Recently, people often say that issuing tokens is not as good as issuing stocks, but I am genuinely curious about the relationship between token stocks and us yellow-skinned individuals.

Aside from a Japanese stock Metaplanet, the only liquid token stocks left are the American stocks MSTR, CRCL, COIN, and the three mining stocks MARA, RIOT, and CLSK, all of which are as white as can be, with shareholders being blue-blooded companies from the US.

Why is it that the bunch of yellow-skinned token stocks originating from Canaan just can't get a premium?

First, they have long been categorized as Chinese concept stocks, which, as we all know, has been a big negative in recent years.

Second, capital operations are not about doing business; it's about building relationships. The company has already been sold to institutions, all of which are professional managers with Wall Street backgrounds. Who is going to honestly do business with you? You see, MARA is a typical example; for years it has been continuously engaging in cost-ineffective acquisitions to maintain its position as a leader to obtain market premiums, while simultaneously issuing ATM shares to sell to institutions (i.e., the chives).

What suits yellow-skinned individuals is to do business, to engage in relationships in places where compliance constraints exist, and where they are in a guest position. Honestly, it may be better to just issue a token.