As @thedefivillain has highlighted in his recent thread, a lot of the 'treasury company' vehicles are short term grayscale trust esque plays - VCs provide their tokens (eth, btc, whatever) which are counted towards the companies 'raise'. They received stock, which is tradeable a few months later. The stock trades at a premium to NAV (net asset value) so they dump for multiples on their original 'investment' without actually selling the tokens. The NAV will then go negative and they'll move onto the next company. @ethena_labs @stablecoin_x have structured it so that at least $260m of the raise will go to directly buying OFF THE OPEN MARKET AND LOCKING PERMANENTLY. This is showing faith from the Ethena team in their own token, and creating a flywheel. NAV premium on the stock (TLGY) will then enable further debt issuance to buy more and so on. AND THIS IS THE ONLY STABLECOIN TRADFI STOCK BESIDES CRCL WHICH EARNS MORE MONEY INVERSE TO UST YIELDS/FED RATES. Let that sink in.