If you're in this industry, read this so that you understand what is happening with these treasury vehicles and can be prepared for the consequences: There are two types of treasury vehicles: those that create buy pressure and those that create sell pressure. Treasury deals where >50% of the funds raised are committed in-kind (the underlying asset is pledged rather than dollars) are nothing more than an exit scheme. All the technical talk about mnav, discounts / premia, and debt financing is a distraction. Investors have realized they won't be able to exit their large positions in illiquid shitcoins and so they contribute those positions to a vehicle and then plan to exit their position at a premium that can only be described as a market phenomena. This premium exists due to (1) a lack of float, and because (2) the market confuses them with the second kind: Treasury deals where <50% of the subscriptions are in-kind (e.g. Microstrategy and some of the ETH vehicles) are effectively raising dollars to buy crypto and should create net buy pressure. These have their problems, sure, but they are not nearly as egregious nor unsustainable. When the % of in kind subs is over 50%, it can only be interpreted as sell pressure. Many of these treasury vehicles use the confusion between the two to obfuscate the true structure and to stirrup retail exit liquidity for their otherwise illiquid and heavy bags. At the rate we are going, TradFi and retail will once again get burnt here, they will move on, and we'll do irreparable self-induced harm on our industry once again.