Stop issuing coins and go public.

Recently, Morph, a public blockchain project under Bitget, announced the cancellation of its planned new token issuance and will instead directly adopt BGB (Bitget’s platform token) as its public blockchain token. This move took the market by surprise and triggered a large-scale rights protection campaign by users who previously purchased NFTs or nodes: The apparent reason was said to be problems with the original business model.

But in our encryption industry, we can do business slowly!

Personally, I think the real reason behind this is very realistic: issuing coins is no longer profitable.

In the bull market of 2021, a new token could easily bring in hundreds of millions of dollars in financing, but the situation is very different now.

Insufficient liquidity makes it easy for new coins to "open high and close low";

Market aesthetic fatigue has weakened retail investors' interest in the "new coin narrative";

Institutions prefer sustainable exit methods.

In comparison, IPOs (listings) have become a more effective capital tool. For example, Bullish raised $1.1 billion through its US IPO, reaching a market capitalization of nearly $10 billion on its first day of trading. This valuation far exceeds the market capitalizations of most exchange-traded tokens, including OKB (with a market capitalization of $4 billion) and BGB (with a market capitalization of $5 billion). This demonstrates that the capital market's recognition and exit efficiency have surpassed the simple coin issuance model.

With Bullish in front and OKX behind, will Bitget also go public?

The direction of the exchange is becoming increasingly clear:

Bullish has successfully landed on the U.S. stock market with the help of IPO;

OKX is also actively preparing for its listing;

Against such a background, it would not be surprising if Bitget also goes on the road to listing in the future. The Morph public chain's choice of BGB, rather than issuing a new coin, sends a signal: BGB can be separated from exchange operations like BNB and OKX, becoming a public chain utility token, thus clearing the way for a listing. In the past, when we talked about "altcoin season," we always focused on the sharp rise and fall of small on-chain coins. But in the future, "altcoin season" is likely to occur in the US stock market: After multiple rounds of baptism, today's crypto investors have become very savvy, far less steadfast than stock investors (who are often foolish but have a lot of money). In other words, the next wave of frenzy may not occur on the chain, but may occur directly on Nasdaq and the New York Stock Exchange.