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In addition to Bitcoin, other public blockchains (such as Ethereum, BSC, Solana, etc.) also harbor new entrepreneurial logics and opportunities. After experiencing the DeFi boom and the public blockchain wars, the industry is becoming more rational, with two major trends emerging:
Whether it's lending, trading, market-making, or derivatives on-chain, as long as it revolves around capital flow, there's always a way to validate business models and profit paths. In recent years, numerous DeFi projects have attracted funds through liquidity mining and other incentives. However, after the market cooled down, models that couldn't generate sustainable fees and profits gradually got eliminated. Conversely, on-chain businesses with clear revenue streams, such as transaction fees, lending interest, and derivatives rates, similar to traditional finance, have proven their value. This reminds entrepreneurs to re-examine their projects' underlying logic: does it have a real profit model? In the current environment, only businesses that can "make money" have the confidence to weather cycles.
Early public blockchains and protocols, in their quest for users and funds, were keen on piling up high incentives and packaging stories to "compete for traffic." However, growth driven solely by narratives is not sustainable. Now, capital favors practical projects that enhance efficiency and improve user experiences, i.e., entrepreneurship based on products and technology. Whether it's new decentralized trading platforms, more profitable market-making mechanisms, low-risk lending protocols, or secure and efficient on-chain asset issuance platforms and data service tools, any project that can address real needs and validate its business model is more likely to gain favor. In other words, public blockchain entrepreneurship is shifting from subsidy and concept competition to product power and efficiency competition. For entrepreneurs, this means that focusing on product refinement, performance optimization, and user experience enhancement is more critical than chasing illusory "narratives."
A new competitive landscape is forming in other public blockchain ecosystems, with efficiency-driven becoming the main theme and product-oriented entrepreneurship gaining mainstream status. This shift serves as a wake-up call for the entire crypto entrepreneurship community: only by enabling applications to truly create value and generate revenue can projects survive the crypto winter and迎接 (welcome) the next spring.
Whether in the Bitcoin ecosystem or other public blockchains, creating sustainable cash flow has become the watershed for entrepreneurial projects' long-term success. Traditional capital markets are beginning to assess crypto startups against the standards of mature enterprises, with "cash flow" and "profitability" becoming key evaluation criteria. Traditional investors are redefining the essence of "crypto companies," opening a gateway for Web3 entrepreneurs to access mainstream capital.
Currently, some crypto projects with real business models are becoming bridges connecting Web3 and traditional capital markets. These projects typically have clear revenue streams, stable cash flow expectations, and strong compliance adaptability, thus attracting significant attention from traditional institutions. They are viewed as the most likely candidates to enter mainstream capital markets through IPOs or mergers and acquisitions.
In several niche tracks, DePIN stands out. By tokenizing real-world resources like computation, electricity, and bandwidth and combining them with economic incentives, DePIN builds a distributed infrastructure network for the physical world, naturally featuring a SaaS-style revenue model. Representative projects like PEAQ, Jambo, OORT, and Swan are collectively constructing the critical support layer of the DePIN ecosystem.
The AI + Crypto track demonstrates strong convergence potential. By integrating AI Agents, on-chain identities, and micro-payment mechanisms, it facilitates data interaction and resource scheduling among intelligent agents. Projects like Footprint focus on data analysis engines, while DeAgent.ai builds a decentralized AI Agent protocol, providing services for Web3 intelligent infrastructure.
RWA (Real-World Assets) is developing rapidly, with the tokenization of on-chain assets such as US Treasuries, corporate bonds, and real estate steadily advancing, with a projected future market size of up to 10 trillion USD. Representative projects like The PAC offer asset mapping services within a compliant framework, promoting RWA circulation on-chain under compliance.
PayFi (Payment Finance) has become the most active track for on-chain transactions. In 2024, stablecoin transaction volumes surpassed 15.6 trillion USD, exceeding Visa for the first time. Projects like Aisa are combining stablecoins with AI wallets to build payment infrastructure supporting automation and real-time settlement, serving e-commerce, cross-border, and machine-to-machine payment scenarios.
In summary, crypto entrepreneurial projects that "generate cash flow, are easy to value, and have compliance pathways" are gaining Wall Street and mainstream capital's favor and are considered core candidates for entering the mainstream financial system first.
For entrepreneurs, this trend offers an insight: design business models guided by cash flow. Consider how to generate stable revenue in the early stages of a project rather than relying solely on token appreciation or subsidy-driven expansion. Only when your project has a real-world revenue and profit model can it attract both crypto-native funds and more conservative traditional investors. In the "second half" of macroeconomic turbulence and conservative capital preferences, crypto startups with solid operations and healthy cash flow are more likely to break through.
The emergence of "crypto-related stocks" in traditional capital markets is a significant marker of the crypto industry's integration with mainstream finance. These listed companies participate in the blockchain industry in various ways, providing diversified investment options for investors. Based on differences in business models and focal points, crypto-related stocks can be broadly categorized as follows:
These companies use Bitcoin and other crypto assets as a core part of their balance sheets, holding large amounts of crypto assets to amplify company value. Typical representatives include U.S.-based MicroStrategy, Semler Scientific, and Hong Kong-listed Boya Interactive. These companies treat BTC as a "strategic reserve asset," with an investment logic akin to "crypto cash flow + market cap amplifier." They enjoy cash flow from their main business while boosting market cap through Bitcoin appreciation. Their business models often involve a combination of Bitcoin purchasing, debt financing, and stock issuance for Bitcoin acquisition, carrying leveraged characteristics suited for investors optimistic about Bitcoin's long-term growth. For entrepreneurs, this indicates potential opportunities in BTC asset management and corporate Bitcoin purchasing services.
These companies directly participate in cryptocurrency mining and related businesses, with some expanding from single mining operations to diversified compute infrastructure. Representative enterprises include Marathon Digital, CleanSpark, Riot Blockchain, Core Scientific, TeraWulf, and Hut 8. Some miners are applying compute power to AI and high-performance computing (HPC) while using clean energy to reduce costs and align with environmental trends—AI's high compute demand and green energy are becoming new valuation pillars. Their development offers entrepreneurial directions, such as Bitcoin mining infrastructure upgrades, green energy applications in blockchain compute power, and new data center construction combining Web3 and AI.
This category includes companies offering blockchain hardware, cloud services, and technical solutions. Typical representatives are Canaan Creative, Bitdeer, and BitFuFu. They provide "mining tools" and compute services for blockchain networks, akin to "crypto industry water sellers," and are core suppliers in hardware and cloud compute. Their existence suggests entrepreneurial opportunities in Bitcoin ecosystem middleware (e.g., improving mining efficiency, connecting miners with financial services) and "mining-as-a-service" (packaging mining capabilities as cloud services for enterprises or individuals).
These companies primarily operate compliant crypto trading platforms or custody businesses, such as U.S.-based Coinbase (COIN) and Bakkt (BKKT). With strict regulatory licenses and compliance systems, their business models are significantly influenced by macro policies and user trading activities. Their success indicates that compliant financial services are the mainstream direction amid strengthening regulations. For entrepreneurs, opportunities lie in compliant custody, on-chain transaction data analysis, wallet account abstraction, and building bridges between centralized and decentralized finance (e.g., services enabling CeFi-DeFi interoperability).
These companies are traditional payment giants expanding into blockchain payments. Representatives include Block (formerly Square) and PayPal. They integrate Bitcoin or stablecoin strategies into their stable cash flow-generating core payment businesses, gaining new growth drivers. For instance, Block supports Bitcoin trading in its app, and PayPal offers crypto buying, selling, and transfer services. These companies demonstrate the viability and value of crypto payments. Entrepreneurial teams can explore innovations in stablecoin payment solutions (e.g., cross-border settlements with USDT), new payment finance (PayFi) products, and AI-driven smart wallets (e.g., AI wallets for automated investment/payment).
The rise of crypto-related stocks prompts entrepreneurs to rethink funding paths. Beyond token financing, the stock-based path is becoming a crucial supplement for next-gen Web3 projects, especially for those with stable revenue and clear compliance structures. A longer-term and more stable capitalization approach is emerging.
Some companies are validating this path through real-world examples. Boya Interactive (00434.HK), for instance, has achieved value revaluation in public capital markets through dual-wheel驱动 (driving) with token holding and business transformation. Hu Tao Capital (00905.HK) represents another approach, gaining exposure to crypto assets and Web3 projects via investment holdings, and planning to connect traditional securities, unlisted funds, derivatives with the blockchain asset system. This "capital collaboration"-style Web3 path leverages financial capabilities and industrial resources for ecosystem empowerment without relying on self-development. It has become an important part of stock-based layouts. Port亚洲控股 (01723.HK) has also transitioned from traditional main business to digital asset management. Originally focused on construction engineering and prepaid product retail, the company officially purchased Bitcoin as a strategic reserve asset in early 2025, adjusted its management team to include crypto-experienced personnel, and gradually established a Web3 transformation direction. Notably, Nano Labs (NA.Nasdaq), a leading Chinese blockchain hardware manufacturer, announced in early 2025 that it would allocate part of its USD reserves to Bitcoin purchases, formally incorporating BTC into its strategic asset allocation, setting a new paradigm for Chinese blockchain tech companies entering global capital markets.
The diversification of crypto-related stocks shows that blockchain technology is integrating into traditional capital markets through various business models. This not only provides investors with new channels to allocate to the blockchain sector but also offers entrepreneurs guidance: which models are more easily recognized by mainstream capital and have been validated in secondary markets. From token holdings for market cap management to mining expansion for compute services, and providing trading and payment infrastructure, each model reflects the integration points between blockchain entrepreneurship and traditional business.
In light of the above trends, especially the success of crypto-related stocks, Web3 entrepreneurs are rethinking their funding and development paths. Traditionally reliant on token issuance for funding, the path toward stock-based approaches (traditional equity financing and listing) is becoming increasingly clear. Overall, Web3 entrepreneurs have three main paths to choose from, each with its own advantages and disadvantages:
Raise funds and incentivize communities through token issuance. This path offers high flexibility and a quick start, suitable for early product validation and community building. During favorable market conditions, token price increases can bring significant funds to projects. However, its disadvantages include high sensitivity to market conditions, with financing amounts and token valuations heavily influenced by crypto market volatility. Additionally, regulatory uncertainties in various countries cast a shadow over the pure token issuance model. Teams choosing this path must address token economic design, ongoing market cap management, and regulatory risks.
Follow the traditional startup route by introducing equity investments, focusing on business implementation and revenue growth, and seeking IPO or acquisition exits once the company matures. Under this model, startups accept investments in the form of equity, aligning more with regulatory frameworks and appealing to conservative institutional investors. The advantage lies in company valuation being based on fundamentals (revenue, profit), free from token price fluctuations, ensuring more stable long-term development. The downside is that initial funding may not be as easy as token issuance, and user/community growth might be slower, requiring a longer runway to prove value. This path suits projects with clear business models, cash flow generation capabilities, and a commitment to long-term development.
Combine crypto and traditional financing methods, leveraging their respective advantages at different stages. Typically, projects first issue tokens to raise seed community and funding in the early stages. Once mature and with stable revenue, they establish a legal entity for equity financing and even pursue listing. This "dual-track" model allows flexible adjustments at various project development stages: using tokens to incentivize users and build ecosystems early on, and equity to access larger capital markets later. However, it demands stronger balancing skills from the team—managing the token community and value while meeting shareholders' expectations for corporate governance and financial compliance. Some DeFi protocols have adopted this dual-track approach, issuing governance tokens followed by their companies accepting VC equity investments and contemplating future IPOs. Though complex, this model can achieve a synergistic effect if executed properly.
The key is to align the chosen path with the project's positioning and external environment. Entrepreneurs should consider the project type, profit model, regulatory landscape, and team strengths to select the most suitable funding and development route. In the current environment, relying solely on a single path may be limiting. Flexibly adjusting strategies based on actual circumstances, or even switching or parallelizing paths when necessary, can enhance the project's survival and success rates.
Macroeconomic turbulence presents both challenges and opportunities. The "second half" of the market tests entrepreneurs' patience and wisdom: only teams rooted in real value and focused on long-termism can weather the winter. Driven by multiple waves such as the BTC ecosystem, new public blockchain efficiency revolutions, real-asset tokenization, cash flow-driven models, and capital market integration, next-gen blockchain entrepreneurs face unprecedented opportunities. Choosing the right track, validating business models, and utilizing appropriate funding paths can transform crises into opportunities, enabling projects to stand out in the next cycle and truly achieving the leap from 0 to 1 in blockchain entrepreneurship.
