Which Types of Crypto Assets Make for Good Treasury Companies?  - Ep. 885
Unchained12 Aug 2025

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

Subscribe to the new Bits + Bips channels! 📺 YouTube 🎧 Podcast → Apple Podcasts, Spotify, Pocket Casts, Fountain🐦 X / Twitter In this episode of Unchained, Guy Young, founder of Ethena Labs, and Rob Hadick, general partner at Dragonfly, unpack the emerging wave of Digital Asset Treasuries (DATs) and why altcoins may be the next to follow Bitcoin and Ethereum onto public markets. They explain why StablecoinX, a new infrastructure company within the Ethena ecosystem, is merging with a SPAC to go public on Nasdaq under the ticker “USDE,” anchoring its treasury with Ethena’s ENA token. With $360 million in backing from investors like Dragonfly, Ribbit, Galaxy, and Polychain, the deal is testing whether public equity markets are ready for altcoin-native treasuries. Guy and Rob also discuss why some crypto wrapper stocks are trading at massive premiums, how capital gets misallocated in crypto, and whether ETH staking rewards represent real yield or just inflation. They debate whether this trend is creating lasting infrastructure or just new packaging for old narratives. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Mantle Re Guests: Guy Young, founder of Ethena Labs Rob Hadick, General Partner at Dragonfly Timestamps: 🎬 0:00 Intro 🧠 3:29 Why Ethena worked with a team launching an ENA corporate treasury company 💰 10:38 Ways to structure public crypto treasury vehicles 🕵️‍♂️ 16:53 Whether treasury vehicles are just a flashy wrapper for vaporware 📉 22:28 Why Guy says there’s way more VC capital than good ideas in crypto right now 📈 31:20 How some DATs are trading at eye-popping premiums 🤔 37:15 Why Dragonfly backed TLGY but skipped other Bitcoin, ETH, or SOL plays 🏗️ 40:24 How the structure of these public vehicles shapes their value 🔄 47:39 What makes convertible debt different from SPACs or PIPEs 🧾 49:20 How investors should think about these new crypto treasury companies 📊 55:43 How Wall Street is being pitched on Ethena and USDE 💥 59:16 Whether this trend is legit or just another bubble waiting to pop Learn more about your ad choices. Visit megaphone.fm/adchoices

Episoder(1084)

Uneasy Money: How Ethereum May Have One-Upped Bitcoin in One Big Way

Uneasy Money: How Ethereum May Have One-Upped Bitcoin in One Big Way

Thank you to our sponsors, Fuse: The Energy Network and MultiChain Advisors! What is the Moltbot buzz about? In this episode of Uneasy Money, hosts Kain Warwick, Luca Netz and Taylor Monahan delve i...

30 Jan 1h 14min

DEX in the City: How Crypto Exchanges May Be Holding Up the Market Structure Bill

DEX in the City: How Crypto Exchanges May Be Holding Up the Market Structure Bill

If you’re looking for help with crypto taxes, Crypto Tax Girl is offering $100 off for Unchained listeners. They provide personalized crypto tax reports and tax returns, and availability before April...

30 Jan 51min

Crypto Sentiment Is Down Bad. The Reality Is Far Different, Says Ryan Watkins

Crypto Sentiment Is Down Bad. The Reality Is Far Different, Says Ryan Watkins

Thank you to our sponsor, Adaptive Security! As AI makes deception easier, security gets harder. Adaptive runs deepfake and phishing simulations so your team can train for real-world threats. Explor...

29 Jan 29min

The DAO’s Unclaimed ETH Becomes a $220M Ethereum Security Fund

The DAO’s Unclaimed ETH Becomes a $220M Ethereum Security Fund

Thank you to our sponsor, Walrus! Walrus is where the world’s data becomes reliable, valuable, and governable. --- In this exclusive Unchained interview, Griff Green, one of the original DAO curato...

29 Jan 1h 24min

The Chopping Block: RWA Perps Go Parabolic, ClawdBot, & Superstate's $82M Raise

The Chopping Block: RWA Perps Go Parabolic, ClawdBot, & Superstate's $82M Raise

The crew breaks down Superstate's massive $82M Series B for tokenization, the explosive rise of TradeXYZ's commodities trading hitting $1B+ volume, different tokenization models from "bootleg" to "bac...

29 Jan 54min

Why 2025 Crypto Taxes Will Be Trickier Than Normal: What You Need to Know

Why 2025 Crypto Taxes Will Be Trickier Than Normal: What You Need to Know

If you’re looking for help with crypto taxes, Crypto Tax Girl is offering $100 off for Unchained listeners. They provide personalized crypto tax reports and tax returns, and availability before April...

29 Jan 1h 22min

Gold to $12,000 or “Sell Gold Today”? – Bits + Bips

Gold to $12,000 or “Sell Gold Today”? – Bits + Bips

Crypto taxes stressing you out? You don’t have to figure it out alone. We’ve partnered with Crypto Tax Girl, a crypto-focused tax firm that’s been helping investors since 2017, to give readers $100 o...

28 Jan 1h 6min

Bits + Bips: Why Gold Still Dominates — And What Bitcoin Must Prove

Bits + Bips: Why Gold Still Dominates — And What Bitcoin Must Prove

Gold is hitting new highs. Bitcoin is struggling to keep up. And once again, the “digital gold” narrative is being put to the test.On today’s episode of Bits + Bips: The Interview, host Steve Ehrlich ...

24 Jan 48min

Populært innen Politikk og nyheter

giver-og-gjengen-vg
aftenpodden
aftenpodden-usa
forklart
i-retten
stopp-verden
popradet
det-store-bildet
lydartikler-fra-aftenposten
rss-gukild-johaug
dine-penger-pengeradet
fotballpodden-2
rss-ness
nokon-ma-ga
hanna-de-heldige
aftenbla-bla
frokostshowet-pa-p5
unitedno
rss-penger-polser-og-politikk
rss-utenrikskomiteen-med-bogen-og-grasvik