Treasury allocation should balance runway protection, strategic optionality, and market signaling.

Stablecoins provide operational certainty. They fund payroll, development, liquidity provisioning, and exchange commitments without exposing core expenses to volatility. A defined stablecoin buffer tied to 12-24 months of runway is common discipline.

BTC or ETH exposure introduces asymmetric upside and ecosystem alignment but increases balance sheet volatility. Allocation here should reflect risk tolerance and macro conviction — not narrative alignment alone.

Native token exposure requires the most caution. While holding treasury tokens can signal confidence, overexposure increases reflexivity risk if price declines. Treasury should not be structurally dependent on token price appreciation to sustain operations.

The optimal mix depends on burn rate, volatility tolerance, liquidity commitments, and market cycle conditions. Treasury is strategic infrastructure — not a speculative portfolio.