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

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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

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