According to BlockBeats, U.S. listed companies are enhancing their market value by purchasing cryptocurrencies, with digital assets becoming a new market value engine. However, whether this valuation game can continue to attract market attention remains doubtful.
Companies are changing the market's logic for their valuations by holding crypto assets, where market value not only comes from value creation but also relies on expectations of rising coin prices. However, this strategy places liquidity above business operations.
In the short term, entering the crypto market can indeed stimulate stock prices, as seen with Cango's stock soaring by 280% after entering Bitcoin mining. However, in the long run, without continuous coin purchases or favorable news, such gains are difficult to maintain.
Some company executives have begun to reduce their stock holdings, such as insiders at Strategy who have sold a total of $40 million in stock since June 2023. Upexi and Circle are also facing similar pressures, as investors are selling off their shares.
When buying coins becomes a tool for market capitalization, it cannot serve as a universal key for all enterprises. The market's acceptance of financial allocations may just be a rotation of speculative chips in the short term.
