In recent years, the "stock-crypto correlation" has gradually become a significant phenomenon in the global capital markets, evolving from an initial attempt at financial innovation into a core strategy for some listed companies to drive value growth. Simply put, the stock-crypto correlation refers to creating a link between cryptocurrency and the stock market. A typical model involves a company purchasing digital assets like Bitcoin or Ethereum as core reserve assets, thereby creating a correlation between its stock price and the crypto market price. Such companies are termed "Digital Asset Treasuries (DATs)." Unlike traditional companies that hold only small amounts of crypto, DAT companies' strategies and market narratives are almost entirely centered around crypto assets.
The rise of this trend is closely linked to the wave of compliance and institutionalization in the global crypto market. The governance methods of foundations and DAOs in the past have struggled to meet commercial efficiency demands, while increasingly clear regulations in various jurisdictions provide an institutional guarantee for corporate involvement in the crypto market. Policies related to stablecoins, virtual asset trading platforms, and ETFs introduced successively in the US, EU, Hong Kong, and elsewhere have further promoted the entry of capital and institutions. Meanwhile, inflation and currency devaluation risks have also prompted companies to view Bitcoin, with its limited supply, as "digital gold" to hedge against macroeconomic uncertainty.
For listed companies, the stock-crypto correlation brings not only opportunities for asset appreciation but also creates a "flywheel effect" for financing and market capitalization management. Taking MicroStrategy as an example, the company boosted its stock price premium by purchasing Bitcoin, then used low-cost financing to buy more Bitcoin, thereby continuously amplifying the market effect. For companies in transition, such as Boyaa Interactive, allocating crypto assets helped them pivot into Web3, achieving leapfrog growth in both market capitalization and business volume.
For investors, DAT companies provide a regulated investment gateway, allowing institutional funds不便直接買幣 (that find it inconvenient to buy crypto directly) to indirectly participate in the crypto market. Furthermore, the stock-crypto correlation has a magnifying effect, potentially delivering gains that exceed the rise in the crypto price itself, while also allowing investors to share in the benefits of corporate stock price premiums and diversified crypto asset allocation.
More broadly, this model promotes the integration of the crypto industry with traditional capital markets and accelerates the tokenization process of Real-World Assets (RWA). However, the stock-crypto correlation is not without risks: some companies lack stable revenue, making their stock prices prone to being driven by sentiment; excessive share issuance could lead to market cap traps; coupled with leveraged volatility, a correction in the crypto market could potentially lead to a "double blow" to both the company's stock price and asset value.
Overall, the stock-crypto correlation is no longer merely a financial experiment but a strategic tool connecting the stock market, Web3, and RWA tokenization. It serves as both a new growth engine for companies and a compliant entry point for investors, while also providing solid support for the compliance and mainstream adoption of the crypto economy.
