Cash-in b4 Monies-out
Now that the treasury scope is clarified, I would like to put forward a what-next path based on [build one to throw away"
Critical path for getting a minimal treasury b4 end of year is:
a) legal entity
b) detailed investment + accounting
c) secOps in electing/monitoring fund managers
From a legal perspective, there are 3 major structures
- fund-of-fund … what Arbitrum Ventures Initiative is exploring
- Limited Liability Partnership (LLP)
- Unit Trusts
I point to the spectrum but note that licensing is going to be the slowest factor if want something by end of year. BUT a key linkage is the 5 year treasury accrual accounting (capital calls) to the fiat cash-basis that UF (and others) need. Hence I nominate some practical tinkering with the smallest possible treasury op, say a software completion bond (milestone payments). 
From a legal PoV it doesn’t matter whether it is $10 or $10 million at stake, the paperwork is still the same. What will be useful is to estimate the standard operating procedures (SOPs) for doxing, screening potential fund managers (which is essentially procurement) and reporting / compliance requirements (eg proof of reserve to support UF activities). The SOPs will help migrate (legal contracts like capital-call if interpreted as activiyPub), mitigate (eg insurance) or manage (residual) risks. People involved in the experiment will be eligible to be elected as full-time treasury board as they’d be helping write the documentation.
The above experiment can be done concurrently with legal structuring (political wrangling) as it will likely be 100% owned (captive service) whilst documentation carries over.
Embracing the “build one to throw away” philosophy requires a cultural shift in many organizations. It necessitates valuing learning and long-term project success over short-term efficiencies and outputs. This can help build technical capital by reducing early-stage technical debt accumulated from working with otherwise ill-fitting ideas.