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