Sol Strategies Inc (STKE) 2025 Q3 法說會逐字稿

Good day, and welcome to the Sol Strategies Inc. fiscal 3Q 2025 earnings conference call. (Operator Instructions)

大家好，歡迎參加 Sol Strategies Inc. 2025 財年第三季財報電話會議。（操作說明）

On the call are Leah Wald, Chief Executive Officer; Doug Harris, Chief Financial Officer; Max Kaplan, Chief Technology Officer; and John Ragozzino with ICR. At this time, it's now my pleasure to turn today's conference over to John Ragozzino with ICR. Please go ahead, sir.

參加電話會議的有：執行長 Leah Wald；財務長 Doug Harris；技術長 Max Kaplan；以及 ICR 的 John Ragozzino。現在，我很高興將今天的會議交給 ICR 的 John Ragozzino 來主持。請繼續，先生。

Good afternoon, and thank you for joining the Sol Strategies fiscal third-quarter 2025 earnings call.

下午好，感謝各位參加 Sol Strategies 2025 財年第三季財報電話會議。

Today's discussion based on information as of August 26, 2025, will include forward-looking statements subject to risks, uncertainties and market volatility. Actual results may differ materially from these statements due to factors beyond our control. We'd like to refer you to our latest press release, reports and SEDAR+ filings available on our website and through our SEDAR+ profile for detailed risk disclosures and assumptions, including that no significant events outside the normal course of business.

今天的討論基於截至 2025 年 8 月 26 日的信息，將包含前瞻性陳述，這些陳述受風險、不確定性和市場波動的影響。由於我們無法控制的因素，實際結果可能與這些說法有重大差異。我們建議您參閱我們最新的新聞稿、報告和 SEDAR+ 文件，這些文件可在我們的網站和 SEDAR+ 個人資料中找到，其中包含詳細的風險揭露和假設，包括不會發生正常業務範圍之外的重大事件。

Please note that past performance and current trends in the digital asset sector may not continue, and listeners should not place undue reliance upon them. The company does not undertake to update forward-looking statements, except as required by law. This call will also reference unaudited performance metrics for the quarter ended June 30, 2025, as outlined in today's press release.

請注意，數位資產領域過去的業績和當前趨勢可能不會持續，聽眾不應過度依賴這些績效和趨勢。除法律要求外，本公司不承擔更新前瞻性聲明的義務。本次電話會議也將提及截至 2025 年 6 月 30 日的季度未經審計的業績指標，如今天的新聞稿所述。

Unless otherwise noted, all dollar amounts are in Canadian dollars. Leah will review our progress towards our strategic objectives in the digital asset sector. Max will then provide an update on our operations and technology, and Doug will discuss our quarterly financial results before we open the floor with questions.

除非另有說明，所有金額均以加幣為單位。Leah 將檢視我們在數位資產領域實現策略目標的進展。接下來，Max 將介紹我們的營運和技術的最新情況，Doug 將討論我們的季度財務業績，之後我們將開放提問環節。

With that, let me turn the call over to Leah.

那麼，我把電話交給莉亞吧。

Thank you, John, and good afternoon, everybody. This has been another transformative quarter for Sol Strategies. As I look across the digital asset landscape, it's increasingly clear that fiscal 2025 marks a true inflection point not only for our company but for the broader institutional adoption of blockchain infrastructure.

謝謝你，約翰，大家下午好。對Sol Strategies而言，這又是另一個具有改變意義的季度。縱觀整個數位資產領域，越來越明顯的是，2025 財年不僅對我們公司而言是一個真正的轉折點，而且對更廣泛的機構採用區塊鏈基礎設施而言也是如此。

We're operating against the backdrop of meaningful regulatory progress. The Genius Act, advancing in Congress and the SEC's project Crypto initiative are providing the clarity and consistency that public companies have long needed to participate more fully in digital assets. This isn't just incremental progress, it's laying the foundation for how digital assets will be integrated into the global financial system over the coming decade.

我們是在監管取得實質進展的大背景下開展工作的。國會正在推進的《天才法案》和美國證券交易委員會的「加密貨幣項目」計劃，為上市公司更全面地參與數位資產領域提供了長期以來所需的清晰度和一致性。這不僅僅是漸進式的進步，它為未來十年數位資產如何融入全球金融體系奠定了基礎。

The pace of adoption has been remarkable. Year-to-date Digital Asset Treasury, or DAT, companies have raised over $39 billion. Today, there are more than 290 publicly traded companies that are deploying digital assets on their balance sheet, representing over $100 billion in aggregate allocation.

普及速度非常驚人。今年迄今為止，數位資產庫（DAT）公司已籌集超過 390 億美元。如今，已有超過 290 家上市公司在其資產負債表上部署了數位資產，總配置超過 1,000 億美元。

For public investors, DAT companies offer something unique, SEC-compliant, liquid and efficient vehicles to gain crypto exposure through equity markets. But with rapid adoption comes market saturation and not all DAT models are created equal. The market is coalescing into three distinct categories and understanding this evolution is critical to our positioning.

對於公眾投資者而言，DAT 公司提供了一種獨特、符合美國證券交易委員會規定、流動性強且高效的工具，可以透過股票市場獲得加密貨幣敞口。但隨著快速普及，市場也會出現飽和，而且並非所有 DAT 型號都一樣。市場正在逐漸演變為三個不同的類別，了解這種演變對我們的市場定位至關重要。

First, non-yield generating treasuries predominantly Bitcoin companies whose growth depends almost entirely on external capital raises and financial engineering. They provide simple exposure but without organic compounding.

首先，不產生收益的國債主要是比特幣公司，其成長幾乎完全依賴外部融資和金融工程。它們提供簡單的暴露方式，但不含有機化合物。

Second, yield-generating treasuries built on proof of stake based tokens, such as Ethereum and Solana, earning about 8% annually through staking. These are more capital efficient than bitcoin-only models, but remains constrained by staking yield limits.

其次，基於權益證明代幣（如以太坊和 Solana）所建構的收益型國庫，透過質押每年可獲得約 8% 的收益。這些模式比僅使用比特幣的模式更具資本效率，但仍受到質押收益率限制的限制。

Third, Sol Strategies represent what we call DAT++, pairing organic staking yields with infrastructure-driven validator revenues. This dual engine allows us to compound treasury holdings and nearly double the rate of peers while contributing meaningfully to network security and decentralization.

第三，Sol Strategies 代表了我們所謂的 DAT++，它將有機質押收益與基礎設施驅動的驗證器收入結合。這種雙引擎使我們能夠複利國庫持有量，並使速度幾乎是同行的兩倍，同時為網路安全和去中心化做出有意義的貢獻。

Let me be specific about what this means. While staking only companies are able to grow their treasury by about 8% annually, our strategy compounds at roughly 16% on an organic basis. That difference may appear incremental in a single year, but compounded over multiple years. It creates a step change in scale, efficiency and shareholder value.

讓我具體解釋一下這意味著什麼。雖然僅靠質押資金的公司每年只能成長約 8% 的資金，但我們的策略在有機成長的基礎上，複合成長率約為 16%。這種差異在一年內看起來微不足道，但多年累積下來就會造成很大的影響。它能顯著提升規模、效率和股東價值。

Our operational metrics this quarter demonstrate the strength of our execution. We surpassed $1 billion in delegated sold with almost 7,000 unique wallets taking to our validators, reflecting growing trust from both institutional and retail delegators. We maintained perfect 100% uptime on our core lane validator and delivered APY's consistently exceeding network averages.

本季我們的營運指標體現了我們強大的執行力。我們委託銷售額突破 10 億美元，近 7,000 個獨立錢包使用我們的驗證器，反映出機構和零售委託人對我們的信任度不斷提高。我們的核心通道驗證器保持了完美的 100% 正常運行時間，年收益率持續超過網路平均。

On the capital markets front, we continue advancing on our US listing strategy with strong progress towards NASDAQ uplisting. We completed the required stock consolidation and our recently filed shelf registration provides us with the flexibility to raise capital opportunistically when market conditions and our valuation create accretive opportunities.

在資本市場方面，我們持續推動美國上市策略，在納斯達克上市方面取得了強勁進展。我們已完成必要的股票合併，我們最近提交的貨架註冊為我們提供了靈活性，可以在市場條件和我們的估值創造增值機會時抓住機會籌集資金。

Importantly, this capital is not required to fund operations. Our business is self-sustaining through validated revenues and staking yields, but it does provide optionality to expand our sold treasury and accelerate growth when the right opportunities arise. We've built strategic partnerships that validate our position as an institutional-grade infrastructure industry leaders, including BitGo, (inaudible) test, Neptune, Pudgy Penguins and Solana Mobile have selected Sol Strategies as their trusted partner.

重要的是，這筆資金並非用於營運。我們的業務透過已驗證的收入和質押收益實現自給自足，但它也提供了選擇權，可以在合適的時機擴大我們已售出的資金規模並加速成長。我們已建立戰略合作夥伴關係，證明了我們作為機構級基礎設施行業領導者的地位，其中包括 BitGo、（聽不清楚）測試、Neptune、Pudgy Penguins 和 Solana Mobile 已選擇 Sol Strategies 作為其值得信賴的合作夥伴。

Most recently, we're proud to welcome ARK Invest as our staking provider for their digital asset revolution fund. These partnerships aren't just business relationships. They represent our deep integration into both the financial mainstream and Solana ecosystem.

最近，我們非常榮幸地歡迎 ARK Invest 成為其數位資產革命基金的質押提供者。這些合作關係不僅僅是商業關係。它們代表了我們與金融主流和 Solana 生態系統的深度融合。

We've also launched a public-facing done analytics dashboard that provides real-time on chain visibility into our validated revenue and treasury performance. This level of transparency reflects our commitment to building trust and holding ourselves accountable to both investors and the broader community.

我們還推出了面向公眾的完成分析儀表板，可即時顯示我們已驗證的收入和資金績效的鏈上可見性。這種透明度體現了我們致力於建立信任並對投資者和更廣泛的社區負責的承諾。

The distinction is critical in an increasingly crowded market, we're not simply a treasury vehicle providing exposure to Solana's price movement. We're simultaneously a significant treasury holder and a critical infrastructure provider to the Solana ecosystem itself. The dual role strengthens our credibility with institutional delegators creates reoccurring high-margin revenues and ensures we're directly contributing to the resilience and decentralization of the network.

在競爭日益激烈的市場中，這種差異至關重要，我們不僅僅是提供 Solana 價格波動敞口的國庫工具。我們既是 Solana 生態系統的重要資金持有者，也是其關鍵基礎設施提供者。這種雙重角色增強了我們在機構委託人中的信譽，創造了持續的高利潤收入，並確保我們直接為網路的韌性和去中心化做出貢獻。

In doing so, would become not just the beneficiaries of Solana's growth, but the builders of it. As we move forward, our vision remains clear, to establish Sol Strategies as the premier institutional grade Solana infrastructure platform.

這樣做，他們不僅會成為索拉納發展的受益者，還會成為發展的建設者。展望未來，我們的願景依然清晰，那就是將 Sol Strategies 打造成首屈一指的機構級 Solana 基礎設施平台。

Through our DAT++ model, validator leadership and strategic partnerships, we're building what we believe will be one of the most efficient and durable value creation engines in the digital asset sector. 2025 is proving to be the year where differentiation in digital asset treasuries truly matters. We're confident our strategy positions us not just to participate in the growth of institutional blockchain adoption, but to help lead it.

透過我們的 DAT++ 模型、驗證者領導力以及策略合作夥伴關係，我們正在建立我們認為將成為數位資產領域最高效、最持久的價值創造引擎之一。 2025 年將是數位資產管理領域差異化真正發揮作用的一年。我們相信，我們的策略不僅能讓我們參與到機構區塊鏈應用的成長中，還能引領這一成長。

Now let me turn it over to our CTO, Max, to discuss the technical infrastructure that makes this all possible and where the industry is heading.

現在，讓我們把麥克風交給我們的技術長 Max，讓他來討論一下使這一切成為可能的技術基礎設施以及行業的發展方向。

Thanks, Leah. Let me start with what matters, performance. This quarter, our Orangefin validator consistently ranked in the top three validators on the entire network in terms of APY. Our returns to stakers far exceeded any major players in this space, including names such as coin-based Kraken, Finance and more.

謝謝你，莉婭。首先，我想談談最重要的部分，那就是表現。本季度，我們的 Orangefin 驗證器在整個網路的 APY 排名中始終位列前三名。我們給質押者的回報遠遠超過了該領域的任何主要參與者，包括 Kraken、Finance 等基於代幣的公司。

Our biggest validator by stake, Laine, continued its streak of 100% uptime for over one year now. With our high yield consistent uptime brand recognition and compliance framework, it's for these reasons we crossed over CAD1 billion in delegated [Sol] this quarter with over 7,000 unique wallets trusting us with their assets. That's not luck, that's good old-fashioned execution paying off.

我們權益最大的驗證節點 Laine 已經連續一年多維持 100% 的正常運作時間。憑藉我們高收益、持續正常運行時間、品牌知名度和合規框架，正因如此，本季度我們委託的 [Sol] 金額突破了 10 億加元，超過 7,000 個獨立錢包信任我們，將他們的資產委託給我們。這不是運氣，而是老派的執行力得到了回報。

Our goal on the staking side of the business is really simple: offer the best product with the lowest cost for our clients. Many businesses out there charge extremely high conditions in the EMA compliance reporting and business development. With automation and strong brand recognition, we are able to charge lower commissions and offer our customers a better product at a lower cost. This is the model we are using to continue to grow our staking business, which is continuing to grow and picking up bigger and bigger clients.

我們在證券投注業務方面的目標非常簡單：以最低的成本為客戶提供最好的產品。許多企業在EMA合規報告和業務拓展方面收取極高的條件。憑藉自動化和強大的品牌知名度，我們能夠收取更低的佣金，並以更低的成本為客戶提供更好的產品。這就是我們用來繼續發展質押業務的模式，我們的質押業務正在持續成長，並吸引了越來越多的大型客戶。

One of the areas of our business we are extremely excited about is the growth of one of our new verticals, white label validators. This quarter, we onboarded Solana Mobile as a new client for our white label validator business. The Solana mobile validator is a default validator for Solana Mobile's new phone, The Seeker.

我們業務中令我們非常興奮的一個領域是我們新垂直領域之一——白標驗證器——的成長。本季度，我們迎來了 Solana Mobile 作為我們白標驗證器業務的新客戶。Solana 行動驗證器是 Solana Mobile 新手機 The Seeker 的預設驗證器。

The Seeker just began to ship a few weeks ago, had over 150,000 preorders and one of the most impressive launches in history for any phone. And just under two weeks, the Solana mobile validator already has over 1,500 unique wallets speaking to it, an extremely impressive stack considering most devices have not even been shipped yet. We are very excited about the launch of the Seeker, which places Sol Strategies in front of 150,000 potential customers through the Solana Mobile validator we operate and share in the revenue from.

Seeker 幾週前才開始出貨，預購量就超過了 15 萬部，是手機史上最令人印象深刻的發表之一。短短不到兩週時間，Solana 行動驗證器就已經擁有超過 1500 個獨立錢包與之通信，考慮到大多數設備甚至還沒有發貨，這是一個非常令人印象深刻的數字。我們對 Seeker 的推出感到非常興奮，它透過我們經營的 Solana Mobile 驗證器，將 Sol Strategies 推向 15 萬名潛在客戶面前，並從中分享收入。

Additionally, I want to talk about some efforts we completed this quarter to help the Solana network overall. This quarter, we open sourced a tool we call Solana Validator Failover. This tool helps other validators on the network, ensuring high uptimes, keeping the network resilient and fast.

此外，我還想談談我們本季為幫助 Solana 網路整體發展所做的一些努力。本季度，我們開源了一個名為 Solana Validator Failover 的工具。該工具可以幫助網路上的其他驗證者，確保高正常運作時間，並保持網路的彈性和速度。

Crypto was built on the ethos of open source technology. At Sol Strategies, we are passionate about being good stewards for the network, and we'll continue to build and launch tools that benefit all network participants. We are extremely proud of what we accomplished this quarter and excited for what we have planned for the future, but we are also excited for the upcoming technical developments coming to the Solana blockchain.

加密貨幣建立在開源技術的精神之上。在 Sol Strategies，我們熱衷於成為網路的優秀管理者，我們將繼續建立和推出有利於所有網路參與者的工具。我們為本季所取得的成就感到無比自豪，也對未來的計畫感到興奮，同時我們也對 Solana 區塊鏈即將迎來的技術發展感到興奮。

Many (inaudible) Solana improvement documents are being proposed, implemented and shipped, which brings significant improvements to the Solana blockchain. One of the ones we are most excited for is (inaudible) 326, which is the first SIMD behind Alpen Globe. (inaudible) is a proposal for Solana's new consensus algorithm, which could bring slot times down to around 100 milliseconds from 400 milliseconds.

許多（聽不清楚的）Solana 改進文件正在被提出、實施和發布，這將為 Solana 區塊鏈帶來重大改進。我們最期待的演算法之一是（聽不清楚）326，它是 Alpen Globe 背後的第一個 SIMD 演算法。 （聽不清楚）是 Solana 新共識演算法的一個提案，它可以將時隙時間從 400 毫秒縮短到大約 100 毫秒。

This opens up all new types of use cases for Solana, including more applications for trading. Speaking of exciting innovations coming to Solana, Jito, one of Crypto's most successful protocols, also recently announced BAM, known as Block Auction Marketplace. Sol Strategies was picked up as an initial launch partner for BAM, which allows applications more customizability around how their users' transactions get put into blocks.

這為 Solana 開啟了全新的應用程式場景，包括更多交易應用程式。說到 Solana 即將推出的令人興奮的創新，加密貨幣領域最成功的協議之一 Jito 最近也宣布推出 BAM，即區塊拍賣市場。Sol Strategies 被選為 BAM 的首批合作夥伴，BAM 允許應用程式對其用戶交易如何放入區塊進行更多自訂。

I expect BAM to be a massive success for Solana. We are excited about Solana's growth and how well positioned we are to be an important technology participant in that growth.

我預計BAM對Solana來說將取得巨大的成功。我們對 Solana 的發展感到興奮，我們有能力成為這個發展過程中重要的技術參與者。

With that, I'll pass it on to Doug.

這樣，我就把它轉交給道格了。

Great. Yes. Thanks, Max. For the June quarter marked another important step in the transformation of Sol strategies. This is the first quarter in which our results fully reflected contributions from all of our recently acquired validator operations.

偉大的。是的。謝謝你，馬克斯。6 月的季度標誌著 Sol 策略轉型又邁出了重要一步。這是我們業績首次全面反映所有近期收購的驗證器營運貢獻的季度。

We saw strong top line growth generating just over $3 million in staking and validator income. Looking ahead, we expect continued revenue growth as we scale both our treasury and third-party delegation business with further upside potential from any appreciation in the price of Solana.

我們看到營收強勁成長，質押和驗證者收入略高於 300 萬美元。展望未來，隨著我們的資金管理和第三方委託業務規模不斷擴大，我們預期營收將持續成長，而 Solana 股價的任何上漲都將帶來進一步的成長潛力。

I would also like to highlight a new revenue initiative. During the quarter, we began actively managing our treasury with available financial tools to enhance yield. While income from this activity was modest at approximately $30,000 in the quarter, we see significant opportunity to grow this contribution as our treasury expands.

我還想重點介紹一項新的創收計劃。本季度，我們開始積極利用現有的金融工具管理資金，以提高收益。雖然本季這項活動的收入不多，約為 3 萬美元，但隨著我們資金的擴張，我們看到了增加這項貢獻的巨大機會。

For the three months ended June 30, we reported comprehensive income of approximately $900,000, a solid result given several nonrecurring expenses incurred during the period. These included $900,000 in legal fees related to our Nasdaq listing process, prospective filings and fundraising activities as well as $2.4 million in transaction costs associated with the financings completed in the quarter.

截至 6 月 30 日的三個月內，我們報告的綜合收益約為 90 萬美元，考慮到該期間發生的幾項非經常性支出，這是一個穩健的結果。其中包括與我們在納斯達克上市流程、預期備案和籌款活動相關的 90 萬美元法律費用，以及與本季完成的融資相關的 240 萬美元交易成本。

Excluding these onetime items, operating expenses were approximately $1.7 million largely reflecting corporate overhead and professional service fees tied to ongoing operations. Adjusted EBITDA for the quarter was $800,000. This was derived from net income before taxes adjusted to exclude $4 million of amortization from validator acquisitions, $2.4 million of nonrecurring transaction costs and $1.8 million of stock-based compensation. We provide this measure to give greater clarity and underlying operating performance by excluding significant noncash and nonrecurring items.

除這些一次性項目外，營運費用約為 170 萬美元，主要反映了公司管理費用和與持續營運相關的專業服務費。本季調整後 EBITDA 為 80 萬美元。這是從稅前淨收入中得出的，調整後不包括驗證器收購產生的 400 萬美元攤銷、240 萬美元非經常性交易成本和 180 萬美元股票選擇權費用。我們提供這項指標，旨在透過排除重大非現金和非經常性項目，更清楚地展現潛在的經營績效。

At the same time, we continue to emphasize comprehensive income as our primary profitability metric, in line with US GAAP peers following the late 2024 update on cryptocurrency valuation treatment.

同時，我們繼續強調綜合收益是我們的主要獲利能力指標，這與美國通用會計準則同業在 2024 年底加密貨幣估值處理更新後的做法一致。

Turning to the balance sheet. Our Solana Treasury increased significantly over the quarter ending at just over $90 million compared to $48 million last quarter. Total assets rose to $164 million from $125 million at March 31, primarily reflecting the increase in Solana Holdings at that time. Liabilities grew to $62 million from $40 million in March, mainly due to the increase in convertible debentures.

接下來看一下資產負債表。本季 Solana 國庫資金大幅成長，達到 9,000 萬美元以上，而上一季為 4,800 萬美元。總資產從 3 月 31 日的 1.25 億美元增至 1.64 億美元，主要反映了當時 Solana Holdings 的成長。負債從 3 月的 4,000 萬美元增至 6,200 萬美元，主要原因是可轉換債券增加。

Overall, we continue to strengthen our balance sheet, expand our validator and staking revenues and grow our EBITDA base. We are excited by the opportunities our treasury and validator assets create for us as the Solana ecosystem continues to expand.

整體而言，我們將繼續加強資產負債表，擴大驗證者和質押收入，並擴大 EBITDA 基礎。隨著 Solana 生態系統的不斷擴展，我們的資金和驗證者資產為我們創造了許多機遇，我們對此感到非常興奮。

With that, I'll turn it back to Leah.

這樣，我就把麥克風交還給莉亞了。

Thank you, Doug. As we step back and reflect on the quarter, the story is clear. Sol strategies is executing across all fronts. We're strengthening our competitive moat as the premier Solana focused DAT++ company by delivering faster organic treasury growth than peers, expanding validated revenues through third-party delegation and continuing to accumulate Sol in a capital-efficient manner.

謝謝你，道格。當我們回顧本季時，結果顯而易見。Sol策略正在各方面全面展開。作為一家專注於 Solana 的領先 DAT++ 公司，我們透過比同行更快地實現有機資金增長、透過第三方委託擴大已驗證的收入以及繼續以資本高效的方式積累 Sol，來加強我們的競爭優勢。

Our uplisting progress in shelf registration are enhancing visibility and providing flexibility to scale with institutional demand. and our partnerships with leading institutions, custodians and consumer platforms demonstrate the trust that we've built in the market. What excites me most, however, is the road ahead. We are not just building a treasury vehicle, we are establishing an institutional-grade Solana infrastructure platform at the center of blockchain adoption.

我們在股票上市登記方面的進展提高了股票的知名度，並為我們根據機構需求進行規模擴張提供了靈活性。我們與領先的機構、託管機構和消費者平台的合作也反映了我們在市場上建立的信任。然而，最令我興奮的還是未來的道路。我們不僅僅是在建立一個國庫工具，我們正在區塊鏈應用的核心建立一個機構級的 Solana 基礎設施平台。

Solana has emerged as the leading layer 1 for high throughput, low-cost applications and its importance will only grow as tokenized real-world assets, payments and new financial rails take hold globally. Looking forward, our vision is clear, to make Sol Strategies synonymous with institutional-grade digital asset infrastructure.

Solana 已成為高吞吐量、低成本應用的領先 Layer 1 層，隨著代幣化現實世界資產、支付和新型金融軌道在全球範圍內的普及，其重要性只會不斷增長。展望未來，我們的願景很明確，那就是讓 Sol Strategies 成為機構級數位資產基礎設施的代名詞。

Through disciplined growth, validator leadership and targeted partnerships, we aim to create one of the most efficient and durable models for long-term value creation in the sector. Fiscal 2025 is proving to be the year where differentiation in digital asset treasuries truly matters, and we are confident that our DAT++ strategy gives us the growth engine and positioning to lead. Our business is built on the foundation of underlying yield generation supported by technology and infrastructure we actively manage.

透過嚴謹的成長、驗證者的領導和有針對性的合作，我們旨在打造業界最高效、最持久的長期價值創造模式之一。2025 財年將證明數位資產管理領域的差異化至關重要，我們相信我們的 DAT++ 策略將為我們帶來成長引擎和領先地位。我們的業務建立在基礎收益創造之上，而這又得益於我們積極管理的技術和基礎設施的支持。

By combining reoccurring revenues from staking and validation with investments in the core networks themselves, we were able to create durable and sustainable growth. This approach not only delivers value to our shareholders but also strengthens the ecosystems we operate in, ensuring that the technology and infrastructure continue to evolve and support broader adoption of decentralized platforms.

透過將質押和驗證帶來的經常性收入與對核心網路本身的投資相結合，我們實現了持久和可持續的成長。這種方法不僅為我們的股東創造了價值，而且還加強了我們營運所在的生態系統，確保技術和基礎設施不斷發展，並支持去中心化平台的更廣泛應用。

We're not just holding Solana, we're building it, and that's why we'll be here long after the tourists go home. With that, we'll now open the call for questions.

我們不僅擁有索拉納，我們還在建造它，這就是為什麼即使遊客離開很久，我們也會一直在這裡的原因。接下來，我們將開始接受提問。

Operator, please go ahead.

操作員，請開始。

(Operator Instructions) Bill Papanastasiou, KBW.

（操作說明）Bill Papanastasiou，KBW。

Congrats to the team on all the progress. I just have a quick question for the team here. Max, maybe you could walk us through your tech stack roadmap and what's in store for building or buying more Solana? If you could rank that based on your priorities, that would be appreciated.

祝賀團隊的所有進展。我有個問題想問各位。Max，或許你可以為我們介紹一下你的技術棧路線圖，以及未來在建造或購買更多 Solana 方面有什麼計劃？如果您能根據您的優先順序進行排序，我們將不勝感激。

Yes, absolutely. I'll say this is that like we view the validator business as something really, really core for many reasons, right? Number one is it helps us accrue more Sol, right? It's a real revenue-generating business and listen, I'm biased, but I think we're doing a good job with it, and I think the results speak for themselves.

是的，絕對的。我想說的是，我們認為驗證器業務是非常非常核心的業務，原因有很多，對吧？第一，它能幫助我們累積更多太陽，對吧？這是一個真正能帶來收入的業務，聽著，我承認我有點偏袒，但我認為我們在這方面做得很好，而且我認為結果足以說明一切。

Secondly, the important thing of validators is really this is we really believe in the Solana network as well, right? And as a validator, really high level, the more transactions that happen on Solana, the more we benefit as a business because we are getting those transaction fees, right?

其次，驗證者真正重要的是，我們也真心相信 Solana 網絡，對吧？身為驗證者，從宏觀層面來說，Solana 上的交易越多，我們作為企業就越受益，因為我們可以獲得這些交易費用，對吧？

So the reason we're running validators here is really because we love Sol, we want to accrue as much Sol as possible, but we also are really, really believe in the Solana network as well and we won a big stake in it, (inaudible) not intended there. But we really want to -- we think to the Solana network is going to continue to grow, especially with things like RWAs and all these really new exciting instruments that are coming on chain.

所以我們在這裡運行驗證器的真正原因是，我們熱愛 Sol，我們想盡可能多地積累 Sol，但我們也真的非常相信 Solana 網絡，並且我們贏得了它的很大一部分股份，（聽不清楚）並非有意如此。但我們真心希望——我們認為 Solana 網路將會繼續發展壯大，尤其是像 RWA 和所有這些令人興奮的新工具即將上線。

The more successful those things are going to be, the more we're going to directly benefit from that. So to answer your question, we're going to continue to focus really on validators and attracting more stake. And I think we're doing a good job this quarter because of the fact we just announced Arc as a partner and things like that.

這些事情越成功，我們從中直接受益就越多。所以回答你的問題，我們將繼續專注於驗證者和吸引更多質押。我認為我們本季業績不錯，因為我們剛剛宣布與 Arc 建立合作夥伴關係等等。

But at the same time, we really view it as two verticals. We have the treasury side, and we have the validator side. But really, you can abstract that out of the tech side, right? So hopefully, that answers your question. Let me know if not.

但同時，我們確實將其視為兩個垂直領域。我們有資金管理端，也有驗證端。但實際上，你可以把這些從技術層面剝離出來，對吧？希望這能解答你的疑問。如果不行請告訴我。

Yes. No, it's very clear. Oh, sorry, Leah, go ahead.

是的。不，這很清楚。哦，對不起，莉婭，你先請。

No, I appreciate it. And maybe I'll just cap it off, Max, I think that you covered everything. That was fantastic. Maybe I'll have fun with the buy side of the sector and of your question. I like it. So Max is absolutely right. We've seen both that organic development. And also, we are always looking for those strategic acquisitions.

不，我很感激。最後，Max，我想你已經涵蓋了所有內容，我就簡單總結一下吧。太棒了。或許我會對這個產業的買方業務以及你的問題感興趣。我喜歡。所以Max說得完全正確。我們已經看到了這兩種自然發展模式。此外，我們也一直在尋找策略性收購機會。

It's through the Orangefin acquisition that we got, Max, and that was maybe the biggest asset that came through that acquisition. We've had a lot of success in the past for those acquisitions and our appetite for M&A hasn't changed. So we see that build and buy approach as the reason that we've created the 19th largest validator operation out of over 1,000 validators on Solana.

Max，我們是透過收購 Orangefin 獲得的，而這可能是那次收購帶來的最大資產。我們過去在這些收購中取得了巨大的成功，我們對併購的熱情也沒有改變。因此，我們認為這種「建造和購買」的方法是我們在 Solana 上 1000 多個驗證器中創建了第 19 大驗證器運營的原因。

And again, as mentioned, that $1 billion assets under delegation that we reported tomorrow. So I guess that what's important to take away is that we're building innovation, that's on the build side regarding traditional acquisitions. That's also where from the innovation side, we're developing proprietary infrastructure.

還有一點，正如前面提到的，我們將在明天公佈的委託管理的10億美元資產。所以我覺得最重要的是，我們正在進行創新，這是在傳統收購方面進行建設性的創新。在創新方面，我們也正在開發專有基礎設施。

So I did want to call out which gets a little unnoticed that we did launch the first mobile app for native Solana staking. And that also automated validator management platforms and real-time Onchain reporting all under Max, so kudos to you, Max. So the last takeaway maybe just that what is the strategic view, how do we really think about the build versus buy. We see that validator acquisition strategy does create powerful network effects.

所以我想特別提一下，這一點常常被人忽略，那就是我們推出了第一個用於原生 Solana 質押的行動應用程式。此外，Max 還實現了自動化驗證器管理平台和即時鏈上報告，所以 Max，幹得好！所以，最終的結論或許就是，策略視角是什麼，我們究竟該如何看待自建或購買。我們看到，驗證者獲取策略確實能產生強大的網路效應。

We think we're going to see a large consolidation in the DATs this year. And every major validation operation that we acquire validates, pun intended, I guess, our strategy and also brings that established institutional relationships that we're continuing to build.

我們認為今年DAT領域將會出現大規模的整合。我們收購的每一個重大驗證行動，都驗證了我們的策略（此處雙關），同時也帶來了我們正在不斷建立的既有機構關係。

So we see ourselves as watching the early stages, if you will, of a self-reinforcing cycle where validator consolidation drives operational efficiency, which drives better yield, which drives more delegation, and that creates this virtuous loop that transforms us hopefully from the start-up that we were last year to where we're just on the run to really that dominant infrastructure provider where we're trying to be.

因此，我們認為自己正處於一個自我強化循環的早期階段，在這個循環中，驗證者整合推動了營運效率，從而提高了收益，提高了收益，進而推動了更多的委託，從而創造了一個良性循環，希望能夠使我們從去年的初創公司轉型為我們正在努力成為的真正主導的基礎設施提供者。

That was very helpful, and I appreciate the great color. Looking forward to see you guys take the lead under that DAT++ category.

這很有幫助，我很喜歡這個漂亮的顏色。期待看到你們在 DAT++ 類別中取得領先地位。

Brett Knoblauch, Cantor Fitzgerald.

布雷特·諾布勞赫，坎托·菲茨杰拉德。

Thanks for the question. As I look at kind of where the business is trending from both a delegated and maybe stake perspective, continued very strong growth quarter-over-quarter. How should we think about the pace of maybe Sol being delegated to your guys' validators? It seems like the Solana mobile app has the potential to meaningfully inflect that higher, though, I would assume retail might be a bit lower on a per wallet base from the amount of Sol being staked.

謝謝你的提問。從授權和股權的角度來看，這家公司的發展趨勢是持續強勁的季度環比成長。我們該如何看待 Sol 可能被委託給你們驗證者的速度？Solana 行動應用程式似乎有潛力顯著提高這一比例，不過，我估計由於質押的 Sol 數量，每個錢包的零售價格可能會略低一些。

But generally, do you think that we're -- the trend line we're seeing now is going to continue? Do you think we see faster growth in delegated Sol? Or just generally, how should we think about that trend?

但總的來說，你認為我們現在看到的這種趨勢線會繼續下去嗎？你認為委託銷售模式的成長速度會更快嗎？或者更廣泛地說，我們該如何看待這種趨勢？

Yes. Brett, thank you so much for joining, and I'll start as a dictator over here because I like the question, and then I think I'm going to pass it to Max one more time. Definitely excited and do believe that we are in the first innings for sure on institutional involvement in this ecosystem. If you even take the advances in tokenization, I think that's a great example to look at.

是的。Brett，非常感謝你的參與，我先以獨裁者的身份來回答這個問題，因為我喜歡這個問題，然後我想我會再把它交給Max一次。絕對令人興奮，相信我們在這個生態系統中，機構參與方面肯定還處於起步階段。即使以代幣化技術的進步為例，我認為這也是一個很好的例子。

We haven't even launched or took a stance yet or seen most of the real-world asset or funds on that have expressed desire to tokenize on rails yet. A lot of these trends, including BlackRock had mentioned their desire to launch on Solana rails. So just so much hasn't happened yet that we cannot see such an immense future of potential.

我們甚至還沒有正式啟動或表明立場，也沒有看到大多數表示希望進行代幣化的現實世界資產或基金。包括貝萊德在內的許多公司都曾表示希望在 Solana 平台上推出產品。所以還有很多事情尚未發生，我們無法看到如此巨大的未來潛力。

And as you're aware, and everyone here, the exciting thing is it's a flywheel for our firm, whereby the success of the -- success of the network directly correlates to revenues for us because we are running those validators. So we're very excited on that front.

正如您和在座各位所知，令人興奮的是，這對我們公司來說是一個飛輪效應，網路的成功與我們的收入直接相關，因為我們正在運行這些驗證器。所以在這方面我們感到非常興奮。

I think also something that's important to note is that Genius Act that I just spoke about and importance there. We are seeing such regulatory tailwinds. The DC impact is just incredible. All of us know that. But I think it's just starting to take off. We haven't seen the Solana Sol stake ETFs for spot being launched yet. We've seen (inaudible) shares. But we haven't seen the filers, the issuers approved yet by the SEC. So that's going to be a huge catalyst as well.

我認為還有一點要注意，那就是我剛才提到的《天才法案》及其重要性。我們看到監管方面的利多因素。DC的影響力簡直令人難以置信。我們都知道這一點。但我認為它才剛開始起飛。我們尚未看到 Solana Sol 現貨權益 ETF 的推出。我們看到（聽不清楚）股份。但我們還沒有看到獲得美國證券交易委員會批准的申報者和發行人。所以這也將成為一個巨大的催化劑。

Those have seen over $1 billion in AUM across the Swiss 6 and other European exchanges, very successful in Canada as well with purpose (inaudible) and 3IQ. So we're definitely getting there. You have SAB 121, and that unlocks the bank custody services. You had Paul Atkins Smith (inaudible) SEC enforcement cases.

這些基金在瑞士六大交易所和其他歐洲交易所的資產管理規模已超過 10 億美元，在加拿大也取得了巨大成功，目標（聽不清楚）和 3IQ 基金也取得了顯著成效。所以我們肯定正在朝著目標前進。您擁有 SAB 121，這解鎖了銀行託管服務。你曾處理過保羅·阿特金斯·史密斯（聽不清楚）的美國證券交易委員會執法案件。

And I think the big ones to note here is that crypto is now allowed in 401(k) accounts. And that's a $7 trillion addressable market. So the institutional partnerships we have with ARC, PICO, TETRA, we all see that as having accelerated after regulatory clarity and Max has stewarded the SOCI, SOC2, ISO 27001 certification. So we have worked really hard to position ourselves as a key player for institutions because most of them require those certifications.

我認為這裡需要注意的一點是，現在允許在 401(k) 帳戶中使用加密貨幣。這是一個價值 7 兆美元的潛在市場。因此，我們與 ARC、PICO、TETRA 等機構的合作關係，在監管明朗化之後都得到了加速發展，而 Max 則負責管理了 SOCI、SOC2 和 ISO 27001 認證。因此，我們非常努力地將自己定位為機構的關鍵參與者，因為大多數機構都要求這些認證。

So if we could get a portion of that retirement market, we'd be very happy over here, but that's definitely something that we're going to be going after. And as we become -- as Nasdaq approves our application, hopefully soon, again, pending regulatory approval or pending approval by the Nasdaq. Our goal in the US is to start having boots on the ground with RIAs, family offices, we're already speaking to issuers and just try to take over that market. So coming in with force.

所以如果我們能分得一部分退休市場，我們會非常高興，但這絕對是我們要努力爭取的目標。隨著我們——隨著納斯達克批准我們的申請，希望很快，再次等待監管部門的批准或納斯達克的批准。我們在美國的目標是開始與註冊投資顧問（RIA）、家族辦公室等機構建立合作關係，我們已經在與發行機構洽談，並試圖佔領這個市場。所以他們強勢出擊。

Awesome. Congrats on a great quarter.

驚人的。恭喜你本季表現出色。

John Roy, Water Tower Research.

John Roy，水塔研究。

You were mentioning obviously the staking wallets that you've got recently. Could you give us some more color on Solana Mobile? And I believe the new phone that was out recently the Seeker phone, some color on that would be wonderful. And then I have a follow-up.

你顯然是在提到你最近入手的那些質押錢包。能再詳細介紹一下 Solana Mobile 嗎？而且我覺得最近推出的新款手機 Seeker 手機，如果能有一些彩色外觀就太好了。然後我還有一個後續問題。

Great. And it's great to have you here. Thank you again. That is squarely a question for you, Max. So tapping Max in here, but it's been just enormous growth because of that partnership with Solana Mobile. So a very exciting partnership indeed.

偉大的。很高興你能來。再次感謝。這完全是你的問題，馬克斯。所以，Max 在這裡發揮了重要作用，但由於與 Solana Mobile 的合作，公司實現了巨大的成長。這的確是一項令人振奮的合作。

Max, can you shed a little more light?

Max，可以再詳細解釋一下嗎？

Yes, sure, absolutely. So there's an entity, I would say, within the Solana ecosystem called Solana Mobile. And it is a phone. The phone is called the Seeker. What it really is, is it's a phone that really is putting crypto first. And what do I mean by that is that, there's a few problems that the phone solves. But one of the ones that's really interesting, and I can talk about this firsthand as there's kind of a duopoly within the app stores today between Apple and Google.

是的，當然可以。所以，可以說，在 Solana 生態系統中存在一個名為 Solana Mobile 的實體。這是一部手機。這款手機名為 Seeker。它真正的本質是一款真正將加密貨幣放在首位的手機。我的意思是，手機可以解決一些問題。但其中有一點非常有趣，我可以就此談談我的看法，因為如今應用商店領域幾乎形成了蘋果和谷歌兩大巨頭的壟斷局面。

And one of the problems that crypto apps faced was a lot of developers and companies like big companies would go and try and put an app in the App Store and one of two things would happen -- when I say app store there, I mean between Apple and Google.

加密貨幣應用程式面臨的一個問題是，許多開發者和像大公司這樣的企業會嘗試將應用程式上架到 App Store，然後會發生以下兩種情況之一——我這裡說的 App Store 指的是蘋果和谷歌之間的 App Store。

So one of two things would happen there. One, they would get outright rejected. Not all the companies are, but there's plenty of companies that got outright rejected; and two, it's pretty well out there that Apple and Google take really high fees in terms of digital goods, 30% at times. And there's been some famous lawsuits with companies against Apple and Google, where the results are favorable towards developers.

所以那裡會發生以下兩種情況之一。第一，他們會被直接拒絕。並非所有公司都如此，但有很多公司被直接拒絕了；其次，眾所周知，蘋果和谷歌在數位商品方面收取非常高的費用，有時甚至高達 30%。而且，一些公司起訴蘋果和谷歌的著名訴訟案也取得了對開發者有利的結果。

But Solana really took an approach of, hey, let's go and build a new phone. And what they actually did was there's actually a separate app store within the Solana mobile phone called the Seeker. On top of that, there's some really cool security features of it that I won't get into the technical details of, but it keeps your private key more secure and things like that.

但索拉納採取的策略是，嘿，讓我們去打造一款新手機吧。他們實際的做法是，在 Solana 手機中內建了一個名為 Seeker 的獨立應用程式商店。除此之外，它還有一些非常酷的安全功能，我不會深入探討技術細節，但它可以更好地保護你的私鑰等等。

To talk a little higher level with 150,000 preorders, which is a lot of devices. And those phones are really just starting to ship now. And one of the things the Seeker did was it actually shipped with a wallet, and inside that wallet, the default validator to stick to is the Solana mobile validator, which we are now running as part of our new white label validator business, a new vertical that we're running, and that's our second white label validator business.

再從更高的層面來說，15萬台設備的預購量可不是小數目。這些手機現在才剛開始出貨。Seeker 的一個特點是它實際上附帶了一個錢包，而在這個錢包裡，預設的驗證器是 Solana 行動驗證器，我們現在將其作為我們新的白標驗證器業務的一部分來運營，這是我們正在運營的一個新垂直領域，也是我們的第二個白標驗證器業務。

One of the cool things -- another cool thing, I guess, I should say, is that we do make all of our data public and our Dune dashboard. And if you look at unique wallet staking, it's just been like a straight line up really because of the impressive work that Solana Mobile did in terms of just distribution.

其中一件很酷的事情——或者應該說是另一件很酷的事情——是我們把所有的數據和 Dune 控制面板都公開了。如果你看一下獨特的錢包質押情況，你會發現它一直呈直線增長，這完全是因為 Solana Mobile 在分發方面所做的出色工作。

And a lot of these phones aren't even shipped yet in terms of how many there are. I'm not privy to that -- how many are shipped versus how many aren't? I'm not privy to that. But I know a lot of people that haven't even gotten their phones yet.

而且就數量而言，這些手機中許多甚至還沒有發貨。我並不清楚具體情況──有多少件商品已出貨，又有多少件沒有出貨？我對此並不知情。但我認識很多人甚至還沒拿到手機。

So in summary, the Solana mobile phone is really a phone that's dedicated towards aspiring crypto businesses and developers that are looking to keep 100% of their profits and also be able to just get distribution. And we're really excited that we also have an app inside the Solana Mobile App Store for our Orangefin app as well.

總而言之，Solana 手機是一款真正致力於幫助有抱負的加密貨幣企業和開發者保留 100% 利潤並能夠輕鬆分銷的手機。我們非常高興地宣布，我們的 Orangefin 應用程式也已上線 Solana 行動應用程式商店。

So we're really trying to -- we're definitely really excited about it. We support it in two different ways with the running the validator and also having an app in the App Store. So hopefully, that answers your question. It's a very good one.

所以我們正在努力——我們對此感到非常興奮。我們透過兩種不同的方式支援它：運行驗證器以及在 App Store 中提供應用程式。希望這能解答你的疑問。這是一部非常好的作品。

No, that was excellent. As a follow-up, certainly, congratulations on going over $1 billion in assets under delegation. I was wondering, you talked a little bit about the flywheel and how it all relates with acquisitions, et cetera. Do you feel like you will get another level of acceleration if you see more regulatory clarity out of the US?

不，那太棒了。當然，在此恭喜您委託管理的資產規模突破 10 億美元。我想問一下，您剛剛談到了飛輪效應以及它與收購等事物之間的關係。您認為如果美國監理政策更加明朗，是否會帶來更大幅度的加速發展？

I'm really talking about to clarify stuff that they're talking about. I don't know what's going to happen this year or soon, but certainly, that seems like that would put the pedal to the metal at that point.

我其實是想澄清一下他們正在談論的事情。我不知道今年或不久的將來會發生什麼，但可以肯定的是，那似乎會促使我們全力以赴。

I'll jump in on this one. That's exactly right. And for us who have been in the digital asset space for a while, I mean, this is just a new frontier. We're not used to this in all the different support that we've seen from the SEC and across D.C. effectively, every regulatory body is helping support crypto companies with regulation and clarity to your point about the Clarity Act.

我也來參與一下。完全正確。對於我們這些在數位資產領域摸爬滾打了一段時間的人來說，這簡直就是一個全新的領域。我們不習慣這種局面，我們看到了來自美國證券交易委員會和華盛頓特區的各種支持，實際上，每個監管機構都在幫助加密貨幣公司進行監管，並明確了您關於《清晰法案》的觀點。

So that's only helpful for us, especially as we look to grow our base of investors as well as our technology in the United States. So absolutely. We're following D.C. very closely, obviously, very close to the ground on SEC approval of stakes Sol [EPS] and generally how the SEC is engaging with the community on staking, providing more clarity there.

所以這對我們來說只有好處，尤其是在我們尋求擴大在美國的投資者基礎和技術規模的時候。當然。顯然，我們非常密切地關注華盛頓特區，密切關注著美國證券交易委員會對 Sol [EPS] 質押的批准情況，以及美國證券交易委員會如何與社區就質押問題進行互動，從而提供更多清晰的信息。

As a Canadian issuer, we know what's going on in our background here in our backyard, but we're just seeing so much opportunity in the US that we also think that cross list on Nasdaq will unlock those opportunities beyond market liquidity. So very much following DC. I was born and raised a Washingtonian, so maybe I couldn't stop myself anyways, but no, it's definitely a new year here, and I think that it's going to only continue.

作為加拿大發行機構，我們了解我們本土市場的情況，但我們也看到了美國市場的巨大機遇，因此我們認為在納斯達克上市將釋放市場流動性之外的更多機會。我一直非常關注華盛頓特區。我生於斯長於斯，所以也許我根本無法控制自己，但確實，這裡已經是新的一年了，而且我認為這種關注還會繼續下去。

John Todaro, Needham & Company.

約翰‧托達羅，李約瑟公司。

Congrats on the quarter here. I guess I just wanted to take a step back and go to some of the earlier comments that were made. How do you marry more financial products which benefit the Solana ecosystem in Sol, but then also maybe increases the competition on your part and maybe increases the competition on getting investor interest?

恭喜你本季取得佳績。我想回顧一下之前的一些評論。如何將更多有利於 Solana 生態系統的金融產品整合到 Sol 中，但同時也可能增加自身面臨的競爭，並增加吸引投資人興趣的競爭？

How do you just kind of marry the two? And I guess, how does that look near term? And then what are you thinking three, five years down the road?

如何將這兩者結合呢？那麼，短期來看情況如何呢？那麼，你對三、五年後的發展有什麼想法呢？

I'll jump in here. John, thank you for joining. And great question because I think it's a two-pronged question truly. I think it's that DAT co and differentiating as well as trying to support the new competitors that are out as well as absolutely supporting the Solana ecosystem. Is that also taking away potential clients that would be staking to our validators if we're generally pushing them to potentially other custodians that have a preference towards others.

我來插一句。約翰，謝謝你的參與。這是一個很好的問題，因為我認為這確實是一個包含兩個面向的問題。我認為 DAT 公司正在努力實現差異化，同時努力支持新出現的競爭對手，並全力支持 Solana 生態系統。如果我們把潛在客戶推向其他可能更傾向於其他託管機構的託管機構，那麼這是否也會讓他們失去原本會質押在我們驗證者伺服器上的潛在客戶呢？

How do we walk that fine line of supporting the ecosystem and being that spokesperson when maybe it doesn't lead to investment specifically for us. And that's definitely something that I know at least the difficulties of very clearly coming from Valkyrie and being one of the first issuers to launch structured products in a market with a lot of competitors, whereby I still always believe that a rising tide is what you'll see.

我們如何在支持生態系統和擔任代言人之間找到平衡點，尤其是在這可能不會直接為我們帶來投資的情況下？我來自 Valkyrie，作為首批在競爭激烈的市場中推出結構化產品的發行商之一，我非常清楚其中的困難，但我仍然始終相信，你會看到市場呈現上升趨勢。

And if you're out there educating, it will always be a rising tide by working with collaboration and there's no downside to education. That's why it's just been remarkable with Larry Fink on TV every day and all the other supporters that we've had teaching about the different blockchains, their differences and what they can and can't do, what they're supporting, what they're not and why. And this is what matters.

如果你投身教育事業，透過合作，教育將永遠是一股上升的浪潮，教育沒有任何弊端。正因如此，每天看到 Larry Fink 在電視上，以及我們所有其他支持者講解不同的區塊鏈、它們的區別、它們能做什麼和不能做什麼、它們支持什麼、不支持什麼以及為什麼，才顯得如此了不起。而這才是最重要的。

But going back to the DAT question. There is definitely a lot of competitors coming out. Now again, they fall into that first bucket that we've talked about first or second tier bucket that we talked about of DAT where you have static Holdings, which is Tier 1, Tier 2 being static holdings -- or holdings that are stake to validators that aren't theirs, thereby only getting 1 part of the equation of that yield.

但讓我們回到DAT考試的問題上來。一定會有很多競爭對手湧現出來。現在，它們又落入了我們之前討論過的 DAT 的第一層或第二層級，其中有靜態持有，即第一層級，第二層級是靜態持有——或者質押給驗證者但並非他們所有的持有，因此只能獲得該收益等式的一部分。

And then us as that DAT++ in the market who's actually yielding on both sides of the equation while also building tech. So we squarely see ourselves, again, as you can see within the name as a DAT, but with that plus plus element that just takes us to your question, what's in store for the three to five years that takes us there for actually being a very serious staking infrastructure provider three to five years from now that also has the capabilities to acquire our way and build our way into other verticals as the environment changes.

然後，我們作為市場上的 DAT++，在等式的兩端都實現了盈利，同時還在開發技術。所以，正如您從名稱中看到的，我們明確地將自己定位為 DAT，但加上「加加」元素，這就引出了您的問題：未來三到五年內，我們將如何發展成為一家真正意義上的質押基礎設施提供商，並具備隨著環境變化而收購和拓展其他垂直領域的能力。

And as mentioned earlier today, the DAT Co, right, the digital asset treasury company. So some people say DAT, some people say DAT Co, I'll say DAT Co here. But the DAT Co space does control and over $100 billion in digital assets, and there were 15 new entrants in just 30 days is what I just read.

正如今天早些時候提到的，DAT 公司，也就是數位資產管理公司。所以有些人說 DAT，有些人說 DAT Co，我這裡就說 DAT Co。但根據我剛剛讀到的報導，DAT Co 領域控制著超過 1000 億美元的數位資產，而且在短短 30 天內就出現了 15 家新公司。

So corporate purchases exceeded ETF inflows for the three straight quarters. So we all thought that the ETFs were creme to (inaudible) of what you were seeing with institutional participation, but it really is this DAT Co environment. So the way that we're trying to support is, again, by pushing the pillars that make Solana important that we believe in by open sourcing technology by building on Solana, we still aim to be first -- the first public company to tokenize their stock on Solana, that is still important to us and continuing to build.

因此，企業購買量連續三個季度超過了 ETF 的資金流入量。所以我們都認為 ETF 是（聽不清楚）機構參與的最佳選擇，但實際上，這就是 DAT Co 的環境。因此，我們嘗試支援的方式是，再次透過推動使 Solana 變得重要的支柱，透過開源技術，透過在 Solana 上構建，我們仍然致力於成為第一家——第一家在 Solana 上將其股票代幣化的上市公司，這對我們來說仍然很重要，我們將繼續努力。

So be friends out there yet also very vicious competitors in regards to promoting just our key difference of DAT++ and that we actually believe that, that model will matter in the future by compounding our treasury organically through the validator rewards.

所以，我們既要維持朋友關係，也要成為彼此最激烈的競爭對手，共同推廣我們 DAT++ 的關鍵優勢。我們相信，這種模式將在未來發揮重要作用，透過驗證者獎勵有機地增加我們的資金。

I appreciate the viewpoints and congrats again.

感謝您的觀點，再次恭喜您。

(Operator Instructions) Kevin Dede, H.C. Wainwright.

（操作說明）凱文·德德，H.C. 溫賴特。

I was wondering if you might talk about the process that you're working through to list in the States, given you've offered so much focus on reg changes in the States versus the OSA.

鑑於您一直以來都非常關注美國和安大略省的法規變化，我想請您談談您在美國上市的流程。

Yes. And it's always great to hear from you, Kevin. So as you know, I can only mention what's public. And actually, I'm very happy you asked the question because I think there was confusion around some of the events recently. All of the stock consolidation, other things we've done have been very specifically to progress that Nasdaq application listing forward.

是的。很高興收到你的來信，凱文。如你所知，我只能提及公開的資訊。事實上，我很高興你問了這個問題，因為我認為最近發生的一些事情引起了一些誤解。我們所做的所有股票整合和其他事情，都是為了推進納斯達克上市申請。

So we completed the (inaudible) stock consolidation that was done on August 5, again, to meet that Nasdaq price requirement. There's also been progress done on the regulatory and other listing requirements. Our 40-F was approved by the SEC. So we're in final stages now of continuing to move forward on Nasdaq for that final approval.

因此，我們在 8 月 5 日再次完成了（聽不清楚）股票整合，以滿足納斯達克的價格要求。在監管和其他上市要求方面也取得了進展。我們的 40-F 表格已獲得美國證券交易委員會的批准。所以我們現在正處於在納斯達克獲得最終批准的最後階段。

And as you can imagine, not just enhanced visibility do we want the institutional investors as soon as we can access the Nasdaq market by something very important to me is is also to move forward, start speaking to other allocators and issuers to hopefully have inclusion in indexes and thematic ETFs.

正如你所想，我們希望的不僅僅是提高機構投資者的可見度，一旦我們能夠進入納斯達克市場，對我來說非常重要的一點是，我們還要繼續前進，開始與其他資產配置者和發行人交談，希望能夠將我們的產品納入指數和主題 ETF。

And is the validator that you're running for Sol Mobile under that white label umbrella. Is the benefit there just that Solana sits on your validator nodes? Or is there any sort of software licensing or any sort of affiliated alternative revenue stream that I might be missing?

而您為 Sol Mobile 運行的驗證器，正是以白標形式提供的。Solana 的優點只是它可以部署在你的驗證節點上嗎？或者，我遺漏了某種軟體授權或其他相關的替代收入來源？

Yes. Great question. Max, I'll tap you in here, and I think that there's a lot to that that we can speak to.

是的。問得好。馬克斯，我這就跟你說說，我覺得我們可以就此展開很多討論。

Yes, absolutely. And thanks for the question. So the validate we're running for Solana Mobile, it's a white label validator. And what I mean by that more specifically is that it is a whole separate validator that is dedicated to Solana Mobile. If you were to look it up on chain, I'm not saying you should, but if you wanted to go -- to do that, you would see a new validator that's running on the Solana network called the Solana Mobile validators.

是的，絕對的。謝謝你的提問。所以，我們為 Solana Mobile 運行的驗證程序是一個白標驗證器。更具體地說，我的意思是，這是一個完全獨立的驗證器，專門用於 Solana Mobile。如果你想在鏈上查找相關信息，我不是說你應該這樣做，但如果你想去查找——要做到這一點，你會看到一個在 Solana 網路上運行的新驗證器，稱為 Solana Mobile 驗證器。

The benefit to us specifically is that there's a revenue split, right? And with the revenue that is generated from the validator, we are getting a portion of that, right? So like we're doing two things there. So we've built one -- like I do want to talk a little bit about something here. We've spent a lot of time automating our operations so that we can do things like this.

對我們來說，具體的好處是可以分成收益，對吧？驗證器產生的收入中，我們會分得一部分，對吧？所以，我們在這裡做了兩件事。所以我們已經建好了一個——我想在這裡稍微談談這件事。我們投入了大量時間來實現營運自動化，這樣我們才能做這樣的事情。

And I think our team is doing an awesome job in terms of just building some cutting-edge infrastructure to go and do this, right? We've written blog posts that have been well received. We've built open source tools and other validators are using.

我認為我們的團隊在建立一些尖端基礎設施來完成這項工作方面做得非常出色，對吧？我們撰寫的部落格文章受到了好評。我們開發了開源工具，其他驗證者正在使用這些工具。

And then we also have our own proprietary stuff. And what we talked about here is we were able to spin up validators for new entities that want to come on and run a validator just like Solana Mobile did. There might be other businesses out there that want to run a Solana validator because it is a profitable business, if you can scale it out.

此外，我們還有一些我們自己專有的產品。我們在這裡討論的是，我們能夠為想要加入並運行驗證器的新實體啟動驗證器，就像 Solana Mobile 所做的那樣。如果能夠擴大規模，Solana 驗證器可以獲利，因此可能還有其他企業也想營運 Solana 驗證器。

So specifically to us, the real benefit here is that as the validator grows, the revenue that we generate as well as, of course, Solana Mobile goes up, so I want to be -- just to be like a very clear (inaudible) you run four validators on our own that are 100% owned by the company.

所以對我們來說，真正的好處是，隨著驗證器的成長，我們以及 Solana Mobile 產生的收入也會增加，所以我想——就像非常清楚地（聽不清楚）一樣，你們自己經營著四個驗證器，它們 100% 由公司擁有。

And then as part of our white label validator, we are now running two validators on behalf of other entities. Solana Mobile and Pudgy Penguins, which is really PENGU which is their token and Pudgy Penguins is one of the biggest brands in crypto. They have toys all over Walmart, and things like that.

然後，作為我們白標驗證器的一部分，我們現在代表其他實體運行兩個驗證器。Solana Mobile 和 Pudgy Penguins，實際上是 PENGU，它是他們的代幣，而 Pudgy Penguins 是加密貨幣領域中最大的品牌之一。沃爾瑪到處都有玩具之類的東西。

Yes. So Leah, you talked at length about your M&A perspective. But I guess I'm still a little confused. I'm not sure if you're targeting technology development? Or if you would look for other Sol treasury companies that might be suffering at discount to NAV. And in building your accumulated sole treasury?

是的。莉亞，你詳細地談到了你對併購的看法。但我仍然有些困惑。我不確定你們的目標市場是否是技術開發？或者，您可以尋找其他可能因淨值折價而遭受損失的 Sol 財務公司。那麼，在累積你個人財富的過程中呢？

There's definitely opportunities across the spectrum, and we're looking at all, so we're most used to the validator acquisition that we've done in the past, but we're looking across the spectrum of different technologies that have been built in Solana that are very interesting. But I do think we're going to see a lot of consolidation across the market for the various gaps with similar tokens.

各個領域都存在著機會，我們正在關注所有領域，所以我們最熟悉的還是過去進行的驗證器收購，但我們正在關注 Solana 中構建的各種非常有趣的不同技術。但我認為，我們將看到市場上出現大量整合，以填補類似代幣之間的各種差距。

I also think that you'll likely see consolidation of underperforming [DATs] and transfer of the tokens on their balance sheet into tokens of the acquirers engaging in an investment thesis. So looking at all those opportunities very actively right now. Very good question.

我還認為，表現不佳的 [DAT] 可能會被整合，其資產負債表上的代幣將被轉移到符合投資邏輯的收購方的代幣中。所以，我現在正在積極尋找所有這些機會。問得好。

You're also holding coins obviously, other than Solana, such as Sui. And I'm wondering if you're thinking about building some of the technical developments into those chains.

除了索拉納之外，你顯然還持有其他貨幣，例如蘇伊幣。我想知道您是否考慮將一些技術發展融入這些鏈條中。

Yes. Good question. So we acquired Sui validators alongside the acquisitions of Orangefin as well as Cogent. So we were running those as just small passive income in the background, but quite nominal amount of income that was generated. There was no concerns around it. It was effectively the same lift to continue doing so.

是的。問得好。因此，我們在收購 Orangefin 和 Cogent 的同時，也收購了 Sui 驗證器。所以，我們當時只是把這些當作一些無關緊要的被動收入來源，但產生的收入數量非常有限。對此沒有任何疑慮。繼續這樣做實際上和乘坐同一電梯沒什麼區別。

However, very nominal amount on the about notionally nominal amount on the balance sheet and definitely not a key focus. But we're definitely, to your greater question, I believe, doing a lot more and being more strategic with the (inaudible) Sol and some of the other tokens that we've decided to invest in as investing in the ecosystem.

然而，這筆金額在資產負債表上名義上只是非常小的金額，絕對不是重點。但對於你提出的更重要的問題，我相信，我們正在加大力度，更加重視對 Sol 以及我們決定投資的其他一些代幣的策略性投入，將其視為對生態系統的投資。

Again, our core treasury is and will always be Sol and taking it to our validators, the DAT++ that we've been hammering on this call. But we are making, if you will, strategic reserve ecosystem asset investments for our balance sheet and projects that we think are of huge opportunity.

再次強調，我們的核心資金庫是並將永遠是 Sol，而我們向驗證者提供的則是我們在此次電話會議中一直強調的 DAT++。但是，我們正在對資產負債表和我們認為具有巨大機會的項目進行戰略儲備生態系統資產投資。

Max, would you want to talk a little bit more about what we're thinking on the (inaudible) Sol front and a couple of the others and why we started looking and more actively participating?

馬克斯，你能否再多談談我們對太陽系（聽不清楚）以及其他一些方面的想法，以及我們為什麼開始關注並更積極地參與其中？

Yes. Just to talk about the SUI comment you mentioned there. We are running SUI validators, but our (inaudible) and sole focus is Solana, right? So I want to make that clear. On (inaudible) and JCO, we are holding JitoSOL. And to be very, very clear, that is stakes, which we are earning revenue from in really a different way, but JitoSOL is stake Sol and you are earning revenue from that. With JitoSOL itself, it's an algorithmic stake pool.

是的。我只是想談談你剛才提到的SUI評論。我們正在運行 SUI 驗證器，但我們（聽不清楚）唯一的重點是 Solana，對嗎？所以我想把這一點說清楚。在（聽不清楚）和 JCO，我們持有 JitoSOL。需要非常非常明確的是，這是權益，我們從中獲得收入的方式確實有所不同，但 JitoSOL 是權益 Sol，您可以從中獲得收入。JitoSOL 本身就是一個演算法權益池。

And I know those are some fancy words there, so I don't want to go like too deep on that. But one of the things I want to mention on JitoSOL is that actually a part of the delegation set with (inaudible). So Orangefin is the third ranked validator inside the (inaudible) stake pool. So a good portion of the funds that -- like the overall funds of Jito sold actually get states to the Orangefin validator, which is our validator, right?

我知道那些詞都很高級，所以我不想深入探討。但我想在 JitoSOL 中提到的一點是，實際上委託集的一部分與（聽不清楚）所以 Orangefin 是（聽不清楚的）權益池中排名第三的驗證者。因此，Jito 出售的資金中很大一部分實際上會流向 Orangefin 驗證器，也就是我們的驗證器，對吧？

There are some benefits of liquid stacking versus native staking, which I won't necessarily get into on this unless we want to -- but the Jito ecosystem is really interesting to us. Because of BAM, which I mentioned, which was really well received. Jito is really one of the most successful protocols in all crypto, if not the most successful.

與原生質押相比，液態堆疊有一些優勢，除非我們想深入探討，否則我不會在這裡詳細討論——但 Jito 生態系統真的讓我們很感興趣。因為正如我之前提到的，BAM 受到了非常熱烈的歡迎。Jito 絕對是所有加密貨幣中最成功的協議之一，甚至可以說是最成功的。

And we were just announced as a launch partner for BAM, which is one of the most exciting developments on Solana. So we really like to. We really like the tool, the Jeto team, and we are holding a small portion of our treasury in Genosy.

我們剛剛被宣布成為 BAM 的啟動合作夥伴，這是 Solana 上最令人興奮的開發項目之一。所以我們真的很喜歡。我們非常喜歡這款工具和 Jeto 團隊，並且我們在 Genosy 中持有少量資金。

So while I have you, Max, just one other question. For own validator nodes and two that you're running on your weight label. But I'm just kind of wondering how they're separated and, I guess, in physical server operation, what kind of redundancy you've got and how that complements the 100% uptime that you were talking about at Laine?

趁你還在，Max，我還有一個問題。對於您自己的驗證節點和您在權重標籤上執行的兩個驗證節點。但我只是有點好奇它們是如何分離的，以及在實體伺服器運行中，你們有哪些冗餘措施，以及這如何與你們在 Laine 所說的 100% 正常運行時間相輔相成？

Yes, absolutely. Great question. Well, I'll start high level here is that I want to say we're ISO 27001 certified, SOCII certified. And the reason I say that is because we hold ourselves to high standards, and we view those as like the minimum, right? But part of those certifications is uptime and availability to go a little deeper into that question.

是的，絕對的。問得好。首先，我想說的是，我們已獲得 ISO 27001 認證和 SOCII 認​​證。我這麼說的原因是，我們對自己要求很高，我們認為這些只是最低標準，對吧？但這些認證的一部分內容是正常運作時間和可用性，讓我們更深入地探討這個問題。

Every validator and what I mean by validator is like when you mentioned those six, you talked about four of our proprietary two of our white labels. I'm talking about those like in the -- when we're talking about validators, but each of those actually have an active and a passive server in a completely different data center across the world, right?

每個驗證器，我所說的驗證器就像你提到的六個一樣，你談到了我們四個專有的驗證器和兩個白標驗證器。我指的是像——當我們談論驗證器時，每個驗證器實際上都有一個活動伺服器和一個被動伺服器，它們位於世界各地完全不同的資料中心，對吧？

So in the event of like a disaster happens, which -- and there's different types of disasters. One of them is just like most obvious one, like your hard drive crashes or something, we get automatic -- we could sail over to the other server and have that validator up within minutes and potentially even less, right? So to really ensure a high uptime.

所以，萬一發生災難，而災難有很多種類型。其中一個例子就是最顯而易見的，例如你的硬碟崩潰了，我們會自動——我們可以切換到另一個伺服器，並在幾分鐘甚至更短的時間內啟動驗證器，對吧？所以要真正確保高正常運作時間。

The second type of disaster we look at is there's also compliance disasters, right? And that's another reason. That's another thing we look at in terms of why we run validators in different data centers across the world. We have really what I would consider world-class monitoring, where we have a 24/7 engineering team here across the -- spread out across the world, ready to dive into any incident at any moment.

我們要看的第二種災難類型是合規性災難，對吧？這是另一個原因。這也是我們考慮在全球不同資料中心運行驗證器的原因之一。我們擁有真正稱得上世界一流的監控系統，我們擁有一支全天候 (24/7) 的工程團隊，遍布世界各地，隨時準備好應對任何突發事件。

So if it's 3:00 AM for myself, it's 3:00 PM for someone else, and we're ready to go as well as building out automation, like the cool thing about these is that one of the benefits of Solana is that it moves really quickly. For our business, it is great because that's what made Solana successful, but what really actually makes those upgrades like roll out to the network is validators upgrading.

所以，如果對我來說是凌晨 3 點，那麼對其他人來說就是下午 3 點，我們已經準備就緒，並且正在建立自動化流程。這些流程的妙處在於，Solana 的優點之一就是它的運作速度非常快。對我們的業務來說，這很棒，因為這正是 Solana 成功的原因，但真正讓這些升級（例如推廣到網路）得以實現的，是驗證器的升級。

And with our model, we've actually automated all the upgrades, thanks to the great work of the team. And we're really able to spend a little time there and are really focused on monitoring and preventing against all sorts of types of disasters, which we've seen just -- I've seen in past lives at other companies like when I worked at Kraken.

借助我們的模型，我們實際上已經實現了所有升級的自動化，這要歸功於團隊的出色工作。我們確實能夠花一些時間在那裡，並且真正專注於監測和預防各種類型的災害，正如我過去在其他公司（例如我在 Kraken 工作時）所看到的。

And even here, where we -- listen, like things come up and things happen. And we have incidents, but we're ready -- we're prepared for really anything. So we're running here a world-class shop. We have redundancy on everything, and we're prepared for any disaster, if that might come.

即使在這裡，我們——聽著，就像事情會發生一樣。我們確實遇到過一些突發事件，但我們已經準備好了——我們已經為任何事情做好了準備。所以，我們這裡經營的是一家世界一流的店家。我們所有系統都有冗餘備份，並且已經做好應對任何可能發生的災難的準備。

And there are no further questions on the line. I'll turn the program back to management for any additional or closing remarks.

目前電話線上沒有其他問題了。我將把程序交還給管理階層，讓他們補充或作總結發言。

Yes. Everybody, thank you so much for joining us today and also for your continued trust as we execute on the strategy. Looking forward to updating you next quarter as we keep building on this momentum and deliver long-term value for our shareholders.

是的。各位，非常感謝大家今天能來參加，也感謝大家在我們執行策略的過程中給予的持續信任。期待下個季度向您報告最新進展，我們將繼續保持這一發展勢頭，為股東創造長期價值。

I promise we're all going to be working very hard over here. Have a great day.

我保證我們所有人都會在這裡非常努力地工作。祝你有美好的一天。

This does conclude today's program. Thank you for your participation, and you may now disconnect.

今天的節目到此結束。感謝您的參與，您現在可以斷開連接了。