Research library

Digital asset treasury provider economics: agreements, fees, exit terms and realized outcomes.

Independent public-source research for Boards, finance teams and counsel reviewing planned, signed or live digital asset treasury manager and adviser arrangements.

Decision review

Board / CFO review path

What a decision record should contain before approving, amending, renegotiating or exiting a DAT manager or adviser agreement.

Pre-signing currentness

Pre-signing DAT provider agreements

Fortitude / Grayscale, Scilex and BSTR / Blockstream show why expected-at-closing, intended, signed, active and never-executed provider states must be separated before an arrangement enters a live benchmark.

Board comparison

Compare public DAT management agreements

Ten manager or manager-like controls across role, recurring and incentive economics, duration, exit mechanics and currentness. Strategic advisers are excluded from this rate-comparison bucket unless the filed authority supports a manager-like role.

Role-normalized comparison

Compare DAT strategic-adviser agreements

Upexi / Hivemind, Solmate, Hyperliquid Strategies, Reliance, TON Strategy and VisionWave show why adviser compensation, denominator, governance rights and currentness should be benchmarked separately from discretionary asset managers.

Cross-client comparison

Same provider, different DAT economics

Hivemind, GSR and Galaxy provide direct controls showing that the same provider — and even the same headline percentage — can sit inside different roles, denominators, payment media, terms, exit mechanics and currentness states.

Evidence

Why DAT agreement benchmarking is a real procurement category

Public evidence that issuer and manager-side teams have used benchmarking in live DAT contract review, plus SEC disclosure controls and the boundaries between factual comparables and legal or fairness conclusions.

Guide

Digital asset treasury management agreements

How to review manager scope, recurring and performance fees, warrants, term, termination rights, governance and current-version status.

Guide

Digital asset treasury provider fees

AUM fees, performance compensation, high-water marks, warrants and why headline percentages are not enough.

Guide

Digital asset treasury provider exit economics

Term, renewals, convenience termination, remaining-term exposure, negotiated exits and internalization.

Guide

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.

Documentation

DAT provider economics glossary

Plain-English definitions for the economic and contract terms used throughout the research.

Public case notes

Case note · same 1.25%, different denominator

Upexi / Hivemind: 1.25% issuer-market-cap adviser paid in shares

A three-year non-discretionary advisory agreement pays Hivemind 0.3125% of Upexi market capitalization each quarter in advance in shares. The first measurement date has passed, but the exact first advisory-fee share issuance was not isolated in the reviewed public record. This is role-distinct from Hivemind's 1.25% AVAX One discretionary manager mandate.

Case note · manager appointment + contract visibility gap

Bio-Path / altFINS: 1.25% announced fee + equity + unlocated definitive agreement

The filed LOI left fees open and kept custody / decision authority with Bio-Path; a later SEC filing says an August 11 definitive agreement appointed the altFINS team as managers, while an attributable public announcement adds a 1.25% fee, performance bonuses, equity and cross-investment economics. The executed agreement was not located in the reviewed SEC exhibits.

Case note · financing-linked compensation waiver

Hyperliquid Strategies / Rorschach: 5% shares + 15% warrants → waived, not deleted

A five-year HYPE treasury adviser agreement ties compensation to future equity financing and sits beside separate Board nomination / information rights. By August 2026 the future-financing grant right was waived unless revoked for future financings with two weeks' notice; no revocation notice had been provided through the Form 10-K date.

Case note · short strategic-adviser term

Reliance / Convergence: 450,000-share adviser package → six-month expiry

A strategic DAT adviser and Crypto Advisory Board chair received a staged 450,000-share compensation package under a six-month agreement that automatically expired by its filed term; no extension was located in the reviewed SEC record, while the later treasury balance was zero.

Case note · asymmetric exit + currentness gap

Axe Compute / DNA: 1% + 25% incentive → 10-year asymmetric exit

A discretionary ATH manager gets a 1% asset fee plus 25% of profits above 7% and separate adviser warrants. The client has a cause-based exit while the manager gains a later no-cause path; March 2026 still names DNA, but the June filing keeps treasury activity without repeating the agreement.

Case note · short mandate + non-renewal

AI Financial / Kraken: 30-day manager mandate → not renewed → later Concrete layer

Kraken was announced as treasury asset manager but the executed discretionary agreement ran only 30 days for a nominal fee and was not renewed. The WLFI treasury continued, while a later two-year Concrete agreement added vault-infrastructure and deployment services rather than a clearly disclosed like-for-like replacement manager.

Case note · anniversary date conflict + pause-to-termination

Solmate: 1% SOL-AUM adviser + Pulsar fee pause → termination

The filed Strategic Advisor Agreement ties its Effective Date to the PIPE Closing Date; the issuer disclosed a Sep. 23, 2025 closing while some later summaries use Sep. 18. The first anniversary should therefore not be presented as a certain Sep. 18 measurement without reconciliation. A separate related-party Pulsar agreement had its $250k monthly fee payment and accrual suspended in April, then was mutually terminated effective July 29 without further cost or obligation.

Case note · equity-settled fee + 10-year exclusivity

Lite Strategy / GSR: 1.75% AUM → equity-settled fee + remaining-term exit

A ten-year exclusive LTC manager mandate pays the 1.75% recurring fee in shares or pre-funded warrants, adds separate GSR warrants, and ties ordinary company exit to ending the LTC strategy with a remaining-term termination formula.

Case note · related-party adviser + discretionary manager

SUI Group / Karatage + Galaxy: one treasury, two provider layers

Galaxy manages an exclusive SUI sleeve under a five-year discretionary mandate with a 0.60%–0.80% fee and $1M annual minimum, while related-party Karatage has a separate 0%–0.80% adviser schedule, 10-year term, service-linked warrants and control rights touching the manager relationship.

Case note · three-layer provider currentness

Pineapple: Canary + Monarq + later Innovating Capital layer

The original INJ structure split capital 30/70 across separate 1% annualized manager schedules. A later Board-approved Innovating Capital layer adds asset-management / strategy-oversight scope while later filings directly identify Monarq but do not establish Canary termination.

Case note · strategy abandonment + contract-status gap

Nuvve / DeFi: 10-year HYPE mandate → strategy abandoned

The contract uses four first-year installments of max($150k, 1.5% of Account Assets), then 0.5% per quarter, plus a 5x-fees / $1M exit formula. Months later Nuvve said it had never implemented the HYPE strategy and would no longer pursue it, while public filings did not clearly resolve formal contract termination.

Case note · strategy exit + contract currentness

FG Nexus / Galaxy: fee-floor reset → full treasury exit

A discretionary ETH manager agreement moved from a $1M annual minimum to a waived fee floor; months later the issuer sold all crypto and exited the digital-asset business, while the later filing did not expressly state that the Galaxy contract itself had been terminated.

Case note · effective fee reset + related party + 20-year exit

SkyAI / Sol Edge: $10M prepaid fee → tiered account-value fee

The 2.0% / 1.75% / 1.5% tiered schedule became contractually effective August 27, 2026, while the reviewed public record does not yet show the first post-change monthly accrual or payment. The mandate retains a 20-year term and all-remaining-fee exit language, beside a separate warrant-heavy Sol Markets adviser agreement.

Case note · negotiated 85% exit exposure

Forum / Electric Treasury Edge: 2% + $2M floor → $1.5M exit

A five-year discretionary ETH mandate carried a 2% asset-based fee, $2M annual minimum and 85% remaining-compensation clause; the parties later negotiated a $1.5M termination payment.

Case note · settlement + internalization

BNB Plus / Cypress: 1.25% + 10% → $1M settlement → in-house

A related-party manager/adviser stack with AUM, incentive, monthly adviser and warrant economics ended in a cash + preferred-share settlement, governance changes and full treasury internalization.

Case note · terminated related-party adviser

TON Strategy / Kingsway: 2% market-cap fee → payment stop → termination

A 20-year related-party advisory agreement tied fees to fully diluted market capitalization; payments stopped in March 2026 and the company terminated without settlement in August with both sides reserving rights.

Case note · live accrual + litigation

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.

Case note · fee reset + provider stack

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.

Case note · surviving manager after settlement

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.

Case note · exit-window control

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.

Case note · success-fee architecture

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.

Case note · current 2026 economics

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.

Case note · currentness control

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.

Case note · Sep 2026 update

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.

Case note · provider lifecycle

Upexi: GSR manager exit → Hivemind adviser + Blueprint staking layer

The former 1.75% AUM GSR mandate ended in termination and arbitration. Later public agreements add a role-distinct Hivemind adviser paid on issuer market capitalization and a separate Blueprint staking relationship rather than a simple like-for-like manager replacement.

Case note

Solana Company / Pantera: trading + strategic advisory stack

A 10-year trading mandate sits beside separate strategic-advisory economics and warrant compensation.

Case note

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.

Case note

USBC: a manager fee architecture reset

The same provider relationship moved from asset-based plus performance compensation to performance-only economics.

Case note

SharpLink: external management → internalization

A public example of moving core treasury-management functions inside the company.

Case note

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.

Matrix

Observed DAT provider outcomes

Fee resets, renegotiations, internalizations, terminations, settlements and disputes across the public universe.

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