網路上的大多數流量現在已經是非人類的。因此 AI 代理顯然正在相當快速地擴張，但我們也仍處於早期階段。所以我很想再多聽一些你們如何看待它在區塊鏈上的發展。我知道你提到穩定幣，我們也看到那裡有不錯的活動，但我想了解代理的演進。從我們現在所處的位置來看？它們會在意使用哪一條鏈嗎？為什麼以太坊特別適合？以太坊能贏得多少市占？以及更廣泛地說，Sharplink 正在做什麼來為這個機會做布局？我知道 ETH Labs 可能是一個例子，但也很想多聽一些你們如何思考這個機會。

Thank you.

謝謝。

Good morning, Devin. Great question. It's one actually that gets me quite excited. I want to set the context. Agentic Finance and Commerce is really about giving individuals and their agents, some people will refer to them as digital twins, something that only institutions have ever had before, an individual you could say in the future is going to have a treasury desk or a CFO in their pocket. For listeners, every large asset manager employs people whose job it is to make sure that no dollar sits in a portfolio idle, every security is being lent or borrowed to earn yield, every share gets voted, and most individuals globally have never had access to that. An autonomous agent with the will of an individual is what's going to make that possible. Think of it as always on, autonomously executing your preferences at basically zero marginal cost with massive scale. The gap that it's going to close for retail investors is actually enormous. American households, the last time we checked, hold around $6 trillion in checking accounts, around $15 trillion if you count savings account. Most of it is earning a fraction of prevailing market rates, and that's not a problem with the banks or a product problem. It's actually a labor and intentionality problem. No one's going to manually sweep their cash every night and rebalance their portfolios and lend their stocks, but agents and software can and will.

早安，Devin。很好的問題。這其實也是一個讓我相當興奮的議題。我先設定一下背景。代理式金融與商務（Agentic Finance and Commerce）本質上是讓個人以及他們的代理（有些人會稱之為數位分身 digital twins），擁有過去只有機構才具備的能力；你可以說，未來每個人都會有一個財庫交易台或一位 CFO 放在口袋裡。對聽眾而言，每一家大型資產管理公司都雇用專人，確保投資組合裡沒有任何一美元閒置、每一項證券都在出借或借入以賺取收益、每一股都會投票，而全球大多數個人從未能取得這樣的服務。一個承載個人意志的自主代理，將使這一切成為可能。可以把它想成永遠在線、以幾乎為零的邊際成本、在巨大規模下自動執行你的偏好。它將為散戶投資人縮小的落差其實非常巨大。我們上次查看時，美國家庭在支票帳戶中約持有 6 兆美元，若把儲蓄帳戶也算進去約 15 兆美元。其中大部分只賺到當前市場利率的一小部分，而這不是銀行的問題或產品的問題。這其實是勞動力與主動性（intentionality）問題。沒有人會每天晚上手動把現金掃入更高收益的工具、再平衡投資組合、並出借股票，但代理與軟體可以、也將會做到。

And your second point about why Ethereum, it's really for two reasons. There's an open source protocol called X402. You can think of it as a micropayments capability that lets agents pay one another in stablecoins on Ethereum without asking a card network or a proprietary permission network for any permissions and that is already crossing hundreds of millions in transactions. On top of that open-source micropayments network and protocol, you have Ethereum's ERC 8,004. It actually gives agents guide rails and a registry so that they can establish identity and trust with no intermediary sitting in between. Nobody has to convene a consortium to make that happen. It's live, it's shipped, and Ethereum is already leading the agentic finance underlying infrastructure.

至於你第二點為什麼是以太坊，主要有兩個原因。有一個名為 X402 的開源協議。你可以把它想成一種微支付能力，讓代理彼此之間能在以太坊上用穩定幣互相付款，而不需要向卡組織或專有的許可型網路申請任何授權；而且其交易量已經跨越數億筆。在這個開源微支付網路與協議之上，還有以太坊的 ERC 8,004。它實際上為代理提供護欄與登錄機制，使其在沒有任何中介介入的情況下建立身分與信任。沒有人需要召集一個聯盟才能讓這件事發生。它已經上線、已經交付，而以太坊已經在代理式金融的底層基礎設施上領先。

The second element is, I think, the underrated part. Neutrality is a financial feature, not an ideological one and not a product defect. Look at who's racing to own these rails. Stripe did about $1.9 trillion in payments last year, launched its own online chain. Visa, MasterCard, Google, all shipping, agent payment standards, these are really good company. But if your rails and your agent are owned by a payments company, they're the ones who are going to decide what yield your product gets swept into, what products they recommend and we'll take a fee along the way. Ethereum is the only architecture where no one sits in that seat in between agents and users. It's had a decade of uptime. It has no individual owner or concentrated foundation. Nobody can change the rules underneath you. The way I'll put it is if the rails are proprietary, that agent in your pocket will answer to whoever built it. If they're neutral, and Ethereum is the leading chain in terms of maturity, liquidity, trust. Your agents will essentially answer to you. We believe very strongly the stablecoin layer is dominated on Ethereum and their layer 2s, the tokenized asset rails and DeFi, and we believe the agentic layer will just automate that activity largely on Sharplink, largely on Ethereum.

第二個要素是我認為常被低估的部分。中立性是一種金融特性，而不是意識形態，也不是產品缺陷。看看有哪些公司正在競逐要擁有這些軌道（rails）。Stripe 去年處理了約 1.9 兆美元的支付，並推出了自己的線上鏈。Visa、MasterCard、Google 都在推出代理支付標準，這些都是非常優秀的公司。但如果你的軌道與你的代理是由一家支付公司所擁有，那麼他們將決定你的產品資金被掃入哪種收益工具、推薦哪些產品，並在過程中收取費用。以太坊是唯一一種架構，沒有任何人坐在代理與使用者之間的那個位置。它已經有十年的正常運行時間。它沒有單一擁有者或集中的基金會。沒有人能在你腳下改變規則。我會這樣說：如果軌道是專有的，你口袋裡的那個代理將聽命於打造它的人。如果軌道是中立的，而以太坊在成熟度、流動性、信任方面是領先的鏈，你的代理基本上就會聽命於你。我們非常堅信，穩定幣層主要由以太坊及其第 2 層所主導；代幣化資產的軌道與 DeFi 亦然；我們也相信代理層將在很大程度上自動化這些活動，主要在 Sharplink 上、主要在以太坊上進行。

There are so many aspects.

這裡面有非常多面向。

To authentic activity on decentralized rails, so I'll keep it fairly simple. As you suggested, autonomous AIs are going to want the best infrastructure that smart companies will choose, and that's a credibly neutral guarantee to execute risk minimized. So that is Ethereum, it can't be, layer two is on Ethereum. The security guarantees of layer one on Ethereum. If you think about DeFi, in a sense blockchain and DeFi were not made for the bulk of humanity to interact with directly, sort of similar to the evolution of the automobile. So, it's a complex machine, mechanical and electronic, and it has been protected by engineers so that with the use of automated transmission and full self-driving even, people are able to wield this incredibly complex and even dangerous technology. Relatively effortlessly. You can imagine that the engineers, researchers of Ethereum and DeFi systems are putting together essentially the automated transmission and the full self-driving of finance. You'll see that as agents handle all the heavy lifting and all the automated activities that make sure that your money is always working for you and is safe. In particular, my favorite wallet, MetaMask has a system that does exactly that.

關於去中心化軌道上的真實活動（authentic activity），我會盡量說得簡單一些。如你所說，自主 AI 會想要最好的基礎設施，而精明的公司會選擇能以可信中立的保證來執行、並將風險降到最低的方案。所以那就是以太坊；不可能是別的，因為第 2 層是建立在以太坊之上。第 2 層的安全性保證來自以太坊的第 1 層。如果你思考 DeFi，某種意義上區塊鏈與 DeFi 並不是為了讓大多數人類直接互動而打造的，有點像汽車的演進。它是一台複雜的機器，包含機械與電子系統，而工程師一直在保護與封裝它；透過自動變速與甚至全自動駕駛，人們才能駕馭這項極其複雜、甚至可能危險的技術。而且相對不費力。你可以想像，以太坊與 DeFi 系統的工程師與研究人員，正在打造本質上等同於金融的自動變速與全自動駕駛。當代理承擔所有繁重工作與自動化活動，確保你的資金永遠為你工作並且安全時，你就會看到這一點。特別是，我最喜歡的錢包 MetaMask 就有一套正是如此的系統。

Really fascinating. I appreciate the responses, Joseph and Joe.

真的非常引人入勝。感謝你們的回覆，Joseph 和 Joe。

A follow-up here kind of maybe say big picture, a little bit over a year into the treasury strategy, so maybe good time to revisit kind of big picture on why treasury versus passive ownership. I think it's obviously been a volatile backdrop for prices, and I think that can obscure kind of the value sometimes at least optically from the value created by active management. So would love to hear in your words kind of how you would frame Sharplink treasury performance relative to passive ETH ownership as an alternative. Then just looking ahead, I suspect maybe one of the silver linings to a difficult price backdrop is just there's less capital chasing opportunities.

這裡有個追問，算是從更宏觀的角度來看：財庫策略推行至今已經一年多了，所以現在或許是個好時機，重新回顧一下為什麼選擇財庫策略，而不是被動持有。我認為很明顯，價格環境一直很波動，而這有時候會掩蓋（至少在表面上）主動管理所創造的價值。所以很想聽聽你們用自己的話，會如何界定 Sharplink 的財庫表現，相對於被動持有 ETH 這個替代方案。再往前看，我猜想艱難的價格環境其中一個好處，可能是追逐機會的資金變少了。

If you can just maybe add some context on maybe how much incremental yield you think you've kind of stacked for the future, if you will, or just been able to kind of negotiate ahead of the next phase of the adoption cycle. Obviously, we see all these partnerships. It seems like the firms you're probably getting today would be better than when things were really hot from a price perspective. So love some context there.

如果可以的話，也請補充一些背景：你們認為自己為未來「堆疊」了多少增量收益（如果可以這麼說），或者說在下一階段採用週期到來之前，你們已經能夠提前談到多少有利條件。顯然，我們看到所有這些合作夥伴關係。看起來你們現在能談到的條件，可能會比價格非常火熱時更好。所以也希望能聽到一些相關脈絡。

Thank you.

謝謝。

Owning Sharplink instead of simply buying ETH in the spot market or an ETF is kind of a fundamental investment question. Owning ETH directly provides exposure to the asset, and our objective is actually to provide exposure to both the asset and additional value we can create uniquely through disciplined institutional capital allocation. We believe that we can create value beyond just passive ownership through three basic capabilities that when combined are compounding. The first is just disciplined capital allocation. We raise capital when attractive, we can repurchase shares when appropriate and we are continuously evaluating how to maximize ETH per share. Second is our treasury management is productive rather than simply holding ETH or staking part of it, we're actively putting our treasury to work through both staking and carefully selected institutional strategies that take advantage of, frankly, our comparative advantage, which is having permanent capital. Many funds and ETFs cannot do that. They have to provide daily liquidity. They cannot do virtually anything beyond staking. Our goal is to earn incremental ETH over time in a way that an ETF cannot or most users holding spot cannot either. And third is we provide access to ecosystem participation. We are helping build the infrastructure that we believe will accelerate Ethereum's long-term adoption while having access to differentiated investment opportunities for our shareholders. I really want to emphasize that the deal flow that is coming to us is tremendous. I think in the last several quarters, we saw over 100 opportunities. We diligenced only about 12 of them, and you've seen the deployments we're making.

持有 Sharplink，而不是單純在現貨市場或透過 ETF 買入 ETH，這本質上是一個基本的投資問題。直接持有 ETH 提供的是對該資產的曝險；而我們的目標其實是同時提供對資產本身的曝險，以及我們能透過嚴謹的機構級資本配置所獨特創造的額外價值。我們相信，透過三項基本能力（結合後會產生複利效果），我們可以創造超越被動持有的價值。第一是嚴謹的資本配置。我們會在具吸引力時募資，在適當時回購股份，並持續評估如何最大化每股 ETH。第二是我們的財庫管理是「有生產力的」：我們不只是持有 ETH 或質押其中一部分，而是透過質押與精心挑選的機構策略，主動讓財庫資產運作起來，坦白說，這利用了我們的比較優勢——也就是擁有永久資本。許多基金與 ETF 做不到這點。它們必須提供每日流動性。除了質押之外，幾乎不能做任何事。我們的目標是以 ETF 無法做到、或多數現貨持有人也無法做到的方式，隨時間賺取增量 ETH。第三是我們提供參與生態系的管道。我們正在協助建構我們相信能加速以太坊長期採用的基礎設施，同時也為股東取得差異化的投資機會。我真的想強調，流向我們的案源非常可觀。我想在過去幾個季度，我們看過超過 100 個機會。我們只對其中大約 12 個做了盡職調查，而你們也看到了我們正在進行的部署。

If we execute well and we're doing it in a very disciplined fashion, investors aren't simply buying ETH exposure, they're investing in a company who has a mission to compound that value through active institutional grade management. I think it is highly differentiated and you will see over time that our competitive advantage of scale, liquidity, a public wrapper. And permanent capital will actually give us opportunities not to chase yield, but essentially to be rewarded for deploying in the long run and for long-term.

如果我們執行得好，而且我們是以非常嚴謹的方式在做，投資人買到的不只是 ETH 曝險，而是在投資一家公司的使命：透過主動的機構級管理，讓價值以複利方式成長。我認為這高度差異化；隨著時間推移，你會看到我們在規模、流動性、上市公司載體（public wrapper）以及永久資本上的競爭優勢，實際上會帶給我們一些機會——不是去追逐收益，而是本質上在長期、以長期部署而獲得回報。

So, Devin, thanks for those questions.

所以，Devin，謝謝你的這些問題。

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

（接線員指示）Fedor Shevlin，B. Riley Securities。

Thank you very much, operator, and good morning, everyone. Mike, it was a great question from Devin and your answers, but my question is less, like I said, more granular, least strategic. First one is on the $125 million fund with Galaxy. Do you have like many target return profile and risk budget, maybe split between DeFi lending and liquid staking yield versus more structured exposure? And how does capital in the fund interact with the core Ethereum treasury? Is this being redeployed out of existing ETH holdings or funded somehow separately?

非常感謝，接線員，各位早安。Mike，Devin 的問題很棒，你們的回答也很精彩；但我的問題比較不是那麼宏觀、也比較不具策略性，而是更細節一些。第一個是關於與 Galaxy 合作的 1.25 億美元基金。你們是否有目標報酬輪廓與風險預算，例如在 DeFi 借貸與流動質押收益，對比更結構化曝險之間的配置比例？另外，基金裡的資本如何與核心以太坊財庫互動？這是從既有 ETH 持倉中重新部署，還是以某種方式另外獨立出資？

Fedor, great question. We aren't going to actively disclose yield guidance. You can think of it as our success in this fund as another sleeve in a portfolio is going to be measured by long-term risk-adjusted incremental ETH earned above the native staking rate. So again, incremental ETH returns above the native staking rate. We are capitalizing the fund with ETH. We are continuing to get staking rewards on the ETH we deploy and the fund will borrow against that to do deployments. I believe most of the deployments are going to be on-chain, highly collateralized yield opportunities. I don't believe this is going to be another sleeve of liquid staking or restaking. We're going to commit to support the cold start problem we've talked about in the past. Which is new protocols needing to have a solid base of capital on which they can attract additional capital. And if you do that right, you will end up getting better returns for your investors while still staying directionally exposed to ETH.

Fedor，問得很好。我們不會主動揭露收益率指引。你可以把這檔基金視為投資組合中的另一個「子策略（sleeve）」；我們衡量其成功的方式，將是長期、風險調整後、相對於原生質押利率所賺取的增量 ETH。也就是說，高於原生質押利率的增量 ETH 報酬。我們會以 ETH 來注資這檔基金。我們在部署的 ETH 上仍會持續獲得質押獎勵，而基金會以此作為抵押去借款以進行部署。我相信大多數部署會是在鏈上、且高度超額抵押的收益機會。我不認為這會是另一個流動質押或再質押（restaking）的子策略。我們會承諾去支持我們過去談過的「冷啟動」問題。也就是新協議需要一個穩固的資本基礎，才能吸引更多資本。如果你做得對，你最終會在仍然維持方向性 ETH 曝險的同時，為投資人帶來更好的報酬。

We chose Galaxy in this format because they have capabilities to do even greater sourcing at scale. Diligence at a level that as a public company with years of experience, very few institutions have and importantly, a risk management framework that we've agreed with them to continue to monitor these investments and to adjust them in real time as needed. We can do these deployments one, two, three at a time. They're going to do this deployment in much more scale. So, for the day-to-day management of our portfolio, the strategic allocations, we've built the strongest in-house teaming capability. But for specialized deployments in scale, we'll benefit from the value and the partnership with Galaxy. So again, we're not providing yield guidance, but we are seeking to outperform the long-term incremental ETH we can earn above the native Caesar staking rate.

我們選擇以這種形式與 Galaxy 合作，是因為他們具備在更大規模下進行更強案源開發（sourcing）的能力，也具備能做到的盡職調查深度——以我們作為一家上市公司、多年經驗來看，能做到這種程度的機構其實很少；更重要的是，他們有一套風險管理框架，我們已與他們達成一致，會持續監控這些投資，並在需要時即時調整。我們可以一次做一筆、兩筆、三筆這樣的部署。他們則會以更大的規模來做這些部署。因此，在我們投資組合的日常管理與策略性配置上，我們已建立最強的內部團隊能力。但在需要專業化且可規模化的部署上，我們會受益於與 Galaxy 的合作所帶來的價值。所以再說一次，我們不提供收益率指引，但我們追求的是：長期能賺取高於原生 Caesar 質押利率的增量 ETH。

Thank you very much for this. My follow-up is if you can talk a little bit more in detail about funding to ETH Labs if you're an institutional and if systems and unexpected duration of this, is this kind of a short-term. Granting or ongoing annual commitment and doesn't come out of treasury ETH or cash and what would be expected, call it payback for SDAT shareholders specifically? Is it status that this drives broad ETH price appreciation which every ETH holder benefits from or does Sharplink get kind of differentiated commercial access, maybe early access in digital flow also if traditional provincial or kind of coverage infrastructure from each system. So that kind of other treasury vehicles don't get.

非常感謝你的說明。我的追問是：如果你能更詳細談談對 ETH Labs 的資助——如果你是機構投資人，且考量到系統與這件事可能出現的非預期存續期間，這會是短期的補助（grant），還是每年持續性的承諾？另外，這筆資金不會來自財庫的 ETH 或現金嗎？對 SDAT 股東而言，預期的「回收／回報」會是什麼？這是否只是因為它推動整體 ETH 價格上漲、讓所有 ETH 持有人受益；還是 Sharplink 會獲得某種差異化的商業權益，例如在數位流量上的早期接入，或是若有傳統省級（provincial）或某種覆蓋型基礎設施、來自各系統的支援，使得其他財庫載體無法取得的那種權益？

Thank you.

謝謝。

Sure. I think you should think of these as a very intentional and strategic allocation. They're intended to strengthen the overall infrastructure. That supports our thesis, which is long-term Ethereum adoption by the world's largest institutions. These institutions who spun off from the Ethereum Foundation needed longer-term funding, and we're supporting them not through charity or philanthropy. We're making one, two multi-year funding commitments alongside the ecosystem, including Joe Lubin personally, Tom Lee at Bitmine, and in some of the cases, over 100 distinct anchor and additional supporters. They are fully economically aligned with what our shareholders expect because a stronger Ethereum ecosystem and narrative and storytelling and infrastructure can enhance long-term utility and the value proposition of ETH. Again, this is a strategic support investment, not philanthropy.

當然。我認為你應該把這些視為非常有意圖且具策略性的配置。它們旨在強化整體基礎設施。這支持我們的論點，也就是全球最大型機構對以太坊的長期採用。這些從以太坊基金會分拆出來的機構需要更長期的資金，而我們支持它們並不是出於慈善或公益。我們與生態系一起做出一到兩項多年期的資金承諾，其中包括 Joe Lubin 個人、Bitmine 的 Tom Lee，以及在某些案例中超過 100 位不同的基石與其他支持者。它們在經濟利益上與我們股東的期待完全一致，因為更強健的以太坊生態系、敘事與故事傳播以及基礎設施，能提升長期效用與 ETH 的價值主張。再次強調，這是策略性的支持性投資，而非慈善。

Our treasury strategy continues to remain focused on increasing ETH per share, and these ecosystem investments are a complementary way to help accelerate that adoption and the drivers that underpin our entire strategy. They don't provide us with any unique capability, profit sharing. They're meant to be run as independent neutral companies. That is the beauty and the benefit of Ethereum. We are not controllers of these companies. That said, we'll have voices along with other ecosystem participants and their objectives are going to be public, they're going to be open source and they're going to be fully auditable.

我們的庫藏策略仍然聚焦於提高每股 ETH，而這些生態系投資是互補的方式，有助於加速採用，以及推動支撐我們整體策略的驅動因素。它們不會為我們帶來任何獨特能力或利潤分成。它們的設計是作為獨立且中立的公司來運作。這正是以太坊的美妙之處與優勢。我們不是這些公司的控制者。話雖如此，我們會與其他生態系參與者一起發聲，而它們的目標將會是公開的、開源的，並且完全可稽核。

We'll have much more visibility into what they're doing, but also opportunities that spin out from these institutional adoption capabilities and it will be very accretive, we believe, in the long run for our stakeholders. You've already seen the sentiment shift from earlier this summer around Ethereum Foundation, some of the subtraction they were doing by getting more focused and you've seen the Ethereum narrative and actual token price of Ether decouple and outperform at almost exactly the same time that the ecosystem was doubling down into the spin-offs. So we think it's really good for shareholders, it's been good for the price of ETH and we are supportive as institutional stewards, but not controllers of these organizations.

我們將能更清楚地掌握它們在做什麼，同時也會有從這些機構採用能力中衍生出的機會；我們相信，長期而言這將對我們的利害關係人非常具增益性。你已經看到今年夏初圍繞以太坊基金會的情緒轉變；他們透過更聚焦而做的一些「減法」，你也看到以太坊的敘事與以太幣（Ether）的實際代幣價格幾乎在同一時間出現脫鉤並跑贏，正好發生在生態系加碼投入分拆機構之際。因此我們認為這對股東非常好，對 ETH 的價格也有利；我們作為機構型的管理者予以支持，但不是這些組織的控制者。

One way to think about the investment that Sharplink has made into these organizations is that it is not very large in monetary terms, but it has been enormously powerful in terms of the coordination, the support that Sharplink personnel have provided. The role of catalyst in decentralizing the stewardship of the Ethereum ecosystem into multiple credibly neutral and other stewards. So, a lot of hard work went into it and the gains have, as Joseph indicated, already been quite large in terms of sentiment. Tremendous efficiency of investment from my perspective.

看待 Sharplink 對這些組織的投資，有一種方式是：就金額而言並不大，但在協調與 Sharplink 人員所提供的支持方面，卻極其有力。其扮演催化劑的角色，將以太坊生態系的管理權去中心化，分散到多個可信中立以及其他的管理者手中。因此，投入了大量艱辛的工作，而如 Joseph 所指出的，在情緒面向的收穫已經相當可觀。以我的角度來看，投資效率非常驚人。

Thank you very much for the color and continuing best of luck.

非常感謝你的補充說明，也祝你們接下來一切順利。

Thank you. Our next question has come from the line. (technical difficulty)

謝謝。我們的下一個問題來自該線路。（技術問題）

Portions of this transcript marked (technical difficulty) indicate audio problems. The missing text will be supplied if a complete replay becomes available.

本逐字稿中標示（技術問題）的部分表示音訊出現問題。若日後提供完整重播，將補上缺漏文字。