The Gwart Show | Blockspace Media Inside Crypto Treasury Deals With Josh Lim
FILL OUT THE SURVEY BY CLICKING HERE
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.
Subscribe to the newsletter! https://newsletter.blockspacemedia.com
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
👋 Enjoy the clip? Click below to listen on a podcasting app!
Apple http://tiny.cc/e7wuwz
Spotify https://tinyurl.com/aj3ymv6h
RSS http://tiny.cc/wbwuwz
YouTube https://tinyurl.com/4kwhu4s7
👋 The Gwart Show is proudly presented by Ellipsis Labs! Ellipsis Labs is building foundational products in DeFi. Their first product @PhoenixTrade is the leading orderbook DEX on Solana. The team is growing—visit ellipsislabs.xyz for engineering opportunities.
Learn more about your ad choices. Visit megaphone.fm/adchoices