Good day, and welcome to the Bitdeer First Quarter 2025 earnings call. At this time, all participants are in listen-only mode. After the speaker's presentation, there'll be a question-and-answer session. Instructions will be given at that time. As a reminder, this call may be recorded. I would like to turn the call over to Yujia Zhai, Investor Relations Advisor. Please go ahead. Thank you, Operator, and good morning. Welcome to Bitdeer's First Quarter 2025 earnings conference call. Joining me today are Jihan Wu, Chairman and CEO; Matt Kong, Chief Business Officer; Haris Basit, Chief Strategy Officer; and Jeff LaBerge, Head of Capital Markets and Strategic Initiatives. Haris will begin today by providing a high-level overview of Bitdeer's First Quarter 2025 results, and then cover the company's strategy and a detailed business update. After that, Jeff will cover Bitdeer's First Quarter financial results in more detail, and then we will open the call for questions. To accompany today's earnings call, we have provided a supplemental investor presentation. This presentation can be found on Bitdeer's Investor Relations website under Webcasts and Presentations. Before management begins their formal remarks, we would like to remind everyone that during today's call, we may make certain forward-looking statements. These statements are based on management's current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially. For a more complete discussion on forward-looking statements and the risks and uncertainties related to Bitdeer's business, please refer to its filings with the SEC. Further, in addition to discussing results that are calculated in accordance with International Financial Reporting Standards, or IFRS, we will also make references to certain non-IFRS financial measures, such as adjusted EBITDA and adjusted profit or loss. For more detailed information on our non-IFRS financial measures, please refer to our earnings release that was published earlier today, which can be found on Bitdeer's Investor Relations website. Thank you. I will now turn the call over to Haris. Haris? Thank you, Yujia, and good day, everyone. Thanks for joining our First Quarter 2025 earnings call. I'm excited to share the many developments happening at Bitdeer and walk you through the progress we've made since last quarter. Before diving in, I'd like to briefly highlight our Q1 financial results, for which Jeff will provide more details in a few minutes. Starting on slide three, for Q1, total revenue was $70.1 million, gross profit was negative $3.2 million, and adjusted EBITDA was negative $56.1 million. The lower performance compared to Q1 last year was primarily driven by the impact of the 2024 halving, higher global network hash rate, lower hosting, and cloud mining revenue, and higher R&D costs related to the one-off development and tape-out costs of our SEAL 03 chip. These negative impacts were partially offset by higher average self-mining hash rate, which increased to 11.5 EH/s at the end of the quarter, as well as higher Bitcoin prices. Over the past year, we have made the strategic decision to prioritize the development of our own ASIC technology. While this temporarily slowed our hash rate growth, it positioned us with long-term advantages that fundamentally differentiate our business. Producing our own machines enables us to scale at a significant cost advantage and maintain greater control over our growth trajectory. Now that our SEAL miners are quickly coming off the production line, we expect a rapid acceleration in self-mining hash rate in the quarters ahead. In tandem, we are bringing online nearly 500 MW of new self-mining power capacity by mid-year, increasing our total global capacity to nearly 1.6 GW. More than half of this power is located in Norway and Bhutan. Our early focus on geographic diversification is now yielding results. Accordingly, in the near term, we are prioritizing deployments of our A2 mining machines to Bhutan and Norway, which we expect will drive our self-mining hash rate to 40 EH/s by October 2025. On the commercialization front, we are encouraged by the recent trade negotiations, which have led to a de-escalation in tariffs. Looking ahead, we expect U.S. tariff policies to encourage more Bitcoin mining-related manufacturing in the U.S. and anticipate a continued shift towards more balanced trade measures. We plan to migrate a portion of our manufacturing to the U.S. in the second half of 2025, and we'll share more details about this in future calls. Over the longer term, we expect demand for Bitcoin mining rigs to continue rising. Having the most efficient chip will be essential to capture this multi-billion dollar TAM. Moving now to our ASIC roadmap, which is highlighted on slide five of our supplemental presentation. Starting with SEAL miner A1. At the end of Q1, we completed the mass production of 3.7 EH/s of our SEAL miner A1 mining rigs and finished installation and energization as of the end of April 2025. For SEAL miner A2, mass production of the previously announced 35 EH/s remains on track to be completed in October 2025. As of the end of April, we completed manufacturing of 3.3 EH/s of SEAL miner A2 mining rigs, and 1.2 EH/s were being assembled. Of the 3.3 EH/s of completed miners, 1.3 EH/s have been sold and shipped to external customers, and 0.5 EH/s have been deployed and energized at Bitdeer's data centers in Texas and Tidal, Norway, with the remaining in transit or being prepared for shipment. Additionally, at the end of Q1, we launched a Pro series of our SEAL miner A2 mining rigs, including both an air-cooled and hydro-cooled model, both with an impressive power efficiency of 14.9 J/TH. For SEAL miner A3, we completed rigorous testing of several dozen of our prototype models in April, and energy efficiency continues to meet our expectations. We have begun machine-level testing, and results are expected to be finalized by late Q2. We anticipate mass production for our SEAL miner A3 to commence Q3 of this year. Looking ahead to the second half of this year, our R&D efforts are now focused on our SEAL miner A4 project, for which we are targeting an unprecedented efficiency of approximately 5 J/TH at the chip level. This chip has been completely redesigned from the ground up, leveraging a new digital architecture and technology that significantly improves energy efficiency. We believe this new chip design will revolutionize the way Bitcoin mining ASICs are made in the future. We have begun the process of filing patents on this technology, and tape-out is on track for Q4 2025. We believe SEAL miner A4, along with our third-generation chip, will position Bitdeer as the leading supplier of the world's most energy-efficient mining rigs, significantly strengthening our market position and unlocking substantial value for our customers and shareholders. On slide six of our supplemental investor presentation, we reiterate our prior guidance for our self-mining hash rate to reach approximately 40 EH/s by Q4 of this year. Given the significant amount of power capacity we have coming online, our near-term plan is to prioritize our current ASIC production towards self-mining and utilize the bulk of our new power capacity in Tidal, Norway, and Jigmeling, Bhutan. Please note that this forecast does not include anticipated additional wafer allocations for SEAL miner A2 or for SEAL miner A3. Depending on the exact manufacturing schedule and actual wafer allocations, our self-mining hash rate could be well above 40 EH/s guidance by Q4 2025. Next, I'd like to provide a quick update of our energy infrastructure and pipeline that's highlighted on slides seven and eight of our supplemental investor presentation. In early April, Bitdeer signed an SPA and a turnkey agreement for the acquisition and construction of a 50 MW mining data center in Ethiopia. The transaction includes a local company with a mining permit, a 33 kV substation interconnection, and a four-year power purchase agreement with Ethiopian Electric Power Company. We are working closely with an EPC contractor that specializes in Bitcoin mining and are targeting energization by Q4 2025. This project reflects our continued commitment to identifying cost-efficient sites that allow us to keep older generation machines online to maximize the ROI of our existing fleet. Additionally, in April, we energized 202 MW of data center capacity for self-mining, of which 70 MW was at our Tidal, Norway site, and 132 MW in Jigmeling, Bhutan. We expect the remaining 105 megawatts in Tidal and 368 megawatts in Jigmeling to be energized by the end of June, bringing our total available power capacity to nearly 1.6 gigawatts. By the end of 2025, we are also on track to energize an additional 221 megawatts in Massillon, Ohio, and including our Ethiopia site, our total available power capacity will reach over 1.8 gigawatts. Finally, in April, due to advancing discussions with development partners and end users for HPC AI, we made the strategic decision to pause Bitcoin mining-related construction at our 570-megawatt site in Clarington, Ohio. However, we maintain full optionality to reassess and resume the build-out for Bitcoin mining at a later date. In terms of our HPC AI initiative, in March, we formalized an engagement with Northland Capital Markets to act as financial advisor for our HPC AI data center development strategy. Northland has been assisting us in our negotiations with potential development partners and providing guidance regarding capital providers. As of May, we have advanced discussions with development partners and potential end users for selected large-scale sites in the U.S., including our Clarington, Ohio site for HPC and AI. In summary, we have many exciting milestones on the horizon. We expect 2025 to be a pivotal year as our efforts start to bear fruit, and we look forward to sharing updates on our progress. I'll now turn it over to Jeff LaBerge, our Head of Capital Markets and Strategic Initiatives, to go over our financial results for the quarter. Thank you, Haris. Before I go over Bitdeer's first quarter financial results, I'd like to remind everyone that all figures I refer to today are in U.S. dollars and that all comparisons are to Q1 of last year. Q1 consolidated revenue was $70.1 million versus $119.5 million. Self-mining revenue was $37.2 million, down 23.1%, primarily due to the April 2024 halving event and an increase in global network hash rate, partially offset by higher self-mining hash rate and higher Bitcoin prices. Cloud hash rate revenue was $0.1 million versus $18.1 million. This decline was due to the expiration of long-term cloud hash rate contracts and the subsequent reallocation of this hash rate to our self-mining operations. General hosting revenue was $9.6 million versus $29 million. Membership hosting revenue was $16.3 million versus $19.5 million. SEAL miner sales revenue in Q1 was $4.1 million. The decrease in hosting revenue was mainly caused by two factors. First, we converted 100 MW of hosting capacity at our Texas facility to hydro-cooling capacity, which is expected to be renovated and equipped with SEAL miner hydro-cooled mining rigs that begin phasing in during the first quarter of 2025. Second, some hosting customers removed less efficient miners after the halving in April of 2024. Some of this extra capacity is currently being replenished by new hosted mining rigs. Total gross profit for the quarter was negative $3.2 million versus positive $34.1 million, and gross margin was negative 4.6% versus 28.6%. The decrease in our gross margin was primarily driven by the April 2024 halving event's impact on our self-mining and lower hosting and cloud hash rate revenues. Total operating expenses for the quarter were $75.8 million and $37.8 million. The increase was primarily driven by higher R&D costs related to the one-off tape-out costs for SEAL miner 03, higher engineering costs related to the company's ASIC development roadmap, and non-cash amortization expenses of intangible assets related to the acquisition of PreChain in Q4 2024. Other operating expenses were $7.8 million, due primarily to non-cash impairment of Bitcoin. As a reminder, under IFRS, Bitcoin is classified as an intangible asset and is measured at cost less any accumulated impairment losses, with no subsequent revaluations permitted. Other net gain for the quarter was $503.1 million versus $2.4 million. The net gain was due to the non-cash derivative gains on the convertible bonds issued in August 2024 and November 2024, and the tether warrants, which I will discuss in more detail in the liability section. IFRS net profit was $409.5 million and $0.6 million. Adjusted profit was negative $89.8 million versus positive $9.7 million. Adjusted EBITDA was negative $56.1 million versus positive $27.3 million. This quarter's lower performance compared to Q1 last year was primarily driven by the impact of the 2024 halving, higher global network hash rate, lower hosting and cloud mining revenue, and higher R&D costs, as described previously. These negative impacts were partially offset by higher average self-mining hash rate and higher Bitcoin prices for the quarter. Net cash used for operating activities was $284 million, predominantly driven by SEAL miner supply chain and manufacturing. Net cash used for investment activities was $73.6 million, including $45.7 million of capital expenditures for infrastructure construction and mining rigs, $18.2 million for the purchase of cryptocurrencies, $21.9 million to acquire the site and gas-fired power project in Alberta, and $12.3 million of proceeds from disposal of cryptocurrencies from the principal business. Net cash generated from financing activities for the quarter was $94.9 million, which resulted primarily from the $118.4 million of net proceeds from issuance of shares under our ATM facility in January and February, offset by $21 million used for share repurchases. Moving on to our 2025 Bitcoin mining infrastructure spend, we expect CapEx for the continued build-out of our global power and data center infrastructure to now be in the range of approximately $260-$290 million for calendar year 2025. This update includes recorded infrastructure CapEx in Q1. The reduction from our prior guidance is due to approximately $80 million in savings for the pause of Bitcoin mining infrastructure construction at our Clarington, Ohio site that Haris spoke about earlier. Please note that this guidance only factors in power and data center spend for Bitcoin mining and does not include CapEx for SEAL miners used for self-mining. In terms of our balance sheet, we entered the quarter in a strong financial position with $215.6 million in cash and cash equivalents, $131.1 million in cryptocurrencies, and $215.4 million in borrowing, excluding derivative liabilities. Derivative liabilities were $256.8 million, which related to the tether warrants and August 2024 and November 2024 convertible notes, representing a $507.2 million decline compared to our last quarter. Again, this is a non-cash fair value adjustment driven by the decline in our stock price and does not impact our liquidity or operations. Under IFRS, certain derivative instruments, such as warrants and convertible debt, are required to be revalued at fair market value each reporting period. As our stock price increases, the fair value of these instruments rises, resulting in a higher reported liability and vice versa. The recorded liability will ultimately be netted at settlement, either upon conversion to equity or expiration, and does not represent an actual cash outflow. In April 2025, we entered into a loan agreement with Matrix Finance and Technology Holding Company for a financing facility of up to $200 million. The loans drawn under the facility bear a variable interest rate of 9% plus a market-based reference rate. Each drawdown is repayable in fixed monthly installments over 24 months and is secured by the pledge of SEAL miners. As of today, 2025, we have drawn approximately $90 million under this facility. Finally, regarding our outstanding ATM facility, since the middle of February 2025, we have not sold any additional shares given the broader market correction. Thank you, everyone. That concludes the prepared remarks section of our earnings call. Operator, please open the call for questions. Thank you. If you'd like to ask a question, please press star 11. If your question hasn't been answered and you'd like to remove yourself from the queue, please press star 11 again. Our first question comes from Darren Aftahi with ROTH. Your line is open. Hey, guys. Good morning. Thanks for taking my questions, and nice to see all the progress. A couple of things. First, I know in the past you guys talked about third-party interest in A2, and I think it was maybe in the 7 exahash range. Then you guys kind of talked earlier this year about taking that in-house for your own self-mining. I'm just kind of curious. Obviously, the world is moving pretty fast, but how has interest in maybe just not the A2, but your chips in general changed maybe in the last few weeks? Is there as much third-party interest? Has that demand changed since you kind of said you would bring that in-house? My second question is, on your 40 exahash target by the end of the year, Haris talked about there could be upside to that. I guess, what is under consideration in terms of that target? Is it simply machines and available power, or is there something more nuanced there? Thank you. I will take this question. Generally, we feel that the desire for purchasing mining assets from us has increased significantly after the Bitcoin price increasing. That's very natural. You can see that we moved some sales of the Bitcoin mining rig. But anyway, our priority is still self-mining. We want to fulfill our Bitcoin mining farm that is going to build up within this year. And the second question is that the upside of our target, due to the current trader situation, there is lots of uncertainty over the availability of the capacity because everyone may want to have more capacity of the TSMC and to have inventory. And then maybe some of them may give up. We don't know what the decision and the prediction will be. We always have strong confidence over TSMC as our capacity and technology partner, and we are communicating with them. So I think we can at least guarantee the previous target we announced and that we can have some upside. Great. Thank you. Thank you. Our next question comes from Ben Summers with BTIG. Your line is open. Hey, good morning, guys, and thanks for taking my question. So first, around the decision to pause Bitcoin mining development at Clarington, kind of just any color on the type of customers we're hearing from here and where are we seeing the strong demand for the site? Okay. I can maybe answer that question. At this point in time, we're getting some inbound from potential end users or tenants, but our primary work here really is to get a development partner that we can work with to develop this site. And so they have very strong connections, the people we're talking to, to all the hyperscalers. We are not in that stage yet where we're actively pursuing the hyperscalers at the moment. Though we are getting some inbound and just sort of natural inbound requests at this time. The main focus remains on closing a deal with the development partner. Got it. Super helpful. And then kind of on the recent loan agreement that we entered, I guess just why now, and then how are we kind of thinking about the capital structure moving forward here, and maybe how are we thinking about managing the Bitcoin balance on the balance sheet as we continue to expand the business? Jihan, do you want to take that, or would you like me to? I can touch on that. Yeah, we feel right now with the broader correction in the market, we stopped using the ATM in February when the price dropped quite significantly. So we have always been very conscious of dilution as far as our capital raising process. And we feel that the business can take on a certain amount of debt to finance, especially on the mining rig side where we know we have a certain payback opportunity for the use of proceeds. So we felt like a responsible, reasonable amount of debt could be utilized to finance the chip purchases. Awesome. Thank you guys for taking my questions. Thank you. Our next question comes from Kevin Cassidy with Rosenblatt Securities. Your line is open. Hi. Thanks for taking my question and congratulations on the great progress. The SEAL A4 ASIC that you're going for for the fourth quarter, and then when you'll have the SEAL miner A4 out, what would be the strategy for that? It seems like that's going to be a very high-demand device or equipment for other miners. Are you going to stay with mostly internal, or will there be enough capacity to sell externally and use it internally? As we fill up our existing capacity with A2s and then some A3s, we will naturally transition to more external sales. And so A4, if we tape out as we expect in Q4, the machines will not be ready for at least a couple of quarters after that or maybe even a little longer in mass production. So by that time, I expect, but we will not know for certain, that largely we will be selling externally because our internal capacity should be close to full. And i f we get as much capacity from TSMC as we hope, we should be able to have significant external sales. Yeah. Okay. Great. That does ask the question, how does the transition work from if you go from the SEAL miner A2 to A3? Does A3 expect to keep that in production for another year or so after A4 is out? A4 is still not taped out yet. If A4 taped out and we go to buy the chip, I believe that will be at the end of the year and to get to the status of mass production ready. And after that, I think A3 and A4 will coexist for quite a long time because A3 will be, I think, the cost in terms of a dollar per hash will be lower than A4. It will depend on different situations of which mining rigs users and us want to choose from. It will also depend on other factors. If we have a really abundant capacity, I think A4 can be our preference. If the total capacity we can obtain from TSMC is limited, I think A3 maybe actually is better because it can yield much more hash rate out from the wafers. Okay. Great. It's good to have those options. Thanks. Thank you. Our next question comes from Nick Giles with B. Riley Securities. Your line is open. Thanks, Operator. Good morning, everyone. Guys, apologies if I missed this, but it looks like electricity costs were slightly higher in Q1. I assume this was on some of the extreme weather early in the year, but can you just touch on how power costs could trend from here? Yeah. Q1 historically has been our highest power price throughout the year. It's primarily due to a couple of things. Number one, in Bhutan, we have a nine-month PPA at around 4.25 cents per kilowatt hour. That runs between Q2 and Q4. Q1 is a dry season in Bhutan. During that quarter, we typically procure power from the Indian market. We are looking into options, power purchase agreements, and other forward power pricing opportunities to fulfill that moving forward. We were not able to get that in place in time for Q1, so prices in Bhutan were elevated. Aside from that, Rockdale had slightly elevated prices just historically. So that led primarily to the increase in power price for Q1. Moving forward, Q2 and Q3 are typically lower-cost quarters for us. We are implementing a much more aggressive power supplying strategy, and we expect some of those to start bearing fruit in this next quarter, possibly Q3. Thanks for that. That's very helpful. My second question is, clearly, your ASIC machines have the opportunity to be the leading edge, but it's been too early for analysts to ultimately track performance and utilization. What would you consider the first opportunity for the market to see really just the overall efficiency of your fleet, specifically on some of the later generations? Even though we are hungry for the machines in our own mining farm, we are still squeezing some of our capacity to customers. That is for them to test and try. Right now, so far, so good. I think we all already see how good our machines are. I have a strong confidence over that. And that is about A2 and A2 Pro. A3 will be able to ship to our customers in October. The earliest day customers can test A3 is in October. Got it. Guys, appreciate all the color. Best of luck. Thank you. Our next question comes from John Todaro with Needham. Your line is open. Hey, guys. Thanks for taking my question. Congrats on the progress. First question, I guess just trying to understand where we should be targeting average fleet efficiency. Obviously, some of these rollouts are going to lower that efficiency quite a bit. Just wondering for kind of like second half of 2025 and then 2026, what that average roughly would be. I have a follow-up question on the HPC. Yeah. John, I'll take that. With our, obviously, our average moved down from last quarter. It's probably in the high 20s at this point, down from 31-ish we've been sort of historically from our legacy fleet. As we get to approach that 40 exahash range, we should be down in the lower 20s in the 22-24 joule per terahash range. That's assuming we keep all of our existing hash rate online, which currently we're planning to do. Eventually, obviously, we will start phasing out some of the older rigs. Some of those can be moved to lower-cost power regions like Ethiopia, possibly Canada in the future. As those start to be phased out or diluted by some of our newer generation rigs, we would expect that efficiency to drop into the teens. That's helpful. On HPC, it sounds like with a development partner, you would look to do a powered shell or maybe even a full stack. I noticed Massillon was'n t paused. Clarington was. Do you still think both sites could be for HPC, or are we going to focus on Massillon for Bitcoin mining and then the 266 megawatts at Clarington for HPC? The focus is on Clarington right now. It is not just the first 266 megawatts. It is the entire 570 megawatts that are there in Clarington. Massillon, we are moving ahead right now with Bitcoin mining at that location. Got it. Okay. Great. Thank you. Appreciate it, guys. Thank you. Our next question comes from Brett Knoblauch with Cantor Fitzgerald. Your line is open. Hey, guys. Thanks for taking my question. Haris, maybe just on the ASIC side, I know before, I think you guys said you were going to be allocating somewhere around 7 exahash to external sales. Should we still be expecting 7 exahash of sales for this year and of the $4.1 million of ASIC sale revenue this year? Was that related, or this quarter, was that related to 1.3 exahash that was shipped? I'm going to ask Jihan to answer that about the amount of sales that we're going to allocate for this year. Well this is quite a dynamic decision. Actually, the real process is that I approve the application from the sales email by email. Generally, I want to deploy to our own mining farm and do self-mining. It highly depends on the customers and whether we generally want them to have interest and a real test for our mining rigs. I cannot really get you a very precise prediction about our decisions. And then just on the sale or the ASIC revenue from this quarter, is that coming from the 1.3 that was shipped? Correct. Yes. So that's the portion of that that was recognized in the quarter. Some additional may be recognized in Q2. And should we still be expecting an average selling price somewhere around $15 a terahash? Jihan, there's no change in the pricing. I don't believe so. Well due to the competition in the market, we will need to provide a competitive price to our customers. The most recent pricing tag is $12.8 per hash, if I remember it correctly. And for A2 and A2 Pro, we will just follow the market dynamics. If competitors lower the price, I think we will follow up. Anyway, our quantity of the sales is limited. We do nt fail to join any price competitions at this point of time. Perfect. Understood. Then on the self-mining growth, I thought I heard that you guys were expecting 40 exahash by October. Is it by October or by end of the year? It's by October. By October. Okay. Awesome. Really appreciate it, guys. Thanks. Thank you. Our next question comes from Mike Grondahl with Northland. Your line is open. Hey, guys. Thank you. Two questions. One, your lowered CapEx guidance, $260 million-$290 million, could you kind of highlight where that's going this year? And then secondly, if you could just provide a little bit more detail on that SEAL miner loan facility. Is that for the chips, inventory financing, finished goods? Just kind of help us understand mechanically how that'll work. Yeah. Sure. Mike, I can take that first part. The CapEx is primarily related to the finishing of the Tidal, Norway site and the Jigmeling site, as well as our Massillon, Ohio site. Between those three is about another $120 million. We also have budgeted in there for finishing up Texas and some for Canada and a small amount for the Ethiopia project. Again, the $260 million is really for the entire year. What I just scored there was sort of the remaining amount, maybe $190 million left for the rest of the year. Sorry, what was the second question, Mike? The SEAL miner loan facility you talked about that you recently put in place, just mechanically, how does that work? Is it on chips, inventory, finished goods? Yeah. It is to be used to finance the purchase of chips. The loan itself is going to be secured by the chips all the way through to the end SEAL miner. Got it. So those miners are kind of acting as collateral, kind of pre-sale, if you will? Correct. Or, for, in this case, self-mining use. Got it. Okay. Thank you. Thank you. Our next question comes from Brian Kinstlinger from Alliance Global Partners. Your line is open. Great. Thanks so much. I'm curious, at what level of tariffs would Bitdeer's decision to sell externally alter the strategy right now of timing? Is 30% something you're comfortable with, especially if semiconductors don't get reprieved? Just curious how that might impact your decision if 30% is the number. The tariffs, we believe in the end, it will be quite reasonable. I do nt think negotiation skills will be the ultimate tariff policy for the U.S. government. It is very important that the chips produced by Taiwan, I do not think it will be put up with high tariffs. We have lots of ways to make our business viable, even inside the United States. For example, we can ship the chips into the United States and do assembly inside the United States. That is a possible solution we are evaluating right now. Secondly, we have capacity overseas. In Norway, in Bhutan, it is Tobii as well. There are low tariffs for such kind of products as well. So we can do our self-mining there. I think generally tariffs will make more economic activity on the U.S. soil. Of course, it is not for efficiency and prosperity. It's more for self-sufficient national security and more for creating jobs inside. I think everyone, including us, has to compromise a little bit. Generally, I think, especially in the early years, I think it will be okay. Great. A follow-up I have. In terms of demand, and I think you guys have taken deposits, what% of that comes outside of the U.S. in the demand for ASICs, roughly, if you could? Mostly right now out of the U.S. Great. Thank you. Thank you. As a reminder, to ask a question, please press star 1 1. Our next question comes from Bill Papanastasiou with KBW. Your line is open. Good morning, gentlemen, and congrats on all the progress. Just a quick question for me here. As a follow-up to that prior tariff question, perhaps you can speak to how customer interest has trended recently for the upcoming SEAL miners. We've seen a number of Bitcoin mining companies pull back capital expenditure for Bitcoin mining. Furthermore, have you seen any shift in the composition of customer interest from North America to the rest of the world following the recent tariff landscape? Could you see, do you think you could see a larger portion of customer sales in the future coming from that rest of world component? Thank you. On one side, U.S.-based Bitcoin miners have the best capital market in the world. They have the capability to raise lots of capital to expand their operations. I do not think this will change in the near future. At the same time, dilutions can be a little bit unwelcome in the market. That is what I perceived from those reviews and the remarks. I think U.S.-based Bitcoin miners will start to find a way to expand their operations without diluting their share basis very fastly. I think that means there is a leverage. If there is a leverage, they will need to have confidence about the future revenues with certain kinds of mining rigs. I think it involves lots of capital problems, how large is the capacity. Kind of transparency from the mining rig suppliers will be demanded, which Bitdeer cannot work out alone. I think generally we are confident because the U.S. got very abundant energy, very good capital market, and a culture of entrepreneurship to expand their business. The total hash rate market share resides inside the United States, I think will continue to grow from here, roughly 30%, maybe to even higher. I think it will take very slow time. It will not increase as fast as past. U.S. has increased from nearly zero or very minimum hash rate percentage to 30%. That's remarkable progress. I think the growth of the market share of the United States will continue, but it will at a much slower pace. Yeah. I'm not sure I answered your question or not. No, that's great color. Maybe as a follow-up to that, we've seen a number of miners enter into ASIC option payment structures in order to acquire an incremental amount of capacity. Is there any thought in terms of trying to entertain a similar type of structure at Bitdeer for the A4s or A3s down the road? You mean what we buy the credit to our clients? Yeah. Essentially, yes. Generally, we don't have the plan right now. If we want to have a buy-up on the ground, we will talk about this. U.S. is really good. I don't think the U.S. have access to much of capital in the market. They're really good financing experts. We will be working with the partners to solve this kind of problem. I think it's much more healthier than Bitdeer itself to provide such kind of a credit because there are lots of bad stories in the financial or business history. You start to provide such kind of credit to a client on such kind of capital goods by yourself. It may distort the economic signal a lot. Appreciate the color. Thank you so much. Thank you. I'm showing no further questions at this time. This does include the question-and-answer session, and you may now disconnect. Everyone, have a great day.