Brian Dodson

Brian Dodson from Clear Street inquired about Amber International Holding's strategy for its recently authorized $15 million share repurchase program, specifically whether the approach would be opportunistic or programmatic. He also asked about the key drivers behind the better-than-expected trading volumes in Q3 2025 and the outlook for Q4.

Answer

Michael Wu, Chairman of the Board and CEO, stated that Amber International Holding would take an open-minded approach to the share repurchase, potentially using open market, private, or block transactions, with timing dependent on various market and business factors. Yi Bao, Chief Product Officer, explained that Q3 volume growth was driven by the ETH price rally, prompting profit-taking by miners, hedge fund rebalancing, and high-profile IEO projects, anticipating continued active trading if market volatility persists in Q4.

Brian Dodson with Clear Street inquired about Amber International Holding's strategy for utilizing its share repurchase authorization, specifically whether it would be opportunistic or programmatic. He also asked about the key drivers behind the better-than-expected trading volumes in Q3 2025 and the outlook for their continuation into Q4.

Answer

Michael Wu, Chairman of the Board and CEO, stated that the company is taking an open-minded approach to the share repurchase program, considering various transaction types (open market, private, block trades) and that timing will depend on factors like share price, market conditions, and business needs. Yi Bao, Chief Product Officer, explained that Q3 volume growth was primarily driven by the ETH price rally, prompting profit-taking by miners and rebalancing by hedge funds in small-cap tokens, as well as high-profile IEO projects. He anticipates continued active trading in Q4 if market volatility persists.

Brian Dodson asked if potential HPC customers had toured the Wulf Den proof-of-concept facility and what their feedback was. He also inquired about the potential impact of the recent U.S. election on the regulatory landscape for the industry.

Answer

CEO Paul Prager confirmed that customers in advanced discussions have visited the site and were "uniformly pleased" with the Wulf Den facility. Regarding the election, he suggested a new administration could lead to a "cleaner regulatory environment" that facilitates energy infrastructure projects, but emphasized that the fundamental challenge of "time to power" remains the most critical factor for customers.