Upexi Inc (UPXI) 2026 Q1 法說會逐字稿

Good day, and welcome to the Upexi Fiscal first quarter 2026 financial results conference call. Please note this event is being recorded.

大家好，歡迎參加 Upexi 2026 財年第一季財務業績電話會議。請注意，本次活動正在錄影。

I would now like to turn the conference over to Valter Pinto, Managing Director at KCSA Strategic Communications. Please go ahead.

現在我謹將會議交給 KCSA 策略傳播公司總經理 Valter Pinto。請繼續。

Thank you, operator. Good evening, and welcome, everyone, to the Upexi fiscal first quarter 2026 financial results conference call. I'm joined today by Allan Marshall, Chief Executive Officer; Andrew Norstrud, Chief Financial Officer; and Brian Rudick, Chief Strategy Officer.

謝謝接線生。各位晚上好，歡迎參加 Upexi 2026 財年第一季財務業績電話會議。今天與我一同出席的有：執行長艾倫·馬歇爾；財務長安德魯·諾斯特魯德；以及首席策略長布萊恩·魯迪克。

Before we begin, I'm going to remind everyone that statements made during today's conference call may be deemed forward-looking statements within the meaning of the safe harbor of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially due to a variety of risks, uncertainties and other factors. For a detailed discussion of some of the ongoing risks and uncertainties in the company's business, I refer you to the press release issued this evening and filed with the SEC on Form 8-K, as well as the company's reports filed periodically with the SEC. The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless otherwise required by law.

在開始之前，我要提醒大家，今天電話會議期間發表的聲明可能被視為 1995 年《私人證券訴訟改革法案》安全港條款意義上的前瞻性聲明。實際結果可能因各種風險、不確定因素和其他因素而與預期有重大差異。有關公司業務中一些持續存在的風險和不確定性的詳細討論，請參閱今晚發布的新聞稿以及向美國證券交易委員會提交的 8-K 表格，以及公司定期向美國證券交易委員會提交的報告。除非法律另有規定，否則本公司不承擔任何更新或修改任何前瞻性聲明的意圖或義務，無論是由於新資訊、未來事件或其他原因。

In addition, during the course of the call, we may refer to non-GAAP financial measures that are not prepared in accordance with accounting principles generally accepted in the United States, and they may be different from non-GAAP financial measures used by other companies. The reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures are contained in our earnings release issued this evening, unless otherwise noted.

此外，在電話會議期間，我們可能會提及非公認會計準則財務指標，這些指標並非依照美國公認會計原則編制，並且可能與其他公司使用的非公認會計準則財務指標有所不同。除非另有說明，否則非GAAP財務指標與最直接可比較的GAAP財務指標的調節表已包含在我們今晚發布的盈利報告中。

I'd now like to turn the call over to Upexi's CEO, Allan Marshall.

現在我想把電話交給 Upexi 的執行長 Allan Marshall。

Thank you, Valter, and welcome, everyone, to our first quarter 2026 earnings conference call. I couldn't be more excited to hold our first earnings call since adopting the Solana Treasury strategy. It has been truly transformational for the company, and as such, I wanted to comment on our past since inception.

謝謝瓦爾特，歡迎各位參加我們2026年第一季財報電話會議。我無比激動地宣布，我們將召開自採用 Solana Treasury 策略以來的首次財報電話會議。這對公司而言是一次真正的變革，因此，我想回顧一下我們自成立以來的發展歷程。

As you know, we primarily were a consumer Amazon brand owner. As the Amazon business became increasingly more difficult we started to think about the best ways to create shareholder value going forward. After a thorough analysis of many options, we made a strategic decision to invest our time and resources into digital assets. This was due to two reasons. The first was a new found openness towards crypto in the US, mainly due to the change in administration and its various regulatory bodies. Put simply, the US administration went from a headwind to a tailwind for digital assets and which we believe will accelerate innovation, adoption and ultimately affect prices moving upwards. Second was a greater appreciation for the value MicroStrategies has created for shareholders. Indeed, it has been the best performing stock in the U.S. since adopting a Bitcoin treasury strategy in 2020. And more importantly, it has more than doubled the return of Bitcoin with only minimal leverage, meaning its capital markets activities are creating tremendous value for shareholders.

如您所知，我們最初是一家面向亞馬遜消費者的品牌所有者。隨著亞馬遜業務變得越來越困難，我們開始思考如何更好地為股東創造價值。經過對多種方案的全面分析，我們做出了將時間和資源投入數位資產的策略決策。這主要有兩個原因。首先，美國對加密貨幣的態度出現了新的開放態勢，這主要是由於政府更迭及其各種監管機構的更迭。簡而言之，美國政府對數位資產的態度從不利轉為有利，我們認為這將加速創新和普及，最終導致價格上漲。其次，人們更深刻地認識到 MicroStrategies 為股東創造的價值。事實上，自 2020 年採用比特幣國庫策略以來，它一直是美國表現最好的股票。更重要的是，它僅用極少的槓桿就實現了比特幣兩倍以上的回報，這意味著其資本市場活動正在為股東創造巨大的價值。

We first publicly announced a pivot towards digital assets in February. And as we honed our strategy, we settled in on one built around Solana. We'll cover the rationale in more detail later in the call, but the decision on -- to focus on Solana was simple. From an asset perspective, we believe strongly that Solana has the best chance to be the end game winning high-performance blockchain and particularly so as the new rails for global finance. Second, from a treasury perspective, Solana offers additional ways to create value for shareholders via activities like staking and purchasing of discounted locked SOL. Our plan was simple: close on a large scale capital raise, employ and improved the proven capital markets playbook from MicroStrategies where issuing equity above book value is by definition accretive. Then innovate on MicroStrategy's model by staking our Solana to generate yield to turn the treasury into a cash flowing asset and also buy on locked discounted SOL for built-in shareholder gains.

我們於今年2月首次公開宣布轉型數位資產。隨著我們不斷完善策略，我們最終確定了以 Solana 為核心的策略。我們將在電話會議的稍後部分更詳細地介紹原因，但決定專注於 Solana 的原因很簡單。從資產角度來看，我們堅信 Solana 最有希望成為最終獲勝的高性能區塊鏈，尤其是作為全球金融的新軌道。其次，從財務角度來看，Solana 提供了更多為股東創造價值的方式，例如質押和購買折扣鎖定的 SOL。我們的計畫很簡單：完成大規模融資，採用並改善 MicroStrategies 經過驗證的資本市場策略，根據定義，發行高於帳面價值的股票是增值的。然後，透過質押我們的 Solana 來創新 MicroStrategy 的模型，從而產生收益，將國庫變成現金流資產，併購買鎖定折扣的 SOL，以實現股東收益。

We did just that in April, successfully completing a $100 million equity private placement in what we believe was the first large-scale equity pipe for an Altcoin strategy. We followed it up with a $200 million raise in July, which included an innovative in-kind convertible note issuance, offering with significant benefits for both investors and the company. And again, we believe that to be an industry first. Each time we deploy the funds into spot and locked SOL at attractive entry prices, sticking nearly all of it to generate cash flow. The company currently owns $2.1 million SOL valued in excess of $327 million. While raising capital and deploying the capital in a systematic way, we remain hyper focused on both external visibility and intelligent capital issuance.

今年 4 月，我們成功完成了 1 億美元的股權私募配售，我們認為這是第一個大規模的另類幣策略股權融資專案。隨後，我們在 7 月籌集了 2 億美元資金，其中包括創新的實物可轉換債券發行，為投資者和公司都帶來了顯著的收益。我們再次強調，我們相信這將是業界首創。每次我們以有吸引力的入場價格將資金投入現貨和鎖定SOL，幾乎全部投入以產生現金流。該公司目前擁有價值超過 3.27 億美元的 210 萬美元 SOL。在有系統地籌集和部署資金的同時，我們始終高度重視外部可見性和智慧化的資本發行。

Success in raising capital and deploying it are only part of a successful public strategy. We have put forth an enormous effort to build our online and traditional finance following and to educate the market on our vision and the investment opportunity. We are proud to have been quoted in over 50 news articles since launching the strategy, participating in multiple leading podcasts each month, establishing an advisory committee with Arthur Hayes, Jon Najarian and SOL Big Brain, and attended or are scheduled to attend over 20 mostly traditional finance-oriented conferences and have conducted hundreds of individual investor meetings. As previously stated, we have remained steadfast on utilizing the capital markets to create value for shareholders. Notably, our July raise not only materially increased our Solana per share, but also led to multiple expansion as we demonstrated our ability to raise funds in an accretive fashion.

成功籌集和運用資金只是成功的公共投資策略的一部分。我們投入了巨大的努力來建立我們的線上和傳統金融客戶群，並向市場普及我們的願景和投資機會。自從推出該策略以來，我們很自豪地在 50 多篇新聞文章中被引用，每月參與多個領先的播客節目，與 Arthur Hayes、Jon Najarian 和 SOL Big Brain 成立顧問委員會，參加或計劃參加 20 多場主要以傳統金融為導向的會議，並舉行了數百場個人投資者會議。如前所述，我們始終堅定不移地利用資本市場為股東創造價值。值得注意的是，我們 7 月的融資不僅大幅提高了 Solana 的每股收益，而且還帶來了倍數擴張，因為我們證明了我們有能力以增值的方式籌集資金。

On the financial side, our Consumer Brand business continues to perform as expected. Most importantly, our stacking revenue is uniquely providing a huge boost to company revenue. Our fiscal Q1, we generated over $6 million in digital asset revenue, and we are currently adding over $75,000 a day. As we look ahead, Q2 will benefit from having all of 2.1 million SOL stake for the future quarter.

財務方面，我們的消費者品牌業務持續以預期表現。最重要的是，我們的堆疊式收入為公司收入帶來了獨特的巨大成長。在我們的第一個財季，我們創造了超過 600 萬美元的數位資產收入，目前每天新增收入超過 7.5 萬美元。展望未來，第二季將受益於未來一個季度持有的全部 210 萬枚 SOL 股份。

I'll now turn the call over to Brian Rudick, Chief Strategy Officer.

現在我將把電話交給首席策略長布萊恩·魯迪克。

Thanks, Allan, and hello, everyone. The biggest determinant of any treasury company's performance will be that of its underlying token. Here, we are supremely confident in and feel very fortunate to be underpinned by Solana. We chose Solana for three reasons. First, it's the first second-generation smart contract blockchain. This means that it benefits from having best-in-class technology like parallel transaction processing like modern computers do, but also from strong network effects having launched in 2020.

謝謝艾倫，大家好。任何一家國庫公司業績的最大決定因素都將是其底層代幣的業績。在此，我們對 Solana 充滿信心，並感到非常幸運能得到它的支持。我們選擇索拉納有三個原因。首先，它是首個第二代智能合約區塊鏈。這意味著它不僅受益於現代電腦所具備的一流技術（如平行事務處理），還受益於 2020 年推出的強大網路效應。

Second, Solana has a vibrant and growing ecosystem of users, developers and decentralized applications. You can really build anything on Solana from decentralized finance to deep into stable coins tokenization, gaming, art, social AI agents, meme coins and more.

其次，Solana 擁有一個充滿活力且不斷發展的用戶、開發者和去中心化應用程式生態系統。在 Solana 上，你可以建立任何東西，從去中心化金融到穩定幣代幣化、遊戲、藝術、社交 AI 代理、迷因幣等等。

And third, Solana is already putting up the best metrics of any blockchain, often beating out all of them combined. These metrics include daily active users, decentralized application revenues and decentralized exchange volumes. But what gets me so excited is the potential for Solana to revolutionize the world's antiquated financial infrastructure. Indeed, current financial rails, for example, ACH and the credit card issuer networks were created 50-plus years ago, and even fintech is a front-end wrapper that uses these antiquated rails on the back end. However, blockchain technology allows us to entirely reimagine these antiquated rails and to utilize things like stable coins and tokenization to remove rent extracting intermediaries and democratize value exchange.

第三，Solana 已經展現出所有區塊鏈中最好的指標，經常超過所有其他區塊鏈的總和。這些指標包括每日活躍用戶數、去中心化應用程式收入和去中心化交易所交易量。但真正讓我興奮的是 Solana 有可能徹底改變世界陳舊的金融基礎設施。事實上，目前的金融軌道，例如 ACH 和信用卡發行網絡，都是 50 多年前創建的，甚至金融科技也只是一個前端包裝，後端仍然使用這些過時的軌道。然而，區塊鏈技術使我們能夠徹底重新構想這些過時的軌道，並利用穩定幣和代幣化等技術來消除收取租金的中介機構，實現價值交換的民主化。

Tangibly, this means huge cost savings and speed benefits, not to mention improvements in settlement times, transparency, composability, investor access and much more. And Solana is purpose built for exactly this in what it calls Internet capital markets. Its goal is to have all of the world's assets trading on the same liquidity venue, accessible 24/7 to anyone with the Internet connection. And institutions are taking note from PayPal to Societe Generale, Fiserv, Western Union and others.

從實際意義上講，這意味著巨大的成本節約和速度優勢，更不用說結算時間、透明度、可組合性、投資者准入等方面的改進了。Solana 正是為此而生的，它稱之為網路資本市場。它的目標是讓世界上所有資產都在同一個流動性場所進行交易，任何有網路連線的人都可以全天候存取。從PayPal到法國興業銀行、Fiserv、西聯匯款等機構都注意到了這一點。

Leading financial companies are building stable coins on Solana due to its industry-leading speed, cost and reliability. Tokenization infrastructure firms like Securitize, Superstate and R3 are bringing real-world assets on chain from leading asset managers like BlackRock, VanEck, Apollo, Franklin Templeton, Hamilton Lane and others. And Visa is using Solana for its USBC stable coin merchant settlement program for cross-border payments. Finance is moving on to the blockchain, and it's happening on Solana. We are in the very early innings, but this transformation is absolutely happening and with Solana front and center.

由於 Solana 具有領先業界的速度、成本和可靠性，領先的金融公司正在 Solana 上建立穩定幣。Securitize、Superstate 和 R3 等代幣化基礎設施公司正在將來自 BlackRock、VanEck、Apollo、Franklin Templeton、Hamilton Lane 等領先資產管理公司的現實世界資產引入鏈上。Visa 正在使用 Solana 為其 USBC 穩定幣商家結算計畫進行跨境支付。金融正在向區塊鏈轉移，而這一轉移正在 Solana 上發生。我們現在還處於起步階段，但這種轉變確實正在發生，而索拉納正是這轉變的核心人物。

Lastly, I'd point out that we have what I consider to be the mother of all catalysts that can drastically accelerate this transformation in the US passing comprehensive digital asset legislation. Indeed, a lack of clear rules in the US has, in my opinion, always been the biggest item holding crypto back. Institutions have thus far only dabbled in digital assets and blockchain technology and have been loath to materially adopt the technology when it comes with heightened legal and regulatory risks.

最後，我想指出，我們擁有我認為能夠大幅加速美國這項變革的催化劑之母——通過全面的數位資產立法。的確，在我看來，美國缺乏明確的規則一直是阻礙加密貨幣發展的最大因素。迄今為止，各機構只是淺嚐輒止地涉足數位資產和區塊鏈技術，由於該技術伴隨著較高的法律和監管風險，因此一直不願實質地採用它。

However, if and when the US passes this market structure bill called the Clarity Act, which is currently being worked on in the Senate with high bipartisan support, institutions will be forced to jump in, in a big way. Otherwise, they will be disintermediated by those who do. And it's big pack and big finance that have billions of customers built in trust, billions of dollars for investment in the top developers. Imagine Google adding a built-in crypto wallet to its Chrome browser or Amazon integrating stable coin payments.

然而，如果美國通過這項名為《清晰法案》的市場結構法案（該法案目前正在參議院進行，並得到了兩黨的高度支持），那麼各機構將被迫大規模地參與其中。否則，他們將被那些從事中介活動的人所取代。而且，它擁有龐大的資金和雄厚的財力，數十億客戶對其建立了信任，數十億美元用於投資頂尖開發商。想像一下，如果谷歌在其Chrome瀏覽器中添加內建加密貨幣錢包，或者亞馬遜整合穩定幣支付功能。

We just may be on the precipice of onboarding the masses, leading to a step change in digital asset innovation, adoption and usage. Solana and Upexi are well positioned to benefit.

我們或許正處於讓大眾參與數位資產應用的風口浪尖，這將帶來數位資產創新、普及和使用方面的變革。Solana 和 Upexi 有望從中受益。

And with that, I'll turn it over to our Chief Financial Officer, Andrew Norstrud.

接下來，我將把發言權交給我們的財務長安德魯·諾斯特魯德。

Thank you, Brian. Total revenue increased by $4.9 million to $9.2 million for the quarter. Net income was $66.7 million for the quarter, and earnings per share was $1.21 for the quarter. All of these increases were related to the Solana treasury performance. Solana tokens increased during the quarter by approximately 1,322,000 tokens. This increase was from both liquid and locked Solana purchases and swaps with approximately $181 million in noncash Solana purchases.

謝謝你，布萊恩。本季總營收增加 490 萬美元，達到 920 萬美元。本季淨收入為 6,670 萬美元，每股收益為 1.21 美元。所有這些增長都與索拉納國債的業績有關。Solana 代幣在本季增加了約 1,322,000 個代幣。這一增長來自流動性和鎖定 Solana 的購買和互換，其中非現金 Solana 購買額約為 1.81 億美元。

The company has purchased approximately 2,029,100 tokens through direct purchases and swap transactions. The average price of Solana tokens purchased is $155.57, 31,347 of the quarter's increased tokens were from the $6.1 million in staking revenue generated from the treasury. In total, the treasury has generated approximately $7.1 million and 37,742 Solana tokens since inception. Unrealized gains of approximately $78 million was recognized during the quarter and had significant impact to the reported financials.

該公司透過直接購買和兌換交易購買了約 2,029,100 個代幣。Solana 代幣的平均購買價格為 155.57 美元，本季新增代幣中有 31,347 個來自金庫產生的 610 萬美元質押收入。自成立以來，該金庫總共產生了約 710 萬美元和 37,742 個 Solana 代幣。本季度確認了約 7,800 萬美元的未實現收益，對報告的財務數據產生了重大影響。

Management understands the volatility of the digital assets and we'll continue to focus on growing the number of Solana tokens held in the treasury in a way that will maximize the return for our shareholders. And now I'll turn it the call back over to Allan for concluding remarks.

管理層了解數位資產的波動性，我們將繼續專注於增加金庫中持有的 Solana 代幣數量，以最大限度地提高股東的回報。現在我把電話交還給艾倫，請他做總結發言。

Thanks, Andrew. Upexi is a truly differentiated treasury company with many advantages. We have a differentiated management team that is more traditional finance rather than crypto oriented. I founded what is now New York Stock Exchange listed XPO Logistics, and Andrew was our CFO at XPO and has been a public CFO for decades. Brian spent years at the most prestigious hedge funds managing hundreds of millions of dollars. This is relevant because at the end of the day, this is a capital market exercise, and we believe our experience will be paramount to our future success. We led the innovation to create what is now the DAT industry and look to innovate in the future to stay ahead of peers. With the first large-scale equity raise for altcoin treasury and the first in-kind convertible note, we have set Upexi on trajectory for a very bright future.

謝謝你，安德魯。Upexi是一家真正與眾不同的財資服務公司，擁有許多優勢。我們的管理團隊與眾不同，更偏向傳統金融領域，而非加密貨幣領域。我創立瞭如今在紐約證券交易所上市的 XPO 物流公司，而 Andrew 是 XPO 的財務官，他擔任上市公司財務長已有數十年之久。布萊恩曾在最負盛名的對沖基金工作多年，管理數億美元的資金。這很重要，因為歸根結底，這是一項資本市場活動，我們相信我們的經驗對我們未來的成功至關重要。我們引領了創新，創造瞭如今的DAT產業，並期待在未來繼續創新，以保持領先於同業。透過首次大規模的另類幣國庫股權融資和首筆實物可轉換票據，我們已使 Upexi 走上了光明的未來之路。

We do several things to be more in line with traditional finance to differentiate our strategy. First, we only take on prudent amount of credit risk leverage and limit it to 20%. We do not partake an aggressive on chain trading that increased our contract, liquidation and legal regulatory risk. Lastly, we only use qualified custodians and top validators and diversify amongst them for operational risk management and best practices. We believe this strategy will not only position us well for any market environment, but also will appeal to crypto and traditional investors alike.

我們採取多種措施，使之更符合傳統金融的理念，從而使我們的策略脫穎而出。首先，我們只承擔適度的信用風險槓桿，並將其限制在 20% 以內。我們不參與積極的鏈上交易，因為這會增加我們的合約風險、清算風險和法律監管風險。最後，我們只選用合格的託管人和頂級的驗證機構，並分散投資不同的機構，以實現營運風險管理和最佳實踐。我們相信，這項策略不僅能讓我們更適應任何市場環境，還能同時吸引加密貨幣投資者和傳統投資者。

Finally, and again, quite uniquely, we have a proven ability to create value. We have increased adjusted SOL per share in SOL terms by 47% and in US dollar terms by 82%. As a reminder, the former measures our ability to capture our three value accrual mechanisms and accretive issuances, staking income and purchases of discount on locked SOL tokens, while the latter also incorporates the price of Solana. We are in an advantaged position to win. We are underpinned by an end game winning asset with nearly unlimited upside and offering additional value accrual mechanisms in staking and discount on locked purchases.

最後，也是非常獨特的一點，我們擁有創造價值的成熟能力。我們將經調整的每股SOL（以SOL計算）增加了47%，以美元計算增加了82%。提醒一下，前者衡量的是我們獲取三種價值累積機制和增值發行、質押收入以及鎖定 SOL 代幣折扣購買的能力，而後者還包含了 Solana 的價格。我們處於有利的獲勝位置。我們以具有近乎無限上漲潛力的最終獲勝資產為基礎，並透過質押和鎖定購買折扣提供額外的價值累積機制。

We have a differentiated management team with best-in-class capital markets expertise. We have a risk prudent strategy, positioning us for any market environment and resonating with investors of all kinds. Lastly, we have a proven track record of innovation and shareholder value creation.

我們擁有一支與眾不同的管理團隊，具備一流的資本市場專業知識。我們採取風險審慎的策略，使我們能夠適應任何市場環境，並引起各類投資者的共鳴。最後，我們在創新和創造股東價值方面擁有良好的業績記錄。

With that, I'll turn it over to the operator for Q&A.

接下來，我將把問答環節交給接線員。

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions)

謝謝。接下來我們將進行問答環節。（操作說明）

Brian Kinstlinger, Alliance Global Partners.

Brian Kinstlinger，Alliance Global Partners。

Great, thanks so much. The company has added a few high-profile crypto investors to the advisory committee, like you mentioned. So can you talk about the impact we're having on the company? And any recommendations the committee is making as we think about differentiation of DAT, for example, outside of SOL accumulation and yield. Is the committee recommending or is management thinking about ancillary revenue generating businesses? And if so, can you share any details.

太好了，非常感謝。正如您所提到的，該公司已在顧問委員會中增加了一些知名的加密貨幣投資者。那麼，您能談談我們對公司的影響嗎？委員會在考慮 DAT 的差異化時提出的任何建議，例如，在 SOL 累積和收益之外的差異化。委員會是建議還是管理階層正在考慮開展輔助性創收業務？如果屬實，能否分享細節？

Thanks, Brian. So two parts. One is, so far, it's been a short amount of time we've been working with them, but we've gotten a lot of good feedback both on how we're presenting ourselves to the market, their opinions on SOL, the overall opinion on how we're positioning the company to communicate to both TEFI, I mean, traditional finance and also the crypto community. No one right now is talking about anything outside of Solana and revenue-generating outside of that, like we still believe as we get some clarity here going forward on regulatory changes that Solana is in line for in all of crypto or all of the top cryptos in line for a pretty big move.

謝謝你，布萊恩。所以分為兩部分。一方面，雖然我們與他們合作的時間還很短，但我們已經收到了很多很好的反饋，包括我們如何向市場展示自己、他們對 SOL 的看法，以及他們對我們如何定位公司以與傳統金融和加密貨幣社區溝通的總體看法。目前沒有人談論 Solana 以外的任何事情，也沒有人談論 Solana 以外的任何創收方式，就像我們仍然相信的那樣，隨著監管變化的逐漸明朗，Solana 將在整個加密貨幣領域，或者所有頂級加密貨幣領域，迎來一次相當大的變革。

So we're going to continue with the strategy we have, like we've said to our investors and stay focused. We will try to maximize yield. And we have had internal discussions, but none of that's public yet. We're going to do the right thing to increase our yield for our investors as quickly as possible, and we always open to input from the people we bring on board and also the outside community we talk to.

所以，我們將繼續執行我們既定的策略，就像我們對投資人所說的那樣，保持專注。我們將努力實現產量最大化。我們已經進行過內部討論，但目前還沒有任何公開內容。我們將採取正確的措施，盡快提高投資者的收益，並且我們始終樂於聽取新加入團隊成員以及我們交流的外部社區的意見。

Great. I have two more questions. The first one is, given you didn't have a full quarter of SOL holdings, can you tell us what your effective yield has been? And is there any way to enhance that? Or are you maximizing that already? Maybe any information on the yield would help?

偉大的。我還有兩個問題。第一個問題是，鑑於您持有的 SOL 股票不足一個季度，您能否告訴我們您的實際收益率是多少？有什麼辦法可以增強這種效果嗎？或者你已經充分利用了這一點？或許有關產量的資訊會有幫助？

I can let Andrew answer that question. I will say, as we've been -- because we've been building it step by step, not everything is staked as quickly -- well, it's staked quickly, but as quickly as possible. And just moving things around and getting things set in like the risk-prudent factor, the way we manage it, Also, we're always working with different -- we've been working with different validators. We've been increasing the yield as it goes. So I think this is probably the baseline for us and it's going to go higher from here and especially since it's mostly all staked now that we have on board. So I can turn it over to Andrew, if he has a rate, but I'm not sure we've been able to blend it exactly just because of all the steps along the way, but Andrew?

我可以請安德魯來回答這個問題。我想說，正如我們一直以來所做的那樣——因為我們是一步一步地構建它的，所以並不是所有事情都能很快地落實——好吧，雖然落實得很快，但已經盡可能快了。還有，我們一直在調整和完善一些事項，例如風險謹慎因素，以及我們管理風險的方式。此外，我們一直在與不同的驗證者合作。我們一直在逐步提高產量。所以我認為這可能是我們的基準線，而且從這裡開始還會更高，尤其是現在我們已經投入了大部分資金。所以，如果安德魯有報價的話，我可以把它交給他，但我不太確定我們是否能完全融合，因為中間有很多步驟，不過安德魯呢？

Yeah, you're not going to be able to blend it yet. Next quarter will be a lot better. But just to add to Allan's note, we've got a program that we put in place to look at the various different validators to have them compete against each other on any fees or anything else that's being done. We've got some great partners with us on that side and continue to look at how to increase that yield, plus we've had some other opportunities to try and increase the yield higher than just the standard staking yield. So more and more of that will come out this next quarter as we kind of have everything under control and have some of these programs in place. So unfortunately, I can't give you an exact yield, but going forward, you'll be able to calculate a lot better next quarter.

是的，你現在還不能把它混合在一起。下個季度情況會好得多。但我想補充 Allan 的觀點，我們已經制定了一個計劃，對各種不同的驗證者進行考察，讓他們在費用或其他方面相互競爭。我們在這方面有一些很棒的合作夥伴，並且一直在研究如何提高收益率，此外，我們還有一些其他的機會來嘗試將收益率提高到高於標準質押收益率的水平。所以，隨著我們逐步掌控局面，並落實一些相關計劃，下個季度將會有更多這樣的消息公佈。所以很遺憾，我無法給你一個確切的收益率，但從下個季度開始，你就能計算得更準確了。

But to close that off, Brian, we definitely think this is kind of like the baseline for us, like this is the low end and it will continue to rise from here.

但最後我想說的是，布萊恩，我們絕對認為這算是我們的基準線，就像是低端一樣，價格還會繼續上漲。

Okay. The last one, several of the DATs are trading below 1 times, steep discounts, in fact. Thankfully Upexi is not. But I think investors are interested in management, in general, of DAT companies plans with capital markets, should Upexi face a deep discount. What -- how would you address that?

好的。最後，有好幾家DAT的交易價格都低於1倍，實際上折扣很大。幸好Upexi並非如此。但我認為，如果 Upexi 面臨大幅折價，投資者通常會對 DAT 公司的管理階層與資本市場的計畫感興趣。什麼？你會如何解決這個問題？

We have plenty. I think Brian and I and Andrew have always said when -- if for some reason, we do trade at a discount, it's -- the model is just on top. Like we still believe that inevitably crypto yield, the crypto increases and the yield and us maximizing that and also keeping company expenses as low as possible and continuing to get better at that. We'll warrant a premium. So at those moments in time, I mean, the company does have plenty of options, right? It can turn its staking revenue into a buyback. It could actually buy back shares. There's plenty of ways to offset that. But what I want to stress like this is a longer game, right? Like we don't want to think about it as one quarter at a time. We really do believe even if there is some sort of crypto pullback, it's just a pause. And I'll let Brian chime in here a little bit because him and I have talked about this over -- with multiple investors and I'm sure he would like to add in something on this one.

我們有很多。我認為布萊恩、我和安德魯一直都說，如果因為某些原因我們真的要打折交易，那——這個模型絕對是最好的。我們仍然相信加密貨幣收益必然會增長，加密貨幣價格上漲，收益也會隨之增長，我們將最大限度地提高收益，同時盡可能降低公司支出，並不斷改進這方面。我們將保證支付溢價。所以，在那些時刻，我的意思是，公司確實有很多選擇，對吧？它可以將質押收入轉化為股票回購。它實際上可以回購股票。有很多方法可以彌補這一點。但我想強調的是，這是一場持久戰，對吧？我們不想把它看作是一次只專注在一個季度的事情。我們真心相信，即使加密貨幣出現某種程度的回調，也只是暫時的。我請布萊恩在這裡插幾句，因為我和他已經和多位投資者討論過這個問題，我相信他也會想就此發表一些看法。

Yeah. Thank you, Allan, and thank you, Brian. Yes, plus one on the capital market side of the equation, just being a bit on pause. I think that there's no better example than MicroStrategy. So 2024, it increased Bitcoin per share by 74%. In 2021, it was something like 47%. And then when it got into a bear market, and it did trade at a discount to NAV it still was able to increase Bitcoin per share, but it was something like mid-single digits. So it was just a bit on pause. Like Allan mentioned, there are things that we can do to compress any discount should one come to fruition. And importantly, we actually don't have to sell our SOL to do that.

是的。謝謝你，艾倫，也謝謝你，布萊恩。是的，資本市場方面也略有停滯。我認為沒有比 MicroStrategy 更好的例子了。因此，到 2024 年，比特幣每股價格上漲了 74%。2021年，這個數字大約是47%。然後，當比特幣進入熊市，並且其交易價格低於淨資產值時，它仍然能夠提高每股比特幣的價格，但漲幅只有個位數左右。所以只是暫時暫停了一下。正如艾倫所提到的那樣，如果真的有折扣，我們可以採取一些措施來盡可能減少折扣帶來的損失。更重要的是，我們實際上不必為了做到這一點而出售我們的SOL。

You could actually borrow some funds to repurchase your shares to compress any sort of discount. And then the last thing I'd say is like we make an 8% staking yield on almost our full treasury. And then on top of that, a lot of the SOL that we've bought is locked form, which when you put that discount into any sort of yield equivalent. It's nearly doubling that 8% staking yield. So all in, we're making this really nice return on our treasury and so while we are waiting to issue capital in this accretive fashion, we were able to increase our SOL per share at a very nice pace.

實際上，你可以藉一些資金回購你的股票，以減少任何形式的折扣。最後我想說的是，我們幾乎可以利用全部資金進行質押，獲得 8% 的收益率。此外，我們購買的許多SOL都是鎖定形式的，當你把這種折扣換算成任何收益率等價物時，就會發現這一點。這幾乎是原先8%質押收益率的兩倍。總而言之，我們的國庫獲得了非常不錯的收益，因此，在我們等待以這種增值方式發行資本的同時，我們能夠以非常快的速度提高每股SOL。

Great thanks.

非常感謝。

(Operator Instructions)

（操作說明）

There are no further questions at this time. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

目前沒有其他問題了。今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與。