In this combined episode of Unchained, Steven Ehrlich first breaks down why crypto treasury stocks (DATs) have swung from massive premiums to deep discounts, why comparisons to GBTC can be misleading, and why buying these stocks isn’t a clean arbitrage trade but a long-term, high-conviction bet.

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Then, Figment Capital’s Dougie DeLuca zooms out to the broader shift underway. As fintechs and institutions embrace blockchain infrastructure, he argues that “crypto as we know it” may be fading—and that crypto natives risk being left behind unless they adapt to real users, sustainable products, and mainstream distribution.

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Guests:
Dougie DeLuca, Investor and Researcher at Figment Capital
Steven Ehrlich, Executive Editor at Unchained