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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

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