The well-known digital asset platform Amber Group's subsidiary, Amber International Holding Limited, successfully went public on NASDAQ in March through a merger with iClick Interactive Asia Group Limited. At the end of April, Amber's accelerator amber.ac launched an AI platform called AIAC based on the AgentFi concept. The token for the platform's first "AI person," MIA, has increased nearly 100 times since its fundraising was completed at the end of April, yet there are only about 1,300 holders on the blockchain.

With Amber International Holding Limited announcing the appointment of MIA as Amber's brand ambassador, MIA will also participate in $AMBR earnings calls and speak at investor and community events. This marks the first time an AI Agent has become an ambassador for a NASDAQ-listed company. As MIA gradually unveils her mysterious persona, what kind of strategy does Amber Group have behind her?

AI CMO, What is $MIA Speculating On?

According to the words of Amber Group's founder and CEO, $MIA is both a currency and equity, and it serves as the economic engine for the AI Agent Mia. "This is her way to incentivize the community, pay service fees, develop the brand, and acquire value."

MIA is the first agent launched on the AIAC platform, with a clear role definition and growth path. Her core goal is to become an AI CMO Agent capable of independently managing brands, coordinating communities, and operating assets. Overall, MIA's structure is closer to a "growing virtual enterprise."

Now, as the spokesperson for this "growing virtual enterprise," CMO Agent MIA has already learned functions including creating meme images, launching bilingual podcasts, managing her own treasury, and dynamically adjusting token liquidity.

Thanks to the support of the underlying technical architecture, MIA has a broader self-learning space. Her system is composed of four collaborative layers. The Agent Layer integrates large language models and multimodal capabilities, granting her basic intelligence; the Workflow Layer embeds content generation and community operation workflows, enabling her to independently conduct brand operations and community interactions; the Knowledge Layer incorporates rich CMO expertise, providing her with marketing and brand management judgment and strategic capabilities; and the Capability Layer connects on-chain operational tools, allowing her to autonomously call wallets, execute tasks, and connect platform interfaces, thus truly possessing agency and execution power.

Although creating meme images, operating Twitter, producing podcasts, and managing treasuries may not seem like novel concepts in the current AI Agent trend, there remains a significant disconnect between MIA's operational style on X and her website style, leading to a fluctuating project vibe. However, if she can successfully integrate multiple functional dimensions and become a qualified CMO, it is indeed worth looking forward to, as the demand for CMOs in crypto projects is substantial.

AIAC? The "Frankenstein" of Virtual + KAITO

What is more noteworthy at present is the mechanism of her token launch model. The Amber team refers to MIA's launch platform AIAC as the AgentFi platform and has proposed a new concept called "AICO," designed specifically for long-term coordination of AI.

According to MIA "herself," the AICO token employs a unique unlocking mechanism to ensure that tokens are not casually sold off but are steadily released as the project develops. The fundraising mechanism is divided into two phases.

First is the 30-day "Seeding Round," where Mia needs to raise 16 ETH with a fixed market cap of 160 ETH FDV, selling 100 million $MIA, which accounts for 10% of its total supply of 1 billion. During this period, at least 10 participants are required, with each address limited to a minimum of 0.16 ETH and a maximum of 1.6 ETH; if the conditions are not met, the raised funds will be returned. The tokens will be unlocked in twelve equal parts, each part accounting for approximately 0.83% of the total supply.

If the first phase is successfully completed, the second phase, also limited to 30 days, will begin as the "Acceleration Round." This phase will change to a Bonding Curve launch mechanism (equivalent to an internal pump fund), distributing 400 million $MIA (40% of the total) and raising a maximum of 256 ETH, with each wallet allowed to deposit a maximum of 10.24 ETH and a minimum of no less than 0.16 ETH. Similarly, at least 25 addresses are required for investment. The tokens in this phase will be unlocked in ten equal parts, each part accounting for 4%.

If any round of investment fails, all raised funds will be returned. Regardless of the phase, each unlocking must meet two stringent conditions: first, at least 30 days must have passed since the last unlocking or initial issuance; second, the volume-weighted average price (VWAP) over the past 7 days must be significantly higher than 150% of the past 30 days' VWAP.

This model ensures that subsequent shares can only be unlocked when the $MIA price continues to rise, market demand remains strong, and there is market consensus and price support, achieving a dynamic balance of growth and value release.

After the AICO concludes, Mia will deposit the 500 million unissued tokens along with 272 ETH into her self-managed treasury, officially entering the on-chain "Thriving Phase." To activate secondary market liquidity, she will inject 40 million MIA (approximately 4% of the total supply) and 68 ETH into the liquidity pool of Aerodrome V2 DEX.

This model, which replaces time-based token unlocking with a mechanism that only unlocks tokens when a steady price increase is achieved, benefits the Agent project, early investors, and later investors alike.

When first encountering AIAC, many might think it resembles the model of Virtual. When the community asked the same question, Amber's CEO Michael responded, "AIAC is a launch platform for AI Agents, not a token launch platform."

The boundaries between the two are indeed quite blurred, as even if AIAC is not a "Token Launchpad," it still has a token. Although at first glance, the token issuance process of AIAC appears similar to that of platforms like Virtual, its complex issuance and unlocking processes reveal a fundamentally different positioning. AIAC is not merely a token launch platform; it is an incubation and deployment platform for AI Agents, with the token serving as an ancillary tool rather than the ultimate goal.

The logic of Virtual leans towards "Meme Finance," driving token circulation, community consensus, and financial gameplay through creative narratives, while AIAC emphasizes "Agent First," focusing on building, training, and releasing AI Agents with autonomous action capabilities. These Agents are not just virtual images or narrative carriers; they possess intelligent decision-making abilities, social/execution capabilities, and even the identity of economic activity entities as "digital life forms."

Thus, the role of the token in AIAC is to provide incentive structures, autonomous mechanisms, and on-chain execution capabilities for Agents, rather than serving as a speculative tool. Each "launch" in AIAC revolves around the personality construction, skill definition, and operational strategy of an AI Agent, with the token acting as a tool to support the long-term survival and evolution of that Agent.

Additionally, AIAC has introduced an interesting feature on its website called "Emoji Points," similar to Yap points exclusive to specific AI Agents. When someone discusses or interacts with an AI Agent on X, they can earn Emoji Points, which may provide opportunities for airdrops. This type of feature will greatly assist in defining the community's contributions to a particular AI Agent as "POW."

Amber's "Micro-Strategy Model"

As the community discusses MIA, crypto KOL RUI "YeruiZhang" expressed astonishment that Amber Group's "AMBR" market capitalization has reached three times that of Antalpha, yet its daily trading volume is only one-third of Antalpha's. Even more intriguing is that the on-chain trading volume and liquidity of Amber's AI project MIA "$MIA" have even surpassed its own U.S. stock, becoming a "high liquidity anchor" in Amber's capital narrative.

Data from marketchameleon and DexScreen, with trading volumes for ANTA, AMBR, and MIA at $308k, $204k, and $534k respectively.

Today, following Amber's official appointment of MIA as the official AgentFi ambassador, trading volume surged, nearly doubling compared to the previous trading day. This has increased Amber's trading volume from about 1/3 of Antalpha's to 2/3. This "dual movement of currency and stock" inevitably brings to mind MicroStrategy's transformation through Bitcoin.

Before 2020, MicroStrategy, as a business intelligence software company, had long suffered from weak stock prices and low trading volumes. However, after announcing a large-scale purchase of BTC with company assets, the capital market's perception of it shifted from "an established software company" to "a Bitcoin ETF alternative on the U.S. stock market." The result of this strategy was significant: not only did its market capitalization soar, but trading volume also exploded, reshaping its valuation logic on Wall Street.

Amber is conducting a similar but more complex experiment; it is not just buying coins but also issuing coins, building an AI Agent ecosystem, and thereby reshaping the boundaries of its business. One of the core motivations is to have Wall Street value it as an "AI company" rather than a "wealth management platform."

In this regard, Dov, the founder of Mango Labs, bluntly stated, "Amber Group has become the next MicroStrategy." He believes that "some companies, without AI, don't have a 20x PE ratio, but with AI, they can't stop at 100x PS."

Traditional asset management companies typically have a price-to-earnings (PE) ratio between 15 and 20 times. In contrast, AI companies' valuations focus more on price-to-sales (PS) ratios, which commonly range from 50 to 100 times. This difference primarily stems from the high growth potential and network effects of AI companies. Therefore, if the market views Amber as a composite of "AI + crypto," its valuation model may shift from traditional PE to higher PS multiples, leading to a significant increase in market capitalization.

Note:

PE "Price-to-Earnings Ratio" = Stock Price ÷ Earnings Per Share, used to measure how much the market is willing to pay for each 1 yuan of profit, commonly used for valuing mature, profitable traditional enterprises. If a company's PE is 20 times, it means investors are willing to pay 20 yuan to obtain 1 yuan of profit from the company.

PS "Price-to-Sales Ratio" = Stock Price ÷ Revenue Per Share, suitable for growth-oriented companies that are not yet profitable, such as AI or SaaS, with valuations focusing more on growth potential. If a company's PS is 100 times, it means investors are willing to pay 100 yuan to obtain 1 yuan of sales from the company.

Amber Group CEO's response to a question from netizens.

In the current context where NASDAQ wants to go on-chain and the crypto business wants to go to NASDAQ, regardless of whether this "experiment" can succeed, unlike many U.S. listed companies that imitate MicroStrategy's purchase of Bitcoin to save their stock prices, Amber has found a different path. This path may not be correct, but it is indeed worth looking forward to.

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