Most founders don’t think much about commodities. Oil, metals, power, raw materials — those are background inputs. Something suppliers deal with. Something finance prices in. Something outside the “real” business of building products and acquiring customers.

That mental model used to work. It doesn’t anymore.

As supply chains fragment, capital becomes more selective and volatility turns from cyclical to structural, commodities are creeping closer to the center of how companies are built, financed and scaled. One of the most misunderstood developments accelerating that shift is commodity tokenization.

Ignore the crypto noise for a moment. This isn’t about speculation. It’s about plumbing.

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So, what is commodity tokenization — really?

Strip away the jargon and tokenization is a pretty simple concept.

It’s the process of representing a real, verifiable commodity or commodity-linked asset — physical inventory, future production, royalties, streams — on digital rails. Each token corresponds to a defined economic interest, with rules around ownership, transfer and settlement baked in.

The important part is what doesn’t change: the asset is still real. Copper is still copper. Oil still has to be produced. Power still has to be generated.

Tokenization doesn’t replace the physical world. It changes how capital interacts with it.

Why founders should care (even if they’ve never traded a commodity)

Most founders don’t wake up thinking about nickel prices or power curves. But they do think about margins, timelines and cash burn.

That’s where commodities show up.

Energy costs hit operating expenses. Metals affect hardware pricing. Fuel shapes logistics. Power availability increasingly determines where data centers — and AI workloads — can even exist.

When those inputs move, companies don’t describe it as “commodity risk.” They call it missed forecasts, delayed rollouts or margin compression.

Tokenization matters because it offers new ways to manage that exposure, especially for companies that sit awkwardly between traditional capital markets and private contracts.

The problem with how commodity finance works today

Traditional commodity markets weren’t built for founders.

Physical ownership ties up capital. Futures and derivatives require scale, margin and expertise most operating companies don’t have. Private commodity assets — royalties, offtake agreements and long-dated production interests — are illiquid and usually locked inside institutional balance sheets.

Tokenization doesn’t magically fix these issues, but it changes the format. And format matters more than most people realize.

Digital ownership makes it easier to:

• Structure partial interests
• Finance or monetize assets incrementally
• Reduce settlement friction
• Increase transparency around ownership and cash flows

For founders, this is less about trading and more about optionality.

This isn’t crypto or an ETF. It’s infrastructure.

One reason commodity tokenization gets dismissed is that it’s often lumped in with speculative crypto narratives. That’s a mistake.

What’s actually happening looks more like what we’ve already seen in payments, equities and foreign exchange: real assets slowly migrating onto more efficient digital infrastructure.

Commodities are later to this shift because they’re physical and regulated. But that delay doesn’t make them immune — it makes the eventual transition more consequential.

When real assets move onto digital rails, old boundaries blur:

• Treasury management starts to overlap with supply strategy
• Operating assets begin to look like financial assets
• Capital markets move closer to the physical economy

That’s where founders start to gain leverage.

Also, this is an ETF. ETFs are standardized and liquid, but blunt. Futures are efficient, but complex and often impractical for non-financial companies. Tokenized structures sit somewhere else entirely — closer to bespoke finance, but with far less friction.

That’s especially relevant for private companies and growth-stage businesses that don’t fit neatly into public-market instruments but still carry real commodity exposure.

Where this is headed

This isn’t a call for founders to issue tokens tomorrow or overhaul their treasury strategy overnight.

It is a call to start asking better questions sooner:

• Which commodities quietly shape our cost structure?
• Where are we assuming price stability or availability?
• What happens to our model if those assumptions break?
• How liquid — or illiquid — are the assets we depend on?

In tighter markets, the companies that struggle aren’t usually the ones with bad products. They’re the ones built on assumptions that no longer hold.

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Commodity tokenization isn’t about hype or headlines. It’s about modernizing how real assets are owned, financed and managed in a more volatile world.

You don’t need to be a commodity expert to run a startup. But pretending commodities don’t matter is no longer a viable strategy. Founders who understand this shift early won’t just manage risk better. They’ll have more room to maneuver when everyone else is boxed in.