jakiro
Author: Zhang Feng
In recent years, a financial revolution called “Coin-stock Linkage” has quietly staged in the global capital market, and is evolving from financial innovation to a core strategy for the value growth of listed companies.
From the large-scale purchase of Bitcoin by US software company MicroStrategy to Hong Kong Boya Interactive’s transformation to the Web3 field to allocate crypto assets, more and more listed companies are including digital currencies on their balance sheets.This linkage operation between cryptocurrency and the stock market is no longer just a risky attempt by individual companies, but is becoming an important bridge for traditional listed companies to “go in both directions” with the crypto world.
1. What is currency-stock linkage?
Crypto-Equity Linkage, simply put, is the linkage operation between cryptocurrency and the stock market.For example, listed companies purchase crypto assets such as Bitcoin and Ethereum through the open market, making these digital assets the company’s core reserve assets, and thus forming a linkage effect between the company’s stock price and the price of crypto assets.This model is called “Digital Asset Treasury” (DAT).DAT companies are essentially different from traditional companies that only hold a small amount of cryptocurrency – digital asset accumulation is its core and primary business function, and corporate value, strategic direction and market narrative all revolve around the digital assets they hold.
In addition to the digital asset treasury (DAT), the coin-stock linkage has formed a variety of models:Listed companies use their own or raised funds to buy coins directly; crypto projects achieve “backed listing” through acquisition of shell companies; companies enter crypto-related businesses such as mining, stablecoins, RWA, etc.Of course, there are also some pure concept hypes that have no substantive business.
2. Times background and driving force
On the one hand, the global crypto market is undergoing a huge transformation from “wild growth” to “compliance and mainstreaming”.The “decentralized foundation” model that early crypto projects rely on reveals limitations in real business: the foundation’s non-profit attributes conflict with the profit needs of entrepreneurial teams, and DAO’s decision-making efficiency is difficult to match the fast pace of the commercial market.
On the other hand, the global regulatory environment is becoming increasingly clear.Hong Kong has established a clear licensing system for virtual asset trading platforms and approved the listing of spot Bitcoin and Ethereum ETFs; the US GENIUS Act established stablecoin reserve requirements; and the EU MiCA Act promoted industry centralization.
A massive influx of institutional fundsReshape the market pricing mechanism.Asset management giants such as BlackRock and Fidelity have absorbed billions of dollars in funds through spot ETFs and included crypto assets in long-term asset allocation.The total value of digital assets collectively held by listed companies has exceeded US$100 billion, accounting for 4% of Bitcoin circulation supply.
In the macroeconomic environment, inflation pressure and the risk of currency depreciation prompted enterprises to seek new ways to store value.Considering digital assets with limited supply such as Bitcoin as “digital gold” to hedge the inflation risks of fiat currencies and macroeconomic uncertainty has become the most primitive driving force.
3. Value to listed companies
For listed companies, the coin-stock linkage strategy provides a new path to value growth.The most direct thing is financial returns. For example, MicroStrategy (now renamed Strategy) has started to purchase Bitcoin as its main reserve asset since August 2020. Its stock price soared about 30 times, with a market value of nearly US$100 billion, far exceeding the increase in Bitcoin during the same period.
This strategy can also create financing advantages.MicroStrategy designed a “financial flywheel” model: holding Bitcoin → generating a stock price premium → using premium financing → buying more Bitcoin → strengthening narrative and premium.Through this cycle, companies use overvalued stock prices to issue convertible bonds with extremely low interest rates or conduct market-oriented stock issuances to raise funds.
For companies seeking business transformation, coin-stock linkage is an important measure to layout in the Web3 field.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.”On September 16, 2025, Boya Interactive issued an announcement that the company purchased 245 Bitcoins in the open market at a total consideration of HK$219 million from the 15th to the 16th.
The company used the cash flow generated by the game business to allocate Bitcoin, and also issued an additional HK$500 million in 2025 to further expand its crypto asset reserves.After the transformation, the company’s trading volume increased by 50-100 times and its market value increased by about 13 times.
4. Value to investors
Coin-stock linkage provides investors with regulated convenient investment channels.Many institutional investors such as pension funds and family offices are unable to buy cryptocurrencies directly due to compliance, custody or investment authorization restrictions, and DAT companies provide them with a compliant investment channel.
This model also provides leveraged investment opportunities.The concept of currency stocks is equivalent to Crypto with leverage, and the rise and fall are amplified.Investors can not only enjoy the benefits brought by rising currency prices, but also receive premium dividends from the stock market.MicroStrategy’s stock price has risen far more than Bitcoin itself.
Investors can also participate in the diversified crypto ecosystem.With the development of the DAT model, it has expanded from the initial Bitcoin to a variety of digital assets such as Ethereum, Solana, BNB, etc.As an asset that can generate income, Ethereum can obtain capital appreciation and stable block rewards through pledge.
5. Positive impact on ecosystems
The linkage of currency and stocks has promoted the compliance process of the crypto industry.Backdoor listing means that crypto projects have obtained a “shell” recognized by regulators and complete the connection with the traditional market in terms of legal structure.Transforming from a “gray industry identity” to a “chairman of a listed company” is an opportunity for many project parties to “get ashore” and the first step towards compliance.
This model also promotes capital flows and market efficiency.The DAT model connects the liquidity of the traditional equity market and the crypto asset market, opening up the capital flow channels between the two markets.The financing and capital operation capabilities of the traditional capital market are far better than those of the crypto-native market, providing stronger financial support for crypto projects.
The currency-share linkage has also accelerated the tokenization process of real-world assets (RWA).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.
DAT’s extensive experience in compliance operations, secure custody of digital assets and capital market operations puts them in an excellent position to be the main carrier of this emerging market.
6. Challenges and risks
The currency-stock linkage strategy also poses many risks and challenges.First of all, there is the market value trap – many investors do not understand how stocks are calculated.Companies linked to currency stocks often issue additional capital, resulting in a serious undervalued market value.
The second is the lack of performance support – most coin stock concept companies do not have stable main business income, and their stock prices are highly dependent on sentiment and speculation.MicroStrategy has revenue of only $150 million, while Starbucks, with the same market capitalization, has revenue of more than $7.5 billion.This “revenueless” market value expansion poses huge risks.
In addition, there is a risk of high leverage fluctuations – the concept of currency stocks is equivalent to a 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 share price of Japan’s Metaplanet soared four times after announcing its transformation into a “coin hoarding” company, but then fell by more than 50%.
Regulatory risks cannot be ignored – innovation always rushes ahead of supervision, and supervision will only intervene after systemic risks occur.Once Bitcoin begins to decline, these “coin hoarding” companies will face huge challenges.
According to research, in the mid-2025, the total value of digital assets collectively held by global DAT companies has exceeded US$100 billion, of which the Bitcoin treasury dominates, with a total amount of more than US$93 billion.This trend is spreading at a faster pace: 142 listed companies in the United States disclosed their holdings of cryptocurrencies such as Bitcoin, and nearly 100 new ones were added in half a year.Asian markets such as Hong Kong and Japan have also risen rapidly and become a new hot spot for the DAT model.
Coin-stock linkage has surpassed simple financial experiments and developed into an important strategic tool for connecting traditional equity, Web3 and RWA tokenization.It not only provides a new engine for value growth for listed companies, but also opens a new channel for investors to participate in the crypto economy, and lays a solid foundation for compliance and mainstreaming of the entire digital ecosystem.
