從代幣到股票：Web3行業的IPO趨勢

Tiger Research的這份報告分析了為什麼Web3公司從基於令牌的籌款活動轉移到IPO，以及這種過渡如何影響其增長策略

This report by Tiger Research examines the increasing shift of Web3 companies from token-based fundraising to Initial Public Offerings (IPOs) as a key strategy for their next growth phase. It delves into the reasons behind this transition and its implications on the companies' growth and the broader industry ecosystem.

Tiger Research的這份報告探討了Web3公司從基於代幣的籌款到首次公開產品（IPO）的日益轉變，這是其下一個增長階段的關鍵策略。它研究了這種過渡背後的原因及其對公司增長和更廣泛的行業生態系統的影響。

Despite the rapid development of the Web3 industry, many crypto startups face difficulties in securing stable funding for long-term growth due to the inherent limitations of token-based fundraising. These methods, including ICOs, IDOs, and SAFTs, were instrumental in the industry's early development but have encountered obstacles.

儘管Web3行業發展迅速，但由於基於代幣的籌款的固有局限性，許多加密初創公司仍在為長期增長而獲得穩定資金的困難。這些方法，包括ICO，IDOS和SAFT，在該行業的早期發展中發揮了作用，但遇到了障礙。

Institutions have yet to fully integrate into the crypto market, presenting difficulties for startups in accessing large capital amounts. Moreover, the extreme price volatility of crypto tokens and the stifling liquidity management burden on startups post-token issuance pose significant challenges. These issues are exacerbated by the ongoing concerns over regulatory uncertainty.

機構尚未完全融入加密市場，這給初創企業帶來了巨額資本量的困難。此外，加密代幣的極端價格波動和初創公司的流動性管理負擔構成了巨大的挑戰。對監管不確定性的持續關注，這些問題加劇了這些問題。

As Web3 companies integrate deeper with traditional financial markets, they are increasingly turning to IPOs as a more viable long-term funding model. This move is pivotal for several reasons. Firstly, IPOs serve as 'regulatory compliance certification marks.' In an age where trust is paramount, companies like Circle have diligently built BitLicense and published reserve reports since 2018 to maintain USDC's credibility. However, without a formal market integration, such efforts may not be fully recognized by institutional investors.

隨著Web3公司與傳統金融市場更深入的融合，他們越來越多地將IPO作為一種更可行的長期資助模式。此舉至關重要，原因有幾個。首先，IPO用作“監管合規性認證標記”。在這個信任是最重要的時代，像Circle這樣的公司自2018年以來就勤奮地建立了Bitlicense和已發布的儲備報告，以保持USDC的信譽。但是，沒有正式的市場整合，機構投資者可能無法完全認可這種努力。

An IPO allows companies to integrate into the SEC's standardized disclosure framework, which in turn allows institutions to easily identify the company's regulatory status. This factor is crucial for large institutions that prefer investing in companies with complete legal compliance.

IPO允許公司集成到SEC的標準披露框架中，這又使機構可以輕鬆識別公司的監管狀況。對於更喜歡在具有完全法律合規的公司投資的大型機構來說，此因素至關重要。

In the case of Coinbase, it underwent a stringent regulatory preparation process prior to its IPO, which was completed in 2021. After going public, the company expanded rapidly, forging partnerships with institutions like BlackRock for ETF custody services and collaborating with over 150 government institutions. This rapid growth showcases how institutional investors officially acknowledged Coinbase's regulatory compliance efforts through its IPO, granting the company a key competitive advantage in building trust.

就Coinbase而言，它在IPO之前進行了嚴格的監管準備過程，該過程於2021年完成。公開公開，該公司迅速擴展，與BlackRock這樣的機構建立了與BlackRock的ETF託管服務的合作夥伴關係，並與150多個政府機構合作。這種快速增長展示了機構投資者如何通過IPO正式承認Coinbase的監管合規性工作，從而使該公司在建立信任方面具有關鍵的競爭優勢。

Furthermore, IPOs provide a significant avenue for accessing large institutional capital, which is largely unavailable through token-based funding. Traditional financial institutions, pension funds, and mutual funds are typically unable to invest directly in cryptocurrencies due to internal compliance policies. However, they can invest in the stocks of companies listed on regulated securities markets.

此外，IPO為獲得大型機構資本提供了重要的途徑，這在基於代幣的資金中基本上無法獲得。由於內部合規政策，傳統的金融機構，養老基金和共同基金通常無法直接投資加密貨幣。但是，他們可以投資於受監管的證券市場上市的公司股票。

To illustrate the potential capital pool at hand, global sovereign wealth funds alone manage an estimated $13 trillion in assets. In comparison, the total market cap of all cryptocurrencies at the time of writing is approximately $1.5 trillion, and the total amount of capital that Web3 companies have raised through tokens and institutions over the past 15 years is estimated at $80 billion. This comparison highlights the vast potential of IPOs for Web3 companies seeking substantial capital injections.

為了說明手頭的潛在資本庫，僅全球主權財富基金就可以管理大約13萬億美元的資產。相比之下，寫作時所有加密貨幣的總市值約為1.5萬億美元，在過去15年中，Web3公司通過代幣和機構籌集的資本總額估計為800億美元。這種比較強調了IPO對於尋求大量資本注射的Web3公司的巨大潛力。

In the case of Korea and Japan, which have strict cryptocurrency investment regulations, IPOs create effective indirect investment routes for institutional investors. For instance, Korean institutional investors are currently unable to invest directly in Bitcoin ETFs or participate in the U.S. capital market in the form of preferred stocks, which are typically invested by private equity firms. Nevertheless, they can invest in companies like Coinbase or MicroStrategy, which are listed on the major U.S. stock exchanges and engage in cryptocurrency-related activities.

對於有嚴格的加密投資法規的韓國和日本，IPO為機構投資者創建了有效的間接投資途徑。例如，韓國機構投資者目前無法直接投資於比特幣ETF或以優先股的形式參與美國資本市場，這些股票通常由私募股權公司投資。儘管如此，他們可以投資於Coinbase或MicroStrategy等公司，這些公司在美國主要的證券交易所上市並從事與加密貨幣有關的活動。

Similarly, Japanese investors are currently subject to high cryptocurrency trading taxes, making it difficult for them to invest in this asset class effectively. However, they can gain exposure to the cryptocurrency market through companies like Metaplanet, which are listed on the Tokyo Stock Exchange and generate revenue from blockchain-related businesses. This structure allows Japanese investors to participate in the crypto sector indirectly while benefitting from lower capital gains tax rates on stock investments.

同樣，日本投資者目前受到高加密貨幣交易稅，這使他們很難有效地投資於這一資產類別。但是，他們可以通過像Metaplanet這樣的公司獲得對加密貨幣市場的接觸，Metaplanet在東京證券交易所上市，並從與區塊鏈相關的業務中產生收入。這種結構使日本投資者可以間接參與加密貨幣部門，同時從股票投資的較低資本利得稅率中受益。

Moreover, IPOs offer a flexible funding instrument for companies' continuous growth. For instance, both Coincheck and Coinbase have successfully used IPOs to raise large sums and are now rapidly expanding their business scope. Following its Nasdaq listing, Coincheck acquired Next Finance Tech, a move that was largely funded by the IPO proceeds. Coinbase has been actively expanding its global competitiveness through acquisitions like FairX, a derivatives exchange, One River Digital for asset management, and BUX Europe for entering the European market.

此外，IPO為公司的持續增長提供了靈活的資助工具。例如，Coincheck和Coinbase都成功地使用了IPO來籌集大量款項，現在正在迅速擴大其業務範圍。在納斯達克列表上市之後，Coincheck收購了Next Finance Tech，此舉主要由IPO收益資助。 Coinbase通過收購Fairx，衍生品交易所，一條用於資產管理的河流數字和Bux Europe進入歐洲市場，從而積極擴大其全球競爭力。

While the exact contribution of IPO proceeds to these acquisitions is not disclosed, it is evident that they played a substantial role in facilitating these expansion strategies.

儘管沒有披露IPO的確切貢獻，但沒有披露這些收購，但很明顯，它們在促進這些擴展策略方面發揮了重要作用。

Additionally, listed companies can capitalize on their stock for M&A deals, executing them using stock consideration. This approach minimizes the reliance on cash or volatile cryptocurrencies for acquisitions. A listed company can efficiently manage capital and forge strategic partnerships by using its shares as payment in an acquisition.

此外，上市公司可以利用其股票以併購交易，並使用股票考慮執行。這種方法最大程度地減少了對收購現金或波動性加密貨幣的依賴。上市公司可以通過將其股份作為收購中的付款來有效地管理資本和建立戰略合作夥伴關係。

Furthermore, listed companies can continually access diverse capital market instruments even after their IPOs. They can utilize new share issuances, convertible bonds, and rights offerings to secure more funds as needed. These capital-raising tools are deployed in alignment with the company's long-term growth

此外，即使在IPO之後，上市公司也可以不斷訪問多樣化的資本市場工具。他們可以利用新的股份發行，可轉換債券和權利產品來根據需要獲得更多資金。這些資本施工工具與公司的長期增長保持一致