Digital asset treasuries are evolving beyond holding well-known cryptocurrencies like Bitcoin and Ethereum. Executives predict treasuries will soon offer tokenized real-world assets, stablecoins, and yield-generating instruments. Maja Vujinovic, CEO of Ether treasury company FG Nexus, stated that Web3 treasuries will turn balance sheets into active networks. These networks can stake, restake, lend, or tokenize capital under transparent conditions.
The number of crypto treasuries exploded in 2025. A Bitwise report tracked 48 new Bitcoin additions to corporate balance sheets in the third quarter alone. Brian Huang, CEO of crypto investment platform Glider, said limitations depend only on what assets exist onchain. He noted tokenized stocks and real-world assets are obvious treasury inclusions. Gold has surged this year, making tokenized gold easier to hold than physical gold.
Sandro Gonzalez from Cardano-based project KWARXS explained the shift from speculative storage to strategic allocation. The next adoption wave will include assets linking blockchain participation to tangible output, he said. These assets may include renewable energy, supply chain infrastructure, or carbon reduction mechanisms.
Corporate Adoption Reaches Critical Mass
The transformation comes as corporate Bitcoin holdings hit record levels. Over 90 public companies now hold Bitcoin on their balance sheets. The United States leads both corporate and government adoption. Strategy holds 553,555 BTC as of April 2025, making it the largest corporate holder.
Corporate treasuries grew Bitcoin holdings by 31% in 2024, reaching 998,374 BTC. New U.S. Financial Accounting Standards Board guidelines allowed companies to report crypto holdings at fair market value. This change removed accounting penalties that previously discouraged Bitcoin adoption. CIMG Inc raised $55 million through a share sale to purchase 500 Bitcoin for its corporate treasury in September 2025. The digital health company sold 220 million common shares at 25 cents each.
John Hallahan, director of business solutions at Fireblocks, predicted more adoption of stablecoins and tokenized money market funds. Cash equivalent instruments will be the next wave for treasury purposes, he said. Longer term, many more securities will be issued onchain, including treasuries and corporate debt.
Traditional Finance Boundaries Blur as Regulation Shapes Adoption
The lines between a treasury and protocol balance sheet are already blurring. Companies treating treasuries as productive onchain ecosystems will outperform static holders. Nicolai Søndergaard, research analyst at Nansen, said legislation and risk appetite will dictate asset adoption decisions. Companies may add treasury assets not previously considered possible.
However, Marcin Kazmierczak from blockchain oracle provider RedStone noted challenges remain. Any tokenized asset can theoretically be held as a treasury reserve. What gets adopted comes down to accounting standards, regulation, and fiduciary duty. Bitcoin or Ethereum holdings are straightforward for auditors and boards. An NFT requires appraisal methodology that most frameworks lack standardized answers for.
Kazmierczak predicts adoption beyond the top five cryptocurrencies will stay marginal for traditional companies. Risk-adjusted returns are not enough to justify moves for most boards. Tokenized real-world assets may gain traction if legal frameworks clarify. Pure Web3 assets beyond major cryptocurrencies will remain experimental. They will be confined to crypto-native companies or venture firms positioned for that risk. What might accelerate is tokenized yield-bearing bonds or commodities with inherent value propositions.