
FalconX's The House View: The New Vehicles Driving Crypto Access

Trader Takes is your 10-minute hit on what moved markets – straight from the FalconX desk. Listen on Spotify or Apple.
TLDR:
- Corporate crypto treasuries are no longer just about Bitcoin – they’re diversifying and actively managed.
- Investors are valuing the added utility and structure of these vehicles – sometimes enough to pay a premium.
- SPACs and PIPEss are increasingly blurring the line between TradFi and digital assets.
In the debut episode of Trader Takes, Colin Farrell (Senior Manager, Institutional Coverage) sits down with Matt Sheffield (Head of Spot Trading) to unpack how institutional players are using PIPEs and SPACs to enter the crypto space.
Key Topics Covered:
1. Why PIPEs and SPACs are trending: Matt breaks down what they are, why they’re gaining traction in crypto, and how institutional interest is reshaping these vehicles.
2. From Bitcoin to Altcoins: Corporate treasuries are no longer just buying Bitcoin – they’re deploying billions into ETH, SOL, and others, signaling deeper conviction in multi-asset exposure.
3. A New Alternative to ETFs: Unlike ETFs, these aren’t passive vehicles; they offer tailored, actively managed exposure that ETFs can’t replicate.
4. Premiums Reflect Real Utility: Retail investors are paying above NAV to access embedded leverage, staking, and token-denominated yield they can't achieve on their own.
5. Liquidity and Market Dynamics: As permanent capital vehicles, these treasuries help smooth volatility and create lasting token demand.
This material is for informational purposes only and is only intended for sophisticated or institutional investors. This material is not (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, (ii) intended to provide accounting, legal, or tax advice, or investment recommendations, or (iii) an official statement of FalconX or any of its affiliates. Any information contained in this material is not and should not be regarded as investment research, debt research, or derivatives research for the purposes of the rules of the CFTC or any other relevant regulatory body. Prior to entering into any proposed transaction, recipients should determine, in consultation with their own investment, legal, tax, regulatory and accounting advisors, the economic risks and merits, as well as the legal, tax, regulatory and accounting characteristics and consequences of the transaction. This material does not constitute investment advice. To the extent permitted by law, FalconX does not accept any liability arising from the use of this communication. This material may contain information regarding structured products which involve over the counter derivatives. Pursuant to the Dodd-Frank Act, over the counter derivatives are only permitted to be traded by “eligible contract participants” (“ECP”s) as defined under Section 1a(18) of the CEA (7 U.S.C. § 1a(18)). Do not invest in a structured product unless you are an ECP as relevant and fully understand and are willing to assume the risks associated with the product. Solios, Inc. is registered as a federal money services business with FinCEN. FalconX Bravo, Inc. is provisionally registered with the U.S. Commodities Futures Trading Commission (CFTC) as a swap dealer. FalconX Limited is a registered Class 3 VFA service provider under the Virtual Financial Assets Act of 2018 with the Malta Financial Services Authority. FalconX Limited, FalconX Bravo, Inc., nor Solios, Inc. are not registered with the Securities & Exchange Commission or the Financial Industry Regulatory Authority. FalconX Foxtrot Pte Ltd and FalconX Golf Pte. Ltd. are not regulated by the Monetary Authority of Singapore.
Insights, directly from FalconX
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