Daily Observation of Cryptocurrency Concept Stocks: PayPal Launches "Merchant Treasury," Reddit Validates "ETH Fuel Theory"

1. Infrastructure Downstream of Payment Giants: PayPal's "PYUSD Auto-Sweep"

Yesterday, PayPal (NASDAQ: $PYPL) launched a disruptive feature for its enterprise accounts: PYUSD to BTC auto-sweep conversion.

In the past, merchants receiving stablecoins on PayPal typically chose to convert them to fiat currency. The new feature allows over 30 million global merchants to set a threshold (for example, 10%) to automatically convert daily revenue in stablecoins to Bitcoin and deposit it into a compliant corporate custody vault provided by PayPal. This marks that PayPal is not only acting as a channel but is also leveraging its vast network to widely promote the practice of "Bitcoin treasury" among traditional small and medium-sized retail merchants.

2. The "Fuelization" of Digital Assets: Reddit's ETH Consumption Model

In the financial supplementary disclosure for the first quarter, Reddit (NYSE: $RDDT) showcased the allocation of ETH and MATIC (now POL) in its treasury.

Unlike mining companies' "dead holding," Reddit clearly stated that its held crypto assets are directly used to pay for Gas fees (network fuel fees) for its decentralized community points and digital avatars operating on the public chain. Yesterday's analysis report pointed out that Reddit is the first Web2 giant to prove to Wall Street that "crypto treasuries are essential operating expenses for modern internet companies, not just speculation."

3. Wall Street's "Tokenized Proxy": Fidelity Tests On-Chain Shareholder Voting

Another discreet yet far-reaching move yesterday came from traditional asset management. Fidelity (NYSE: $FNF) announced that it successfully tested blockchain-based shareholder identity verification and voting tracking in a proxy vote for a small public company.

This aligns with Nasdaq's ongoing promotion of "stock tokenization." Once the shares of a public company are verified on-chain, using digital assets in the corporate treasury (such as holding public chain tokens for network processing priority) for real-time dividend distribution and equity governance will completely eliminate the current cumbersome T+2 settlement and offshore proxy systems.

First Quarter Review Summary: From "Asset Defense" to "Native Applications"

Based on yesterday's closing and the trends throughout the first quarter, the core moat of the crypto stock market has evolved. The era of relying solely on issuing bonds to buy coins and profit from price differences is nearing its peak; entering the second quarter, the market will assign higher valuation premiums to companies that can truly integrate crypto assets (such as PayPal's channel empowerment and Reddit's ecological consumption) into the core of their business.

Data source: https://bbx.com/ Crypto concept stock information database, compiled based on yesterday's announcements from global listed companies and SEC/TSE disclosure documents.