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

According to @MilkRoadDaily, Forward Industries (FORD) surged to a $3.1B market cap, immediately surpassing the combined market value of other Solana (SOL) treasury companies, source: @MilkRoadDaily on X, Sep 19, 2025. @MilkRoadDaily reports the SOL treasury sector had stayed below $2B for months, indicating rapid capital rotation into Solana treasuries, source: @MilkRoadDaily on X, Sep 19, 2025. @MilkRoadDaily asserts that this flow backdrop suggests SOL may move higher, making SOL exposure a key trade to watch, source: @MilkRoadDaily on X, Sep 19, 2025. Based on the reported rotation, traders can monitor FORD volume, SOL spot volume, SOL versus BTC relative strength, and perpetual funding rates to validate continuation before positioning, source: @MilkRoadDaily on X, Sep 19, 2025.