Pharos and GCL New Energy: A Strategic Investment and the Rise of RWAs in Blockchain

Hong Kong, March 16, 2026 – Pharos, a high-performance parallel Layer 1 blockchain, has secured a strategic investment from GCL New Energy (HKEX: 0451), valuing the blockchain project at nearly $1 billion. This collaboration marks a significant step towards integrating Web3 infrastructure with traditional energy markets and highlights the growing trend of Real-World Asset (RWA) tokenization within the blockchain space.

The Investment Details

GCL New Energy finalized its investment in Pharos on March 13, 2026, following an initial announcement on January 8, 2026, and completion of regulatory disclosure procedures required by the Hong Kong Stock Exchange (HKEX). The investment amounts to $24.73 million. The deal is structured as a mutual investment with phased delivery and performance-based conditions, largely favoring GCL New Energy.

A Blueprint for Web3-Mainstream Integration

This transaction is noteworthy for its transparency and adherence to regulatory standards, setting a precedent for institutional involvement in the Web3 ecosystem. Unlike typical Web3 funding rounds, the completion of the HKEX disclosure process demonstrates Pharos’s ability to meet the scrutiny of public market regulators and global financial institutions. This establishes a blueprint for interfacing decentralized protocols with mainstream capital.

Bridging Blockchain and Energy Markets

GCL New Energy, a leader in “Power-Compute Integration,” has already pioneered blockchain-based solutions for energy revenue tokenization and cross-border settlement. This synergy aligns well with Pharos’s focus on RWAs, particularly in the energy sector. Currently, 51% of assets locked on the Pharos blockchain are new energy assets from distributed photovoltaic operators and centralized power plant operators, while 49% are financial assets from fund management companies and credit asset issuers.

The Valuation and Unlocking Conditions

The $950 million valuation is based on the total on-chain locked market value, using a calculation factor of 4.75 times the $250 million in locked assets. However, the investment is contingent upon several unlocking conditions tied to the performance of the Pharos Token after its listing on a Web3 exchange:

• Phase 1 (50%): Successful listing on a Web3 exchange with an opening price no lower than the agreed investment price.
• Phase 2 (12.5%): Average daily Fully Diluted Valuation (FDV) of at least $760 million in the three months prior to listing.
• Subsequent Phases: Similar FDV requirements extending from the fourth to the twelfth month post-listing.

As the Pharos Token meets these conditions, GCL New Energy will receive shares in Pharos, and Pharos will receive tokens from GCL New Energy, mirroring the unlocking ratios.

Potential Risks and Considerations

While the deal appears beneficial for both parties, concerns have been raised regarding the potential for market manipulation and inflated valuations. The stock price of GCL New Energy experienced a notable increase prior to the official announcement, raising questions about insider trading. Pharos has only publicly disclosed a total funding of $8 million, which may present a funding gap even if the investment conditions are met.

Implications for the RWA Landscape

The Pharos-GCL New Energy deal highlights the growing interest in RWAs within the blockchain space. However, it also raises questions about the sustainability of high valuations in the current market and the need for greater transparency and regulatory oversight. The transaction’s structure, involving the injection of physical assets into a Layer 1 project to justify a $950 million valuation, has sparked debate about the validity of such capital games.

Looking Ahead

The success of this partnership will depend on the successful listing of the Pharos Token and its ability to maintain a strong market valuation. The deal serves as a test case for the integration of traditional industries with blockchain technology and will likely influence future RWA projects and investment strategies.