AriIntegrated Holdings
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Treasury strategy

Investment Thesis

A ten-year, disciplined treasury approach to long-term digital asset holdings.

Not investment advice

Target weights, not live holdings.

Allocation framework

Three assets, one discipline

Target allocation by asset: target weight, role in the portfolio, and ETF wrapper
AssetTargetRole in portfolioETF wrapper
BTCBitcoin50%Monetary coreMonetary asset and digital collateral anchor with the deepest liquidity and lowest protocol risk.ARKBARK 21Shares Bitcoin ETF
ETHEthereum30%Settlement layerProgrammable settlement and institutional finance rails with moderate risk and structural upside.FETHFidelity Ethereum ETF
SOLSolana20%Growth optionalityHigh-throughput execution layer with higher beta and AI-adjacent growth convexity.FSOLFranklin Solana ETF
  • BTCBitcoin50%
    Monetary coreMonetary asset and digital collateral anchor with the deepest liquidity and lowest protocol risk.ARKBARK 21Shares Bitcoin ETF
  • ETHEthereum30%
    Settlement layerProgrammable settlement and institutional finance rails with moderate risk and structural upside.FETHFidelity Ethereum ETF
  • SOLSolana20%
    Growth optionalityHigh-throughput execution layer with higher beta and AI-adjacent growth convexity.FSOLFranklin Solana ETF

Section 01: Target allocation

50% BTC / 30% ETH / 20% SOL

This target structure is designed for long-duration treasury construction, emphasizing discipline across market cycles instead of reactive allocation changes.

Section 02: Why this mix

  • BTCMonetary core with the lowest protocol risk and deepest liquidity.
  • ETHProgrammable settlement layer with institutional finance relevance.
  • SOLHigh-throughput execution exposure with AI-adjacent optionality.

Section 03: Portfolio construction lens

With BTC, ETH, and SOL, allocation is not only about percentage weights. It is about volatility hierarchy, correlation structure, and asymmetric payoff potential.

  • BTCMonetary asset and digital collateral layer.
  • ETHSettlement and programmable finance layer.
  • SOLHigh-beta, high-volatility execution layer.

Section 04: Why it works

  • BTC anchors the portfolio and dampens relative protocol risk.
  • ETH contributes utility exposure and potential staking-driven return support.
  • SOL offers growth convexity if high-throughput chains win AI, gaming, and consumer rails.
  • The blend seeks asymmetric upside without becoming a single high-beta bet.

Section 05: Risk profile

What we accept

  • Expected drawdowns that are moderate-to-high in absolute terms, because this is crypto.
  • Upside capture that can be strong during sustained bull cycles.
  • Volatility that remains acceptable relative to expected long-term return.

What we avoid

  • Volatility that is not acceptable relative to expected long-term return.
  • Becoming a single high-beta bet.
  • Reactive allocation changes across market cycles.

Section 06: How each asset is evaluated

Every asset in the framework is reviewed against the same five criteria. The review is qualitative and ongoing; it informs target weights and is revisited by the board and executive team rather than by a formula.

  1. Liquidity

    Can the position be built or reduced through regulated vehicles without moving the market or waiting on it?

    • BTCThe deepest and most mature market of the three; treated as the reference standard for liquidity.
    • ETHBroad, institutionally supported liquidity; assessed alongside the maturity of its ETF market.
    • SOLLiquidity is developing and monitored closely; position size is kept consistent with what the market can absorb.

  2. Volatility

    Are expected price swings acceptable relative to the long-term return the asset is held for?

    • BTCVolatile in absolute terms but the least volatile of the three; sized as the anchor that steadies the whole.
    • ETHModerate-to-high volatility, weighed against its role as a settlement layer with structural utility.
    • SOLThe highest-beta asset in the framework; its weight is deliberately the smallest to keep drawdowns bounded.

  3. Custody structure

    How is exposure held, and who is responsible for safeguarding the underlying asset?

    • BTCHeld through a regulated spot ETF (ARKB), with custody handled by the fund’s qualified custodian rather than by Ari.
    • ETHHeld through a regulated spot ETF (FETH), which removes key management and staking-operations risk from Ari’s balance sheet.
    • SOLHeld through a regulated spot ETF (FSOL); the wrapper’s custody arrangements and track record are part of the ongoing review.

  4. Concentration

    Does any single asset, protocol, or wrapper dominate the balance sheet or share a hidden point of failure?

    • BTCThe largest target weight by design; its dominance is reviewed so the treasury does not become a single-asset position.
    • ETHA meaningful second position that diversifies protocol and use-case exposure away from Bitcoin alone.
    • SOLA bounded satellite position; concentration in one execution layer is limited by its lower target weight.

  5. Governance

    How are protocol changes decided, and how does the ETF sponsor govern the vehicle that holds the exposure?

    • BTCConservative, slow-moving protocol governance with a long track record; the lowest protocol-change risk of the three.
    • ETHActive, well-documented governance with a clear upgrade process; monitored for changes that affect the settlement layer.
    • SOLYounger governance and a more concentrated developer base; assessed continuously as part of the risk review.

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