New Trend of PIPE Trading and Public Companies' Encryption Asset Allocation

The encryption vault is undergoing a revolution, gradually evolving from simply holding Bitcoin to a new model of multi-chain layout, native staking, and token dividends. This transformation is reshaping the boundaries between "listed companies" and "encryption native protocols."

PIPE trading, or "Private Investment in Public Equity", is becoming the preferred method for crypto-native companies to rapidly go public or expand their market influence. It is often combined with "reverse mergers", providing a shortcut for crypto projects to list quickly, bypassing the cumbersome processes of traditional IPOs.

Recently, the founder of a well-known encryption project plans to complete PIPE financing of $100 million through a reverse merger with a Nasdaq-listed company. This not only turns the token into a core asset of the company but also suggests the possibility of launching a token-based dividend mechanism in the future. This move has attracted widespread attention from the market and highlights the trend of integration between the encryption industry and traditional finance.

Another noteworthy case is Eyenovia's transformation into Hyperion DeFi. This company, originally focused on eye drop technology, is transitioning into a publicly listed company with HYPE tokens as its main asset through its merger with Hyperliquid. The company will not only hold a large amount of HYPE tokens but will also operate native staking validation nodes, actively participating in network construction.

In addition, Lion Group plans to allocate up to $600 million in multi-chain token assets, further confirming that the "multi-currency treasury" strategy is becoming a new paradigm for corporate asset allocation. This stands in stark contrast to the previous practice of only holding Bitcoin, demonstrating that companies are seeking more diversified paths for asset growth.

This trend has spread globally. Similar cases of encryption asset allocation have emerged in places like France, Japan, and Hong Kong. By comparing the asset net worth multiples of these companies, we can gain insights into the demand for encryption assets in different national markets.

The PIPE trading and token vault strategy represent a fundamental shift in the way listed companies enter the encryption field. We are witnessing several key trends:

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

2. The rise of token-native listed companies: treasury assets expand from Bitcoin to multiple tokens, forming a multi-token strategy bound to specific ecosystems.

3. PIPE transactions are becoming the standard pathway: Entering the encryption world through "backdoor listings" is becoming standard practice, with advantages of speed and flexibility.

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

This transformation is not only an adjustment of corporate strategy but also a change in the operational paradigm of the capital market. In the future, it is likely that every mainstream encryption project will have a corresponding "listing representative," indicating that the deep integration of the encryption industry and traditional financial markets is accelerating.