The encryption asset market has entered a new stage dominated by institutions, and concept stocks have performed brilliantly.

In the first half of 2025, the global encryption asset market experienced a significant turning point, gradually shifting from retail dominance to institutional dominance. On May 22, the price of Bitcoin reached an annual high of $110,000, driven by a large influx of institutional funds, which pushed encryption assets to gradually transform from speculative products to asset allocation tools. Against this backdrop, encryption concept stocks usher in new investment opportunities.

In the US stock market, the stock price of a well-known trading platform fluctuated at a high level, reaching a maximum of $271.95 on May 22. A stablecoin issuance company went public on June 5, and the stock price triggered trading halts multiple times that day, ultimately rising about 167% from the issue price. In the Hong Kong stock market, the stock prices of several crypto-related companies surged significantly, boosted by regulations related to Hong Kong's stablecoins. For instance, a capital holding company that invested early in the aforementioned stablecoin company saw its stock price increase by over 14% during trading on June 9. Additionally, Hong Kong stocks related to digital payments, blockchain technology, and financial technology also saw gains. The A-share market was similarly positively impacted, with several crypto concept-related companies showing outstanding stock performance.

Overall, the rise in cryptocurrency asset prices from late May to early June became an important driving force for the performance of the cryptocurrency concept stock market. This marks the entry of investment into a new stage of institutionalization, compliance, and value reconstruction, with investors having higher expectations for the shift from "speculating on coins" to "speculating on stocks."

The Resonance Logic of Cryptocurrency Assets and Cryptocurrency Concept Stocks

Recently, encryption assets have performed outstandingly for several reasons:

Firstly, the institutional control and the effect of capital concentration are significant. In May 2025, Bitcoin hit a yearly high, and on-chain data shows a substantial increase in the proportion of Bitcoin held by institutions. Several asset management giants have absorbed billions of dollars through spot ETFs, marking the formal inclusion of Bitcoin into global asset allocation models.

Secondly, the Ethereum ecosystem is experiencing a simultaneous explosion, with Layer 2 transactions accounting for over 60%, and the total locked value (TVL) surpassing $108 billion. The network upgrade has improved processing efficiency, driving up ETH prices, and the frequency of smart contract calls has increased by 55% year-on-year.

In addition, the compliance process for stablecoins is accelerating, reshaping the underlying financial infrastructure. Relevant legislation in the United States establishes a "100% US dollar/Treasury bond reserve" requirement, pushing the market value of mainstream stablecoins to exceed $280 billion. The regulations for stablecoins in Hong Kong have been implemented, directly serving cross-border payment and supply chain finance scenarios.

These factors together have driven the price increase of encryption assets and have also boosted the stock performance of related listed companies.

Encryption Concept Stocks: The Industrial Coupling and Valuation Restructuring Behind Stock Price Correlations

With the booming cryptocurrency market, encryption concept stocks are also迎来投资热潮.

In the U.S. stock market, several encryption-related companies have shown strong stock performance. A well-known trading platform maintained a high level of volatility from the end of May to the beginning of June, with a peak of $271.95 on May 22. Several mining companies also maintained stable stock prices. A stablecoin issuer's stock price soared 167% on its first day of listing, becoming the market focus.

The Hong Kong stock market has been positively affected by the upcoming implementation of regulations on stablecoins, with related concept stocks performing strongly. Several companies have seen significant increases in their stock prices, with gains ranging from 10% to 80%.

In the A-share market, the digital currency and encryption security sectors are active. Several companies experienced varying degrees of increase in early June, with some companies recently accumulating an increase of nearly 30%. Overall, A-share related targets are performing steadily, driven by policies and technology.

Three Major Drivers of Value Reconstruction: Compliance, Institutionalization, and Technological Innovation

Recently, the value of encryption assets and related stocks has significantly increased, reflecting a profound restructuring of the entire industry's value system. This transformation is primarily driven by three major forces.

Firstly, compliance has become the cornerstone of industry development. By 2025, major global economies are accelerating the improvement of regulatory frameworks. Regions such as the United States, the European Union, and Hong Kong have successively introduced relevant regulations, enhancing market transparency and security, which has also brought about "license premiums".

Secondly, the continued influx of institutional funds is reshaping the market pricing mechanism. Institutional investors are incorporating encryption assets into long-term asset allocation, driving the market from retail speculation to rational investment.

Finally, technological innovation injects new momentum into industry development. Traditional financial institutions are actively exploring the application of blockchain technology, launching on-chain asset tokens and trading platforms to enhance asset digitization and trading efficiency.

These three driving forces interact to push encryption assets and their related stocks into a more mature, compliant, and technology-driven new era, where the value assessment system is achieving a qualitative leap.

Regulatory Divergence, Scene Implementation, and Investment Paradigm Shift

In 2026 and beyond, the global encryption asset market regulatory environment will present a more differentiated and refined pattern. The United States, the European Union, and regions like Hong Kong each have their own regulatory focuses, and this difference has driven up the value of compliance licenses, also creating cross-regional compliance arbitrage opportunities.

The concentration in the industry will further increase, with licensed institutions controlling the majority of the market share, and compliance qualifications becoming the core threshold for business development. In terms of asset digitization and scenario implementation, real-world assets (RWA) are becoming an important bridge connecting traditional finance and digital finance.

At the enterprise level, the case of digital asset allocation is increasingly common. For example, the parent company of a Hong Kong-based cooking platform has launched a large-scale Bitcoin purchasing plan, aiming to accumulate 5,000 Bitcoins over three years, treating digital assets as an important store of value.

Overall, the continuous improvement and differentiation of regulation, the ongoing implementation of digital asset scenarios, and the upgrading of investment concepts by institutions and enterprises are jointly driving the cryptocurrency assets and related stock markets into a more mature, compliant, and value-driven new stage.

Conclusion: Value Anchoring in the New Paradigm

The institutionalization of encryption assets reflects the systemic acceptance of decentralized trust mechanisms in the global financial system. From "speculating on coins" to "speculating on stocks", the investment logic has evolved from zero-sum games to value symbiosis. Compliance constitutes the baseline for corporate survival, technology determines the growth slope, and the implementation of scenarios shapes the valuation ceiling.

The policy dividends of Hong Kong stocks, the business transformation of US stocks, and the technological breakthroughs of A-shares together constitute a sample of the reconstruction of the market valuation system. In the future, core opportunities will no longer be short-term price games, but rather revolve around compliance barriers, technological depth, and scenario embedding capabilities, to explore the "encryption value creators" that transcend cycles. This new paradigm signals the beginning of a new era of deep integration between digital finance and traditional finance.