Treasury management strategy has been especially important for bitcoin companies. Many have been able to diversify their treasury to include BTC, buying low and hodling to extend runway in a non-dilutive way as BTC appreciates over the long term. Of course, depending on BTC to appreciate or remain stable in the short term is antithetical to mature treasury management.

When evaluating a company's health and runway, we review both the cash-only (USD) runway and the cash + BTC runway. The cash-only runway should be sufficient to assure the health and stability of the company over an appropriate period of time. In current conditions, a company's cash-only runway should probably fall between 18-36 months. In a stronger macro environment, it may be appropriate to maintain a 12-month cash-only runway, converting BTC to USD as runway falls below 12-months.

Because a company's liabilities are still denominated in fiat (USD), most companies will need to/choose to observe the same standard.