In the United States, listed companies are showing a clear trend of organizing cryptocurrencies as their core assets, while traditional assets like gold are losing ground, bound by regulatory barriers. Major digital assets such as Bitcoin (BTC), Ethereum (ETH), XRP, and TON are emerging as the core of corporate financial strategies, with asset-centered listed companies reshaping Wall Street's view.
A representative case is the radical transformation of Strategy (formerly MicroStrategy), a traditional software company that has essentially become a Bitcoin-holding company. The company has transformed into a structure that prioritizes cryptocurrency holdings over operating revenue, opening up a new capital acquisition model. Subsequently, other listed companies have been showing similar moves. For example, Sharpling Gaming became the first US stock exchange-listed company to incorporate Ethereum as an asset, and recently, BitMine purchased approximately 833,000 ETH worth about 115.73 million won over 35 days, surpassing Sharpling.
In contrast, gold is being excluded from this model. The reason is the 'Investment Company Act' enacted in 1940. According to this law, if a company holds traditional assets like gold without separate business operations, it must be regulated like a fund, which most companies avoid. Even with gold ETFs now active, no one wants to create a pure gold holding corporation due to these regulatory risks and lack of narrative appeal.
Real estate is no exception. Due to strict constraints such as distribution requirements and profit tests for REITs, the simple structure of 'holding → revenue' remains limited.
However, cryptocurrencies are different. With regulatory ambiguity, attractive speculation, interest income through staking, and potential airdrops, they possess comprehensive advantages that traditional assets cannot provide. Moreover, coins like Ethereum or TON function as channels for companies to directly participate in ecosystem activities or share narratives with communities.
According to GAAP accounting standards, cryptocurrencies are classified as 'intangible assets', and companies can hold them as strategic reserves even without a single revenue source. This effectively functions like an ETF without regulation, and corporate value converges to be determined by the fluctuations of cryptocurrency assets rather than business performance. From an investor's perspective, it's a structure similar to meme stocks, but with the distinctive feature of being backed by actual cryptocurrency holdings.
This trend is likely to spread further under the current Trump administration. In a cryptocurrency-friendly atmosphere, the possibility of regulatory tightening seems low, and token-based corporate models are structurally expanding at the boundaries of institutions and narratives.
In an era where gold and real estate struggle to become the protagonists of corporate finance, cryptocurrencies are becoming a 'complete package' encompassing assets, narratives, and revenues. As long as regulatory margins allow, new digital asset corporations will continue to penetrate the market.
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