On September 8, significant news emerged from Hong Kong's financial sector: a fund that has received investment from state-owned enterprises is actively planning a "crypto-equity linkage" project. This means that even if state-owned enterprise funds cannot directly invest in crypto funds, they can indirectly participate in the digital currency market by purchasing shares of publicly listed companies that hold digital assets like Bitcoin. This phenomenon, known in the industry as "crypto-equity linkage" (Digital Asset Treasury, DAT), is becoming a hot topic in Hong Kong's secondary market and the crypto space. From Michael Saylor in the U.S. to Metaplanet in Asia, and to Hong Kong's Boyaa Interactive, New Fire Technology, as well as prominent figures in the Chinese crypto community like Zhao Changpeng and Li Lin, an unprecedented "coin hoarding" craze is sweeping the globe, reshaping the boundaries between traditional finance and digital assets.
- Hong Kong's "Crypto-Equity Linkage": The Indirect Entry of State-Owned Enterprise Funds and the Rise of the DAT Model
"Crypto-equity linkage" refers to publicly listed companies purchasing tokens such as Bitcoin, Ethereum, or Solana in the open market, making these tokens core assets of the company, with the company's stock price fluctuating with the price of the tokens. This model is referred to as "crypto-equity linkage" in traditional finance and as "Digital Asset Treasury" (DAT) in the cryptocurrency field.
Indirect participation of state-owned enterprise funds: Although state-owned enterprise funds cannot directly invest in crypto funds, they can indirectly participate in the digital currency market by purchasing shares of publicly listed companies that hold digital assets. Currently, this method is not restricted. This opens a door for the vast state-owned enterprise funds to enter the digital asset field and indicates that digital assets will gain broader institutional recognition.
The "crypto-equity linkage" craze in Hong Kong: On August 27 alone, multiple events related to "crypto-equity linkage" were held in Hong Kong, including the establishment ceremony of the "Hong Kong Digital Asset Listed Companies Association," the New Fire Technology Forum, and a forum at the University of Hong Kong featuring Binance founder Zhao Changpeng. Zhao stated on-site that the significance of the DAT model lies in its ability to allow companies' financial departments, publicly listed companies, and even state-owned and central enterprises that cannot directly purchase digital currencies to indirectly hold Bitcoin and other digital currencies. He believes this group is very large, far exceeding the crypto community.
Publicly listed companies actively "hoarding coins": Member companies of the Hong Kong Digital Asset Listed Companies Association, such as Boyaa Interactive and Huajian Medical, have already acquired a significant amount of Bitcoin and Ethereum through the open market. The association has a total of 49 member units, most of which are publicly listed companies in Hong Kong, many of which have "coin hoarding" or are expanding their "coin hoarding" plans.
- The "Coin Hoarding" Army in the Chinese Community: Spread from U.S. Stocks to Asia
The "crypto-equity linkage" craze first emerged in the U.S. stock market. American billionaire Michael Saylor is a pioneer and success story of this model. Since 2020, he has incorporated Bitcoin into the balance sheet of his publicly listed company, Strategy, using the "flywheel theory" of "issuing bonds or stocks—raising money to buy Bitcoin—hoping for the price of coins to rise and the 'premium' of the company's stock to bring excess returns," resulting in a nearly 30-fold increase in Strategy's stock price, with a market value approaching $100 billion, far exceeding Bitcoin's growth during the same period.
Demonstration effect in the U.S. stock market: The success of Strategy has led other companies to replicate its model. According to a report by Architect Partners, as of the second quarter, 142 publicly listed companies in the U.S. stock market held Bitcoin on their balance sheets. In the first half of 2025, 61 U.S. publicly listed companies plan to raise $30.6 billion to purchase Bitcoin and other digital currencies.
Asian followers: This trend has spread to Asia. Japan's Metaplanet Inc is referred to as the "Asian version of Strategy," having held 20,000 Bitcoins as of September 3, ranking sixth globally. Compared to Japan's aggressiveness, Hong Kong's "coin hoarding" craze is just beginning, but it has enormous potential.
Involvement of prominent figures in the Chinese crypto community:
Zhao Changpeng's family office YZi Labs: Has begun to establish a presence in Asia, including the Hong Kong market. YZi Labs manages assets exceeding $10 billion and recently announced support for a fund company named B strategy to raise $1 billion for "coin hoarding" activities. This is the first "BNB" version of a DAT company supported by Zhao Changpeng's family in Asia and represents the largest funding effort globally.
Huobi founder Li Lin: His publicly listed company New Fire Technology announced an investment of $500 million to launch a "coin hoarding" project, with no upper limit on the project size, and investor subscriptions have already exceeded $500 million.
Other Chinese investors: Active Chinese investors in the crypto space, such as Shen Bo and Meitu founder Cai Wensheng, have also begun to engage in "coin hoarding" projects.
- Hong Kong's Advantages and Challenges: Enthusiasm on the Funding Side and Flexibility in Fundraising
"The coin hoarding craze in Hong Kong is not on the asset side, i.e., the publicly listed company targets, but on the funding side, i.e., the funds used to purchase Bitcoin and other digital currencies," said a person in Hong Kong's financial sector who is planning a coin hoarding project, indicating that many funds in Hong Kong are very interested in joining coin hoarding plans.
Advantages on the funding side: As an international financial center, Hong Kong has abundant funds and an active investor community, giving it a unique advantage in fundraising for "coin hoarding" projects. Zhao Changpeng's family office YZi Labs and Li Lin's New Fire Technology project have both received positive responses from the Hong Kong market.
Challenges in fundraising tools: According to the rules of "coin hoarding" projects, the most important aspect for the listed entity is fundraising: issuing bonds or stocks—raising money to buy Bitcoin—hoping for the price of coins to rise and the "premium" of the company's stock to bring excess returns. In this regard, the U.S. stock market is far more flexible than the Hong Kong market, with efficient fundraising tools like PIPE and ATM (at the market offering), often referred to as "printing press" fundraising. Hong Kong primarily raises funds through private placements, allocations, and issuing new shares, but each fundraising effort requires regulatory approval, making the process relatively cumbersome.
"The game of the wealthy": Industry insiders believe that a good "coin hoarding" project requires "three reliable" elements: reliable underlying assets, reliable project supporters (such as the BNB fund supported by Zhao Changpeng's family), and a reliable team. Additionally, the funding scale of a single project needs to be at least $1 billion to have a chance of ranking among the top three in market value.
Selection of coin hoarding targets: Currently, the big players in Hong Kong have not yet decided to hoard Bitcoin, with more choosing coins like BNB, Ethereum, and Solana. For example, Yunfeng Financial, in which Jack Ma holds shares, and New Fire Technology's "coin hoarding" fund are both primarily focused on Ethereum. New Fire Technology CEO Weng Xiaoqi believes that compared to Bitcoin, Ethereum's "coin hoarding" project has greater premium potential.
- Risks and Warnings: Calm Reflections Behind the Frenzy
Despite the surging "coin hoarding" craze, some more cautious investors are beginning to worry about the emergence of an unreasonable "coin hoarding gold rush" in the market.
Stock price volatility risk: The stock price of Japan's Metaplanet surged fourfold after announcing its transformation into a "coin hoarding" company, but subsequently fell by more than 50%, warning that "coin hoarding" projects are not guaranteed to be profitable.
Lack of revenue support: Some investors point out that these "coin hoarding" companies raise funds through traditional financial markets and then purchase digital tokens, but they have not actually generated real revenue. For example, MicroStrategy's revenue is only $150 million, while Starbucks, with a similar market value, has revenue exceeding $7.5 billion. This "revenue-less" market value inflation poses significant risks.
Downward price risk: Currently, Bitcoin is in an upward phase, making the logic of "crypto-equity linkage" appear correct. However, once Bitcoin begins to decline, these "coin hoarding" companies will face significant challenges.
Conclusion:
The rise of Hong Kong's "crypto-equity linkage" craze marks a new stage in the integration of digital assets and traditional finance. The indirect entry of state-owned enterprise funds, the active layout by prominent figures in the Chinese crypto community, and the enthusiasm of publicly listed companies for the "coin hoarding" model collectively create a new trillion-dollar track. However, in this fervent "coin hoarding" game, risks and opportunities coexist. How to embrace innovation while maintaining a clear mind and being wary of potential bubbles and risks will be a challenge all participants must face. As a bridge connecting Eastern and Western financial markets, Hong Kong's exploration in the digital asset field will undoubtedly have a profound impact on the global financial landscape.
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Original Article: “State-Owned Capital Enters Major Progress in Hong Kong's Crypto-Equity Linkage Project”
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