⚡️ Just saw yesterday: Traditional energy and capital operation company Puxing Energy announced the subscription of Class A preferred shares of HashKey Holdings, becoming a shareholder of HashKey! Puxing Energy's stock surged over 240% — a new paradigm of coin-stock linkage, the "magical" offensive of Web3 going global. 1. Puxing's investment in HashKey is a signal of traditional capital entering the crypto space. Puxing Energy's choice to invest in HashKey is not merely a financial investment, but a clear signal of traditional capital's strategic shift towards the crypto sector. After Puxing invested in HashKey, its stock price skyrocketed, with Puxing Energy rising over 240%. This phenomenon inevitably reminds people of classic cases of coin-stock linkage: After Sun Ge acquired SRM, the market interpreted it as market-making behavior by Tron and Tether, driving up the prices of related assets; Similarly, EYEN announced the completion of a $50 million private placement in 2025 and purchased over 1 million tokens of the Hyperliquid platform, HYPE, becoming the first Nasdaq-listed company to hold HYPE tokens. Behind these cases often lies the logic of market makers — traditional companies attract market attention by investing in or acquiring crypto projects, creating expectations for active market-making by the project parties, thereby enhancing the imagined space for stock and coin prices. The logic of Puxing's investment in HashKey is similar. As a traditional enterprise backed by Wanxiang Group, Puxing not only brings capital but also traditional capital's endorsement of Web3. 2. New paradigm of coin-stock linkage: HSK's "MicroStrategy"-style rise. If we compare Puxing's investment in HashKey to the "MicroStrategy" of the crypto market, it may help us better understand the potential of this new paradigm. MicroStrategy has transformed itself into a "Bitcoin asset management company" by continuously increasing its Bitcoin holdings, achieving a deep binding of its stock price with Bitcoin prices. The collaboration between Puxing and HashKey also demonstrates the possibility for traditional enterprises to tap into the dividends of the Web3 sector through investment in crypto assets. HSK, as the core asset of the HashKey ecosystem, carries multiple functions such as platform trading, governance, and ecological incentives. After Puxing's investment, market expectations for HSK have been further amplified. Recently, HSK's price performance has also been good, and I have been keeping an eye on it. Puxing's investment has endowed HSK with a "range attack" magical effect. The so-called "range attack" refers to HSK's rise not being limited to a single asset, but rather driving the resonance of the entire HashKey ecosystem and related assets. Whether it is the tokenized securities "GF Token" launched in collaboration with GF Securities or the deep binding with the Hong Kong government in the Web3 field, all are providing continuous momentum for HSK's rise. As @BTCdayu said: "Believe in the power of compliance and stablecoins, then patiently wait for HSK's turnover to end... I will keep a bottom position waiting for 10 times." 3. HashKey's compliance background and ambition for Web3 going global. HashKey's success is inseparable from its compliant, licensed exchange identity and the strong support of the Hong Kong government in the Web3 field. Compliance and policy support constitute the fundamental moat of HashKey. Its cooperation with traditional financial institutions, such as launching tokenized securities with GF Securities and jointly expanding crypto trading services with Guotai Junan International, further strengthens its role as a bridge linking traditional and crypto. This orthodox path for Chinese Web3 going global not only provides long-term value support for HSK. 4. Conclusion HashKey's compliance background, Hong Kong's policy support, and the coin-stock linkage effect brought by Puxing's investment all provide solid support for its future development. In the context of increasingly strict Web3 regulations, HashKey's compliance advantage will become its core competitiveness for going global. Backed by the policy support of the Hong Kong government and HashKey's compliance advantages, HSK will see the most direct value performance. "Those holding HSK are rising, that's magic." For us, closely watching the movements of $HSK, we still have opportunities. @HashKeyGroup