This week, we shipped three Rho Treasury upgrades. Each one gives founders greater control over their capital and new options for putting idle cash to work.
Key takeaways
Two new fund options -- Vanguard VFSTX and Morgan Stanley MULSX -- give you access to different yield and risk profiles beyond Treasury bills, so you can match your treasury strategy to your actual business needs.
Real-time P&L visibility shows your unrealized gains and losses daily, separating yield earned from market moves so you always know how your capital is actually performing.
Automatic reinvestment compounds your returns without manual effort by reinvesting interest payments back into your holdings.
New fund options: choose what fits your situation
Not every company has the same cash profile. Some founders have a long runway and minimal near-term obligations -- others need more flexibility. Rho now offers three options so you can make an informed choice:
U.S. Treasury Bills are short-term U.S. government debt securities. They're stable and predictable, backed by the full faith and credit of the U.S. Treasury. The tradeoff is yield -- T-Bills tend to carry lower returns than the fund options.
Morgan Stanley MULSX is an ultra-short bond fund holding a diversified portfolio of corporate notes, commercial paper, certificates of deposit, and repurchase agreements. Share price fluctuations are minimal, and it offers higher yield than T-Bills with relatively low volatility.
Vanguard VFSTX is a short-term, investment-grade bond fund investing primarily in corporate bonds, with additional exposure to government and securitized debt. It typically offers the highest yield of the three options -- and it's worth understanding the tradeoff clearly: as a bond fund, its share price can fluctuate as interest rates change. That means your balance can go up or down based on market conditions, independent of the yield you're earning. It's best suited for companies with a longer investment horizon and less near-term liquidity pressure.
We believe the right choice depends on your specific situation -- your runway, your cash needs, and your comfort with short-term fluctuations. Our team can help you think through the right mix.
Real-time portfolio performance visibility
This was built based on founder feedback. The Treasury dashboard now shows daily profit and loss for your holdings in real time. Before, you had to dig through transaction history to figure out how your capital was actually performing. Now it's one number at the top.
It separates yield (what you earned from interest) from market moves (what your holdings gained or lost in value). If you bought into a fund at $10.52 and the NAV is now $10.47, you see that. If it's $10.75, you see that too. That visibility matters -- it gives you the full picture, not just the interest line.
Automatic reinvestment
Cash interest payments now reinvest automatically if you enable it. Your interest buys more of whatever you're holding, compounding your returns without you thinking about it.
When cash from interest settlements is received, the system checks if you have enough to purchase more of your current asset. If you do, it reinvests. If not, the cash waits until there's enough. We've refined this based on early client feedback.
Why this matters
Most startups have room to optimize their cash management. If you have $5M sitting somewhere earning minimal yield, the opportunity cost adds up.
We built Rho Treasury because founders shouldn't have to make bad tradeoffs with their cash. But we also believe that understanding what you're holding -- and why -- is part of making a smart decision. Higher yield comes with different risk characteristics, and we want our clients to go in with clear eyes.
The three options we now offer are designed to give you real choice. The tools we've added -- real-time P&L, automatic reinvestment -- are designed to make sure you're never in the dark about how your money is performing.