Public Company Transitioning to Coin Hoarding Business: Advantages of PoS Public Chain Tokens and Ecological Layout Strategies

The Binary Relationship Between Public Companies and Crypto Assets

Preface

The election of Trump as President of the United States in 2024 is an important event for the global Crypto Assets industry, with the friendly policy towards Crypto Assets becoming one of its core governance philosophies. This was followed by a series of positive policies such as Bitcoin national reserves, stablecoin legislation, and Circle's listing. The Crypto Assets industry is gradually moving towards compliance and embracing regulation.

At the same time, many listed companies have begun to follow Strategy to become BTC hoarders. There are tens of thousands of listed companies globally, many of which have seen their market value severely shrink and lack liquidity. By becoming hoarders, some shell companies can secure new financing to replenish liquidity. Even some companies unrelated to Crypto Assets have joined the ranks of hoarders, such as the American automotive modifier ECD, which became a Bitcoin hoarder by raising $500 million.

Recently, publicly listed companies have more options for holding coins, with various tokens from the Crypto Assets Top 100 being listed as alternatives. In fact, many project tokens are not suitable for long-term holding. Many tokens are relatively centralized, and the founding team's decision-making power is significant, making it difficult for coin holders to exert a greater role. This article will discuss in detail the relationship between coin holders and Crypto Assets, as well as thoughts on decentralization.

1. A Public Company’s Perspective on Crypto Assets

The primary purpose for listed companies to choose financing to purchase Crypto Assets is market value management. Currently, 34 listed companies hold BTC. The management of several companies is actively transforming into hoarders of Crypto Assets such as ETH, SOL, and HYPE by 2025, mimicking the path of Strategy. This strategy has indeed brought significant growth to the stock prices of listed companies.

Sharplink Company previously focused on sports betting and completed a $425 million private placement in May 2025, significantly purchasing ETH as its main reserve asset. The company's stock price rose from $2.97 to $124 within 10 days, an increase of over 40 times. Cypherpunk Holdings was renamed to SOL Strategies in September 2024, and within 3 months, its stock price rose from $0.08 to $4.24, an increase of over 50 times.

A large number of listed companies will see transforming into coin hoarding businesses as a good way to boost stock prices, with purchased Crypto Assets expanding from BTC to SOL, HYPE, BNB, and others. In fact, many companies buy coins as a trend-following behavior, with management lacking sufficient understanding of Crypto Assets and lacking long-term strategic planning. This chapter will select suitable Crypto Assets for purchase from the perspective of listed companies based on different needs.

Gate Research Institute: Analyzing the Binary Relationship Between Listed Companies and Crypto Assets

1.1 Covering financing costs PoS public chain tokens > PoW public chain tokens

The initial public perception of listed companies holding coins originated from Strategy's one-time purchase of over 20,000 BTC in 2020, with CEO Michael Saylor claiming to buy and never sell BTC. During the BTC bull market from 2020 to 2021, Strategy's visibility continuously increased, and buying Crypto Assets turned listed companies into classic examples of turning the tide in the capital market.

Bitcoin is a representative public chain of PoW (Proof of Work), continuously hashing collisions in mining pools using CPU, GPU, ASIC, and other chip computing power to complete block production and obtain BTC rewards. Before buying BTC, companies like Marathon, Riot, Cleanspark, and others in the Bitcoin mining industry mainly engage in mining to obtain BTC, and their balance sheets hold a portion of unsold Crypto Assets.

For listed companies, assets like BTC in PoW public chains are similar to gold; once purchased, they can only serve as reserves and are difficult to realize "money making money". PoS public chains give tokens more weight, and PoS public chain transactions require nodes to produce blocks. To become a node, a certain amount of governance tokens must be staked. Ethereum network nodes are required to stake a fixed amount of 32 ETH, while Solana network nodes have no staking amount limit. Governance token holders can share a portion of the transaction Gas fees as rewards (different public chains have different profit-sharing mechanisms).

For publicly traded companies that rely on debt financing, holding PoS public chain governance tokens and staking them can yield an annual return of 2%-7%. This portion of income can cover the company's debt financing costs. Even if the company's performance declines, companies holding PoS public chain tokens do not need to worry about interest repayment issues.

1.2 How do listed companies choose PoS public chain Crypto Assets

Compared to the "Buy and Hold" strategy for BTC, the selection and purchase of PoS blockchain governance tokens by listed companies is a more complex system engineering task. Some companies may prefer to purchase Crypto Assets with greater price volatility; some may prefer to buy Crypto Assets with a higher degree of decentralization; and there are companies that cannot build their own nodes and need to purchase Crypto Assets from mature liquidity staking platforms. The table below summarizes the characteristics of various tokens from multiple dimensions, providing comprehensive references for listed companies planning to purchase Crypto Assets.

Gate Research Institute: Analysis of the Binary Relationship between Listed Companies and Crypto Assets

The staking yield can be compared to the dividend yield of stocks. The demand for listed companies to become PoS token holders mainly falls into three categories: (1) obtaining high staking yields, covering financing costs and having positive cash flow. (2) obtaining high asset appreciation, driving stock price growth. (3) occupying a core position in the ecosystem, strategically laying out around the public chain ecosystem. The following will filter suitable targets based on the different objectives of listed companies.

1.2.1 Pursue high staking returns: SOL staking yield is high, and the public chain transaction volume is stable.

For publicly listed companies with high costs of issuing new stocks or bonds, high-staking yield Crypto Assets are very attractive. Public chains like Polkadot, Cosmos, and Celestia have an annualized return rate of over 10% in 7 days. However, these assets have weak price preservation ability due to high inflation rates, having fallen by 42%, 36%, and 71% respectively over the past year. Staking yields cannot cover the decline in coin prices, making them not the optimal choice for publicly listed companies.

In contrast, SOL has maintained a rising token price over the past 2 years while enjoying a high staking yield, with the maximum drawdown of the coin price being 52%, indicating strong stability. In the Solana staking yield model, node staking yield = ( blockchain rewards + MEV income + Tips income ) / total staking amount.

The formula's numerator part has the highest proportion of blockchain rewards, which is related to public chain transaction volume. Solana's public chain transaction volume has grown rapidly over the past five years, with a transaction volume of 2.97 billion in June. On the denominator side, the current SOL staking rate has exceeded 65%, and there will not be a large amount of SOL added to staking that would lead to a decrease in yield. Overall, the staking reward of 7% for Solana network nodes is relatively stable.

From the perspective of listed companies, the relatively difficult part of becoming a SOL coin holder through financing and obtaining positive cash flow through node staking is building your own node. The Solana network nodes require high-performance servers, with a minimum configuration of a 64-core processor, 256G of memory, and a 1T hard drive. In addition, high-speed network bandwidth support is also required. In terms of software, becoming a Solana node requires downloading Git, Rust, and Docker, and configuring the node requires certain coding knowledge.

It is evident that publicly listed companies face a high technical threshold when building their own Solana network nodes. If a company finds it complex to build its own nodes, it can choose liquidity staking platforms or RPC node services.

Jito is currently one of the main liquid staking platforms on the Solana network. The staking operation is simple; just connect your wallet and input the amount to earn an annualized return of 7.19% (as of July 3, 2025). However, using the staking platform reduces some of the returns, and the platform does not display the direct fee ratio. Professional staking platforms can obtain higher Tips and MEV floating returns through staking, while stakers receive a fixed annualized return.

For companies that hope to achieve excess returns through Tips and MEV, but want to lower the threshold for node setup and fixed capital investment, they can choose RPC node services from node providers like Helius. Users rent bare metal servers from the service providers to ensure minimum latency (<50ms) and high throughput, meeting the high performance requirements of Solana validators. In contrast to platforms like JITO where user returns are fixed and platform profits fluctuate, service providers like Helius charge users a fixed fee (different packages have different fees), and floating earnings from MEV and Tips completely belong to the users.

In summary, each of the three options has its pros and cons. Staking platforms are suitable for low-investment lightweight coin holders, RPC node outsourcing services are appropriate for medium-sized coin holders with certain investments, and self-built nodes are suited for capital-rich coin holders with technical capabilities. Additionally, there are risks associated with being a SOL coin holder, as the Solana network is relatively centralized and has experienced multiple mainnet outages in the past, which could impact token prices.

Gate Research Institute: Analyzing the Dual Relationship Between Listed Companies and Crypto Assets

1.2.2 Pursuing Value Growth: HYPE Trading Fee Buyback Mechanism, the coin price has achieved a 10x increase.

For publicly listed companies facing liquidity shortages, the primary short-term goal is to enhance stock market value, maintaining normal operations through methods such as stock reductions. As hoarders of coins, publicly listed companies commonly boost stock prices by purchasing high-growth or high-valuation assets. HYPE is the mainstream Crypto Asset for market value growth in the first half of 2025. If publicly listed companies become HYPE hoarders, their stock prices will be linked to HYPE token prices, potentially achieving rapid short-term growth in company market value.

Compared to public chains like SUI, TRON, and XRP, which have seen significant market cap growth in the past year, HYPE's advantage lies in refined token supply and demand management, ensuring the scarcity of HYPE tokens. Over the past six months, the Hyperliquid Assistance Fund has reinvested about 97% of Gas fee revenue into HYPE repurchases, accumulating a total repurchase value of $910 million HYPE. Currently, only 34% of the total supply is in circulation, with the team holding 23.8% of the tokens locked until 2027-2028, and nearly 39% of the tokens allocated for community rewards, which will be distributed gradually. As the project has not accepted venture capital funding, there is no external selling pressure, enhancing HYPE's long-term value potential.

The Hyperliquid operating nodes are more centralized than Solana, with only 21 nodes in the entire network, which helps maintain the efficient operation of the public chain to a certain extent. Therefore, even if a listed company purchases a large amount of HYPE, it is difficult to become one of the 21 core nodes. The official staking platform of the public chain, StakedHYPE, will become an option for coin hoarders to earn additional income through staking. This platform has attracted over 10 million HYPE staked. Compared to other public chains, the HYPE staking yield is relatively low, with Staking Rewards showing only 2.28%.

Gate Research Institute: Analyzing the Binary Relationship between Listed Companies and Crypto Assets

1.2.3 Pursuing ecological layout: ETH has a high degree of decentralization, and the difficulty of Layer2 development is low.

The redundancy phenomenon of public chains in the field of Crypto Assets is obvious. According to Coingecko statistics, there are currently over 200 public chains in the entire network. In fact, most developers choose to develop products on major public chains like Ethereum, Solana, and Sui, while the trading volume of many independent public chains has been declining year by year.

From the perspective of publicly listed companies, some companies are not satisfied with merely being coin hoarders; they hope to hoard coins and develop DeFi or GameFi projects on public chains to construct a second growth curve for their business. Ethereum Layer 2 modular blockchain has become the top choice for these companies due to its low development difficulty and high flexibility.

Rollups as a Service (RaaS) is a major trend in blockchain infrastructure from 2024 to 2025. RaaS platforms (such as Caldera, Conduit, Zeeve) provide one-stop solutions including SDKs, templates, testnet faucets, and block explorers, allowing companies to deploy Layer2 networks in just a few minutes, while traditional self-built Rollups may take 6-9 months. For example, Caldera claims that Rollup deployment can be completed in 30 minutes. This convenience greatly lowers the technical threshold, enabling public companies to focus on business innovation rather than infrastructure management.

In terms of Ethereum's DA layer, the data availability (DA) layers of Celestia and Near provide companies with efficient and low-cost solutions. Celestia separates data storage from execution through modular design and data availability sampling (DAS), significantly reducing transaction costs and enhancing scalability, making it suitable for DeFi applications; Near utilizes a sharding architecture to achieve parallel processing, enhancing performance in high throughput demand scenarios. Both seamlessly integrate with the RaaS platform to further simplify the development process, enabling listed companies to quickly deploy customized Layer2 networks, accelerating ecosystem layout and innovative application development.

In addition, Ethereum is a highly decentralized network, and its founder Vitalik has always adhered to the principle of decentralization, encouraging the independent development of Layer 2, with the Ethereum mainnet only responsible for the consensus layer. Many well-known companies outside the blockchain sector have joined the Ethereum Layer 2 development team globally.

Finally, listed companies, as ETH hoarders, possess a large amount of spot ETH holdings and have advantages in building applications such as staking, lending, and payments on Layer 2.

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LayerZeroEnjoyervip
· 11h ago
Coin Hoarding License Bull p
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GateUser-44a00d6cvip
· 11h ago
Coin Hoarding is the way to success.
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TokenomicsTherapistvip
· 11h ago
Here comes the dumb buyer again.
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LiquidationTherapistvip
· 11h ago
Coin Hoarding Party will never be enslaved
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DoomCanistervip
· 11h ago
Hoard hoard hoard, everyone wants to do Coin Hoarding.
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SneakyFlashloanvip
· 11h ago
Public companies have all joined the crypto world.
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DefiOldTrickstervip
· 12h ago
Tsk tsk, it's an on-chain living fossil... Back then, shorting Saylor really made me suffer.
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