Recently, I observed an interesting phenomenon— a company holds 2 million SOL on its books, yet when the stock price has fallen by 95% and the market cap is only a little over 100 million, it still plans to raise 10 billion in funding. This situation itself is quite ironic, but it also exposes a bunch of issues that arise from the mixing and collision of crypto assets and traditional equity markets.

Let's start with the most straightforward contradiction: based on the recent SOL average price of $100, 2 million SOL is worth about $200 million. This figure already exceeds the company's current total market cap. Such a situation where "asset scale surpasses company valuation" is almost nonexistent in traditional capital markets—either indicating that the stock is severely undervalued or hiding significant risks. But in the crypto space, this kind of disparity is quite common—after all, SOL prices can double or halve within a short period, making the actual worth of 2 million SOL essentially a suspense.

The real issue lies in liquidity. Want to convert all 2 million SOL into cash? That could directly cause a market dump, trigger panic, and cause SOL prices to plummet, ultimately resulting in far less cash than the on-paper number. This is also why, despite holding large amounts of crypto assets, sometimes they can't directly serve as "hard currency" for company financing.