I personally wouldn’t hold crypto as part of an forex portfolio mix for a corporate treasury largely because they are currently not really currency equivalents

I personally wouldn’t hold crypto as part of an forex portfolio mix for a corporate treasury largely because they are currently not really currency equivalents but there might be treasury groups that do & the mechanics of holding them isn’t much different than any other fx holding. As far as whether treasury asset allocations are investing or not is largely in the eye of the beholder but companies very frequently prefer to hold “cash equivalents” beyond their immediate operational requirements. If a treasury buys us tbills that is both a traditional investment & a fx position (in that it’s a usd we are viewing preferentially over other currencies in our portfolio).