Encryption Vault: The Evolution from Holdings Bitcoin to Multi-Chain Layout

Encryption vaults are undergoing a revolutionary transformation. They are no longer limited to simply holding Bitcoin, but are starting to delve into multiple blockchain networks, participating in native staking, and even providing token dividends. This trend marks the beginning of traditional Wall Street firms mimicking the operational methods of on-chain protocols, blurring the lines between publicly traded companies and crypto-native protocols.

PIPE Trading: A Fast Track to Public Listing for Crypto Companies

PIPE (Private Investment in Public Equity) trading is becoming the preferred method for crypto-native companies to go public quickly. This approach is often combined with reverse mergers, providing a shortcut for crypto projects to bypass the traditional IPO process. Companies can swiftly complete their listing and financing while attracting global media attention.

Landmark Cases

Tron’s Nasdaq Journey

The founder of Tron renamed it to Tron Inc through a reverse merger with a Nasdaq-listed company and plans to complete PIPE financing with $100 million in TRX tokens. This not only turns TRX into the company's core asset but also suggests the possibility of launching a dividend mechanism based on TRX in the future.

Eyenovia transforms into Hyperion DeFi

Eyenovia, originally focused on eye drop technology, is transforming into Hyperion DeFi. The company plans to hold a large amount of HYPE coins, operate verification nodes, and actively participate in network construction. This shift demonstrates a new model of traditional companies transitioning into the encryption field.

Global Trends: Diversified Encryption Treasury

The trend of publicly traded companies establishing encryption vaults has become global and is no longer limited to Bitcoin:

• France's Blockchain Group holds approximately 1600 BTC
• Japan's MetaPlanet owns 10,000 Bitcoins
• Hong Kong's MemeStrategy has recently included Solana in its treasury.

The market capitalization of these companies often far exceeds the value of their encryption assets, reflecting the market's enthusiasm for such investment targets.

Why is this trend so important?

1. The encryption vault becomes a market signal: The holdings of specific tokens by listed companies are not only a financial decision but also a statement of ecological alliance.

2. The rise of token-native listed companies: Treasury assets expand from Bitcoin to various tokens, forming strategies tied to specific ecosystems.

3. PIPE trading has become the standard path: Entering the encryption world through "backdoor listings" is becoming a common practice, with advantages of speed and high flexibility.

4. Institutional Bets on a Multi-Chain Future: Institutional investors are no longer focusing solely on Bitcoin, but are beginning to diversify their investments across various blockchain ecosystems.

This trend marks the birth of a new batch of listed companies that operate in traditional financial markets but follow the rules of Web3. In the future, it is possible that every mainstream encryption project will have its corresponding "listed representative". This is not only a shift in corporate strategy but also signifies a major transformation in the operating paradigm of capital markets.