Upexi Inc (UPXI) 2026 Q2 法說會逐字稿

Good day. Welcome to Upexi Incorporated Fiscal Second-Quarter 2026 financial results conference call. (Operator Instructions) I would now like to turn the conference over to Valter Pinto, Managing Director at KCSA Strategic Communications.

再會。歡迎參加 Upexi Incorporated 2026 財年第二季財務業績電話會議。（操作說明）現在，我將把會議交給 KCSA 策略傳播公司總經理 Valter Pinto。

Thank you, operator. Good evening and welcome everyone to the Upexi Fiscal Second-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 財年第二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 the statements made during today's conference call may be deemed forward-looking statements within the meaning of the safe harbour of the Private Securities Litigation Reform Act of 1995.

在開始之前，我要提醒大家，今天電話會議期間所作的陳述可能被視為 1995 年《私人證券訴訟改革法案》安全港條款意義上的前瞻性陳述。

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'll 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.

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。

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.

除非法律另有規定，否則本公司不承擔因新資訊、未來事件或其他原因而更新或修改任何前瞻性聲明的任何意圖或義務。

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.

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。

The reconciliation of non-GAAP financial measures the most directly comparable GAAP financial measures are contained in our earnings release issued this evening unless otherwise noted. I'd now like to turn the call over to Upexi's CEO, Allan Marshall.

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。現在我想把電話交給 Upexi 的執行長 Allan Marshall。

Thank you, Valter and welcome to our Second-Quarter 2026 earnings conference call. I'm happy to review our results and discuss why despite the difficult market backdrop, I remain extremely optimistic for the future and why we remain well positioned to win.

謝謝Valter，歡迎參加我們2026年第二季財報電話會議。我很樂意回顧我們的業績，並探討為什麼儘管市場環境艱難，但我對未來仍然非常樂觀，以及為什麼我們仍然處於有利地位，能夠取得成功。

The market presented two key challenges for us last quarter, with both declining asset prices and Treasury company multiple compression. This was reflected in our quarterly results as well as in our stock price. I'll discuss each in succession.

上個季度，市場為我們帶來了兩大挑戰，分別是資產價格下跌和國債公司估值倍數壓縮。這一點反映在我們的季度業績以及股價上。我將逐一討論。

On the former, the price of Solana fell 40% during the quarter and it has fallen a further 31% since the quarter end. While there have been many reasons cited including rising geopolitical risks, precious metal stealing the show and many more the fact of the matter is the biggest determinant of any treasury company's success as and always will be the performance of its underlying token.

就前者而言，Solana 的價格在本季下跌了 40%，自季末以來又下跌了 31%。儘管人們列舉了許多原因，包括地緣政治風險上升、貴金屬搶盡風頭等等，但事實是，任何一家國庫公司成功的最大決定因素始終是其底層代幣的表現。

Thus, we were not immune, and Solana's performance had a big impact on the company. That said, I remain encouraged for three key reasons. The first is given their nascency, such volatility is normal with digital assets, and Solana often exhibits large movements in both directions along a significant uptrend over time.

因此，我們也未能倖免，Solana 的表現對公司產生了重大影響。儘管如此，我仍然感到鼓舞，主要有三個原因。首先，考慮到數位資產的新興特性，這種波動性是正常的，Solana 經常在一段時間內沿著顯著的上升趨勢大幅雙向波動。

Second, as Brian will discuss in more detail the underlying fundamentals for Solana continue to improve as global finance moves on chain. Here I am particularly optimistic because over time price follows fundamentals and improving fundamentals against a falling price is a recipe for greater potential upside.

其次，正如 Brian 將更詳細地討論的那樣，隨著全球金融向區塊鏈發展，Solana 的基本面持續改善。我對此尤其樂觀，因為從長遠來看，價格遵循基本面，而基本面的改善與價格的下跌形成對比，預示著更大的上漲潛力。

Lastly, as a treasury company we have multiple mechanisms not available to native tokens or ETF's that can create value for shareholders like a creative issuance. And discounted lock token purchases. We have in the past and aim to in the future increase our Solana per share to help offset any decline in token price or to add to any increase in price in an upmarket.

最後，作為一家財務公司，我們擁有原生代幣或 ETF 所不具備的多種機制，例如創新發行，可以為股東創造價值。以及折扣鎖代幣購買。我們過去曾提高每股 Solana 的價格，未來也計劃提高，以幫助抵消代幣價格的任何下跌，或在市場上漲時增加價格的任何上漲。

So overall, between the volatility being expected a positive view for potential Solana of price appreciation. In our ability to increase Solana per share, we remain positive about the opportunity and continue to believe 2026 will be a strong year for Solana and Upexi.

總的來說，考慮到預期的波動性，對 Solana 的價格上漲前景持樂觀態度。我們對提高 Solana 每股盈餘的能力仍然保持樂觀，並繼續相信 2026 年將是 Solana 和 Upexi 表現強勁的一年。

The second key challenge during the quarter was general multiple compression in the treasury space. We believe this was due to the law of supply and demand with over 200 treasury companies, it's not hard to see why many are trading at discounts the net asset value.

本季的第二個主要挑戰是國債市場普遍面臨估值倍數壓縮。我們認為這是供需法則造成的，在200多家財務公司中，不難看出為什麼許多公司的交易價格低於其淨資產值。

Despite this, I remain optimistic for so many reasons. First, I believe the subsector will work through some of its oversupply, either through M&A or from treasury companies selling their digital assets to close the discounts. Secondly, I believe there are fundamental reasons why Upexi can and should trade at premium valuation in constructive market environments.

儘管如此，我仍然保持樂觀，原因有很多。首先，我認為該子行業將透過併購或透過財務公司出售其數位資產來消除折價，從而解決部分供應過剩問題。其次，我認為在良好的市場環境下，Upexi 能夠而且應該以溢價交易是有根本原因的。

As discussed in the past, these have to do with our multiple value accrual mechanisms which have value. Third, as we have publicly stated, we are working to increase the yield that we generate on the treasury in a risk prudent and recurring fashion. Should we be successful, we believe this would increase our multiple, which in turn would accelerate the model and differentiate Upexi from others.

正如過去討論過的，這些都與我們多種具有價值的價值累積機制有關。第三，正如我們公開聲明的那樣，我們正在努力以審慎的風險控制和持續的方式提高國債殖利率。如果我們成功了，我們相信這將提高我們的倍數，進而加速模式的發展，並使 Upexi 與其他公司區分開來。

Lastly, I believe we're likely to see multiple expansion in the bull market. This has been the case historically with public companies and there are large catalysts like the potential passage of US Digital Asset Legislation that could quickly bring this to fruition.

最後，我認為牛市中我們很可能會看到估值倍數擴張。從歷史上看，上市公司一直都是如此，像美國數位資產立法可能通過這樣的重大催化劑，可能會迅速促成這一結果。

In closing, while we have had a turbulent start to 2026, we remain positive about the future and the company has developed a strong strategic plan to one increase yield, two hedge positions use a maturing option market.

最後，儘管 2026 年開局動盪，但我們對未來仍然保持樂觀，公司已製定強有力的戰略計劃，旨在提高收益率，並利用日趨成熟的期權市場對沖頭寸。

And lastly, capitalize on opportunities the volatility creates. All of these things should lead to significant growth in yield, cash flow, and stability for 2026 and beyond. With that, I'd like to turn the call over to our Chief Strategy Officer, Brian Rudick.

最後，要把握市場波動帶來的機會。所有這些因素都應能顯著提高 2026 年及以後的收益率、現金流量和穩定性。接下來，我想把電話交給我們的首席策略長布萊恩·魯迪克。

Thanks, Allan, and hello everyone. Despite the challenges during the quarter, the underlying fundamentals for both Solana and Upexi remain solid. As a brief reminder, Solana's North Star is what it calls Internet Capital Markets, where it aims to upgrade our antiquated global financial infrastructure.

謝謝艾倫，大家好。儘管本季面臨挑戰，但 Solana 和 Upexi 的基本面依然穩固。簡單回顧一下，Solana 的北極星是它所謂的網路資本市場，目標是升級我們陳舊的全球金融基礎設施。

Existing constructs like ACH and the credit card issuer networks were created fifty-plus years ago and are slow and expensive, while even fintech is simply a front-end wrapper on this antiquated infrastructure. But we can now use internet and blockchain-based rails to upgrade this antiquated infrastructure for huge speed and cost savings.

像 ACH 和信用卡發行網路這樣的現有架構是五十多年前創建的，速度慢、成本高，而金融科技也只是對這種過時基礎設施的前端包裝而已。但現在我們可以利用網路和區塊鏈技術來升級這種老舊的基礎設施，從而大幅提高速度並節省成本。

In addition to other benefits around transparency, composability, investor access, and many more. Solana continued to progress throughout the quarter with increased development, adoption, and usage. The Spot Solana ETFs launched and have seen over $850 million of net inflows since.

除了在透明度、可組合性、投資者准入等方面的其他優勢外，還有許多其他好處。Solana 在本季持續發展，開發、採用和使用量均有所增加。Spot Solana ETF 已推出，自推出以來已獲得超過 8.5 億美元的淨流入。

Stablecoin supply reached a new record, tokenized equities are booming. Non-native tokens like MON and STRK began trading on Solana and the FireDancer client launched on Mainnet. And importantly, key announcements were made by various leading institutions including Western Union, Visa, Coinbase, Revolut, Robinhood, Cauchy, and SoFi.

穩定幣供應量創下新紀錄，代幣化股票市場蓬勃發展。MON 和 STRK 等非原生代幣開始在 Solana 上交易，FireDancer 用戶端在主網上線。更重要的是，包括西聯匯款、Visa、Coinbase、Revolut、Robinhood、Cauchy 和 SoFi 在內的多家領先機構都發布了重要公告。

In short, Solana demonstrated strong momentum and particularly so related to its Internet capital market's goal. The opportunity to revolutionize finance is massive and Solana is at its very heart. We remained active with the capital markets highlighted by the private placement of up to $19 million in common stock and warrants.

簡而言之，Solana 展現出了強勁的發展勢頭，尤其是在其互聯網資本市場目標方面。金融業變革的機會龐大，而 Solana 正是這場變革的核心。我們繼續積極參與資本市場，其中最引人注目的是私募配售高達 1,900 萬美元的普通股和認股權證。

And subsequent to quarter end, an additional $7 million common stock and warrants offering as well as a $36 million in-kind convertible note issuance. Both were done at a premium to our fully loaded NAV, meaning they increased adjusted Solana per share.

季度末之後，又發行了 700 萬美元的普通股和認股權證，以及 3,600 萬美元的實物可轉換票據。這兩項操作均以高於我們完全計價的淨資產值的價格完成，這意味著它們提高了 Solana 的調整後每股收益。

We also became self-eligible during the quarter and quickly filed our shelf registration statement on Form S-3 with the SEC, which is now effective. And we announced a $50 million share repurchase program, adding another important tool to manage capital.

本季度我們也獲得了自我註冊資格，並迅速向美國證券交易委員會提交了 S-3 表格的暫擱註冊聲明，該聲明現已生效。我們還宣布了一項 5000 萬美元的股票回購計劃，為資本管理增加了另一項重要工具。

On the visibility front, we participated in over 10 conferences and events during the quarter, including Solana Breakpoint, Maxim, Cantor, Rothschild, Roth, Clear Street, and others.

在知名度方面，本季我們參加了 10 多個會議和活動，包括 Solana Breakpoint、Maxim、Cantor、Rothschild、Roth、Clear Street 等。

These resulted in myriad presentations and panels, as well as in over 100 investor meetings where we continue to evangelize both Solana and Upexi, and we continued to appear in many news articles and podcasts throughout the quarter.

這些活動促成了無數次演講和小組討論，以及超過 100 場投資者會議，我們在會上繼續宣傳 Solana 和 Upexi，並且在整個季度中，我們繼續出現在許多新聞文章和播客中。

Put simply, Solana is executing on its Internet capital markets roadmap, and Upexi is adding additional value for shareholders. And with that, I'd like to turn the call over to our Chief Financial Officer, Andrew Norstrud for a review of our financial performance.

簡而言之，Solana 正在執行其網路資本市場路線圖，而 Upexi 正在為股東創造更多價值。接下來，我想把電話交給我們的財務長安德魯·諾斯特魯德，讓他回顧我們的財務表現。

Thank you, Brian. As of December 31, the company had approximately $1.6 million in cash and 2,170,000 Solana tokens. 1,320,000 of those tokens were liquid. 850,000 of those tokens were locked for the six months ended December 31, 2025. The company had digital asset revenue of approximately $11.2 million, or approximately 65,700 tokens added.

謝謝你，布萊恩。截至12月31日，該公司擁有約160萬美元現金和217萬枚Solana代幣。其中132萬枚代幣可自由變現，85萬枚代幣鎖定至2025年12月31日止的六個月。該公司數位資產收入約 1,120 萬美元，相當於新增約 65,700 個代幣。

We expect to increase the number of tokens we hold in our treasury each quarter and also increase the quarterly revenue from the treasury. The direct treasury expenses for the six months ended December 31, 2025, were approximately $6 million which included management fees, custodial fees, service fees, and interest.

我們預計每季都會增加金庫中持有的代幣數量，每季金庫的收入也會增加。截至 2025 年 12 月 31 日的六個月期間，直接財務支出約為 600 萬美元，其中包括管理費、託管費、服務費和利息。

For the six months ended December 31, 2025, the treasury had an unrealized loss on digital assets of approximately $86.4 million reflective of the Solana price per token of $124.48 at December 31, 2025. There is no comparable financial information for the prior period as the Digital Treasury was started in April 2025. The company continues to develop the Digital Asset Treasury with a focus on maximizing the return for shareholders and had approximately 95% of all token stake on December 31, 2025.

截至 2025 年 12 月 31 日的六個月內，財政部數位資產未實現損失約為 8,640 萬美元，這反映了 Solana 代幣在 2025 年 12 月 31 日的單價為 124.48 美元。由於數位國庫於 2025 年 4 月啟動，因此沒有前期可比較的財務資訊。該公司繼續發展數位資產金庫，重點是最大限度地提高股東回報，截至 2025 年 12 月 31 日，其持有約 95% 的代幣。

For the second quarter, total revenue was approximately $8.1 million an increase of approximately $4 million or just over 100%, compared to $4 million in the prior year quarter. For the six-month period ended December 31, 2025, total revenue was $17.3 million compared to $8.4 million in the prior period. This increase reflects the addition of Digital Asset Treasury business in 2025.

第二季總收入約 810 萬美元，比去年同期的 400 萬美元增加了約 400 萬美元，增幅略高於 100%。截至 2025 年 12 月 31 日的六個月期間，總收入為 1,730 萬美元，而上一期間為 840 萬美元。這一成長反映了2025年新增的數位資產財資業務。

The net loss for the quarter was approximately $178.9 million, or approximately $2.94 per share. This loss was primarily driven by the $164.5 million of unrealized losses on digital assets, reflecting non-cash quarter end fair value adjustments, as well as approximately $8.3 million of stock compensation expense.

本季淨虧損約 1.789 億美元，即每股虧損約 2.94 美元。這一損失主要是由於數位資產未實現損失 1.645 億美元（反映了季度末非現金公允價值調整）以及約 830 萬美元的股票補償費用造成的。

Excluding these fair value changes, the underlying treasury is performing performance has remained strong. We increased the number of Solana tokens in our treasury during the quarter by approximately 106,000 tokens. The increase was driven by spot token purchases partially offset by a decline in the lock Solana through a swap transaction.

剔除這些公允價值變動，基礎國債的業績表現依然強勁。本季度，我們的金庫中 Solana 代幣數量增加了約 106,000 個代幣。此次成長主要由現貨代幣購買推動，但部分被透過兌換交易導致的 Solana 鎖定量下降所抵消。

We continue to strengthen our balance sheet in light of the changing market environment. Due primarily to accretive equity raises previously mentioned, we currently have approximately $9.7 million of cash on hand.

鑑於市場環境不斷變化，我們將持續加強資產負債表。主要由於前面提到的增值股權融資，我們目前手頭上約有 970 萬美元現金。

Management continues to focus on growing Solana's holdings on a per-share basis through disciplined capital activities, staking yield, and opportunistic purchases of discounted locked tokens while maintaining prudent leverage and risk management. And now I'll turn it back over to Allan for concluding remarks.

管理層繼續專注於透過嚴謹的資本活動、質押收益和機會性地購買折扣鎖定代幣來增加 Solana 的每股持有量，同時保持審慎的槓桿和風險管理。現在我把發言權交還給艾倫，請他做總結發言。

Thanks, Andrew. I wanted to conclude the call by highlighting our top priorities. While we as always remain hyper focused on external visibility and intelligent capital issuance, there are two key initiatives worth highlighting.

謝謝你，安德魯。我想在通話結束時重點強調我們的首要任務。雖然我們一如既往地高度重視外部可見性和智慧資本發行，但有兩項關鍵措施值得重點強調。

The first is a continued focus on a creative growth. We aim to raise capital above NAV to increase our Digital Assets per share. We will continue to look for ways to raise equity capital in the most cost-effective manner available. Additionally, we will also continue to issue in-kind convertible notes at a premium to NAV.

首先是持續專注於創意發展。我們的目標是籌集高於資產淨值的資金，以提高每股數位資產價值。我們將繼續尋找以最具成本效益的方式籌集股權資本的途徑。此外，我們也將繼續以高於資產淨值的價格發行實體可轉換債券。

Such notes offer differentiated risk reward for investors while significantly reducing credit risk for both parties. Our second key focus going forward is to increase the yield on the treasury in a low-risk fashion, which we believe would enhance our valuation.

此類票據為投資者提供差異化的風險回報，同時顯著降低雙方的信用風險。我們未來的第二個重點是以低風險的方式提高國債殖利率，我們相信這將提升我們的估值。

If we are successful, we should trade at a sustainable premium which itself would accelerate the capital markets flywheel. In closing, we've remained active even in a significant down trend.

如果我們成功，我們的交易價格應該能夠維持在可持續的溢價水平，這本身就會加速資本市場的良性循環。最後，即使在大幅下跌的趨勢中，我們也一直保持活躍。

Completing both a capital raise and an in-kind convert both at slowly or above NAV, while this has not helped stem the downturn or the stock performance, we believe it will accelerate the upturn when Solana and crypto begin to recover from the current drawdown. With that, I'll turn it over to the operator for questions.

雖然以低於或高於淨資產值的速度完成了融資和實體轉換，但這並沒有幫助阻止下跌或股票表現，但我們相信，當 Solana 和加密貨幣開始從當前的下跌中恢復時，這將加速上漲。接下來，我將把電話交給接線員，回答大家的問題。

Thank you. (Operator Instructions) Brian Kinstlinger, Alliance Global Partners.

謝謝。（操作說明）布萊恩·金斯特林格，Alliance Global Partners。

Great, thanks. Excuse me, thanks for taking my questions. With the recent pressure on Solana coupled with your high conviction, is there any change in terms of your capital raising strategy? Are you more willing to raise capital at a lower premium to MNAV sort of reduce your average purchase price? And then is the goal to use the ATM as much as possible to lower your cost of capital?

太好了，謝謝。不好意思，謝謝您回答我的問題。鑑於 Solana 最近面臨的壓力，加上您本人對公司的高度信心，您的融資策略是否有任何變化？您是否更願意以低於淨資產值 (MNAV) 的溢價籌集資金，從而降低平均購買價格？那麼，目標是盡可能使用ATM機來降低資金成本嗎？

Let's go, I'll jump in here, Brian. I don't think we've changed our perspective at all on this. We have one of the lowest costs on Solana tokens. We were able to, like we said to do two capital raises subsequent to the quarter end, with the one with Hivemind, and then the cash one not too long ago, just over that NAV.

走吧，我這就上，布萊恩。我認為我們對這個問題的看法根本沒有改變。我們的 Solana 代幣價格是最低的之一。正如我們之前所說，我們在季度末之後進行了兩次融資，一次是與 Hivemind 合作，另一次是不久前進行的現金融資，金額都略高於淨資產值。

So, we don't want to panic here and like, or I shouldn't say panic, but make decisions based on just daily movement. We continue to bring that cost down. We'll definitely be open to, raising capital as that gap to NAV closes again, but we're still going to look to raise above NAV or at NAV as often as possible.

所以，我們不想在這裡引起恐慌，或者說，不應該說恐慌，而是根據每日的市場動態來做決定。我們將繼續降低成本。我們當然會考慮在淨資產值與股價差距再次縮小時籌集資金，但我們仍將盡可能多地尋求以高於淨資產值或等於淨資產值的價格進行融資。

The ATM obviously is the lowest cost now that we have all the tools in place going forward. We'll certainly be willing to use that, but we'll also be willing to sell Solana to buy stock back if that gap gets too wide as well.

既然我們已經具備了所有必要的工具，現在使用自動櫃員機顯然是成本最低的。我們當然願意使用這種手段，但如果價差過大，我們也願意出售 Solana 來回購股票。

Well, to that point. You've got $9.7 million cash. How do you weigh buying soul versus keeping a reserve?

嗯，說到這裡。你有970萬美元現金。如何權衡購買靈魂與保留儲備之間的關係？

I think what the one thing that this downturn has taught everybody is to keep a reserve, right? Like the volatility has been even, I think with even from the Crypto Neos, we would be considered pretty volatile in such a short period of time, especially into what everyone considers tailwinds.

我認為這次經濟衰退教會大家的最重要的一點就是要留有儲備金，對吧？就像波動性一直很均衡一樣，我認為即使加密貨幣 Neos 的波動性也很均衡，在如此短的時間內，尤其是在大家都認為是順風的情況下，我們也會被認為波動性相當大。

So right now, we're going to just be prudent. We do think, we're getting close to washing out, at the bottom here. Hopefully it'll bounce around for a while and recover, so cash reserves are okay. What we've done is, just kind of throw off the balance sheet, make sure that we're set.

所以現在，我們還是謹慎行事吧。我們認為，我們快要被淘汰了，已經跌到谷底了。希望它能反彈一段時間後有所回升，所以現金儲備沒問題。我們所做的就是調整資產負債表，確保一切就緒。

The other thing with the whole market and I said it in our in our call is. The options market and everything are getting much more liquid, so you're going to have a lot more opportunity to hedge these positions or to partially hedge these positions. We tried to do it earlier in the year, we're just unable to get a liquid enough market to do the size we want it.

還有一點，關於整個市場，我在電話會議中也提到過。選擇權市場等各個領域的流動性都大大增強，因此您將有更多機會對這些部位進行對沖或部分對沖。今年早些時候我們就嘗試過這樣做，只是我們無法獲得足夠大的市場流動性來實現我們想要的規模。

Looking back, we wish we could have, but with all of the new kind of attention to it, all of the ETF's launching with you know, liquidity is coming. So, everything's maturing, and I think all of that's going to still bring a lot of opportunity both to raise capital again to hedge in any movements, to sit on cash and right now we're just in general like playing it as close to the best we can but we're still looking to grow.

回首往事，我們多麼希望當初能夠做到，但隨著人們對它的關注度不斷提高，各種ETF紛紛推出，流動性也隨之而來。所以，一切都在成熟，我認為所有這些都將帶來很多機會，既可以再次籌集資金來對沖任何波動，也可以持有現金。目前，我們總體上只是盡可能做到最好，但我們仍在尋求發展。

Right, my last question is you've alluded to your high yield strategy plans. I think you had a press release a while back on that too. Any more you can share? We've seen a number of DApps lend their digital coins; they've generated a much higher return.

好的，我的最後一個問題是，您剛才提到了您的高收益策略計畫。我想你們之前也發布過相關的新聞稿。還有什麼可以分享的嗎？我們看到許多去中心化應用程式（DApp）借出其數位貨幣；它們獲得了更高的回報。

I guess I'm curious is there a lower appetite for would be partners for this type of transaction given the pressure in cryptocurrency? or are there still a number of parties that have a high degree of interest in something's imminent?

我想知道，鑑於加密貨幣市場的壓力，潛在合作夥伴對這類交易的意願是否降低了？或者，是否仍有一些各方對即將發生的事情抱持濃厚的興趣？

Couple of things. One is like, I want to see what, how that yield like, we understand how they're looping those tokens and everything. I don't believe that creates the yield that they're talking about, so I want to see how that's, I'm not sure it's presented in an apples to apples, presentation, so we want to see that.

有幾件事。其中一個想法是，我想看看收益狀況，例如我們是如何理解他們如何循環使用這些代幣等等。我不認為那樣就能達到他們所說的產量，所以我想看看他們是如何做到的，我不確定他們是否以公平的方式進行對比，所以我們想看看。

However, we are currently going through the exercise to pinpoint like the risk adjusted, high yield strategies we're looking for opportunities. While we do believe there's a time and a place for on-chain yields, today is not it for us. We're still not willing to go on chain, we're still waiting for that regular, regulatory clarity.

然而，我們目前正在進行一項練習，以確定我們正在尋找的風險調整後高收益策略等機會。雖然我們認為鏈上收益有其存在的意義，但今天對我們來說還不是時候。我們仍然不願意上鏈，我們仍在等待常規的監管明朗化。

The on chain comes with additional smart contract liquidation risks. We don't want to enter into any of that like you said, with that volatility. And those yields, can also compress. So, we're looking at is a more familiar and really easily understood by traditional kind of investors. We're looking at something that's more familiar in the markets.

鏈上部署會帶來額外的智慧合約清算風險。正如你所說，我們不想捲入那種波動性之中。而且這些產量也會被壓縮。所以，我們現在看到的是一種更熟悉、更容易被傳統投資者理解的東西。我們現在看到的是市場上比較常見的事物。

We're going to try to launch that here into the Second-Quarter So, April 4, and at that point we'll probably give you, give more clarity on how we're doing that, but it's not on chain. That's all I can tell you for now.

我們打算在第二季度，也就是 4 月 4 日，嘗試推出這項服務。屆時，我們可能會向大家更清楚地說明我們是如何做到的，但它目前還不是透過區塊鏈實現的。目前我只能告訴你這些。

Okay, thanks for taking my questions.

好的，謝謝您回答我的問題。

No problem.

沒問題。

(Operator Instructions) Brett Knoblauch, Cantor Fitzgerald.

（操作員說明）Brett Knoblauch、Cantor Fitzgerald。

Hi guys, thanks for taking my question. I might have missed this, but is there an updated Solana balance following the direct offering and the placement of the convertible notes? In the press releases at around 2,400,000. Is that the number that we should be using?

大家好，感謝你們回答我的問題。我可能錯過了，但是Solana在直接發行和發行可轉換債券後，是否有更新的資產負債表？新聞稿數量約 2,400,000 條。我們應該使用這個數字嗎？

That's the public number we have so far. It's really close, it's really close to that number. Nothing much has changed.

這是我們目前掌握的公開數據。非常接近，非常接近那個數字。沒什麼大變化。

Perfect. Appreciate it. And then just to maybe double click on the generating additional yield outside of staking, could you maybe elaborate in you know what forms of activities you would be participating in? Obviously, you said nothing on chain, but any additional colour on how or where you would generate additional yield to staking?

完美的。謝謝。然後，為了更深入地探討除了質押之外還能獲得額外收益的問題，您能否詳細說明一下您會參與哪些形式的活動？顯然，你在鏈上什麼也沒說，但你能否進一步說明你將如何或在哪裡獲得額外的質押收益？

You know, what I'll let Brian step in here. But yeah, what I will say is we're, we will definitely, elaborate on that going forward. But right now, we're trying to get it set up the way we want to get it set up. But I'll have Brian step in and elaborate a little bit there.

你知道，我會讓布萊恩來幫忙。但是，我可以肯定的是，我們接下來一定會對此進行詳細說明。但現在，我們正在努力按照我們想要的方式進行設定。但我會請布萊恩來詳細解釋。

Yeah, thanks Allan and thanks Brett. Yeah, as Alan mentioned, we're still in the exploratory phase we think that we've identified, specifically one strategy that can generate high yield in a low-risk way. But we're waiting until we're a bit further along in that path before we reveal too many details.

是啊，謝謝艾倫，也謝謝布雷特。是的，正如艾倫所提到的，我們仍處於探索階段，我們認為我們已經確定了一種能夠以低風險的方式產生高收益的具體策略。但是，在透露太多細節之前，我們還要等到這條路上再走得更遠。

The one thing I'd say is like we've got really two key things that we're focused on. One is making sure that this is recurring, and number two, making sure that this is low risk and so when we think about it internally our hurdle rate is that low to mid-teens that we can get on the lock.

我想說的是，我們目前主要關注兩件關鍵的事情。第一，要確保這種情況能夠持續發生；第二，要確保這種情況風險很低。因此，當我們內部考慮時，我們的最低門檻是十幾到十二分之一的機率，這樣我們就能鎖定這個機率。

And so, we've bought locked Solana at a 15% discount when you think of it like OID and you put that 15% discount into a yield equivalent, we still get the 7% staking yield on that and so it translates to an all-in, you know, low teens yield.

因此，我們以 15% 的折扣購買了鎖定的 Solana。如果你把它看作是 OID，並將這 15% 的折扣換算成收益率，我們仍然可以獲得 7% 的質押收益率，因此總收益率約為十幾個百分點。

And so that and we view that as low risk as well so that is kind of the hurdle rate of what we're looking to do and everything that we do will be compared against that. But we will get more information in the future as we continue to progress there.

因此，我們認為這樣做風險也很低，所以這就是我們想要達到的最低門檻，我們所做的一切都將以此為標準進行比較。但隨著我們繼續推進該項目，未來我們會獲得更多資訊。

Perfect thanks guys appreciate it.

非常感謝各位。

There are no more further questions, I would like to turn the conference back over to Allan Marshall for closing remarks.

沒有其他問題了，我想把會議交還給艾倫·馬歇爾，請他作閉幕致詞。

I thank everybody for joining the call. I know it's been a tough quarter for everyone at crypto. We, like I said, during the call, we do think the future is still bright. We think we're on the right path. And thank you for the great questions and we'll look forward to updating you guys during the quarter and look forward to the next conference call. Thank you very much.

感謝各位參加此通話。我知道對於加密貨幣領域的每個人來說，這都是一個艱難的季度。正如我在通話中所說，我們認為未來依然光明。我們認為我們走在正確的道路上。感謝大家提出的好問題，我們將在本季向大家報告最新情況，並期待下次電話會議。非常感謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。