When we talk about 'cryptocurrency stocks', it actually refers to several different companies and assets. Listed companies hoard coins and even turn hoarding coins into their main business. MicroStrategy is a representative of this type, with the core being 1) selecting the best asset BTC; 2) Strong ability to sustain financing. Other imitators mainly acquire low market value and low liquidity shells, buying coins for mutual trading. At present, there are treasury companies for top coins such as ETH, SOL, XRP, BNB, Doge, SUI, etc. in the market. This round of Ethereum's rise is mainly due to multiple companies competing to hoard ETH. The company that operates in the cryptocurrency industry has gone public. Represented by Coinbase and Circle, they are the first compliant exchanges and stablecoins in the United States, respectively. Kraken and OKX will also be launched next. Listed companies engaged in traditional businesses, come to the Crypto industry to conduct business (not hoarding coins). Represented by Robinhood, not only will over 200 stocks be tokenized for trading on the chain, but Robinhood Chain will also be launched. Futu PayPal、 Commercial banks that plan to issue stablecoins in the future and Stripe, which will be listed in the future, belong to this category. These three types of companies have different foundations and investment logics. Anyway, the speed of combining Crypto with traditional finance is accelerating.