Singapore’s Ryde Bets on Crypto Reserves for Corporate Treasury

Ryde Group, a Singapore-based ride-hailing and carpool platform listed on the NYSE American, said on Wednesday that it will formalize a crypto treasury strategy for its corporate reserves. The plan contemplates allocating a portion of Ryde’s treasury to Bitcoin (BTC), Ether (ETH), and Solana (SOL), with exact allocations and timing to be determined by a governance team within the company, per its announcement.

The company argues that the evolving macroeconomic environment warrants a more flexible approach to treasury management, and says holding digital assets could offer additional options for optimizing capital and liquidity. Ryde emphasized that its crypto holdings will be stored with a third-party custodian, and that it has established an investment committee to oversee portfolio decisions and a separate risk management committee to ensure safety and regulatory compliance. These governance layers are designed to balance potential upside with prudent oversight.

Ryde’s stock, which trades on the NYSE American, traded down roughly 13% in early Thursday afternoon trading, trimming a year-to-date gain of more than 122% per Yahoo Finance. The company did not immediately respond to a request for comment by publication time.

Historically, Ryde began accepting Bitcoin as an in-app payment method in 2020 and later broadened support to include some altcoins. It remains unclear whether the platform currently accepts cryptocurrency for payments, but RydePay historically allowed users to convert supported cryptocurrencies into Ryde tokens to pay for services on the platform.

The move to crypto treasuries is noteworthy as the broader sector faces mounting headwinds. Industry data cited by Cointelegraph shows that digital-asset treasury firms have struggled with a challenging environment, including a September 2025 multi-asset net asset value (mNAV) collapse that left many treasuries trading below the value of their crypto holdings. In February 2026, monthly inflows into crypto treasury firms slowed to their lowest levels since October 2024, reaching about $555 million for the month. The sector’s fragility is also reflected in corporate actions like GD Culture Group (GDC) authorizing the sale of portions of its Bitcoin reserve to finance a share buyback, and in the challenges faced by Ether-backed treasuries such as BitMine Immersion Technologies, which reported substantial paper losses as Ether prices remained far from its average acquisition price.

Key takeaways

• Ryde Group plans a formal crypto treasury, allocating reserves to BTC, ETH, and SOL, with allocations and timing set by an internal governance team.
• Assets would be held with a third-party custodian, supported by an investment committee and a separate risk management committee to oversee compliance and risk.
• The development follows Ryde’s prior crypto usage for payments (BTC in-app payments started in 2020), though current acceptance for payments is not clearly stated.
• Ryde’s stock fell about 13% in Thursday trading, after a strong year-to-date rally, highlighting the market’s sensitivity to treasury-related disclosures and crypto volatility.
• Industry-wide data show a difficult environment for corporate digital-asset treasuries, with an mNAV collapse in 2025 and subdued inflows in early 2026, alongside corporate strategies to rebalance holdings (e.g., GD Culture Group and Ether treasuries).

Ryde’s treasury pivot and the path forward for corporate crypto strategies

Ryde’s announcement positions the company within a growing, albeit cautious, cohort of corporate treasuries embracing digital assets as part of their capital management playbooks. By formalizing a governance-driven framework, Ryde aims to navigate crypto volatility while seeking potential upside from long-hold assets like BTC, ETH, and SOL. The use of a custodian and dedicated governance structures points to a desire for regulatory compliance and risk containment, two features that have separated blue-chip treasuries from opportunistic trades in the sector.

Analysts and investors will want to watch several developments in the coming quarters. First, the allocation mix and the size of the crypto position will indicate how aggressively Ryde leans into digital assets relative to traditional cash holdings. Second, governance and risk-management processes will be tested as crypto markets move through cycles of volatility and regulatory inquiry. Finally, the company’s broader treasury strategy could influence investor sentiment around Ryde’s balance sheet resilience and capital allocation priorities in a sector where market dynamics and macro factors can trigger rapid revisions in corporate crypto plans.

Industry backdrop: what the broader market is telling treasuries

The trajectory of corporate digital-asset treasuries in 2025–2026 has been a study in contrasts. After a period of rapid expansion, the sector experienced a notable mNAV collapse in September 2025, with several treasuries trading below the net value of their crypto holdings. In February 2026, monthly inflows into crypto-treasury products slowed to about $555 million—the lowest since October 2024—signaling tighter appetite among corporate treasuries despite renewed interest in blockchain-enabled treasury solutions. This environment has also seen firms take measured actions, such as GD Culture Group authorizing the sale of Bitcoin reserves to finance a share-repurchase program, while others grapple with unrealized losses tied to ether prices in the market.

Observers emphasize that these conditions complicate the decision to deploy capital into crypto while underscoring the importance of robust governance, transparent reporting, and clear regulatory alignment for corporate treasuries. The Ryde move, if executed with discipline, could serve as a case study in how mid-cap, non-crypto-specific companies approach digital assets as part of a broader treasury strategy rather than as a speculative bet.

For readers, the next milestones to monitor include the specific asset allocations Ryde approves, the cadence of rebalancing, and the outcomes of its risk-management oversight. The evolving regulatory framework around corporate crypto holdings and the development of custodian standards will also shape how aggressively other non-crypto firms contemplate digital-asset treasuries in the future.

Sources linked in coverage and sector data provide a broader context for Ryde’s move: the company’s own announcement on the crypto-treasury shift, public stock-trading records such as Yahoo Finance for Ryde’s share movement, and sector analysis detailing mNAV developments and inflows data from Cointelegraph-reported industry metrics and CoinGecko-tracked treasury charts. These inputs help frame the decision as part of a wider re-examination of how companies balance risk, liquidity, and potential upside in a volatile macro environment.

What remains uncertain is how Ryde will calibrate its crypto exposure over time, how it will adapt to any regulatory changes, and what this means for user payments and partner ecosystems if the strategy yields meaningful reserve-driven flexibility. Investors and industry watchers will be paying close attention to whether Ryde’s framework can deliver tangible treasury resilience without compromising financial stability.