<p>Why are so many Web3 projects with massive treasuries not doing active treasury management?</p><p>That’s the question we explore in this episode with <a href="https://www.linkedin.com/in/bozhang7940/" target="_blank" rel="noopener noreferer">Bo Zhang</a>, COO at <a href="https://www.fxn.xyz/" target="_blank" rel="noopener noreferer">Function</a>: a project building the rails that allow Bitcoin to actually function: liquid, composable, and yield-generating.</p><p>Together with Bo, we dive deep into the intersection of institutional trading &amp; token management, treasury management, and working with market makers.</p><p>Bo is also one of the instructors of our upcoming course: the <a href="https://www.theaccountantquits.com/crypto-treasury-management-academy" target="_blank" rel="noopener noreferer"><strong>Crypto Treasury Management Academy</strong></a> launching October 29th, designed to help web3 finance professionals learn how to optimize, allocate, and protect their organization’s crypto treasury.</p><p><br></p><p>✅ <strong>OUR RESOURCES</strong></p><p><br></p><p>🌐 Join a global community of web3 accounting &amp; finance professionals - <a href="https://app.theaccountantquits.com/ ">⁠⁠⁠⁠⁠⁠https://app.theaccountantquits.com/ ⁠⁠⁠⁠⁠⁠</a></p><p><br></p><p><strong>🤓</strong> Join the FREE Crypto Accounting Class &amp; learn how to start working in web3 accounting <a href="https://www.theaccountantquits.com/free-class">⁠⁠⁠⁠⁠⁠⁠⁠https://www.theaccountantquits.com/free-class⁠⁠⁠⁠⁠⁠⁠⁠</a> </p><p><br></p><p>🙌 Join the next cohort of the Crypto Accounting Academy and learn how to manage a business using crypto <a href="https://www.theaccountantquits.com/crypto-accounting-academy">⁠⁠⁠⁠⁠⁠⁠⁠https://www.theaccountantquits.com/crypto-accounting-academy⁠⁠⁠⁠⁠⁠⁠⁠</a> </p><p><br></p><p><strong>✊ Follow The Accountant Quits on Socials</strong></p><p>👉 LinkedIN: <a href="https://www.linkedin.com/school/the-accountant-quits">⁠⁠⁠⁠⁠⁠⁠⁠https://www.linkedin.com/school/the-accountant-quits⁠⁠⁠⁠⁠⁠⁠⁠</a> </p><p>👉 Twitter(X): <a href="https://x.com/accountantquits">⁠⁠⁠⁠⁠⁠⁠⁠https://x.com/accountantquits⁠⁠⁠⁠⁠⁠⁠⁠</a> </p><p>👉 YouTube: <a href="https://www.youtube.com/@theaccountantquits">⁠⁠⁠⁠⁠⁠⁠⁠https://www.youtube.com/@theaccountantquits⁠⁠⁠⁠⁠⁠⁠⁠</a> </p><p><br></p><p><strong>🎙️ Follow Episode Guest </strong></p><p>Bo Zhang: <a href="https://www.linkedin.com/in/bozhang7940/" target="_blank" rel="noopener noreferer">https://www.linkedin.com/in/bozhang7940/</a></p><p><br></p><p><strong>🎧 Website</strong></p><p>For show notes and past guests, please visit <a href="https://www.theaccountantquits.com/podcast">⁠⁠⁠⁠⁠⁠⁠⁠https://www.theaccountantquits.com/podcast⁠⁠⁠⁠⁠⁠⁠⁠</a> </p><p><br></p><p><strong>Topics covered</strong></p><p>(0:00) Coming Up</p><p>(2:44) Background in web3</p><p>(6:02) Stress testing DeFi protocols</p><p>(11:25) Treasury management for web3 projects</p><p>(14:41) Active treasury management </p><p>(17:36) Get 2 months for free with <a href="https://www.request.finance/partners/theaccountantquits" target="_blank" rel="noopener noreferer">Request Finance</a></p><p>(19:16) Working with market makers</p><p>(22:54) Crypto hedging basics</p><p>(26:27)  Outsourcing crypto hedging</p><p>(28:19) Do web3 organizations use derivatives</p><p>(29:24) Evolution of Bitcoin DeFi</p><p>(35:56) About Function &amp; FBTC</p><p>(37:30) Lessons from Ren Protocol</p><p>(42:14) Function’s vision &amp; RWAs</p><p>(45:32) Guiding principles for web3 treasuries</p><p>(48:36) Reach out to Bo Zhang</p>