Upexi, Inc (UPXI) 2026 Q3 法說會逐字稿

Good day, and welcome to the Upexi, Inc. fiscal third-quarter 2026 financial results conference call. Please note, this event is being recorded.

各位好，歡迎參加 Upexi, Inc. 2026 會計年度第三季財務業績電話會議。請注意，本活動將被錄音。

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

現在我想把會議交給 KCSA Strategic Communications 董事總經理 Valter Pinto。請開始。

Thank you, operator. Good evening, and welcome, everyone, to the Upexi fiscal third-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. 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.

謝謝，接線員。各位晚安，歡迎大家參加 Upexi 2026 會計年度第三季財務業績電話會議。今天與我一同出席的有執行長 Allan Marshall、財務長 Andrew Norstrud，以及策略長 Brian Rudick。在開始之前，我要提醒各位，今天電話會議中所作的陳述，可能被視為 1995 年《私人證券訴訟改革法》安全港條款所定義的前瞻性陳述。由於各種風險、不確定性及其他因素，實際結果可能會有重大差異。

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.

關於公司業務中部分持續性風險與不確定性的詳細討論，請參閱今晚發布並以 Form 8-K 向美國證券交易委員會（SEC）提交的新聞稿，以及公司定期向 SEC 提交的報告。

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. In addition, during the course of the call, we may refer to non-GAAP financial measures that are not prepared in accordance with the 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.

除非法律另有要求，否則公司不承擔亦不表示有任何意圖或義務更新或修訂任何前瞻性陳述，不論係因新資訊、未來事件或其他原因所致。此外，在本次電話會議過程中，我們可能會提及未依照美國一般公認會計原則（GAAP）編製的非 GAAP 財務衡量指標，且其可能與其他公司使用的非 GAAP 財務衡量指標不同。除非另有說明，非 GAAP 財務衡量指標與最直接可比的 GAAP 財務衡量指標之調節表，已載於我們今晚發布的財報新聞稿中。

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

現在我想把電話會議交給 Upexi 的執行長 Allan Marshall。

Thank you, Valter, and welcome, everyone, to our fiscal third-quarter 2026 earnings conference call. I'm happy to review our quarterly results and discuss why we're particularly optimistic about the future.

謝謝你，Valter，也歡迎各位參加我們 2026 會計年度第三季財報電話會議。我很高興回顧本季業績，並說明為何我們對未來特別樂觀。

Our fiscal third quarter was characterized by a challenging environment, most notably a continued decline in both the price of Solana and industry multiples. Both had a direct impact on our stock and were the result of a general bear market in crypto. That said, Solana has rebounded from its intra-quarter low of approximately 77% to current 96%, and our multiple is also well off the lows and now sitting above NAV and our fully loaded measure.

我們的會計年度第三季處於具挑戰性的環境中，最顯著的是 Solana 價格與產業估值倍數持續下滑。兩者都直接影響了我們的股價，並且是加密市場整體熊市的結果。儘管如此，Solana 已自本季盤中低點約反彈 77%，目前回升至 96%；我們的估值倍數也已明顯脫離低點，現已高於淨資產價值（NAV）以及我們的完全稀釋衡量指標。

Brian will cover our thoughts on the downturn and why we believe prices and valuations can and will improve in the future. And while we, like any treasury company, are heavily impacted by token prices and valuation multiples, we are not simply waiting around for the environment to improve, but rather are taking a proactive approach with several efforts of foot. One key initiative, which will always be a core component to the company is intelligent capital issuance. Like peers, we generally traded at a discount to NAV during the quarter. We took advantage by buying back approximately 2.5 million common shares for roughly $2 million or $0.80 per share.

Brian 將說明我們對本次下行的看法，以及為何我們相信未來價格與估值能夠、也將會改善。雖然我們與任何資產負債表型（treasury）公司一樣，會受到代幣價格與估值倍數的重大影響，但我們並非只是等待環境好轉，而是以主動方式推進多項工作。其中一項關鍵舉措，且將始終是公司的核心組成，即為審慎且具智慧的資本發行。與同業相同，我們在本季通常以低於 NAV 的折價交易。我們把握機會回購約 250 萬股普通股，總額約 200 萬美元，約每股 0.80 美元。

As a reminder, buying shares below 1 times NAV increases our Solana per share. In addition to the buybacks, we remain active on the issuance front, issuing a $36 million in-kind convertible note in January, which materially reduced credit risk given the in-kind nature and will also increase our Solana per share that the notes convert given the conversion price above NAV at the time of the issuance.

提醒各位，以低於 1 倍 NAV 的價格回購股份，將提高我們每股所對應的 Solana 持有量。除回購外，我們在發行端也保持活躍，於 1 月發行了 3,600 萬美元的實物交割（in-kind）可轉換票據；由於採實物交割性質，該交易實質降低了信用風險，且在票據轉換時，鑑於轉換價格高於發行時的 NAV，也將提高我們每股 Solana 持有量。

Lastly, we completed an approximately $7 million equity plus warrants offering, which was done above NAV and also increased our Solana per share. Despite the difficult environment, we demonstrated an ability to utilize the capital markets to create value with both buybacks and issuances.

最後，我們完成了一項約 700 萬美元的股權加認股權證發行，該交易在 NAV 之上完成，也提高了我們每股 Solana 持有量。儘管環境艱難，我們仍展現了運用資本市場、透過回購與發行創造價值的能力。

Second key initiative during the quarter was an intense focus on expenses, including both treasury-related and for our brands business. On the treasury side, expenses have been elevated since the launch of our treasury due to initializing the strategy but will now normalize going forward. On our brand business, we moved from in-house operations, including manufacturing, warehouse and logistics to outsourced operation with third-party providers.

本季第二項關鍵舉措是高度聚焦費用控管，涵蓋資產負債表（treasury）相關以及品牌業務兩方面。在 treasury 方面，由於策略啟動初期需要建置，費用自推出以來偏高，但未來將趨於正常化。在品牌業務方面，我們已由內部自營（包含製造、倉儲與物流）轉為委外，由第三方供應商提供服務。

Importantly, our costs are now rightsized and are more closely tied to the revenue generated. All in and assuming a continued 6% to 7% staking yield, we would expect that by July 1, the ongoing cash expenses for operations and interest will be less than the treasury staking revenue. And our goal is to have the lowest expense base of Solana treasury company peers.

重要的是，我們的成本結構已調整至合理規模，並與所產生的營收更緊密連動。整體而言，並假設質押收益率持續維持在 6% 至 7%，我們預期自 7 月 1 日起，營運與利息的持續性現金支出將低於 treasury 的質押收入。我們的目標是成為 Solana 資產負債表型公司同業中費用基礎最低者。

The last key initiative during the quarter was yield generation, where we aimed to increase the native 7% Solana staking yield in a low-risk and recurring manner. We continue to examine traditional sources of yield and are working towards a strategy that, if successful, would materially increase the total yield earned on the treasury. We believe the market would pay for the additional yield earned beyond the native staking yield. If the yield is low risk and recurring. And if we are correct and successful, this would be accretive to our multiple, potentially giving us a sustained premium valuation that we can monetize and perhaps even perpetually enabling the digital asset treasury company capital markets flywheel.

本季最後一項關鍵舉措是收益生成（yield generation），我們的目標是在低風險且可重複的方式下，提高 Solana 原生約 7% 的質押收益率。我們持續檢視傳統收益來源，並推進一項策略；若成功，將可大幅提高 treasury 所獲得的總收益率。我們相信，市場會為超出原生質押收益率的額外收益付出估值溢價，前提是該收益具低風險且可持續、可重複。若我們判斷正確並成功落地，這將對我們的估值倍數具增益效果，可能使我們獲得可持續的溢價估值以供變現，甚至可能長期推動數位資產資產負債表型公司在資本市場的飛輪效應。

With that, I'd like to turn the call over to our Chief Strategy Officer, Brian Rudick.

接下來，我想把電話會議交給我們的策略長 Brian Rudick。

Thanks, Allan, and hello, everyone. Solana fell from roughly $125 per token to about $83 per token during the quarter for a 33% decline. This compares to Bitcoin's 22% fall over the same period. We believe the main reason for the decline in the price of Solana during the quarter was the decline in the price of Bitcoin, whether due to investors lumping all of crypto together, combined with Solana's much smaller market cap or to programmatic funds trading digital assets together, Solana tends to trade with a beta of Bitcoin. And Bitcoin fell materially due to a myriad of reasons, including OG token holder selling, four-year cycle fears, fallout from the October 10 deleveraging event, precious metals stealing the show, digital assets competing with alternative investment opportunities like AI and more, which pulled Solana lower.

謝謝，Allan，各位好。本季 Solana 由每枚代幣約 125 美元下跌至約 83 美元，跌幅 33%。相較之下，比特幣在同一期間下跌 22%。我們認為，本季 Solana 價格下跌的主要原因是比特幣價格下跌；不論是投資人將所有加密資產一概而論、再加上 Solana 市值小得多，或是程式化基金將數位資產打包一起交易，Solana 往往以比特幣的 β 值（beta）進行交易。而比特幣因多種原因出現明顯下跌，包括早期（OG）代幣持有人賣出、對四年週期的擔憂、10 月 10 日去槓桿事件的後續影響、貴金屬搶走市場焦點、數位資產與 AI 等替代投資機會競爭等，進而拖累 Solana 走低。

While we believe the biggest determinant of the price of Solana will be the price of Bitcoin over the near term, we see this changing over the next few years. This is primarily because Bitcoin and Solana are two completely different constructs with the former store of value or digital gold and the latter a new type of computer and one that is upgrading our antiquated financial infrastructure.

雖然我們認為短期內 Solana 價格的最大決定因素將是比特幣的價格，但我們預期在未來幾年這種情況會改變。這主要是因為比特幣與 Solana 是兩種完全不同的架構：前者是價值儲存或「數位黃金」，後者則是一種新型電腦，正在升級我們陳舊的金融基礎設施。

We believe that Solana will increasingly be viewed independently from Bitcoin as investor knowledge increases and judge based on its own underlying fundamentals. Here, Solana fundamentals remain strong. As a reminder, Solana's North Star is what it calls Internet Capital markets, where it aims to have all the world's assets trading on a single liquidity venue accessible 24/7, 365 by anyone with an Internet connection.

我們相信，隨著投資人知識的提升，Solana 將愈來愈被視為獨立於比特幣，並將依其自身的基本面來評價。在此，Solana 的基本面仍然強勁。提醒一下，Solana 的「北極星」是其所稱的「網際網路資本市場」，其目標是讓全球所有資產都能在單一流動性場所交易，任何有網路連線的人都可 24/7、全年 365 天存取。

While Solana is simply a computer capable of running any application, we see particular opportunity in upgrading our antiquated financial infrastructure, much of which is old, slow and expensive with Internet and blockchain-based rails for massive speed, cost, transparency, composability and capital access benefits. Specific areas in this financial infrastructure upgrade include stablecoins, which enable near-free and near instant payments to anyone anywhere in the world.

雖然 Solana 只是能夠執行任何應用程式的一台電腦，但我們認為在升級我們陳舊的金融基礎設施方面存在特別的機會；該基礎設施多數老舊、速度慢且成本高，而以網際網路與區塊鏈為基礎的軌道可帶來大幅的速度、成本、透明度、可組合性與資本可得性等效益。此類金融基礎設施升級的具體領域包括穩定幣，其可讓近乎免費且近乎即時的支付，發送給全球任何地方的任何人。

Stablecoin transfer volume on Solana totaled $2.1 trillion in the quarter, up 60% over the prior year and leading traditional companies like PayPal, Western Union, and Societe Generale are continuing to build and issue stablecoins on Solana due to its top performance in distribution. Another is tokenization, also known as real-world assets or RWAs, which move off staying assets on chain for massive benefits around asset management and administration, market efficiency and liquidity and financial inclusion and economic growth.

本季 Solana 上的穩定幣轉帳量合計達 2.1 兆美元，較去年同期成長 60%；而 PayPal、Western Union 與 Societe Generale 等領先的傳統公司，因 Solana 在分發方面的頂尖表現，仍持續在 Solana 上建置並發行穩定幣。另一個領域是代幣化（tokenization），亦稱實體世界資產或 RWA，將原本停留在鏈下的資產移至鏈上，可在資產管理與行政作業、市場效率與流動性、金融普惠與經濟成長等方面帶來巨大效益。

Solana RWAs hit $2.4 billion in 1Q, up from just $317 million a quarter a year ago, including assets from leading issuers such as BlackRock and Franklin Templeton and including tokenized equities where Solana commanded a 99% market share of trading volume in the first quarter.

Solana 的 RWA 在第一季達到 24 億美元，較一年前同季僅 3.17 億美元大幅成長；其中包含 BlackRock 與 Franklin Templeton 等主要發行人的資產，亦包含代幣化股票；在第一季，Solana 在代幣化股票的交易量方面取得 99% 的市占率。

Finally, Agentic payments, which are financial transactions executed autonomously by AI agents are another large opportunity as many experts believe that one day, the bulk of economic activity will be performed by agents. BI agents cannot simply open up a traditional bank account, but rather need a hyper-performing, credibly neutral and permissionless network on which to transact. This puts Solana in the catbird seat to capitalize on this nascent but emerging trend tying AI progress with Solana's future success.

最後，代理式支付（Agentic payments）——亦即由 AI 代理自主執行的金融交易——是另一個龐大機會，因為許多專家相信，終有一天，大部分經濟活動將由代理來完成。BI 代理無法只是開立傳統銀行帳戶，而是需要一個高效能、可信中立且無需許可的網路來進行交易。這使 Solana 處於有利位置，可把握這一仍屬萌芽但正在浮現的趨勢，將 AI 的進展與 Solana 未來的成功連結起來。

Finally, I will conclude by saying that recent price action, in my opinion, creates a compelling opportunity. Bitcoin pulled the price of Solana lower while the fundamentals from stablecoins to tokenization, AI agents and beyond are higher. Over time, prices follow fundamentals and a lower price against improving fundamentals creates an improved risk reward. Upexi and Solana are well positioned to benefit.

最後，我想以一句話作結：以我之見，近期的價格走勢創造了具吸引力的機會。比特幣拉低了 Solana 的價格，但從穩定幣到代幣化、AI 代理等基本面反而更強。長期而言，價格會跟隨基本面；在基本面改善之際出現較低價格，會帶來更佳的風險報酬。Upexi 與 Solana 都已做好準備以受惠。

And with that, I'll turn the call over to our Chief Financial Officer, Andrew Norstrud, for a review of our financial performance.

接下來，我將把電話會議交給我們的財務長 Andrew Norstrud，請他回顧我們的財務表現。

Thank you, Brian. As of March 31, the company had approximately $3.5 million in cash, $2.5 million Solana tokens, $1.4 million liquid and the remaining 1 million tokens locked. During the quarter ended March 31, 2026, taking generated approximately 35,000 tokens or $3.5 million in revenue. We reduced the overall short-term debt by approximately $7.6 million, which included reducing short-term treasury debt by $5.4 million. We reduced the recurring general and administrative expenses compared to the second quarter ended December 31, 2025, and reduced the overall employee count to 10 employees.

謝謝你，Brian。截至 3 月 31 日，公司約有 350 萬美元現金、250 萬美元的 Solana 代幣，其中 140 萬美元為可流動，剩餘 100 萬枚代幣為鎖定狀態。在截至 2026 年 3 月 31 日的季度內，staking 產生約 35,000 枚代幣，或 350 萬美元的收入。我們將整體短期負債降低約 760 萬美元，其中包括將短期庫務債務降低 540 萬美元。相較於截至 2025 年 12 月 31 日的第二季，我們降低了經常性一般及行政費用，並將員工總數降至 10 人。

During the remainder of the year, management expects to eliminate and/or reduce additional ongoing general and administrative expenses and transition all consumer brands fulfillment to third-party providers. Based on the execution of these plans, the ongoing cash expenses will be less than the ongoing estimated staking revenue. For the nine months ended March 31, 2026, the company had digital asset revenue of approximately $14.7 million or approximately 100,000 tokens.

在今年剩餘期間，管理層預期將消除及／或進一步降低其他持續性的一般及行政費用，並將所有消費品牌的履約作業轉由第三方供應商承接。基於這些計畫的執行，持續性的現金支出將低於持續性、估計的 staking 收入。在截至 2026 年 3 月 31 日的九個月期間，公司數位資產收入約為 1,470 萬美元，或約 100,000 枚代幣。

Our tokens earned from staking has increased quarterly, and we expect the trend to continue. The direct treasury expenses for the nine months ended March 31, 2026, were approximately $8.6 million, which includes management fees, custodian fees, service fees and interest.

我們透過 staking 所獲得的代幣每季皆有所增加，我們預期此趨勢將持續。截至 2026 年 3 月 31 日的九個月期間，庫務的直接費用約為 860 萬美元，其中包括管理費、保管費、服務費及利息。

For the nine months ended March 31, 2026, the treasury had an unrealized loss on digital assets of approximately $178.8 million, reflective of the Solana price per liquid token of $83.11 and $71.47 per locked token as of March 31, 2026. There were no comparable financial results for the prior period. The company continues to develop the digital asset treasury with a focus on maximizing the return for shareholders and had substantially all tokens stake at March 31, 2026.

在截至 2026 年 3 月 31 日的九個月期間，庫務在數位資產上有約 1.788 億美元的未實現損失，反映截至 2026 年 3 月 31 日每枚可流動代幣的 Solana 價格為 83.11 美元、每枚鎖定代幣為 71.47 美元。前一期間沒有可比較的財務結果。公司持續發展數位資產庫務，重點在於為股東最大化報酬；截至 2026 年 3 月 31 日，幾乎所有代幣均已質押。

For the fiscal third quarter, total revenue was $4.6 million compared to $3.2 million in the prior year quarter. For the nine months period ended March 31, 2026, total revenue was approximately $21.8 million compared to $11.5 million in the prior year period.

在會計年度第三季，總營收為 460 萬美元，較去年同期的 320 萬美元增加。在截至 2026 年 3 月 31 日的九個月期間，總營收約為 2,180 萬美元，較去年同期的 1,150 萬美元增加。

This increase reflects the addition of our digital asset treasury business in 2025. Net loss for the quarter was approximately $109 million or $1.67 per share. $92.3 million related to the unrealized loss on digital assets during the quarter. During the quarter, we increased the total number of Solana tokens held by approximately 189,000, equating to 9% increase or 35% annualized. Our focus is growing Solana Holdings on a per share basis through disciplined capital activities, taking yield and opportunistic purchases while maintaining prudent leverage and risk management.

此一增加反映我們於 2025 年新增了數位資產庫務業務。本季淨損約為 1.09 億美元，或每股 1.67 美元。其中 9,230 萬美元與本季數位資產的未實現損失相關。本季我們持有的 Solana 代幣總數增加約 189,000 枚，相當於增加 9%，或年化 35%。我們的重點是透過嚴謹的資本運作、取得收益以及機會性買入，在維持審慎槓桿與風險管理的同時，以每股為基礎成長 Solana 持有量。

Operationally, we will continue to align our expenses with that strategy. And now I turn the call back over to Allan for concluding remarks.

在營運層面，我們將持續使我們的費用與該策略保持一致。現在我把電話交回給 Allan，請他做結語。

Thanks, Andrew. Upexi is operating from a position of strength. We have what we believe is the lowest average Solana purchase price of our larger peers. We have perhaps the cleanest capital structure, and we have leading trading volumes and a leading valuation. These characteristics put us in an advantaged position to execute on value-creating actions from accretive equity and in-kind convertible notes issuances to accretive M&A and beyond.

謝謝你，Andrew。Upexi 目前是在強勢地位下運作。我們擁有我們認為在較大型同業之中最低的 Solana 平均買入價格。我們或許擁有最乾淨的資本結構，並且具備領先的交易量與領先的估值。這些特質使我們處於有利位置，得以執行創造價值的行動，從具增益性的股權與以實物交付的可轉換票據發行，到具增益性的併購（M&A）以及更多。

Lastly, I want to remind everyone of the four items that differentiate Upexi from peers. First, we have a differentiated management team, one who have been extremely successful in the past with a very deep capital markets expertise. Second, we have a strategy to maximize shareholder value in a risk prudent manner, which we believe positions us well for any market environment and appeals to investors of all kind.

最後，我想提醒各位，Upexi 與同業相比有四項差異化因素。第一，我們擁有差異化的管理團隊，過去曾非常成功，並具備非常深厚的資本市場專業。第二，我們有一套以審慎控風險的方式最大化股東價值的策略；我們相信這使我們能良好因應任何市場環境，並吸引各類型投資人。

Third, we have and will continue to lead innovation and have done several firsts in the industry on the capital markets side. And lastly, we have demonstrated ability to create value for shareholders, executing on our value creation mechanisms to increase adjusted Solana per share by 35% last year and a full 32 percentage points more than investors would have gotten by simply staking Solana natively themselves.

第三，我們一直並將持續引領創新，且在資本市場面向已完成多項產業首創。最後，我們已展現為股東創造價值的能力；透過執行我們的價值創造機制，去年使每股經調整的 Solana 增加 35%，比投資人若僅自行以原生方式質押 Solana 所能獲得的回報，還多出整整 32 個百分點。

With that, I'll turn it over to the operator for questions.

接下來，我把時間交給接線員進行提問。

(Operator Instructions)

(接線員指示)

Brian Kinstlinger, Alliance Global Partners.

Brian Kinstlinger，Alliance Global Partners。

In the press release, you highlighted a 9% sequential increase in the Solana count. Can you highlight the underlying yield for Solana that you're generating outside of what was acquired through the capital raise? And then what are the ways you're evaluating to improve that yield?

在新聞稿中，你們強調 Solana 持有數量較前一季增加 9%。能否說明一下，撇除透過募資所取得的部分，你們所產生的 Solana 底層收益率是多少？另外，你們正在評估哪些方式來提升該收益率？

Andrew, do you want to take that part?

Andrew，你要回答這一部分嗎？

Yes. So during the quarter, the staking yield or the staking revenue was a little bit less than 35,000 tokens that we got. We had the 265,000 convertible debt that we did, and we also sold off 100,000 tokens during the quarter. So that we had a net of $187,000 increase of tokens. No, I was just going to say and for the staking yield, overall, the total rewards has been down a little bit, but it's just below 7% for the native staking that we're doing.

是的。所以在本季，質押收益或質押收入大約略低於我們取得的 35,000 枚代幣。我們做了 265,000 的可轉換債務，並且在本季也賣出了 100,000 枚代幣。因此我們的代幣淨增加為 187,000 枚。不，我只是想補充一下，就質押收益而言，整體總獎勵略有下降，但我們進行的原生質押收益率略低於 7%。

Great. And then you mentioned in your prepared remarks, accretive M&A. Can you highlight how management is thinking about M&A and what types of assets might be intriguing or go hand-in-hand with your business?

很好。另外你在事先準備的發言中提到具增益性的併購（M&A）。能否說明管理層如何看待併購，以及哪些類型的資產可能有吸引力或能與你們的業務相輔相成？

Thanks, Brian. Right now, we're just exploring options on ways where we could increase the overall return on our capital. So the way we look at it is for the steak tokens, it's 7%. And for the lock tokens, it's closer to double that or just less than double that. So anything we do would have to -- we have to keep in mind that the barrier for us to do something would have to beyond those yields.

謝謝你，Brian。目前我們正在探索各種選項，看看有哪些方式可以提高我們資本的整體報酬。我們的看法是：對於質押代幣，收益率是 7%。而對於鎖倉代幣，則接近其兩倍，或略低於兩倍。因此我們做任何事情都必須——我們必須記住，我們採取行動的門檻必須高於那些收益率。

We've looked at multiple things. But obviously, with just the overall market conditions right now, we're kind of waiting to see what options become available. It's just an expansion of the way we were thinking before. So before we think strictly buy as much Solana we possible take it. We are still thinking that, but we're also open to looking at opportunities that could increase that yield.

我們看過多種可能性。但顯然，以目前整體市場狀況來看，我們有點在等待看看會出現哪些可行選項。這只是把我們先前的思路做延伸。先前我們的想法是單純盡可能買入更多 Solana。我們仍然這麼想，但也願意看看是否有能提高該收益率的機會。

Anything we did do, though, would not mean we sold any of our Solana. We would either use some sort of leverage debt or and to do that, it would have to surpass the income we would get from the Solana tokens.

不過，我們若真的做了任何事情，也不代表我們會賣出任何 Solana。我們會使用某種槓桿性負債之類的方式；而要這麼做，其回報必須高於我們從 Solana 代幣本身所能獲得的收入。

Great. I've got one follow-up. When I look at the balance sheet and the Q, the Q says on the first page, you get 70 million-plus shares. You've got $238 million of debt. And so that's your enterprise value at $455 million and your NAV is $227 million. Why is that not the right way to think about it that you've got an EV to NAV of 1.5 times. You guys are talking about having it below 1 times.

很好。我有一個追問。當我看資產負債表和 Q（季報）時，Q 的第一頁寫著你們有 7,000 萬股以上的股份。你們有 2.38 億美元的負債。因此你們的企業價值（EV）是 4.55 億美元，而你們的淨資產價值（NAV）是 2.27 億美元。為什麼這不是正確的理解方式：也就是你們的 EV 對 NAV 約為 1.5 倍？你們一直在談要低於 1 倍。

Brian, do you want to -- Brian or Andy, I'm not sure appropriate on that statement.

Brian，你要——Brian 或 Andy，我不確定由誰來回應這個說法比較合適。

Yes. I appreciate the question. Yes, we put out our investor deck and in the appendix, we have two ways that we calculate it. It really depends on whether or not our in-kind convertible notes end up converting. If you run that embedded option through any sort of options pricing calculator, it suggests that they're still more likely than not to convert.

是的。感謝你的問題。是的，我們發布了投資人簡報，在附錄中我們提供兩種計算方式。這其實取決於我們的以實物交付可轉換票據是否最終會轉換。如果你用任何選擇權定價計算器去跑那個內嵌選擇權，它顯示這些票據仍然是「更可能會轉換」而非不轉換。

But if those do convert, then all that so is ours, and we will have to issue additional shares backing that. And so on our fully loaded NAV, which is how we like to look at it, we assume that those converts convert and we assume that we sell sole to pay back our line outstanding. And that's what gets you to a roughly 1 times mNAV.

但如果那些確實轉換，那麼那些 SOL 就是我們的，而我們將必須發行額外股份來對應支撐它。因此在我們的完全稀釋 NAV（這是我們偏好的觀察方式）中，我們假設那些可轉債會轉換，並假設我們會賣出 SOL 來償還我們尚未償付的授信額度。這就是讓你得到約 1 倍 mNAV 的原因。

The other one, which I think you're referencing is assuming there's no conversion, we have to give back some of that sole, but we also don't have to issue those additional shares, and that's where we're way above NAV. My personal view is that there's probably a blend of the two based on the probability of those in-kind converts converting.

另一種方式，我想你指的是假設不會轉換；那樣我們必須歸還一部分 SOL，但同時也不需要發行那些額外股份，因此那種情境下我們會遠高於 NAV。我個人的看法是，基於那些以實物交付可轉債轉換的機率，兩者之間可能會有一個折衷的加權結果。

Again, we do think that those will convert, which is why we tend to manage the company based on our fully loaded mNAV.

再次強調，我們確實認為那些將會轉換，這也是為什麼我們傾向於以完全稀釋後的 mNAV 來管理公司。

Gareth Gacetta, Cantor Fitzgerald.

Gareth Gacetta，Cantor Fitzgerald。

I was wondering if you could dive in on the cost structure and kind of the path to a self-sustaining treasury. Could you maybe talk about what existing cost actions need to be hit before you get to July 1 milestone? And then maybe once you get there from that base, is the yield strategy, will that kind of provide some operating leverage on top of kind of where you think it will sit today?

我想請您深入談談成本結構，以及邁向可自我維持的財資（treasury）的路徑。您是否可以談談在達到 7 月 1 日這個里程碑之前，需要先完成哪些既有的成本行動？另外，當您從那個基礎出發之後，收益策略是否會在您認為目前會落在的水準之上，提供某種營運槓桿？

Sure. I can open it up and then Andy can get into any details. So the way we're looking at it is we've reduced the headcount. We've outsourced all of the brand businesses. So they all run at a cost basis where we can manage it much more easily and competitively.

當然。我先開個頭，然後 Andy 可以補充任何細節。我們的看法是，我們已經縮減了人力。我們也把所有品牌業務外包了。因此它們都以一個成本基礎運作，讓我們能更容易且更具競爭力地管理。

And then I think the couple of things we have to do. One is we need to refi a little bit of the debt we have or get some sort of like small appreciation in Solana's price. That would reduce expenses enough like on the debt profile to bring us really close to cash flow neutral. And then any increase, the way we're thinking about it is any increase in the price of Solana, obviously, that yield becomes very material for us. But do you want -- Andy can break down any more detailed information you want or Brian can.

接著我認為我們還有幾件事要做。第一，我們需要把現有部分債務做再融資（refi），或是 Solana 的價格有一些小幅上漲。那將在債務結構上把費用降低到足以讓我們非常接近現金流打平。然後任何 Solana 價格的上升，照我們的想法，顯然那個收益對我們就會變得非常重要。不過你想要的話——Andy 可以把你想知道的更細部資訊拆解一下，或 Brian 也可以。

Yes. So just real quick. I mean, we have some expenses like warehouse leases and everything else that will come -- will be expiring, we will go and be using them in this quarter. So that's kind of what the July 1 date states so that these leases are gone, all the employees are done, everything is finished with any of the logistics that we were doing before. Now it will become -- everything will be measured on profitability through the inputs.

是的。我快速補充一下。我們有一些費用，例如倉庫租約以及其他項目，會在本季到期——我們會在本季把它們用完。所以 7 月 1 日這個日期的意義在於：這些租約都結束了、所有員工都處理完了、以及我們先前做的任何物流相關事項都全部收尾。之後，一切都會以投入項目所帶來的獲利能力來衡量。

The second area of it, as Allan started to allude to, is that right now with that short-term treasury debt, we do have $500,000-plus per month of interest that we're going to be looking at a couple of different ways to reduce that significantly in the next three months, which will reduce the overall operating expenses in that treasury significantly.

第二個面向，如 Allan 剛才提到的，是目前針對那筆短期財資債務，我們每月有超過 50 萬美元的利息支出；我們會在接下來三個月用幾種不同方式，設法大幅降低這個數字，從而顯著降低該財資的整體營運費用。

That right now, even without that, that's where we can just about breakeven, plus or minus a little bit based on the price of sole. But as we start taking care of those in the next two months, that will get us well over that. And yes, there will be excess cash from those revenue stakings as we're projecting right now, if everything goes as planned.

就目前而言，即使不做那件事，我們也差不多可以損益兩平，會因 SOL 的價格而上下略有差異。但當我們在接下來兩個月把那些問題處理好之後，情況會明顯優於損益兩平。而且是的，如果一切如計畫進行，依我們目前的預測，這些質押（staking）收入將會帶來多餘的現金。

Got you. That's really helpful. And maybe I know it's further down the line, but if you do end up generating some cash flows from this staking business, can you talk about maybe how you think about allocating that and returning it to shareholders? Would you maybe buy more sole or lock sole or think about repurchases?

了解。這非常有幫助。另外，或許我知道這是更後面的事，但如果你們最終確實能從這個質押業務產生一些現金流，能否談談你們會如何思考資金配置以及回饋股東？你們會買更多 SOL、鎖定 SOL，或考慮庫藏股回購嗎？

We would look at all like during the quarter, we repurchased shares because they're at 0.8 or even less of NAV. We had the excess cash. So yes, I mean any excess cash we have come in will go into building the treasury position that's sold per share, whether it be repurchasing shares or buying more sole.

我們會把各種選項都納入考量；例如本季我們就回購了股票，因為股價只有 NAV 的 0.8 倍甚至更低。而且我們有多餘的現金。所以是的，任何進來的多餘現金，都會用來提升每股所對應的 SOL 財資部位，不論是回購股票或買進更多 SOL。

Okay. Awesome. And then maybe last one. Could you just kind of double-click on the high-yield strategy and like what portion of the treasury is initially allocated to it and your appetite to maybe allocate more or a greater percentage of it towards that in the future?

好的。太棒了。那最後一個問題。你能否再更具體說明一下高收益策略：一開始財資會配置多少比例到其中，以及未來你們是否願意把更多、或更高比例的財資配置到那類策略？

Yes. We've been looking at certain strategies. Obviously, the yields on some of these strategies have been moving all over the place over the last 90 days. I think we would do small initial amount into that, like $25 million or $50 million and then work on that yield if we can get high enough. And once we do refinance the debt, we'll have more availability to put more into a strategy like that should the yield generate the way we think it's going to.

可以。我們一直在研究一些策略。顯然，過去 90 天這些策略的收益率波動很大。我想我們會先投入一個小的初始金額，例如 2,500 萬或 5,000 萬美元，然後看看是否能把收益率做到足夠高。而一旦我們完成債務再融資，如果收益如我們預期那樣產生，我們就會有更大的空間把更多資金投入這類策略。

And we're doing all of this off chain. So we're trying not to do anything on chain. We're using more traditional Wall Street instruments.

而且我們做的這一切都是在鏈下（off chain）進行。所以我們盡量不在鏈上做任何事情。我們使用的是較傳統的華爾街工具。

And this does conclude our question-and-answer session. I would now like to turn the conference back over to Allan Marshall for closing remarks.

以上為問答環節結束。現在我想把電話會議交回給 Allan Marshall 作結語。

I just want to thank everybody for joining the call today. We really appreciate the support. Thanks for the great questions, and we look forward to updating everyone on the year-end. Have a great evening.

我只想感謝各位今天加入這通電話會議。我們非常感謝大家的支持。謝謝各位提出很棒的問題，我們也期待在年底時向大家更新進展。祝各位晚上愉快。

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

本次電話會議到此結束。感謝您參加今天的簡報。您現在可以掛線。