从代币到股票：Web3行业的IPO趋势

Tiger Research的这份报告分析了为什么Web3公司从基于令牌的筹款活动转移到IPO，以及这种过渡如何影响其增长策略

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的这份报告探讨了Web3公司从基于代币的筹款到首次公开产品（IPO）的日益转变，这是其下一个增长阶段的关键策略。它研究了这种过渡背后的原因及其对公司增长和更广泛的行业生态系统的影响。

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.

尽管Web3行业发展迅速，但由于基于代币的筹款的固有局限性，许多加密初创公司仍在为长期增长而获得稳定资金的困难。这些方法，包括ICO，IDOS和SAFT，在该行业的早期发展中发挥了作用，但遇到了障碍。

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.

机构尚未完全融入加密市场，这给初创企业带来了巨额资本量的困难。此外，加密代币的极端价格波动和初创公司的流动性管理负担构成了巨大的挑战。对监管不确定性的持续关注，这些问题加剧了这些问题。

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.

随着Web3公司与传统金融市场更深入的融合，他们越来越多地将IPO作为一种更可行的长期资助模式。此举至关重要，原因有几个。首先，IPO用作“监管合规性认证标记”。在这个信任是最重要的时代，像Circle这样的公司自2018年以来就勤奋地建立了Bitlicense和已发布的储备报告，以保持USDC的信誉。但是，没有正式的市场整合，机构投资者可能无法完全认可这种努力。

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允许公司集成到SEC的标准披露框架中，这又使机构可以轻松识别公司的监管状况。对于更喜欢在具有完全法律合规的公司投资的大型机构来说，此因素至关重要。

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之前进行了严格的监管准备过程，该过程于2021年完成。公开公开，该公司迅速扩展，与BlackRock这样的机构建立了与BlackRock的ETF托管服务的合作伙伴关系，并与150多个政府机构合作。这种快速增长展示了机构投资者如何通过IPO正式承认Coinbase的监管合规性工作，从而使该公司在建立信任方面具有关键的竞争优势。

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为获得大型机构资本提供了重要的途径，这在基于代币的资金中基本上无法获得。由于内部合规政策，传统的金融机构，养老基金和共同基金通常无法直接投资加密货币。但是，他们可以投资于受监管的证券市场上市的公司股票。

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.

为了说明手头的潜在资本库，仅全球主权财富基金就可以管理大约13万亿美元的资产。相比之下，写作时所有加密货币的总市值约为1.5万亿美元，在过去15年中，Web3公司通过代币和机构筹集的资本总额估计为800亿美元。这种比较强调了IPO对于寻求大量资本注射的Web3公司的巨大潜力。

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.

对于有严格的加密投资法规的韩国和日本，IPO为机构投资者创建了有效的间接投资途径。例如，韩国机构投资者目前无法直接投资于比特币ETF或以优先股的形式参与美国资本市场，这些股票通常由私募股权公司投资。尽管如此，他们可以投资于Coinbase或MicroStrategy等公司，这些公司在美国主要的证券交易所上市并从事与加密货币有关的活动。

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.

同样，日本投资者目前受到高加密货币交易税，这使他们很难有效地投资于这一资产类别。但是，他们可以通过像Metaplanet这样的公司获得对加密货币市场的接触，Metaplanet在东京证券交易所上市，并从与区块链相关的业务中产生收入。这种结构使日本投资者可以间接参与加密货币部门，同时从股票投资的较低资本利得税率中受益。

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为公司的持续增长提供了灵活的资助工具。例如，Coincheck和Coinbase都成功地使用了IPO来筹集大量款项，现在正在迅速扩大其业务范围。在纳斯达克列表上市之后，Coincheck收购了Next Finance Tech，此举主要由IPO收益资助。 Coinbase通过收购Fairx，衍生品交易所，一条用于资产管理的河流数字和Bux Europe进入欧洲市场，从而积极扩大其全球竞争力。

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.

尽管没有披露IPO的确切贡献，但没有披露这些收购，但很明显，它们在促进这些扩展策略方面发挥了重要作用。

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并购交易，并使用股票考虑执行。这种方法最大程度地减少了对收购现金或波动性加密货币的依赖。上市公司可以通过将其股份作为收购中的付款来有效地管理资本和建立战略合作伙伴关系。

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之后，上市公司也可以不断访问多样化的资本市场工具。他们可以利用新的股份发行，可转换债券和权利产品来根据需要获得更多资金。这些资本施工工具与公司的长期增长保持一致