Key Takeaways, Darling
Oh, the glamour! Ethena’s Guy Young, a vision in crypto-crystal balls, swears crypto treasuries will tame the wild VC beast. But beware, my dear, risk still lurks like a poorly concealed tryst. 💼💸
Ethena [ENA] Labs founder, the ever-so-charming Guy Young, insists crypto treasuries are the best shot at curing the dreadful VC token dump disease. Or so he claims, with a cocktail in hand.
Young confesses that even ENA is not immune to the dreaded VC sell-offs — because, heavens, liquidity is thinner than a Parisian soirée after midnight.
Yet, he suggests that borrowing a page from old-world markets might, just might, offer some relief from this overhang mess.
“You wanted a solution to the overhang of VC unlocks? Well, this is it (crypto treasuries).”
Crypto treasuries: Darling or Dagger?
VC unlocks happen when those early birds, the backers one might say, decide to waddle off with their preening feathers—selling off their holdings to recover their investments, darling.
Sadly, this tends to send the prices on a downward dance, leaving the retail belles and beaux with the tears—and the losses.
When the markets are feeling particularly gloomy, this sell-off becomes a bloody spectacle, no less dramatic than a soap opera.
Take Celestia [TIA], for example—plunged over 90%, all thanks to Polychain VC’s relentless dumping spree. Now some upstart wants to swoop in and buy Polychain’s TIA holdings. How charming.
This chaos led Crypto Twitter (CT) to declare VC-backed projects as ‘VC tokens,’ shunning them faster than a bad perfume—birthed, of course, was the memecoin supercycle of 2024. Oh, the glamour.
Real Money or Just Fancy Footwork?
Young, our dashing protagonist, admits most altcoins are more vapour than substance—’shitcoins’ in the parlance of the street. Peddling them via ETFs won’t turn the tide, he laments.
Conversely, humble old TradFi seems keen to back projects with real, tangible revenue—like Ethena, sweetie. Because nothing screams “trust” like a spreadsheet.
“But I do think this is an incredibly bullish development for a small handful of tokens where TradFi can underwrite a real business model benefiting from secular growth trends.”
In 2025, the corporate crowd has adopted crypto treasuries beyond Bitcoin [BTC] and Ethereum [ETH]. Why? Strategy’s success with Bitcoin, naturally—just look at their stocks, darling, soaring higher than a champagne cork.
And it’s not just about prices dancing out of control, but a sort of crypto treasury boutique—more fashionable than fad.
Positively… with a side of caution
The critics, ever the party poopers, warn that the debt loads, oh la la, could lead to a lovely market crash—liquidations galore, a real financial parlour game gone wrong.
Take Strategy: over $8 billion in debt, while Metaplanet keeps it modest at $116 million. How very bourgeois.
But Alex Thorn of Galaxy Research waves a dismissive hand—‘overblown’ he declares, saying most debts will be long forgotten by 2028. Cheers to that, eh?
Overall, crypto treasuries have been the financial equivalent of a well-choreographed dance—providing liquidity, darling, but with a lurking shadow of leverage risks. Cheers to the high-wire act!
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2025-07-26 14:21