Asset Management Solutions

₿ Crypto in Your Corporate Treasury: Are you Ready? Lots of inbound questions on this topic! Here are the key items you need to address before executing the Crypto Treasury Strategy, which Eric Johnson and I discuss in more detail in the video: 1️⃣ Choose the Right Asset: Bitcoin’s scarcity makes it a strong store of value, while Ethereum offers utility for decentralized applications. Align with your financial objectives. 2️⃣ Secure Custody: Opt for third-party qualified custodians to mitigate risks. Ensure they have robust security, insurance, and regulatory compliance. 3️⃣ Accounting Clarity: With US GAAP ASU 2023-08, crypto is now valued at fair value. Implement strong reporting and SOX-compliant controls. 4️⃣ Tax Strategy: Use specific identification for tax events and consult experts to navigate IRS rules. Consider collateralizing crypto to minimize taxable events. 5️⃣ Regulatory Compliance: Adhere to AML/KYC and SEC disclosure requirements. Work with regulated counterparties and establish a clear crypto treasury policy. 6️⃣ Risk Management: Address volatility and counterparty risks with multi-signature wallets, due diligence, and hedging strategies. 7️⃣ Operational Integration: Align crypto with treasury goals, ensure liquidity, and leverage platforms for real-time visibility. Ready to explore crypto for your treasury? Reach out to me or Eric to discuss. #CorporateFinance #CryptoTreasury #Bitcoin #Ethereum

Sustainable profits create sustainable mines. Mine is losing money? It means it’s not accounting for all costs, including sustaining capital (SustEx). Many mines only consider operating costs (OpEx) when setting cut-off grades. This might make the deposit look larger and more profitable initially, but it’s misleading. Using just OpEx ignores the ongoing capital expenses required to keep the mine running. For example, when mines set a lower cut-off grade, they include lower-grade material, which reduces overall margins and cash flow. Imagine a mine with a total cost of $150 per tonne and a gold value of $50 per gram. Setting a cut-off at 3 grams per tonne gives a decent margin if the average grade is 5 grams per tonne. But if 20% of the material is only 2 grams per tonne, the average grade drops, slashing margins and cash flow by 30%. Mines that don’t include SustEx in their cost basis often find themselves in a cash flow crunch, unable to fund necessary environmental protections. In Central America, one mine lowered its cut-off so much that all operating profits went just to meet SustEx needs, breaking even with no returns for investors. This lack of funds also means they can’t afford proper environmental measures, leading to both financial and environmental failure. Including all-in-sustaining costs (AISC) in financial planning ensures that only profitable material is mined, improving overall margins and cash flow. This allows the mine to remain financially healthy and capable of funding environmental measures. This approach aligns with economic and environmental sustainability, supporting both profitable operations and responsible mining practices. It’s why the industry now sees AISC as the best practice for reserve estimation and life-of-mine planning.

Just as the industry was celebrating a major regulatory win with the SEC dropping its lawsuit against Coinbase, a stark reminder of the risks we still face hit the ecosystem with the Bybit hack. Every time an exchange or institution suffers a breach, trust in our industry takes a hit. These incidents don’t have to keep happening. Institutions can adopt governance-first security solutions to protect assets and reduce counterparty risk. 🔐 Safeguarding Assets with Ledger Enterprise One of the biggest vulnerabilities in exchange hacks is the lack of strong custody controls. Ledger Enterprise provides: ✅ Clear Signing & Secure Hardware Approvals. Transactions must be verified on a secure device, preventing hidden or unauthorized transfers. ✅ Multi-Level Governance Rules – Large transfers require multiple approvals (e.g., CFO sign-off), making it much harder for a single point of failure to be exploited. ✅ Whitelisting – Transactions can only be sent to pre-approved wallet addresses, reducing the risk of rogue transfers. ✅ Off-Chain Governance Enforcement Relying on secure off-chain workflows, Ledger Vault is compatible with all chains and avoids the complications of interacting with smart contracts. Even if every computer in an organization were compromised, final transaction approval would still require physical validation stopping bad actors in their tracks. 📈  Eliminating Counterparty Risk with Ledger TRADELINK Another critical issue highlighted by this hack is the counterparty risk of holding assets on exchanges. The solution? Off-exchange trading. With Ledger TRADELINK, institutions can trade without exposing funds to an exchange’s security vulnerabilities. This means: ✅ Assets remain in custody – No need to hold funds on exchanges where they could be hacked. ✅ Settlement on your terms – You control when and how trades settle, reducing reliance on third parties. ✅ Stronger Counterparty Protections – Institutions can trade without trusting a single entity with their assets. The Industry Must Do Better And It Can The ByBit hack is a reminder that security should be the standard, not an afterthought. But the way ByBit and the industry responded gives hope. We’re evolving. We’re standing together. And we’re making crypto safer. At Ledger Enterprise, we’re committed to building institutional-grade security and trading solutions that protect digital assets and mitigate risks. Let’s ensure this doesn’t happen again.

There's a race to accumulate Bitcoin across corporations, nations and other entities around the world. South East Asia needs to join the fray. Our firm BlockSpaceForce has released a comprehensive analysis on Bitcoin treasury adoption opportunities in SEA. Think of it as an open-sourced playbook that anyone can review and use to speak to your stakeholders. 📊 Global Accumulation Data: 80+ public companies globally now hold Bitcoin as treasury assets Total institutional holdings: ~$668B across ETFs, public companies, and sovereign funds Nations accumulating: USA (207,189 BTC), China (194,000 BTC), UK (61,000 BTC) Market cap premiums: Companies trade 1.5-8x above net asset value of Bitcoin holdings 🏢 Corporate Success Stories: MicroStrategy (MSTR): Grew from struggling software company to $75B market cap Metaplanet (Japan): 15x stock increase, became most traded stock on Tokyo exchange Meliuz (Brazil): First LATAM public company adoption, 53% stock surge 🌏 SEA Market Opportunity: No retail Bitcoin ETF available in region yet Southeast Asia accounts for significant % of global crypto transaction volume Singapore: 40%+ of Gen Z/Millennials hold crypto assets 📈 Implementation Framework: The analysis outlines qualification criteria including cash reserves, stable cash flow, and executive support. Implementation involves phased allocation over 6-24 months, institutional custody solutions, and comprehensive risk management frameworks. Performance Targets: Bitcoin holdings: 1000+ BTC over 3-year period Projected share performance: 50-300% upside potential Goal: Top 20-50 global Bitcoin holding company ranking Accumulate and win. 🏆

This post about bitcoin inheritance is going viral on X, and for good reason. Why? Virtually no one has an inheritance plan for their bitcoin. The solutions to enable a transfer of assets simply have not existed--until Onramp created Multi-Institution Custody. Now for the first time, your loved ones can simply call Onramp when you pass, and know that they will be able to access your bitcoin without having to search for devices and cryptographic material. On top of that, they will already be the legal owner of the BTC, and will also receive a step up in cost basis. This is the peace of mind that our clients and their loved ones enjoy.

Introducing the Onramp Institutional Quarterly Update — a recurring brief designed to deliver actionable research for fiduciaries, boards, and allocators navigating the evolving landscape of bitcoin and institutional custody. Each quarter, Glenn Cameron and Brian Cubellis distill key macro themes, portfolio implications, and implementation guidance for institutions integrating sound money within diversified mandates. In this quarter’s institutional update, we explore:   ➤ How fiscal dominance becomes financial repression through regulation, guidance, and market plumbing.   ➤ Why portfolios now face negative real carry and rising correlation across asset classes.   ➤ The role of outside money (gold + bitcoin) as structural ballast in a policy-driven regime.   ➤ Implementation frameworks—allocation ranges, custody standards, and IPS language—for boards, RIAs, and corporate treasuries.   The piece concludes with a Q4 action checklist for allocators seeking resilience amid policy disruption and suppressed real yields. Allocators want a straightforward way to evaluate, size, and hold bitcoin with strong ownership assurances. Onramp Institutional is built for that job.   Custody: Multi-Institution Custody (MIC) with segregated, on-chain-verifiable vaults, three independent key holders, no single point of failure.   Structures: Direct MIC, or MIC-backed wrappers (U.S. statutory trust, Cayman fund) when policy or operations require it.   Workflows: Investment policy support, educational resources for consensus building, documentation for advisors and auditors, board-ready materials.   If you’d like a walkthrough for your team, schedule time at the link below.

⛏️ Understanding Depreciation in Mining: Cost Recovery, Capital Strategy & Operational Planning In mining, depreciation isn't just an accounting concept—it's a financial reflection of how long capital equipment delivers value before it becomes economically obsolete. What Is Depreciation? Depreciation is the systematic allocation of the capital cost of an asset over its useful operational life. It allows mining companies to account for the gradual wear, usage, and obsolescence of major equipment. Why Depreciation Matters in Mining: 1. Cost Allocation: Helps in estimating the real hourly or annual cost of owning equipment 2. Operational Comparison: Crucial when comparing owner-operated vs contractor mining 3. Tax Planning: Enables capital cost allowance through tax depreciation schedules 4. Asset Management: Informs decisions on rebuilds vs replacements 5. Financial Modeling: Used in Net Present Value (NPV), IRR, and payback period calculations in feasibility studies Depreciation Formula: Annual Depreciation = (Initial Cost – Salvage Value) / Useful Life Hourly Depreciation = Annual Depreciation / Operating Hours per Year Example – Mobile Equipment Depreciation: A mining haul truck: Initial Cost: $1.0M Salvage Value: $0.2M Useful Life: 4 years Annual Operating Hours: 5,000 Annual Depreciation = ($1.0M - $0.2M) / 4 = $0.2M/year Hourly Depreciation = $0.2M / 5,000 = $40/hour This $40/hour cost must be factored into hourly equipment rates for budgeting and performance comparisons. Key Considerations: Avoid Double Counting: Don’t include depreciation when capital cost is already itemized separately in cost models. Tax vs Operational Depreciation: Tax depreciation (accelerated schedules) differs from actual service life used in cost estimation. Service Life Alignment: Mobile equipment: ~10,000 hours (~2 years) before rebuild Fixed infrastructure (e.g., crushers, mills): 40–50 years, often longer than mine life Rebuild Economics: Rebuilds may cost 20–30% of new price but rarely reset the lifecycle to “new” conditions Salvage Value: Depends on usage hours, age, condition, and removal cost—especially for underground or shaft-based mines Mining Equipment Lifecycle Strategy: High CAPEX items like shovels, draglines, mills retain residual value for decades if maintained Depreciation supports capital planning by timing replacements vs rebuilds based on frame, housing, and economic performance Used Equipment Valuation: Machinery merchants may estimate values without inspection for common units Conclusion: Depreciation is more than accounting—it’s a bridge between capital strategy and operational cost control. It drives accurate cost per tonne calculations, lifecycle budgeting, and investment-grade financial models. #MiningFinance #Depreciation #CapitalPlanning #MiningProjects #NPV #CostPerTonne #MiningEconomics #GeologicalEngineering #MinePlanning #FeasibilityStudy #MobileEquipment #MiningAccounting #MiningEngineering

A STRATEGIC SUSTAINABLE ASSET & MAINTENANCE MANAGEMENT PROCESS. I recently carried out a thesis on 2 projects, stimulation and modeling of the asset management process in the mining industry and an assessment of asset management in the mobile plant operation, and the findings were amazing. Now, let's dive into the topic above and how organizations can inculcate them into the business world. A strategic, sustainable asset and maintenance management process involves a long-term, data-driven approach to optimize asset lifespans, maximizing return on investment while addressing environmental, social, and governance (ESG) objectives. Here's a breakdown of key elements: 1. Strategic Planning & Asset Lifecycle Management: # Strategic Asset Management Plan (SAMP): This document links organizational objectives to asset management goals and outlines high-level, strategic actions to achieve those goals. # Asset Lifecycle Management: This involves overseeing an asset from acquisition to disposal, ensuring maximum value throughout its lifecycle. Key stages include;  *Planning: Identifying needs and requirements for new or existing assets.  *Acquisition: Procuring the necessary assets.  *Operation: Ensuring assets are used effectively and safely.  *Maintenance: Implementing proactive and reactive maintenance strategies to extend asset lifespan and minimize downtime.  *Disposal: Planning for the responsible disposal or retirement of assets.  *Asset Identification and Tagging: Ensuring assets are easily identifiable and linked to the overall asset plan and maintenance schedule.  *Asset Prioritization: Assessing the criticality of assets to business operations to focus resources on the most important assets.  *Condition Assessment: Regularly evaluating the physical condition of assets to inform maintenance and replacement decisions.  *Asset Utilization: Ensuring assets are used effectively and efficiently and providing necessary information to workers and maintenance teams. 2. Sustainable Practices: ESG Considerations: Incorporating environmental, social, and governance factors into asset management decisions. *Upcycling and Recycling: Implementing programs to extend the lifespan of assets and reduce waste. *Responsible Disposal: Ensuring assets are disposed of in an environmentally responsible manner. *Environmental Friendliness: Utilizing environmentally friendly materials and processes throughout the asset lifecycle. *Energy Efficiency: Implementing measures to reduce energy consumption and improve asset performance.  3. Maintenance Management: Preventive Maintenance: Implementing regular maintenance activities to prevent failures and extend asset lifespan.  Corrective Maintenance: Addressing issues that arise during asset operation to minimize downtime and repair costs.  Predictive Maintenance: Using data and technology to predict potential failures and schedule maintenance proactively. To be Cont...

After our investment in DigitalX Limited (ASX:DCC) many investors have messaged me asking: Why do Bitcoin Treasury Companies outperform #Bitcoin itself? Here's a high level breakdown: Treasury Model: Listed companies that perpetually acquire and hold Bitcoin, offering leveraged exposure without direct crypto exchange risks. The goal: never sell, only accumulate. Increasing Bitcoin Per Share (BTC Yield): BTCs aim to acquire Bitcoin faster than new shares are issued, boosting the underlying Bitcoin value per share over time. Strategic Capital Raising: utilize equity financing, highly accretive At-the-Market and innovative Bitcoin-denominated convertible debt to fund rapid acquisitions. Efficient Acquisition & Secure Custody: Funds are swiftly deployed for Bitcoin purchases, with custody delegated to regulated partners, emphasizing accumulation over fiat price fluctuations. Premium Management: Trading at a premium allows for faster "coverage," converting that premium into more net Bitcoin value for shareholders. Long-Term Vision: Treasuries drive institutional adoption, decentralizing financial intermediaries and fostering competition, ultimately solidifying Bitcoin's role as a global reserve asset and ensuring its long-term growth. This model is designed for sustained, accretive Bitcoin accumulation, offering a unique investment proposition. UTXO Management ParaFi Capital Animoca Brands

How have some of the largest crypto hacks involved tricking sophisticated teams into signing malicious transactions? For example, the $1.5 billion operational loss at Bybit was due to this. When transferring funds, or interacting with a DeFi product, a transaction must be signed. The largest operational attack in crypto (the Bybit hack) involved tricking the Bybit team into signing a transaction that they thought was legitimate, but actually sent funds to a malicious party (the North Koreans). This attack has also hit many many more - including DeFi protocols, individuals, funds. It is important to have multiple methods of verifying transactions when managing crypto custody. What does this mean to have multiple methods of verifying a transaction? When you go to sign a transaction, there is a batch of data that is produced that we can just call the "unsigned transaction". That unsigned transaction looks like a seemingly random collection of numbers and letters - you need some method to verify that the information you are about to sign is, in fact, what you want to sign. What is the problem? Sometimes your method of verifying the transaction becomes compromised. How can you mitigate this? Here are a few practical examples of solutions: - Have dedicated machines for signing transactions (including automated cloud based signers). - Use a pre transaction tool/service that acts as a separate pair of eyes to look at your transaction. This tool/service should be independent of your operation. - If you are using a crypto custody solution that allows setting signing policies (i.e., setting frequent allowable transactions), take advantage of that and actually set the policies. If the solution's policy engine does what it is supposed to, then this should mitigate risks to an operation's frequently used transactions. - Some custody technology providers implement their own transaction flows. This can include proprietary wallet browser plugins and hardware (usually pushing transaction information to phones), this is one more surface an attacker would have to compromise. Of course, the efficacy of those plugins and flows would need to be secure.