Recently, there have been more and more interesting things happening in the US stock circle. Those small, not-so-noticeable listed companies are now starting to treat cryptocurrency as their main business. Reverse acquisition cases are happening frequently, and the single transaction amounts are becoming increasingly shocking. These companies directly abandon their original business lines, and their stock prices can double or even tenfold in a short period, with such speed that it catches people off guard.

A group of institutional investors in the crypto circle are making waves in the US stock market, truly telling their stories into the ears of Wall Street.

Take Sharplink Gaming as an example. In June this year, the company completed a $425 million financing, becoming the first Ethereum reserve company listed on the US stock market. As soon as the news came out, the stock price surged directly, once soaring over 10 times. Primitive Ventures, a fund involved in this investment, attracted a lot of attention in the circle. Their partner Yetta mentioned that about three months ago, when they invested in this project, there weren’t many people discussing such cases in the market, and it was hard to see how hot the scene would become now. In just a short one or two months, this track has become crowded.

There is an interesting phenomenon behind this: the liquidity in the crypto market itself is not very abundant, but the purchasing power on the institutional side is particularly fierce. The trading volume of Bitcoin ETFs has been steady, and the open interest of Bitcoin options on CME even exceeds the level of some leading exchanges. This indicates that institutional investors’ interest in assets like Bitcoin is indeed warming up.