Following the path of MicroStrategy, financing to buy tokens and using the purchased tokens as valuation anchors in financial reports. Tokenization of stocks is transitioning from an individual case to a new direction in capital operations. 📈 Many "token-bound companies" have emerged in the market, which either finance through issuing shares, asset restructuring, or merger transactions to incorporate certain tokens into their company valuation system, telling a capital story similar to MicroStrategy. Today, I attempt to clarify MicroStrategy with a long tweet. ——————————————🤔——————————— If you are also struggling with whether to get on board, why not analyze a few mainstream routes currently available? 👇 Among them, I personally chose @Circle behind $USDC, @NanoLabsLtd for $BNB, and @Trondao for $TRX. 💡 Regarding @Circle, it has risen very quickly, with the price soaring from $31 at IPO to a peak of $300. However, I chose it not because of the short-term increase, but because it is indeed doing the most solid work. First, @Circle's core is real income: the dollar reserves behind USDC earn interest daily, relying on the interest spread from U.S. Treasury bonds. It also charges for tools like APIs, wallet services, and cross-chain settlement protocols. USDC is not just a stablecoin; what it is doing is "modularizing" the dollar system, enabling settlement and API integration, effectively rebuilding a financial foundation on-chain. Moreover, its compliance system backed by @Circle means it is not only easier to gain acceptance in regulatory aspects, but its use cases are also the broadest among these companies, being the only one integrated by Visa, Stripe, and BlackRock at the same scale. ✅ ⚡ As for @Nanolabsltd, I am more focused on short-term opportunities. It's simple, for a few reasons: First, this just happened, and the market reaction has not fully caught up. Low valuation and new expectations are points I will pay attention to. Second, the structure is not complicated: $500 million in non-interest convertible bonds, aiming to buy 5-10% of BNB's circulating supply. In other words, it's following Saylor's path. Third, CZ has also expressed support; although he hasn't directly invested, you can feel that this is not just a hollow move. BNB has its own fan base and is the main token of the exchange, and just this attention is enough to push a short-term reaction. 🎯 More than one company wants to use $BNB as a company reserve asset; for example, Build & Build Corporation previously planned to invest $100 million to purchase $BNB and complete the listing. Meanwhile, Binance's ambition to enter the U.S. stock market has also been revealed in various market information. Therefore, as an early player and practitioner, Nano is suitable for short-term investment, securing a position in advance. 🎭 Now looking at @trondao's TRX MicroStrategy, the most dramatic and complex line is actually this one. TRON entered through a reverse merger with SRM Entertainment, in other words, it directly borrowed a shell to create a "Sung Brother-style MicroStrategy." Why choose it? I can understand, mainly for a few points: The valuation is low enough, the foundation is light, and there is plenty of room to tell a story; The merger path is straightforward; SRM was originally in the children's toy business and is basically in shell status. After transforming into Tron Inc., it directly started fundraising to buy TRX, planning to achieve a holding level of $210 million; The storyteller is Sung Brother, who is best at using market actions to narrate and has indeed been building the financial narrative of the TRON ecosystem. 🧢 Its biggest problem is opacity; all details rely on external speculation, and the custody structure and fund usage are not fully disclosed. But its advantage lies precisely here: if it can be understood, the flexibility is unmatched by other projects. Sung Brother's most famous saying, which I always remember: "Do I care about your trifling gains?" He has never played fundamentals but rather flow, sentiment, and table order. So if you want to invest in TRX MicroStrategy, your mindset must be right: it's not about financial report arbitrage, but entering a game. ♟️ Because he has this attitude, when the valuation of such projects is not high and has not reached expected fundamentals, he will not easily crash the market or cut losses. From this perspective, I actually think this is his "political sacrifice": not for financial returns, but to shape a new position for TRON in the capital market. You can understand this as Sung Brother setting up a game; you just need to have patience and know what you are participating in. ——————————————🤒——————————— Speaking of this, if you still don't quite understand what "MicroStrategy" is all about, its core can actually be summarized in one sentence: Using the company's financing ability to amplify your bet on a certain token. Saylor issued bonds and shares back then, most of which were used to buy BTC. Later, when BTC rose, the asset sheet looked good, and the stock price followed suit. Then another round of financing, buying more BTC. This is its flywheel: financing → buying tokens → balance sheet expansion → stock price increase → refinancing. ♻️ You might think this approach is too aggressive, but the market believes in it. The stock price trend of MSTR is basically a high beta of BTC. So you see so many projects imitating this now. Some have changed the tokens (HYPE, ETH, TRX, BNB), while others have changed the structure (mergers, PIPE, preferred shares), but the underlying logic is the same: Make tokens the engine of stock prices. 🔧 📌 So, which token do you think will be written into the U.S. stock report next and take you on a ride with its stock price? 🛫