# 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.

From Holding to Controlling: When Bitcoin Starts 'Buying Listed Companies'

From Holding to Controlling: When Bitcoin Starts "Buying Listed Companies" In a landmark event, Bitcoin has entered the capital structure of a publicly traded company as a form of capital contribution for the first time. On February 4, Nasdaq-listed insurance brokerage Tianruixiang Holdings announced that an undisclosed investor would contribute 15,000 Bitcoin in exchange for equity in the company. Valued at approximately $1.125 billion (based on Bitcoin's price of $75,000 at the time), this transaction marks a historic shift. This is not about buying a Bitcoin ETF, holding BTC, or issuing debt to purchase Bitcoin. It represents a direct exchange of Bitcoin for equity in a listed company. Over the past two years, a profound change has been underway: Bitcoin is systematically entering the balance sheets of public companies. Companies like MicroStrategy (now Strategy) have fundamentally altered traditional corporate logic. They no longer operate solely based on their core business but function as financial vehicles, continuously issuing stock and convertible bonds to raise capital for purchasing Bitcoin. This has given rise to a new type of entity: the **Bitcoin Treasury Company**. Other examples include Japan's Metaplanet, and U.S.-based firms like Twenty One Capital and Bitcoin Standard Treasury. A significant阵营 (camp) of publicly traded companies now holds substantial Bitcoin, including: * Strategy (formerly MicroStrategy): over 710,000 BTC * Major miners like MARA, Riot, and Hut 8 * Exchanges like Coinbase and Bullish * Bitcoin treasury companies * Tech and payment firms like Tesla and Block Their commonality is that they have integrated Bitcoin as a fundamental part of their capital structure. The Tianruixiang deal represents an evolution of this trend. Upon completion, the company would hold more Bitcoin than Coinbase, making it a top-tier Bitcoin treasury. Crucially, this isn't a case of "using fiat to buy Bitcoin," but rather resembles using Bitcoin to effectively "acquire a Nasdaq-listed shell company." This structure transforms the transaction from a simple investment into a form of **reverse merger by crypto assets into traditional capital markets**. Bitcoin is no longer merely held; it is being used to **restructure ownership itself**. A clear path is emerging: from MicroStrategy's massive holdings to miners, exchanges, and treasury companies, and now to direct equity-for-Bitcoin swaps, **Bitcoin is reconstructing the "public company network."** When this system becomes large enough, Bitcoin will evolve beyond a "crypto asset" into a financial infrastructure embedded within the global capital system. *Content is for informational purposes only and not investment advice. Markets are risky; investments should be made cautiously.*

marsbit02/06 10:57

Bankless Founder: By 2026, Tokens Will Finally Be Treated as 'Equity'

Bankless co-founder David Hoffman argues that most tokens are treated poorly compared to equity, leading to low market valuations. However, 2026 marks a shift with innovative token distribution models. MegaETH locks 53% of its MEGA tokens in a KPI-based program, where tokens unlock only if specific growth targets—like TVL, decentralization progress, and performance metrics—are met. This aligns dilution with actual ecosystem growth and distributes new tokens to long-term stakers, reducing sell pressure. Meanwhile, Cap protocol replaces traditional airdrops with a "stabledrop," distributing stablecoins (cUSD) instead of governance tokens to users. Those seeking CAP tokens must participate in a public sale, ensuring holders are committed investors. These models move away from indiscriminate token distribution toward targeted, conditional mechanisms that reward genuine participation and long-term alignment, potentially improving token value and holder quality.

marsbit02/03 05:01

Bankless Founder: By 2026, Tokens Will Finally Be Treated as 'Equity'

marsbit02/03 05:01

Hyperliquid’s market share surges to 33% – Can HYPE target $36 next?

Hyperliquid's market share surged from 18% in December to 33% by the end of January, driven by the introduction and success of its equity and commodity perpetuals (perps). Non-crypto assets, such as silver and gold, now account for 30% of the platform's trading volume, positioning it as a key cross-asset trading platform. This growth has positively impacted the native token HYPE, with increased trading volume generating higher fees, which fuel token buybacks and burns. Weekly revenue rose from $11 million to $15.5 million, and HYPE's price increased by 70%. Maintaining support above $28 could lead to a breakout toward $36, while a drop below may push it back to the $20-$28 range.

ambcrypto01/31 11:05

Hyperliquid’s market share surges to 33% – Can HYPE target $36 next?

ambcrypto01/31 11:05

Is Bitcoin’s top still ahead? Decoding impact of equity divergence

Bitcoin is experiencing bearish pressure and a short-term downtrend, with market sentiment suggesting a local top may be forming. However, its historical correlation with U.S. equity markets like the S&P 500 presents a potential upside opportunity. Since September 2025, Bitcoin has diverged from equities, declining roughly 30% while major indices gained. This underperformance may narrow if Bitcoin catches up through upward price movement. Key challenges include persistent capital outflows, with U.S. spot Bitcoin ETFs seeing $4.68 billion in net sales since November. Despite this, Bitcoin's price has held relatively stable, declining only about $2,900, supported by strong hashrate levels and miner accumulation. A significant risk is a $7 billion outflow from stablecoins, reflecting reduced risk appetite and posing a downside threat similar to the 2021 Terra-Luna collapse. Overall, Bitcoin could be poised for a rebound aligned with equities, but stablecoin outflows remain a critical near-term risk.

ambcrypto01/27 19:02

Is Bitcoin’s top still ahead? Decoding impact of equity divergence

ambcrypto01/27 19:02

"Trillion-Dollar" Liquidity Release: Pre-IPO Equity Tokenization and the Restructuring of PE/VC Exit Paradigms

The article explores the potential of tokenizing pre-IPO equity to unlock trillions in illiquid private market assets, addressing structural barriers like high entry thresholds and limited exit options. It identifies three dominant models: synthetic assets (e.g., Republic, Ventuals) offering derivative exposure without direct ownership; SPV-based models (e.g., Jarsy, PreStocks) using offshore vehicles to hold and tokenize shares, though facing legal challenges from companies like OpenAI; and native collaborative models (e.g., Securitize, Centrifuge) that leverage Transfer Agent licenses for compliant, direct equity tokenization, termed Tokenization-as-a-Service (TaaS). Despite a nascent market size of $1-2 billion (with free-floating tokens under $100 million), concentrated in AI unicorns like SpaceX and OpenAI, the industry must overcome key hurdles: regulatory and corporate legal pressures, shallow liquidity, and uncertain IPO integration. Future growth depends on shifting toward compliant TaaS infrastructure, expanding beyond top unicorns to long-tail private firms, and building specialized trading systems like compliant AMMs.

比推01/26 06:47

"Trillion-Dollar" Liquidity Release: Pre-IPO Equity Tokenization and the Restructuring of PE/VC Exit Paradigms

比推01/26 06:47

Strategy Is Becoming Bitcoin’s Central Bank Proxy, Says Michael Saylor

Michael Saylor, Executive Chairman of MicroStrategy, claims the company is evolving into a "central bank of Bitcoin." He argues that its shift toward perpetual preferred equity and "digital credit" instruments is designed to fund continuous Bitcoin accumulation while eliminating refinancing risk. Saylor stated the firm has raised approximately $44 billion, mostly as equity rather than debt, and used it to acquire about $48 billion worth of Bitcoin. He described this process as funneling traditional capital into the crypto economy, positioning the company as a conduit between traditional finance and the Bitcoin network. By offering yield-bearing instruments backed by Bitcoin, such as its dollar-pegged currency, MicroStrategy aims to provide a credit system powered by digital capital, effectively acting as a central bank for Bitcoin. At the time of reporting, BTC price was $89,250.

bitcoinist01/24 03:32

Strategy Is Becoming Bitcoin’s Central Bank Proxy, Says Michael Saylor

bitcoinist01/24 03:32

Strive overtakes Tesla with 12,800 Bitcoin, yet equity investors flee – Why?

In a significant development, Strive, Inc. has completed its all-stock acquisition of Semler Scientific, creating a major Bitcoin powerhouse. The combined entity now holds approximately 12,800 BTC, surpassing Tesla and Trump Media to become the 11th largest corporate Bitcoin holder globally. CEO Matt Cole emphasized that the deal strengthens the company's Bitcoin strategy and aims to boost Bitcoin yield to over 15% by early 2026. Despite this aggressive accumulation, both Strive (ASST) and Semler (SMLR) stocks experienced sharp sell-offs, falling 11.82% and nearly 10% respectively. This highlights a disconnect between corporate Bitcoin strategy and near-term equity investor sentiment. Meanwhile, Bitcoin's price reclaimed the $95,000 level. Strive's strategy involves a 12-month plan to monetize Semler's legacy healthcare operations. The proceeds will be used to retire debt, including a $100 million convertible note and a $20 million Bitcoin-backed loan. The company plans to use preferred equity instead of debt for future Bitcoin acquisitions to avoid forced selling during market downturns, signaling a deliberate shift toward a Bitcoin-focused corporate identity.

ambcrypto01/14 12:02

Strive overtakes Tesla with 12,800 Bitcoin, yet equity investors flee – Why?

ambcrypto01/14 12:02

6th Man Ventures Founder: Forget the 'Token vs. Equity' Debate, What Really Needs to Be Trusted?

Mike Dudas, founder of The Block and 6th Man Ventures, argues that the debate between tokens and equity misses the point: the real question is what deserves trust. He suggests there is no one-size-fits-all answer to whether a "dual token + equity" structure works. Instead, the core principle is trusting a team that is not only exceptional but also long-term oriented, committed to building a founder-led, enduring business like Binance. Dudas notes that for application-layer projects requiring sustained leadership, tokens often underperform compared to equity. Many DeFi 1.0 founders have left their projects, which are now maintained by DAOs in "maintenance mode," struggling with slow and ineffective decision-making. Pure equity isn’t always superior either—tokens enable functions like fee discounts, staking for airdrops, and access rights, which equity can’t easily replicate. He proposes a hybrid model: an equity entity operates on a "cost-plus" basis to serve a token-driven protocol, aiming not to maximize its own profits but to maximize the token’s and ecosystem’s value. This requires high trust in the team, as token holders lack strong legal rights. Ultimately, success depends on the team’s capability, credibility, execution, vision, and action. The best tokens will thrive by 2026 if teams communicate well, conduct buybacks, enable substantive governance, and direct value to the token through utility.

marsbit01/12 08:09

6th Man Ventures Founder: Forget the 'Token vs. Equity' Debate, What Really Needs to Be Trusted?

marsbit01/12 08:09

6th Man Ventures Founder: How to Find the Most Valuable Crypto Projects?

Founder of 6th Man Ventures discusses the viability of the "dual-token + equity" structure, emphasizing that there is no one-size-fits-all answer. The key is backing an exceptional, long-term-focused team committed to building a founder-led, enduring enterprise, similar to Binance’s Changpeng Zhao. He argues that for application-layer projects requiring sustained leadership, tokens often underperform equity. Many DeFi 1.0 founders have departed, leaving DAOs and part-time contributors in "maintenance mode," struggling with slow and ineffective decision-making. In contrast, equity isn’t always superior—tokens enable unique utilities like fee discounts, staking for airdrops, and access rights, which equity cannot easily replicate. "Ownership tokens" currently face limitations in product integration and legal recognition in the U.S. due to regulatory gaps. However, a hybrid model is proposed: an equity entity operates on a "cost-plus" basis to serve a token-driven protocol, aiming to maximize token and ecosystem value rather than corporate profits. This structure benefits token holders with a well-funded Labs entity for development and a core team heavily incentivized via token holdings. Success hinges on trust in the team’s execution and vision, as token holders lack strong legal protections. Ultimately, team quality, credibility, and execution determine value. Over time, consistent delivery and clear value accrual to tokens—through buybacks, governance, and utility—will allow the best tokens to thrive by 2026, even with equity/Labs entities.

marsbit01/08 08:59

6th Man Ventures Founder: How to Find the Most Valuable Crypto Projects?

marsbit01/08 08:59

15% Equity Threshold: Governance Revolution and Capital Reshuffle in Korean Exchanges

South Korea's Financial Services Commission (FSC) has proposed a major governance overhaul for major cryptocurrency exchanges as part of its "Virtual Asset Second Phase Legislation." The plan would classify large platforms like Upbit, Bithumb, Coinone, and Korbit as "core infrastructure" and impose a strict cap on major shareholders' stakes, limiting them to between 15% and 20%. This move targets two key issues: excessive power concentration in the hands of founders or major shareholders, and the disproportionate privatization of substantial trading fee revenues. The proposal aligns exchange governance with traditional financial standards, similar to rules for Alternative Trading Systems (ATS) under the Capital Markets Act. If implemented, the four leading exchanges would face significant ownership restructuring. For instance, Upbit’s major shareholder holds 25.5%, Bithumb Holdings owns 73%, Coinone’s chairman controls 54%, and NXC holds around 60.5% of Korbit. Each would need to divest substantial stakes. The initiative aims to institutionalize the crypto market, reduce systemic risk, and potentially open doors for traditional financial institutions to enter. However, critics argue it may stifle innovation, violate property rights, cause management instability, and drive businesses to more crypto-friendly jurisdictions like Singapore or Dubai. The proposal reflects a broader effort to balance financial stability with industry growth, marking a pivotal moment in South Korea’s crypto regulatory landscape.

marsbit12/31 09:51