Bitcoin Treasury Companies Are Taking Off. Could They Eventually Crash? - Ep. 843

Unchained

Laura Shin

News, Tech News, Business News

4.5 • 1.3K Ratings

🗓️ 30 May 2025

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Public crypto treasury companies are in the news right now. Just this week, Sharplink Gaming announced a $425 million raise to create an Ethereum treasury vehicle, backed by Consensys. Meanwhile, Trump Media said it will buy $2.5 billion worth of bitcoin. And in a headline grab, GameStop revealed a $500 million Bitcoin purchase. There’s even a newly launched XRP treasury company backed by Saudi royal capital. But why are these vehicles suddenly the structure of choice for accessing crypto exposure? What kinds of assets are best suited for them? And are they safe or a ticking time bomb? Pantera Capital’s Cosmo Jiang joins Unchained to unpack: The structures and strategies behind these companies Why Solana is appearing more than Ethereum (and what that says) How XRP’s brand power could matter more than its adoption The risks these vehicles pose to investors and to markets Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Bitkey: Use code UNCHAINED for 20% off Focal by FalconX Guest Cosmo Jiang, General Partner and Portfolio Manager for Liquid Strategies at Pantera Capital Links Previous coverage of Unchained on bitcoin treasury companies: Why Twenty One Capital Is More About Volatility Than Bitcoin Twenty One Aims to Buy as Much Bitcoin as Possible. Can It Succeed? Unchained: Trump Media Confirms $2.5B Capital Raise to Buy Bitcoin Consensys Leads $425M Raise for SharpLink Gaming’s ETH Treasury Plans The Block: GameStop buys 4,710 bitcoin for corporate treasury: filing CoinDesk: VivoPower Raises $121M to Launch XRP Treasury Strategy With Saudi Royal Backing Bloomberg: Cantor’s $2 Billion Bitcoin-Backed Lending Arm Makes First Deals The Stock Market Loves Bitcoin Timestamps: 👋 0:00 Intro 📈 1:57 Why crypto treasury companies are suddenly everywhere 🏗️ 5:03 How these vehicles are structured to raise and deploy capital 🎲 8:36 Which strategies carry more risk for investors 🔍 9:57 Pure-play crypto vs. operational businesses: what works better 💰 12:40 Why these companies often trade at a premium to their crypto 🔥 16:56 Why there’s more buzz around SOL than ETH in these structures 📣 19:44 How XRP treasury plays are unique … but tied to marketing, not tech 🙋‍♂️ 21:31 Why some investors prefer these stocks over holding actual tokens ⚠️ 24:12 Could these companies pose systemic risks to crypto markets? 📊 27:58 The key metrics to watch when valuing crypto treasury companies Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	If you're buying Microsoft strategy today at two times an half of a two X premium,
0:04.0	you're actually buying like half a Bitcoin as it's supposed to have one Bitcoin
0:07.1	being a spot, right? Which seems irrational. But Microtty has proven over time by using
0:12.4	financial nearing, whether that's selling a stock or selling converts in an accretive way,
0:17.4	they can actually acquire more Bitcoin. And there's this new metric that people should focus on, which is Bitcoin per share.
0:24.4	And so you're saying if you're buying MicroStratit today at half Bitcoin per share,
0:28.2	if they grow that Bitcoin per share 50% a year for two years, after two years, you have
0:32.9	1.1 Bitcoin per share.
0:33.9	So you're actually better off if they can grow Bitcoin per share quickly by owning by owning Micro Strategy at 2x premium than just buying 1x Bitcoin today.
0:45.3	Hi, everyone. Welcome to Unchained, your NoHive Resource for All Things Crypto. I'm your host,
0:49.9	Laura Schitt. Every episode, we're featuring your comments. Here's what Hugh Naler on Farcaster
0:54.8	had to say about our recent R-AV debate between Tom Dunleavy and Austin Federa. Love these spicy
1:00.2	takes, whether agreed with or not. I get tired of podcasts where people always agree and or say
1:05.4	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, or X. This is the May 30th, 2025 episode of Unchained. Imagine an AI that speaks crypto and does the work of a team of analysts. Introducing Focal by Falcon X, bringing clarity to a world of noise.
1:29.3	Visit askfocal.com.
1:32.3	Bitkey is the Bitcoin wallet from the team behind Square and Cash app.
1:37.3	It's the first two of three multi-sick hardware wallet with recovery tools that replace the need for a seed phrase.
1:43.3	Get 20% off with code unchained.
1:47.3	Today's guest is Cosmo Jiang, general partner and portfolio manager for Liquid Strategies at
1:53.0	Patara Capital. Welcome, Cosmo. Hey, Laura. How are you? Nice to be on. Nice to have you.
1:59.2	The crypto treasury company's trend is in full swing. This week
2:03.0	alone, Trump Media got in the game by announcing it was raising $2.5 billion at my Bitcoin.
	...

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