#加密概念美股

The current wave of encrypted IPOs is the result of a mix of real demand and short-term speculation:

Long-term value anchors: The compliance process, the dollar digitalization strategy, and the entry of institutional funds constitute fundamental support;

Short-term risk warnings: Valuation bubbles, interest rate sensitivity, and policy uncertainty require high vigilance.

Investors need to focus on two types of companies:

'Cash Cow' type: Exchanges/custodians with clear profit models and stable cash flows (e.g., Coinbase);

'Policy Arbitrage' type: Compliant stablecoin issuers (e.g., Circle) and RWA service providers that deeply benefit from legislative dividends.

As ARK Invest's reduction suggests, timing and risk control will become key in the next phase — as the industry shifts from 'barbaric growth' to 'infrastructure empowerment', only companies that possess both compliance genes and business resilience can traverse the cycle.