When we talk about "coin stocks," we are actually referring to several different companies and assets. ◦ Public companies hoarding coins, and even making coin hoarding their main business. MicroStrategy is a representative of this category, with the core being 1) choosing the best asset, BTC; 2) strong continuous financing capability. Other imitators mainly acquire low market cap, low liquidity shells, buying coins to engage in a back-and-forth strategy. Currently, major coins like ETH, SOL, XRP, BNB, Doge, and SUI all have treasury companies. The recent rise of Ethereum is mainly due to multiple companies competing to hoard ETH. ◦ Companies engaged in the crypto business that have gone public. Coinbase and Circle are representatives, being the compliant exchange and the first compliant stablecoin stock in the U.S., respectively. Next, Kraken and #OKX will also go public. ◦ Traditional public companies entering the crypto industry to conduct business (not hoarding coins). Robinhood is a representative, not only tokenizing over 200 stocks for trading on-chain but also planning to launch Robinhood Chain. Futu, PayPal, commercial banks planning to issue stablecoins, and Stripe after going public all belong to this category. These three types of companies have different foundations, and their investment logic is also quite different. Regardless, the integration of crypto and traditional finance is accelerating.