Everyone Wants a Bitcoin Treasury
Also slang memecoins, LQR House, collusion on earnings calls and three-page résumés.
The basic idea is that the US stock market will pay $2 for $1 worth of crypto. If you have a pot of crypto, you should merge it with a small US public company, because then your pot of crypto will be worth twice as much. This creates weird dynamics. I mean, it is a weird dynamic, but it creates further weird dynamics. Two are:
On the first point, we talk a lot around here about small public companies that get gobbled up by crypto entrepreneurs so they can pivot to being crypto treasury companies. But this is inefficient and haphazard: If you want to take a pot of crypto public on the stock exchange, why should you have to find some defunct public biotech company, negotiate with its executives, strike a deal, lay off the biotech researchers, etc.? Why shouldn’t an investment bank just be in the business of supplying pristine public listings, so instead of pivoting some biotech/toy/liquor/whatever company to crypto, you can just start with a blank slate?