Gold is hard to replicate! BTC, ETH, XRP, and TON have become the strategic core assets of the new generation of listed companies.

In the history of the United States, there has never been a publicly listed company whose core purpose is solely to hold gold. However, now it has become a reality for companies to be established and listed around crypto assets (such as TON, BTC, ETH, XRP). This new trend not only disrupts the operational logic of the traditional capital market but also redefines corporate value through "asset packaging" and speculative narratives.

I. The Rise of Cryptocurrency Asset Holding Companies: From Strategy to BitMine

Strategy (formerly MicroStrategy) has transformed into a Bitcoin holding company, setting a precedent for incorporating digital assets into the balance sheet and using this as a core value proposition. Sharplink Gaming has also included Ethereum in its asset allocation, while BitMine has quickly surpassed Sharplink to become the world's third largest ETH holder. There are even publicly listed companies in overseas markets focused on TON, directly using token reserves as their core business rather than products or services.

The strategies adopted by these companies are clear: raise funds, convert all or most of them into Crypto Assets, and then allow investors to indirectly participate in the fluctuations of the crypto market in the form of publicly traded stocks. This model is fundamentally different from traditional revenue-driven companies, and its appeal comes from a high sensitivity to the crypto bull and bear cycles, as well as the resonance of retail speculative sentiment.

2. Why can't gold and real estate replicate this model?

Although gold ETFs have existed for many years, if a listed company only holds gold, according to the Investment Company Act of 1940, it would be classified as an "investment company" and subject to stricter fund regulations. The existence of gold ETFs like GLD has led to a lack of differentiated competitive advantage for independent gold holding companies. Furthermore, gold itself lacks yield and brand narrative capability, making it difficult to become a target sought after by investors.

Real estate has the standardized framework of REITs (Real Estate Investment Trusts), but it is also subject to strict regulations such as distribution and income tests, focusing on stable returns rather than speculation and brand narratives.

In contrast, Crypto Assets have a flexible structure that can provide staking rewards and airdrop bonuses, while also possessing meme effects and narrative-driven power, which are difficult for traditional assets to match.

3. How do Crypto Assets break the traditional financial asset model?

The "legal arbitrage" space for crypto assets stems from regulatory ambiguity, technological innovation, and high volatility. American companies can classify crypto assets as "intangible assets" according to GAAP, without having to undergo strict SEC scrutiny like funds do. This allows publicly listed companies to legitimately incorporate BTC, ETH, XRP, and TON as the core of their capital operations, and enhance asset returns through methods such as staking, airdrops, and ecological partnerships.

For example, holding ETH not only allows you to enjoy the price increase, but also to participate in staking for returns, and even receive ecosystem airdrops. TON enables companies to directly participate in community building and Layer-1 ecosystem growth, combining both financial and narrative advantages.

These companies have actually become substitutes for "crypto ETFs" without the corresponding regulatory burden. For retail investors, they are like "meme stocks," but are backed by real crypto assets.

4. Regulatory Gray Areas and Future Risks

Currently, these companies remain in a regulatory gray area. If the SEC or other regulatory agencies classify them as investment funds, they may face pressure to transform or divest their assets. However, in the context of the Trump administration leaning towards deregulation, this risk is not significant in the short term, which instead attracts more companies to enter the market.

As long as regulatory ambiguity exists, the compatibility of crypto assets with the public market will continue to drive this structural arbitrage opportunity. Unlike traditional assets such as gold and real estate, BTC, ETH, XRP, and TON can not only serve as a vehicle for wealth but also become multi-functional assets driven by narratives and compounded returns.

Conclusion

Gold was once unable to become a core asset of publicly listed companies due to legal and regulatory restrictions, but the era of Crypto Assets is rewriting this landscape. Digital assets like BTC, ETH, XRP, and TON allow companies to break through the traditional capital operation framework and directly become asset packagers and narrative pushers. This trend is not only reshaping Wall Street, but also bringing new participation pathways for investors—within the regulatory gray area, the financial engineering story of digital assets is just beginning.