Gold is banned from doing what Bitcoin and other Altcoins are doing on Wall Street.

Currently, there are no public companies in the United States that exist solely for the purpose of holding gold, but it is entirely feasible for a company to be listed with a focus on holding crypto — and this is actually happening.

While gold ETFs have existed for many years, the "treasury strategy" model like Strategy is not suitable for gold.

As stories surrounding cryptocurrency become increasingly popular, a new layer of public companies has emerged, with a strategy no longer based on operational revenue, but rather on the value of digital assets on the balance sheet.

These companies are putting cryptocurrency at the center of their corporate identity, turning tokens like Bitcoin, Ethereum, XRP, BNB, SOL, SUI, and now TON into the main pillars of their business valuation strategy.

Path-opening strategy, many companies follow suit

The strategy is the clearest precedent: from an enterprise software company, they have repositioned themselves as a fund that holds Bitcoin in essence, opening up a fundraising model based on speculative exposure rather than business effectiveness.

Similarly, Sharplink Gaming — previously focused on betting infrastructure — has recently added Ethereum to its treasury, becoming the first company listed in the US with a strategy centered around ETH. BitMine has also started to accumulate ETH and has even surpassed Sharplink's holding volume.

At the same time, some companies related to TON are emerging in foreign markets, adopting a similar structure — focusing on accumulating tokens instead of developing products.

Common model: raising capital, buying coin, listing publicly

The strategy of these companies has a similar model: raising capital, converting it into digital assets, and publicly trading as an indirect representation of that token. Their appeal does not come from the business fundamentals, but from the correlation with the crypto market cycle and the speculative mindset of retail investors.

Essentially, these companies operate as "asset shells", allowing investors to access highly volatile cryptocurrencies through the traditional stock market.

This is not a completely new mechanism in the financial industry, but it has become feasible due to legal loopholes. What makes this model different from traditional asset holding companies is the unique fit of crypto with the current regulatory framework of the SEC.

Why can't gold, real estate, or stocks do this?

Traditional assets cannot apply this treasury strategy.

• For example, if a company only holds gold without any substantive business activity, it will be classified under the Investment Company Act of 1940 — leading to a series of regulatory oversight like an investment fund.
• In addition, the existence of gold ETFs like GLD makes companies that only hold gold become redundant.
• Gold does not generate yield, and also lacks the factors that drive the narrative — an important factor in modern capital markets.

Real estate is also facing obstacles. Although REITs (Real Estate Investment Trusts) provide a clear legal framework, they are constrained by strict regulations on profit distribution and income verification. They tend to focus on generating yield rather than creating publicity effects or speculation.

Stocks or commodities are often held by corporations like Berkshire Hathaway, or in the form of inventory to serve business strategies. These assets are inseparable from practical activities, so it is not possible to build an independent treasury model.

Crypto is perfectly suitable for the treasury model.

On the contrary, crypto perfectly meets these requirements thanks to a combination of many factors: legal ambiguity, speculative potential, profitable staking capabilities, and incentive mechanisms from the token ecosystem.

Currently, businesses can fully recognize digital assets like crypto as "intangible assets" under GAAP accounting standards, and assert that it is treasury, strategic reserves, or part of the business model — without being considered an investment fund under the law.

For example: Holding ETH not only provides exposure to the price but also generates staking rewards, ecosystem credibility, and even the opportunity to receive airdrops.

No traditional asset can provide both technical and financial benefits at the same time.

The impact and potential of the "digital asset shell" model

Public companies holding BTC or ETH today operate like shadow ETFs, but without the regulatory burden. They are similar to early-stage venture capital investments, yet still maintain daily liquidity and public financial transparency.

For retail investors, these companies are like meme stocks, but there are actually crypto assets behind them supporting the narrative. The vision of "Companies holding Ethereum" once seemed fanciful, but now it has become a practical and effective strategy.

However, this model is still in a legal gray area. Classification risks will increase if the SEC or equivalent agencies consider it a disguised investment fund. As regulations tighten, such companies may be forced to convert into actual operating businesses, or separate their digital asset holdings.

However, under the Trump administration, this scenario almost did not happen — paving the way for a wave of new crypto treasury companies to continue to rise.

Conclusion

In the context of unclear laws, cryptocurrency is one of the rare assets that can serve as both a treasury and a communication tool, combining price growth, yield, and cultural relevance in one package. As the legal gap remains, this model will continue to exist and transform the act of "holding tokens" into an extremely profitable business strategy.

Thach Sanh