Silvergate Capital Corp (SI) 2021 Q3 法說會逐字稿

Good day and welcome to the Silvergate Capital Corporation Third Quarter 2021 Earnings Conference Call.

美好的一天，歡迎參加 Silvergate Capital Corporation 2021 年第三季度收益電話會議。

(Operator Instructions) Please note this event is being recorded.

（操作員說明）請注意正在記錄此事件。

I would now like to turn the conference over to Hunter Stenback with Silvergate Investor Relations.

我現在想將會議轉交給 Silvergate 投資者關係部的 Hunter Stenback。

Please go ahead.

請繼續。

Thank you, operator, and good morning, everyone.

謝謝接線員，大家早上好。

We appreciate your participation in the Silvergate Capital Corporation Third Quarter 2021 Earnings Call.

感謝您參加 Silvergate Capital Corporation 2021 年第三季度財報電話會議。

With me here today are Alan Lane, our Chief Executive Officer; Tony Martino, our Chief Financial Officer; and Ben Reynolds, our Chief Strategy Officer.

今天和我在一起的還有我們的首席執行官艾倫·萊恩；我們的首席財務官 Tony Martino；和我們的首席戰略官 Ben Reynolds。

As a reminder, a telephonic replay of this call will be available through 11:59 p.m.

提醒一下，此電話的電話重播將持續到晚上 11:59。

Eastern Time on November 2, 2021.

東部時間 2021 年 11 月 2 日。

Access to the replay is also available on the Investor Relations section of our website.

在我們網站的投資者關係部分也可以訪問重播。

Additionally, a slide deck to complement today's discussion is available on the IR section of our website.

此外，我們網站的 IR 部分還提供了一個幻燈片來補充今天的討論。

Before we begin, let me remind everyone that this call may contain certain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

在開始之前，讓我提醒大家，本次電話會議可能包含構成 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述的某些陳述。

These include remarks about management's future expectations, beliefs, estimates, plans and prospects.

其中包括有關管理層未來預期、信念、估計、計劃和前景的評論。

Such statements are subject to a variety of risks, uncertainties and other factors, including the COVID-19 pandemic, that could cause actual results to differ materially from those indicated or implied by such statements.

此類聲明受各種風險、不確定性和其他因素的影響，包括 COVID-19 大流行，可能導致實際結果與此類聲明所表明或暗示的結果存在重大差異。

Such risks and other factors are set forth in our periodic and current reports filed with the Securities and Exchange Commission.

這些風險和其他因素在我們提交給證券交易委員會的定期報告和當前報告中列出。

We do not undertake any duty to update such forward-looking statements.

我們不承擔更新此類前瞻性陳述的任何義務。

Now I would like to turn the call over to Alan.

現在我想把電話轉給艾倫。

Thank you, Hunter, and good morning, everyone.

謝謝你，亨特，大家早上好。

Silvergate had another great quarter.

Silvergate 還有一個很棒的季度。

I'm pleased to share that our quarterly pretax income of $29.4 million was the highest in Silvergate's history, driven by growth in our platform and our balance sheet.

我很高興地分享，我們的季度稅前收入為 2940 萬美元，是 Silvergate 歷史上最高的，這得益於我們平台和資產負債表的增長。

Average deposits from digital currency customers continued to grow during the third quarter, reaching a record $11.2 billion compared to an average of $9.9 billion during the second quarter, which was driven by our customers who require the ability to move U.S. dollars in real time, 24 hours a day, 7 days a week using our API-enabled proprietary Silvergate Exchange Network, or SEN.

來自數字貨幣客戶的平均存款在第三季度繼續增長，達到創紀錄的 112 億美元，而第二季度的平均存款為 99 億美元，這是由我們需要能夠實時轉移美元的客戶推動的，24每週 7 天，每天幾個小時，使用我們啟用 API 的專有 Silvergate 交換網絡或 SEN。

To that end, the number of customers on the SEN platform expanded to 1,305 this quarter, an increase of more than 300 customers since the beginning of the year.

為此，本季度 SEN 平台上的客戶數量擴大到 1,305 家，比年初增加了 300 多家。

Our pipeline of potential new digital currency customers remains robust as we continue to benefit from the powerful network effects created by the SEN.

隨著我們繼續受益於 SEN 創造的強大網絡效應，我們的潛在新數字貨幣客戶渠道仍然強勁。

Turning to SEN Leverage, our Bitcoin collateralized lending product, total approved lines of credit grew 25% to $323 million compared to $259 million at the end of the second quarter.

轉向我們的比特幣抵押貸款產品 SEN Leverage，批准的信貸額度總額從第二季度末的 2.59 億美元增長 25% 至 3.23 億美元。

SEN Leverage continued to perform as designed, with 0 losses to date and no forced liquidations, and we remain very confident in our ability to scale this product over the long term.

SEN Leverage 繼續按設計運行，迄今為止 0 損失並且沒有強制清算，我們對長期擴展該產品的能力仍然非常有信心。

Turning briefly to Slide 4. We have been working with Coin Metrics since early this year to better understand how SEN activity is correlated to the broader industry, a question we are often asked.

簡要轉向幻燈片 4。自今年年初以來，我們一直在與 Coin Metrics 合作，以更好地了解 SEN 活動如何與更廣泛的行業相關，這是我們經常被問到的一個問題。

According to their data, both Bitcoin and Ethereum dollar trading volumes were down significantly in the third quarter and were highly correlated with trends on the SEN.

根據他們的數據，第三季度比特幣和以太坊美元的交易量均顯著下降，並且與 SEN 的趨勢高度相關。

Consistent with this data, SEN transfer volume of $162 billion declined 32% on a sequential basis but increased by $125 billion or 342% compared to the third quarter of 2020.

與該數據一致，1620 億美元的 SEN 轉賬量環比下降 32%，但與 2020 年第三季度相比增加了 1250 億美元或 342%。

Similarly, transaction revenue from digital currency customers of $8.1 million was the second highest in our history and increased nearly 150% compared to a year ago, reflecting continued strong demand for cash management and foreign currency exchange services.

同樣，來自數字貨幣客戶的交易收入為 810 萬美元，是我們歷史上第二高的，與一年前相比增長了近 150%，反映出對現金管理和外幣兌換服務的持續強勁需求。

Finally, before I turn it over to Tony, I wanted to briefly discuss our stablecoin infrastructure initiative.

最後，在我把它交給托尼之前，我想簡要討論一下我們的穩定幣基礎設施計劃。

Last quarter, I detailed our new partnership with Diem.

上個季度，我詳細介紹了我們與 Diem 的新合作夥伴關係。

While we are not able to provide an update on timing of the launch today, I remain incredibly enthusiastic about Silvergate's position and ability to contribute to the growing stablecoin ecosystem.

雖然我們無法提供今天發佈時間的最新信息，但我仍然對 Silvergate 的地位和為不斷增長的穩定幣生態系統做出貢獻的能力充滿熱情。

Over time, we believe stablecoins have the potential to become a meaningful payment rail for customers around the world.

隨著時間的推移，我們相信穩定幣有可能成為全球客戶有意義的支付渠道。

And as I said last quarter, it's important to keep in mind that we are still in the early innings of this exciting opportunity.

正如我上個季度所說，重要的是要記住，我們仍處於這個令人興奮的機會的早期階段。

We continue to have an open dialogue with our regulators and look forward to keeping you updated on this initiative in the coming months.

我們將繼續與監管機構進行公開對話，並期待在未來幾個月內向您通報這一舉措的最新信息。

I will now turn it over to Tony to discuss our financial results in more detail before we take your questions.

在我們回答您的問題之前，我現在將把它交給托尼來更詳細地討論我們的財務業績。

Tony?

托尼?

Thank you, Alan, and good morning, everyone.

謝謝你，艾倫，大家早上好。

As seen on Slide 5, Silvergate once again reported the highest quarterly net income in our history, with third quarter net income of $23.5 million or $0.88 per diluted share, up from net income of $20.9 million or $0.80 per diluted share in the second quarter and up from net income of $7.1 million or $0.37 per diluted share for the third quarter of 2020.

如幻燈片 5 所示，Silvergate 再次報告了我們歷史上最高的季度淨收入，第三季度淨收入為 2350 萬美元或每股攤薄收益 0.88 美元，高於第二季度的淨收入 2090 萬美元或每股攤薄收益 0.80 美元，以及高於 2020 年第三季度的 710 萬美元或每股攤薄收益 0.37 美元。

The quarter-over-quarter increase was driven by both net interest income and noninterest income, which benefited from securities sales early in the quarter.

季度環比增長是由淨利息收入和非利息收入推動的，這得益於本季度初的證券銷售。

Even excluding this gain, we still achieved record earnings this quarter, a testament to Silvergate's multiple levers for growth that Alan just mentioned.

即使不包括這一收益，我們本季度仍然實現了創紀錄的收益，這證明了艾倫剛才提到的 Silvergate 的多種增長槓桿。

We also saw slightly higher noninterest expense due to continued investments for our strategic growth, including stablecoin infrastructure as well as higher FDIC insurance expense, resulting from the rate of growth and the absolute level of our balance sheet.

由於我們對戰略增長的持續投資，包括穩定幣基礎設施以及更高的 FDIC 保險費用，我們還看到非利息費用略有增加，這是由於增長率和資產負債表的絕對水平造成的。

In addition, our income tax rate this quarter increased to 20%.

此外，本季度我們的所得稅稅率提高到 20%。

Last quarter, the effective tax rate was lower due to significant tax benefits recognized on the exercise of stock options.

上個季度，由於行使股票期權確認了顯著的稅收優惠，有效稅率較低。

Net interest income was up 24% compared to last quarter and up 99% compared to the same period last year.

淨利息收入較上一季度增長 24%，較去年同期增長 99%。

Net interest margin, which I will discuss in more detail in a moment, came in at 1.26%.

我稍後會更詳細地討論的淨息差為 1.26%。

Our allowance for loan losses remained at $6.9 million, representing 90 basis points relative to loans held for investment.

我們的貸款損失準備金保持在 690 萬美元，相對於為投資而持有的貸款增加了 90 個基點。

Turning to the next slide, Slide 6. Deposits were $11.7 billion at September 30, 2021, an increase from $11.4 billion at June 30, 2021, driven by an increase in deposits from digital currency exchanges, institutional investors and digital assets and other fintech-related customers.

轉到下一張幻燈片，幻燈片 6。2021 年 9 月 30 日的存款為 117 億美元，比 2021 年 6 月 30 日的 114 億美元有所增加，這主要得益於數字貨幣交易所、機構投資者和數字資產以及其他金融科技的存款增加。相關客戶。

Noninterest-bearing deposits totaled $11.6 billion, representing more than 99% of total deposits at the end of the quarter as we continue to focus our deposit-gathering strategy on digital currency customers.

無息存款總額為 116 億美元，佔本季度末總存款的 99% 以上，因為我們繼續將存款收集策略重點放在數字貨幣客戶上。

Similar to last quarter, our weighted average cost of deposits for the quarter was essentially 0.

與上一季度類似，我們本季度的加權平均存款成本基本上為 0。

Turning to Slide 7. Net interest margin was 1.26% for the third quarter compared to 1.16% in the second quarter and 3.19% for the third quarter of last year.

轉到幻燈片 7。第三季度的淨息差為 1.26%，而去年第二季度為 1.16%，去年第三季度為 3.19%。

The increase in NIM from prior quarter was driven by an increase in the proportion of securities compared to lower-yielding interest-earning deposits in other banks.

與上一季度相比，淨息差的增加是由於與其他銀行的低收益生息存款相比，證券比例的增加。

Yield on securities decreased quarter-over-quarter due to lower interest rates on new securities purchased throughout the second and third quarters while yield on loans increased due to higher SEN Leverage balances.

由於第二季度和第三季度購買的新證券的利率較低，證券收益率環比下降，而貸款收益率則因 SEN 槓桿餘額增加而增加。

Turning to the next slide, Slide 8. Noninterest income for the third quarter of 2021 was $14 million, an increase of $1.9 million or 16% from the prior quarter, and an increase of $10 million or 254% from the third quarter of 2020.

轉到下一張幻燈片，幻燈片 8。2021 年第三季度的非利息收入為 1400 萬美元，比上一季度增加 190 萬美元或 16%，比 2020 年第三季度增加 1000 萬美元或 254%。

The increase in the quarter-over-quarter comparison was driven by a $5.2 million gain on sale of securities, partially offset by a decrease in digital currency fee income due to the market conditions that Alan described earlier.

環比增長是由 520 萬美元的證券銷售收益推動的，但部分被 Alan 之前描述的市場狀況導致的數字貨幣費用收入減少所抵消。

The increase in the year-over-year comparison was driven by continued growth in fee income from digital currency customers.

同比增長是由數字貨幣客戶的費用收入持續增長推動的。

Turning to Slide 9. Noninterest expense for the quarter was $22.3 million, up less than $1 million from the prior quarter and up $8.2 million compared to the same quarter of last year.

轉到幻燈片 9。本季度的非利息支出為 2230 萬美元，比上一季度增加不到 100 萬美元，與去年同期相比增加了 820 萬美元。

Professional services increased year-over-year, driven by continued investments to drive strategic growth initiatives, including stablecoin infrastructure.

在持續投資推動戰略增長計劃（包括穩定幣基礎設施）的推動下，專業服務同比增長。

We also had higher federal deposit and insurance expense related to our significant digital currency deposit growth.

與我們顯著的數字貨幣存款增長相關的聯邦存款和保險費用也較高。

Turning to Slide 10.

轉到幻燈片 10。

Our securities portfolio totaled $7.2 billion with yield of 1.22% for the third quarter, up over $1 billion from a balance of $6.2 billion at the end of the second quarter, with a corresponding yield of 1.35%.

我們的證券投資組合總額為 72 億美元，第三季度收益率為 1.22%，比第二季度末的 62 億美元餘額增加了 10 億美元以上，相應收益率為 1.35%。

Year-over-year, securities increased $6.3 billion.

與去年同期相比，證券增加了 63 億美元。

As I briefly mentioned before, we opportunistically sold some securities early in the quarter, which resulted in a gain on sale.

正如我之前簡要提到的，我們在本季度初機會主義地出售了一些證券，這導致了出售收益。

We will continue to take an active and balanced approach going forward and keep our objective of maintaining a high-quality securities portfolio.

我們將繼續採取積極和平衡的方式向前發展，並保持維持高質量證券組合的目標。

Our total loans at September 30, 2021, were $1.6 billion, up $140 million or 9% compared to the second quarter, driven by an increase in SEN Leverage and mortgage warehouse balances, partially offset by decreases in our commercial real estate and single-family residential real estate loan portfolios.

截至 2021 年 9 月 30 日，我們的總貸款為 16 億美元，比第二季度增加 1.4 億美元或 9%，這主要是受 SEN 槓桿和抵押倉庫餘額增加的推動，部分被我們的商業房地產和單戶住宅的減少所抵消住宅房地產貸款組合。

Note that the latter 2 portfolios are paying down as we are not originating new loans in these categories.

請注意，後兩個投資組合正在償還，因為我們沒有在這些類別中發放新貸款。

On a year-over-year basis, total loans were up $227 million or 17%.

與去年同期相比，總貸款增加了 2.27 億美元或 17%。

Overall, the credit quality of our loan portfolio remains strong.

總體而言，我們的貸款組合的信用質量依然強勁。

Nonperforming assets totaled $5.8 million or 5 basis points relative to total assets at September 30, 2021, a decrease of 1 basis point from June 30, 2021.

截至 2021 年 9 月 30 日，不良資產總額為 580 萬美元，佔總資產的 5 個基點，比 2021 年 6 月 30 日減少 1 個基點。

At the end of the third quarter, our weighted average LTV remained in the low- to mid-50% range in our commercial and multifamily portfolio and 1-to-4 family residential real estate portfolio.

在第三季度末，我們的商業和多戶住宅投資組合以及 1 到 4 戶住宅房地產投資組合的加權平均 LTV 保持在 50% 的中低水平。

As I've said in the past, the levels at which we maintain our portfolios is key to supporting the amount of our allowance for loan losses.

正如我過去所說，我們維持投資組合的水平是支持我們的貸款損失準備金數額的關鍵。

Slide 11 provides a more detailed view of our loan portfolio and an update on COVID-19 modifications.

幻燈片 11 提供了我們貸款組合的更詳細視圖以及 COVID-19 修改的更新。

We continue to work closely with our borrowers to provide support as the economy recovers from the impact of the pandemic.

隨著經濟從大流行的影響中復蘇，我們將繼續與借款人密切合作，以提供支持。

On a case-by-case basis, we provided commercial and 1-to-4 family borrowers a payment deferral based on demonstrated need.

根據具體情況，我們根據已證明的需要為商業和 1 對 4 家庭借款人提供延期付款。

As of September 30, 2021, the majority of COVID-19-related deferred loans have returned to paying, and only an immaterial amount of loans are still being deferred.

截至 2021 年 9 月 30 日，大部分與 COVID-19 相關的延期貸款已恢復支付，只有少量貸款仍在延期支付。

As a result, this is the last quarter we intend to show this slide.

因此，這是我們打算展示這張幻燈片的最後一個季度。

Before turning to our capital ratios, let me briefly discuss the details of the preferred stock offering we completed in August.

在談到我們的資本比率之前，讓我簡要討論一下我們在 8 月完成的優先股發行的細節。

During the third quarter, we issued and sold 8 million depositary shares of fixed-rate noncumulative perpetual Series A preferred stock.

第三季度，我們發行並出售了 800 萬股固定利率非累積永續 A 系列優先股的存託股票。

The gross proceeds of the offering were $200 million, and net proceeds to the company were approximately $193.7 million after deducting underwriting discounts and offering expenses.

此次發行的總收益為 2 億美元，扣除承銷折扣和發行費用後，公司的淨收益約為 1.937 億美元。

We will continue to evaluate opportunities to raise capital efficiently in order to support our strategic initiatives and remain on the forefront of the digital currency industry's evolution.

我們將繼續評估有效籌集資金的機會，以支持我們的戰略舉措並保持在數字貨幣行業發展的前沿。

Now turning to our capital ratios on Slide 12.

現在轉向我們在幻燈片 12 上的資本比率。

Our Tier 1 leverage ratio was 8.71% at the company level and 8.24% at the bank level, with the bank ratio well in excess of the 5% minimum ratio to be considered well capitalized under federal banking regulations.

我們的一級槓桿比率在公司層面為 8.71%，在銀行層面為 8.24%，銀行比率遠高於聯邦銀行法規下被視為資本充足的 5% 的最低比率。

Our total risk-based capital ratio of 51% reflects the fact that a large proportion of our deposits are held in cash and high-grade and highly liquid securities.

我們基於風險的總資本比率為 51%，這反映了我們的大部分存款以現金和高等級、高流動性證券的形式持有。

Our loan-to-deposit ratio increased slightly to 13.96% at the end of the quarter, driven by the slight uptick in our loan portfolio during the quarter.

在本季度末我們的貸款組合略有上升的推動下，我們的貸存比率在本季度末略微上升至 13.96%。

With that, I would like to ask the operator to open the line up for any questions.

有了這個，我想請接線員打開排隊有任何問題。

Operator?

操作員？

(Operator Instructions) Our first question will come from Michael Perito with KBW.

（操作員說明）我們的第一個問題將來自 KBW 的 Michael Perito。

So 2 things I want to hit on.

所以我想談兩件事。

I guess, first, just Alan, I know you kind of said probably what you're willing to say on the stablecoin update, but I'll try anyway.

我想，首先，只有 Alan，我知道你在穩定幣更新上可能會說你願意說的話，但無論如何我都會嘗試。

I guess, can you maybe just walk through what some of the holdups might be specifically?

我想，你能不能簡單介紹一下具體的一些阻礙？

Are we -- is it kind of know-your-customer compliance angles that are of concern?

我們是否 - 是一種了解您的客戶的合規角度值得關注嗎？

Is it capital structure and how the leverage ratio could work around some of the deposits that are being held but can't really be deployed anywhere?

是資本結構嗎？槓桿率如何解決一些被持有但實際上無法部署到任何地方的存款？

I mean, what are some of the main pressure points around the stablecoin issue that are hopefully worked out in the near future?

我的意思是，圍繞穩定幣問題有哪些主要壓力點有望在不久的將來得到解決？

And I guess do you think your banking charter will serve as a benefit to trying to answer those questions?

我猜你認為你的銀行章程會有助於回答這些問題嗎？

Or do you think it could serve as a detriment in terms of your capital requirements and things that might make it harder to be competitive longer term in the issuance of the coins themselves?

還是您認為這可能會損害您的資本要求以及可能使發行代幣本身的長期競爭力變得更加困難的事情？

Sure.

當然。

Mike, I appreciate the question.

邁克，我很欣賞這個問題。

And I guess the way I would frame this, if you look at all of the news that has been coming out recently from the federal regulators around the President's Working Group on stablecoins, that is really the guidance that I think everybody is looking for.

我想我會以這種方式來構建這個，如果你看看最近從總統穩定幣工作組周圍的聯邦監管機構發布的所有新聞，我認為這確實是每個人都在尋找的指導。

We believe that we have -- essentially, we've designed a stablecoin in conjunction with Diem that from our perspective, we hope, will address whatever guidance comes out from the President's Working Group.

我們相信我們已經 - 從本質上講，我們已經與 Diem 一起設計了一個穩定幣，從我們的角度來看，我們希望能夠解決總統工作組提出的任何指導意見。

But what I would say is that our banking charter will not -- we don't view it as a detriment, but just the opposite.

但我要說的是，我們的銀行章程不會——我們不認為它是有害的，而恰恰相反。

All of the guidance that we're seeing so far -- well, I shouldn't call it guidance, but all the news we're seeing so far would seem to indicate that the regulators are looking to bring the U.S. dollar-backed stablecoins under the regulatory tent, if you will, or under the federal banking guidelines.

到目前為止我們看到的所有指導——好吧，我不應該稱之為指導，但到目前為止我們看到的所有消息似乎都表明監管機構正在尋求引入美元支持的穩定幣在監管帳篷下，如果你願意的話，或者在聯邦銀行指導方針下。

And we believe that Silvergate is really well positioned, and in fact, best positioned to provide the -- all the things that you were touching on: know your customer, BSA, anti-money laundering.

我們相信，Silvergate 確實處於有利地位，事實上，最適合提供您所涉及的所有內容：了解您的客戶、BSA、反洗錢。

As you're well aware, Mike, we've been banking the digital currency industry for 8 years.

正如你所知道的，邁克，我們已經為數字貨幣行業提供銀行服務 8 年了。

We have a very strong relationship with our regulators.

我們與監管機構有著非常牢固的關係。

And it would just -- it would be imprudent for us to rush the launch right as the President's Working Group is theoretically going to come out with some guidance because we want to have an opportunity to tweak or adjust anything on the margin that might be necessary prior to launch.

而且它只是 - 我們匆忙推出是不謹慎的，因為總統的工作組理論上會提出一些指導，因為我們希望有機會在可能需要的餘量上調整或調整任何東西在發射之前。

But we're waiting, just like everybody else, for that guidance to come out.

但我們正在等待，就像其他人一樣，等待那個指導出來。

And you can rest assured, as soon as it's out, we'll adjust accordingly and be out to the market.

並且您可以放心，一旦它出來，我們會做出相應的調整併投放市場。

Helpful, Alan.

有幫助，艾倫。

And then secondly, I wanted to kind of just ask a big-picture question about the SEN.

其次，我想問一個關於 SEN 的大問題。

And so obviously, there was a step back in activity this quarter, $162 billion.

很明顯，本季度的活動出現了倒退，達到了 1620 億美元。

What you guys called out was related to the trading volume.

你們說的和交易量有關。

But I guess to try and put it succinctly here, I mean, how should we think about your competitive positioning today in the marketplace?

但我想試著簡潔地說一下，我的意思是，我們應該如何看待你今天在市場上的競爭定位？

I mean, on the one hand, it seems like your product road map is the most advanced of the banks operating in the space.

我的意思是，一方面，您的產品路線圖似乎是該領域中最先進的銀行。

But on the other hand, you have competitors with larger balance sheet, maybe the ability to offer interest on deposit and things of that nature.

但另一方面，你的競爭對手擁有更大的資產負債表，也許有能力提供存款利息和類似性質的東西。

I mean, do you find those to be eating into any of your advantage as you try to continue to grow this business?

我的意思是，當您嘗試繼續發展這項業務時，您是否發現這些人正在蠶食您的任何優勢？

Or do you feel that the entirety of your product offering with the leverage loans and some of the custodial partnerships you have and what have you still have a pretty good moat in terms of your SEN network?

或者您是否覺得您的全部產品與槓桿貸款和您擁有的一些託管合作夥伴關係以及就您的 SEN 網絡而言您仍然擁有相當不錯的護城河？

Yes.

是的。

We believe that our moat is as strong as ever.

我們相信我們的護城河一如既往的堅固。

And in fact, I think if you look at the SEN activity in the third quarter and compare it to the broader market data, the on-chain transaction volumes, which we pointed out on Slide 4 of the presentation, that would certainly suggest that Silvergate is right in lockstep with the broader market.

事實上，我認為如果您查看第三季度的 SEN 活動並將其與更廣泛的市場數據進行比較，我們在演示文稿的幻燈片 4 中指出的鏈上交易量肯定會表明 Silvergate與大盤同步。

And as you know, Mike, we've been working for -- actually for a couple of years now -- well, probably 3 years since we launched the SEN, to try to understand and try to find correlation between our SEN volumes and volumes in the broader market.

如你所知，邁克，我們一直在努力——實際上已經有幾年了——好吧，可能是自我們推出 SEN 以來的 3 年，試圖了解並試圖找到我們的 SEN 數量和數量之間的相關性在更廣闊的市場。

And as more data analytics -- as the data analytics from the blockchain are improved and refined working with a great team at Coin Metrics, we've been able to ascertain that the Bitcoin and Ethereum volumes are really a good proxy for SEN volumes.

隨著更多的數據分析——隨著來自區塊鏈的數據分析得到改進和完善，我們與 Coin Metrics 的優秀團隊合作，我們已經能夠確定比特幣和以太坊的交易量確實是 SEN 交易量的一個很好的代表。

I do want to speak just briefly to the part of your question regarding our product suite.

我只想簡單談談您關於我們產品套件的部分問題。

One of the great things about the Silvergate Exchange Network, the platform that we've developed, is the network effect and the fact that as we onboard customers and as we continue to add products and services, those customers just become more and more sticky.

Silvergate Exchange Network（我們開發的平台）的一大優點是網絡效應，以及隨著我們加入客戶並繼續添加產品和服務，這些客戶變得越來越有粘性。

And the real story here in the third quarter, I think, is the continued growth of SEN Leverage.

我認為，第三季度真正的故事是 SEN Leverage 的持續增長。

And in a market that was -- if you look at the Bitcoin price throughout the quarter and you look at the trading volumes as we've shown from Coin Metrics, the fact that we were able to grow deposits, maintain a high average deposit and then start to deploy those -- or continue to deploy those deposits in SEN Leverage, we're just -- we couldn't be more excited about where SEN Leverage is headed for the future.

在這樣一個市場中——如果你查看整個季度的比特幣價格並查看我們從 Coin Metrics 顯示的交易量，我們能夠增加存款、保持較高的平均存款和然後開始部署這些 - 或繼續在 SEN Leverage 中部署這些存款，我們只是 - 我們對 SEN Leverage 未來的發展方向感到非常興奮。

And we think the fee income -- again, while it was down from the second quarter, it was higher than the first quarter.

我們認為費用收入 - 再次，雖然它比第二季度有所下降，但高於第一季度。

And if you look at SEN volumes first quarter to third quarter, look at fee income first quarter to third quarter, while SEN volumes were down just a little bit, our deposits are certainly up significantly and fee income is up as well.

如果您查看第一季度到第三季度的 SEN 交易量，看看第一季度到第三季度的費用收入，雖然 SEN 交易量略有下降，但我們的存款肯定會顯著增加，費用收入也會增加。

So we really feel like we're still hitting on all cylinders.

所以我們真的覺得我們仍在全力以赴。

The next question will come from Ken Zerbe with Morgan Stanley.

下一個問題將來自摩根士丹利的 Ken Zerbe。

So first of all, I love Slide 4. I think it definitely shows some pretty interesting trends.

所以首先，我喜歡幻燈片 4。我認為它肯定顯示了一些非常有趣的趨勢。

But I guess the question is, just given the spot trading volume has declined so much in 3Q, right?

但我想問題是，鑑於第三季度現貨交易量下降了這麼多，對吧？

And obviously, that's tied to SEN Leverage -- sorry, tied to SEN transaction volumes, it seemed, presumably, it's also tied to fee income being down as much as it is this quarter ex the gains, of course.

顯然，這與 SEN 槓桿有關——對不起，與 SEN 交易量有關，似乎，大概，這也與本季度的費用收入下降與本季度的收益一樣多，當然。

It just feels like you're clearly very tied, rightly or wrongly, to the spot trading volume of Bitcoin and Ethereum.

感覺就像你顯然與比特幣和以太坊的現貨交易量非常相關，無論對錯。

Is there anything that you guys can do to just help separate that out or sort of break that correlation a little bit more?

你們能做些什麼來幫助將其分開或稍微打破這種相關性？

Because I guess the alternative is if you can't, then suddenly, we're all just looking at spot trading volumes to know whether or not you're going to have a good quarter.

因為我猜另一種選擇是，如果你不能，那麼突然間，我們都只關注現貨交易量，以了解你是否會有一個好的季度。

Yes, Ken.

是的，肯。

Thank you very much.

非常感謝你。

I'm going to turn this over to Ben in just a minute, give him a chance to weigh in here.

我馬上就把這個交給本，讓他有機會在這裡權衡一下。

But the one thing that I'll -- if we just -- if we zoom out a little bit and look at this at a high level, we have -- as I mentioned previously, we've been banking this industry for 8 years.

但是我要說的一件事——如果我們只是——如果我們稍微縮小一點，從高層次上看，我們有——正如我之前提到的，我們已經在這個行業經營了 8 年.

And so we've certainly been through kind of peaks and valleys in our growth.

因此，我們在成長過程中肯定經歷了一些高峰和低谷。

Having said that, generally, growth has been up and to the right.

話雖如此，總的來說，增長一直在上升並且向右。

And as we pointed out, we've now crossed over 1,300 customers, added 300 customers this year.

正如我們所指出的，我們現在已經超過 1,300 名客戶，今年增加了 300 名客戶。

So we are in a growing industry with a growing customer base and a growing suite of products.

因此，我們處於一個不斷發展的行業，擁有不斷增長的客戶群和不斷增長的產品套件。

And so while we certainly have a high correlation to spot trading volumes, as we've indicated here in the presentation and as you just pointed out, we believe that all of that is generally going to be growing up and to the right in the coming months, quarters, years.

因此，雖然我們肯定與現貨交易量有很高的相關性，正如我們在演示文稿中所指出的那樣，正如您剛剛指出的那樣，但我們相信所有這些通常都會在未來逐漸增長並趨於正確月、季、年。

And as we continue to add additional products and services, we will continue to grab more and more income.

隨著我們不斷增加額外的產品和服務，我們將繼續攫取越來越多的收入。

But let me turn it over to Ben to see if he wants to add any additional color there.

但是讓我把它交給本，看看他是否想在那裡添加任何額外的顏色。

Yes.

是的。

Thanks for the question, Ken.

謝謝你的問題，肯。

Yes, I mean, just I think building on what Alan had just said, another use case for the SEN is stablecoins.

是的，我的意思是，我認為建立在艾倫剛才所說的基礎上，SEN 的另一個用例是穩定幣。

And today, we bank each of the 4 regulated stablecoins that are in the market, and we know that our customers use the SEN in order to mint and burn stablecoins 24 hours a day, 7 days a week.

今天，我們將市場上 4 種受監管的穩定幣中的每一種都存入銀行，我們知道我們的客戶使用 SEN 來每週 7 天、每天 24 小時鑄造和燃燒穩定幣。

And so as we've talked about in the past, that use case today for stablecoins is really around trading.

正如我們過去所說，今天穩定幣的用例實際上是圍繞交易。

But as we're seeing more and more, that use case is moving towards commerce and remittance.

但隨著我們越來越多地看到，該用例正在轉向商業和匯款。

And so just as Alan said, the goal here is to add products that continue to leverage our capabilities of the SEN, serve our customers, solve problems for them and continue to grow our share, as Alan explained.

正如艾倫所說，這裡的目標是增加產品，繼續利用我們的 SEN 能力，為我們的客戶服務，為他們解決問題，並繼續增加我們的份額，正如艾倫解釋的那樣。

All right.

好的。

No, I understood.

不，我明白了。

And then maybe just my second question.

然後也許只是我的第二個問題。

Can you just address deposit growth?

你能解決存款增長問題嗎？

Obviously, you've come off of 2 or 3 very, very good quarters, and this quarter, deposit growth was a lot more stable than it has been recently.

顯然，您已經完成了 2 或 3 個非常非常好的季度，本季度的存款增長比最近穩定得多。

I know one of your competitors just posted, I think it was like 12% digital deposit growth for 3Q, and you guys posted something far less.

我知道你的一個競爭對手剛剛發布了消息，我認為第三季度的數字存款增長了 12%，而你們發布的內容要少得多。

Can you just help us understand like why they might be -- I mean you don't have to address them, but I'm just trying to understand what the dynamics are in your portfolio of maybe why deposit growth was as muted as it was.

你能不能幫助我們理解它們為什麼會這樣——我的意思是你不必解決它們，但我只是想了解你的投資組合中的動態可能是為什麼存款增長如此緩慢.

Sure.

當然。

So when you look at the benefits that the SEN provides, we need to step back and look at what are we really trying to accomplish, what problem do we solve for our customers.

因此，當您查看 SEN 提供的好處時，我們需要退後一步，看看我們真正想要完成什麼，為我們的客戶解決什麼問題。

And the problem or the service, to make it a positive statement, is a 24/7 on-ramp and off-ramp to the digital currency ecosystem.

問題或服務，為了使其成為一個積極的陳述，是數字貨幣生態系統的 24/7 進出匝道。

And so in order to provide that -- and what does that do?

因此，為了提供這一點——那有什麼作用？

It reduces banking friction, reduces counterparty risk, increases capital efficiency.

它減少了銀行摩擦，降低了交易對手風險，提高了資本效率。

And so we really strive to work with our customers to make sure that they have access to liquidity on our platform 24 hours a day, 7 days a week.

因此，我們真的努力與我們的客戶合作，以確保他們每週 7 天、每天 24 小時都能在我們的平台上獲得流動性。

And so we actively work with our large exchange customers, our large OTC desks, to make sure that they have enough deposits on the platform but not more than enough to handle the 24/7 nature of this ecosystem.

因此，我們積極與我們的大型交易所客戶、我們的大型場外交易櫃檯合作，以確保他們在平台上有足夠的存款，但不足以應對這個生態系統的 24/7 特性。

And we actively encourage our customers, if volumes are down, okay, so -- and obviously, volumes were down in the third quarter, and they have capital sitting there idle and they're looking for something else -- they're looking for earnings on that capital, then we encourage them to take the excess and put it somewhere else.

我們積極鼓勵我們的客戶，如果交易量下降，好吧，所以——很明顯，第三季度的交易量下降了，他們有閒置的資金，他們正在尋找其他東西——他們正在尋找然後我們鼓勵他們把多餘的錢放在其他地方。

Now having said that, we are just now ramping back up our own off-balance sheet levers so that we can sweep deposits off balance sheet so that our customers can earn a yield on their excess deposits.

話雖如此，我們現在正在加強我們自己的表外槓桿，以便我們可以將存款從資產負債表中清除，這樣我們的客戶就可以從他們的超額存款中獲得收益。

That was something that we had done back in 2017 and '18.

這是我們在 2017 年和 18 年所做的事情。

And then that need had kind of gone away.

然後這種需求就消失了。

But now as more capital has come into the system and we're going to start to see these peaks and valleys, what we want to do is make sure that our customers have enough capital on the SEN to transact 24/7.

但現在隨著更多資金進入系統，我們將開始看到這些高峰和低谷，我們要做的是確保我們的客戶在 SEN 上有足夠的資金來進行 24/7 交易。

And if they have excess that they want to earn yield on, we don't pay interest on these deposits, but we're happy to help them find an alternative solution so that they can earn interest on the excess.

如果他們想要賺取超額收益，我們不會為這些存款支付利息，但我們很樂意幫助他們找到替代解決方案，以便他們可以從超額收益中賺取利息。

Our next question will come from Joseph Vafi with Canaccord.

我們的下一個問題將來自 Canaccord 的 Joseph Vafi。

Nice results.

不錯的結果。

Just wanted to look at the quarter maybe through a slightly different lens.

只是想通過一個稍微不同的鏡頭來看看這個季度。

So we saw some decoupling, obviously, this quarter.

因此，我們顯然在本季度看到了一些脫鉤。

Transaction volumes down sequentially, but deposit growth up sequentially.

交易量環比下降，但存款增長環比上升。

Net income up sequentially.

淨利潤環比上升。

So is that -- when you look at the business, is that theoretically sustainable in kind of a more down trading quarter given the levers in the business.

就是這樣 - 當您查看業務時，考慮到業務中的槓桿作用，從理論上講，這是一個更加下跌的交易季度。

And then kind of what did you learn in the quarter given that decoupling?

考慮到這種脫鉤，你在本季度學到了什麼？

Yes.

是的。

Joe, thank you for those observations.

喬，謝謝你的觀察。

And I think what we kind of relearned is something that we've experienced in the past, which is when volumes decline, we don't generally see a corresponding decline in our deposits.

而且我認為我們重新學習的是我們過去經歷過的事情，即當交易量下降時，我們通常不會看到我們的存款相應下降。

This was certainly true.

這當然是真的。

Now I'm going to compare it to the crypto winter.

現在我要將它與加密貨幣冬天進行比較。

We're certainly not in another "crypto winter." In fact, I think the summer was kind of the pause that refreshes as we were heading here into the continuation of this bull market.

我們當然不會進入另一個“加密冬天”。事實上，我認為夏天是一種暫停，當我們進入這個牛市的延續時，它會煥然一新。

But what we saw in 2017 and '18 was a massive run-up in deposits during that last bull run.

但我們在 2017 年和 18 年看到的是在上一次牛市期間存款大幅增加。

And then as things calmed down, we did not see a corresponding decline in deposits.

然後隨著事情平靜下來，我們沒有看到存款相應下降。

And that is -- again, it goes back to what I was saying previously.

那就是——再一次，這又回到了我之前所說的。

Our customers want to maintain liquidity on our platform to take advantage of trading opportunities.

我們的客戶希望在我們的平台上保持流動性以利用交易機會。

And they don't look at this as a flash in the pan.

他們並不認為這是曇花一現。

They look at this just the way we do that this digital asset, this digital currency market is here to stay.

他們以我們的方式看待這個數字資產，這個數字貨幣市場將繼續存在。

It's not going away.

它不會消失。

And so they're going to maintain deposits on our platform in order to take advantage of the opportunities that they see.

因此，他們將在我們的平台上保留存款，以便利用他們看到的機會。

And then on top of that, as we continue to add customers, as we've discussed in the past, there is a natural kind of lag between when we add a customer and then when they get their funding and start using the SEN, et cetera.

最重要的是，隨著我們繼續添加客戶，正如我們過去所討論的，在我們添加客戶和他們獲得資金並開始使用 SEN 之間存在一種自然的延遲，等等等等。

So we kind of see a little bit of a -- anywhere from a 1- to 2-quarter kind of ramp up between when we add a customer and when we ultimately see their full deposit capability hitting the SEN.

因此，在我們添加客戶和最終看到他們的全部存款能力達到 SEN 之間，我們有點看到了一點點 - 從 1 到 2 季度的增長。

And so this just gives us -- talk about relearning it, it just proves out the fact that while trading volumes declined, you saw the deposits hold steady and actually grow a little bit.

所以這只是給我們 - 談論重新學習它，它只是證明了這樣一個事實，即雖然交易量下降，但您看到存款保持穩定並且實際上略有增長。

And it allows us -- it gives us confidence to continue to invest those excess deposits, which again takes us right back to the great opportunity that we see with SEN Leverage.

它讓我們 - 它讓我們有信心繼續投資這些超額存款，這再次讓我們回到了我們在 SEN Leverage 看到的巨大機會。

And to be able to put out that incremental deposit growth into higher-yielding assets and the fact that we've built this infrastructure of digital asset custodians so that our customers can have confidence that they can borrow against their Bitcoin while holding the Bitcoin collateral with one of our custodial partners just gives us a lot of optimism for the future of that product.

並且能夠將增量存款增長轉化為更高收益的資產，以及我們已經建立了數字資產託管人的基礎設施這一事實，以便我們的客戶可以確信他們可以在持有比特幣抵押品的同時以比特幣借款我們的一位託管合作夥伴讓我們對該產品的未來充滿了樂觀。

That's great.

那太棒了。

And in the last few months, some other digital asset players that have been providing yield on "they're not really savings accounts because they're not banks." They've gotten some regulatory scrutiny on those yield-bearing accounts that they're providing to customers.

在過去的幾個月裡，其他一些提供收益的數字資產參與者“他們不是真正的儲蓄賬戶，因為他們不是銀行”。他們已經對他們提供給客戶的那些產生收益的賬戶進行了一些監管審查。

But given your bank charter, I think you would see less regulatory scrutiny on that kind of product, if you know what I'm talking about.

但是鑑於您的銀行章程，如果您知道我在說什麼，我認為您會看到對此類產品的監管審查較少。

And I'm just wondering if you see that as a business opportunity at this point, or it doesn't kind of fit in the road map at this point.

我只是想知道您是否將其視為此時的商機，或者此時它不適合路線圖。

Yes.

是的。

Joe, that's again a really good observation.

喬，這又是一個非常好的觀察。

And we've certainly -- many of those folks that are seeing some regulatory pushback are customers of ours and have great products.

我們當然 - 許多看到一些監管阻力的人都是我們的客戶並且擁有很棒的產品。

But one of the primary differences, as you're pointing out, between their business models and our business model is that we are a federally -- a state-chartered, federally regulated financial institution.

但正如你所指出的，他們的商業模式和我們的商業模式之間的主要區別之一是我們是一家聯邦機構——一家州特許、聯邦監管的金融機構。

And so we could certainly -- if we wanted to, we could start taking folks -- taking their deposits in and paying them interest.

所以我們當然可以——如果我們願意，我們可以開始吸收人們——接受他們的存款並支付利息。

But we have our own source of funding, which is the deposits from this ecosystem.

但是我們有自己的資金來源，就是這個生態系統的存款。

A lot of -- those are the platforms don't -- they're not banks, so they don't have a low-cost deposit source.

很多——那些平台沒有——他們不是銀行，所以他們沒有低成本的存款來源。

And so where we're really focused is on, you've probably heard this term, but this pristine collateral with Bitcoin as a digital bearer asset.

所以我們真正關注的地方是，你可能聽說過這個詞，但這種原始的抵押品是比特幣作為一種數字無記名資產。

And I've said on these calls and in other venues in the past that we believe that this SEN Leverage, Bitcoin collateralized lending, could be some of the best lending we've ever done because the collateral is a bearer asset that we have possession of when we lend against it.

我過去曾在這些電話會議和其他場合說過，我們相信這種 SEN Leverage（比特幣抵押貸款）可能是我們做過的最好的貸款之一，因為抵押品是我們擁有的無記名資產當我們藉給它的時候。

And it's in a market that trades 24 hours a day, 7 days a week.

它是在一個每週 7 天、每天 24 小時交易的市場中。

So we feel really good about the collateral.

所以我們對抵押品感覺很好。

We feel really good about our ability to sell the collateral if need be.

如果需要，我們對我們出售抵押品的能力感到非常滿意。

Having said that, as I pointed out in my opening remarks this morning, the SEN Leverage platform is absolutely working as designed with no losses, no forced liquidations.

話雖如此，正如我在今天上午的開場白中指出的那樣，SEN Leverage 平台絕對按設計運行，沒有損失，沒有強制清算。

And so again -- and the risk-adjusted returns on this, in a 0 interest rate world, we just -- again, we view this as a great opportunity, and we don't feel like we need to deviate and start doing what some of the other platforms are doing out there, providing yield on stablecoins, et cetera.

再說一次——以及風險調整後的回報，在一個零利率的世界裡，我們只是——再一次，我們認為這是一個很好的機會，我們不覺得我們需要偏離並開始做其他一些平台正在那裡做，提供穩定幣的收益等等。

We think our platform and the way we're designing it, with the ability to take low-cost deposits and put them out in SEN Leverage, in other short duration assets to achieve a fair and balanced risk-adjusted return is the best way for us to provide a return for our shareholders.

我們認為我們的平台和我們設計它的方式，能夠接受低成本存款並將其存入 SEN Leverage，在其他短期資產中實現公平和平衡的風險調整後回報是最佳方式我們為我們的股東提供回報。

Our next question will come from George Sutton with Craig-Hallum.

我們的下一個問題將來自 George Sutton 和 Craig-Hallum。

This is Adam on for George.

這是喬治的亞當。

I was hoping you could dive a little bit deeper on SEN Leverage.

我希望您能更深入地了解 SEN Leverage。

Specifically, is there anything in your outlook in terms of how you see it expanding over the next year, or if there's any milestones or goals you could speak to?

具體來說，就您如何看待明年的擴張，或者是否有任何里程碑或目標您可以談一談，您有什麼看法嗎？

Yes.

是的。

I'm sensitive to the fact that I've been doing all the talking here, and I've got Tony and Ben here with me.

我對我一直在這裡進行所有談話的事實很敏感，而且我有托尼和本和我在一起。

So I'm going to again turn it over to Ben in just a second.

因此，我將在幾秒鐘內再次將其交給 Ben。

But just at a high level, what I would say is that when we first launched the program, when we came out of the pilot, we've mentioned and we've reinforced the fact that we are thinking about our -- in the short term, kind of concentration levels not to exceed our capital base.

但在高層次上，我想說的是，當我們第一次啟動該計劃時，當我們退出試點時，我們已經提到並強化了這樣一個事實，即我們正在考慮我們的——簡而言之術語，種類集中度不超過我們的資本基礎。

And the good news here is we've been raising capital along the way here as we've been growing, so that gives us an opportunity to continue to grow that book.

好消息是，隨著我們的成長，我們一直在籌集資金，所以這給了我們一個繼續發展這本書的機會。

And as you saw in the quarter, we had some nice growth.

正如您在本季度看到的那樣，我們有一些不錯的增長。

But let me turn it over to Ben for a little bit more color commentary.

但讓我把它交給本，以獲得更多色彩評論。

Yes.

是的。

So -- I mean we've already mentioned it, but I think it's notable that commitments grew by $64 million in the quarter and outstandings grew by $51 million at a time when trading volumes were down industry-wide by about 43% and the average price of Bitcoin during the quarter was down about $5,000.

所以——我的意思是我們已經提到過，但我認為值得注意的是，在全行業交易量下降約 43% 和平均本季度比特幣價格下跌約 5,000 美元。

So given those headwinds, we feel good about the growth in the quarter.

因此，鑑於這些不利因素，我們對本季度的增長感到滿意。

And maybe importantly, we still have less than 10% of our customers that are using the product.

也許重要的是，我們仍然只有不到 10% 的客戶在使用該產品。

So you can see the incredible growth that we have there.

因此，您可以看到我們在那裡取得的令人難以置信的增長。

The other thing that's worth noting is that we haven't had to compromise on the yields that we're charging or the loan-to-value ratios that we're offering to customers.

另一件值得注意的事情是，我們不必在我們收取的收益率或我們提供給客戶的貸款價值比率上做出妥協。

Maybe the last comment here is that we did -- Marathon Digital, which is a customer of ours, made an announcement on October 1 that we had agreed to provide them with $100 million line of credit.

也許這裡的最後一條評論是我們做到了——我們的客戶 Marathon Digital 在 10 月 1 日宣布我們已同意向他們提供 1 億美元的信貸額度。

Obviously, that's not included in the third quarter number.

顯然，這不包括在第三季度的數字中。

And we've talked about Bitcoin miners as a potential user of SEN Leverage in the past.

我們過去曾討論過比特幣礦工作為 SEN Leverage 的潛在用戶。

In this particular case, Marathon wants to hold Bitcoin on their balance sheet.

在這種特殊情況下，Marathon 希望在其資產負債表上持有比特幣。

So it really looks more like the corporate treasury use case than it does financing mining equipment.

因此，它看起來更像是企業財務用例，而不是為採礦設備融資。

And so for us, this loan is just like the others that -- where their Bitcoin is collateral, we take possession of the Bitcoin and we hold it through one of our custodial partners.

所以對我們來說，這筆貸款就像其他貸款一樣——他們的比特幣是抵押品，我們擁有比特幣，並通過我們的一個託管合作夥伴持有它。

So as Alan mentioned, we think that there's just a tremendous growth ahead.

正如艾倫所說，我們認為未來會有巨大的增長。

That said, we're going to roll it out and continue to roll it out in a prudent way as we do with all products.

也就是說，我們將推出它並繼續以謹慎的方式推出它，就像我們對所有產品所做的那樣。

That's helpful.

這很有幫助。

And then final question for me.

然後是我的最後一個問題。

I know that you're limited in what you can talk about with respect to Diem, but Facebook announced this morning that it selected Coinbase as a partner for Novi, and they'll be using the Pax dollar for that.

我知道你對 Diem 的談論有限，但 Facebook 今天早上宣布它選擇 Coinbase 作為 Novi 的合作夥伴，他們將為此使用 Pax 美元。

Obviously, there's some benefit there with working with Pax on the mint-and-burn enablement, but I'd be curious to know if there's any other work you're doing that's adjacent to the Diem pilots.

很明顯，與 Pax 合作在薄荷和燃燒啟用方面有一些好處，但我很想知道您是否正在做與 Diem 飛行員相鄰的任何其他工作。

Or is this potentially an extension of that work as well, in your view?

或者，在您看來，這是否也可能是這項工作的延伸？

Yes.

是的。

It's a fair question.

這是一個公平的問題。

And we're certainly working closely with Diem and with Paxos.

我們當然正在與 Diem 和 Paxos 密切合作。

Paxos, I think you know, was one of our very first customers in this initiative, going all the way back to 2014 or '15.

我想你知道，Paxos 是我們最早參與這項計劃的客戶之一，可以追溯到 2014 年或 15 年。

And so as they worked with Novi to bring this pilot out, we've certainly been involved in supporting them in that effort.

因此，當他們與 Novi 合作推出這個試點項目時，我們當然也參與了支持他們的努力。

But as to the broader launch, their -- we only know -- we're not inside at Facebook or inside at Novi, so we only know what they say publicly.

但至於更廣泛的發布，他們——我們只知道——我們不在 Facebook 內部，也不在 Novi 內部，所以我們只知道他們公開說的話。

So there's -- they -- but what I think David Marcus reiterated this morning was that this is a pilot for them to test all their connectivity, et cetera, but they still intend to pivot to Diem as soon as that comes out.

所以有 - 他們 - 但我認為大衛馬庫斯今天早上重申的是，這是他們測試所有連接等的試點，但他們仍然打算一旦出現就轉向 Diem。

And unfortunately, as we said at the outset, we really can't say any more at this point about the Diem opportunity.

不幸的是，正如我們在一開始所說的那樣，我們現在真的不能再談論 Diem 的機會了。

Our next question will come from Will Nance with Goldman Sachs.

我們的下一個問題將來自高盛的 Will Nance。

Maybe I can kick off on some of the balance sheet dynamics and the deposit reinvestment that you did throughout the quarter.

也許我可以開始介紹您在整個季度所做的一些資產負債表動態和存款再投資。

I just want to get a sense for kind of destination mix of the balance sheet.

我只是想了解資產負債表的目的地組合。

Just hypothetically, if deposits are kind of flat from here, is this roughly the mix of kind of securities and cash that you guys are looking to achieve for a given level of deposits?

只是假設，如果存款從這裡開始持平，這大致是你們希望在給定存款水平上實現的證券和現金的混合嗎？

Is there more room to do on the deposit reinvestment that could lead to further uplift in kind of earning asset yields over the next couple of quarters?

存款再投資是否還有更多空間，可能導致未來幾個季度的盈利資產收益率進一步上升？

Sure.

當然。

Well, I think I'll go ahead and give Tony a chance to address the question.

好吧，我想我會繼續給托尼一個機會來解決這個問題。

I -- the only thing that I want to say before that is I'm -- well, we don't provide guidance, as you know.

我——在此之前我唯一想說的是我——嗯，我們不提供指導，正如你所知。

But I wouldn't want anybody to misconstrue anything that I've said so far to suggest that deposits are going to be flat from here.

但我不希望任何人誤解我到目前為止所說的任何內容，以表明存款將從這裡開始持平。

I mean, certainly...

我的意思是，當然...

(inaudible).

（聽不清）。

Yes.

是的。

Yes.

是的。

And so I guess the question is, if you zoom out again and look at the ramp over the last 3 quarters, obviously, we played catch-up a little bit in terms of deploying the deposits as we confirm that they were sticky.

所以我想問題是，如果你再次縮小並查看過去 3 個季度的坡道，顯然，我們在部署存款方面有點追趕，因為我們確認它們是粘性的。

I think the solid average deposit growth, the fact that -- and if you look in -- look at the high and low, and maybe Tony can address this a little bit, but the fact that our -- that we saw a little bit less volatility between the high and the low also gave us confidence to -- and gives us confidence to continue to deploy the deposits.

我認為穩健的平均存款增長，事實上——如果你看一下——看看高低，也許托尼可以解決這個問題，但事實上我們 - 我們看到了一點高點和低點之間的波動性較小也讓我們有信心 - 並讓我們有信心繼續部署存款。

But let me not steal anymore Tony's thunder.

但讓我不要再偷走托尼的風頭了。

Tony?

托尼?

Yes.

是的。

No.

不。

Thanks, Alan.

謝謝，艾倫。

And thanks for the question, Will.

謝謝你的問題，威爾。

So I would say a couple of things.

所以我想說幾件事。

First, our philosophy and our approach to the securities portfolio hasn't really changed.

首先，我們對證券投資組合的理念和方法並沒有真正改變。

So we'll continue to prioritize asset quality and preservation of liquidity.

因此，我們將繼續優先考慮資產質量和流動性保護。

And when you look at the securities portfolio, we've said in prior quarter, we kind of targeted a 50-50 mix between fixed rate and adjustable rate.

當您查看證券投資組合時，我們在上一季度說過，我們的目標是固定利率和可調利率之間的 50-50 組合。

And so the adjustable rate portion of the portfolio gives us a lot of flexibility when you -- particularly when you combine it with cash.

因此，投資組合的可調整利率部分為我們提供了很大的靈活性，尤其是當您將其與現金結合時。

There's clearly room there.

那裡顯然有空間。

To touch on Alan's comment on the deposits, when you look at the high and low in the second quarter, the high and low relative to the average was, in round numbers, closer to 25% on either side of the average.

談到 Alan 對存款的評論，當您查看第二季度的高點和低點時，相對於平均值的高點和低點在整數兩側接近 25%。

Whereas in this quarter, it was closer with a tighter band, let's say, plus or minus 10%.

而在本季度，它更接近於一個更窄的區間，比如說，正負 10%。

So that also clearly gives us confidence that we continue to see flexibility and opportunity to invest in terms of the asset side of the balance sheet.

因此，這也清楚地讓我們相信，我們將繼續看到在資產負債表的資產方面進行投資的靈活性和機會。

Got it.

知道了。

And yes, I totally appreciate, and I was more just asking about proportions on the balance sheet, just using flat as a kind of strawman argument for how you guys would look to invest in a given level of deposits.

是的，我非常感謝，而且我更多地只是詢問資產負債表上的比例，只是將持平作為一種稻草人論據，說明你們將如何投資於給定水平的存款。

So I appreciate that.

所以我很感激。

And then my follow-up question would just be on SEN Leverage and some of the stuff that's been coming out of the Basel Committee around capital risk weightings on crypto exposures on the balance sheet.

然後我的後續問題將只是關於 SEN Leverage 以及巴塞爾委員會關於資產負債表上加密貨幣風險敞口的資本風險權重的一些內容。

What do you guys think about the likelihood of capital requirements for things like SEN Leverage and other kind of crypto exposures increasing?

你們如何看待 SEN 槓桿和其他類型的加密貨幣風險敞口等資本要求增加的可能性？

And maybe you could touch on sort of off-balance sheet vehicles that you could use for SEN Leverage, if there's been any progress on what those might look like.

如果在這些方面取得了任何進展，也許你可以接觸一些可用於 SEN 槓桿的表外工具。

Sure.

當然。

Those are great follow-up questions, Will.

這些都是很好的後續問題，威爾。

And so on the Basel front, for those not familiar with that, there was a proposal that was floated a couple of quarters ago that would suggest that assets that banks hold on their balance sheet, crypto assets, would be subject to a much higher risk-weighted capital treatment.

在巴塞爾方面，對於那些不熟悉的人來說，幾個季度前提出了一項提案，該提案表明銀行在其資產負債表上持有的資產，即加密資產，將面臨更高的風險加權資本處理。

And when you do the math on that, it would essentially require banks to hold dollar for dollar -- a dollar of capital for every dollar of exposure that they have to crypto assets.

當你對此進行計算時，它本質上將要求銀行以美元換美元——他們對加密資產的每一美元風險敞口都需要一美元資本。

That -- first thing is that's a proposal.

那-- 首先是一個提議。

It's a Basel proposal that would need to first be finalized, and then it would have to be adopted by the U.S. regulatory agencies and find its way into our regs.

這是一項巴塞爾提案，需要首先敲定，然後必須被美國監管機構採納，並進入我們的法規。

So with all that being said, even if that was to happen, as we've pointed out, if it's dollar for dollar, we've already set our own risk framework.

綜上所述，即使發生這種情況，正如我們已經指出的那樣，如果是美元兌美元，我們已經建立了自己的風險框架。

And for the time being, for the near future, we don't intend to take our on-balance sheet exposure to a level that would be higher than our capital base.

目前，在不久的將來，我們不打算將我們的資產負債表風險敞口提高到高於我們資本基礎的水平。

So we would theoretically be in compliance anyway because most of the rest of our balance sheet is on such a low risk-weighted basis.

因此，理論上我們無論如何都會合規，因為我們資產負債表的其餘大部分都是基於如此低的風險加權基礎。

As to then -- and how do we continue to grow if we are theoretically limited to 1x capital, well, that is the off balance sheet that you're referring to.

至於那時——如果我們理論上限制在 1 倍資本，那麼我們如何繼續增長，嗯，這就是你所指的資產負債表外。

And while we don't have anything to announce today, we are actively working with folks to come up with structures for what that might look like.

雖然我們今天沒有任何要宣布的內容，但我們正在積極與人們合作，為可能的樣子想出結構。

And this gives us the opportunity, as we've said in the past, to think about this as more of a loan origination platform and an asset management opportunity, where we could continue to originate and service these loans, but yet lay off some of the balance sheet risk to other partners.

正如我們過去所說，這讓我們有機會將其視為更多的貸款發起平台和資產管理機會，我們可以繼續發起和服務這些貸款，但同時解僱一些其他合作夥伴的資產負債表風險。

And in a yield-starved world, especially as Bitcoin becomes more mainstream, as you have things like the ETF that was just launched today, we feel really confident that there are going to be folks that are looking for yield that are going to be good partners for us in that regard.

在一個收益率匱乏的世界中，特別是隨著比特幣變得越來越主流，因為你擁有像今天剛剛推出的 ETF 這樣的東西，我們非常有信心，會有人在尋找好的收益率我們在這方面的合作夥伴。

And that's just another reason why we're so bullish on the SEN Leverage opportunity.

這只是我們如此看好 SEN 槓桿機會的另一個原因。

Our next question will come from Dave Rochester with Compass Point.

我們的下一個問題將來自 Compass Point 的 Dave Rochester。

On the client growth front, you guys continue to report a pretty robust pipeline of new accounts in the onboarding process.

在客戶增長方面，你們繼續報告在入職過程中擁有相當強大的新客戶渠道。

I was just wondering if there are any lumpy adds coming that you can think of off the top of your head that might move the needle sort of stand out in your mind?

我只是想知道是否有任何塊狀的添加物即將出現，您可以從頭頂想到可能會使針在您的腦海中脫穎而出？

Or would you say you generally already bank the largest players in this space and the additions coming in today are generally smaller players?

或者你會說你通常已經在這個領域擁有最大的玩家，而今天加入的玩家通常是較小的玩家？

Yes.

是的。

That's a great question.

這是一個很好的問題。

And obviously, Dave, we don't provide guidance.

顯然，戴夫，我們不提供指導。

And -- but even if we did, it's really hard to predict because there are so many new potential entrants coming into the space.

而且 - 但即使我們這樣做了，也很難預測，因為有很多新的潛在進入者進入這個領域。

It's one of the beautiful things about being in this ecosystem is that as additional institutional interest come -- as that interest turns into action, we regularly see new folks hit our pipeline that weren't even on our radar before.

在這個生態系統中的美妙之處之一是，隨著額外的機構興趣的到來——隨著這種興趣轉化為行動，我們經常看到新的人進入我們的管道，而這些新人甚至在我們之前都沒有註意到。

But I'm going to turn it over to Ben, see if he has any additional commentary that he wants to provide along those lines.

但我將把它交給 Ben，看看他是否有任何他想提供的其他評論。

Yes.

是的。

So I guess just to anchor, we have added about 300 new customers this year.

所以我想只是為了錨定，我們今年增加了大約 300 名新客戶。

And the pipeline remains robust at about 200 prospective clients.

大約 200 名潛在客戶的管道仍然強勁。

And when we say prospective clients, those aren't just leads.

當我們說潛在客戶時，這些不僅僅是潛在客戶。

There's quite a few customers or prospects that we turned down pretty quickly still that are kind of coming through the front door.

有相當多的客戶或潛在客戶我們很快就拒絕了，但它們還是從前門進來的。

So we feel good about that 200 customer number and our ability to continue to go from there.

因此，我們對這 200 個客戶數量以及我們從那裡繼續發展的能力感到滿意。

And then as Alan mentioned, it's really kind of hard for us to predict who the next large entrant into crypto might end up being.

然後正如 Alan 提到的，我們真的很難預測下一個進入加密領域的大公司最終會是誰。

But because of the SEN network, those folks usually end up coming to us.

但是由於 SEN 網絡，這些人通常最終會來找我們。

And we explain to them the SEN network and ultimately what the benefit of that is, if they haven't heard from the other participants already.

如果他們還沒有收到其他參與者的消息，我們會向他們解釋 SEN 網絡以及最終的好處是什麼。

But -- and then beyond that, I think, as we continue to focus on the growth in stablecoins and their usage for commerce and remittance, it really opens up a whole new category of customers, if you will, that are really focused on payments and platforms.

但是——除此之外，我認為，隨著我們繼續關注穩定幣的增長及其在商業和匯款中的使用，它確實開闢了一個全新的客戶類別，如果你願意的話，他們真正專注於支付和平台。

So overall, we feel good about the growth prospects there.

所以總的來說，我們對那裡的增長前景感覺良好。

Great.

偉大的。

I appreciate that.

我很感激。

I was just curious, over time, have you seen the onboarding process maybe go more smoothly?

我只是好奇，隨著時間的推移，您是否看到入職過程可能會更順利？

Or have you been able to shorten the time frame that you're able to bring on new customers or it just vary across the customers depending on where they're coming from?

或者你是否能夠縮短你能夠帶來新客戶的時間框架，或者它只是根據客戶來自哪里而有所不同？

Just curious if that process has accelerated over time.

只是好奇這個過程是否隨著時間的推移而加速。

Yes.

是的。

We have a pretty efficient customer onboarding process.

我們有一個非常有效的客戶入職流程。

We certainly -- earlier in this initiative, we have some times when -- we commented on this probably early when we were public, the fact that some of our customers used to refer to our -- we called it a pipeline, they called it a waiting list.

我們當然 - 在這個計劃的早期，我們有一些時候 - 我們可能在我們公開的早期對此發表評論，事實上我們的一些客戶曾經提到我們 - 我們稱之為管道，他們稱之為等候名單。

This was back in the 2017-'18 run-up.

這可以追溯到 2017-18 年的準備階段。

But with some of the technology tools we've implanted with Salesforce, with our customers' ability to do the full process online, it really just depends on whether they're ready.

但是對於我們在 Salesforce 中植入的一些技術工具，以及我們的客戶在線完成整個流程的能力，這實際上只取決於他們是否準備好。

What we need from a new customer in order to onboard them is pretty straightforward and it's pretty standard.

我們需要從新客戶那裡獲得他們的加入非常簡單，而且非常標準。

And so the only difference -- the differences that come into the onboarding process would depend on the level of technological integration that our customers are looking to do, which even that is pretty seamless.

因此，唯一的區別 - 入職流程中的區別將取決於我們的客戶希望做的技術集成水平，即使這也是非常無縫的。

Folks can get on our website and get into the API sandbox and test things up.

人們可以訪問我們的網站並進入 API 沙箱並進行測試。

So it really just depends on their engineering resources and the priorities that they have on their end.

因此，這實際上僅取決於他們的工程資源和他們最終的優先事項。

But we have not suffered at all nor have our customers suffered from the ability to get onboarded and get going just as quickly as their priorities allow.

但是，我們完全沒有受到影響，我們的客戶也沒有因為他們的優先事項允許的速度而受到影響。

Our next question will come from David Chiaverini with Wedbush Securities.

我們的下一個問題將來自 Wedbush Securities 的 David Chiaverini。

A couple of questions.

幾個問題。

The first one is a follow-up question on the Novi announcement of using the Pax dollar.

第一個問題是關於 Novi 宣布使用 Pax 美元的後續問題。

I was wondering, to what extent does this jeopardize the economics to Silvergate from Diem?

我想知道，這會在多大程度上危及從 Diem 到 Silvergate 的經濟？

Is the Diem market opportunity essentially cut in half if both Diem and Paxos -- the Pax dollar is available in the Novi wallet?

如果 Diem 和 Paxos——Pax 美元在 Novi 錢包中可用，那麼 Diem 市場機會是否基本上減少了一半？

Or is the corporate sponsorship of Diem strong enough to ensure it's the dominant coin in the Novi wallet?

還是 Diem 的企業贊助足夠強大以確保它是 Novi 錢包中的主要代幣？

Yes.

是的。

David, that's a great question.

大衛，這是一個很好的問題。

Obviously, we don't know the answer to that question.

顯然，我們不知道這個問題的答案。

And what I would say is, first of all, Paxos is a great company with a great product, and we are very happy to support the Pax dollar and all of the activities that we support for Paxos.

我想說的是，首先，Paxos 是一家擁有出色產品的偉大公司，我們很高興支持 Pax 美元以及我們支持 Paxos 的所有活動。

Ultimately, the market will decide, right?

最終，市場會做出決定，對吧？

One of the things we've talked about in the past is why did we choose to work with Diem, for instance, as opposed to launching our own stablecoin.

我們過去討論過的一件事是，例如，我們為什麼選擇與 Diem 合作，而不是推出我們自己的穩定幣。

And it really comes down to distribution.

這真的歸結為分配。

And so the answer to your question will be market-driven, and it will depend on which platform, which distribution wins.

所以你的問題的答案將是市場驅動的，這將取決於哪個平台，哪個發行版獲勝。

And I think over the long term, I'm not sure there's going to be room for half a dozen U.S. dollar-backed stablecoins.

而且我認為從長遠來看，我不確定是否會有六種美元支持的穩定幣的空間。

I think there will be some consolidation.

我認為會有一些整合。

There are certainly some folks that have a head start.

肯定有一些人有先機。

But the use case so far has been around cryptocurrency trading, and the real opportunity is around remittance, consumer-to-merchant payments, et cetera.

但到目前為止，用例一直圍繞著加密貨幣交易，真正的機會在於匯款、消費者對商家的支付等。

And so I think we're still really early, and it's really hard to answer the question the way you framed it.

所以我認為我們還為時過早，很難以你提出的方式回答這個問題。

Yes.

是的。

Fair enough.

很公平。

And then my follow-up question is related to -- you commented earlier about Marathon Digital Holdings and the $100 million facility, which is quite sizable relative to the existing loans outstanding for SEN Leverage.

然後我的後續問題與您之前評論過 Marathon Digital Holdings 和 1 億美元的貸款有關，相對於 SEN Leverage 的現有未償還貸款而言，這是相當可觀的。

Can you talk about the opportunity and potential loan demand from other Bitcoin miners?

你能談談其他比特幣礦工的機會和潛在貸款需求嗎？

How big is this opportunity?

這個機會有多大？

Yes.

是的。

That's a great question.

這是一個很好的問題。

And we think the opportunity is huge, which kind of gets us back to one of the other questions that came up here a few minutes ago around potential off-balance sheet vehicles for us to continue to originate and service these loans.

我們認為機會是巨大的，這讓我們回到了幾分鐘前提出的其他問題之一，這些問題是圍繞潛在的表外工具讓我們繼續發起和服務這些貸款。

Let me say at the outset that that use case -- and I think Ben really described it well as kind of the corporate treasury use case as opposed to the trading use case, which just again shows kind of the evolution of this ecosystem, right?

首先讓我說那個用例——我認為 Ben 確實將其描述為一種企業資金用例而不是交易用例，這再次顯示了這個生態系統的演變，對吧？

When we first launched the pilot for SEN Leverage almost 2 years ago now, the primary use case was around traders, those who were looking to pledge their Bitcoin as collateral to buy more Bitcoin in a trading scenario.

大約 2 年前，當我們首次啟動 SEN Leverage 試點時，主要用例是圍繞交易者，即那些希望將比特幣作為抵押品以在交易場景中購買更多比特幣的人。

But we're seeing the maturation of the space and corporate treasuries.

但我們看到了空間和公司資金的成熟。

The miners are the most obvious example.

礦工是最明顯的例子。

Companies that are mining Bitcoin want to hold the Bitcoin but want to continue to reinvest in plant and equipment.

開採比特幣的公司希望持有比特幣，但希望繼續對廠房和設備進行再投資。

And so we'll take their Bitcoin as collateral for a loan.

所以我們將把他們的比特幣作為貸款的抵押品。

But it is a line of credit, and so what we don't know is how much of that -- these lines of credit will actually be utilized.

但這是一個信用額度，所以我們不知道其中有多少——這些信用額度實際上會被利用。

But we want to be ready to handle the demand because the Bitcoin mining use case is only one of potential many corporate treasury use cases as more and more corporate treasuries put Bitcoin on their balance sheet.

但我們希望準備好應對需求，因為隨著越來越多的公司資金將比特幣放在資產負債表上，比特幣挖礦用例只是許多潛在的企業資金用例之一。

So this is one of the reasons we just -- we're so excited that we saw this opportunity early and that we've been working on it literally since -- for over 2 years since the second quarter of 2019 when we first started to develop the SEN Leverage product.

所以這就是我們剛剛開始的原因之一——我們很興奮，我們很早就看到了這個機會，而且我們一直在努力——自 2019 年第二季度我們第一次開始開發 SEN Leverage 產品。

Our next question is a follow-up from Ken Zerbe with Morgan Stanley.

我們的下一個問題是來自摩根士丹利的 Ken Zerbe 的後續問題。

Just one quick follow-up.

只需快速跟進。

I know you don't provide guidance.

我知道你不提供指導。

Totally fine.

完全沒問題。

But there's definitely been a lot of sort of interest in activity around Bitcoin going from, I don't know, call it, 40-something thousand dollars up to $60,000, all really around the first couple of weeks of October.

但是，圍繞比特幣的活動肯定有很多興趣，從 40 到 000 美元到 60,000 美元，真的是在 10 月的前幾週。

Are you able to comment about it's actually the trading volumes that you've seen over the last couple of weeks?

您能否評論一下您在過去幾週看到的實際交易量？

Yes.

是的。

Ken, it's a fair question.

肯，這是一個公平的問題。

And unfortunately, we don't provide any kind of a mid-quarter update unless it's required disclosure, as we've done in the past, when we've gone out to the capital markets, et cetera.

不幸的是，我們不提供任何類型的季度中期更新，除非它需要披露，就像我們過去所做的那樣，當我們進入資本市場等時。

So -- but what I can point you to, at least as a partial answer to your question, is just if -- Slide 4 of the earnings presentation, which is the correlation between spot volume -- spot trading volumes and SEN activity.

所以 - 但我可以指出的，至少作為你問題的部分答案，只是 - 收益演示的幻燈片 4，即現貨量之間的相關性 - 現貨交易量和 SEN 活動。

If, in fact, that correlation holds true, then I think folks can just look at that kind of mid-quarter and say, "Well, gosh, if things are down, so Silvergate is probably flat" or "things are up, maybe Silvergate's up."

事實上，如果這種相關性成立，那麼我認為人們可以看看那種季度中期並說，“好吧，天哪，如果情況下降，那麼 Silvergate 可能持平”或“情況上升，也許銀門站起來了。”

But it's not guidance because it's a correlation that's not 100%, right?

但這不是指導，因為它不是 100% 的相關性，對吧？

I mean Ben did some work on this, and I know we're short on time.

我的意思是 Ben 在這方面做了一些工作，而且我知道我們的時間不多了。

So I won't turn it back over to him here.

所以我不會在這裡把它還給他。

But we've -- there is a high correlation, but it's not 100%.

但我們 - 有很高的相關性，但不是 100%。

So unfortunately, that's the best we can do at this point.

所以不幸的是，這是我們目前能做的最好的事情。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Alan Lane for any closing remarks.

我想把會議轉回給 Alan Lane 來做任何閉幕詞。

Great.

偉大的。

Thanks, Matt.

謝謝，馬特。

Yes, and thank you, everybody, for your participation.

是的，謝謝大家的參與。

I'm incredibly proud of our great results, which are a testament to the continued hard work of the entire Silvergate team.

我為我們的出色成績感到無比自豪，這證明了整個 Silvergate 團隊的持續努力。

And as you can see, we built a diverse earnings stream with multiple growth levers.

如您所見，我們建立了具有多種增長槓桿的多元化收入流。

And looking ahead, we continue to see tremendous opportunity to provide innovative solutions for our digital currency customers.

展望未來，我們繼續看到為我們的數字貨幣客戶提供創新解決方案的巨大機會。

I look forward to sharing additional updates on our strategic growth initiatives in the coming quarters.

我期待在未來幾個季度分享我們戰略增長計劃的更多更新。

We appreciate all of your support.

我們感謝您的所有支持。

And I've said this before, but it's a great time to be a Bitcoin banker.

我之前已經說過，但現在是成為比特幣銀行家的好時機。

Thank you, everybody.

謝謝大家。

Have a great day.

祝你有美好的一天。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連接。