Web3’s Shift: From Tokens to Corporations – The New Era of Capital Markets

In 2025, HashKey Holdings Limited became Hong Kong’s first crypto asset stock, signaling a significant structural shift in the industry. This marks the transition from token-only financing to the integration of corporate entities and equity capital markets. We explore this new model, addressing why it’s vital for Web3 projects to adopt ‘corporatization + equity financing’ for long-term success. The article analyzes key factors driving this change: regulatory pressures, investor demands, and emerging trends like stablecoin issuance and RWA tokenization.