Ep 43 — Why it's not NAV but Native Yield with Leah and Max from Sol Strategies
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Welcome to the Deco podcast, where we bring you stories from founders and investors in Web three. Before we get started, this is not a financial or legal advice. It's just a conversation about things we find interesting in Web three. Views expressed are our own personal opinions. Deco members or guests appearing on the show may have positions on assets they talk about. Alright. Welcome to another episode of the Deco podcast. Today, we have with me Leah Walt, who's the CEO of Sol Strategies, and Max Kaplan, who is the CTO at Soul Strategies. Before Soul Strategies, Leah founded Valkyrie Investm
you for having us.
Okay. So before we get into what you used to do and, you know, all of that, first thing that I wanted to ask is, how do we reconcile these two things? Because Bitcoin started as, you know, suppose she wanted it to be peer to peer digital cash. And now we have a bunch of crypto assets which are on corporate's balance sheets, and it's you know, there are various vehicles for you to trade these assets on typical stock exchanges now. I think it's not necessarily valid, but it's probably a little bit of a detour from what we wanted these things to be at the beginning. So, you know, just make us mak
what do you think? Yeah.
So on the sorry. On the context of Bitcoin and Bitcoin and specs. Correct? Yeah. Yeah. Well, listen. So here's what I would say is that, you know, like, obviously, you know, in terms of treasuries. Right? MicroStrategy was really the first one that, you know, did the whole, you know, like, treasury type company, you know, with Bitcoin. Right? And, you know, they have done a fantastic, fantastic job. Right? And, you know, I think the results of the company really speak for itself. You know, for us, though, we really looked at things. And to be honest, it was really Leah because, you know, Leah
No. I think that was absolutely perfect. I completely agree. We're now seeing, obviously, lots of different treasury vehicles that are coming out. As Max mentioned, we see ourselves as different. We're focused on the underlying technology. But why Solana is important that, you know, at the time, especially when we launched our strategy, there was no ETFs. There was no other public vehicles that were focused on Solana. And, you know, the market was very interested in investing in Solana. And for all the reasons that made the ETF successful, they couldn't. There's still so many barriers to entry
So when Michael Saylor started doing this for MicroStrategy and, you know, people realized that, okay, this thing works because you get to borrow money either really cheap or at 0% interest rates and, you know, give bond or less that option to either, you know, convert it to stock or give out cash, whatever. Right? We'll get into the mechanics later. But I just want to understand the thought process behind, okay, the Bitcoin was fine. It was kind of acceptable. The market reacted fantastic to, you know, micro strategy doing this. What was it that allowed you guys to think that, okay. Now since
I'll jump in here. And you had a lot of different parts of that question, so I'm gonna try to hit them all. I think one of them was financing, and then one is generally strategic direction and, how all in we are and right is kinda what I'm hearing. So, yeah, I mean, as previously mentioned, what happened was originally, Soul Strategies was a company called Cypherpunk Holdings. And Cypherpunk Holdings was listed on the CSC, the Canadian Securities Exchange, in 2018 by a whole bunch of Cypherpunks, and they're amazing. So at the time, they put their they
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