Bloomberg: As the crypto industry shifts toward equity financing, Polymarket’s hint of issuing tokens stands out as particularly abrupt.

According to Bloomberg, Shayne Coplan, founder and CEO of Polymarket, previously hinted the platform might release important news, sparking widespread community speculation about a token launch. However, at Singapore’s Token2049 conference, he only expressed optimism about on-chain assets and did not announce a specific token issuance plan, drawing dissatisfaction from some users. Meanwhile, the crypto industry is gradually shifting from token-based financing to equity financing. Data shows that from January 2025 to February 2026, less than 10% of tokens listed on major exchanges generated positive returns. Cross-chain protocol Across is phasing out its token and allowing holders to exchange it for company equity; asset tokenization platform Centrifuge is also pursuing a similar transition. Centrifuge CEO Bhaji Illuminati noted that tokens could act as a barrier for firms to attract traditional financial institutions, as some institutions are restricted by internal rules from holding tokens and fear anonymous token holders may influence project decisions. Previous reports said Polymarket is in a new financing round with an alleged valuation of $21 billion, and is expanding its institutional business via moves like hiring former Goldman Sachs partners. Against the backdrop of a slumping token market and institutional investors’ growing focus on compliance and governance, more crypto firms are re-evaluating the need for token issuance and turning to traditional equity financing.