The crypto treasury model keeps spreading to smaller assets, forging partnerships between token holders and companies with access to public financing. BONK, IP, and SUI recently received new plans for treasury-building.
Altcoin treasuries are trying to catch the momentum of BTC and ETH buyers, adding to the hype to increase demand. The list of altcoin assets is growing, with the latest deals potentially raising demand for BONK, IP, and SUI.
BONK marks partnership with Safety Shot (SHOT)
LetsBonk (BONK), one of the early Solana meme tokens, will become the basic asset for the treasury of NASDAQ-traded company Safety Shot (SHOT). Just as the partnership was announced, the price of SHOT paradoxically fell by over 50%.
The asset traded at a one-month high of $1.20 as of August 6, later crashing near all-time lows. SHOT is a company with a long-term price slide, which also tried to revive its shares via a treasury announcement. BONK, however, remains relatively volatile as a sub-penny asset. The token traded in the middle of its range at $0.000026.
After the announcement, the usual effect on both the stock and the token was relatively muted. The effect of BONK outside Solana circles is smaller, despite the token’s involvement in one of the top new meme platforms.
A16Z and Heritage Distilling launch IP treasury
Heritage Distilling (CASK) turned to a crypto treasury strategy, as its shares were also trading near a five-year low at $0.49. Heritage Distilling will be the first public company to adopt Story Protocol (IP) as its underlying treasury asset. Story Protocol aimed to tokenize intellectual property on its native L1 network. Once again, the token was relatively unknown to crypto outsiders and was considered a slow project by crypto insiders.
IP is trying to revive its fortunes, trading near the higher range at $6.37. The token is relatively new, arriving in February.
Heritage Distilling will build $340M in liquidity with the help of the A16Z fund, with an initial $220M private placement (PIPE) expected to close on August 13. The company will receive $100M in cash and $120M in IP tokens provided by the Story Foundation. The deal is a way for the Foundation to tap the value of its token reserves, without crashing the market.
Mill City Ventures tops up SUI treasury
Mill City Ventures (MCVT) is one of the main buyers for SUI. Recently, the company allocated another $20M for SUI acquisition, adding 5.6M SUI at an average price of $3.56.
MCVT was one of the stocks to react to the treasury news, rising from around $1.69 to $5.99. The stock spent two years stagnating around $2. SUI traded at $3.72, near its higher range for 2025.
Mill City’s acquisition is supported by the SUI Foundation and other large holders, meaning the company will not be acquiring SUI on the open market. The company’s SUI is staked, achieving $26,000 in daily rewards.
Altcoin treasuries spread to more than 34 assets
Altcoin treasuries follow a model similar to Strategy, trying to connect public financing to altcoins. The addition of altcoin treasuries follows long months of waiting for the assets to rally.
Altcoin treasuries are spreading to less popular assets, potentially bringing fresh capital to altcoins from previous bull cycles. | Source: X
Even without an all-out altcoin market, there are now more than 34 companies with announced or realized treasuries. Assets include widely adopted assets like XRP, BNB, SOL, TRX, and LTC. Risker propositions include DOGE, DogWifHat (WIF), SONIC, TAO, ENA, HYPE, and others.
Older altcoins are not attracting enough new capital, creating the need for special financing tools. Mainstream interest is also not tainted by previous knowledge about the token’s history, leading to increased demand for treasury company shares. Recently, Cryptopolitan reported on the potential risks of treasury companies, especially during a market downturn.
Treasuries for altcoins have one advantage over BTC: large-scale staking income. The otherwise idle tokens can consolidate into significant stakes, producing rewards for the company. The flywheel effect and stock-related hype do not always work for each treasury company, but still boost the liquidity and attention for assets offering staking services.
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