A new wave of smaller, loss-making companies is pivoting into crypto by issuing digital-asset tokens to tap investor interest and capital. Several firms with unrelated legacy businesses have rebranded around blockchain narratives and launched tokens, drawing speculative flows despite limited fundamentals. Market watchers warn of sustainability risks and urge diligence on token economics, disclosures and governance. The trend underscores froth at the edges of the market even as institutional participation grows elsewhere in digital assets.