How do crypto treasuries report to their stakeholders, and what should a report show?

Who reports, and how often

Organisations with public treasuries often report on a fixed timetable. Some examples, with their dates:^1,6,2

• The Uniswap Foundation posts summary financials on the Uniswap governance forum. Its report for 2025 was posted on 31 March 2026.¹
• In July 2023, ENS DAO's endowment manager said it was switching to monthly reports, each due on the 10th of the following month.⁶
• ENS's 2026 investment policy requires a monthly report, an annual review and a dashboard that is updated all the time.²

Reporting can be split between firms. In March 2023, Steakhouse Financial explained that karpatkey would manage ENS's endowment, while Steakhouse, a separate firm, would do the financial reporting.⁷

What goes in a report

The examples above cover much the same ground:^1,8,4,2,7

• What we hold. The Uniswap Foundation reported its dollars and stablecoins, UNI and ETH, and the tokens' market value ($85.8 million) at the year-end closing rate.¹
• What we spent. It also listed grants committed and paid, and operating expenses by type, such as payroll and professional fees.⁴
• How long it lasts. It gave an expected runway, through January 2027. A day later it said the figures did not include the changes that followed Uniswap's "UNIfication" governance vote of 26 December 2025, and did not reflect its budget for 2026 onwards.^1,8
• Whether we kept to the rules. ENS's monthly report must show the endowment's value, its returns against a benchmark, how it is invested and whether it stayed within its limits.²

Steakhouse said its ENS reports would include a profit and loss statement and a balance sheet, and would split money from name sales between revenue already earned and revenue still to be earned.⁷

On-chain transparency

Because DAO treasuries sit on public blockchains, reports can point to addresses anyone can check, as Module 11 explains. In August 2025, the Arbitrum Foundation listed the addresses holding the DAO's tokenised Treasury funds.³ ENS's proposals name the DAO's wallets, such as wallet.ensdao.eth.⁹ The Optimism Foundation publishes a public tracker of the OP supply.¹⁰

Public addresses show what is held. They don't show what was promised off-chain, such as the terms of a private sale. In March 2024 the Optimism Foundation said the terms and buyer of a token sale "are not able to be disclosed".¹⁰

Read the labels

• Audited or not? The Uniswap Foundation calls its reports "unaudited summary financials".⁴
• Priced when? Token values are taken at a price on a date. The Uniswap Foundation used the closing rate on 31 December 2025.¹
• Price or performance? KPK reported that the ENS endowment fell from $101.6 million to $67.7 million in the first half of 2026, almost entirely because of the ETH price. Because the policy requires 60% ETH, that fall passed straight into the endowment's value.⁵

Public companies

Listed companies report under securities and accounting rules. In the US, ASU 2023-08, issued by the Financial Accounting Standards Board (FASB), requires crypto assets in its scope to be measured at fair value, with changes in net income each reporting period. It does not cover tokens a company created or issued itself, such as its own token.^11,12 Tesla's 2024 annual report is one example of a company explaining the change.¹³ Module 29 covers crypto accounting.¹¹