Crypto Treasuries Evolve Beyond Static Vaults to Active Yield-Generating Networks

Digital asset treasuries are poised to transform from "static vaults" for well-known cryptocurrencies into dynamic systems that incorporate tokenized real-world assets, stablecoins, and other yield-generating instruments, according to industry executives. Maja Vujinovic, CEO of Ether (ETH) treasury company FG Nexus, emphasized that "the next phase of Web3 treasuries is about turning balance sheets into active networks that can stake, restake, lend, or tokenize capital under transparent, auditable conditions." She noted that the distinction between treasuries and protocol balance sheets is blurring, with firms treating them as productive, onchain ecosystems likely to outperform.

The number of crypto treasuries has surged this year, with an October report from asset manager Bitwise tracking 48 new instances of Bitcoin (BTC) being added to balance sheets in the third quarter alone. Sandro Gonzalez, co-founder of the Cardano-based project KWARXS, predicted that digital asset treasuries (DATs) will shift from speculative storage to strategic allocation, including assets tied to renewable energy, supply chains, or carbon reduction mechanisms. "Over time, this will redefine how organizations think about balance sheets in the Web3 era—not just as stores of value, but as instruments for measurable, sustainable contribution to real economic activity," he added.

Brian Huang, CEO of crypto investment platform Glider, stated that the scope of treasury assets is limited only by what is onchain, citing on-chain stocks, tokenized real-world assets (RWAs), and gold as prime examples. John Hallahan, director of business solutions at Fireblocks, forecasted increased adoption of stablecoins, tokenized money market funds, and tokenized U.S. Treasuries, with longer-term expansion into securities like corporate debt and real estate represented by NFTs. However, Marcin Kazmierczak, co-founder of RedStone, highlighted that adoption hinges on accounting, regulation, and liquidity, noting that "Bitcoin or Ethereum holdings are straightforward for auditors and boards," while speculative assets like NFTs face challenges due to limited buyers and appraisal issues.

Concurrently, Bitcoin treasuries are gaining prominence, with public companies holding over 1 million BTC, representing more than 5% of Bitcoin's total supply, and 90.4% of these holdings concentrated in the U.S. Hunter Horsley, CEO of Bitwise, described Bitcoin Treasury Companies and DATs as potential stabilizers for the crypto industry, providing investor relations, yield strategies, and long-term balance sheet discipline. On-chain data shows a declining over-the-counter (OTC) Bitcoin supply, with balances dropping from nearly 4,500 BTC to under 1,000 BTC in a year, indicating strong institutional demand. Despite rising U.S. 10-year Treasury yields reaching 4.1%—creating competition for non-yielding assets like Bitcoin—analysts like J.P. Mayall suggest that limited supply and slowing long-term holder sales could fuel upward price pressure. Jack Mallers of Twenty One Capital framed this as the "real flippening," where Bitcoin challenges U.S. Treasuries in global finance, positioning it as a store of value amid macroeconomic uncertainties.