Written by: Lawyer Liu Zhengyao

In the past year, an increasing number of Web3 projects have begun to "enter" the traditional financial market. Instead of taking the slow lane of IPOs, they are opting for the capital shortcuts of reverse mergers and acquisitions. Whether it is Conflux injecting core assets into the Hong Kong-listed company Pioneer Pharma, or Tron reverse merging with the small-cap Nasdaq company SRM Entertainment and renaming it "Tron Inc.", and then Sui promoting a massive allocation of SUI tokens for treasury management in a U.S. company, this round of "stock market paths" for crypto projects is worth a closer look.

The so-called "crypto-stock linkage" essentially refers to Web3 projects leveraging traditional capital markets to achieve a new method of valuation realization. On one side, the token market is heating up, while on the other, the stock market is telling new stories based on themes. Under the resonance of the project parties, listed companies, and secondary market funds, a synchronous surge in both token prices and stock prices occurs in the short term. Taking Tron as an example, after the reverse merger news was released, SRM's stock price rose over 300% within three days, while the TRX token also reached a yearly high due to the news stimulus.

However, the crypto-stock linkage is not merely a game of capital operations. From the perspective of the project parties, it is a pragmatic choice. The Web3 industry is entering an "era of compliance," and for projects to emerge from the gray area, legal identity and financing capability have become crucial alongside technology and ecosystem. A reverse merger means obtaining a "shell" recognized by regulators, completing the connection to the traditional market in legal structure; at the same time, it opens up greater financing opportunities, from equity financing and bond financing to token reserves on financial statements, traditional tools are being reactivated.

Conflux is a typical example. By injecting core blockchain assets into a Hong Kong shell company, it is both an attempt at compliance and a gamble under Hong Kong's "Web3-friendly policy" window. Tron’s approach is even more aggressive, completing the reverse merger during a pause in the SEC's lawsuit against its founder, while also applying for $1 billion in financing to increase its TRX holdings. Meanwhile, Sui has taken a different route—directly investing in shares, with the Sui Foundation and its early investors jointly funding the purchase of over 76 million SUI tokens from the Sui Foundation in the over-the-counter market, enabling the listed company to hold tokens directly and completing a legal "listing + token holding" closed loop.

It is noteworthy that this type of linkage model is spreading from leading public chains to more small and medium-sized projects and traditional listed companies. On one hand, project parties are seeking a more stable identity and more funds; on the other hand, many companies with weak main businesses are actively telling stories about blockchain, AI, and Web3 to find new valuation anchors. The Hong Kong market and U.S. market have begun to see a flurry of such cooperation announcements.

However, from a rational perspective, the crypto-stock linkage resembles a structural market experiment. Its success is not just about rising stock prices and financing arriving, but rather about whether the project can truly utilize this set of traditional capital tools to move towards a commercially sustainable compliance path. If it is merely about pushing up token prices through shell companies, the market will eventually see through it.

For regulatory agencies, this also serves as a new window to observe the compliance process of the Web3 industry. While reverse mergers may bypass some regulatory thresholds, once issues such as public financing, significant information disclosure, and token financial statement valuation arise, new regulatory discussions will inevitably follow. And how to balance innovation and compliance may be the core issue of this round of the Web3 industry's "urban entry."

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