Digital asset treasury provider economics: agreements, fees, exit terms and realized outcomes.
Independent public-source research for Boards, finance teams and counsel reviewing digital asset treasury manager and adviser arrangements.
Board / CFO review path
What a decision record should contain before approving, amending, renegotiating or exiting a DAT manager or adviser agreement.
Compare public DAT management agreements
Forward / Galaxy, AlphaTON / Alpha Sigma, AVAX One / Hivemind, Enlivex / Elinnovation, Upexi / GSR and Mango / Cube across role, fees, duration, exit mechanics and currentness.
Digital asset treasury management agreements
How to review manager scope, recurring and performance fees, warrants, term, termination rights, governance and current-version status.
Digital asset treasury provider fees
AUM fees, performance compensation, high-water marks, warrants and why headline percentages are not enough.
Digital asset treasury provider exit economics
Term, renewals, convenience termination, remaining-term exposure, negotiated exits and internalization.
Related-party digital asset treasury adviser agreements
What to benchmark when ownership, Board relationships, consent rights or financing-linked compensation overlap with the provider mandate.
DAT provider economics glossary
Plain-English definitions for the economic and contract terms used throughout the research.
Public case notes
CEA / 10X: current 1.4% fee + unpaid accruals + litigation
The latest September 2026 filing describes a 20-year AMA, $1.1m quarterly management expense, $1.4m of accrued unpaid fees and pending litigation after an earlier Board benchmarking process.
Eightco: tiered fees → flat 1% broader AUM + ARK stack
Worldcoin Tower economics were amended from a declining fee schedule to flat 1% over a broader denominator, with 85% remaining-fee exit language; a separate ARK agreement adds its own management, equity and Board-advisor economics.
AlphaTON: DWF settlement + separate 1% Alpha Sigma manager
The financing-linked DWF treasury-management agreement terminated, while a separate related-party Alpha Sigma discretionary TON manager remained disclosed with a 1% fee, one-year term and FY2026 realized fees.
Enlivex / Elinnovation: 2% fee + first-anniversary exit
A RAIN-focused manager mandate with a 2% treasury-value fee, three-year term, 30-day no-cause exit after year one and a 2026 financing-linked amendment.
VisionWave / CTMG: 17 BTC success fee + equity
A two-year advisory agreement with a cash retainer, 17 BTC transaction-success fee, 250,000 shares and 60-day convenience termination.
AVAX One / Hivemind: 1.25% fee + 10-year term
A broad discretionary AVAX mandate with cause-based exit terms, a related-party manager and approximately $1.0m of first-half 2026 realized fees.
Mango DAT / Cube: layered fees + currentness gap
Tiered AUC fees, separate execution-management economics and broad Solana authority under a one-year agreement; later public filings do not establish continued active deployment.
BitMine / Ethereum Tower: agreement families + staking transition
A 10-year ETH Treasury consulting agreement with 85% remaining-fee exit language sits beside separate strategic-advisor and staking-service contracts; the staking MSA was replaced in September 2026.
Upexi / GSR: 1.75% AUM → 20-year term → arbitration
A recurring AUM fee, warrants, long-duration mandate and restrictive exit terms later became a live termination and arbitration record.
Solana Company / Pantera: trading + strategic advisory stack
A 10-year trading mandate sits beside separate strategic-advisory economics and warrant compensation.
Forward / Galaxy: 0.6% discretionary management mandate
A same-role comparator with a defined discretionary scope, 0.6% annual AUM fee and three-year initial term.
USBC: a manager fee architecture reset
The same provider relationship moved from asset-based plus performance compensation to performance-only economics.
SharpLink: external management → internalization
A public example of moving core treasury-management functions inside the company.
CleanCore: unwind, transfer controls and restatement
A provider unwind that became relevant not only for contract economics but also for asset-transfer and reconciliation controls.
Axe Compute / DNA: long-term fee and exit structure
A public long-duration provider arrangement with recurring and performance economics.
Observed DAT provider outcomes
Fee resets, renegotiations, internalizations, terminations, settlements and disputes across the public universe.
How the research is built
Methodology · Public universe · Decision triggers · Board / CFO review · FAQ · $4,900 / 72-hour scope