The development of enterprises in the Crypto Assets field shows a trend of diversification, with an increasing integration with the TradFi market. In this broader context, we can observe three main business models:

First, there are publicly listed companies that focus on holding digital assets. MicroStrategy is a typical representative, as the company continuously raises funds to purchase Bitcoin, becoming an institutional-level "hoarder of coins". Some followers choose to acquire or directly hold other Crypto Assets like Ethereum and Solana through shell companies to expand their digital asset portfolios.

Secondly, companies focusing on encryption business are also moving towards the public market. Coinbase and Circle have successfully gone public, while exchanges like Kraken and OKX are also preparing for their listing plans, reflecting that the crypto industry is gradually gaining recognition in mainstream capital markets.

The third category includes traditional listed companies that are venturing into the encryption field but do not directly hold Crypto Assets. For example, Robinhood has launched on-chain trading services for over 200 stocks and plans to introduce its own blockchain; fintech companies such as Futu Securities and PayPal, as well as commercial banks preparing to issue stablecoins, all fall into this category. The payment giant Stripe, which is set to go public in the near future, is also seeking opportunities in this wave.

Although these three types of companies differ in underlying assets, financing methods, and valuation logic, their commonality lies in promoting the integration of Crypto Assets with the TradFi system. This integration is reflected not only at the corporate level but also in the flow of funds.

It is worth noting that since the beginning of this year, the Ethereum mainnet has attracted approximately $10.3 billion in net inflows, demonstrating strong capital-raising capability. In contrast, some layer two networks such as Base, Arbitrum, and Optimism have shown a trend of net outflows, while the funding flow within the Solana ecosystem has remained largely balanced. This phenomenon reflects a change in the allocation of investor funds among different blockchain platforms, which may indicate varying expectations for the future development prospects of various public chains in the market.

As the Crypto Assets market continues to mature, we expect to see more innovative business models emerge, further promoting the deep integration of the encryption economy with TradFi. This trend not only brings new opportunities for investors but also points the way for the future development of the entire financial system.