Through conversations with crypto’s brightest lights, Gwart embarks on a one-man crusade to find the real value of cryptocurrency. Once weekly episodes with guests.
Pseudonymous, Gwart is a crypto-Twitter troll and thinkboi seeking answers to non-existent problems in blockchains. Follow along for the most colorful conversations in crypto.
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Through conversations with crypto’s brightest lights, Gwart embarks on a one-man crusade to find the real value of cryptocurrency. Once weekly episodes with guests.
Pseudonymous, Gwart is a crypto-Twitter troll and thinkboi seeking answers to non-existent problems in blockchains. Follow along for the most colorful conversations in crypto.
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Welcome back to The Gwart Show! Today, Josh Lim from FalconX joins us to talk about the massive boom in corporate crypto treasury vehicles. We talk about how these deals work, from management teams and investment bankers structuring vehicles to raise capital, to the 45-60 day liquidity windows and 2-6x NAV premiums investors are seeing. Josh explains the Michael Saylor playbook, yield strategies, and whether this trend is sustainable or headed for a crash.
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Notes:
• Treasury vehicles see 45-60 day liquidity windows
• Some trade at 2-6x NAV premiums currently
• $4 billion new Bitcoin vehicle announced recently
• Circle IPO traded at $230 per share peak
• MicroStrategy model being widely replicated
• 3-5 month timeline for SPAC conversions
Timestamps:
00:00 Start
00:46 Josh's background & FalconX
03:12 Arbelos Markets
04:03 Market overview
07:03 Digital asset treasury companies
11:07 Starting a treasury vehicle company
12:36 Hostile takeovers?
16:06 Deal structure
21:17 LOL "Management team"
23:09 ROI for investors
26:56 What's a healthy multiple?
28:19 Copy/Paste Strategy
29:32 Yield strategies
32:02 How does this fail?
35:40 Premium longevity
38:10 Out "Sayloring" Saylor, c'mon bro?
41:26 Alt Season go bye bye?
46:06 Trading on-chain, relic of the past?
49:30 24/7 trading
50:57 Prediction markets
53:24 Gwart's take on treasury companies
54:49 Josh's optimistic take
56:19 Circle IPO
57:29 Degen's gonna degen
59:05 Wrap
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The Gwart Show | Blockspace Media
Through conversations with crypto’s brightest lights, Gwart embarks on a one-man crusade to find the real value of cryptocurrency. Once weekly episodes with guests.
Pseudonymous, Gwart is a crypto-Twitter troll and thinkboi seeking answers to non-existent problems in blockchains. Follow along for the most colorful conversations in crypto.
