Author: Zhang Feng

The linkage between cryptocurrencies and stocks is by no means a simple "token issuance," but rather a digital token that is bound to the value of company equity, business ecology, or underlying asset value. It is a systematic project that connects traditional capital with crypto capital, linking physical businesses with the digital economy. This can reshape value distribution, activate ecosystems, open up new financing channels, and release the value of a company's physical assets to the market in a new way.

The linkage between cryptocurrencies and stocks may break down the barriers between the traditional equity market and the world of crypto assets, quietly reshaping the global financial landscape. From the continuous Bitcoin purchases by the American software company MicroStrategy, to Hong Kong's Boyaa Interactive transitioning into the Web3 space to allocate crypto assets, to Guofu Quantum collaborating with Huajian Medical to dive into the RWA business chain, this linkage between cryptocurrencies and the stock market has evolved from individual companies' adventurous attempts into an important bridge for traditional listed companies and the crypto world to "move towards each other."

1. The Core of Cryptocurrency-Stock Linkage is Enhancing Asset Liquidity

Liquidity is a necessary condition for realizing asset value. Without liquidity, assets are difficult to price, and value exchange becomes even harder to discuss. The core of cryptocurrency-stock linkage is to enhance liquidity by connecting the traditional equity market with the crypto asset market, striving to form a unified value discovery mechanism and achieve a collaborative enhancement of asset liquidity.

The traditional equity market has a standardized regulatory framework and a mature investor base, but it faces issues such as trading time restrictions and cross-border flow barriers. The crypto asset market, on the other hand, offers 24/7 trading, global access, and high divisibility, but it is characterized by high volatility and weak compliance. The essence of cryptocurrency-stock linkage is to complement the advantages of both asset types, forming a liquidity synergy effect.

Specifically, for example, a listed company can attract investors from both markets to participate in value discovery by incorporating crypto assets into its balance sheet (like the MicroStrategy model), creating a linkage between its stock price and cryptocurrency price, significantly expanding its investor base. Meanwhile, crypto projects can go public through reverse mergers, injecting compliant liquidity and valuation systems into the stock market. Additionally, a company's business transformation into RWA or other related crypto businesses can enhance the liquidity of the company, including its equity and other assets, through an upgrade in its business model. Innovations in financial instruments (such as the ATM issuance mechanism) further open up channels for cross-market capital flow, allowing capital to pursue value more efficiently.

This linkage ultimately breaks down the liquidity islands of traditional financial markets by constructing a liquidity closed loop of "equity-crypto assets," which not only enhances the trading activity and pricing efficiency of individual assets but also creates a more resilient, globalized, and sustainable value exchange ecosystem.

2. Basic Realization Path of Cryptocurrency-Stock Linkage

Cryptocurrency-stock linkage has evolved from simple asset holding in its early stages to a complex ecosystem with multiple coexisting models. Based on the different liquidity characteristics of cryptocurrencies and stocks, the market has formed the following main combinations:

(1) Asset Reserve Model

Listed companies directly use their own funds or raised funds to purchase crypto assets as treasury reserves. This model was pioneered by MicroStrategy (now renamed Strategy), whose stock price has surged about 30 times since it began purchasing Bitcoin in August 2020, with a market value approaching $100 billion, far exceeding Bitcoin's growth during the same period.

The success of this model has led to numerous imitators. Japan's Metaplanet Inc is referred to as the "Asian version of Strategy," having held 20,000 Bitcoins as of September 3, 2025, ranking sixth globally. In the Hong Kong stock market, companies like Boyaa Interactive and Huajian Medical have also joined this trend.

(2) Project Reverse Merger

Crypto projects achieve "reverse mergers" by acquiring shell companies. For shell companies, binding with crypto is a means to boost stock prices, sell shares, and sell the shell; for crypto projects, it is an opportunity to achieve compliance and enter the traditional financial system.

This model provides a fast track for crypto projects to enter traditional capital markets. Transitioning from a "gray industry identity" to "chairman of a listed company," and from "over-the-counter players" to "on-market players," is an opportunity for many projects to "land" and is the first step towards compliance.

(3) Business Transformation Entry

Listed companies engage in crypto-related businesses, from mining to stablecoins, RWA, and asset tokenization, fully entering various tracks of the crypto ecosystem. This model not only changes the company's asset structure but fundamentally reshapes its business model and value creation methods.

Hong Kong-listed Boyaa Interactive was originally a game development company, and in 2023 announced a strategic transformation to Web3, aiming to become a "leading Web3 project company." After the transformation, the company's trading volume increased by 50-100 times, and its market value rose about 13 times.

(4) Financial Instrument Innovation

Cryptocurrency-stock linkage has also spawned a wealth of financial instrument innovations. The U.S. stock market has efficient fundraising tools such as PIPE (Private Investment in Public Equity) and ATM (At-the-Market issuance mechanism), known as "printing press" fundraising. These tools allow listed companies to sell shares to the public market in phases based on market prices, raising funds in real-time and providing continuous ammunition for "stockpiling coins."

In contrast, the Hong Kong market primarily raises funds through private placements, allotments, and new share issuances, but each fundraising requires regulatory approval, making the process relatively cumbersome. This difference also determines the characteristics and scale of cryptocurrency-stock linkage in different markets.

3. Target Expansion: Asset Selection for Cryptocurrency-Stock Linkage

As the cryptocurrency-stock linkage model matures, its asset selection is also showing a trend of diversification.

(1) Crypto Asset Targets

From the initial Bitcoin, the selection has expanded to multi-chain assets such as Ethereum, SOL, and BNB. Choosing different crypto assets as reserves reflects different value judgments and risk preferences.

Bitcoin, as "digital gold," primarily serves the function of value storage; Ethereum, as a yield-generating asset, allows companies to gain capital appreciation and stable block rewards through staking; while other tokens may be associated with specific ecosystems or application scenarios.

Since 2025, a noticeable trend is that Hong Kong's "stockpiling coins" projects are increasingly choosing currencies like BNB, Ethereum, and Solana. CEO of New Fire Technology, Weng Xiaoqi, believes that compared to Bitcoin, Ethereum's "stockpiling coins" projects have greater premium potential.

(2) Equity Target Selection

Equity targets have also expanded from U.S. listed companies to markets such as Hong Kong and Japan. The U.S. stock market remains the core stage due to its richest financing tools and deepest liquidity. However, the Asian market is rapidly rising, becoming a new hotbed for the DAT model.

The Hong Kong stock market has a unique advantage in connecting mainland Chinese capital with the global crypto market. Tencent News' "Periscope" has learned that a fund in Hong Kong, which has received investment from state-owned enterprises, is actively planning a "cryptocurrency-stock 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 buying shares of listed companies that hold digital assets.

(3) Innovative Integration of RWA and NFT

In addition to mainstream crypto assets, RWA (Real World Assets) and NFTs have also become new targets for cryptocurrency-stock linkage. RWA is a key direction connecting traditional business with Web3, including tokenizing traditional financial assets such as stocks, funds, and bonds through blockchain technology.

For example, Xiexin Energy Technology, in collaboration with Ant Group, successfully completed the issuance of RWA based on photovoltaic physical assets using blockchain technology, becoming the first domestic photovoltaic physical asset RWA. This innovative attempt opens up new paths for cryptocurrency-stock linkage.

4. Core Principles: Sustainable Development Framework for Cryptocurrency-Stock Linkage

As a financial innovation, the healthy development of cryptocurrency-stock linkage needs to follow a series of core principles.

(1) Value Creation Principle

Effective cryptocurrency-stock linkage should create real value, rather than merely engaging in conceptual speculation. Currently, there are some projects in the market that are purely conceptual without substantial business, which are unlikely to sustain in the long run. True value creation comes from enhanced liquidity, improved efficiency, and reduced costs. Related operations need to collaborate with institutions that have rich experience in compliant operations, digital asset security custody, and capital market operations.

(2) Compliance Linkage Principle

Cryptocurrency-stock linkage must adhere to compliance principles and innovate within the regulatory framework. Currently, Hong Kong has established a clear licensing system for virtual asset trading platforms and approved the listing of spot Bitcoin and Ethereum ETFs, providing a foundation for compliant linkage. As regulations gradually improve, cryptocurrency-stock linkage will transition from small-scale experiments to large-scale applications. Innovation always runs ahead of regulation, and regulatory intervention typically occurs only after systemic risks emerge. Therefore, a forward-looking compliance awareness is crucial.

(3) Globalization Principle

Cryptocurrency-stock linkage is essentially global and needs to transcend geographical and market boundaries. The regulatory environments, market structures, and investor preferences in different regions vary, providing diverse experimental grounds for cryptocurrency-stock linkage. The U.S. stock market has advantages in the flexibility of financing tools, while the Hong Kong market plays a unique role in connecting mainland China with global capital. Differentiated development will become an important feature of the global cryptocurrency-stock linkage market.

(4) Risk Control Principle

Cryptocurrency-stock linkage entails multiple risks that require careful management. First is the high leverage volatility risk—cryptocurrency-stock concepts are akin to leveraged crypto, with both gains and losses magnified. Once sentiment wanes, it is easy to experience a "double kill" (both cryptocurrency and stock prices fall).

Secondly, there is the market value trap risk. Many investors do not understand how stock market capitalization is calculated, and companies involved in cryptocurrency-stock linkage often frequently issue new shares, leading to severe underestimation of market value. Investors need to penetrate surface data to understand real value.

Cryptocurrency-stock linkage has evolved from a financial experiment into an important strategic tool connecting traditional equity, RWA, and other Web3 asset tokenization. The on-chain migration of global finance is irreversible, and cryptocurrency-stock linkage is just the starting point of this great transformation. As liquidity barriers are broken, a new landscape of the value internet is gradually unfolding.

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