Digital asset treasuries are poised to transform from static repositories of well-known cryptocurrencies into dynamic platforms offering tokenized real-world assets, stablecoins, and other yield-generating investments, according to industry executives.
Maja Vujinovic, CEO of Ether treasury company FG Nexus, stated, "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 added, "The lines between a treasury and a protocol balance sheet are already blurring, and the firms that treat treasuries as productive, onchain ecosystems will be the ones that outperform."
The proliferation of crypto treasuries has been a significant trend this year. An October report from asset manager Bitwise highlighted 48 new instances of Bitcoin being added to balance sheets in the third quarter.
Sandro Gonzalez, co-founder of KWARXS, a Cardano-based project that connects real-world solar infrastructure to the blockchain, believes Digital Asset Treasuries (DATs) will shift from speculative storage to strategic allocation. Gonzalez explained, "The next wave of adoption will include assets that tie blockchain participation to tangible output — such as renewable energy, supply chain assets, or carbon reduction mechanisms." He further elaborated, "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."
Treasury Firms to Expand Beyond Cryptocurrencies
Brian Huang, CEO of crypto investment platform Glider, suggested that the scope of potential treasury assets is limited only by what can be represented on-chain. Huang commented, "On-chain stocks and tokenized RWAs are the most obvious things to include in a treasury. Gold has skyrocketed this year, and it’s easier to hold tokenized gold than physical gold."
"Additionally, there are illiquid investments, such as NFTs and tokenized real estate. The thing to emphasize here is that the limitation is just what assets are onchain."
John Hallahan, director of business solutions at digital asset custody platform Fireblocks, anticipates increased adoption of stablecoins, tokenized money market funds, and tokenized U.S. Treasurys. Hallahan stated, "The next wave of digital assets being adopted for treasury purposes will be cash equivalent instruments such as stablecoins and tokenized money market funds." He continued, "Longer term, we will see many more types of securities issued onchain, such as treasuries, corporate debt and physical assets such as real estate. For the more unique assets, such as real estate, they may be represented by non-fungible tokens."
Digital media and entertainment company GameSquare Holdings announced in July its acquisition of a Cowboy Ape NFT for $5.15 million as a "strategic investment," alongside Ether.
Nicolai Søndergaard, a research analyst at the onchain analytics platform Nansen, indicated that legislative developments and corporate risk appetite will likely influence future asset adoption in treasuries. Søndergaard commented, "While I can’t say with certainty, I do not think it will be unexpected that we will see companies add treasury assets not before considered possible as treasury assets."
Factors Affecting Asset Adoption
Marcin Kazmierczak, co-founder of blockchain oracle provider RedStone, posited that while any tokenized asset could theoretically be held as a treasury reserve asset, its eventual adoption will depend on accounting practices, regulations, and fiduciary duties.
"A Bitcoin or Ethereum holding is straightforward for auditors and boards. An NFT requires an appraisal methodology that most frameworks don’t have standardized answers for. More importantly, treasuries are supposed to hold assets that maintain value and can be liquidated if needed."
Kazmierczak further explained, "That’s easier with Bitcoin than with a speculative NFT that might have limited buyers. The limit exists at the point where liquidity dries up and the board can’t justify holding it to shareholders or regulators."
Looking ahead, Kazmierczak predicts that for traditional companies, adoption beyond the top five cryptocurrencies will likely remain limited, as risk-adjusted returns may not sufficiently justify the move for most boards. He stated, "We might see tokenized real assets gain traction if legal frameworks clarify, but pure Web3 assets beyond the major cryptocurrencies will remain experimental and confined to crypto-native companies or venture firms specifically positioned for that risk."
"What might accelerate is tokenized real-world assets like yield-bearing bonds or commodities. Those have inherent value propositions that don’t depend on market sentiment."