The Milk Road Show

Why Digital Asset Treasuries Will Change Crypto Forever w/ Matt Zhang

Oct 21, 2025
In this discussion, Matt Zhang, founder of Hivemind Capital Partners and a veteran in crypto investing, dives into the transformative potential of Digital Asset Treasuries (DATs). He analyzes the challenges facing crypto VCs and highlights how regulatory shifts can boost institutional interest. Matt contrasts DATs with traditional ETFs, emphasizing their value creation methods. He also shares insights on the next bullish catalysts and what retail investors often overlook, making a compelling case for a changing landscape in digital asset investment.
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INSIGHT

Institutional FOMO Has Become A Boardroom Issue

  • Institutional sentiment flipped: not investing in crypto is now an active decision by boards.
  • Matt Zhang says many large allocators now ask why they are missing crypto exposure.
ADVICE

Expect Fundraising To Improve After Rate Cuts

  • Wait for capital recycling as rate cuts reopen IPO windows and funds redeploy into VC.
  • Use that timing to expect fundraising and DPI to improve for crypto VCs, says Matt Zhang.
INSIGHT

Two-Headed Problem Facing Crypto VC

  • Crypto VC weakness came from both macro liquidity misallocation and a micro shortage of high-quality projects.
  • Zhang notes too much capital chasing too few investable crypto opportunities after FTX and Terra.
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