The state of digital asset treasury companies with The Ether Machine and OranjeBTC

Episode 53 of The Crypto Beat was recorded with Tim Copeland, The Ether Machine co-founder Andrew Keys, and OranjeBTC founder and CEO Guilherme Gomes.Listen below, and subscribe to The Crypto Beat on YouTube, Apple, Spotify, Twitch, or wherever you listen to podcasts. Please send feedback and revision requests to podcast@theblock.co. In episode 53 of the Crypto Beat, Tim Copeland was joined by Andrew Keys, co-founder of The Ether Machine, and Guilherme Gomes, founder and CEO of OranjeBTC, to discuss the rapid rise of digital asset treasury companies. The conversation explored how these firms aim to outperform crypto ETFs through active management — like staking, DeFi, leverage, and capital markets strategies — while highlighting the risks around execution, NAV premiums, and long-term sustainability. OUTLINE 00:00 - Introduction 01:25 - Current State of Digital Asset Treasury Companies 04:28 - DeFi Strategies and Risk Management 09:13 - Why Investors Choose DATs Over ETFs 14:04 - Market Access and Regulatory Considerations 20:52 - Hong Kong Regulator Concerns About Premiums 26:36 - Share Buybacks and Finding Equilibrium 30:47 - Bitcoin vs Ethereum: Different Asset Profiles 34:42 - Market Cap Decline: From $176B to $100B 40:26 - MicroStrategy's Average Buy Price Risk 47:11 - The Flywheel Effect and Selling Scenarios 51:13 - US Insider Trading Probe 52:24 - Niche Token Treasuries and Liquidity Concerns 55:06 - Closing Remarks Guest links: Andrew Keys - https://x.com/AK_EtherMachine The Ether Machine - https://x.com/TheEtherMachine Guilherme Gomes - https://x.com/GuiAmadoGomes OranjeBTC - https://x.com/oranjebtc The Block Newsletters The Block's newsletters bring you the latest news and analysis of the fast-moving crypto and DeFi markets. To subscribe, visit https://www.theblock.co/newsletters.Are you hiring in crypto? Use Campus to quickly find your best candidates with our challenging Crypto Assessment Test. Faster hiring, stronger teams.Sign up for a trial today: theblock.co/campusDisclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.