Recently, there has been a lot of talk about issuing coins instead of stocks, but I am sincerely curious about the relationship between coin stocks and us yellow-skinned people.

Apart from the Japanese stock Metaplanet, the only liquid ones left are the American stocks MSTR, CRCL, COIN, and the three mining stocks MARA, RIOT, and CLSK, all around 5 billion, which are as white as can be, with shareholders being all blue-blood companies from the United States.

Why is it that this batch of yellow-skinned coin stocks originating from Canaan just doesn't work and can't get a premium?

First, they have long been thrown into the category of Chinese concept stocks, which, as we all know, has been a significant demerit in recent years.

Second, capital operation is not about doing business, it’s about building relationships. The company was sold to institutions a long time ago, all of which are professional managers with Wall Street backgrounds; who is honestly going to do business with you? Take MARA, that beast, for example; for years, they have been continuously merging at no cost to maintain their leading position and obtain market premiums while simultaneously issuing ATM shares to sell to institutions (leeks) and (vegetables).

What yellow-skinned people are suited for is doing business, dealing with regulatory constraints, and establishing relationships in away games; honestly, it might be better to just issue a coin.