Unpacking The Crypto Treasury Meta
Episode publishedPodcast: Forward GuidanceForward Guidance
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Now that MicroStrategy has 600,000 Bitcoin, it is so big that I think it has a sovereign put. When
I think about the idea of a a crypto treasury vehicle and what it represents, which is the ability to accumulate crypto even faster than you could on your own.
MicroStrategy obviously started it, but it was really not that widely adopted until, you know, he really proved the strategy. People thought after the ETFs that the premium would collapse. I
do think that treasury vehicles are probably more attractive over time than ETFs. Exposure isn't the only answer for why these vehicles are are taking off.
So what is, like, the fundamental pricing that you should deserve for something like this? Well, I think it's simple. It's Nothing
said on Ford guidance is a recommendation to buy or sell any investments or products. This podcast is for informational purposes only, and the views expressed by anyone on the show are solely their opinions, not financial advice or necessarily the views of Blockworks. Our hosts, guests, and the Blockworks team may hold positions in the company's funds or projects discussed.
Alright. Good morning, everybody. Super excited to be here and talking all things unpacking the token acquisition vehicle meta. A very hot topic, feels like all everything's talking about right now. So super excited to be here, very excited to be joined by this esteemed panel. We got Dan Kang from DeFi Dev Corp. We got Tom Lee from Fundstrat, and David Grider from Finality Capital. Very excited to have you guys here. Feel free to just introduce yourself, what you do and why you're so interested in this current meta and what you focus on within it.
Yeah, thanks for having us. So I'm Dan Kang, DK. I lead investor relations for DeFi Dev Corp. We were the very first U. S.-listed company to announce a Solana treasury strategy. Today, we are the largest Solana treasury vehicle by ordinary and fully diluted market cap. A group of all former Kraken directors and executives as well. So I like to say we're very deeply crypto native. It's not our first rodeo in crypto. And I would say my interest in crypto treasury vehicles more broadly probably started, you know, taking a step back. I was a math major so I got very into crypto back in the day bec
So I'm just gonna make comments that to add what Dan said because, of course, I agree with all the the general ideas. I really started to look closely at crypto treasury because of MicroStrategy and Michael Saylor. And for us at Fundstrat, you know, we've been advocates of Bitcoin for over eight years now, but when MicroStrategy announced its treasury strategy it was really eye opening to see it traded a premium to their Bitcoin holdings, and that was like something that was very hard for our clients to reconcile. We ended up, of course, being pretty bullish on it, and it is part of our granny
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