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
