Bitcoin Treasury Companies Are Taking Off. Could They Eventually Crash? - Ep. 843
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You're buying MicroStrategy today at two times NAV or, you know, a two two x premium, you're effectively buying, like, half a Bitcoin as opposed to about 1 Bitcoin in the spot, right? Which which seems irrational. But MicroStrategy has proven over time by using financial engineering, whether that's selling a stock or selling converts in an accretive way, they can actually acquire more Bitcoin. And and there's this new, metric that people should focus on, which is, you know, Bitcoin per share. And so you're saying, if you're buying MicroStrategy today at half Bitcoin per share, if they can grow
Hi, everyone. Welcome to Unchained, your no hype resource for all things crypto. I'm your host, Laura Shitt. Every episode, we're featuring your comments. Here's what Hugh Naylor on Farcaster had to say about our recent REV debate between Tom Dunleavy and Austin Fadera. Love these spicy takes, whether agreed with or not, I get tired of podcasts where people always agree and or say the uncontroversial. Do you agree or disagree? You'll have to tune in and let us know. Write a review of the podcast overall or leave a comment on our video on Farcaster YouTube r x. This is the 05/30/2025 episode of
Laura. How are you? Nice to be on. Nice
to have you. The crypto treasury company's trend is in full swing. This week alone, Trump Media got in the game by announcing it was raising $2,500,000,000 to buy Bitcoin. Publicly traded Sharplink Gaming raised $425,000,000 to create an ether treasury company. GameStop announced a $500,000,000 purchase of Bitcoin, and Vivo Power raised a hundred and $21,000,000 to launch an XRP treasury. Why do you think we're seeing this trend take off now? It's
a great question. I think there's a little bit of a product of history and the right moment in time. As far as a product of history, I'd say in a lot of ways, we at Pantera sort of unwittingly started this trend a a few months ago when, we, structured and seeded the first deal in The US, which was a Defi Dev Corp or at the time known known as Genover. And, it received really strong market reception, certainly stronger than we had originally underwritten. And, as people saw that, pretty soon thereafter, there were a couple more deals, notably the Canter deal, where there was a Canter despeck th
Yeah. And, of course, the granddaddy of all these companies is MicroStrategy, or formally MicroStrategy now, strategy. Let's talk a little bit about how these companies are structured because, it seems that they're all using sort of, like, different terms to raise money for these, purchases of, you know, usually Bitcoin, but, sometimes other cryptos. You know, what are the different types that that can occur? And, you know, if you could even also lay out, like, which ones are riskier than others, that
would be helpful. Yeah. Let's start with their two large types of transaction structures, and then there's a few different tools they can use within those transaction structures. So, the two most common types of transaction structures we've seen are, one, you can either go through a SPAC route. And so, you know, they're they're large SPACs are basically large WingCheck companies that have a lot of capital. Canter Equity Partners is the largest de SPAC in the last couple years. And they, you know, they'd raised a bunch of capital, and, they added on, big data reverse merger with a Bitcoin holdi
And, if, like, from an investor standpoint, are certain, you know, either structures or, you know, ways of financing the purchases, are they considered riskier or better or just different?
Yeah. They're th
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