(SI) 2022 Q1 法說會逐字稿

Good morning or good afternoon, all, and welcome to the Silvergate Capital Corporation First Quarter 2022 Earnings Conference Call. My name is Adam, and I'll be your operator today. (Operator Instructions) I would now hand you over to Hunter Stenback to begin. So Hunter, please go ahead when you are ready.

大家早上好或下午好，歡迎參加 Silvergate Capital Corporation 2022 年第一季度收益電話會議。我的名字是亞當，今天我將成為你的接線員。 （操作員說明）我現在將您交給 Hunter Stenback 開始。所以亨特，準備好後請繼續。

Thank you, operator, and good morning, everyone. We appreciate your participation in the Silvergate Capital Corporation's First Quarter 2022 Earnings Call. With me here today are Alan Lane, our Chief Executive Officer; Tony Martino, our Chief Financial Officer; and Ben Reynolds, our Chief Strategy Officer.

謝謝接線員，大家早上好。感謝您參加 Silvergate Capital Corporation 的 2022 年第一季度財報電話會議。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. Eastern Time on May 3, 2022. Access to the replay is also available on the Investor Relations section of our website. Additionally, a slide deck to complement today's discussion is available on the IR section of our website.

提醒一下，此電話的電話重播將持續到晚上 11:59。東部時間 2022 年 5 月 3 日。也可以在我們網站的投資者關係部分訪問重播。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. These include remarks about management's future expectations, beliefs, estimates, plans and prospects. 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. Such risks and other factors are set forth in our periodic and current reports filed with the Securities and Exchange Commission. We do not undertake any duty to update such forward-looking statements.

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。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。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。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。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. We started off 2022 on a strong note, with first quarter net income available to common shareholders of $24.7 million, an increase of 94% compared to the first quarter of 2021. This is a testament to the earnings power of our platform and continued progress on our strategic initiatives, which I will discuss further in a moment.

謝謝你，亨特，大家早上好。我們以強勁的勢頭開始了 2022 年，第一季度普通股股東可獲得的淨收入為 2470 萬美元，與 2021 年第一季度相比增長了 94%。這證明了我們平台的盈利能力以及在我們的戰略舉措，稍後我將進一步討論。

I am particularly pleased with our first quarter results when you consider that this was one of the most challenging periods for the broader crypto ecosystem since the beginning of the pandemic. As we have done over the past few quarters, we continue to work with coin metrics to better understand how activity on the Silvergate Exchange Network, or SEN, our real-time API-enabled platform is correlated with the broader crypto industry. According to their data, in the first quarter, both Bitcoin and Ethereum dollar trading volumes were down significantly.

當您認為這是自大流行開始以來更廣泛的加密生態系統最具挑戰性的時期之一時，我對我們的第一季度業績感到特別滿意。正如我們在過去幾個季度所做的那樣，我們繼續使用代幣指標，以更好地了解 Silvergate 交易所網絡 (SEN) 上的活動，我們支持實時 API 的平台與更廣泛的加密行業相關聯。根據他們的數據，第一季度，比特幣和以太坊美元的交易量均大幅下降。

Consistent with this data, first quarter SEN transfer volume of $142 billion declined 35% on a sequential basis and 15% compared to the first quarter of 2021. Transaction revenue from digital currency customers of $8.9 million increased year-over-year by 26%, but declined 4% sequentially.

與該數據一致，第一季度 SEN 轉賬量為 1420 億美元，環比下降 35%，與 2021 年第一季度相比下降 15%。來自數字貨幣客戶的交易收入為 890 萬美元，同比增長 26%，但環比下降 4%。

As I've said before, our growth trajectory won't always be linear. That said, while SEN volume was impacted by broader industry trends in the first quarter, I remain encouraged by the continued growth we achieved in customers' SEN Leverage commitments and average deposits. The number of digital currency customers increased to 1,503 in the first quarter, an increase of nearly 400 customers since the same quarter last year. Our pipeline of potential new digital currency customers remains robust as we continue to benefit from the powerful network effects created by the SEN.

正如我之前所說，我們的增長軌跡並不總是線性的。也就是說，雖然 SEN 交易量受到第一季度更廣泛的行業趨勢的影響，但我仍然對我們在客戶的 SEN 槓桿承諾和平均存款方面取得的持續增長感到鼓舞。一季度數字貨幣客戶數量增至1503家，較去年同期增加近400家。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 commitments grew 88% to $1.1 billion compared to $571 million at the end of the fourth quarter. Last month, we announced the issuance of a $205 million SEN Leverage loan to MacroStrategy, a subsidiary of MicroStrategy, demonstrating the use case for SEN Leverage as a treasury management solution that will allow institutions to utilize their Bitcoin to support and grow their business.

轉向我們的比特幣抵押貸款產品 SEN Leverage，與第四季度末的 5.71 億美元相比，批准的承諾總額增長了 88% 至 11 億美元。上個月，我們宣布向 MicroStrategy 的子公司 MacroStrategy 發放 2.05 億美元的 SEN Leverage 貸款，展示了 SEN Leverage 作為資金管理解決方案的用例，該解決方案將允許機構利用其比特幣來支持和發展他們的業務。

SEN Leverage is still in the early stages of its evolution, and we remain confident in our ability to grow this product over the long term, including through new innovative use cases like this one. Importantly, SEN Leverage has continued to perform as designed with zero losses to date and no forced liquidations.

SEN Leverage 仍處於其發展的早期階段，我們對我們長期發展該產品的能力充滿信心，包括通過像這樣的新的創新用例。重要的是，SEN Leverage 繼續按設計執行，迄今為止零損失且沒有強制清算。

Average deposits from digital currency customers also continued to grow during the first quarter, reaching a record $14.7 billion driven by our customers that require the ability to move U.S. dollars in real time, 24 hours a day, 7 days a week on the SEN. This compared to an average of $13.3 billion during the fourth quarter and $6.4 billion during the first quarter of 2021.

來自數字貨幣客戶的平均存款在第一季度也繼續增長，達到創紀錄的 147 億美元，這是由於我們的客戶需要能夠在 SEN 上每週 7 天、每天 24 小時實時轉移美元。相比之下，第四季度平均為 133 億美元，2021 年第一季度為 64 億美元。

Now turning to our strategic initiatives. As I've noted in the past, many of our initiatives and product launches are born out of solving problems for our customers. We made two exciting announcements this quarter that helped advance our customer-first approach. First, I'll touch on our stablecoin infrastructure initiative. In January, we announced that we had acquired select blockchain-based payment technology assets from the DM Group, further enhancing our existing stablecoin infrastructure.

現在轉向我們的戰略舉措。正如我過去所指出的，我們的許多舉措和產品發布都是為我們的客戶解決問題而誕生的。本季度我們發布了兩項激動人心的公告，幫助推進了我們以客戶為先的方法。首先，我將談談我們的穩定幣基礎設施計劃。 1 月，我們宣布從 DM 集團收購了部分基於區塊鏈的支付技術資產，進一步增強了我們現有的穩定幣基礎設施。

These intellectual property assets include development, deployment and operations infrastructure and tools for running a blockchain-based payment network designed to facilitate payments for both commerce and cross-border remittance. Importantly, the assets we purchased include proprietary software elements that are critical to running a regulatory compliant stablecoin network.

這些知識產權資產包括用於運行基於區塊鏈的支付網絡的開發、部署和運營基礎設施和工具，旨在促進商業和跨境匯款的支付。重要的是，我們購買的資產包括專有軟件元素，這些元素對於運行符合法規的穩定幣網絡至關重要。

We see the potential for stablecoins to become a meaningful payment rail for consumers and businesses around the globe. As an insured depository institution, Silvergate is uniquely positioned to leverage this technology under the evolving framework from Washington, D.C.

我們看到穩定幣有可能成為全球消費者和企業有意義的支付渠道。作為一家有保險的存款機構，Silvergate 在華盛頓特區不斷發展的框架下利用這項技術具有獨特的優勢。

We know that our customers have a need for a U.S. dollar-backed stablecoin that is regulated and highly scalable to further enable them to move money without barriers. And as we announced on our fourth quarter earnings call, we are working to launch a stablecoin in 2022. We view this investment as an important milestone and the acquired assets bring us one step closer to achieving this goal by enhancing our already existing stablecoin infrastructure.

我們知道，我們的客戶需要一種受監管且高度可擴展的美元支持的穩定幣，以進一步使他們能夠無障礙地轉移資金。正如我們在第四季度財報電話會議上宣布的那樣，我們正在努力在 2022 年推出穩定幣。我們將這項投資視為一個重要的里程碑，通過增強我們現有的穩定幣基礎設施，所收購的資產使我們離實現這一目標更近了一步。

Turning to Euro SEN. In February, we announced the expansion of the SEN to enable customers to transfer euros in near real time, 24 hours a day, 7 days a week. Euro SEN was built using the same technology as the existing U.S. dollar SEN payment rails and enables customers to send euros to other Silvergate customers with immediate access to funds. We are excited to solve this need for our customers who can now move euros 24/7 on the SEN just as they do U.S. dollars.

轉向歐元 SEN。 2 月，我們宣布擴展 SEN，使客戶能夠每週 7 天、每天 24 小時近乎實時地轉移歐元。 Euro SEN 使用與現有美元 SEN 支付軌道相同的技術構建，使客戶能夠將歐元發送給其他 Silvergate 客戶，並立即獲得資金。我們很高興為我們的客戶解決這一需求，他們現在可以像使用美元一樣在 SEN 上 24/7 移動歐元。

Finally, I wanted to briefly touch on the EJF Silvergate Ventures Fund, our joint investment vehicle with EJF Capital focused on early-stage start-ups that we announced during the fourth quarter of 2021. We're excited to announce the closing of our first capital call with total fund capital commitments of $114 million subsequent to the quarter.

最後，我想簡要介紹一下 EJF Silvergate Ventures Fund，這是我們與 EJF Capital 的聯合投資工具，專注於我們在 2021 年第四季度宣布的早期初創企業。我們很高興地宣布我們的第一個在本季度之後，基金資本承諾總額為 1.14 億美元。

By supporting entrepreneurs who are shaping the future of the digital currency ecosystem, we will stay on the cutting edge of the next generation of products coming to market and, in turn, continue to deliver more innovative and useful products to our customers. I'm proud of everything we accomplished in the first quarter, and I'm excited for what's to come in 2022.

通過支持塑造數字貨幣生態系統未來的企業家，我們將保持在下一代產品上市的前沿，進而繼續為我們的客戶提供更多創新和有用的產品。我為我們在第一季度所取得的一切感到自豪，我對 2022 年即將發生的事情感到興奮。

I'll now turn it over to Tony to review our financial results in more detail before we take your questions. Tony?

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審查我們的財務業績。托尼?

Thank you, Alan, and good morning, everyone. Starting on Slide 5 with our key financial results. Silvergate reported first quarter net income available to common shareholders of $24.7 million or $0.79 per diluted common share compared to $18.4 million or $0.66 per diluted share in the fourth quarter and up from $12.7 million or $0.55 per diluted share in the first quarter of 2021.

謝謝你，艾倫，大家早上好。從幻燈片 5 開始，介紹我們的主要財務業績。 Silvergate 報告第一季度普通股股東可獲得的淨收入為 2470 萬美元或每股攤薄後普通股 0.79 美元，而第四季度為 1840 萬美元或每股攤薄後每股 0.66 美元，高於 2021 年第一季度的 1270 萬美元或每股攤薄後每股 0.55 美元。

Revenue of $59.9 million was up 22% compared to the fourth quarter and up 93% compared to the same quarter a year ago, driven by higher net interest income which I will discuss in more detail later on. Total assets of $15.8 billion remained relatively stable to the prior quarter and increased 104% compared to the first quarter of 2021.

收入為 5990 萬美元，與第四季度相比增長 22%，與去年同期相比增長 93%，這得益於更高的淨利息收入，我將在稍後更詳細地討論。 158 億美元的總資產與上一季度相比保持相對穩定，與 2021 年第一季度相比增長了 104%。

Next, on Slide 6. As Alan mentioned, average digital currency deposits were $14.7 billion in the quarter. The year-over-year increase was driven by growth in deposits from digital currency exchanges, institutional investors in digital assets and other fintech related customers. As in previous quarters, our deposits from digital currency customers can fluctuate as evidenced by high and low daily total digital currency deposit levels of $16.2 billion and $13.2 billion, respectively, during the quarter. Similar to previous quarters, our weighted average cost of deposits for the quarter was essentially zero, reflecting our efficient digital currency deposit gathering strategy.

接下來，在幻燈片 6 上。正如艾倫所說，本季度的平均數字貨幣存款為 147 億美元。同比增長是由數字貨幣交易所、數字資產機構投資者和其他金融科技相關客戶的存款增長推動的。與前幾個季度一樣，我們來自數字貨幣客戶的存款可能會出現波動，本季度每日數字貨幣存款總額的高低分別為 162 億美元和 132 億美元。與前幾個季度類似，我們本季度的加權平均存款成本基本為零，反映了我們高效的數字貨幣存款收集策略。

Turning to Slide 7. Our securities portfolio totaled $12.2 billion with a yield of 1.23% for the first quarter, up over $3 billion from a balance of $8.6 billion at the end of the fourth quarter with a corresponding yield of 1.04%. Year-over-year, securities increased $10.5 billion. We continue to take an active and measured approach to balance sheet management with an objective of maintaining a high-quality securities portfolio.

轉到幻燈片 7。我們的證券投資組合總額為 122 億美元，第一季度的收益率為 1.23%，比第四季度末的 86 億美元餘額增加了 30 億美元，相應的收益率為 1.04%。與去年同期相比，證券增加了 105 億美元。我們繼續採取積極和審慎的方法來管理資產負債表，以維持高質量的證券投資組合。

Moving on to the loan portfolio. As we continue to look for ways to focus on lines of businesses with strategic importance, we sold certain commercial real estate, multifamily real estate and construction loans of approximately $151 million on a net basis after participating a portion of the loans. This sale was the primary driver of total loans decreasing compared to the prior quarter.

繼續貸款組合。隨著我們繼續尋找專注於具有戰略重要性的業務線的方法，我們在參與部分貸款後以淨額出售了約 1.51 億美元的某些商業房地產、多戶型房地產和建築貸款。與上一季度相比，此次銷售是總貸款減少的主要驅動因素。

As a result, the allowance for loan losses was $4.4 million, down $2.5 million from the fourth quarter. As we've said in the past, our real estate lending portfolios are paying down, and we are not originating new loans in these categories. On a year-over-year basis, total loans were up $50.5 million or 3% driven by increased SEN Leverage and mortgage warehouse balances, partially offset by the sale of the real estate loans I just mentioned.

因此，貸款損失準備金為 440 萬美元，比第四季度減少 250 萬美元。正如我們過去所說，我們的房地產貸款組合正在償還，我們不會在這些類別中發放新貸款。與去年同期相比，由於 SEN 槓桿和抵押倉庫餘額的增加，總貸款增加了 5050 萬美元或 3%，部分被我剛才提到的房地產貸款的出售所抵消。

Net interest income was $50.5 million in the first quarter, an increase of $12.3 million compared to the fourth quarter and $27.5 million compared to the first quarter of 2021, driven by higher securities balances. Net interest margin was 1.36% for the first quarter compared to 1.11% for the fourth quarter and 1.33% in the first quarter of last year. The increase in NIM from the prior quarter was driven by higher securities balances and higher yields on recently purchased securities. Last month, the Federal Reserve raised the Fed funds interest rate by 25 basis points, and we've also observed more pronounced increases further around the yield curve.

由於證券餘額增加，第一季度淨利息收入為 5050 萬美元，與第四季度相比增加 1230 萬美元，與 2021 年第一季度相比增加 2750 萬美元。第一季度淨息差為 1.36%，而去年第四季度為 1.11%，去年第一季度為 1.33%。淨息差比上一季度增加的原因是證券餘額增加和最近購買的證券收益率增加。上個月，美聯儲將聯邦基金利率上調了 25 個基點，我們還觀察到收益率曲線進一步出現更明顯的增長。

Silvergate has been and continues to be well positioned for a rising rate environment. As of March 31, 2022, approximately 55% of our securities were floating rate. Additionally, approximately 90% of our loans held for investment were floating rate and a substantial majority of our SEN Leverage and mortgage warehouse loans are floating rate. To give you a sense of our current interest rate sensitivity, assuming a static balance sheet and a positive 25 basis point interest rate shock, net interest income is estimated to increase approximately $23 million over the 12-month period.

Silvergate 已經並將繼續為利率上升的環境做好準備。截至 2022 年 3 月 31 日，我們約 55% 的證券為浮動利率。此外，我們持有的投資貸款中約有 90% 為浮動利率，而我們的 SEN 槓桿和抵押倉庫貸款的絕大部分為浮動利率。為了讓您了解我們當前的利率敏感性，假設資產負債表為靜態，利率為 25 個基點，淨利息收入預計在 12 個月期間增加約 2300 萬美元。

Turning to Slide 8. Noninterest income for the first quarter of 2022 was $9.5 million, a decrease of $1.6 million or 15% from the prior quarter and an increase of $1.4 million or 17% from the first quarter of 2021. The decline in noninterest income on a sequential basis was primarily related to a loss on the sale of securities, lower other income and a slight decrease of $0.4 million or 4.4% in deposit-related fees. The year-over-year increase was a result of growth in fee income from digital currency customers.

轉到幻燈片 8。2022 年第一季度的非利息收入為 950 萬美元，比上一季度減少 160 萬美元或 15%，比 2021 年第一季度增加 140 萬美元或 17%。非利息收入的下降環比主要與證券銷售虧損、其他收入減少以及存款相關費用小幅減少 40 萬美元或 4.4% 有關。同比增長是數字貨幣客戶手續費收入增長的結果。

Slide 9 shows noninterest expense for the quarter of $28.0 million, up $2.4 million from the prior quarter and $8.4 million compared to the same quarter of last year. As I mentioned earlier, salaries and employee benefits and communications and data expenses increased, driven by continued investments in our strategic growth initiatives contributing to the increase in noninterest expense during the quarter.

幻燈片 9 顯示該季度的非利息支出為 2800 萬美元，比上一季度增加 240 萬美元，比去年同期增加 840 萬美元。正如我之前提到的，由於對我們的戰略增長計劃的持續投資導致本季度非利息費用的增加，工資和員工福利以及通信和數據費用有所增加。

Additionally, in the first quarter, we had a $1 million provision for off-balance sheet SEN Leverage commitments. We will continue to make strategic investments over the year to support our growth and initiatives. And as a result, we expect full year 2022 operating expenses to be in the range of approximately $130 million to $140 million, excluding any intangible amortization.

此外，在第一季度，我們為表外 SEN 槓桿承諾準備了 100 萬美元。我們將在這一年繼續進行戰略投資，以支持我們的增長和舉措。因此，我們預計 2022 年全年運營費用將在約 1.3 億美元至 1.4 億美元之間，不包括任何無形攤銷。

Finally, as Alan mentioned, we acquired select stablecoin assets from the DM Group earlier this year. We stated that as part of integrating the acquired assets into Silvergate's existing technology, Silvergate expects to incur approximately $30 million of costs in 2022. As part of the transaction, $8.4 million of transaction-related costs were capitalized. The remaining costs are built into our expense forecast that I referenced earlier, and we will not be breaking them out going forward. Overall, this was a strong first quarter for Silvergate and I look forward to continuing our growth during the rest of the year.

最後，正如 Alan 所說，我們今年早些時候從 DM 集團收購了精選的穩定幣資產。我們表示，作為將收購資產整合到 Silvergate 現有技術的一部分，Silvergate 預計到 2022 年將產生約 3000 萬美元的成本。作為交易的一部分，840 萬美元的交易相關成本已資本化。其餘成本已包含在我之前提到的費用預測中，我們不會在未來將其分解。總體而言，對於 Silvergate 來說，這是一個強勁的第一季度，我期待在今年剩下的時間裡繼續我們的增長。

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

有了這個，我想請接線員打開線路以解決任何問題。操作員？

(Operator Instructions) Our first question today comes from Dave Rochester from Compass Point.

（操作員說明）我們今天的第一個問題來自 Compass Point 的 Dave Rochester。

I was just hoping to get an update on the stablecoin initiative. How close do you think you are to getting that approval and what still gives you confidence that you'll do that this year? And then once you get the approval, I think you said you can issue stable going fairly quickly. Do you already have your initial customers lined up and ready to launch at this point? And then I was just wondering how quickly you think those deposit flows and fees could start hitting once the stablecoin is issued?

我只是希望獲得有關穩定幣計劃的最新信息。你認為你離獲得批准還有多遠，還有什麼讓你有信心今年能做到這一點？然後一旦你得到批准，我想你說你可以很快發行穩定版。您是否已經讓您的初始客戶排隊並準備在此時推出？然後我只是想知道，一旦發行穩定幣，您認為這些存款流量和費用會以多快的速度開始受到影響？

Yes, I appreciate the question, Dave. And I'll turn it over to Ben in just a second to provide a little bit more detail. But in general, we feel like we're right on target. The -- there's a lot of work to do as you know, but the work continues.

是的，我很欣賞這個問題，戴夫。稍後我將把它交給 Ben，以提供更多細節。但總的來說，我們覺得我們的目標是正確的。如您所知，還有很多工作要做，但工作仍在繼續。

And the one thing I do want to touch on quickly before Ben dives in a little bit more detail is as it relates to the deposit inflows in, we've consistently said that when we do launch we're going to start with a pilot, it will be small. And so we're not currently contemplating any significant move in deposits from the stablecoin initiative in 2022, assuming we get the pilot launched later this year as planned, that will be a small controlled pilot with a handful of customers, and we'll make sure everything is working well. But with that, let me turn it over to Ben to provide a little bit more color.

在 Ben 更詳細地介紹之前，我確實想快速談一談的一件事是因為它與存款流入有關，我們一直說，當我們啟動時，我們將從試點開始，它會很小。因此，我們目前不考慮在 2022 年穩定幣計劃的存款有任何重大舉措，假設我們按計劃在今年晚些時候啟動試點，那將是一個擁有少數客戶的小型受控試點，我們將確保一切正常。但是有了這個，讓我把它交給 Ben 來提供更多的顏色。

Thanks, Alan. Yes, as Alan mentioned, we're excited about the prospect of launching a U.S. dollar-backed stablecoin in 2022, using the DM blockchain, but don't have any further update on timing as of right now. We're in the process of defining the business model for DM so that we have the proper incentives across the payment network. But we do think about future revenues in terms of transaction fees and the yield generated by the reserve. So I think that's consistent with what we've said previously and nothing has really changed there.

謝謝，艾倫。是的，正如 Alan 所提到的，我們對 2022 年使用 DM 區塊鏈推出美元支持的穩定幣的前景感到興奮，但目前還沒有任何關於時間的進一步更新。我們正在為 DM 定義商業模式，以便我們在整個支付網絡中獲得適當的激勵。但我們確實會根據交易費用和儲備產生的收益來考慮未來的收入。所以我認為這與我們之前所說的一致，並且沒有真正改變。

I think it is important to note that the characteristics of the DM blockchain related to reliability, security and scalability make it ideal for payments, and so our focus is really on getting this launched this year. Part of that involves figuring out how to manage the reserves in a way that's highly scalable. And so we are continuing to make progress with our application with the New York DFS to form a trust company in case that ends up being the best path for scaling of the reserves. So overall, we think we're on track and feel good about the position that we're in.

我認為重要的是要注意 DM 區塊鏈與可靠性、安全性和可擴展性相關的特性使其成為支付的理想選擇，因此我們的重點是在今年推出它。其中一部分涉及弄清楚如何以高度可擴展的方式管理儲備。因此，我們將繼續在與紐約 DFS 的申請中取得進展，以組建一家信託公司，以防最終成為擴大儲備的最佳途徑。所以總的來說，我們認為我們正在走上正軌，並且對我們所處的位置感覺良好。

I appreciate that. And is that trust company just meant to house like material deposit growth that you don't feel like you would want to just add to the balance sheet immediately? Could that be like a reservoir for future deposit growth as you get larger, as the capital base grows over time? Just wondering how you think about that in relation to deposit growth going forward.

我很感激。那家信託公司是否只是為了容納您不想立即添加到資產負債表中的物質存款增長？隨著資本基礎隨著時間的推移而增長，這是否會成為未來存款增長的蓄水池？只是想知道您如何看待與未來存款增長相關的問題。

Yes. It's kind of all of the above, Dave. We -- as I think you're aware, we started down this path of looking at setting up the separate trust company a couple of years ago. We put a pause on it at the beginning of the pandemic. But then with the work that we were doing with the DM Group beginning of last year, we thought that it made sense for us to restart that process. It is still a bit unclear.

是的。戴夫，以上都是這樣。我們 - 正如我想你知道的那樣，我們在幾年前開始考慮建立獨立的信託公司。我們在大流行開始時暫停了它。但隨著去年年初我們與 DM 集團一起開展的工作，我們認為重新啟動該流程對我們來說是有意義的。還是有點不清楚。

Ben started off his comments about -- talking about the management of the reserves. And there's still an open question regarding whether the reserves -- whether the deposits themselves, the funds that come in, will be treated as deposits on our balance sheet. And so to the extent that they are treated as deposits. And if FDIC insurance applies, et cetera, that could impact how we think about the reserve as well.

本開始他的評論——談論儲備金的管理。還有一個懸而未決的問題是儲備金——存款本身，流入的資金，是否會被視為我們資產負債表上的存款。因此，它們被視為存款。如果 FDIC 保險等適用，這也可能影響我們對儲備金的看法。

So the trust charter is really about optionality. And we've been pretty consistent in saying that we would like this to be as capital efficient as possible. And -- so again, the trust charter is really about optionality so that we can think about moving some of the deposits off balance sheet should we need to. But that will become clearer as we move through the rest of this year.

所以信託章程實際上是關於選擇性的。我們一直非常一致地說，我們希望這盡可能地提高資本效率。而且 - 再一次，信託章程實際上是關於選擇性的，因此我們可以考慮在需要時將一些存款從資產負債表中移出。但隨著我們在今年剩下的時間裡，這一點會變得更加清晰。

Our next question comes from Steven Alexopoulos from JPMorgan.

我們的下一個問題來自摩根大通的 Steven Alexopoulos。

So crypto prices were down sharp in the first quarter, but you still had strong growth in new digital currency customers. I know I've asked this before, but is the volatility in crypto prices having any impact on the pace of institutional adoption? And maybe said another way, do you think you would have added even more customers if crypto prices had trended higher over the past few quarters?

因此，加密貨幣價格在第一季度大幅下跌，但新的數字貨幣客戶仍然強勁增長。我知道我之前曾問過這個問題，但加密貨幣價格的波動是否會對機構採用的速度產生影響？也許換一種說法，如果過去幾個季度加密貨幣價格走高，你認為你會增加更多的客戶嗎？

Yes, that's a fair question. I would -- the quick answer is no. And part of the reason I would answer the question that way, Steve, is because the institutional clients -- the institutions that are coming into this space, it takes quite a bit of work for institutions to get through all of their own internal approvals, everything that they need to do on their end in order to get approval to invest in the digital assets and then set up the necessary controls on their end, et cetera. Opening the account at Silvergate is one component, getting the API integrations with the SEN is obviously an important component. And so there is quite a bit of lead time.

是的，這是一個公平的問題。我會 - 快速回答是否定的。史蒂夫，我會這樣回答這個問題的部分原因是因為機構客戶 - 進入這個領域的機構，機構需要大量工作才能獲得所有內部批准，他們需要做的所有事情，才能獲得批准投資數字資產，然後設置必要的控制，等等。在 Silvergate 開戶是一個組成部分，將 API 與 SEN 集成顯然是一個重要組成部分。所以有相當多的交貨時間。

I would actually say most of the institutional investors that I talk with, especially if they're looking at this as a new asset class, looking at it with much more of a long-term view, they actually look at the price pullbacks as opportunities. And so I would have -- if it was within their control to move more quickly, I would almost answer the question in the opposite in that when prices are down there should be a flood of new entrants because they're like, okay, now -- I missed it before, and now I'm going to buy the dip, but it just doesn't really happen that way because of the lead time that's involved.

實際上，我會說與我交談過的大多數機構投資者，特別是如果他們將其視為一種新的資產類別，以更長遠的眼光看待它，他們實際上將價格回調視為機會.所以我會——如果他們可以控制得更快，我幾乎會回答相反的問題，當價格下跌時，應該會有大量新進入者，因為他們就像，好吧，現在——我以前錯過了，現在我打算買下它，但它並沒有真正發生，因為涉及到交貨時間。

Got you. Okay. That's helpful. And then on SEN Leverage, have you started providing this product to other banks yet? And maybe where is the appetite there?

得到你。好的。這很有幫助。然後在 SEN Leverage 上，你們已經開始向其他銀行提供這個產品了嗎？也許那裡的胃口在哪裡？

Yes, that is something that we're in active dialogue with a handful of banks. And Steve, what I think you're referring to is our ability to participate these loans out in some type of a syndication, which will allow us to grow the portfolio larger than what we might be comfortable holding on our balance sheet. So we are not currently participating any loans, but we are in active dialogue with a handful of banks, and I would expect that, that's something that you'll see later this year as well.

是的，我們正在與幾家銀行積極對話。史蒂夫，我認為你指的是我們以某種形式參與這些貸款的能力，這將使我們能夠將投資組合擴大到超出我們在資產負債表上可能願意持有的規模。因此，我們目前沒有參與任何貸款，但我們正在與少數銀行進行積極對話，我希望這也是你們今年晚些時候會看到的事情。

The next question comes from William Nance at Goldman Sachs.

下一個問題來自高盛的威廉·南斯。

I appreciate all of the color you guys provided this quarter as it relates to securities and loan portfolio and the interest rate sensitivity, and hats off to the team for keeping the portfolio short ahead of this move in rates. I know that was a big focus. I just wanted to gauge your appetite around duration extension if we were to fast forward a year from now in short-term rates or something like 150 basis points higher. At that point or I guess at what point would you consider locking in some of the benefits of higher short-term rates and just given the nature of the deposit base, how much of an opportunity do you see to remix towards more fixed-rate assets once we get through some of these rate increases?

我很欣賞你們本季度提供的所有顏色，因為它與證券和貸款組合以及利率敏感性有關，並感謝團隊在利率變動之前保持投資組合的空頭。我知道這是一個很大的焦點。我只是想衡量一下你對延長期限的興趣，如果我們要從現在起一年後以短期利率或高出 150 個基點的速度快進。到那時，或者我猜你會在什麼時候考慮鎖定較高短期利率的一些好處，並且考慮到存款基礎的性質，你認為有多少機會重新組合成更多的固定利率資產一旦我們通過了其中的一些加息？

Yes. I'm going to turn the call over -- that question, well, I'm going to turn it over to Tony to talk a little bit about how we think about managing the balance sheet. But the short answer is that we continue to prioritize liquidity for our customers and that is not rate dependent. It is really more a focus of the fact that our customers are primarily banking with us because of the benefits of the SEN and the 24/7 nature of the platform that we provide. And so that drives us to keep things on the shorter end, as you've mentioned. But clearly, we did put some additional cash to work during the quarter, and I'll turn it over to Tony to provide a little bit more color.

是的。我將把電話轉過來——這個問題，好吧，我將把它轉給托尼，談談我們如何看待管理資產負債表。但簡短的回答是，我們繼續為客戶優先考慮流動性，這與利率無關。由於 SEN 的好處和我們提供的平台的 24/7 特性，我們的客戶主要通過我們進行銀行業務，這實際上更令人關注。正如你所提到的，這促使我們將事情保持在較短的範圍內。但很明顯，我們確實在本季度投入了一些額外的現金，我將把它交給托尼以提供更多的色彩。

Yes. Thanks, Alan, and thanks for the question, Will. And you're right. Your observation is absolutely right. We purchased approximately $4.6 billion in securities during the quarter, and we didn't change our effective duration on the portfolio relative to year-end. So we did stay short as evidenced by the ratio of floating rate to fixed rates. I think as we think about things going forward, I mean, it remains to be seen. I don't want to commit to where we're going to shift the portfolio. I will say, when you look at the ratio of -- or the proportion of our securities investments, I mean, we've stayed pretty consistent in terms of the buckets. And as Alan said, we prioritize liquidity.

是的。謝謝，艾倫，謝謝你的問題，威爾。你是對的。你的觀察完全正確。我們在本季度購買了大約 46 億美元的證券，相對於年底，我們沒有改變投資組合的有效期限。因此，我們確實保持做空，浮動利率與固定利率的比率證明了這一點。我認為，當我們考慮未來的事情時，我的意思是，還有待觀察。我不想承諾我們將把投資組合轉移到哪裡。我會說，當您查看我們證券投資的比例或比例時，我的意思是，我們在桶數方面保持相當一致。正如艾倫所說，我們優先考慮流動性。

So one of the consistent points here is 65% of our portfolio was U.S. agency-backed securities. And then a good chunk in tax-exempt municipal bonds of high quality and good diversification. So we'll continue to prioritize quality and liquidity going forward. And as we've indicated, we stand to benefit significantly from asset sensitivity.

因此，這裡的一致點之一是我們投資組合的 65% 是美國機構支持的證券。然後是高質量和良好多元化的免稅市政債券。因此，我們將繼續優先考慮質量和流動性。正如我們已經指出的那樣，我們將從資產敏感性中受益匪淺。

Got it. Super helpful. I appreciate all the color. And then just one on the client acquisition. I'm wondering if you could talk about the kind of the profile, the income and client base and maybe from like a cohort perspective, what the deposit relationships are looking like for the new customers that you're onboarding as you guys saw a nice acceleration in new client onboarding this quarter. How long does it take to bring over the associated deposits? How much in deposits do you generally expect? And when you look at kind of growth outlook, can we think about some kind of relationship between the increases in customers yielding an increase in deposits going forward?

知道了。超級有幫助。我欣賞所有的顏色。然後只是一個關於客戶獲取的問題。我想知道您是否可以談談個人資料的類型，收入和客戶群，也許從一個群組的角度來看，當你們看到一個不錯的新客戶時，存款關係對於您正在入職的新客戶來說是什麼樣的本季度新客戶入職加速。帶入相關存款需要多長時間？您通常期望有多少存款？當你看到增長前景時，我們能否考慮一下客戶增加之間的某種關係，從而導致存款增加？

Yes. Well, let me turn it over to Ben to provide some additional color on that question.

是的。好吧，讓我把它交給 Ben 來為這個問題提供一些額外的顏色。

Yes. Thanks for the question, Will. So when we look at our 3 buckets of customers, digital currency exchanges, institutional investors and other customers, we're certainly seeing the most amount of growth in the institutional investor category in terms of number of customers. It's really difficult to forecast kind of what the deposits look like for that group because they're so market dependent.

是的。謝謝你的問題，威爾。因此，當我們查看我們的 3 類客戶、數字貨幣交易所、機構投資者和其他客戶時，就客戶數量而言，我們肯定看到機構投資者類別的增長量最大。很難預測該群體的存款情況，因為它們非常依賴市場。

Overall, in the quarter, we saw deposits from that institutional investor group being down similar to the way the usage of the SEN was down. And again, that has to do with low trading volumes, low price volatility and the price in the underlying market moving down. We also saw growth in the other customer segments in both number of customers and in deposits. A lot of that has to do with the broader investment in the crypto ecosystem.

總體而言，在本季度，我們看到該機構投資者群體的存款下降，類似於 SEN 使用下降的方式。同樣，這與低交易量、低價格波動和基礎市場價格下跌有關。我們還看到其他客戶群的客戶數量和存款均有所增長。這在很大程度上與對加密生態系統的更廣泛投資有關。

So that -- as a reminder, those other customers include software developers, protocol creators, miners and whatnot. And so as venture capital money moves into that segment, and I think people are familiar with the amount of money that's been raised by different funds and those funds putting that money to work, that segment continues to grow. And we think that, that will continue this year as more money gets deployed.

所以——提醒一下，其他客戶包括軟件開發人員、協議創建者、礦工等等。因此，隨著風險投資資金進入該部分，我認為人們熟悉不同基金籌集的資金數量以及將這些資金投入使用的資金，該部分繼續增長。我們認為，隨著更多資金的部署，今年將繼續這種情況。

The digital currency exchanges are kind of our most consistent category. And they're -- we know that they're dependent on market conditions as well. So really difficult to answer your question, just given what's going on in the underlying. But we're excited about the customer growth. We're excited about the pipeline, and we think that as the market matures, deposits will continue to grow even though that's not necessarily the metric that we're most focused on. So...

數字貨幣交易所是我們最一致的類別。他們是 - 我們知道他們也依賴於市場條件。考慮到底層的情況，很難回答你的問題。但我們對客戶的增長感到興奮。我們對管道感到興奮，我們認為隨著市場的成熟，存款將繼續增長，儘管這不一定是我們最關注的指標。所以...

The next question comes from Steve Moss from B. Riley Securities.

下一個問題來自 B. Riley Securities 的 Steve Moss。

Maybe just starting with the Euro SEN here. Just wondering if you guys could give any color as to the contribution to activity this quarter, if it had any meaningful impact here.

也許只是從這裡的 Euro SEN 開始。只是想知道你們是否可以就本季度對活動的貢獻給出任何顏色，如果它在這裡有任何有意義的影響。

Yes, I'll go ahead and take that. Candidly, Steve, it didn't have any significant impact in the first quarter. And that is, again, exactly as designed. And when I say as designed, I'm referring to the way we launched product. We -- even with something like Euro SEN, when we turn that on, we start with a handful of customers. We're making connections for them to other customers on the platform, we're wanting to make sure that it's working well before the broader rollout. So that rollout is ongoing.

是的，我會繼續接受。坦率地說，史蒂夫，它在第一季度沒有任何重大影響。這又是完全按照設計的。當我說按設計時，我指的是我們推出產品的方式。我們——即使是像 Euro SEN 這樣的東西，當我們打開它時，我們從少數客戶開始。我們正在為他們與平台上的其他客戶建立聯繫，我們希望確保它在更廣泛的推廣之前運行良好。因此，該部署正在進行中。

And this is just a really strong example of what we've said consistently over the years, which is our new product launches are very much driven by customer need by helping our customers solve problems, remove friction and this is something that I think we may have even talked about in the past on some of these calls, the fact that a couple of years ago, our customers were saying to us, hey, we love the SEN for the U.S. dollar. It'd be great if we could have the SEN for the euro and then for other foreign currencies as well. And so this is something that will just further enhance our relationships with our existing customers and then also provide one more tool for us to grow our customer base internationally.

這只是我們多年來一貫所說的一個非常有力的例子，即我們的新產品發佈在很大程度上是由客戶需求驅動的，幫助我們的客戶解決問題，消除摩擦，我認為我們可能會這樣做過去甚至在其中一些電話中談到過，幾年前，我們的客戶對我們說，嘿，我們喜歡美元的 SEN。如果我們可以為歐元和其他外幣設置 SEN，那就太好了。因此，這將進一步加強我們與現有客戶的關係，然後也為我們在國際上擴大客戶群提供了一種工具。

Okay. That's helpful. And then one question for Tony here. Just on the securities portfolio here, could you remind me of what the effect of duration was either at March 31 or year-end?

好的。這很有幫助。然後在這裡問托尼一個問題。就這裡的證券投資組合而言，您能否提醒我久期對 3 月 31 日或年底的影響？

And then the second question in terms of the -- second part is just in terms of the appetite for additional held-to-maturity additions to the portfolio, how are you thinking about balancing out between AFS and HTM?

然後第二個問題——第二部分只是關於對投資組合的額外持有至到期添加的胃口，你如何考慮在 AFS 和 HTM 之間取得平衡？

Yes, sure. So our effective duration, both at quarter end and at last year end was just below 3. And in terms of kind of the HTM, I mean, we did move some securities or reclassified some securities to held-to-maturity about $1.5 billion of securities were moved to at the beginning of the quarter and then we purchased T-bills, which were designated as held-to-maturity on purchase. That's -- the ratio of held-to-maturity is just over 20%. I'd say we're comfortable at that level.

是的，當然。因此，我們在季度末和去年末的有效期限都略低於 3。就 HTM 的種類而言，我的意思是，我們確實轉移了一些證券或將一些證券重新分類為持有至到期的約 15 億美元證券在季度初被轉移，然後我們購買了國庫券，這些國庫券在購買時被指定為持有至到期。那就是——持有至到期的比率剛剛超過20%。我會說我們在那個水平上很舒服。

We've -- the reclassifications has had minimal impact on our liquidity profile. And hopefully, the move in the long end of the yield curve is muted going forward. But having said that, the reclassification doesn't really have a big impact on us. So we're comfortable with the move we made and not sure where we're going to go from here.

我們已經 - 重新分類對我們的流動性狀況的影響很小。希望收益率曲線長端的走勢在未來保持溫和。但是話雖如此，重新分類對我們並沒有太大的影響。因此，我們對我們所做的舉動感到滿意，但不確定我們將從這裡走向何方。

The next question is from Joseph Vafi from Canaccord.

下一個問題來自 Canaccord 的 Joseph Vafi。

Great results. Great to see all the progress on so many fronts. Maybe we could just talk about the loan to macro strategy. Obviously, a little bit different that it's kind of a treasury management strategy versus a trading strategy by institutions. It's a pretty big chunk, I think, relative to some of your other customers over there. I was wondering to drill down a little bit into maybe some of the risk parameters you used here, if there was any difference in this loan versus some of the others? And then I have a quick follow-up.

偉大的結果。很高興看到這麼多方面的所有進展。也許我們可以談談宏觀策略的貸款。顯然，這是一種資金管理策略與機構的交易策略有點不同。我認為，相對於那裡的其他一些客戶來說，這是一個相當大的部分。我想深入研究一下您在這裡使用的一些風險參數，如果這筆貸款與其他一些貸款有任何區別？然後我有一個快速跟進。

Yes, Joe, thanks for the question. Yes, we're very excited about this new use case for our Bitcoin collateralized lending. And when we first launched this a couple of years ago in a pilot in January of 2020, the "treasury" use case wasn't even on our radar. This was primarily SEN Leverage, as you know, was originally designed to facilitate liquidity for traders hence, the tight integration with the exchanges and the ability to liquidate 24/7, et cetera.

是的，喬，謝謝你的提問。是的，我們對比特幣抵押貸款的這個新用例感到非常興奮。幾年前，當我們在 2020 年 1 月的試點中首次推出此功能時，我們甚至沒有註意到“國庫”用例。如您所知，這主要是 SEN 槓桿，最初旨在促進交易者的流動性，因此與交易所的緊密集成以及 24/7 清算的能力等等。

But as the asset has matured, you saw the announcement in late -- right at the beginning of the fourth quarter of 2021 that we had made a loan to Marathon Digital for -- which is a bitcoin mining company. And then here in the first quarter of this year, the loan to MacroStrategy, which shows 2 additional use cases for this product.

但是隨著資產的成熟，你在 2021 年第四季度開始時看到了我們向 Marathon Digital 提供貸款的消息，這是一家比特幣礦業公司。然後在今年第一季度，向 MacroStrategy 提供貸款，其中顯示了該產品的 2 個額外用例。

And you're absolutely right. It's a larger loan to MacroStrategy. It's also anyone who has followed MicroStrategy's evolution here over the last couple of years knows that they've gone out and they've put a lot of Bitcoin on their balance sheet. They do not want to see that Bitcoin liquidated under any circumstance.

你是絕對正確的。這是對 MacroStrategy 的一筆較大的貸款。過去幾年在這里關注 MicroStrategy 發展的任何人都知道，他們已經走出去，並且在資產負債表上投入了大量比特幣。他們不希望看到比特幣在任何情況下都被清算。

And so they are a public company as well. So while we typically don't disclose terms for individual customers, they as a public company did provide some disclosure around the loan to value, et cetera. And it was a much lower loan to value of a starting point of 25%. Or the other way to say it is the collateral coverage ratio started at 4x. So for a $200 million loan, they pledged $800 million worth of Bitcoin. That provides an awful lot of cushion for the potential volatility in the price of Bitcoin.

所以他們也是一家上市公司。因此，雖然我們通常不會為個人客戶披露條款，但作為一家上市公司，他們確實提供了一些關於貸款價值等方面的披露。這是一筆低得多的貸款，其起點價值為 25%。或者另一種說法是抵押品覆蓋率從 4 倍開始。因此，為了獲得 2 億美元的貸款，他們承諾提供價值 8 億美元的比特幣。這為比特幣價格的潛在波動提供了極大的緩衝。

And then because of that higher coverage ratio, it's a lower risk loan to us as well, and that's reflected in the yield. And so having said all of that, we would love to make those kind of loans. So anybody else out there listening to this call who has Bitcoin on their balance sheet, It's a great time to be a Bitcoin banker, and we'd be happy to entertain more opportunities.

然後由於較高的覆蓋率，這對我們來說也是較低風險的貸款，這反映在收益率上。說了這麼多，我們很樂意提供這類貸款。因此，任何其他在資產負債表上有比特幣的人都在聽這個電話，現在是成為比特幣銀行家的好時機，我們很樂意接受更多機會。

Well, I think some of these miners, Alan, still have some good (inaudible) on their balance sheet and they're growing every month. So maybe there'll be some more customers coming your way on that. So that's good. Just maybe just one more relative to DM. It does sound like there's progress there. Do you have a feel on regulatory oversight on any customers here? Like, for example, if you pilot with a payments guy, an electronic payments platform that would be using your approved and regulated stablecoin. What do you think the regulators are going to have to get comfortable with those customers of yours? Or is it really just you?

好吧，我認為其中一些礦工，艾倫，他們的資產負債表上仍然有一些好的（聽不清），而且他們每個月都在增長。所以也許會有更多的客戶來找你。所以這很好。可能只是相對於 DM 多了一個。聽起來確實有進展。您對這裡的任何客戶的監管監督有感覺嗎？例如，如果您與支付人員進行試點，一個電子支付平台將使用您批准和受監管的穩定幣。您認為監管機構將不得不對您的這些客戶感到滿意？還是真的只有你？

Yes. There's -- we'll certainly be thoughtful about the customers that we launch the pilot with for the very reasons that you just highlighted. Having said that, we are already, as everyone on this call knows, we are already working with many of the -- essentially all of the cryptocurrency exchanges and many of them are listing multiple stablecoin trading payers.

是的。出於您剛才強調的原因，我們肯定會考慮與我們一起啟動試點的客戶。話雖如此，正如本次電話會議上的每個人都知道的那樣，我們已經在與許多——基本上所有的加密貨幣交易所合作，其中許多都列出了多個穩定幣交易付款人。

And then we're also banking many of the digital-first retail platforms and facilitating their ability to buy and sell Bitcoin on behalf of their customers. And so all of the regulatory compliance requirements that are in existence for us to interface with a digital platform who is working with consumers to facilitate buying and selling of digital assets. It's that same regulatory framework that will be applied to the purchase and sale of a stablecoin.

然後，我們還為許多數字優先零售平台提供銀行服務，並促進他們代表客戶買賣比特幣的能力。因此，我們需要滿足所有監管合規要求，以便與與消費者合作以促進數字資產買賣的數字平台進行交互。相同的監管框架將適用於穩定幣的買賣。

There will absolutely be concerns about consumer protection. Those were all things that we were working on together with the DM association at this time last year, under the first iteration of our potential issuance of a stablecoin. So we're confident that we understand what regulatory compliance requirements are going to be applied.

絕對會擔心消費者保護。這些都是我們在去年這個時候與 DM 協會一起工作的所有事情，這是我們潛在發行穩定幣的第一次迭代。因此，我們有信心了解將應用哪些法規遵從性要求。

We're confident, as Ben mentioned in some of his remarks, that the platform that -- the protocol that -- the assets that we purchased, the platform that we intend to launch will satisfy all of the consumer compliance as well as broader regulatory compliance, rules and regulations that are going to apply to this activity. So it's -- we're very excited about getting this thing launched later this year, and we are working feverishly towards that goal.

正如 Ben 在他的一些評論中提到的那樣，我們有信心，我們購買的資產的協議，我們打算推出的平台將滿足所有消費者合規性以及更廣泛的監管要求將適用於此活動的合規性、規則和法規。所以它 - 我們對今年晚些時候推出這個東西感到非常興奮，我們正在為這個目標而狂熱地工作。

The next question comes from Michael Perito of KBW.

下一個問題來自 KBW 的 Michael Perito。

Just kind of two clarification questions. One, I'm wondering if you guys could just spend a minute on kind of the deposits and the overall cost of the deposits, which obviously, as Tony mentioned, are zero today, and I believe are expected to be zero for the near future. But you've seen some of your -- we've seen some of your competitors in the space talk about betas in this space that are higher. And I think the key difference is you guys are holding more operational funds versus anything in excess of that. But I was wondering if you guys could just spend a minute maybe just breaking that out and just longer term, why you guys have such a high degree of confidence that the funds on your balance sheet will remain zero, would be great if you guys could spend a minute.

只是兩個澄清問題。一，我想知道你們是否可以花一分鐘的時間來處理存款和存款的總成本，正如托尼所說，顯然，今天為零，我相信在不久的將來預計為零.但是您已經看到了您的一些 - 我們已經看到您在該領域的一些競爭對手談論該領域中更高的測試版。而且我認為關鍵的區別在於你們持有更多的運營資金，而不是任何超出的資金。但我想知道你們是否可以只花一分鐘時間，也許只是打破這一點，只是更長期，為什麼你們如此高度地相信資產負債表上的資金將保持為零，如果你們可以的話，那就太好了花一分鐘。

Yes, Mike, what you're getting at is really -- really highlights the difference between Silvergate and the SEN platform versus any other bank that might be open for business, accepting deposits in this ecosystem. And the real difference, as we've said, is around providing 24/7, 365 days a year, access to liquidity. And just to restate it, the cryptocurrency markets trade 24 hours a day, 7 days a week around the globe, they never sleep.

是的，邁克，你所得到的確實是——真正突出了 Silvergate 和 SEN 平台與任何其他可能營業的銀行之間的區別，在這個生態系統中接受存款。正如我們所說，真正的區別在於提供一年 365 天、每天 24/7 的流動性。重申一下，加密貨幣市場每週 7 天、每天 24 小時在全球範圍內交易，他們從不睡覺。

And the traditional banking rails are only open Monday through Friday. And so if you're an institutional investor or an exchange trading this asset class, then you need to have U.S. dollars or euros or other fiat currencies on the platform. There is no credit per se. There's no prime brokerage in this ecosystem.

傳統的銀行通道僅在周一至週五開放。因此，如果您是機構投資者或交易該資產類別的交易所，那麼您需要在平台上擁有美元或歐元或其他法定貨幣。本身沒有信用。在這個生態系統中沒有大宗經紀業務。

While the ecosystem is -- it continues to develop, there's still a big gap between the way institutions trade every other asset class that they're used to trading versus cryptocurrencies. And that primary difference is the need for dollars or fiat currency on the platforms in order to trade. And the primary way that this ecosystem does that is by having an account at Silvergate and being connected across our network. It really is a network effect, the two-sided network of exchanges and institutional investors.

儘管生態系統仍在繼續發展，但機構交易他們習慣交易的所有其他資產類別的方式與加密貨幣之間仍然存在很大差距。主要區別在於平台上需要美元或法定貨幣才能進行交易。這個生態系統的主要方式是在 Silvergate 擁有一個帳戶並通過我們的網絡連接。這確實是一種網絡效應，交易所和機構投資者的雙向網絡。

And then that's a long-winded wind up, Mike, to say that, therefore, as interest rates change, we don't really see significant changes in behavior. We are prioritizing liquidity for our customers. And this is understood coming in and then with ongoing dialogue, which is if a customer has excess deposits on our platform that they don't need for trading, and they desire to earn a return on those funds, then we actually encourage them to take those funds to other banks that are willing to pay interest.

然後這是一個冗長的結尾，邁克，說因此，隨著利率的變化，我們並沒有真正看到行為的顯著變化。我們優先考慮為客戶提供流動性。這是理解的，然後是持續的對話，如果客戶在我們的平台上有多餘的存款，他們不需要進行交易，並且他們希望從這些資金中獲得回報，那麼我們實際上鼓勵他們接受這些資金流向願意支付利息的其他銀行。

And those other banks are doing traditional banking things, and they're using those deposits in their lending activities, et cetera. We have a different strategy, and it is one that our customers are very reliant on our ability to provide that 24/7 liquidity. And therefore, we don't see a time when we will pay interest on these deposits. And we want to be an efficient 24/7 access to capital.

而那些其他銀行正在做傳統的銀行業務，他們將這些存款用於貸款活動等等。我們有不同的策略，我們的客戶非常依賴我們提供 24/7 流動性的能力。因此，我們看不到我們會為這些存款支付利息的時候。我們希望成為高效的 24/7 資金獲取途徑。

That's perfect. And then for my follow-up, just on capital, not necessarily the most relevant ratio for you guys, but obviously, the tangible common equity ratio took a hit this quarter. The leverage was down with the average assets growing, but still looks pretty strong. Alan, I was wondering if you could just refresh us on where you guys kind of stand on the capital planning process. It would seem like if stablecoins [aren't] expected to have an impact, you should have enough for the near future here, but I would love some thoughts there as well.

那很完美。然後對於我的後續行動，僅就資本而言，不一定是對你們最相關的比率，但顯然，有形普通股比率在本季度受到了打擊。槓桿率隨著平均資產的增長而下降，但看起來仍然相當強勁。 Alan，我想知道你是否可以讓我們了解一下你們在資本規劃過程中的立場。看起來，如果穩定幣 [不] 預計會產生影響，那麼你應該在不久的將來有足夠的東西，但我也喜歡那裡的一些想法。

Yes, Mike, I think you're exactly right in that given my earlier comments around the fact that we don't expect the stablecoin initiative to generate outsized deposits when we initially launch. We don't have a current need for capital. Having said that, we maintain active dialogue, and we keep our finger on the pulse of what's going on in the capital markets so that we can act if and when we need to. But we're pretty comfortable with where our capital ratios sit today. And even with the rise in rates and the hit to AOCI, we still have very strong capital ratios here as we head into the second quarter.

是的，邁克，我認為你說的完全正確，因為我之前的評論是，我們預計穩定幣計劃在我們最初推出時不會產生巨額存款。我們目前不需要資金。話雖如此，我們仍保持積極對話，並密切關注資本市場的動態，以便在需要時採取行動。但我們對今天的資本比率非常滿意。即使利率上升和對 AOCI 的打擊，當我們進入第二季度時，我們的資本比率仍然非常強勁。

The next question comes from George Sutton of Craig-Hallum.

下一個問題來自 Craig-Hallum 的 George Sutton。

One of the key takeaways coming out of the Bitcoin conference was the lightning network and a number of folks building on top of that. And maybe, Ben, this is a good question for you. If we look forward a year or so, can you just talk about lightning network use cases relative to a DM use case set as you see it?

比特幣會議的主要收穫之一是閃電網絡以及在此基礎上構建的許多人。也許，本，這對你來說是個好問題。如果我們展望一年左右，你能談談閃電網絡用例相對於你所看到的 DM 用例集嗎？

Yes, George, thanks for the question. I think it's probably no surprise to anyone that we're big bitcoiners here at Silvergate and ultimately believe in the use case for Bitcoin. And so we're fans of the lightning network as well. And we certainly see the application for that. We do think that it's a slightly different use case than the U.S. dollar-backed stablecoin.

是的，喬治，謝謝你的提問。我認為對於任何人來說，我們是 Silvergate 的大比特幣持有者並最終相信比特幣的用例，這可能並不奇怪。所以我們也是閃電網絡的粉絲。我們當然看到了這方面的應用。我們確實認為這是一個與美元支持的穩定幣略有不同的用例。

The U.S. dollar-backed stablecoin is obviously stable because it's pegged to the dollar. And so as people are making payments, whether that be domestically as they're buying things for merchants or if it's sending money overseas that where it's a U.S. dollar-friendly territory. We absolutely think that the U.S. dollar-backed stablecoin has -- there's a massive opportunity there to sort of reshape the way payments exist today.

美元支持的穩定幣顯然是穩定的，因為它與美元掛鉤。因此，當人們進行支付時，無論是在國內為商家購買商品，還是向海外匯款，這是一個對美元友好的地區。我們絕對認為，美元支持的穩定幣有一個巨大的機會來重塑今天的支付方式。

That said, we absolutely think that Bitcoin and the lightning network can -- will coexist. And as there's jurisdictions that maybe want exposure -- more exposure to bitcoin than they want to the U.S. dollar, then making payments over the lightning network using Bitcoin is fantastic. I think what's important to note is that in both scenarios, we think that Silvergate is well positioned to benefit from that.

也就是說，我們絕對認為比特幣和閃電網絡可以——將共存。由於有些司法管轄區可能想要曝光——比特幣的曝光比他們想要的美元多，那麼使用比特幣通過閃電網絡進行支付是非常棒的。我認為需要注意的重要一點是，在這兩種情況下，我們都認為 Silvergate 可以從中受益。

Obviously, if people are using Bitcoin for payments then that increases its usability and overall its value and sort of the market that exists for Bitcoin as a store of value in addition to payments. So we're excited about lightning. We're excited about the firms that are innovating around it. And we see those 2 payment rails coexisting going forward.

顯然，如果人們使用比特幣進行支付，那麼這會增加它的可用性和整體價值以及比特幣作為支付之外的價值存儲存在的市場類型。所以我們對閃電感到興奮。我們對圍繞它進行創新的公司感到興奮。我們看到這兩種支付方式在未來共存。

Great perspective. One other question relative to DM. You've talked about being encouraged by the outreach you've gotten from the members. There's a lot of discussion that we hear of partners moving in and out. Can you just give us an updated thought process on the interest level in the ecosystem as you see it?

偉大的觀點。另一個與 DM 相關的問題。你談到了從成員那裡得到的外展活動的鼓勵。我們聽到很多關於合作夥伴進出的討論。您能否就您所看到的生態系統的興趣水平向我們提供一個更新的思考過程？

Yes. I'll -- let me jump back in. Ben, let me just jump in quickly with a clarifying statement. And I just want to make sure that everybody knows that, again, we did not acquire the DM association nor any of the relationships with the DM association members. I think everybody knows that, that when we talk about former DM members potentially being interested. And that's where I'd like Ben to provide a little color.

是的。我會 - 讓我重新加入。本，讓我快速加入澄清聲明。我只是想確保每個人都知道，我們沒有獲得 DM 協會，也沒有與 DM 協會成員建立任何關係。我想每個人都知道，當我們談論前 DM 成員可能感興趣時。這就是我希望 Ben 提供一點顏色的地方。

I just want to be really clear that -- and this is important as we work with all of our different constituents in that what we are setting up, we're absolutely using the technology. We intend to use the technology very similar to the way it was contemplated but who we work with, whether or not they were former DM members is really up to us to determine as we move forward.

我只想明確一點——這很重要，因為我們與所有不同的組成部分合作，因為我們正在建立的東西，我們絕對在使用這項技術。我們打算使用與預期方式非常相似的技術，但我們與誰合作，他們是否是前 DM 成員，在我們前進的過程中真正由我們決定。

So Ben, why don't you go ahead and -- because that will sound like I'm throwing cold water on it, but it's really more of just the perspective of as we launch something, who we might be launching with. So Ben?

所以本，你為什麼不繼續，因為這聽起來像是我在潑冷水，但這實際上更多的是我們推出某些東西時的視角，我們可能會與誰一起推出。那麼本?

Yes. Thanks for the clarification, Alan. So yes, when you look at the former members of the DM association, the 26 companies that are there, a number of those firms were already customers of Silvergate even before we started working with DM. And we have had ongoing dialogue with a number of the former members of the association that are not Silvergate customers.

是的。謝謝你的澄清，艾倫。所以是的，當您查看 DM 協會的前成員時，那裡有 26 家公司，其中許多公司甚至在我們開始與 DM 合作之前就已經是 Silvergate 的客戶。我們一直在與一些不是 Silvergate 客戶的前協會成員進行對話。

That said, we've been really encouraged by the conversations that we've had with our existing call them crypto-native customers. These are firms, whether they're exchanges or in the other category, gaming firms and social impact firms. These are folks that are crypto-native and just kind of get the usage of stablecoins for payments and moving value around the globe.

也就是說，我們與我們現有的客戶進行的對話讓我們感到非常鼓舞，他們稱他們為加密原生客戶。這些是公司，無論是交易所還是其他類別，遊戲公司和社會影響公司。這些人是加密原生的，只是在某種程度上使用穩定幣進行支付和在全球範圍內轉移價值。

And so it's very possible that when we launch, we end up launching with sort of an existing Silvergate customer that's been a customer for a while and kind of just understands the space. So overall, having very positive conversations with folks across the crypto and payments ecosystem and just really encouraged by their interest in participating in this.

因此，很有可能當我們發佈時，我們最終會與現有的 Silvergate 客戶一起發布，該客戶已經成為客戶一段時間了，並且有點了解這個空間。總的來說，與加密貨幣和支付生態系統中的人們進行了非常積極的對話，他們對參與其中的興趣真的很受鼓舞。

All of that said, that doesn't change, I think, what we've said before around this being a pilot and us starting relatively small and growing it from there. That's still absolutely the plan. And we'll be strategic about the partners that we ultimately end up launching with. Thanks for the question.

所有這一切都沒有改變，我認為，我們之前所說的圍繞這是一個試點，我們從相對較小的規模開始並從那裡發展它。這仍然是絕對的計劃。我們將對最終與之合作的合作夥伴保持戰略性。謝謝你的問題。

Today's question comes from David Chiaverini from Wedbush Securities.

今天的問題來自 Wedbush Securities 的 David Chiaverini。

We can pick up right where we left off with the stablecoin initiative. I found it intriguing, your comments during the quarter, that you could white label the product. Has this strategy of white labeling it increased interest from consumer brands that may want to partner with Silvergate rather than you going with a self-branded stablecoin? And is white labeling this product a game changer in the stablecoin industry?

我們可以從穩定幣計劃中斷的地方重新開始。我發現很有趣，你在本季度的評論，你可以給產品貼上白色標籤。這種白標策略是否增加了消費者品牌的興趣，這些品牌可能希望與 Silvergate 合作，而不是使用自有品牌的穩定幣？該產品的白標是否會改變穩定幣行業的遊戲規則？

Ben, do you want to take that question?

本，你想回答這個問題嗎？

Yes. Yes, happy to do it. Thanks for the question, Dave. I think that in the minds of, let's just say, platforms that are thinking about issuing stablecoins, regulation is still kind of first and foremost in their minds. And so the technology is obviously important because they want to make sure that it's reliable and secure and scalable, and we think that the DM blockchain is all of those things.

是的。是的，很高興這樣做。謝謝你的問題，戴夫。我認為，在那些正在考慮發行穩定幣的平台的頭腦中，監管仍然是他們首要考慮的問題。所以這項技術顯然很重要，因為他們想確保它是可靠、安全和可擴展的，我們認為 DM 區塊鏈就是所有這些東西。

But ultimately, I think there still is an open question around regulation. And a lot of these platforms feel like they need to sort of answer that question sort of first. As it relates to white labeling it, what we've said is we're certainly open to that. We would be -- we would love to continue to have conversations with platforms that are thinking about doing that. We have no preconceived ideas of calling it a Silvergate dollar or anything like that, and we're actually going through a sort of a naming branding exercise at the moment.

但歸根結底，我認為監管方面仍有一個懸而未決的問題。很多這些平台都覺得他們需要首先回答這個問題。由於它涉及到白色標籤，我們所說的是我們當然對此持開放態度。我們會 - 我們很樂意繼續與正在考慮這樣做的平台進行對話。我們沒有先入為主的想法將其稱為 Silvergate 美元或類似的東西，我們目前實際上正在經歷一種命名品牌活動。

So I think we're probably in the very early stages of those conversations as you described it, David, and we'll figure it out sort of as we go but excited about the underlying technology and what we think that we can do there. And certainly, the potential of white labeling a stablecoin is certainly a possibility given the technology that we acquired in the payments platform that we acquired.

所以我認為我們可能正處於你所描述的那些對話的早期階段，大衛，我們會隨著我們的進展而弄清楚，但對底層技術以及我們認為我們可以在那裡做的事情感到興奮。當然，考慮到我們在我們收購的支付平台中獲得的技術，給穩定幣貼上白色標籤的潛力當然是可能的。

Very helpful. And then a follow-up on the MacroStrategy loan of $205 million. I imagine the appetite from MacroStrategy for a SEN Leverage product could be much higher given they have several billion of Bitcoin on the balance sheet. The question is, is the $205 million a test case before expanding the relationship further? How could this relationship evolve and grow over time?

很有幫助。然後是 2.05 億美元的 MacroStrategy 貸款的後續行動。我認為 MacroStrategy 對 SEN Leverage 產品的需求可能會更高，因為他們的資產負債表上有數十億比特幣。問題是，在進一步擴大關係之前，這 2.05 億美元是一個測試案例嗎？這種關係如何隨著時間的推移而發展和發展？

Yes, David, it's a fair question. We have not had any conversations to date about expanding the relationship further. But never say never and that would be as it relates to your particular question on that customer as well as in the other customer that might hold a lot of Bitcoin on their balance sheet as we move through time. I've consistently said that I believe this is some of the best lending that we've ever done at Silvergate.

是的，大衛，這是一個公平的問題。迄今為止，我們還沒有就進一步擴大關係進行任何對話。但是永遠不要說永遠，因為這與您對該客戶以及其他客戶的特定問題有關，隨著時間的推移，他們可能在資產負債表上持有大量比特幣。我一直說，我相信這是我們在 Silvergate 做過的最好的貸款。

And it's because of the combination of all the things that we've talked about as it relates to our ability to have control of the asset, control of the collateral while we have dollars outstanding against it, our ability to liquidate that collateral very quickly if we need to in a market that trades 24 hours a day, 7 days a week. So we could not be more excited about this new use case for lending against Bitcoin that businesses, that corporations are holding as part of their treasury.

這是因為我們討論過的所有事情的結合，因為它涉及我們控制資產的能力，控制抵押品的能力，而我們有未償還的美元，我們有能力很快清算抵押品，如果我們需要在一個每週 7 天、每天 24 小時交易的市場中。因此，我們對這種用於向企業提供比特幣貸款的新用例感到非常興奮，企業將其作為其國庫的一部分。

We have no further questions, so I'll hand back to the management team for any closing remarks.

我們沒有進一步的問題，所以我將把任何結束語交還給管理團隊。

All right. Thank you, Adam. Well, I just want to reiterate how proud we are of the strong results this quarter which were made possible by our customers and the hard work of everyone at Silvergate. We just have a great team, and I want to give a shout out to the team here as we're wrapping up the call.

好的。謝謝你，亞當。好吧，我只想重申，我們對本季度的強勁業績感到多麼自豪，這得益於我們的客戶和 Silvergate 所有人的辛勤工作。我們有一支很棒的團隊，我想在我們結束電話會議時向這裡的團隊大聲疾呼。

As we move through the rest of 2022, we're excited to continue executing against our multiple growth levers and continuing to provide innovative solutions for our customers. And we look forward to sharing additional updates with you in the coming quarters. Thanks, everybody for your time, and hope you have a great day.

隨著我們進入 2022 年剩餘時間，我們很高興繼續利用我們的多個增長槓桿執行並繼續為我們的客戶提供創新的解決方案。我們期待在未來幾個季度與您分享更多更新。謝謝大家的時間，並希望你有一個美好的一天。

This concludes today's call. Thank you very much for your attendance. You may now disconnect your lines.

今天的電話會議到此結束。非常感謝您的出席。您現在可以斷開線路。