Yi He Claims Binance Launches Crypto Industry Trading Entry
Yi He, co-founder of Binance, stated that crypto investment is no longer limited to direct token purchases. Mining companies, exchanges, payment firms, custodians, and publicly listed companies incorporating crypto assets into their treasury are now included in Binance's tradable crypto industry investment scope.
She summarized the changes as an expansion of investment targets: in the past, the market mainly expressed views through BTC, ETH, platform tokens, and various protocol tokens; now investors can also trade different business models and cash flow segments within the crypto industry through stocks, tokenized stocks, ETFs, perpetual contracts, or related derivatives.
The earnings of mining companies primarily depend on Bitcoin prices, total network hash rate, block subsidies, transaction fees, electricity costs, mining machine efficiency, and financing capabilities. Exchanges and brokerage platforms are more driven by trading volume, fee rates, customer assets, compliance licenses, and market volatility; they are related to BTC prices but do not have a one-to-one earnings relationship with BTC.
Payment and custody companies provide services for the use of crypto assets, settlement, fiat currency inflows and outflows, custody, and institutional-level risk control capabilities. Their value comes from user asset scale, trading turnover, service fees, compliance licenses, and customer stickiness, allowing investors to gain exposure to the growth of crypto infrastructure and adoption without directly holding private keys or on-chain tokens.
Publicly listed companies using BTC as a reserve asset form another type of target: these companies purchase Bitcoin through cash, debt, convertible bonds, preferred shares, or stock issuance, causing their stock prices to reflect the net value of BTC per share, financing leverage, management capital allocation, debt maturity structure, and market premiums or discounts. They are not simple substitutes for BTC spot but are leveraged assets carrying corporate financing and governance risks.
In market mechanisms, buyers include retail investors, funds, and institutional investors looking to allocate crypto themes through different risk-return structures; sellers include mining companies, trading platforms, crypto payment and custody firms financing through public markets, and institutions providing liquidity for tokenized stocks and derivatives. Funds are no longer flowing only to on-chain spot but also to stocks, ETFs, options, perpetual contracts, and corporate balance sheets; beneficiaries are platforms with trading, custody, clearing, and distribution access, while those under pressure are single-asset investors who mistakenly equate "holding coins" with holding the entire value of the crypto industry.
Source: Public Information
ABAB AI Insight
The primary investment path in the early crypto market was to directly buy BTC, ETH, or newly issued tokens, with investors bearing price volatility, private key management, counterparty risks from exchanges, and on-chain protocol risks. With the emergence of Coinbase, Robinhood, CME Bitcoin futures, spot BTC ETFs, and mining company listings, the crypto industry has begun to exhibit a layered investment structure similar to that of the internet industry: during the same crypto bull market, investors can choose to hold underlying assets, trading flow access, hash power supply, custody services, or financial product issuers. What Yi He refers to as "the entire industry being tradable" essentially means that crypto risk has expanded from a single token price to multiple cash flows, leverage, and regulatory exposures.
In terms of capital pathways, an increase in one BTC will first improve the book value of holding companies and mining firms, also increasing trading activity and user risk appetite, which then transmits to exchange fees, market maker inventory profits, custody asset scales, and ETF management fees. The reverse cycle also holds: a price drop will compress mining profits, reduce retail transactions, lower platform revenues, and put pressure on companies that continuously purchase coins through equity or debt financing.
Companies like MicroStrategy convert capital market financing into BTC buying; ETFs convert brokerage account funds into spot demand managed by custodians; exchanges and stablecoin issuers collect fees from ongoing trading and settlement.
Historically, the gold market has also experienced similar layering: investors can buy physical gold, gold ETFs, gold mining stocks, mining service providers, or gold futures. All are related to gold prices, but their earnings structures are entirely different: gold spot has no operational leverage, mining companies have cost and production leverage, ETFs charge management fees, and futures provide high-leverage price exposure. The crypto industry is now replicating this structure. BTC is akin to the underlying asset, mining companies are similar to gold mines, exchanges and custodians resemble financial infrastructure, while BTC treasury companies are like closed-end vehicles that leverage capital market liabilities to increase holdings of underlying assets.
This represents a reconstruction of the industrial chain. Crypto assets were previously viewed mainly as speculative commodities or protocol ownership; as mining, trading, payment, custody, ETFs, and corporate treasuries all enter the public trading system, the market begins to trade a complete industrial chain from energy, hardware, on-chain settlement to financial distribution. Value does not have to be entirely concentrated in a single token: during high volatility periods, exchanges may benefit from amplified transaction volumes; during institutional allocation periods, custodians and ETF issuers may benefit; during energy shortages, efficient mining companies and power resources may become core variables. What investors are purchasing is no longer "coins," but the rights to charge for various segments of crypto adoption and volatility.
ABAB News · Law of Cognition
Price creates volatility, the industrial chain charges fees
Buying coins bets on direction, buying access bets on structure
Assets can rise, but only charging rights can compound