Practice · Digital-Asset Treasuries
Defend the balance sheet. Drive the narrative.
A digital-asset treasury sits implicitly short volatility AND implicitly long basis, financing, and counterparty risk it was never paid to hold. Drawdowns concentrate decisions (margin calls, financing renegotiations, dilutive issuance) at the worst possible price. Done well, the same exposure is engineered into a posture the regime calls for, using the full derivatives toolkit (volatility, futures and basis, swaps, structured products, financing trades). Long, short, structured, or layered, sized inside policy, and presented to the market through disclosure and structured products that drive trading volume rather than discount-to-NAV.
Engagements are limited to accredited investors, qualified clients, and qualified eligible persons.
Pain → Posture
What changes when the architecture is right.
Five places the naive treasury breaks, and the operator-state we work toward in each.
From
A 60% drawdown forces selling at the bottom because converts mature into a bear market.
To
Liability ladder, liquidity buffer, and overlays sized to absorb the worst quarter you actually plan against.
From
The board approves a derivatives policy nobody in the room can defend in detail.
To
A written policy with sizing limits, regime triggers, and approval rights the audit committee, CFO, and chair all read from.
From
Your dealer bids you wide because they know your flow and they’re paid on the spread.
To
Multi-dealer access on every roll. Pricing discipline. ISDA / CSA terms negotiated for an issuer, not a fund counterparty.
From
Hidden concentration and counterparty risk in the market (names, financing structures, rehypothecation chains) that nobody on staff is positioned to see.
To
An advisor whose job is seeing those things first. We called a major industry counterparty failure 18 months in advance of November 2022 and walked our clients out intact.
From
IR can’t articulate the hedging program; analysts give it no credit; the discount-to-NAV widens.
To
Disclosure language, IR posture, and structured products that drive trading volume and the right narrative to the street.
The CFO outcome
Job security in the meltdown. Competence in the headline.
The CFO who comes through a regime change is the CFO whose derivatives program has a written audit trail, a board-approved sizing matrix scoped to the full toolkit, and a counterparty stack that bids for the flow rather than away from it. Defending the balance sheet in public is a different career arc than defending it in private.
Defensible by paper
Every recommendation is grounded in a board-approved policy with sizing limits, regime triggers, and an audit log. The CFO never has to extemporize on the call.
Friendly to the market
Disclosure language, IR posture, and the structured products coming off the program are calibrated to drive volume and shape the narrative, not to suppress vol for its own sake.
Compounding
Each engagement layer earns the next: governance → sizing → overlay → board pack → IR → narrative → volume / NAV-discount compression → expanded overlay capacity. The architecture compounds.
Strategic Treasury Network
Counterparties that bid for your flow.
Pricing power on every roll. Operator-level intelligence the rest of the market doesn’t see. And derivatives products you can offer your own clients.
Multi-dealer pricing
Curated access to OTC options desks, futures and basis desks, structured-product desks, financing counterparties, and prime brokers vetted for digital-asset workflow. Pricing discipline on every roll, every leg.
Operator backchannel
Industry-level intelligence on financing flows, rehypothecation patterns, and hidden concentration risks that no single client surfaces alone.
Issuer-grade ISDA
CSA terms, eligible collateral, and termination language negotiated for a public-company issuer, not a fund counterparty.
Products for your investors
We engineer derivatives products the DAT itself can offer to its institutional investors and trading partners, turning the treasury into a product platform.
First 90 days
A defensible chassis, on a calendar.
The Core Architecture Mandate is delivered as a 90-day engagement with named outputs. Specifics adjust to the balance sheet; the cadence does not.
- 01 · Days 0–30
Diagnostic
Balance-sheet review, decision-rights memo drafted, sizing matrix v0, counterparty inventory, ISDA gap analysis kicked off.
- 02 · Days 30–60
Policy
Derivatives policy v1, board-pack v1, IR posture review, scenarios run against the current book.
- 03 · Days 60–90
Activation
Board adoption, overlay program design, counterparty introductions, first monthly board pack delivered.
- 04 · Year 1+
Cadence
Overlay activated and reviewed, monthly board pack, pre-trade advisory on every proposed transaction.
For the canonical service-line definitions, see the eight service lines.
Engagement
Capacity-gated. Non-discretionary throughout. Custody never with us.
All recommendations are non-binding and subject to client approval. Engagements run on a 12-month initial term with annual renewal; either party can wind down with sixty days' written notice. Counterparty relationships and custody remain with the client throughout.
Request CapacityEngagements are limited to accredited investors, qualified clients, and qualified eligible persons.
Derivatives, digital assets, and overlay strategies involve substantial risk, including the risk of total loss. Past performance is not indicative of future results.