Encryption Vault: A New Paradigm from Bitcoin Holdings to Multi-Chain Layouts

Recently, the encryption market is undergoing a revolutionary transformation. The traditional concept of crypto vaults is no longer limited to simple Bitcoin holdings, but has evolved into a new model that encompasses multi-chain layout, native staking, and token dividends. This trend marks the beginning of Wall Street companies starting to borrow and mimic the operational methods of on-chain protocols, gradually blurring the lines between "public companies" and "crypto-native protocols."

PIPE Trading: The Fast Track to IPO for Crypto Companies

PIPE (Private Investment in Public Equity) trading is becoming the preferred way for encryption-native companies to enter the public market. This method allows private investors to inject capital into listed companies at a discounted price, with advantages of speed and simplicity. Typically, PIPE transactions are combined with reverse mergers, providing a "backdoor listing" shortcut for encryption projects, enabling them to quickly gain listing status and financing.

Benchmark Case: Tron and Hyperion DeFi

Tron Capital Operations

The founder of Tron recently renamed the company to Tron Inc through a reverse merger with a Nasdaq-listed company and plans to complete PIPE financing with 100 million USD worth of TRX tokens. This move not only makes TRX the core asset of the company but also implies the potential launch of a dividend mechanism based on TRX in the future. The founder is known for his unique business strategies, often following market trends and replicating and commercializing the hottest models.

Eyenovia transforms into Hyperion DeFi

Another noteworthy case is the transformation of Eyenovia. This company, which originally focused on eye drop technology, is transforming into Hyperion DeFi, aiming to become the first publicly listed company with HYPE coin as its main asset. The company plans to hold a substantial amount of HYPE coin, operate a native staking validation node, and actively participate in network development. Additionally, the company may also gain further token subscription rights through a second round of PIPE transactions, with a potential total holdings value exceeding $150 million.

Global Trends: Diversified Encryption Vault Strategies

The trend of publicly traded companies establishing encryption vaults has become global and is no longer limited to Bitcoin:

• A certain blockchain group in France holds approximately 1600 BTC, making it one of the best-performing stocks in France.
• A certain company in Japan holds 10,000 Bitcoins, known as "Japan's version of MicroStrategy".
• A certain company in Hong Kong has included Solana in its treasury, resulting in a significant increase in stock price.

These cases reflect the varying levels of demand for encryption assets in different national markets. For example, the Japanese market seems to have a stronger demand for such investment targets than France.

Why is this trend so important?

This trend marks a fundamental shift in the way publicly listed companies enter the encryption space:

1. The encryption vault becomes a market signal: When listed companies hold specific tokens, it is not only financial management but also a market statement and ecological alliance.

2. The rise of native token listed companies: treasury assets have expanded from Bitcoin to various tokens, forming a diversified strategy tied to specific ecosystems.

3. PIPE trading has become the standard path: entering the encryption world through "backdoor listings" has become a common practice, with advantages of speed and flexibility.

4. Institutions bet on a multi-chain future: Institutions are no longer only betting on Bitcoin, but are choosing a diversified layout closely integrated with various ecosystems.

These changes signal the birth of a new batch of listed companies that operate under the rules of Web3 while performing in traditional capital markets. This is not only a shift in corporate strategy but also a significant transformation of the operating paradigm of capital markets. In the future, it is possible that every mainstream encryption project will have a corresponding "listed representative." This trend is just the beginning and is expected to continue to deepen and expand in the future.