Which Types of Crypto Assets Make for Good Treasury Companies? - Ep. 885
Episode publishedPodcast: UnchainedUnchained
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Putting vaporware in an equity wrapper doesn't disguise the fact that it's still vaporware that's sitting underneath there. And, like, an equity wrapper doesn't change the fact that it's a bad business model. It doesn't generate revenue or any of these different pieces. And I think what this is gonna be the catalyst for is actually identifying what is that mag seven within crypto where these are the real businesses that are generating real revenues and continue to sort compound as winners going forward.
In crypto, what has happened is you've had a lot of traders masquerading as VCs. We're not playing the the premium to NAV game. Like, that is not what I think is the long term sustainability of of this type of vehicle. What what does it this type of vehicle exists for is it it's an access vehicle, and it's a, you know, a a distribution vehicle. And so that's what we were really excited about.
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Thanks, So
the show was inspired by a tweet thread that Guy wrote about why Athena decided to do corporate treasury vehicle. So just some background, Athena is doing a SPAC merger with TLGY Acquisition Corp, and they will be creating the entity Stablecoin X Assets, which is going to be a validator and infrastructure business supporting the Athena ecosystem. It's raised $360,000,000 in what's known as PIPE financing, which stands for Private Investment and Public Equity. And Dragonfly is one of many investors. The others include Rabbit Capital, blockchain.com, Pantera Capital, Parify Capital, Hunt Venture
Yeah, for sure. And maybe before we jump into that, I think obviously the comments that I'm making today are like my own views, and I'm not actually running the vehicle that's been set up. So there's a separate management team that's sort of, running it, making the day to day decisions, but I'm, obviously supportive of it and adviser to the vehicle itself. Yeah. So I think the context here was, we were approached at the beginning of, this year. Actually, I think before we'd seen as much frost within the segment of the market in terms of new vehicles coming to market. And the broader thesis was
And Rob, for you as an investor, what was your perception about why this was a good idea and why you wanted to invest?
Yeah. So I I think Guy's point, specifically as it relates to, you know, ENA and, you know, his his business, makes a ton of sense. You know, maybe to back up a little bit from a Dragonfly perspective, we primarily sat out these vehicles. So we haven't invested in any of the Bitcoin vehicles. We haven't invested in any of the Ethereum vehicles, none of the Solana vehicles. You know, our perception has been that there's actually good access points for, you know, institutional investors, and especially for us as crypto investors to get exposure to those assets. But there are, I think, certain ty
Yeah, I think something that's becoming clear here, kind of in this stage of crypto's adoption is just that so much of crypto's history was built on retail and just this
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