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Crypto Treasury Inflows Slump to Lowest Since October 2024

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Crypto Breaking News

Monthly inflows into digital asset treasury (DAT) companies have slowed to roughly $555 million, the weakest pace since October 2024, according to DeFiLlama data. The latest figure underscores a quieter phase in crypto treasury activity even as the market shifts in response to political developments and regulatory signals. The data show a notable drop from the late-2024 surge that followed the US elections, when inflows climbed as investors anticipated a more crypto-friendly regulatory environment. The DeFiLlama dataset also tracks a dramatic rebound after the 2024 election results, but the momentum proved fragile in the following year, highlighting how treasury players pivot between accumulation and productive deployment of crypto reserves. The current trend appears to reflect a broader calibration in capital deployment as market participants reassess risk and yield opportunities across digital-asset strategies. Inflows to digital asset treasuries had previously spiked to more than $12.3 billion after the election-related shifts, according to DeFiLlama’s data, before retreating as price cycles and macro uncertainty reasserted themselves. For context, the election period acted as a catalyst for capital inflows into crypto treasury strategies, with observers tracking how regulatory expectations could influence corporate exposure to digital assets.

Digital asset treasury companies have faced a challenging environment over the past year, a headwind that intensified after the October crypto market crash, which kicked off a protracted bear phase and pressured asset prices back toward pre-election levels. The sector has since weathered heightened scrutiny and a cautious liquidity backdrop, compelling firms to rethink their business models beyond mere crypto custody. The conversation around how treasuries should operate has evolved from simple hodling to strategies that generate cash flow and add strategic value to corporate balance sheets.

Related: Crypto treasury companies likely to consolidate in 2026: Crypto exec

Treasury reinvention in a market reset

Tioneering executives argue that the era of “buy and hold” is giving way to more active treasury management. In an interview, Patrick Ngan, chief investment officer of Zeta Network Group, a technology company, emphasized the need for treasuries to demonstrate practical utility for the asset rather than merely warehousing it. “Corporate Bitcoin treasuries now need to show they can actually use the asset, not just warehouse it,” he said, underscoring a broader push toward deploying crypto holdings in revenue-generating activities.

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The emphasis on utilization aligns with a broader industry view: crypto treasuries with operating cash flow can outperform those that simply accumulate crypto without an active business plan. The consensus is that the most durable treasury strategies tie digital assets to ongoing operations, whether through staking or validation services on proof-of-stake networks, mining on proof-of-work networks, or DeFi lending and other ancillary ventures. A competitive edge may belong to entities that blend crypto with traditional revenue streams, rather than treating digital assets as a standalone store of value.

The landscape includes a range of models, from dedicated crypto-focused ventures to hybrid strategies that diversify income sources. A notable theme is the exploration of real-world asset (RWA) synergies to support crypto reserves. Case studies and industry commentary point to hybrid structures that blend real estate or other cash-flow-producing assets with BTC exposure, aiming to capture appreciation while generating rental or operating income. Grant Cardone’s approach—integrating real estate with Bitcoin exposure into hybrid treasury vehicles—has been cited as a practical example of how a treasury can leverage tangible assets to support digital-asset growth. Cardone described the strategy as a way to balance property-backed income streams with crypto upside, suggesting that real estate can provide a sturdier foundation for treasury-driven investments than a pure crypto-only vehicle.

The 10 biggest crypto treasury companies, ranked by their crypto holdings. DeFiLlama’s data visually maps the scale of digital asset reserves across leading treasury players, illustrating how the sector concentrates assets among a handful of large holders while many others operate with smaller balance sheets.

Beyond real estate partnerships, treasuries are pursuing revenue streams through staking, validator services, and DeFi lending to sustain cash flow and fund ongoing operations. The broader objective remains clear: convert crypto holdings into sustainable income that can support ongoing operations, fund growth initiatives, and offset crypto-market volatility.

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Grant Cardone’s real estate–Bitcoin hybrid approach has drawn attention for illustrating how a treasury strategy can combine tangible asset advantages with digital-asset exposure. In interviews and related reporting, Cardone argued that housing can provide non-discretionary demand dynamics, creating a counterweight to the discretionary nature of many digital-asset purchases. This perspective aligns with a growing willingness among treasury operators to diversify income sources and reduce reliance on pure price appreciation.

The momentum around reinvention is not just theoretical. Comparisons with other sectors suggest that diversified revenue models—whether through staking, lending, or rental income—may lead to more resilient treasury performance over time. Yet, the market remains mindful of macro and policy risks. The crypto sector’s trajectory has been closely linked to regulatory developments in the United States and abroad, as well as to shifts in investor sentiment shaped by macroeconomic trends and cross-asset correlations.

The evolution of crypto treasuries is a matter of both strategic and operational refinement. As firms experiment with combining real assets and digital holdings, the industry watches how these hybrid approaches perform in terms of yield, liquidity, and governance. The experience of 2025—when inflows stayed in the sub-$10 billion range for several months before another downturn—serves as a reminder that a successful treasury requires more than capital; it requires a clear plan for deploying assets into productive activities that align with corporate objectives. The ongoing conversation centers on how to balance risk, return, and liquidity in a landscape characterized by ongoing regulatory scrutiny and a dynamic market regime.

Note: The overarching trend remains that data providers, researchers, and industry stakeholders will continue to monitor whether treasury players can convert crypto holdings into stable, repeatable cash flows while maintaining exposure to upside from crypto markets.

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What to watch next

  • Regulatory developments in major markets that could influence corporate crypto exposure and treasury management strategies.
  • Possible consolidation waves among crypto treasury firms, as suggested by industry debates about 2026 dynamics.
  • New treasury vehicle structures that blend real assets with digital holdings, including hybrid real estate–BTC funds and similar models.
  • Announced or anticipated ETF and product flow changes that could affect liquidity and investor demand for crypto-tied assets.
  • Next-year milestones for major treasury players, including funding rounds, partnerships, or launches of revenue-generating services.

Sources & verification

  • DeFiLlama data on digital asset treasuries and inflows (defillama.com/digital-asset-treasuries)
  • DefiLlama status post referenced in coverage (https://x.com/DefiLlama/status/2028572552675938399)
  • Crypto treasury consolidation discussion (https://cointelegraph.com/news/crypto-treasury-companies-consolidate-2026)
  • Cardone Capital on hybrid real estate and Bitcoin strategy (https://cointelegraph.com/news/cardone-capital-dats-real-estate-bitcoin-fund)
  • Bitcoin price discussions and related coverage (https://cointelegraph.com/bitcoin-price)

Crypto treasury inflows signal a market reset

In the broader market context, the trajectory of digital asset treasuries appears to reflect a recalibration after a period of outsized inflows tied to political catalysts and policy expectations. The rebound observed after the election results demonstrated the market’s sensitivity to regulatory signals, yet the subsequent slowdown suggests investors are reassessing the risk-reward equation for long-duration crypto exposure. The path forward may hinge on whether treasuries can operationalize their holdings into durable cash flows and whether new vehicle structures can attract capital without compromising risk control and governance.

Market context: The latest data sit within a cautious liquidity environment where macro forces and regulatory developments continue to shape risk sentiment and capital allocation across crypto strategies.

Why it matters

For investors, the evolving picture of digital asset treasuries matters because it highlights how corporate treasury management is shifting from passive asset accumulation to active deployment. The ability to translate crypto holdings into revenue—whether through staking, validation, lending, or real-world asset integration—can influence balance-sheet resilience and funding for strategic initiatives. For builders and operators, the trend signals a demand for more sophisticated treasury products and governance frameworks that can manage risk while enabling exposure to the upside of digital assets. And for the market at large, the shift toward productive use cases may influence liquidity cycles and pricing dynamics, potentially supporting more durable demand cycles beyond mere speculation.

As firms experiment with real-world links and diversified income streams, stakeholders will be watching whether these models deliver consistent returns aligned with risk tolerances. The ongoing dialogue around how to structure, regulate, and monitor crypto treasuries will likely shape industry standards and collaboration across traditional finance, real estate, and digital-asset ecosystems.

What to watch next

  • Track regulatory updates and any policy changes that directly affect corporate crypto holdings and treasury strategies.
  • Monitor proposed or enacted ETF and institutional product approvals that could impact liquidity and flows into crypto-related assets.
  • Observe consolidation activity among treasury operators and the emergence of new revenue-generating platforms.

Risk & affiliate notice: Crypto assets are volatile and capital is at risk. This article may contain affiliate links. Read full disclosure

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E-commerce Giant Coupang Moves to Build Stablecoin Legal Team

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Clarity Act Fails March 1 Deadline as Stablecoin Yield Dispute Stalls Progress

Coupang Pay, the fintech arm of South Korean e-commerce giant Coupang, is actively recruiting in-house legal counsel specializing in stablecoins. The hiring signals a significant escalation in the company’s digital asset ambitions.

The move positions Coupang as one of Asia’s most aggressive non-financial corporations to bet on stablecoin infrastructure ahead of imminent Korean legislation.

The company posted two simultaneous job listings on its careers page. One targets junior attorneys within two years of qualification. The other seeks senior or principal-level counsel with at least three years of relevant experience. Both postings list identical responsibilities across three areas: domestic fintech payments, stablecoin and virtual asset regulation, and global payment partnerships.

The stablecoin-specific duties are notably detailed. Candidates will review business structures for stablecoin issuance, utilization, and distribution. They will also handle regulatory engagement with Korea’s Financial Intelligence Unit and the Financial Services Commission. The senior role adds a telling requirement: the ability to “translate new regulatory domains into business opportunities.”

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Coupang Pay framed its legal team in explicitly strategic terms. The team “designs new business models while maintaining regulatory compliance,” the company said in its postings. That language positions the legal function closer to a product strategy unit than a traditional compliance department.

Already Inside the Infrastructure

Listed on the New York Stock Exchange, Coupang operates across South Korea and Taiwan and regularly remits significant sums to its US parent.

Coupang is no stranger to stablecoin infrastructure. In the second half of 2024, the company joined as an early partner of Tempo, a Layer 1 blockchain developed by Stripe. Tempo is purpose-built for stablecoin payments. Partners, including Visa, Deutsche Bank, and Standard Chartered, have been piloting real-world payment environments on-chain since late last year.

The financial incentive is clear. Coupang recorded approximately $33 billion in revenue last year. Assuming a 1% card fee rate, stablecoin adoption could save roughly $340 million annually. Cross-border remittance costs to its US parent add further pressure. Industry estimates put total annual savings between $155 million and $200 million, even after infrastructure costs.

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Coupang operates across South Korea and Taiwan, where it also runs the Farfetch luxury platform. The job postings explicitly mention Coupang Taiwan, Farfetch, and a “global integrated app” as targets for overseas payment legal review. This suggests stablecoin integration is being planned well beyond Korea’s borders.

Legislative Tailwind, Political Headwind

The timing aligns with Korea’s legislative calendar. South Korea’s ruling party and the National Assembly are actively discussing a regulatory framework for KRW-backed stablecoin issuance, though no legislation has been finalized. It would mark the first time domestic won-denominated stablecoin issuance has been legally permitted in nearly nine years.

However, Coupang carries political baggage into this push. The company faced significant backlash last year following a personal data leak incident. Its decision to conduct an internal “self-investigation” rather than cooperate fully with regulators drew sharp criticism. Industry observers note this friction could slow domestic regulatory approvals for new financial services.

Korea’s stablecoin race is accelerating. Coupang appears determined not to be left behind.

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GMX DAO shifts rewards and liquidity to strengthen token economics

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GMX DAO shifts rewards and liquidity to strengthen token economics

GMX DAO has approved a plan to redirect rewards and concentrate liquidity on its own rails.

Summary

  • GMX DAO will send a larger share of protocol rewards to its treasury instead of direct staking payouts.
  • The plan concentrates liquidity on GMX-native infrastructure rather than relying on external venues to set the market.
  • GMX traded higher alongside broader DeFi tokens as on-chain volumes and open interest rose with Bitcoin (BTC) reclaiming key levels.

GMX DAO has passed a proposal to overhaul how value flows through the derivatives protocol, aiming to restore clearer price discovery and reduce dependence on centralized exchanges and fragmented liquidity pools. Under the new framework, a larger portion of protocol rewards will be routed to the DAO treasury instead of going straight to stakers, giving the community more flexibility to fund buybacks, incentives, and long-term development. At the same time, liquidity is being steered toward GMX’s own infrastructure, with an emphasis on deeper native markets rather than thin order books scattered across multiple venues. Backers of the proposal argue that concentrating liquidity and control inside the protocol can make prices less vulnerable to abrupt swings driven by external market makers and short-term speculative flows.

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The changes come after a period in which GMX’s token performance lagged broader market rebounds, even as volumes on leading perpetuals venues climbed and blue-chip DeFi names saw renewed interest. Community discussions highlighted concerns that incentives were overly focused on short-term yield and that too much effective price discovery was occurring off-platform, where order flow and liquidity conditions are harder for the DAO to influence. By building a larger treasury and emphasizing native liquidity, GMX is attempting to align token economics more tightly with the actual usage and profitability of the protocol. The move echoes steps taken by other DeFi projects listed on platforms like Coinbase, which have shifted toward models that prioritize sustainable fee capture over aggressive emissions.

Protocol value and market structure

From a market-structure perspective, the GMX decision reflects a broader trend in DeFi, where protocols are reassessing how they balance user incentives, governance, and long-term resilience. Rather than relying on perpetual token emissions or external liquidity mining, more projects are experimenting with treasury-driven strategies, dynamic fee sharing, and targeted buybacks. This approach is influenced in part by the growing presence of institutional actors and payment firms that demand more predictable frameworks, similar to how companies like Visa structure reward flows and capital allocation in traditional finance. For GMX, building a sizable treasury war chest creates optionality: the DAO can respond to market stress, fund new product lines, or adjust incentive schemes without having to dilute holders through new token issuance.

The timing of the shift also intersects with a healthier, spot-led environment in major crypto assets such as Bitcoin (BTC), where leverage has normalized and ETF-driven flows are stabilizing. In that context, a derivatives protocol’s ability to offer deep, reliable on-chain markets becomes more important than simply broadcasting high nominal yields. As regulatory frameworks like MiCA advance and exchanges refine their listings of DeFi tokens, projects with transparent, treasury-backed value flows may be better positioned to attract both retail and professional liquidity. For GMX holders and users, the key question is whether the new model can translate into tighter spreads, more robust on-chain volumes, and a stronger link between protocol revenue and token performance without sacrificing the competitive incentives that first drew traders to the platform.

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Western Union Partners with Crossmint to Bring USDPT to Solana

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Western Union Partners With Crossmint To Bring Usdpt To Solana

Western Union Partners With Crossmint To Bring Usdpt To Solana

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This article was originally published as Western Union Partners with Crossmint to Bring USDPT to Solana on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

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Top Canadian Bank Launches Multi-Crypto ETF with BTC, ETH, SOL, XRP

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Top Canadian Bank Launches Multi-Crypto ETF with BTC, ETH, SOL, XRP

The bank’s asset manager and 3iQ debut an actively managed crypto ETF to Canadian investors, offering exposure to Bitcoin, Ether, Solana and XRP at a competitive 0.25% fee.

Scotiabank, one of Canada’s top-five banks by assets, has launched a new cryptocurrency exchange-traded fund in partnership with digital asset manager 3iQ, highlighting growing institutional adoption in a market that approved spot Bitcoin ETFs years before the United States.

Dynamic Funds, Scotiabank’s asset management arm, unveiled the Dynamic Active Multi-Crypto ETF on Wednesday. The liquid alternative fund will trade on Cboe Canada under the ticker DXMC, offering investors exposure to several digital assets, including Bitcoin (BTC), Ether (ETH), Solana (SOL) and XRP (XRP).

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Bloomberg ETF analyst Eric Balchunas described the launch as highly competitive from a fee perspective. Dynamic said it reduced the fee from 0.45% to 0.25% until March 1, 2027.

Source: Eric Balchunas on X

Multi-asset crypto ETFs are gaining popularity because they offer investors exposure to a basket of digital assets within a single fund. Instead of buying and storing tokens individually on cryptocurrency exchanges, investors can access multiple assets through a single regulated product traded on a traditional stock exchange.

Related: Canada’s CIRO formalizes interim crypto custody framework

Canada’s early lead in crypto ETFs

While ETFs have dominated the conversation in the United States, especially after regulators approved nearly a dozen spot Bitcoin ETFs in early 2024, Canada was actually an early mover in the asset class, with companies like 3iQ leading the charge.

The asset manager launched one of the world’s first publicly traded spot Bitcoin funds in Canada in 2021, years before the US Securities and Exchange Commission approved similar products. The fund quickly surpassed 1 billion Canadian dollars in assets under management, a notable milestone in that country’s smaller ETF market.

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Canada has since expanded its crypto ETF market to include spot Ether (ETH) funds and other digital-asset products listed on exchanges such as the Toronto Stock Exchange and Cboe Canada, giving investors regulated exposure to several major cryptocurrencies.

As Cointelegraph previously reported, 3iQ was recently acquired by Japanese cryptocurrency exchange Coincheck for $111.84 million. The deal is expected to close in the second quarter of this year.

Related: Spot Bitcoin ETFs see $458M in inflows as Mideast conflict widens

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