Digital Asset Digest · Vol. 82
The Digest returns: the asset class grew up while this publication slept
Eighty-one volumes were published through 2021, and then the Digest went quiet for five years — the five years in which digital assets became an institutional market. Volume 82 resumes the run, in the register the market now deserves.
What changed while we were away
When volume 81 shipped, the institutional questions were whether digital assets were investable at all. Those questions are settled. The questions that replaced them are the ones this publication now covers weekly: how a public company runs a digital asset treasury its auditor will sign; how a real-world asset reaches tokenized form with holders attached; how a token economy is designed so it still functions after launch; and how allocators access all of it inside wrappers their mandates permit.
The Digest's beat, restated for the new era: digital asset capital markets, covered the way credit or equities desks are covered — instruments, structures, flows, and the institutions behind them. No price commentary. No vocabulary the firm has retired.
The treasury question, properly framed
The defining corporate-finance story of this cycle is the digital asset treasury company — businesses whose balance sheets hold the asset class as strategy, and whose equity partly trades as a wrapper around the position. The model rewards exactly one thing: sequence. Policy before purchase, custody before position, execution before announcement, disclosure before the market asks.
Companies that follow the sequence get priced; companies that reverse it get discounted. The firm's full framework is in the treasury strategy guide on this site, and the desk expects this to be the Digest's most-revisited subject of the year.
This week at the desk
[EDITOR TO ADD — three to five short items from the week: transactions the firm can discuss, regulatory developments worth a paragraph, one portfolio note. Each item two to four sentences, each with a source or a link. This slot is why the Digest ships weekly and why it must never ship empty.]
From the firm
[EDITOR TO ADD — one paragraph: a mandate closed, a hire made, research published, or an event convened. If the firm has nothing to say this week, say nothing — this section collapses rather than pads.]