Empire Cross-Post: The Crypto Treasury Playbook With Ben Forman & Josh Solesbury From ParaFi Capital

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Jul 15, 2025

Guest

Josh Solesbury

Guest

Ben Forman

Ben Forman, founder of ParaFi Capital and active crypto treasury investor, joins forces with Josh Solesbury, an expert on publicly traded crypto vehicles. Together, they unravel the complexities of Bitcoin and Ethereum in corporate treasuries. They discuss innovative strategies that public companies use to leverage crypto holdings, the impact of regulatory changes, and the rise of crypto treasury vehicles. The duo also underscores the importance of long-term thinking and management quality in navigating the volatile crypto landscape.

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INSIGHT

Why Treasury Vehicles Outperform Tokens

Public crypto treasury companies can outperform underlying token prices by increasing units of Bitcoin or ETH per share over time.
They use capital market instruments like convertible bonds and preferred equity to grow NAV per share.

INSIGHT

Macro Boost for Treasury Vehicles

The current macro and regulatory environment is highly conducive for crypto treasury vehicles to flourish.
Many failing public companies use Bitcoin treasury strategies as an efficient way to create value amid limited alternatives.

INSIGHT

MicroStrategy's Convertible Bond Power

MicroStrategy is the largest convertible issuer in the U.S., owning about 3% of the entire market.
Liquidity and option volume enable greater capacity to issue convertible bonds, fueling their Bitcoin accumulation strategy.

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Gm! Ben Forman and Josh Solesbury from ParaFi Capital join Yano for this episode to dive into all the details, developments, the good and the bad and the future for publicly traded crypto vehicles!

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Timestamps:

(0:00) Introduction

(1:53) Parafi Investor Letter

(2:41) Digital Asset Treasuries Overview Today

(10:03) Katana Ad

(10:24) Why Q2 + Q3 For Public Crypto

(15:36) Largest Convertible Issuer

(22:18) Scale of Public Crypto Treasury Vehicles

(23:49) Katana Ad

(24:22) Green Flags To Launch A Treasury Company

(37:10) Reputational Risks

(40:38) Why don't Treasury vehicles Impact native token price action

(48:35) Citrea Ad

(49:11) Crypto Treasury Vehicles For Top 50

(56:13) Low Capital Market Crypto Liquidity

(58:33) Top Signals

(1:05:20) The End Game

Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.