Seeing @cz_binance say 'IPOs will migrate on-chain,' I couldn’t agree more. The tokenization trend is developing faster than we imagined, and tokenized IPOs will emerge very soon. Back in late August, when discussing the SEC’s Regulation CA, I mentioned that this is essentially the 'supply-side reform' of the crypto space: companies with network effects, external participants, and a need for digital resource coordination (AI computing power/data markets, DePIN, logistics, gaming, SaaS, etc.) will indeed reconsider whether to add a layer of token economics—because compliance costs are decreasing, the path is becoming clearer, and meeting the standards allows direct fundraising from U.S. investors, which is highly attractive. Ultimately, this will form a true network capital market, and this is the change brought about by compliant ICOs. In July 2025, when forecasting 'new asset types emerging under the trend of token-stock integration,' aside from tokenized U.S. stock contracts and pre-IPO tokens, the final type I predicted was that companies with actual business operations would directly conduct tokenized IPOs. As the tokenization trend accelerates, this is something we are bound to see—it’s just a matter of time. July 2025 tweet on 'new asset types under the token-stock integration trend': https://((x.com))/qinbafrank/status/1940333593550860614?s=46&t=k6rimWsEbo2D2tXolYcM-A Late August discussion on 'new network capital markets': https://((x.com))/qinbafrank/status/2090344005452157113?s=46&t=k6rimWsEbo2D2tXolYcM-A