TL;DR
Toto Finance is requesting 22 million ADA, worth approximately $5 million, to purchase physical copper and establish a tokenized reserve on Cardano.
The project would require copper prices to rise by approximately 49.4% to recover the initial investment if the entire budget is spent.
Voting closes on November 15. The proposal would consume more than half of Cardano’s remaining treasury withdrawal allowance.
Toto Finance has requested 22 million ADA, approximately $5 million, from the Cardano treasury to finance a tokenized copper reserve . The proposal involves purchasing physical copper, storing it in approved facilities, and representing the reserves through digital tokens.
The project, called the Cardano Strategic Copper Reserve , will remain open for voting until November 15 . Approximately two-thirds of the budget would be used to purchase exchange-grade copper, while the remainder would cover storage, insurance, audits, and management.
The metal would be held in storage for 18 to 24 months before sales begin. Toto plans to return net proceeds and unused funds to the treasury within 36 months , although there is no guarantee that the original ADA investment will be recovered.
A handful of giant mines carry a huge share of the world’s copper supply.
When one of them goes offline, buyers often have little visibility into where their copper is coming from or what’s really backing their exposure.
Tokenized copper changes that, with every unit tied to…
— Toto Finance – Total Tokenization (@totofinance) October 23, 2026
Toto Would Need Copper Prices to Rise 49.4%
According to the proposal’s calculations, if the entire budget is spent and ADA’s price remains stable, copper would need to appreciate by approximately 49.4% to recover the investment.
The model assumes copper would be purchased at $6.73 per pound and sold at around $10.06 , a price above its all-time high.
Toto Finance founder Monty Metzger outlined a scenario in which copper appreciates by 30% annually, although he acknowledged that prices could also decline.
The budget allocates 2.64 million ADA to Toto for technology and management, plus an execution fee of 441,732 ADA. Additional payments could bring its total compensation to approximately 3.36 million ADA , or nearly 15% of the requested amount.
Pressure on Cardano’s Treasury Withdrawal Limits
CuTT tokens would represent each verified pound of copper. They would initially be issued on Ethereum and subsequently bridged to Cardano. The smart contracts and their security audits have yet to be completed.
Toto would retain legal ownership of the metal and the commercial rights to its platform. The treasury would receive proceeds from copper sales and any unused funds.
Cardano has a treasury withdrawal limit of 500 million ADA through approximately July 2027. As of October 16, 457.4 million ADA had already been used, meaning the request would consume more than half of the remaining allowance.
The proposal must also pass the community approval process . In May, a 7.8 million ADA request from the Cardano Foundation to fund its summit received 65.21% support, falling short of the required two-thirds majority.
