The cryptocurrency stock market is the largest theme in the market.

Cryptocurrency stocks can be roughly divided into two categories: cryptocurrency-themed stocks + stocks on the blockchain:

Cryptocurrency-themed stocks:

Okex Cloud Chain, New Goods, Hood, Coinbase, Circle, Mara, Mstr and other smaller players.

There’s also Trump’s DJT, which not only raised 2 billion to buy Bitcoin but also directly applied for a BTC/ETH mixed ETF.

Recently, many small-cap stocks are planning to hype cryptocurrency themes, tapping into stablecoins, RWA, and other themes.

There are also special cases, such as brokerages that support U deposits, like Victory Securities and Guotai Junan.

Additionally, brokerages like Hood that provide cryptocurrency trading services have been very active lately.

For those that can’t tap into these themes, with no relevance or business capability, they can still directly buy ETH or BTC.

For example, the brightest player recently, the courageous little brother Bmnr, raised funds to buy ETH; it surged nearly 30 times, even more fiercely than meme coins.

Stocks on the blockchain:

Stocks on the blockchain essentially break through regulation, avoiding KYC and being tax-exempt.

Currently, platforms like GMGN and Debot are working on this. However, a 1% transaction fee for trading stocks is indeed very high.

Robinhood’s solution is to create its own blockchain for stock trading. Robinhood itself is also a brokerage, which gives it an advantage.

The biggest change for Robinhood is the on-chain non-tradable stocks, allowing retail investors the opportunity to participate in private placements of companies like OpenAI.

Gate has started offering contracts for U.S. stocks, providing extremely high volatility.

The core of stocks on the blockchain is the publicization of private placements + the stocks themselves + the platform providing trading services.

In a longer-term perspective, stock trading without KYC and tax exemptions is coming to the cryptocurrency world.

Whether through layered contracts or the publicization of private placements, this asset class may evolve into something more attractive than native stocks.

This will give rise to a large number of stock derivatives.

Another side effect is that all cryptocurrency assets, including BTC, ETH, altcoins, and meme coins, will be siphoned off.

Some analysts believe that altcoins will be siphoned off while BTC will not.

Will BTC be siphoned off by Nvidia?

From a logically consistent perspective, it negatively affects all cryptocurrency assets, without exception.