According to Matt Hougan, corporate Bitcoin treasury companies fall into two categories—mercenaries seeking quick profits and missionaries committed to holding indefinitely—providing traders a conviction-based framework to segment BTC-related exposure. Source: Matt Hougan on X, Sep 30, 2025, https://twitter.com/Matt_Hougan/status/1973018321839915315 Hougan’s distinction signals different time horizons among BTC treasury holders that traders can incorporate into risk management, liquidity stress tests, and position sizing for BTC and related equities. Source: Matt Hougan on X, Sep 30, 2025, https://twitter.com/Matt_Hougan/status/1973018321839915315 This framework can guide analysis of headline risk tied to corporate treasury actions versus long-term accumulation narratives when assessing BTC sensitivity and treasury stock beta. Source: Matt Hougan on X, Sep 30, 2025, https://twitter.com/Matt_Hougan/status/1973018321839915315