jakiro
Author: Zhang Feng
As the global encryption market transforms from “barbaric growth” to “compliance and mainstreaming”, the massive influx of institutional funds has reshaped the market pricing mechanism.From American software company Strategy’s large-scale purchase of Bitcoin to Hong Kong’s Boyaa Interactive’s transformation into allocating encrypted assets in the Web3 field, more and more listed companies are incorporating digital currencies into their balance sheets.
For some time, this kind of “coin-stock linkage”, that is, the linkage operation between cryptocurrency and the stock market, is no longer just a risky attempt by individual companies, but is becoming an important bridge between traditional listed companies and the crypto world.But how does currency-stock linkage change the logic of corporate valuation?Perhaps it is not as simple as buying cryptocurrencies, this may be a systematic restructuring of valuation logic.
1. Internal basis: three dimensions of digitalization
The intrinsic basis for why companies’ involvement in crypto businesses can change traditional valuation logic is that it reconstructs the basis of corporate value from three dimensions through digital means: transparency, ecological openness, and transaction intelligence.
Improved transparencyIt is the inevitable result of the natural fit between blockchain technology and the information disclosure requirements of listed companies.As a distributed ledger technology, the core feature of blockchain is that it cannot be tampered with and the entire process is traceable.The information disclosure system based on the blockchain can realize real-time and non-tamperable records of financial data and operational data, greatly reducing the verification costs of regulatory agencies.When a listed company tokenizes part of its accounts receivable in the form of RWA and circulates it on the blockchain, the authenticity, circulation records and ownership changes of these assets will be permanently recorded, and any attempt to tamper or conceal will become extremely difficult at the technical level.
Community involvement expandsIn fact, it builds a new type of ecological value and network effect.One of the core features of Web3 is community-driven and decentralized governance. Listed companies expand community participation through crypto businesses, directly changing the growth assumptions and marginal revenue expectations in traditional valuation models.Goods or service tokens attract users to use corporate services in depth; payment tokens promote economic circulation within the ecosystem and user stickiness; equity tokens transform users into shareholders, achieving alignment of interests and shared governance.
Intelligent enhancementThrough Web3 technological innovations such as smart contracts and decentralized autonomous organizations, listed companies can achieve a higher degree of automation in encryption business, significantly reduce the participation costs of all parties, and improve operational efficiency.Automated execution based on smart contracts can significantly reduce intermediate links and manual intervention.A listed company involved in cryptocurrency mining can automatically complete processes such as electricity fee payment, mining machine maintenance and scheduling, and mining revenue distribution through smart contracts, which not only reduces operating costs, but also improves the reliability and transparency of the process.
2. Basic model: three ways to participate in encryption business
Based on the core characteristics of encryption technology, enterprise participation in encryption business mainly derives the following three innovation models, which reconstruct traditional business logic from different dimensions.
Transparent operating model based on blockchain.By tokenizing key assets (such as accounts receivable and supply chain bills) and putting them on the chain, enterprises can achieve non-tampering and full traceability of operational data.This model transforms traditional closed financial auditing into a “glass box” operation that is subject to market supervision around the clock, enhances investor trust, and significantly reduces compliance and audit costs.
Build an open ecological model of token economy.Enterprises proactively open their business ecosystem to users and third-party developers by issuing ecological tokens (points, NFT or governance tokens) with specific rights and interests.This not only quantifies user contributions and converts them into tradable assets, but also attracts external resources to jointly build an ecosystem through incentivizing compatible Token economic models, forming a strong network effect and user stickiness.
Automated trading model relying on smart contracts.Enterprises use AI combined with smart contracts to encode complex business logic (such as copyright dividends, supply chain settlement, trade finance) into automatically executed digital agreements.This model realizes the automation of “code is law” business processes, reduces the reliance on intermediaries in traditional transactions, improves transaction efficiency, and reduces operational risks and friction costs.
In practice, the above three modes may be integrated into two or even three together, depending on strategic needs.
3. Change the reference logic of valuation: from traditional and static to technological and dynamic
The currency-stock linkage can change the valuation reference logic of listed companies, from static asset valuation to dynamic valuation, and from traditional industries to technology and smart industries.
In traditional valuation models, tangible assets and cash flow are the core frames of reference.The currency-stock linkage introduces the value measurement standard in the crypto world.When a listed company builds an ecosystem by issuing various tokens, its value growth follows Metcalfe’s law – network value is proportional to the square of the number of users, rather than the traditional linear growth assumption.
The Tesla case perfectly illustrates this change in valuation reference logic.Tesla under the leadership of Elon Musk has transformed the currency-stock linkage into a globally recognized financial performance art and strategic practice.Not only does the company buy and accept Bitcoin payments, Musk also directly affects cryptocurrency prices through social media, which in turn feeds Tesla’s stock price.
Tesla’s purchase of Bitcoin has been interpreted by the market as Tesla is not only a car company, but also a forward-looking technology investment company.This narrative has changed investors’ valuation frame of reference for the company, shifting from the traditional automaker valuation logic to the technology ecosystem valuation logic.
4. Change the logic of value formation: from cycle confirmation to real-time discovery
Coin-stock linkage may also change the logic of value formation, shifting from periodic confirmation to real-time price discovery.likeBy issuing ecological tokens, companies quantify every user interaction – such as content creation, community promotion or data contribution – into specific token rewards.This mechanism fundamentally transforms users from passive consumers into active participants and ecological co-builders.When users hold tokens obtained for their contributions, their interests are deeply bound to the prosperity of the ecosystem, significantly enhancing user stickiness.More importantly, tokens, as a built-in economic incentive tool, can continuously stimulate user participation and creativity, thereby gathering into a huge collective wisdom to jointly promote ecological innovation and development.
This completely changes the traditional value formation logic:The value of an enterprise is no longer only periodically confirmed by quarterly financial reports, but is continuously formed and discovered through the participation and contribution of users every moment.The value and circulation status of tokens have thus become a real-time “dashboard” for measuring the ecological vitality and future growth potential of enterprises.
5. Change the logic of value growth: from linear growth to ecological synergy
The currency-stock linkage may also change the value growth logic of listed companies, from internal relatively closed linear growth to relatively open collaborative growth.
traditional valuation modelIt is often based on historical financial data and linear growth assumptions, but the value growth of Web3 companies with active communities follows Metcalfe’s law – the value of the network is proportional to the square of the number of users.When a listed company establishes a strong community ecosystem through crypto business and the issuance of multiple types of tokens, its customer acquisition costs are significantly reduced, user stickiness is enhanced, and lifetime value is increased. These factors should be reflected in the valuation multiple.
The case of a Hong Kong-listed technology company demonstrates this shift in value growth logic.The company does not directly purchase cryptocurrencies as a parent company, but invests in multiple mainstream cryptocurrency and blockchain projects on a large scale through its or associated subsidiaries and investment funds.The investment direction is closely related to its core business (such as cloud services, games, social) and aims to build the future ecosystem.This kind of “combination of virtual and real” ecological synergy story is more convincing and sustainable than simple currency speculation.Because it changes the basic logic of value growth—from relying on internal resource accumulation to ecological value sharing.
Nasdaq has submitted a rule change application to the SEC and plans to promote the trading of tokenized securities on its market, which shows that traditional financial giants are actively embracing the change of asset tokenization.It can be expected that as the regulation of cryptocurrency gradually becomes clearer, the underlying technology becomes increasingly mature, and the adoption rate of institutions continues to increase, the currency-stock linkage model may become more diverse and standardized and continue to evolve.
Of course, we have to see that when investors can buy Bitcoin directly, they may no longer be willing to pay an additional premium for companies that hold Bitcoin. That is to say, as market efficiency improvesThe value formation logic of currency-stock linkage will likely continue to evolve.One day in the future, currency-stock linkage will no longer be a concept that needs to be deliberately emphasized, but a natural and natural underlying law in the new economic ecology.
