The stock market offers a premium far higher than the crypto itself, and crypto concept stocks have become a "new high ground for liquidity outside the crypto circle"

Guests including eats, Victory Securities, Huobi Research Institute, and data porter Phyrex Ni conducted a high-quality X Space discussion around the rise of "crypto concept stocks". Here are the core points of the event.

01 What are "crypto concept stocks"? Why are they worth paying attention to now?

"Crypto concept stocks" are not a completely new concept, but with crypto-related companies like Circle accelerating their listings, market attention has significantly increased.

Waterdrip Capital partner Dashan said he was exposed to the crypto stock track as early as 2023 through research on Hong Kong-listed Boyaa Interactive and US-listed MicroStrategy. Dashan pointed out: "The premium given by the stock market is far higher than the crypto circle itself, and crypto concept stocks have become a 'new high ground for liquidity outside the crypto circle'." Currently, Waterdrip Capital has invested in 5 listed crypto concept stock companies, with a year-end goal of expanding to 15.

Victory Securities ecological partner Paolo divides crypto concept stocks into three major sectors of "coin-chain-exchange", corresponding to stablecoins (like Circle), public chains (like ETH, SOL), and trading platforms (like Coinbase, Robinhood). He believes Coinbase is a typical pro-cyclical trading platform with a "Davis double-click" effect, where trading activity and valuation multiples rise together during bull markets. He added: "Robinhood is a bridge for Web2 users to enter Crypto, and is also promoting the on-chain transformation of US stocks."

Data porter Phyrex Ni recalled that after BlackRock applied for a spot BTC ETF in 2023, COIN and MSTR became indicators for judging whether the ETF would pass. Despite BTC price not fluctuating much, market buying intensity for these two significantly increased, prompting him to start adding positions. "ETF is the entry point for traditional institutions to allocate crypto, and crypto concept stocks are their preferred channel." Phyrex also continues to pay attention to Circle and Robinhood, believing that as valuations fall, there will be opportunities to re-enter.

Huobi Research Institute head Chloe pointed out from her research and trading experience that her early optimism about Coinbase was due to its high B-end compliance business stickiness, which remained stable even during bear markets, bringing maximum USD VC returns upon listing and forming a paradigm effect.

Fourth, the Role Transformation of Project Parties: From Trading Platform Orientation to Multi-Path Exploration.

In the past, project parties would give up a large number of tokens to list on trading platforms, even compressing development budgets to meet market maker requirements. Now, Chloe mentions that the token issuance process often requires reserving millions of dollars in funds, covering user airdrops, trading platform listings, market-making arrangements, etc., with financing thresholds continuously rising. Choosing US stock listing can rely on an equity system and clear compliance framework to achieve financing and exit. For projects with strong capital reserves and clear strategic planning, simultaneously deploying token incentives and equity exit may become the mainstream model.

04 Traditional Brokers and State-Owned Institutions Fully Entering the Market

Paolo, partner of Victory Securities Ecosystem, points out that in the past month, Chinese brokers including Guotai Junan International and Futu have successively obtained virtual asset-related licenses. "Without exaggeration, we received dozens of brokers discussing cooperation within a week". Hong Kong stock brokers are accelerating their entry and deployment:

· Seizing Entry Qualifications: From applying for VASP licenses, compliance pathway consulting, to deploying new asset trading categories like RWA and stablecoins, with a tight pace;

· Connecting Underlying Systems: Many brokers are accessing trading platforms like VDX through B2B models, building an "integrated crypto concept stock" asset allocation channel;

· Upgrading User Experience: Brokers with a large number of Web2 users and AUM are beginning to study the feasibility of combining traditional structured strategies (such as Snowball, Shark Fin) with crypto assets like BTC, as an attempt to expand crypto asset allocation methods.

· Paolo emphasizes: "Even though broker executives are still rapidly catching up, business teams have fully sensed the trend and are starting to substantially enter the market."

05 Summary: The Beginning of a New Narrative

If the core narrative of the previous bull market was Bitcoin, Ethereum, and the "token economy", in this cycle, "crypto concept stocks" are rising as a new paradigm connecting the crypto world with traditional finance. It not only breaks through the three major barriers of regulatory trust, liquidity, and exit mechanisms, but also opens a compliant and innovative growth channel for project parties, investors, and institutions. The crypto world is no longer a marginal island of the financial system, but is gradually integrating into, and even reshaping, the underlying architecture of global finance - this is not just a cycle switch, but a reconstruction of narrative and evolution of paradigm.