How Bitcoin Treasury Companies Can Defend mNAV in a Global Liquidity Crunch
In bull markets, capital feels infinite. Premiums rise, equity issuance flows, and Bitcoin treasury companies are heralded as unstoppable capital machines. But beneath that optimism lies a harder truth: global liquidity (GL) drives everything—and when it contracts, only structurally sound companies survive. This is the warning Chris Millas, Advisor to Méliuz, issued in a recent post that […]
How Bitcoin Reduces Counterparty Risk in Corporate Treasury Strategy
Bitcoin offers corporations the rare ability to hold pure capital—an asset with no issuer, no counterparty, and no reliance on financial intermediaries. However, these benefits are fully realized only through self-custody, as third-party custodians reintroduce counterparty risk. In an era of rising systemic risk, self-custodied Bitcoin is a strategic asset for de-risking the corporate treasury […]
The Bitcoin Treasury Strategy That’s Reanimating Zombie Companies
A growing number of public companies are stuck in limbo—technically solvent, but strategically stalled. Growth has evaporated. Stock prices have languished. Reinvestment opportunities are unclear or underwhelming. These companies aren’t broken—they’re just drifting. They’ve become what markets call zombie companies: firms that generate enough to survive, but not enough to excite. And in today’s capital environment, […]
How Bitcoin Offers a Speed Advantage for Driving Shareholder Value
Bitcoin is the first instantiation of digitally scarce capital—allowing companies to raise, deploy, and prove value faster than ever before. In legacy finance, capital formation is a slow, friction-filled process. A company raises funds, deploys them over months or years into infrastructure, products, or real estate—and only then begins the long wait to see whether […]
How a Bitcoin Treasury Converts Idle Reserves Into Strategic Capital
The next evolution of corporate finance isn’t diversification—it’s financial refinement In the oil industry, reserves are only the beginning. What powers the world isn’t raw crude—it’s the refined outputs: jet fuel, diesel, gasoline, heating oil. Each serves a different market, use case, and risk profile. Public companies that hold Bitcoin are now discovering something similar. […]