Here's how it's gonna go with PCVs (Public Crypto Vehicles).

Microstrategy started it.

The game was simple: access capital markets to acquire Bitcoin. Then leverage financial engineering to generate a premium on the underlying BTC.

And they nailed this. Say what you want about the guy but Saylor is brilliant.

Then others followed with more Bitcoin treasury vehicles (there are several now).

Now in the past few weeks we're seeing PCVs for ETH and SOL.

What's going to happen is that in the next few weeks and months we'll see PCVs for assets in the top 50.

That's when the game gets stupid.

You take a holding company. Seed it with $10-20M (often from your own treasury). Reverse merge it into a public shell company. Raise more. Then buy your token, hire a mini Michael Saylor, and market like crazy.

But obviously asset #47 isn't the same as BTC. For so many reasons, most of these (all?) won't end well.

And even with BTC and ETH and SOL... those will get stupid too.

They'll have to differentiate. And the only way to really differentiate will be with leverage.

This starts great. And investors seeding these will make good money (it's nearly impossible to lose money on these deals right now).

But retail will eventually get hosed.

Stay safe out there.