The True Value of Crypto Stocks: Crypto Finally Becomes an Asset That Can Be Calculated in Excel Recently, a large amount of money has flooded into crypto stocks as if it were printed money. The investment logic behind this has been discussed in previous posts, and today I want to talk about the true value. There has been much talk about the mass adoption of Crypto in applications, but for Crypto to achieve mass adoption as an asset, it must accomplish one thing: structural differentiation. The risk-return characteristics of a single asset are fixed, naturally only suitable for a certain type of investor. For Crypto, it is essentially speculation, which is far from enough for TradFi institutions that can invest large sums of money. TradFi has long established a complete product system around risk, return, liquidity, and regulatory constraints. The existence of these products is not to gamble on direction but to allow different types of funds—such as banks, mutual funds, insurance companies, and pension funds—to allocate within their respective frameworks. This is also why, despite the popularity of Crypto in recent years, mainstream funds find it difficult to systematically engage. It's not that they don't want to invest, but there isn't a set of investment language that can pass the investment committee. In other words, Crypto has rarely been able to provide a complete set of standardized investment strategies: how to value, how to build positions, how to adjust positions, stop-loss rules, exit paths, expected returns, risk control indicators, etc. If these questions cannot be answered clearly, no matter how convinced a Crypto Lead at a comprehensive fund is that blockchain is the future, they can only persuade their boss to take a 1% exploratory position. However, from Grayscale's Trust to ETFs to crypto stocks, the entire story has changed. These structured products package a coin into different financial products to sell to different institutions. For hedge funds that engage in convertible bond arbitrage strategies, buying MSTR's convertible bonds and then hedging with stocks can earn a risk-free annual return of 20%. They are pouring in significant amounts of money, not to bet on the future of BTC/ETH, but to run strategies and structures: futures arbitrage, convertible bond arbitrage, mNAV premiums and discounts, portfolio hedging. This is what they have been doing for decades, and there is a very clear framework for how to invest, allowing them to pour money in without burden.