The 'middle class' user opportunity

In this combined episode of Unchained, Steven Ehrlich first breaks down why crypto treasury stocks (DATs) have swung from massive premiums to deep discounts, why comparisons to GBTC can be misleading, and why buying these stocks isn’t a clean arbitrage trade but a long-term, high-conviction bet.

You can read Steve’s full report here and you can subscribe for 95% OFF before the end of year! 😱

Then, Figment Capital’s Dougie DeLuca zooms out to the broader shift underway. As fintechs and institutions embrace blockchain infrastructure, he argues that “crypto as we know it” may be fading—and that crypto natives risk being left behind unless they adapt to real users, sustainable products, and mainstream distribution.

Need liquidity without selling your crypto? Take out a Figure Crypto-Backed Loan, allowing you to borrow against your BTC, ETH, or SOL with 12-month terms and no prepayment penalties. They have the lowest rates in the industry at 8.91%, allowing you to access instant cash or buy more Bitcoin without triggering a tax event. 

Thank you to our sponsor, Figure!

Unlock your crypto’s potential today at Figure! 

Guests:

• Dougie DeLuca, Investor and Researcher at Figment Capital

• Steven Ehrlich, Executive Editor at Unchained

Links:

• Unchained:

• Coinbase Launches Stock Trading and Prediction Markets

• Inside Robinhood’s Big Super App Plan: ‘There’s Still a Lot of Work to Be Done’

• Dougie's “Crypto is Dead” article

Timestamps:

• 👏 0:00 Intro

• 📘 1:16 What a DAT actually is and why mNAV matters more than most people think

• 📉 5:16 How deep the discounts really are and why some of them are optical illusions

• ⚖️ 7:12 Whether mNAVs should trade back to 1 and when that assumption breaks

• 🔁 8:59 How this compares to the GBTC discount and why the analogy can be dangerous

• 🧱 13:44 Why many DATs are stuck below mNAV and what’s structurally holding them down

Learn more about your ad choices. Visit megaphone.fm/adchoices