Sora Ventures founder Jason Fang said at Bitcoin Asia 2026 in Hong Kong that the crypto industry's narratives are shifting, not dying. Three years ago, when he and Metaplanet CEO Simon Gerovich were experimenting with the bitcoin treasury model, he did not expect the wave of adoption that followed, nor did he anticipate the emergence of terms like DAT. That storyline lasted only two years, according to Fang. With the market pulling back again, investors are now searching for the next major opportunity. Fang does not expect the next cycle to simply repeat meme coins or protocols. Instead, he said his firm is spending a large share of its time on RWA, real-world assets. In his view, RWA is far more than onboarding assets onto blockchain; some listed companies are now exploring ways to merge their own functions with tokens and tokenomics. Asked where smart money would move in the next 6 to 12 months, Fang said broadly into RWA, and more specifically into tokenized securities. His remarks came during a roundtable at Bitcoin Asia 2026, as reported by Foresight News.
A roundtable at Bitcoin Asia 2026 in Hong Kong heard Sora Ventures founder Jason Fang argue that the crypto industry has not run out of narratives; the stories are simply changing.
Fang recalled that when he and Metaplanet chief executive Simon Gerovich first tried the bitcoin treasury model three years ago, he never expected the response to become so large. Nor did he imagine that terms like DAT would surface in the industry. That narrative, he said, lasted only two years. Now that the market has pulled back again, people are asking where the next big opportunity lies.
Looking at the history of digital assets, Fang said the next direction will not be a repeat of meme coins or protocols. It will be something new. His firm is currently devoting a large portion of its time to RWA. He described RWA as meaning much more than putting assets on the blockchain. Some listed companies are already transitioning, exploring ways to combine the functions of a listed company with token and tokenomics design.
When asked about the moves of smart money over the next 6 to 12 months, Fang answered that the focus would be RWA in a broad sense and tokenized securities specifically. Foresight News reported the remarks from the conference.
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