Empire Cross-Post: The Crypto Treasury Playbook With Ben Forman & Josh Solesbury From ParaFi Capital
Episode publishedPodcast: Bell CurveBell Curve
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What's actually interesting here is, like, the barriers to entry to copy micro strategy, at least at a small scale. Like, you need a shell legal entity, and I guess, like, a half half decent management team. A lot of these management teams aren't very good. But but, you know, it's actually, like, from a game theory standpoint, like, if you're a failing public company, this is actually probably, like, the most EV positive you know, one of the EV positive things you you can do in terms of pursuing this.
Quick shout out to today's sponsor, Katana. We'll hear more about Katana and their predeposit campaign later today. But for now, let's get into the episode. Hey, everyone. Quick disclaimer before we get into today's episode. Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and the views expressed by anyone on the show are solely our opinions, not financial advice. Our guests and I may hold positions in the company's funds or projects discussed. Today's episode is a cross post from Empire. Jason sat down with Be
Alright, everyone. Welcome back to Empire. We are doing, take two of a crypto treasury vehicles episode. The episode with Josh. We've got Josh from Perify. We've got, Ben Forman, who's, the founder of Perify, back on the show. So, Ben, Josh, welcome. Thanks,
Jason. Yeah. Excited excited to dig in.
Yeah. Josh, your episode from, when was it, forty five or sixty days ago is one of the the most listened to episodes of the year. So we, it seems like, crypto I don't even know the term. Like, crypto treasury vehicles or public token vehicles, is is hot. But, Ben, what are we calling these things these days?
I I've heard someone call them DATs, d a t, so digital asset treasuries, but just called DATs, which we'll see we'll see if that sticks. But, like, crypto treasuries, digital asset treasuries, there are a few other flavors of of what they're called. Yeah.
Well, anyways, I wanted to do I mean, there's been so much that's happened since that episode. So I just wanted to have you guys back on and discuss. I'm gonna read maybe from your guys' investor letter, Ben, that you send out to LPs, and we can we can maybe play off of that. So for for those who don't know and for those who missed the episode with Josh, the Perify has been one of the most active firms in the crypto treasury space. I think you guys had your January investment in Soul Strategies, which is a Canadian public vehicle, focused on Solana. But, Ben, kinda quoting you from your LP let
So I think there's a fundamental question that is kinda like the first principles question that I think should be addressed head on on this topic, which is why should $1 of Bitcoin held by a public company be worth more than $1? Because that's the dynamic that has existed and persisted with MicroStrategy, for now coming up on the past about two and a half years. It's traded at a pretty healthy premium to to NAV. And so the big question is why. And actually, you know, when I first encountered MicroStrategy, back when they were starting to do their convertible bond issuance, the first convertibl
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