In this live panel from Permissionless IV, we unpack the rapid rise of token acquisition vehicles like MicroStrategy and Defi Dev Corp. We explore why institutions are using these vehicles to accumulate crypto faster, analyze premium-to-NAV dynamics, discuss the evolution from equity issuance to innovative debt structures like converts and moving strike warrants, and debate sustainability risks if NAV premiums collapse. Enjoy!
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Timestamps:
(00:00) Introduction
(01:05) The Rise of Crypto Treasury Companies
(07:45) What Catalyzed this Trend?
(08:27) Ledger Ad
(09:24) What Catalyzed this Trend?
(14:17) Unpacking the Capital Structure
(20:26) Risks to Crypto Treasury Companies
(22:06) Ledger Ad
(23:00) Risks to Crypto Treasury Companies
(30:53) Asset Unwind Risk
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Disclaimer: Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.
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