"Evaluate assets on value, culture, and optionality Drawing on observed successes and failures across the crypto industry, the speaker outlines that digital asset treasury companies succeed or fail based on three pillars: the underlying asset must be a "store of value" that creditors are willing to underwrite, a "store of culture" because "you cannot underestimate the value of culture in crypto," and a "store of optionality" meaning "multiple ways to win by being an investor of the operating company than just the price of the asset." If only the price matters to you, "you should just buy the ETF." This trifecta gives investors a practical checklist to evaluate any new treasury vehicle before committing capital. Source: Jeff, Crypto Podcast, Salt Conference Interview"