At the intersection of Web3 and traditional finance, "crypto stocks" and "stock coins" are becoming highly regarded investment tracks. In this market driven by attention and belief, stories and narratives often have more influence than the technology itself. In this episode of Bill It Up, we invite two deep players in the Web3 field—Zixi, CEO of Stablestock, and Yetta, partner at Primitive Ventures—to engage in an in-depth discussion about the concepts of "crypto stocks" and "stock coins," dissecting their intersections, differences, and future potential in crypto investment and traditional finance. They share insights on how builders find footholds during turbulent cycles, as well as investment returns, retail survival rules, and market trends.
Here are the highlights of the conversation, giving you a glimpse into the wealth secrets of the RWA (Real World Assets) track.
Crypto Stocks vs. Stock Coins: The Collision of Two RWA Models
Crypto Stocks refer to publicly traded company stocks in the traditional financial market that are related to cryptocurrencies, such as MicroStrategy, Coinbase, or Bitmain. These companies are directly or indirectly linked to the crypto market by holding crypto assets, providing crypto services, or participating in the blockchain ecosystem. Stock Coins, on the other hand, are an innovative model promoted by projects like Stablestock, which tokenizes traditional stock assets and enhances on-chain trading and liquidity through blockchain technology.
Zixi and Yetta agree that these two tracks each have their unique market logic and development potential. Crypto stocks rely on the vast liquidity of Wall Street, attracting global investors' attention; while stock coins leverage the global liquidity and programmability of blockchain to provide new investment opportunities for emerging market users and institutional investors.
Yetta: The Backstory of $SBET Investment and MEI Pharma's Choice Logic
Yetta shared the decision-making process behind Primitive Ventures' investment in $SBET (a crypto asset related to MEI Pharma). Last April, their team conducted an in-depth review and found that this bull market is different from previous ones: BTC ETFs have become market leaders, altcoin liquidity is insufficient, and overall market capitalization growth is weak. Meanwhile, the open interest (OI) of BTC options on the Chicago Mercantile Exchange (CME) has consistently outpaced Binance, indicating that institutional investors are more sensitive to the market than retail investors.
In this context, $SBET became their investment target. Yetta pointed out that the investment decision was based on two points:
Asset Fundamentals: LikeCoin in the Ethereum ecosystem is undervalued in institutional adoption, especially its potential in the payment sector. The market predicts a high probability of LikeCoin ETF approval, indicating its long-term value.
Core Personnel Commitment: Charlie, a board member of MEI Pharma, is deeply involved in the project, ensuring a high degree of interest alignment. Even if the market enters a negative feedback loop, the long-term commitment of core personnel can provide downside protection for the asset.
Yetta emphasized that $SBET is not only an opportunity for asset allocation but also provides institutional investors with more exposure to the crypto market, amplifying consensus value through financial innovation.
Zixi: The Naming of Stablestock and the Construction of the Stock Coin Ecosystem
Zixi introduced the naming logic and product positioning of Stablestock. "Stable" does not refer to price stability but emphasizes ensuring a 1:1 peg between on-chain tokens and off-chain assets through Proof of Reserve, similar to the logic of stablecoins. This mechanism allows users to freely mint and burn tokens, ensuring that prices fluctuate in sync with off-chain assets, providing "stability." Additionally, the name Stablestock carries a bit of a "meme"—the on-chain token STT (Stable Tokenized Tesla) pays homage to Ethereum's naming style, symbolizing the combination of innovation and cultural symbols.
Stablestock's product positioning is to serve emerging market users and high-net-worth clients, mainly including:
Stable Broker: Users can legally and compliantly purchase U.S. stocks (such as Apple and Tesla) using stablecoins and tokenize them 1:1, gaining initial on-chain liquidity.
On-chain DeFi Ecosystem: Integrated with DeFi protocols, supporting on-chain collateral, lending, cross-chain operations, meeting the high yield demands of high-net-worth clients.
Target users are divided into three categories:
Those who want to buy but can't: Emerging market users (such as Southeast Asia) without overseas bank accounts but holding stablecoins.
High-leverage traders: Those looking to amplify returns through on-chain financial tools.
High-net-worth clients: Seeking tax optimization or high APY (annual percentage yield) investment needs.
Zixi revealed that Stablestock attracted over 100 users on its second day of launch, managing assets worth hundreds of thousands of dollars, meeting expectations. In the next six months to a year and a half, institutional users and high-net-worth clients are expected to become the main source of revenue.
Crypto Stocks vs. Stock Coins: Market Logic and Investment Opportunities
Market Logic of Crypto Stocks: Yetta pointed out that crypto stocks (like MicroStrategy) achieve continuous growth in asset value per share by holding crypto assets (like BTC) with leverage. This model can gain significant premiums (such as 1-3 times NAV, net asset value) when market sentiment is high. Additionally, crypto stocks attract institutions that cannot directly invest in crypto assets by issuing preferred shares and other financial instruments, expanding market consensus. For example, MicroStrategy's NAV fluctuates between 0.8-4 times, currently around 1 times, which is within a reasonable range.
Market Logic of Stock Coins: Zixi emphasized that the core of stock coins is to utilize the global liquidity and programmability of blockchain to serve users that traditional finance cannot reach. In emerging markets, where traditional financial infrastructure is weak, stablecoins act as "shadow banks," significantly reducing customer acquisition costs. Stablestock combines off-chain brokers (compliant brokerage services) with on-chain DeFi to provide a complete solution from stock purchases to on-chain settlement. For example, collaborating with Lending Protocol to settle Tesla stocks off-chain through API commands addresses the issue of insufficient on-chain liquidity.
Differences Between the Two:
Crypto Stocks lean more towards the financial productization of assets, relying on Wall Street's liquidity and sentiment-driven.
Stock Coins focus on building on-chain trading venues, emphasizing technological innovation and global accessibility.
Yetta believes both tracks have enormous potential. Crypto stocks are similar to Coinbase and Robinhood, with market cap potential reaching hundreds of times; stock coins may give rise to new financial products, akin to the innovation of perpetual contracts.
Meme, Culture, and Narrative: The Core Driving Force of the Market
Zixi and Yetta agree that in the crypto market, stories and narratives are more influential than the technology itself. Meme coins, cultural symbols, and community beliefs can quickly gather attention and drive market sentiment. For example, Bitmain (BMNR) trading on the Stablestock platform is booming, reflecting retail enthusiasm for high-volatility assets. Institutional investors prefer blue-chip stocks (like Tesla and Nvidia), managing their investments through on-chain liquidity.
Yetta added that South Korea excels in cultural exports (like AKB48) and managing crypto market sentiment, adept at leveraging the "flywheel effect" to amplify consensus. This also explains why certain crypto stocks (like $SBET) can stand out in the market.
Investment Returns and Retail Survival Rules
Investment Returns: Yetta revealed that the returns of $SBET are public due to disclosure requirements, but specific gains vary based on market sentiment, macro policies (like monetary easing), and other factors. The primary market offers abundant investment opportunities, with some long-tail assets yielding several times, but the consensus strength is lower than mainstream coins (like BTC, ETH). The secondary market is hot, with 1-2 times volatility common in the short term, but long-term returns tend to revolve around the fluctuations of MicroStrategy's NAV.
Retail Survival Rules:
Buy low, sell high: Avoid chasing high prices on ATM (At-The-Market) financing days, as valuations are often inflated. The best buying opportunity is during market downturns when no one is paying attention.
Focus on indicators: Track CME's BTC options OI, capital operations of listed companies (like Coinbase and Galaxy Digital's financing or buybacks), and miners' market perceptions to judge the cycle's peak.
Cognitive Iteration: Yetta emphasized that investing is a game of cognition. Continuous reviews and capturing structural changes are key to seizing opportunities.
The Future of Altcoins and NFTs
Altcoins: Yetta believes that altcoins have performed poorly in this cycle, with liquidity shortages and flattened information dissemination making consensus difficult to spread. Future opportunities lie in selecting projects with real PMF (Product-Market Fit) and solid fundamentals (such as revenue and cash flow). Zixi added that the ultimate way out for altcoins may be to "go public on Nasdaq," gaining greater liquidity through the crypto stock model.
NFTs: Yetta is cautious about the future of traditional NFTs due to their limited liquidity. However, NFTs as underlying standards may play a role in RWA (like stock coins, real estate, bonds).
Predictions for This Bull Market and Exit Strategies
BTC and ETH Trends:
Yetta: This bull market is driven by BTC ETFs, with clear institutional dominance. BTC's volatility is gradually decreasing, but cyclicality remains. Assets like LikeCoin in ETH are undervalued, with promising long-term potential.
Zixi: Crypto stocks (like Bitmain) are performing strongly in the short term due to financing and sentiment, but caution is needed regarding market fluctuations triggered by company sell-offs.
Exit Strategies:
Yetta: Closely monitor macro policies (like Federal Reserve easing and Treasury bond issuance), institutional operations (like OI indicators), and miner dynamics to comprehensively judge market peaks. Investment philosophy requires balancing "Time in the Market" with "Timing the Market." Long-term holding (like Buffett's investment in S&P 500) suits investors without timing ability, while short-term operations require precise capture of cycle signals.
Zixi: Market cycles are essentially a game of human emotions. The model of financing to buy coins can be sustainable until a company sells off holdings due to redemption pressure, triggering a decline. Caution is needed during exits to avoid the "death spiral," but this round of volatility may be milder.
Messages from Zixi and Yetta
Yetta: Investing is a game of cognition. Continuous reviews and keeping up with structural changes in the market are essential to seize opportunities. Always pay attention to market sentiment and be alert to signals of cycle peaks.
Zixi: Stablestock is committed to providing emerging market users with access to U.S. stocks and empowering innovation through on-chain liquidity. I hope more smart people can use our platform to create financial products that traditional finance cannot achieve.
Conclusion
"Crypto stocks" and "stock coins" represent two paths of integration between Web3 and traditional finance: crypto stocks leverage the vast liquidity of Wall Street to amplify the consensus value of crypto assets; stock coins provide innovative financial tools for global users through the programmability of blockchain. In this market driven by narratives and beliefs, investors need to maintain sharp cognition, seize structural opportunities, and remain vigilant against cyclical risks. As Zixi said, "Liquidity is the prerequisite for innovation," while Yetta's insights remind us that "cognitive iteration is the key to wealth." Whether retail or institutional, finding a suitable foothold is essential to navigate this wealth game of RWA.
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