Treasury management for token issuers and DAOs
We manage token treasuries: liquidating holdings without destroying the price, running buyback programmes, diversifying into reserves, and operating the whole thing through our vault infrastructure. Execution is run by the same desk that makes the market, so the sell programme is designed against the actual depth of the book.
Selling without breaking the thing you are selling
Most token treasuries hold overwhelmingly one asset: their own token. That is a concentration problem and a liquidity problem at the same time, because the act of diversifying moves the price of the position being diversified. A treasury that needs eighteen months of runway and holds it entirely in its own token does not have eighteen months of runway.
The work is therefore execution design as much as portfolio policy. How much can be sold per day against actual depth rather than against reported volume, over what horizon, through which venues, and with what disclosure. A programme designed without reference to the order book is a programme that will be visible in the chart.
Because we also make the market, the sell programme is planned against depth we measure directly. That is an advantage, and it is also a conflict that has to be managed explicitly, which is why treasury execution is reported against benchmark.
- Structured liquidation
- Scheduled disposal sized against measured depth, executed over a horizon rather than in prints.
- Buyback execution
- Programmatic repurchase with disclosed parameters and reported execution quality.
- Diversification
- Moving concentration into reserves gradually enough that the programme is not itself a market event.
- Vault infrastructure
- Treasury mandates are operated through our vault infrastructure, available to treasury management clients.
What does crypto treasury management involve?
Deciding what the treasury holds and why, converting concentrated token holdings into operating reserves without damaging the market, running buybacks where they make sense, and custodying the assets safely. For most token issuers the binding constraint is that the treasury asset and the traded asset are the same thing.
How do you sell treasury tokens without moving the price?
You size the programme against measured depth rather than reported volume, spread execution over a horizon long enough that daily participation stays a small fraction of real liquidity, and use block and OTC routes for size that the book cannot absorb. A quiet programme running over twelve months is invisible. The same total sold over a fortnight is a chart event.
Should a project run a buyback?
Only if it has reserves it does not need and a clear reason beyond signalling. A buyback funded by selling something else is a portfolio reshuffle with extra steps. Where a buyback is justified, the parameters should be disclosed in advance and execution reported afterwards, otherwise it is indistinguishable from discretionary trading with treasury assets.
How is a token treasury custodied?
Through infrastructure with defined signing policy, thresholds and an auditable record of every movement. Treasury mandates we manage are operated through our vault infrastructure, which is provided as part of a treasury management engagement rather than as an open or self-service product.
What you receive
- Treasury policy covering target reserves, horizon and constraints
- An execution plan sized against measured order book depth
- Execution reporting against benchmark, including our own participation
- Vault infrastructure operated as part of the mandate
How we engage
Engagements begin with a conversation about the instrument, the venues involved and what you are trying to achieve, followed by a written scope. Terms, including how we are compensated, are disclosed in summary before anything is signed.
We do not publish pricing, because scope varies enough that any number on a page would be wrong. Ask and we will tell you.
A treasury programme is only as good as the market it executes into. We are measuring that market continuously because we are also the ones quoting it, and the execution report shows our own participation alongside everyone else’s.