In this episode of Unchained, Laura Shin interviews Cosmo Jiang from Pantera Capital about the trend of crypto treasury companies. They discuss the reasons behind the emergence of these companies, including the strong market appetite for crypto-related equities and regulatory clarity. Cosmo explains the different structures these companies use to raise money, such as SPACs and public shell companies, and the tools they employ, like PIPE and convertible debt offerings. He also shares his preference for pure-play acquisition vehicles and discusses which crypto assets are more suitable for these vehicles, highlighting Bitcoin and Solana. The conversation touches on the potential risks associated with these companies, such as leverage and forced selling, and concludes with a discussion on how to value these companies, emphasizing the importance of premium to NAV and future growth in Bitcoin per share.
