加密貨幣風險投資公司 Framework Ventures 已達成協議，以約 4,500 萬美元收購上市抵押貸款發行商 Better.com 10% 股份。此次入股直接對應 Better.com 計劃推出的抵押貸款代幣 Home Token，底層資產由 5 億美元規模的抵押貸款及貸款組合支撐，初期僅向合格投資者開放。
投資邏輯：Framework Ventures 為何押注 Better.com
Framework Ventures 是 DeFi 生態系統 Sky 的最大支持者之一，截至週一， Sky 的生態資本規模約為 180 億美元。 Sky 以包括抵押貸款在內的現實世界資產（ RWA ）支撐其穩定幣體系，入股 Better.com 可直接將規模化的住房貸款資產引入其 DeFi 架構。
Framework Ventures 聯合創始人 Vance Spencer 表示，此次投資旨在「以穩定幣為橋樑，將加密貨幣計價世界與公開股票市場連接起來」，明確指向傳統資本市場與去中心化金融的跨界整合戰略。
Home Token 結構設計與發行框架
Better.com 計劃透過與 Sky 的合作架構發行 Home Token，由 5 億美元抵押貸款及貸款組合作為底層資產，持有者可獲得相應收益分配。
Home Token 的核心設計要點
底層資產：5 億美元抵押貸款及其他貸款組合
初期資格限制：僅向合格投資者開放，尚未設定公開上線時程
發行架構：透過 DeFi 生態系統 Sky 進行代幣化部署
零售擴展規劃：Vishal Garg 表示將研究如何讓消費者取得代幣，具體方案待定
Better.com 創始人兼 CEO Vishal Garg 指出，代幣化的核心目標是「剔除多層中介機構」，以顯著低於市場平均水準的融資成本為消費者提供更具競爭力的抵押貸款利率。
Better.com 市值背景與代幣化的行業意義
Better.com 原計劃於 2021 年以 77 億美元估值上市，2023 年正式掛牌首日股價暴跌逾 90%。截至週一，公司市值約為 4.5 億美元，此次 Framework Ventures 的入股隱含估值與當前市值相當。
Better.com 加入貝萊德（ BlackRock ）、富達（ Fidelity ）等機構的代幣化行列，成為最新一家將傳統金融資產上鏈的上市公司。支持 RWA 代幣化的業界人士認為，此一過程可有效降低交易成本並提升資產流動性。
常見問題
Better.com 的 Home Token 是什麼？
Home Token 是 Better.com 計劃發行的抵押貸款代幣，由 5 億美元規模的抵押貸款及貸款資產支撐，持有者可獲得底層貸款的收益分配。代幣計劃透過 DeFi 生態系統 Sky 的架構部署，初期僅限合格投資者參與。
Framework Ventures 為何選擇投資 Better.com？
Framework Ventures 是 Sky DeFi 生態系統的核心支持機構，投資 Better.com 可將規模化的住房貸款資產引入其支持的 RWA 代幣化架構，實現傳統房貸市場與加密金融的跨界整合。
Home Token 何時向一般投資者開放？
目前尚無明確時程。Vishal Garg 表示公司計劃研究零售端的開放方案，但具體形式與上線日期均未公布，代幣的正式名稱亦尚未確認。
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