Which Types of Crypto Assets Make for Good Treasury Companies? - Ep. 885

In this episode of Unchained, Laura Shin interviews Guy Young, founder of Ethena Labs, and Rob Hadick, general partner at Dragonfly, about corporate treasury companies in the crypto space. They discuss the motivations behind creating these vehicles, the different structures they can take (SPACs, PIPEs, convertible debt), and how to evaluate their value. The conversation covers the role of institutional vs. retail investors, the problem of oversupply of VC capital in crypto, and the potential for these treasury companies to trade below NAV. They also touch on MicroStrategy's unique position and the broader implications for the crypto market, including the possibility of a "deflation" rather than a blow-up.