Bloomberg: As the crypto industry shifts toward equity financing, Polymarket's token issuance hints appear particularly out of place.

BlockBeats news, October 14: According to Bloomberg, Polymarket founder and CEO Shayne Coplan previously hinted that the platform might release important news, sparking widespread community speculation about a token issuance. However, at the Token2049 conference in Singapore, he only expressed optimism about on-chain assets and did not announce a specific token issuance plan, which triggered dissatisfaction among some users.

Meanwhile, the crypto industry is gradually shifting from token financing to equity financing. Data shows that from January 2025 to February 2026, fewer than 10% of tokens listed on mainstream exchanges achieved positive returns. Cross-chain protocol Across is gradually phasing out its token and allowing holders to exchange it for company equity; asset tokenization platform Centrifuge is also advancing a similar transition. Centrifuge CEO Bhaji Illuminati said tokens may become an obstacle for companies seeking to attract traditional financial institutions, as some institutions are restricted by internal rules from holding tokens and are also concerned that anonymous token holders could influence project decisions.

Earlier reports said Polymarket is conducting a new round of financing, with a valuation reportedly set to reach $21 billion, and is expanding its institutional business by hiring former Goldman Sachs partners and other measures. Against the backdrop of lackluster token market performance and institutional investors placing greater emphasis on compliance and governance, more and more crypto companies are beginning to reassess the necessity of issuing tokens and turning to traditional equity financing.