VisionWave / CTMG: why a DAT provider fee can be 17 BTC instead of an AUM percentage.
VisionWave Holdings' agreement with Crypto Treasury Management Group is a useful public control against fee tables that assume every treasury provider is paid as a percentage of assets. The disclosed stack combines a cash retainer, a 17 BTC success fee, common-stock compensation, expenses and a two-year advisory term.
Agreement snapshot
| Field | Publicly disclosed term |
|---|---|
| Effective date | September 24, 2025; finalized and disclosed September 26, 2025 |
| Provider | Crypto Treasury Management Group, LLC (CTMG) |
| Role | Strategic and advisory support for a digital asset treasury, including allocation, custody selection, treasury formation, staking design and digital-asset integration |
| Contemplated capital structure | Up to $300 million, subject to company approval and transaction execution |
| Retainer | $50,000 at signing; increases to $100,000 if binding definitive agreements are executed or capital / crypto assets are successfully deployed under the stated conditions |
| Success fee | 17 BTC or cash equivalent after the company's initial acquisition and custody of at least $20 million of digital assets under the contemplated treasury transaction |
| Equity compensation | 250,000 common shares upon and subject to closing of the crypto treasury transaction |
| Initial term | Two years |
| Convenience termination | Either party may terminate on 60 days' written notice, subject to the disclosed mutual-release provision |
The success fee creates a different benchmarking problem
A 17 BTC success fee cannot be normalized by simply placing it next to a 0.6%, 1.25% or 1.75% annual AUM fee. Its dollar value changes with Bitcoin's market price, and the trigger depends on a defined transaction event rather than recurring account size.
The equity and staking provisions add another layer
The agreement also provides 250,000 shares upon closing and allows CTMG, with company approval, to direct staked assets to a validator of its choice, including a validator in which CTMG may have a financial interest, subject to disclosed conflict and waiver mechanics.
Those terms are not equivalent to a recurring manager fee, but they are part of the provider economics and governance record. Ignoring them would understate the commercial structure.
The exit structure is comparatively flexible — but earned economics still matter
Either party can terminate for convenience with 60 days' notice. The agreement separately states that fees due as of termination are considered earned under the stated conditions, while stock or warrant issuances included in the fees are subject to pro-rata adjustment based on services completed. It also requires final records transfer and, if applicable, unstaking coordination after termination.
Currentness should not be inferred from the original exhibit
The original 2025 agreement remains incorporated in VisionWave's public filing record. VisionWave's June 30, 2026 Form 10-Q, filed August 19, 2026, still lists the CTMG agreement in its exhibit index, but the existence of that incorporated exhibit does not by itself prove that the contemplated treasury transaction closed, that the 17 BTC success fee was earned, or that the relationship remains operationally active.
For a live decision, those status questions require a fresh currentness check rather than an assumption based on the original contract.
Primary public sources
VisionWave / CTMG Consulting Agreement — SEC exhibit
VisionWave September 30, 2025 Form 8-K
VisionWave 2025 Form 10-K
VisionWave Form 10-Q for June 30, 2026
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Public-source factual commercial research only. No legal, fairness, fiduciary, accounting or investment opinion and no recommendation concerning any provider or transaction.