Two-way journey between crypto market and traditional capital market

# Tokenization of Real-World Assets (RWAs), Serving as a Settlement Medium, Further Bridges the Value Link Between the Crypto Market and Traditional Finance  

By: Liu Honglin  

The global crypto market is undergoing a transformative shift from "unbridled growth" to "compliance and mainstream adoption." The limitations of the traditional "decentralized foundation" model in real-world business can no longer be ignored or concealed. Against this backdrop, the "mutual engagement" between listed companies and the crypto ecosystem has become the key to breaking through current bottlenecks. Meanwhile, the tokenization of Real-World Assets (RWAs), acting as a settlement medium, further bridges the value link between the crypto market and traditional finance.  

## The Shift Toward Compliance in the Crypto Industry  

Early crypto projects were defined by "decentralized collaboration," with most relying on the "foundation model." However, as the industry has expanded, contradictions in this model have become increasingly apparent: there is an inherent conflict between the non-profit nature of foundations and the profit demands of entrepreneurial teams; the decision-making efficiency of decentralized autonomous organizations (DAOs) cannot keep up with the fast pace of the commercial market; and the global tightening of regulation has made "compliance" an unavoidable issue.  

Against this backdrop, the linkage between listed companies and crypto assets ("crypto-stock synergy") has emerged as a new direction for exploration. On one hand, traditional listed companies are eager to find new growth drivers through crypto asset allocation; on the other hand, crypto projects hope to achieve large-scale development by leveraging the compliant status and capital channels of listed companies. The integration of the two is not a random business experiment, but an inevitable outcome of the industry’s evolution from "unbridled growth" to "compliance and mainstream adoption."  

This trend of "mutual engagement" has been implemented in multiple regions, forming replicable practical paths.  

## Mutual Engagement: Practical Integration of Traditional Capital and the Crypto Ecosystem  

### (I) Traditional Listed Companies: Proactively Embracing Crypto Assets to Unlock New Growth Opportunities  

Globally, "listed companies allocating crypto currencies" has evolved from isolated cases to a large-scale paradigm. Data from July 2025 shows that at least 116 listed companies worldwide publicly disclosed holdings of cryptocurrencies such as Bitcoin; just one month later, this number rose to 142, with nearly 100 new additions in half a year. The core logic behind this trend is: over the past decade, the investment returns of crypto assets like Bitcoin have outperformed 99.99% of traditional assets, making them a key option for hedging inflation and optimizing asset allocation.  

#### 1. Strategy: A Positive Cycle Driven by "Bitcoin Belief"  

The U.S. listed company Strategy is a benchmark for this trend. Its founder is known as a "staunch Bitcoin supporter," and the company currently holds approximately 620,000 to 630,000 Bitcoins, making it the listed company with the largest Bitcoin holdings globally. The core of its business model is a positive cycle of "low-cost financing → increasing Bitcoin holdings → asset appreciation → refinancing":  

- Securing low-cost capital through instruments such as low-interest bonds and transferable equity;  

- Purchasing large amounts of Bitcoin to drive up market demand and prices;  

- After Bitcoin appreciates, obtaining more funds through stock issuances and pledged financing to further increase holdings.  

While the market has expressed concerns about "bubble risks" in this model, financial data shows that the low-interest financing instruments issued by Strategy have long maturities and low costs, sufficient to support the company’s stable operations for decades. The safety of its business model is sustainable at the current stage.  

#### 2. Boyaa Interactive: A Web3 Transformation Model for Hong Kong Listed Companies  

Unlike Strategy, the transformation of Hong Kong-listed Boyaa Interactive (a company originally focused on overseas gaming) has stronger characteristics of "traditional business + Web3 integration." In 2023, Boyaa Interactive announced a strategic transformation to Web3, aiming to become a "leading Web3 project company":  

- For capital sources: Instead of relying solely on external financing, it used cash flow from its gaming business to allocate Bitcoin; in 2025, it also issued HK$500 million in additional shares to further expand its crypto asset reserves;  

- For business layout: Beyond Bitcoin reserves, it invested in the industry data platform RootData, participated in crypto funds, and integrated Web3 technology and GameFi mechanisms into its core gaming business.  

The transformation has yielded remarkable results: Before 2023, Boyaa Interactive had a market value of only about HK$400 million and sluggish stock trading volume; after the transformation, its trading volume increased by 50-100 times, and its market value rose by approximately 13 times. Compared with companies that bought crypto assets in earlier years but later sold them, Boyaa Interactive’s case proves that "in-depth integration of traditional business and Web3" delivers greater long-term value than simply allocating crypto assets.  

In addition to enterprises, traditional financial institutions are also accelerating their entry into the crypto space. Nasdaq has filed an application with the U.S. SEC to allow "tokenized stocks" to be traded on its exchange, while also investing in crypto currency exchanges. This marks a shift in traditional capital markets’ recognition of the crypto sector from "passive acceptance" to "proactive deployment."  

### (II) The Crypto Ecosystem: Leveraging Capital Markets to Achieve Compliance Breakthroughs  

Over the past quarter, another major trend has become clear: Crypto projects are breaking free from the limitations of the "foundation model" and achieving compliant, large-scale development through traditional capital channels such as "reverse mergers" (shell listings). The core logic is: Acquire a listed company with a small market value and weakened core business, inject crypto assets (tokens, technical IP, etc.) as capital contributions to make them the core assets of the listed company; at the same time, spin off non-core original businesses. Ultimately, a dual attribute of "crypto project + listed company status" is formed, which not only solves compliance issues but also improves asset liquidity.  

#### 1. Tron: A "Crypto Benchmark" for Reverse Mergers  

Tron is an early representative of this model. After acquiring a listed company through overseas funds or investors, it injected crypto assets—this not only drove a sharp rise in the listed company’s stock price but also enabled tokens that were previously in a "gray area" to obtain "endorsement from listed company assets," creating substantial positive momentum. There was even an industry joke: "Before February 2023, crypto traders were seen as ‘peripheral players’; after Bitcoin ETFs were approved, everyone suddenly became ‘distinguished Nasdaq traders.’" This "identity shift" is precisely the goal that crypto projects aspire to achieve through capital markets—moving from "niche" to "mainstream," and from "high-risk" to "compliant."  

#### 2. Project Sui: A New Attempt at Linking Private Placement and Listing  

Sui is a Web3 project founded by core members of Meta’s (formerly Facebook) original Libra team, focusing on the gaming and payment sectors. Recently, the team raised $450 million through a private placement, repurchased a large number of its own tokens at a price of approximately $0.35 per token, and promoted a listed company to increase its holdings of the token. Over the past two weeks, this listed company has not only renamed itself to highlight its Web3 attributes but also continued to increase capital and expand shareholdings to purchase more tokens, replicating the path of "asset injection + market value growth." This combined model of "private placement funds + increased holdings by listed companies" reduces the risk of a single entity and provides more flexible capitalization options for crypto projects.  

#### 3. Conflux: A Hong Kong Compliance Exploration by a Domestic Project  

Conflux (Tree-Graph Blockchain) is a representative domestic Web3 project, supported by the "Shanghai Conflux Blockchain Research Institute." Its core team consists of members from Tsinghua University’s Yao Class and has received support from local governments. Recently, Conflux plans to launch an exclusive cooperation with a Hong Kong-listed company: Inject its own tokens into the listed company to make it Conflux’s operating entity in Hong Kong; at the same time, core shareholders have committed to "not reducing token holdings for one year" to enhance investor confidence. This attempt provides a new idea for domestic Web3 projects—within a compliant framework, connecting with global capital market resources through cooperation with traditional listed companies.  

## RWAs: The Third Path Connecting the Real and Virtual Worlds  

In addition to "crypto-stock synergy," the tokenization of Real-World Assets (RWAs) is another key direction for connecting traditional business and Web3. However, there is a clear divide in the industry’s understanding of RWAs. In fact, current RWAs can be divided into three categories, with significant differences in application scenarios and compliance logic that require differentiated analysis.  

### Tokenization of Traditional Financial Products: The Most Substantive Path to Financial Inclusion  

The core is to "package" traditional financial assets such as stocks, funds, and bonds into tokens using blockchain technology, enabling 24/7 trading on-chain or on compliant exchanges. For example, tokenizing stocks of Tesla and Apple, or unlisted equity of OpenAI, allows users restricted by capital controls or inconvenient account opening to hold high-quality global assets through on-chain operations.  

The advantage of this model is that it expands the audience and sales channels of traditional financial products without changing the nature of the assets, resulting in relatively low compliance costs. Currently, compliant exchanges in Hong Kong have begun experimenting with tokenizing money market funds to attract on-chain users and institutions, verifying its commercial feasibility.  

### New Energy RWAs (Hong Kong Model): A Capital Approach Tilted Toward Exploration or PR Attributes  

This model uses stable-yield assets at home and abroad (such as charging piles and photovoltaic power plants) as the underlying assets, packages their income rights into wealth management products (bonds or funds), and issues them to qualified investors overseas. Due to interest rate differences between domestic and foreign markets, listed companies such as Ant Group, Longshine Technology, and Sincere New Energy have become major participants over the past year.  

However, its value must be viewed objectively: This model is more suitable for enterprises "with marketing budgets and in need of capital market topics." For non-listed companies, if they want to solve financing problems through this method, they may face high compliance costs and complex procedures, resulting in low cost-effectiveness. It is more of a PR activity to "enhance brand attention through the RWA concept."  

### Non-Financial RWAs: A "Lightweight Entry" Option for SMEs  

This type of RWA leans toward "product pre-sales" or "tokenization of membership benefits," with the core goal of securing funds from the "customer/consumer" side rather than relying on shareholders or institutional investment. For example, converting product pre-sale rights or membership points into tokens can not only increase brand exposure and activate potential users but also inject cash flow into business development.  

This model is particularly promising for two reasons: On one hand, it does not cross financial red lines and has low compliance risks; on the other hand, it directly connects "business needs" and "user value" without complex capital operations, making it the safest and most practical path for small and medium-sized enterprises (SMEs) to enter Web3.  

## Future Trend: Dual-Drive of Corporate Equity and Tokens  

With the development of "mutual engagement" and RWAs, the organizational structure and value distribution methods of companies will undergo profound changes in the future—the "dual-drive of equity and tokens" will become the mainstream choice. However, this is completely different from the traditional perception of "financing through token issuance and getting rich through speculation."  

- **Traditional Equity**: Addresses issues of "financing" and "long-term interest sharing," targeting shareholders and investors. Its core function is to inject capital into the company’s development and allow investors to share in long-term value growth, serving as the "capital cornerstone" of the enterprise.  

- **Tokens**: Addresses issues of "ecosystem collaboration" and "user value sharing," targeting consumers and partners in the industrial chain. Forms may include digital collectibles and tokenized points (e.g., AMT), with a core positioning as a "tool for benefits, airdrops, and value sharing" rather than a financing vehicle.  

The case of Hong Kong’s HashKey Group is highly representative: The ecosystem points (HSK) it issued do not have financing attributes and are only used for marketing collaboration with partners and employee incentives; more importantly, the group sets aside 20% of its annual profits to repurchase HSK, allowing point holders (users, employees, partners) to indirectly benefit from ecosystem appreciation—similar to the effect of a "virtual shareholder" or "equity incentive pool."  

In short, equity solves the question of "where the money comes from," while tokens solve the question of "who gets the value." The two complement each other and jointly form the value system of future companies, retaining the stability of traditional capital while embracing the flexibility of the Web3 ecosystem.  

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