Recently, there has been a lot of talk about issuing stocks rather than coins, but I am genuinely curious: what does issuing stocks in the U.S. stock market have to do with us yellow-skinned people?

Aside from the Japanese Metaplanet, the only liquid stocks left are basically MSTR, CRCL, COIN, and the three mining stocks MARA, RIOT, and CLSK, each around 5 billion, all of which are as white as can be, with shareholders being blue-blooded companies from the U.S.

Why is it that the pile of yellow-skinned coins and stocks that started in Canaan just can’t seem to get a premium?

First, they have long been thrown into the category of Chinese concept stocks, which, as we all know, has been a major disadvantage over the past few years.

Second, capital operations are not about doing business; they are about building relationships. The company has long been sold to institutions, all of which are professional managers with Wall Street backgrounds. Who is going to honestly do business with you? Take MARA as a typical example: for years, it has been continuously acquiring at any cost to maintain its leading position and obtain market premiums, while simultaneously issuing ATM shares to sell to institutions (scalpers).

What yellow-skinned people are suited for is doing business, navigating compliance restraints, and building relationships in away games. Honestly, it might be better to just issue a coin instead.

The maintenance costs for shell companies in the U.S. and Hong Kong are not low (several million dollars per year), and under the premise that market capitalization limits are not broken, I see no point in these trading volumes being less than those of exchanges like MEXC and Gate for issuing stocks.