吴说获悉，Grayscale 发布《2026 数字资产展望》称，2026 年将是加密 "机构时代" 加速之年，两大核心驱动力来自宏观价值储存需求上升与监管显著改 善。报告预计比特币有望在 2026 年再创新高，美国或在 2026 年推进两党支持的市场结构立法，推动稳定币、RWA、链上证券与传统金融深度融合；同 时，资产代币化或迎来拐点，规模到 2030 年或有 1000 倍增长潜力。Grayscale 指出，稳定币、DeFi、链上收入与可持续现金流将成为机构关注核心指标， 行业结构性分化将进一步加剧。 来源：市场资讯 （来源：吴说） ...

Financial Data and Key Metrics Changes - In Q1 2026, net sales decreased by 1.3% to $5.8 million compared to $5.9 million in the same period last year, a decline of $78,000 [5] - Gross profit increased by 20% to $1.8 million, with a gross profit margin of 30.5%, up from 25% in the prior year, reflecting improved production efficiencies [5][6] - The operating loss was reduced to $753,000 from $1 million in the previous year, while the net loss improved to $926,000 or $0.13 per diluted share, compared to a net loss of $1.2 million or $0.17 per diluted share in the prior year [6] Business Line Data and Key Metrics Changes - Bulk spirulina and bulk azathiothin sales saw significant increases of 484% and 849% respectively, indicating a renewed demand for US-sourced materials in the ingredients channel [3][4] - Packaged product sales, however, declined by 12%, impacting overall sales performance [4] Market Data and Key Metrics Changes - The company reported a shift in sales mix, with a notable increase in bulk ingredient sales, while packaged products faced a decline [3][4] Company Strategy and Development Direction - The company remains focused on long-term strategies, including enhancing brand value through storytelling, strengthening relationships in e-commerce and bulk ingredient markets, and prioritizing sustainable cash flows [4] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the team's resilience amid ongoing macroeconomic challenges and highlighted progress in executing the company's strategies [4] Other Important Information - The company reported cash of $383,000 and negative working capital of $255,000, compared to $257,000 and $302,000 respectively in the prior year [6] Q&A Session Summary - No questions were received during the call [7]