🚨VCs BACKING #ALTCOINS TREASURY COMPANIES

🔹New Trend: Firms modeled after MicroStrategy now hold BTC, ETH, SOL, XRP as treasury assets — often becoming pure crypto plays.

🔹Premium Play: These firms trade above NAV (e.g., Metaplanet at 4.24x), creating a reflexive loop: raise funds → buy more crypto → boost share value.

🔹Major Backers: Arrington, Pantera, GSR are investing; firms include SharpLink Gaming, Twenty One Capital, Upexi, and DeFi Development Corp.

🔹Altcoin Shift: Some firms now favor Solana or XRP, leveraging yield from staking and volatility to raise capital cheaply.

🔹Risks: Overcrowding, leverage, and falling token prices can cause "death spirals". Critics warn this could be GBTC or Luna 2.0.

🔹Outlook: Only a few firms and token strategies will likely survive the next crypto bear market.