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 […]