PIPE Trading and Token Vault: Encryption Assets are Reshaping Public Companies

The concept of encryption vaults is undergoing a revolutionary transformation. From merely holding Bitcoin to now deeply engaging in multi-chain ecosystems, participating in native staking and Token dividends, this new paradigm is blurring the lines between traditional publicly listed companies and crypto-native protocols.

PIPE trading (Private Investment in Public Equity) is becoming the preferred route for crypto-native companies to enter the public market. It is often combined with reverse mergers, providing a fast track to listing for crypto projects, allowing them to quickly gain global attention and complete financing.

Recently, two iconic cases have attracted widespread attention. One is the reverse merger that renamed a certain company to Tron Inc, which plans to complete PIPE financing with a $100 million Token. This not only turns the Token into the company's core asset but also suggests the possibility of launching a Token-based dividend mechanism in the future.

Another case is the transformation of Eyenovia. This company, originally focused on eye drop technology, is transforming into Hyperion DeFi, aiming to become the first publicly listed company with HYPE as its main asset. The company will not only hold a large amount of HYPE tokens but will also operate a native staking validation node to actively participate in network construction.

In addition, Lion Group plans to allocate multi-chain token assets, totaling up to 600 million USD. This "multi-currency treasury" strategy is becoming a new paradigm for corporate asset allocation, contrasting sharply with the past practice of only holding Bitcoin.

This trend has become global. In places like France, Japan, and Hong Kong, many listed companies are establishing encryption vaults, no longer limited to Bitcoin. By comparing the net asset multiples of these companies, we can gain insight into the demand for encryption assets in different national markets.

PIPE trading and token treasury strategies represent a fundamental shift in the way publicly listed companies enter the encryption field. The encryption treasury is not only financial management but also a manifestation of market signals and ecological alliances. The rise of token-native publicly listed companies, PIPE trading becoming the standard path, and institutional bets on a multi-chain future all indicate a transformation in the operating paradigm of capital markets.

We are witnessing the emergence of a new batch of publicly listed companies that follow the operational rules of Web3 but perform in the traditional financial market. In the future, every mainstream encryption project may give rise to a corresponding "listed representative". This transformation has just begun and will continue to reshape the landscape of the financial market.