The New Paradigm of Encryption Vaults: From Bitcoin to Multi-Chain Strategy

The encryption vault is undergoing a significant transformation, shifting from purely holding Bitcoin to a multi-chain layout, native staking, and token dividends. This trend marks a revolutionary change, as traditional financial enterprises begin to emulate the operational models of blockchain protocols.

Currently, one of the most关注的 trends in the encryption market is PIPE trading and the large-scale allocation of encryption assets by listed companies. From a well-known blockchain project reverse merging onto the Nasdaq, to emerging DeFi platforms treating tokens as core assets and staking targets, these changes are blurring the lines between "listed companies" and "encryption native protocols."

PIPE transactions (Private Investment in Public Equity) are a way for private investors to inject capital into publicly listed companies at a discounted price. This method is fast and efficient, allowing for the bypassing of the cumbersome procedures of traditional IPOs. Nowadays, PIPE transactions are increasingly becoming the preferred route for crypto projects to enter the capital markets, especially when used in conjunction with reverse mergers, providing a shortcut for projects to go public.

Recent notable cases include the founder of a well-known blockchain project completing a reverse merger with a NASDAQ-listed company and planning to raise $100 million through a token for PIPE financing. This not only makes the token a core asset of the company but also suggests the possibility of launching a token-based dividend mechanism in the future. The founder's business strategy has always closely followed market trends, replicating the latest models and commercializing them.

Another noteworthy case is a biotechnology company transforming into a DeFi platform. The company will not only hold a large amount of emerging tokens but will also operate verification nodes and actively participate in network construction. The company may obtain more token subscription rights through subsequent PIPE transactions, with potential encryption holdings exceeding $150 million.

In addition, an investment group announced plans to allocate multi-chain token assets totaling up to 600 million dollars. This "multi-currency treasury" strategy is becoming a new paradigm for corporate asset allocation, far surpassing the past practice of holding only Bitcoin. Nowadays, many non-mainstream public chains are also beginning to come into the sight of listed companies.

This trend has spread globally. In France, Japan, and Hong Kong, several listed companies have achieved significant market value premiums by holding encryption assets. By comparing the net asset multiples of different companies, we can gain insight into the level of demand for encryption investment in various markets.

PIPE trading and token treasury strategies represent a fundamental shift in how publicly listed companies enter the encryption field. Key trends include: crypto treasuries becoming market signals, the rise of token-native publicly listed companies, PIPE trading becoming the standard path, and institutions betting on a multi-chain future.

We are witnessing the birth of a new batch of listed companies that operate under the rules of Web3, yet perform in traditional capital markets. This is not just a shift in corporate strategy, but a revolution in the operating paradigm of capital markets. In the future, it is possible that every mainstream encryption project will have a corresponding "listed representative." And this is just the beginning.