Video | Weekly Market Analysis: PIPE transactions, are listed companies becoming on-chain protocols?

PIPE Transactions Revolution: Wall Street firms are adopting on-chain protocol strategies, with PIPE (Private Investment in Public Equity) transactions becoming a preferred method for crypto-native companies to go public or expand influence. This bypasses traditional IPO hurdles, offering speed and flexibility.
Notable Cases:
- Justin Sun’s TRON: Through a reverse merger with Nasdaq-listed SRM Entertainment, Tron Inc. plans $100M PIPE financing using TRX tokens instead of cash, potentially introducing TRX-based dividends. The move blends finance, politics, and family drama.
- Eyenovia’s Hyperion DeFi: The eye-drop tech company pivoted to crypto, holding over 1M HYPE tokens and running a staking node. It may secure an additional $100M via PIPE, aiming to be the first listed firm with HYPE as a core asset.
Global Crypto Vault Trend: Listed companies are diversifying beyond Bitcoin:
- France’s Blockchain Group holds 1,600 BTC, with a market cap 3x its Bitcoin value.
- Japan’s MetaPlanet (10,000 BTC) trades at 7x its BTC holdings.
- Hong Kong’s MemeStrategy added Solana (2,400 SOL), boosting its stock by 30%.
Why It Matters:
- Crypto vaults signal market alliances, not just asset holdings.
- Token-native firms (e.g., Solana, Ethereum, Sui) are rising, adopting multi-chain strategies.
- PIPE transactions are now a standard, fast-track path to crypto integration.
- Institutions are betting on a multi-chain future, not just Bitcoin.

This shift marks a new era where Web3 rules meet Wall Street, with listed companies acting as proxies for crypto projects.

Original: TheRoundTrip

Compiled by: Yuliya, PANews

Crypto vaults are no longer just "holding Bitcoin", but a new paradigm of multi-chain, native staking, and token dividends. We are witnessing a revolution: Wall Street companies are beginning to imitate the way on-chain protocols operate. PANONY and Web3.com Ventures jointly launched the English video program "The Round Trip". Co-hosted by John Scianna and Cassidy Huang, this episode will focus on one of the most talked-about trends in the current crypto market: PIPE transactions and the phenomenon of listed companies' large-scale allocation of crypto assets. From Tron's reverse backdoor listing on Nasdaq to Hyperion DeFi's use of tokens as capital and pledged assets, this transformation is reshaping the boundaries between "listed companies" and "crypto native protocols."

What is a PIPE transaction?

PIPE stands for Private Investment in a Public Equity. It refers to private investors injecting funds into a listed company at a price that is usually discounted. The advantage of this method is that it is fast and can avoid the red tape of the traditional IPO (initial public offering) process.

Today, PIPE transactions are increasingly becoming the preferred way for crypto-native companies to go public or expand their market influence. It is often combined with a "reverse merger" to provide crypto projects with a shortcut to "backdoor listing". Companies can skip lengthy road shows and dealing with bankers, become listed companies almost overnight, and quickly make global headlines, achieving instant listing and financing.

Two benchmark cases - Justin Sun's TRON and Eyenovia's HYPE

Justin Sun’s Capital Drama

The most sensational case recently came from Tron founder Justin Sun, who renamed the company Tron Inc through a reverse merger with Nasdaq-listed SRM Entertainment and planned to complete PIPE financing with $100 million in TRX tokens instead of cash. This move not only turned TRX into the company's core asset, but also hinted that a dividend mechanism based on TRX may be launched in the future.

Even more dramatic is that Justin Sun's father will serve as chairman of the board, and there are reports that Eric Trump may also join the company as an executive. This PIPE transaction is not just a financial operation, but also incorporates multiple dramas of politics, family and capital, which can be called the reappearance of "Justin Sun style". Looking back on the past, whether it is USDD benchmarking USDT, JustSwap copying Uniswap, or APENFT catching up with the NFT wave, Justin Sun has always kept up with the trend of the crypto market, copying the hottest models and commercializing them. In recent years, he has a close relationship with the Trump family. He is not only one of the largest holders of Trump-themed Meme coins, but also attended related dinners. He is well aware of the truth that "money speaks", and has successfully kept TRON at the forefront of the crypto market charts in multiple bull and bear cycles.

Eyenovia transforms into Hyperion DeFi, betting on HYPE

In addition to Tron, Eyenovia's transformation is also eye-catching. The company, which originally focused on eye drops spray technology, had a mediocre market performance, but through the combination with Hyperliquid, they are transforming into Hyperion DeFi, aiming to become the first listed company with HYPE tokens as its main asset. The company will not only hold more than one million HYPE tokens, but will also run a native staking verification node and actively participate in the construction of the Hyperliquid network. At the same time, a new CEO from the crypto world was hired to lead the company.

In addition, Hyperion DeFi may also obtain an additional $100 million in token subscription rights through the second round of PIPE transactions. If all options are exercised, the overall crypto holdings will exceed $150 million.

All this happened in less than a year after the HYPE token was launched in November last year, making it the "fastest token project to achieve listing configuration". Recently, the price of HYPE once reached $45. Although it has fallen back to around $36, its strong community mobilization and narrative construction have attracted great attention from the traditional capital market.

Lion Group invests $600 million to enter blockchain field

Another example is Lion Group , which plans to allocate multi-chain token assets with a total amount of up to $600 million. Although the full details have not yet been made public, it is certain that HYPE will be one of the core assets in its treasury. This type of "multi-currency treasury" strategy is becoming a new paradigm for corporate asset allocation, in stark contrast to the previous practice of holding only Bitcoin. Today, non-mainstream Layer 1 networks including Sui and Solana are also beginning to enter the vision of listed companies, providing companies with more diverse asset growth paths.

Global Wave - From Bitcoin to Multichain Vaults

The trend of public companies building crypto vaults has gone global and is no longer limited to Bitcoin.

In France, Blockchain Group, which holds about 1,600 BTC, has become one of the best performing stocks in France, with its current market value being about three times the value of its Bitcoin holdings.
In Japan, MetaPlanet, known as the "Japanese version of MicroStrategy", holds 10,000 bitcoins, and its stock price is nearly 7 times the value of its Bitcoin holdings.
In Hong Kong, MemeStrategy, backed by the founder of 9GAG, announced last week that it was adding Solana to its treasury. Its stock price subsequently rose by about 30%, and its current market value is about 222 times the value of its Solana holdings, which are about 2,400 SOL.

By comparing the NAV multiples of these companies, we can gain insight into the demand for different countries. For example, the 7x premium of MetaPlanet in Japan is much higher than the 3x premium in France, which shows that the demand for such investment targets in the Japanese market is more vigorous.

In contrast, SBET, backed by Ethereum co-founder Joseph Lubin, has performed relatively flat. Its share price once reached $100, but has now fallen back to $10-12. Its current market value is about $600 million, while its Ethereum holdings are worth about $442 million, with a NAV multiple of only 1.38 times. This seems to reflect that investors are less enthusiastic about Ethereum than other tokens in the public market, but this may also provide opportunities for contrarian investors.

Why is this important?

Why does all this matter? Because PIPE transactions and token treasury strategies are no longer just a passing trend, but represent a fundamental shift in the way public companies are approaching crypto. We have moved beyond the early stages of “holding Bitcoin on the balance sheet.”

Key trends we are witnessing include:

Crypto vaults become market signals: When a listed company announces that it holds TRX or HYPE, it is not just financial management, but also a strong market statement and ecological alliance.
The rise of token-native listed companies: Treasury assets are expanding from Bitcoin to Solana, Ethereum, Sui, Hype, etc., forming multi-token strategies tied to specific ecosystems.
PIPE transactions become the standard path: Imitating MicroStrategy, entering the crypto world through a "backdoor listing" is becoming a standard operation. It is fast, flexible, and does not have the heavy baggage of a traditional IPO.
Institutions bet on a multi-chain future: The actions of institutions show that companies are no longer just betting on Bitcoin, but are choosing a diversified layout that is closely integrated with various ecosystems.

We are witnessing the birth of a new group of listed companies that follow the operating rules of Web3 but perform on the Wall Street stage. This is not only a shift in corporate strategy, but also a shift in the operating paradigm of the capital market. As Justin Sun, Hyperion, MemeStrategy, etc. have shown, in the future, each mainstream crypto project may have a corresponding "listed representative".

And this is just the beginning.