The integration of cryptocurrencies and stocks is underway, with one side seeing stock assets being tokenized and the other side witnessing cryptocurrency assets being listed. The liquidity of both markets is being interconnected.
Written by: Yue Xiaoyu
The cryptocurrency market is gradually becoming more like the U.S. stock market, and now those involved in cryptocurrencies also need to understand U.S. stocks.
With Bitcoin having an ETF, it was previously only Bitcoin that was very close to the U.S. stock market, but now people in the cryptocurrency industry are starting to engage with the U.S. stock market.
Let’s take a look at which "crypto stocks" are currently worth paying attention to.
The entire crypto stock market can be divided into four categories:
The first category is stablecoin concept stocks, with Circle as the benchmark.
However, Circle is currently trading at a very high premium, which is difficult for people in the cryptocurrency space to understand, but traditional finance professionals are still aggressively investing.
In addition to Circle, other companies worth noting include Tether (a non-public company, but USDT dominates the market) and Paxos (issuer of Pax Dollar and PayPal USD).
The second category is trading platforms, with Coinbase as the benchmark.
However, Coinbase's assets are already priced too high, with stable valuations and limited growth potential.
Besides Coinbase, other noteworthy companies include Robinhood and Kraken.
Robinhood is primarily a traditional stock trading platform but is actively expanding into cryptocurrencies and has just acquired Bitstamp.
Kraken is also a compliant exchange in the U.S. that has not yet gone public but is planning an IPO. If the IPO is successful, it could be a strong challenger to Coinbase.
The third category is mining stocks, which are involved in Bitcoin mining.
Typical representatives include Riot Platforms (RIOT), Marathon Digital Holdings (MARA), and CleanSpark (CLSK).
Mining stocks are cyclical; they suffer significant losses during cryptocurrency bear markets and yield high returns during bull markets.
Due to reliance on computing power and energy costs, they are subject to environmental policy pressures.
In the long run, the enhanced status of Bitcoin as a reserve asset is still beneficial for mining stocks.
The fourth category is cryptocurrency treasuries, represented by MicroStrategy.
MicroStrategy pioneered the "financing - purchasing coins - driving up prices" model, raising funds from the market and leveraging to buy BTC.
Currently, there are also Ethereum MicroStrategy, Solana MicroStrategy, TRON MicroStrategy, and so on.
Many leading cryptocurrency companies are acquiring shell companies in the U.S. stock market to raise funds and then reverse purchase cryptocurrencies.
This tests the fundraising capabilities of cryptocurrency companies, which need to have substantial capital, like MicroStrategy.
For example, SharpLink purchased by the Ethereum core circle and SRM Entertainment bought by TRON's Justin Sun.
However, these two are different; the former raises funds from the market to buy Ethereum, while the latter injects stablecoins and TRX into the U.S. stock company and then converts it into U.S. dollars.
Therefore, asset types like SRM may carry potential compliance risks.
In summary
Stablecoins and trading platforms represent "infrastructure" investments, while mining stocks and cryptocurrency treasuries are more like "high-risk, high-reward" speculative assets.
The risks associated with these four categories of crypto stocks are different:
(1) Stablecoin concepts have the lowest risk but limited growth potential, suitable for institutional investors seeking stable returns.
(2) Trading platforms have high valuations, requiring attention to their ecosystem expansion capabilities, suitable for investors optimistic about long-term growth in the crypto market.
(3) Mining stocks are highly cyclical, requiring attention to energy and regulatory pressures, suitable for cyclical traders, but positions should be dynamically adjusted based on Bitcoin prices and energy costs.
(4) Cryptocurrency treasuries have the strongest explosive potential but also the highest leverage and regulatory risks, suitable for high-risk tolerant speculators who need to thoroughly research the company's fundraising capabilities.
The integration of crypto stocks is underway, with one side seeing stock assets being tokenized and the other side witnessing cryptocurrency assets being listed, creating a two-way liquidity flow between the two markets.
We ordinary retail investors also need to adjust our mindset and start learning the relevant knowledge!
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