Unchained Which Types of Crypto Assets Make for Good Treasury Companies? - Ep. 885
14 snips
Aug 12, 2025 
Guy Young, founder of Ethena Labs, and Rob Hadick, General Partner at Dragonfly, delve into the future of Digital Asset Treasuries and the rise of Stablecoin X Assets. They discuss why altcoins could soon join Bitcoin and Ethereum on public markets. With $360 million backing for a SPAC merger, they're testing the waters for altcoin treasuries. The duo also debates the intricacies of crypto valuation, the allure of ETH staking rewards, and whether these trends bring lasting value or just reheated concepts.
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Bridging TradFi And Crypto Growth
- Ethena created a public treasury vehicle to connect TradFi demand to crypto-native growth.
- The goal is to make altcoin-native businesses investable to institutional equity markets.
Investor Fit Determines Which Treasuries Make Sense
- Dragonfly backs treasury vehicles where they already hold conviction in the underlying protocol.
- They avoid BTC/ETH/SOL vehicles because institutional access to those already exists.
Build Real Revenue Before Tokenization
- Build products that generate real revenue and user adoption before tokenizing or seeking public capital.
- Winners will separate like the MAG7 in equities and attract TradFi underwriting.