Introduction: The Evolution of Digital Treasuries

Digital asset treasuries (DATs) are undergoing a significant transformation, moving beyond their traditional role as static vaults for well-known cryptocurrencies. Crypto executives predict these treasuries will soon incorporate tokenized real-world assets (RWAs), stablecoins, and other yield-generating assets.

According to Maja Vujinovic, CEO of Ether (ETH) treasury company FG Nexus, the next phase of Web3 treasuries involves turning balance sheets into active networks capable of staking, restaking, lending, or tokenizing capital under transparent, auditable conditions. She added that the lines between a treasury and a protocol balance sheet are already blurring, and companies treating treasuries as productive, on-chain ecosystems will outperform.

The Rise of Real-World Assets (RWAs)

A report from asset manager Bitwise indicates a surge in digital treasuries this year, with 48 new instances of Bitcoin (BTC) added to balance sheets in Q3. Sandro Gonzalez, co-founder of the Cardano-based project KWARXS, believes DATs will transition from speculative storage to strategic allocation.

Gonzalez suggests the next wave of adoption will include assets linking blockchain participation to tangible output, such as renewable energy, supply chain assets, and carbon reduction mechanisms. He envisions this redefining how organizations view balance sheets in the Web3 era—not just as value stores but as instruments for sustainable contribution to real economic activity.

Expanding the Horizons of Digital Treasuries

Brian Huang, CEO of crypto investment platform Glider, notes that the decision of what can be adopted as a treasury asset is limited only by what's on-chain. He adds that on-chain stocks and tokenized RWAs are the most obvious inclusions. He also pointed to gold's significant price increase this year, noting that it's easier to hold tokenized gold than physical gold. Illiquid investments, like NFTs and tokenized real estate, are also options. He emphasizes that the only limitation is what assets are on-chain.

John Hallahan, Director of Business Solutions at Fireblocks, predicts increased adoption of stablecoins, tokenized money market funds, and tokenized US Treasuries. He believes the next wave of digital assets for treasury purposes will be cash equivalent instruments like stablecoins and tokenized money market funds. Longer-term, more types of securities, such as treasuries, corporate debt, and physical assets like real estate, will be issued on-chain. He also notes that unique assets like real estate may be represented by NFTs.

Regulatory Challenges and Accounting Considerations

Nicolai Søndergaard, a research analyst at Nansen, indicates that future asset adoption decisions will be dictated by legislation and corporate risk appetite. However, Marcin Kazmierczak, co-founder of RedStone, cautions that while any tokenized asset can theoretically be held as a treasury reserve asset, the ultimate adoption hinges on accounting, regulation, and fiduciary duty.

Kazmierczak clarifies that holding Bitcoin or Ethereum is straightforward for auditors and boards, whereas an NFT requires an appraisal methodology not standardized in most frameworks. More importantly, treasuries should hold assets that maintain value and can be liquidated if needed. He argues that this is easier with Bitcoin than with a speculative NFT with limited buyers. He concludes that the limit exists where liquidity dries up and the board can't justify holding it to shareholders or regulators.

Future Outlook and Considerations

Long-term, Kazmierczak anticipates that beyond the top five cryptocurrencies, adoption will remain marginal for traditional companies because risk-adjusted returns aren't sufficient for most boards. He suggests tokenized real assets might gain traction with clarified legal frameworks, but pure Web3 assets beyond major cryptocurrencies will remain experimental and confined to crypto-native or venture firms specifically positioned for that risk. He concludes that tokenized real-world assets like yield-bearing bonds or commodities might accelerate adoption because they possess inherent value propositions independent of market sentiment.