# Сопутствующие статьи по теме Equity

Новостной центр HTX предлагает последние статьи и углубленный анализ по "Equity", охватывающие рыночные тренды, новости проектов, развитие технологий и политику регулирования в криптоиндустрии.

Buy BTC or MSTR? Analyzing the Capital Flywheel of MicroStrategy

MicroStrategy's mNAV (market cap to Bitcoin holdings ratio) has compressed to near parity, sparking debate about whether the premium will re-expand. The core argument centers on the company's ATM equity issuance strategy. Critics view it as shareholder dilution, while supporters see it as rational Bitcoin accumulation. However, both miss the deeper strategic shift: MicroStrategy is building a layered capital structure that operates differently across mNAV regimes. At ~1x mNAV (current phase), equity issuance is used to buy Bitcoin directly, justified by long-term undervaluation. In high mNAV regimes (3-4x+), equity becomes a tool to repay debt from preferred securities, not just acquire Bitcoin. The introduction of preferred stock attracts yield-seeking investors, creating a continuous funding source for Bitcoin purchases but also dividend obligations. The ATM acts as a proactive de-leveraging tool, building equity ahead of future payment needs. mNAV expansion may return not only from Bitcoin price appreciation but also from the market valuing MicroStrategy as a scalable Bitcoin capital markets platform. The company is evolving from a Bitcoin treasury into a financial engine with distinct investor segments: yield investors in preferred securities and growth investors in equity. This could form a self-reinforcing "capital flywheel": preferred demand funds Bitcoin buys, equity demand values platform growth, and Bitcoin appreciation strengthens the balance sheet. The discussion may shift from *if* mNAV premium returns to *how large* this financial platform can become.

marsbit03/13 11:08

Buy BTC or MSTR? Analyzing the Capital Flywheel of MicroStrategy

marsbit03/13 11:08

Across Protocol Proposes Transition from DAO to U.S. Corporation, Token Holders Can Exchange for Equity

Cross-chain bridge protocol Across Protocol has proposed transitioning from a DAO structure to a U.S. C-Corporation named AcrossCo. ACX token holders are offered two options: a 1:1 swap for equity in the new company or a token buyback at a 25% premium to the 30-day average price in USDC. The team cited the current DAO model as a bottleneck for institutional partnerships, which require enforceable contracts and a clear legal entity. The proposal, which requires a simple majority vote, follows $51 million in funding, including a round led by Paradigm. The announcement caused ACX's price to surge approximately 70%. The underlying protocol will continue to operate permissionlessly.

marsbit03/12 03:32

Across Protocol Proposes Transition from DAO to U.S. Corporation, Token Holders Can Exchange for Equity

marsbit03/12 03:32

Nasdaq Partners With Kraken to Launch Tokenized Stocks in the U.S.

Nasdaq has partnered with Kraken and its parent company Payward to develop infrastructure for tokenized stocks and equity products in the U.S. The collaboration will enable public companies to issue and trade blockchain-based versions of their shares while preserving legal rights and regulatory oversight. Nasdaq will create an equity token design to integrate tokenized stocks and ETPs into its regulated systems, ensuring holders retain voting rights and dividend benefits. Kraken will handle distribution and settlement via its xStocks framework. The initiative, pending regulatory approval, builds on a 2025 SEC proposal and is expected to launch in the first half of 2027.

TheNewsCrypto03/09 14:34

Nasdaq Partners With Kraken to Launch Tokenized Stocks in the U.S.

TheNewsCrypto03/09 14:34

Social Capital CEO: From U.S. Stocks to SpaceX, How Equity Tokenization is Reshaping Capital Markets?

Chamath Palihapitiya discusses how equity tokenization is transforming capital markets by addressing structural limitations of traditional systems. The current stock market, valued at over $150 trillion, operates with restricted hours, relies on multiple intermediaries, and limits access to high-growth private companies. Tokenization introduces three key improvements: 24/7 trading to incorporate global information and demand, streamlined ownership reducing intermediaries and costs, and expanded access to private markets like SpaceX and OpenAI through SPV-based tokens. While these tokens offer economic exposure rather than direct ownership and lack standardization, they meet growing demand for private investments. The shift aligns with the rise of stablecoins and could save billions annually by modernizing infrastructure.

marsbit03/07 10:17

Social Capital CEO: From U.S. Stocks to SpaceX, How Equity Tokenization is Reshaping Capital Markets?

marsbit03/07 10:17

Staking Tokens for Equity: How Does Backpack's 'Users Become Shareholders' Work?

Backpack, a Solana-based wallet and exchange platform founded by ex-FTX member Armani Ferrante, has announced a novel staking-to-equity conversion plan. Users who stake the platform’s native token for at least one year can exchange it for real company equity at a fixed ratio, with 20% of equity reserved for this purpose. The platform emerged after FTX’s collapse, having lost 80% of its initial funding from FTX Ventures. It gradually built a user base through its Mad Lads NFT collection and later expanded into exchange services, securing regulatory licenses in Dubai and Europe. Backpack tokenomics includes a total supply of 1 billion tokens, with 62.5% pre-IPO allocation. The TGE will release 250 million tokens, entirely distributed to users. The project is also negotiating a $50 million funding round at a $1 billion valuation. This dual-token-and-equity model presents regulatory challenges, particularly from the SEC, which may view tokens as securities. The structure risks conflicts between token holders and equity investors. While unprecedented in crypto, Backpack’s team includes former Coinbase advisors who had previously explored similar token-equity hybrid models. This approach aims to transform users into legal co-owners, offering an alternative to the typical “peak at launch” token model. It remains a high-stakes experiment in regulatory and economic design.

比推02/25 14:46

Staking Tokens for Equity: How Does Backpack's 'Users Become Shareholders' Work?

比推02/25 14:46

How Does Backpack's Staking Token for Equity Conversion Work?

Backpack, a Solana-based wallet and exchange platform founded by ex-FTX members, has announced a novel staking-to-equity conversion plan. Users who stake its native token for at least one year can convert those tokens into real company equity at a fixed ratio, with 20% of equity reserved for this program. This move aims to transition users from token holders to legal company owners. The platform emerged post-FTX collapse, initially focusing on wallet and NFT services (like the Mad Lads NFT collection) before launching its exchange. It has over $4000B in cumulative trading volume and $350M in user assets. Backpack’s tokenomics include a 1B total supply, with 62.5% pre-IPO allocation. The TGE releases 250M tokens (25% of total), entirely distributed to users. The model ties token release to milestones and future IPO, blending crypto incentives with traditional equity. However, the plan faces regulatory challenges, particularly from the SEC, which may classify the token as a security. Dual ownership via tokens and equity could complicate IPO efforts and investor relations. Despite risks, Backpack’s approach attempts to innovate beyond typical “token-as-reward” models by linking crypto community growth to real equity value and long-term ownership.

Odaily星球日报02/25 09:11

How Does Backpack's Staking Token for Equity Conversion Work?

Odaily星球日报02/25 09:11

How Does Backpack's Staking Token-to-Equity Conversion Work?

Backpack, a Solana-based wallet and exchange platform founded by ex-FTX members, has announced a novel staking-to-equity conversion plan. Users who stake its native token for at least one year can convert those tokens into real company equity at a fixed ratio, with 20% of equity reserved for this purpose. The platform emerged after FTX’s collapse, having lost 80% of its operational funds, and gradually built its user base through its Mad Lads NFT community and a compliant exchange. It recently acquired FTX Europe and secured regulatory licenses. Backpack’s tokenomics include a 1 billion total supply, with 62.5% pre-IPO allocation. The TGE will release 25% of tokens, entirely to users. The model ties token distribution to IPO milestones—a rare hybrid approach in crypto. This move aims to transform users from token holders into legal company owners. However, it faces significant regulatory challenges, particularly from the SEC, which may view the token as a security. The dual-structure of token and equity could also complicate IPO investor relations. While innovative, the plan operates in a regulatory grey area—attempting to bridge decentralized tokenomics with traditional equity financing.

marsbit02/25 09:10

How Does Backpack's Staking Token-to-Equity Conversion Work?

marsbit02/25 09:10

BlackRock and Citadel Are Aggressively 'Sweeping Goods': What Fundamental Changes Have Occurred in the Logic of TradFi Entering DeFi?

Traditional finance (TradFi) giants like BlackRock, Citadel Securities, and Apollo Global Management are now directly purchasing DeFi governance tokens (UNI, ZRO, MORPHO), signaling a strategic shift beyond mere equity investments or pilot programs. This move is primarily about securing access to and aligning with the infrastructure they plan to use for tokenizing and distributing their products on-chain, rather than making broad portfolio bets on DeFi assets. Key drivers include improved custody/operational infrastructure and greater regulatory clarity, such as the upcoming repeal of SAB 121 and potential market structure legislation like the CLARITY Act. While this represents a structural change in institutional engagement, the token price impact has been muted due to weak market conditions and a lack of direct value capture mechanisms for most tokens. For governance tokens to function more like strategic equity, clearer value accrual (e.g., fee switches), reduced VC selling pressure, and enhanced regulatory certainty are needed. Concerns about governance centralisation exist, but increased professional participation could improve oversight. More TradFi firms, particularly those building tokenized products (e.g., Fidelity, Franklin Templeton), are expected to follow, focusing on blue-chip protocols in stablecoins, RWAs, and trading infrastructure.

marsbit02/24 10:45

BlackRock and Citadel Are Aggressively 'Sweeping Goods': What Fundamental Changes Have Occurred in the Logic of TradFi Entering DeFi?

marsbit02/24 10:45

Crypto Morning Brief: Backpack Plans to Offer Equity to Stakers, WLFI Claims USD1 Was Attacked

Crypto Daily Digest: Key market developments include Backpack's announcement to offer equity to token stakers, allocating 20% of company shares for this program. WLFI reported an attack on its USD1 stablecoin, claiming attackers targeted co-founder accounts to spread FUD and short the token, but the stablecoin held its peg due to its 1:1 asset backing. In policy news, the Trump administration is considering new national security tariffs on six industries, including batteries and telecom equipment. Tether will discontinue its offshore yuan stablecoin (CNH₮) due to low demand. Meanwhile, China’s regulatory approach now distinguishes RWA tokens from virtual currencies, allowing conditional overseas issuance. Ethereum Foundation established a dedicated DeFi team to support permissionless and censorship-resistant protocols. Meme coin TRUMP unveiled a growth plan involving up to 5% of its supply for ecosystem expansion. Bitcoin miner Bitdeer clarified its BTC sales are for liquidity preparation amid land acquisition plans. Other highlights: SBI Holdings launched a $64.5M blockchain bond offering XRP rewards, and private credit firm Blue Owl Capital sold $1.4B in loan assets, sparking concerns about market stress. Market analysis sections cover AI agent teams, yen carry trade impacts on Bitcoin, and shifting institutional capital from tokens to equity.

marsbit02/24 01:14

Crypto Morning Brief: Backpack Plans to Offer Equity to Stakers, WLFI Claims USD1 Was Attacked

marsbit02/24 01:14

From Grunt Engineer to Crypto Billionaire: A Deep Dive into Solana Founder Toly's Personal Fortune

Anatoly Yakovenko, the founder of Solana, has become a leading figure in the blockchain industry and a known billionaire. This article explores his personal wealth, estimated to be between $500 million and $1.2 billion in 2026, heavily tied to the performance of SOL. Born in the Soviet Union, Yakovenko immigrated to the U.S. and studied computer science. He worked for over a decade at Qualcomm, gaining expertise in distributed systems, which later proved crucial for his work on blockchain. His initial involvement in crypto began with Bitcoin mining, which led him to identify scalability issues in existing networks. In 2017, he authored a whitepaper introducing Proof of History, a key innovation that became the foundation for the high-throughput Solana blockchain. He co-founded Solana Labs in 2018 with former colleagues. His on-chain holdings are significant. A wallet rumored to be his holds over 136,725 staked SOL (worth over $11M). Analysis suggests other addresses linked to him could hold millions more SOL, potentially valued near $122 million. He also owns the toly.sol domain. Off-chain, Yakovenko holds an estimated 5-10% equity in Solana Labs, a private company valued between $5-8 billion, making his stake worth $250-800 million. He is also an active angel investor in over 40 crypto companies. His net worth is highly volatile and mirrors SOL's price. It likely peaked at over $2 billion during the 2021 bull run and fell sharply during the 2022 crypto winter. Despite a market crash in early 2026, his wealth remains substantial due to his diversified holdings in both company equity and tokens. His journey from a software engineer to a crypto billionaire underscores his significant impact on the industry.

marsbit02/19 09:03

From Grunt Engineer to Crypto Billionaire: A Deep Dive into Solana Founder Toly's Personal Fortune

marsbit02/19 09:03

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