🧭 BTC Treasury Myth Exodus is a clean reminder that a Bitcoin balance sheet is not a religion; it is a funding source that gets tested the moment growth needs cash. When a company trims its BTC stash to finance an acquisition and still posts a deeper loss, the story shifts from narrative to arithmetic. ⚖️ Bull case: firms that survive this phase will treat BTC as strategic optionality, not sacred inventory. Bear case: more treasury holders may learn that volatility plus operating demands can force ugly compromises, especially when the business itself is under pressure. 👁️‍🗨️ The sharp takeaway is simple: BTC treasury looks elegant in a risk-on tape, but stress is where you find out whether a company has real operating strength or just a polished thesis. ⚠️ Personal analysis only. Not financial advice. DYOR. #BTC #Crypto #Markets