jakiro
Author: Zhang Feng
The linkage of currency and stocks is by no means a simple “issuance of coins”, but a digital token bound to the company’s equity value, business ecosystem or underlying asset value. It opens up traditional capital and crypto capital and connects physical business and digital economy. It can reshape value distribution, activate the ecosystem, open up new financing channels, and release the value of the company’s physical assets to the market in a new way.
The linkage of currency and stocks will be possible to break the barriers between the traditional equity market and the crypto asset world and quietly reshape the global financial landscape.From the continuous buying of Bitcoin by American software company MicroStrategy, to the transformation of Hong Kong Boya Interactive to allocate crypto assets in the Web3 field, to the cooperation between Guofu Quantum and Huajian Medical to participate in the RWA business chain, this linkage operation between cryptocurrency and stock market has evolved from the risky attempt of individual companies to an important bridge for traditional listed companies to “two-way” rushing to the crypto world.
1. The core of currency-stock linkage is to improve asset liquidity
Liquidity is a necessary condition for realizing asset value.Without liquidity, assets are difficult to price and even more difficult to exchange value.The core of the currency-stock linkage is to open up the liquidity of the traditional equity market and the crypto asset market, strive to promote the formation of a unified value discovery mechanism, and achieve a coordinated improvement of asset liquidity.
The traditional equity market has a standardized regulatory framework and a mature investor base, but there are problems such as trading time restrictions and cross-border liquidity barriers; the crypto asset market provides 24/7 all-weather trading, global access and high separability, but has high volatility and weak compliance.The essence of currency-stock linkage is to make the advantages of the two types of assets complement each other and form a liquidity synergy effect.
Specifically, for example, listed companies have formed a linkage between their stock prices and currency prices by including crypto assets in their balance sheets (such as MicroStrategy model), attracting investors from both types of markets to participate in value discovery, which significantly expands the investor base.The backdoor listing of crypto projects is injected into the compliant liquidity and valuation system of the equity market.When a company’s business transforms into RWA or other related crypto businesses, the company’s liquidity, including equity and other assets, will be enhanced through the transformation and upgrading of its business model.Innovation in financial instruments (such as the ATM additional issuance mechanism) further opens up the channel for capital to flow across the market, allowing capital to pursue value more efficiently.
This linkage ultimately breaks the liquidity island of traditional financial markets. By building a liquidity closed loop of “equity-crypto assets”, it not only improves the transaction activity and pricing efficiency of a single asset, but also creates a more flexible, global and sustainable value exchange ecosystem.
2. Basic implementation path for currency-stock linkage
The currency-stock linkage has evolved from simple asset holdings in the early stage to a complex ecosystem with multiple models coexisting.Based on the different liquidity characteristics of coins and stocks, the market has formed the following main combination methods:
(I) Asset reserve model
Listed companies directly use their own funds or raised funds to purchase crypto assets as treasury reserves.This model was first created by MicroStrategy (now renamed Strategy), and its stock price has soared about 30 times since it started buying Bitcoin in August 2020, with a market value of nearly US$100 billion, far exceeding the same period of Bitcoin.
The success of this model has sparked many imitators.Japan’s Metaplanet Inc is known as the “Asian version of Strategy”. As of September 3, 2025, it has held 20,000 Bitcoins, ranking sixth in the world.In the Hong Kong stock market, companies such as Boya Interactive and Huajian Medical have also joined this ranks.
(II) The project party will go public through a backdoor listing
The crypto project has achieved “backed listing” through the acquisition of empty shell listed companies.For empty shell listed companies, binding Crypto is a means to pull stock prices, sell stocks, and sell shells; for crypto projects, this is an opportunity to achieve compliance and enter the traditional financial system.
This model provides a fast access to the traditional capital market for crypto projects.Changing from “gray industry identity” to “chairman of listed companies”, from “off-site player” to “on-site player”, is an opportunity for many project parties to “get ashore” and the first step towards compliance.
(III) Business transformation entry
Listed companies have entered all tracks of the crypto ecosystem by entering crypto-related businesses, from mining to stablecoins, RWA, asset tokenization, etc.This model not only changes the company’s asset structure, but also fundamentally reshapes its business model and value creation methods.
Boya Interactive, a Hong Kong-listed company, was originally a chess and card game developer. In 2023, it announced a strategic transformation into Web3 with the goal of becoming a “leading Web3 project company.”After the transformation, the company’s trading volume increased by 50-100 times and its market value increased by about 13 times.
(IV) Financial instrument innovation
The linkage of currency stocks has also given rise to rich innovations in financial instruments.The US stock market has PIPE (Private Investment in Public Equity, which means private equity financing after listing) and ATM (At-the-Market, market price issuance mechanism) and other efficient fundraising tools are called “money printing machines” to raise funds.These tools allow listed companies to be based on the marketThe market price, selling stocks to the open market in stages and raising funds in real time, providing continuous ammunition for “coin hoarding”.
In contrast, the Hong Kong market mainly raises funds through private placement, allocating and issuing new shares, but each fundraising requires regulatory approval, and the process is relatively cumbersome.This difference also determines the characteristics and scale of the linkage between currency and stocks in different markets.
3. Target expansion: Asset selection for currency-share linkage
As the currency-stock linkage model becomes increasingly mature, its target choices are also showing a trend of diversification.
(I) Crypto Assets
From the original Bitcoin, it has expanded to multi-chain assets such as Ethereum, SOL, BNB, etc.Choosing different crypto assets as reserves reflects different value judgments and risk preferences.
As “digital gold”, Bitcoin mainly undertakes the function of store of value; Ethereum, as an asset that can generate income, can allow companies to obtain capital appreciation and stable block rewards through pledge; while other tokens may be related to specific ecosystems or application scenarios.
Since 2025, an obvious trend is that Hong Kong’s “coin hoarding” projects choose more currencies such as BNB, Ethereum, and Solana.Weng Xiaoqi, CEO of Xinhuo Technology, believes that compared with Bitcoin, Ethereum’s “coin hoarding” project has a greater premium space.
(II) Selection of equity target
The equity target has also expanded from US listed companies to Hong Kong and Japanese stock markets.The U.S. stock market remains the core stage because it has the richest financing tools and the deepest liquidity.But the Asian market has risen rapidly and has become a new hotbed for the DAT model.
The Hong Kong stock market has unique advantages in connecting mainland China’s capital with the global crypto market.Tencent News “Cantonese” learned that funds in Hong Kong that have received investment from state-owned enterprises are actively planning the “coin-share linkage” project.This means that even if state-owned enterprise funds cannot directly invest in currency circle funds, they can indirectly participate in the digital currency market by buying stocks of listed companies holding digital assets.
(III) Innovative integration of RWA and NFT
In addition to mainstream crypto assets, RWA (real-world assets) and NFT have also become new targets for coin-stock linkage.RWA is a key direction to connect traditional business with Web3, including “encapsulating” traditional financial assets such as stocks, funds, and bonds into tokens through blockchain technology.
For example, GCL Energy and Ant Digital Technology have successfully completed the issuance of RWA based on photovoltaic physical assets based on blockchain technology, becoming the first domestic photovoltaic physical asset RWA.This innovative attempt has opened up a new path for currency-stock linkage.
4. Core principles: Sustainable development framework for currency-stock linkage
As a financial innovation, the healthy development of currency-stock linkage needs to follow a series of core principles.
(I) Principle of value creation
Effective currency-share linkage should create real value, rather than simply conceptual speculation.At present, there are some pure concept hypes in the market with no substantial business, and such projects are ultimately difficult to sustain.True value creation comes from liquidity improvement, efficiency improvement and cost reduction.Related operations require cooperation with institutions with rich experience in co-regulatory operations, digital asset security custody and capital market operations.
(II) Principles of compliance linkage
The currency-stock linkage must follow the principles of compliance and innovate within the regulatory framework.At present, Hong Kong has established a clear licensing system for virtual asset trading platforms and approved the listing of spot Bitcoin and Ethereum ETFs, providing a basis for compliance linkage.As supervision is gradually improved, the linkage of currency and stocks will move from small-scale experiments to large-scale applications.Innovation always ranks ahead of supervision, and supervision will only intervene after systemic risks occur.Therefore, forward-looking compliance awareness is crucial.
(III) Principles of Globalization
The linkage of currency and stocks is essentially globalized and needs to cross regional and market boundaries.The regulatory environment, market structure and investor preferences in different regions are different, providing a diversified experimental field for currency-stock linkage.The U.S. stock market has an advantage in the flexibility of financing tools, while the Hong Kong market plays a unique role in connecting mainland China with global capital.Differentiated development will become an important feature of the global currency-share linkage market.
(IV) Risk control principles
Coin-stock linkage contains multiple risks and needs to be managed with caution.First of all, there is the risk of high leverage fluctuation – the concept of currency stocks is equivalent to Crypto with leverage, and the rise and fall are amplified. Once the sentiment fades, it is very easy to “double kill” (the currency price falls and the stock price also falls).
The second is the market value trap risk.Many investors do not understand the way of calculating stock market value. Companies linked to coin stocks often issue additional capital, resulting in serious undervalued market value.Investors need to penetrate surface data and understand the real value.
Coin-stock linkage has evolved from financial experiments to an important strategic tool connecting the tokenization of traditional equity, RWA and other web3 assets.The on-chain migration of global finance is irreversible, and the linkage of currency and stocks is just the starting point of this great change.When liquidity barriers are broken, a new picture of the value Internet is slowly unfolding.
