Does This Mean the Crypto Treasury Model Is Broken?

[AIcash]

Not necessarily. The model is evolving rather than collapsing. Crypto treasuries work best when they are deliberate, conservative, and integrated into a broader financial strategy, not treated as a speculative shortcut to shareholder value.

The companies likely to succeed are those with clear rules: limited leverage, transparent risk management, and the ability to hold through full market cycles. For others, the recent stress has been a reminder that crypto treasuries are not passive bets — they are active financial decisions with real consequences.

[kevin1]

having btc on the balance sheet is fine if your actual business makes money