Money Stuff: The Podcast · Friday, September 11, 2026
The podcast discusses 'Digital Asset Treasury' (DAT) companies, a trend from 2025 where public companies held large amounts of Bitcoin, allowing their stock to trade at a premium. Empory Digital, an electric motorcycle company, pivoted to being a DAT. This strategy worked until the premium disappeared, leading to DATs trading at a discount to their Bitcoin holdings, creating an arbitrage opportunity.
“So, Empory Digital is like an electric motorcycle company in the not very distant past. But in 2025, a thing that small public companies could do was they could just get a big stash of Bitcoin. And then, you know, if they had $100 million of Bitcoin, their stock would trade at like a $200 million valuation. And this is a great trade for people who had stashes of Bitcoin.”
“And soon after that, the trade stopped working because there's never any reason that these stocks would trade at a premium to the Bitcoin. It's just like a thing that people got really into for a while. And so it stopped working and they stopped trading at premiums and often started trading at discounts to the value of their Bitcoin.”
“Because what you do is buy up a DAT and then crack it open, sell all the Bitcoin, and it would sell for more than the value of the stock that you bought. So people started, I mean, not that many people. The idea of DAT activism became a thing.”