The big opportunities in the cryptocurrency world are always tied to the emergence of new types of assets. Those with insight can clearly see that stocks on the blockchain will definitely become a major narrative, determined by the joint will of both the demand side and the supply side.

❂ Supply Side:

1. For large-cap U.S. stocks, whether or not they go on-chain is not a big concern for the giants at this stage, because the liquidity in the cryptocurrency space is negligible.

2. However, for those small-cap stocks that hardly anyone plays and for the IPOs in the venture capital world that can't get off the ground, and for acquisition targets that no one wants, going on-chain can provide an exit strategy for VCs.

Most of these companies are not worthless; they have fundamentals and cash flow. It's just that they eventually become businesses and no longer carry imaginative stories.

❂ Demand Side:

1. Not much to say about tax avoidance; those who have friends with large holdings in U.S. stocks should understand.

2. Gamblers are always looking for the new and exciting, needing assets with stronger fundamentals to leverage high risk against small gains.

To adapt to tokenized stock assets, the industry will surely give rise to a new set of major infrastructure. Besides established players transforming and upgrading to capture part of the market, a batch of new startup teams will also emerge, navigating between the traditional venture capital space and the cryptocurrency space.

As retail investors, we need to prepare in advance, understand the upstream and downstream of this industry chain, and lay out our alpha.