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David Namdar is Chief Executive Officer at CEA Industries (BNC), the world’s largest publicly listed BNB-native treasury company, and a Partner at 10X Capital.
In markets around the world, Digital Asset Treasuries (DATs) have emerged to become a widely recognized tool for liquidity, growth, and risk control in publicly listed companies. As investors of all sizes come to terms with the opportunities and risks of DAT investments, it is important to understand the fundamentals and cues that will ultimately define long-term success for any treasury play.
A digital asset treasury is the strategic acquisition and management of cryptocurrencies, stablecoins, and tokenized securities within a corporate or institutional portfolio. Unlike traditional treasuries, anchored in fiat cash, government bonds, or short-term deposits, digital asset treasuries operate in markets that are global, borderless, and open 24/7. They combine the liquidity of cash, the yield potential of decentralized finance, and the upside of exposure to Bitcoin, Ethereum, BNB, and beyond. For international investors and high-net-worth individuals, understanding how companies structure these treasuries is not just an exercise in corporate finance; it is a window into how value is stored, moved, and grown in a truly decentralized digital economy that never sleeps.
Previously, traditional financial markets have relied on equity, debt, and regulatory infrastructure as the piping through which capital flowed. Today, however, with the 24/7, borderless nature of crypto markets, crypto treasuries operate with uniquely visible, liquid, and ‘always-priced’ assets that are not restricted by time zone or market bells. For public companies, this visibility and accessibility translate into both financial optionality and strategic signaling that can generate upside and flexibility, beyond pure investment returns.
Crypto treasuries are ultimately defined by the strength, utility, and projected value of the underlying asset. For this reason, every DAT CEO should be deliberate and exhaustive in understanding the price drivers and mechanics of their chosen asset — from scarcity and burn cycles, to liquidity, ecosystem indicators, staking, and beyond.
Today, as many publicly listed companies identify, select, and ultimately acquire digital asset tokens for their treasury strategies, we have an emerging institutional asset class that is rewriting the book on global capital markets. We do not expect it to be much longer before the question of ‘why are you considering a digital asset treasury play’ becomes ‘which asset, market, and strategy represent the best opportunity for our business or investment’.
The first wave of digital assets on balance sheets was both innovative and opportunistic. Michael Saylor’s bold use of equity and debt to buy Bitcoin at MicroStrategy is rightly credited with setting the standard and blueprint, which is often copied, but not all DATs are created equal.
Bitcoin (BTC) was the dominant choice for several years — with BTC-oriented DATs highly focused on the idea of Bitcoin as ‘digital gold’ and a high focus on store-of-value positioning. At CEA Industries (Nasdaq: BNC), however, we feel strongly that a more utility-oriented token offers an even stronger proposition. This is the backing of a token that powers a vast blockchain ecosystem (BNB Chain), offering transaction fees, DeFi, NFTs, staking, and payments. This strong utility and liquidity make it a compelling treasury asset. Of course, every CEO of a Digital Asset Treasury company will feel strongly about the value and USPs of their chosen digital asset, but for investors, this is a critical element in assessing the DATs you believe best represent your investment needs.
Despite its origins in one of the largest companies in crypto, BNB remains largely overlooked outside of Asia. Investors there are structurally underweight, cut off from Binance’s global scale and blind to the underlying fundamentals. Yet BNB is far more than an exchange token — it is digital infrastructure equity.
Consider the scale: Binance is estimated to be five to ten times larger than Coinbase or any other exchange. Yet BNB trades at less than 10% of Bitcoin’s value and just a quarter of Ethereum’s. Beyond the exchange association, BNB Chain operates as a scalable infrastructure, designed for high throughput and low fees. Its tokenomics are aligned with scarcity through quarterly auto-burns and fee-based burns that reduce supply in real time. This makes it not only a utility token but also an attractive, blue-chip asset for corporate treasuries seeking efficient balance sheet exposure.
Crypto markets — although global — have always shown signs of regional tribalism and geopolitical competitiveness. The USA has taken turns leading adoption, but so too have Japan, South Korea, and Singapore, each driving progress through regulatory clarity and investor appetite. Switzerland’s embrace of crypto foundations marked another period of growth, while China’s repeated attempts to restrict digital assets have paradoxically signaled strong entry opportunities for contrarian investors.
Most recently, the UAE has positioned itself as a hub, with Abu Dhabi Global Market and Dubai’s VARA rulebook providing frameworks that attract entrepreneurs, investors, and token treasuries alike. By combining compliance rigor with innovation, the region is now pulling capital and companies into its ecosystem.
Supply dynamics have always been central to the appeal of digital assets, so a global view of the market has always proven to be an advantage. Interestingly, we have also seen globally mobile investors value transparent monetary policy and regional diversification of investment portfolios as a core feature of their approach.
Each digital asset treasury strategy deepens liquidity and institutionalizes ownership, reinforcing stability and dampening volatility across a wide variety of token and market cycles. At the same time, jurisdictions are publishing detailed regulatory frameworks designed to attract this capital, reducing uncertainty for corporates, family offices, and investors who operate globally.
Looking ahead, the next frontier goes beyond passive asset holding. Treasuries are beginning to deploy on-chain working capital, with token-denominated vendor contracts, near-instant settlement, and collateralized yield strategies. Jurisdictions that can combine traditional capital market depth with crypto-native legal infrastructure will establish themselves as the hubs of this new financial order.
As token-native treasuries expand and jurisdictions compete for their business, overlooked assets like BNB are poised to benefit from capital migration, operational adoption, and the relentless drive toward scarcity-backed digital infrastructure. How you, as an investor, decide to navigate DATs is entirely at your discretion. But make no mistake about it, this is a blueprint for institutional-grade investment exposure to digital assets that will continue to gather pace and attract capital investment from around the globe.
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