Odaily News Haseeb Qureshi, managing partner of Dragonfly Capital, said that in each cycle, founders will chase the direction of "hot money". The last cycle was to issue tokens because the crypto capital market was extremely hot at the time; and this cycle is to push tokens into the stock market, similar to the operation mode of "treasury companies". However, he believes that this type of "treasury company" will not become the final form, and it is expected that this trend will continue for 1-2 years until the market heat subsides.