Digital asset treasuries are companies holding crypto on their balance sheets, often trading at discounts. M NAV is a metric for valuing companies relative to their crypto holdings. The decline in crypto prices has significantly impacted M NAVs, raising questions about equilibrium.
Key takeaways
- Digital asset treasuries are companies holding crypto on their balance sheets, often trading at discounts.
- M NAV is a metric for valuing companies relative to their crypto holdings.
- The decline in crypto prices has significantly impacted M NAVs, raising questions about equilibrium.
- Discounts in NAVs of crypto companies present potential investment opportunities.
- Private credit models lack mechanisms to eliminate discounts like ETFs do.
- Ethereum’s staking capability makes it a productive asset compared to Bitcoin.
- Share buybacks are often insufficient to counteract inflation and debt dilution.
- The crypto industry faces an identity crisis as traditional finance adopts on-chain tech.
- The future of crypto may require adapting to a broader audience beyond crypto natives.
- The current cycle lacks a massive wealth creation event, affecting market dynamics.
- Incentivizing early users through high yields is unsustainable.
- The DeFi mullet strategy may appeal to users wanting benefits without risks.
- The next wave of crypto users will likely come from those valuing tech but not engaged.
- The future of crypto may resemble cloud computing in its evolution.
- The four-year cycle in crypto markets may be obsolete due to tech adoption.
Guest intro
The guest featured on Unchained is a prominent figure in the crypto industry, offering insights into the evolving landscape of digital assets and market dynamics. With extensive experience in analyzing crypto markets, the guest provides a unique perspective on the challenges and opportunities facing crypto companies today. This episode delves into the complexities of digital asset treasuries, market valuations, and the impact of traditional finance adopting on-chain technologies, making it essential listening for anyone interested in the future of crypto.
Understanding digital asset treasuries
- Digital asset treasuries (DATs) are companies stockpiling crypto like Bitcoin and Ethereum.
-
— Steve Ehrlich
- Many DATs trade at a significant discount compared to their crypto holdings.
-
— Steve Ehrlich
- The market sentiment is cautious, with divided opinions on investing in DATs.
-
— Steve Ehrlich
- Understanding DATs is crucial for grasping current market dynamics.
- DATs’ valuation discrepancies highlight potential investment opportunities.
Evaluating M NAVs and market dynamics
- M NAV assesses company value relative to its crypto holdings.
-
— GuestName
- Recent crypto price declines have lowered M NAVs across the board.
-
— GuestName
- Questions arise about the natural equilibrium for M NAVs.
-
— GuestName
- Trading at discounts could represent a value play for investors.
- Understanding M NAVs is essential for evaluating crypto company valuations.
The impact of market discounts on NAVs
- Significant discounts exist in NAVs of companies holding crypto.
-
— Jack Mallers
- Stock values should align closely with NAVs, with minor fluctuations.
-
— Jack Mallers
- Understanding NAVs is crucial for assessing stock values in crypto companies.
- NAV discounts present potential opportunities for investors.
- The relationship between stock prices and crypto holdings is key to market dynamics.
- NAVs provide insight into the financial health of crypto companies.
The role of private credit models and ETFs
- Private credit models and closed-end funds lack ETF-like arbitrage mechanisms.
-
— GuestName
- Ethereum is productive due to staking, generating passive yield.
-
— GuestName
- Market NAVs should stabilize around one once market conditions settle.
-
— GuestName
- GBTC offers regulated exposure to crypto for accredited investors.
- Understanding these models is crucial for evaluating investment strategies.
The future of Bitcoin and Ethereum prices
- Conversion of trusts to ETFs can eliminate discounts or premiums.
-
— GuestName
- Bitcoin and Ethereum prices are unpredictable, with potential fluctuations.
-
— GuestName
- Investors should be cautious about assuming historical discount patterns will repeat.
-
— GuestName
- Understanding ETF mechanics is crucial for grasping market pricing dynamics.
- The unpredictability of crypto markets is a critical insight for investors.
The limitations of share buybacks
- Share buybacks often fail to counteract inflation and debt dilution.
-
— Steve
- Many companies announce large buyback programs but don’t follow through.
-
— Steve
- Investors should be cautious about interpreting buyback announcements.
-
— Steve
- Understanding buyback limitations is crucial for evaluating financial health.
- Discrepancies between announcements and execution highlight market challenges.
Strategic approaches to stock price recovery
- Long-term, companies need strategic approaches to reverse stock price declines.
-
— GuestName
- Investors should focus on high conviction bets rather than tactical trading.
-
— GuestName
- Certain companies risk delisting due to stock price performance.
-
— GuestName
- Understanding strategic investment approaches is crucial for long-term success.
- Awareness of delisting risks is essential for monitoring stock performance.
The identity crisis in the crypto industry
- Crypto faces an identity crisis as traditional finance adopts on-chain tech.
-
— Dougie DeLuca
- There is a growing consensus about the uncertain future of crypto.
-
— Dougie DeLuca
- The industry risks leaving behind crypto natives unless it adapts.
-
— GuestName
- Understanding the industry’s identity crisis is crucial for future growth.
- Adapting to a broader audience is essential for achieving mass adoption.
The evolution of marketing strategies in crypto
- Early-stage companies leverage social media for go-to-market strategies.
-
— GuestName
- Labeling products as crypto or web3 may alienate potential users.
-
— GuestName
- The focus should shift to demonstrating how tech improves user experiences.
-
— GuestName
- Companies like Coinbase and Stripe position themselves for adoption.
- Understanding marketing evolution is crucial for user engagement strategies.
The future of crypto and user engagement
- The future of crypto may resemble cloud computing in its evolution.
-
— GuestName
- Success depends on users engaging without needing to be ‘crypto native’.
-
— GuestName
- Layer one networks may enable innovation rather than being focal points.
-
— GuestName
- Understanding user engagement evolution is crucial for mainstream adoption.
- The comparison to cloud computing provides a framework for crypto’s future.
Digital asset treasuries are companies holding crypto on their balance sheets, often trading at discounts. M NAV is a metric for valuing companies relative to their crypto holdings. The decline in crypto prices has significantly impacted M NAVs, raising questions about equilibrium.
Key takeaways
- Digital asset treasuries are companies holding crypto on their balance sheets, often trading at discounts.
- M NAV is a metric for valuing companies relative to their crypto holdings.
- The decline in crypto prices has significantly impacted M NAVs, raising questions about equilibrium.
- Discounts in NAVs of crypto companies present potential investment opportunities.
- Private credit models lack mechanisms to eliminate discounts like ETFs do.
- Ethereum’s staking capability makes it a productive asset compared to Bitcoin.
- Share buybacks are often insufficient to counteract inflation and debt dilution.
- The crypto industry faces an identity crisis as traditional finance adopts on-chain tech.
- The future of crypto may require adapting to a broader audience beyond crypto natives.
- The current cycle lacks a massive wealth creation event, affecting market dynamics.
- Incentivizing early users through high yields is unsustainable.
- The DeFi mullet strategy may appeal to users wanting benefits without risks.
- The next wave of crypto users will likely come from those valuing tech but not engaged.
- The future of crypto may resemble cloud computing in its evolution.
- The four-year cycle in crypto markets may be obsolete due to tech adoption.
Guest intro
The guest featured on Unchained is a prominent figure in the crypto industry, offering insights into the evolving landscape of digital assets and market dynamics. With extensive experience in analyzing crypto markets, the guest provides a unique perspective on the challenges and opportunities facing crypto companies today. This episode delves into the complexities of digital asset treasuries, market valuations, and the impact of traditional finance adopting on-chain technologies, making it essential listening for anyone interested in the future of crypto.
Understanding digital asset treasuries
- Digital asset treasuries (DATs) are companies stockpiling crypto like Bitcoin and Ethereum.
-
— Steve Ehrlich
- Many DATs trade at a significant discount compared to their crypto holdings.
-
— Steve Ehrlich
- The market sentiment is cautious, with divided opinions on investing in DATs.
-
— Steve Ehrlich
- Understanding DATs is crucial for grasping current market dynamics.
- DATs’ valuation discrepancies highlight potential investment opportunities.
Evaluating M NAVs and market dynamics
- M NAV assesses company value relative to its crypto holdings.
-
— GuestName
- Recent crypto price declines have lowered M NAVs across the board.
-
— GuestName
- Questions arise about the natural equilibrium for M NAVs.
-
— GuestName
- Trading at discounts could represent a value play for investors.
- Understanding M NAVs is essential for evaluating crypto company valuations.
The impact of market discounts on NAVs
- Significant discounts exist in NAVs of companies holding crypto.
-
— Jack Mallers
- Stock values should align closely with NAVs, with minor fluctuations.
-
— Jack Mallers
- Understanding NAVs is crucial for assessing stock values in crypto companies.
- NAV discounts present potential opportunities for investors.
- The relationship between stock prices and crypto holdings is key to market dynamics.
- NAVs provide insight into the financial health of crypto companies.
The role of private credit models and ETFs
- Private credit models and closed-end funds lack ETF-like arbitrage mechanisms.
-
— GuestName
- Ethereum is productive due to staking, generating passive yield.
-
— GuestName
- Market NAVs should stabilize around one once market conditions settle.
-
— GuestName
- GBTC offers regulated exposure to crypto for accredited investors.
- Understanding these models is crucial for evaluating investment strategies.
The future of Bitcoin and Ethereum prices
- Conversion of trusts to ETFs can eliminate discounts or premiums.
-
— GuestName
- Bitcoin and Ethereum prices are unpredictable, with potential fluctuations.
-
— GuestName
- Investors should be cautious about assuming historical discount patterns will repeat.
-
— GuestName
- Understanding ETF mechanics is crucial for grasping market pricing dynamics.
- The unpredictability of crypto markets is a critical insight for investors.
The limitations of share buybacks
- Share buybacks often fail to counteract inflation and debt dilution.
-
— Steve
- Many companies announce large buyback programs but don’t follow through.
-
— Steve
- Investors should be cautious about interpreting buyback announcements.
-
— Steve
- Understanding buyback limitations is crucial for evaluating financial health.
- Discrepancies between announcements and execution highlight market challenges.
Strategic approaches to stock price recovery
- Long-term, companies need strategic approaches to reverse stock price declines.
-
— GuestName
- Investors should focus on high conviction bets rather than tactical trading.
-
— GuestName
- Certain companies risk delisting due to stock price performance.
-
— GuestName
- Understanding strategic investment approaches is crucial for long-term success.
- Awareness of delisting risks is essential for monitoring stock performance.
The identity crisis in the crypto industry
- Crypto faces an identity crisis as traditional finance adopts on-chain tech.
-
— Dougie DeLuca
- There is a growing consensus about the uncertain future of crypto.
-
— Dougie DeLuca
- The industry risks leaving behind crypto natives unless it adapts.
-
— GuestName
- Understanding the industry’s identity crisis is crucial for future growth.
- Adapting to a broader audience is essential for achieving mass adoption.
The evolution of marketing strategies in crypto
- Early-stage companies leverage social media for go-to-market strategies.
-
— GuestName
- Labeling products as crypto or web3 may alienate potential users.
-
— GuestName
- The focus should shift to demonstrating how tech improves user experiences.
-
— GuestName
- Companies like Coinbase and Stripe position themselves for adoption.
- Understanding marketing evolution is crucial for user engagement strategies.
The future of crypto and user engagement
- The future of crypto may resemble cloud computing in its evolution.
-
— GuestName
- Success depends on users engaging without needing to be ‘crypto native’.
-
— GuestName
- Layer one networks may enable innovation rather than being focal points.
-
— GuestName
- Understanding user engagement evolution is crucial for mainstream adoption.
- The comparison to cloud computing provides a framework for crypto’s future.
Loading more articles…
You’ve reached the end
Add us on Google
`;
}
function createMobileArticle(article) {
const displayDate = getDisplayDate(article);
const editorSlug = article.editor ? article.editor.toLowerCase().replace(/\s+/g, ‘-‘) : ”;
const captionHtml = article.imageCaption ? `
${article.imageCaption}
` : ”;
const authorHtml = article.isPressRelease ? ” : `
`;
return `
${captionHtml}
${article.subheadline ? `
${article.subheadline}
` : ”}
${createSocialShare()}
${authorHtml}
${displayDate}
${article.content}
`;
}
function createDesktopArticle(article, sidebarAdHtml) {
const editorSlug = article.editor ? article.editor.toLowerCase().replace(/\s+/g, ‘-‘) : ”;
const displayDate = getDisplayDate(article);
const captionHtml = article.imageCaption ? `
${article.imageCaption}
` : ”;
const categoriesHtml = article.categories.map((cat, i) => {
const separator = i < article.categories.length – 1 ? ‘|‘ : ”;
return `${cat}${separator}`;
}).join(”);
const desktopAuthorHtml = article.isPressRelease ? ” : `
`;
return `
${categoriesHtml}
${article.subheadline}
` : ”}
${desktopAuthorHtml}
${displayDate}
${createSocialShare()}
${captionHtml}
`;
}
function loadMoreArticles() {
if (isLoading || !hasMore) return;
isLoading = true;
loadingText.classList.remove(‘hidden’);
// Build form data for AJAX request
const formData = new FormData();
formData.append(‘action’, ‘cb_lovable_load_more’);
formData.append(‘current_post_id’, lastLoadedPostId);
formData.append(‘primary_cat_id’, primaryCatId);
formData.append(‘before_date’, lastLoadedDate);
formData.append(‘loaded_ids’, loadedPostIds.join(‘,’));
fetch(ajaxUrl, {
method: ‘POST’,
body: formData
})
.then(response => response.json())
.then(data => {
isLoading = false;
loadingText.classList.add(‘hidden’);
if (data.success && data.has_more && data.article) {
const article = data.article;
const sidebarAdHtml = data.sidebar_ad_html || ”;
// Check for duplicates
if (loadedPostIds.includes(article.id)) {
console.log(‘Duplicate article detected, skipping:’, article.id);
// Update pagination vars and try again
lastLoadedDate = article.publishDate;
loadMoreArticles();
return;
}
// Add to mobile container
mobileContainer.insertAdjacentHTML(‘beforeend’, createMobileArticle(article));
// Add to desktop container with fresh ad HTML
desktopContainer.insertAdjacentHTML(‘beforeend’, createDesktopArticle(article, sidebarAdHtml));
// Update tracking variables
loadedPostIds.push(article.id);
lastLoadedPostId = article.id;
lastLoadedDate = article.publishDate;
// Execute any inline scripts in the new content (for ads)
const newArticle = desktopContainer.querySelector(`article[data-article-id=”${article.id}”]`);
if (newArticle) {
const scripts = newArticle.querySelectorAll(‘script’);
scripts.forEach(script => {
const newScript = document.createElement(‘script’);
if (script.src) {
newScript.src = script.src;
} else {
newScript.textContent = script.textContent;
}
document.body.appendChild(newScript);
});
}
// Trigger Ad Inserter if available
if (typeof ai_check_and_insert_block === ‘function’) {
ai_check_and_insert_block();
}
// Trigger Google Publisher Tag refresh if available
if (typeof googletag !== ‘undefined’ && googletag.pubads) {
googletag.cmd.push(function() {
googletag.pubads().refresh();
});
}
} else if (data.success && !data.has_more) {
hasMore = false;
endText.classList.remove(‘hidden’);
} else if (!data.success) {
console.error(‘AJAX error:’, data.error);
hasMore = false;
endText.textContent=”Error loading more articles”;
endText.classList.remove(‘hidden’);
}
})
.catch(error => {
console.error(‘Fetch error:’, error);
isLoading = false;
loadingText.classList.add(‘hidden’);
hasMore = false;
endText.textContent=”Error loading more articles”;
endText.classList.remove(‘hidden’);
});
}
// Set up IntersectionObserver
const observer = new IntersectionObserver(function(entries) {
if (entries[0].isIntersecting) {
loadMoreArticles();
}
}, { threshold: 0.1 });
observer.observe(loadingTrigger);
})();
© Decentral Media and Crypto Briefing® 2026.
Source: https://cryptobriefing.com/steve-ehrlich-digital-asset-treasuries-are-trading-at-deep-discounts-m-navs-reveal-market-valuation-challenges-and-ethereums-staking-makes-it-a-superior-asset-unchained/
