Some crypto treasuries look considerably smaller once you remove their own tokens. Was looking through DefiLlama’s treasury data and noticed that Arbitrum holds $663M, while Golem holds $288M. You’d assume Arbitrum has the stronger treasury position, but excluding native tokens, Golem actually holds over 3x more in other assets. Here’s how five treasuries compare: > @Mantle_Official: $1.94B → $296.29M > @Arbitrum: $663M → $81.70M > @ensdomains: $461.29M → $114.83M > @golemproject: $288.19M → $272.75M > @gnosisdao: $193.05M → $97.61M Across the 21 complete treasury entries, Arbitrum drops from #2 to #8, while Golem climbs from #5 to #3. Even Mantle’s nearly $2B treasury falls to $296M, putting it surprisingly close to Golem’s $273M. Think this exposes something about how crypto treasury sizes are presented. A project holding $500M of its own token isn’t in the same financial position as one holding $500M in independently valued assets, especially when selling substantial amounts could affect its token price. Of course, excluding native tokens doesn’t automatically make the remaining assets liquid cash. Restrictions, liabilities and spending commitments still need consideration. But there’s a big difference between having a large treasury and having one whose value doesn’t depend heavily on your own token. And the headline rankings rarely make that difference clear.