Recently, there has been a lot of talk about issuing stocks instead of coins, but I am genuinely curious, what does issuing stocks in the US stock market have to do with us yellow-skinned people?

Aside from the Japanese stock Metaplanet, the only liquid options left are the US stocks MSTR, CRCL, COIN, as well as the three mining stocks MARA, RIOT, and CLSK, all of which are as white as can be, with shareholders being American institutional blue-blood companies.

Why is it that this batch of yellow-skinned coins and stocks that started in Canaan just can't get a premium?

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

Second, capital operations are not about doing business; it's about building relationships. The company has already been sold to institutions, all of which are professional managers with Wall Street backgrounds. Who is going to honestly do business with you? Just look at that beast MARA; it's a typical example, constantly making cost-ineffective acquisitions to maintain its leading position and gain market premiums while simultaneously issuing ATM shares to institutional (chives) investors.

Yellow-skinned people are suited for doing business, but when it comes to compliance constraints and building relationships in away games, they might as well just issue a coin.

The maintenance costs for shell companies in the US and Hong Kong are not low (millions of USD per year), and with the premise that market caps cannot break through their limits, I see no meaning in issuing stocks in these trading volumes that are less than those of platforms like Mecha or Gate.