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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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