Are You Really Understanding Why You Buy? The Death Spiral in Bitcoin Treasury Companies

The Quiet Collapse

I remember the night the charts dropped below NAV—not because of panic, but because no one asked why they bought.

It was 2 AM. My apartment windows looked out over San Francisco Bay, silver light glinting off the water like forgotten algorithms. I’d been running these models for years: each price drop wasn’t a signal—it was a breath. A slow inhale before the margin call came.

The Seven Stages of Letting Go

The Breed report named seven stages—each one less about math, more about memory.

Stage One: Price falls. You tell yourself it’s temporary. Stage Three: NAV dips. Your boardroom stops speaking. Stage Five: Debt matures. Your investors stop asking if they’re real.

No one mentions it in meetings. But at 3 AM, when the last trader closes their laptop, you hear it: silence is louder than fear.

Who Survives?

Only those who listen—not to data, but to their own heartbeat—survive. They don’t chase yield. They don’t buy Bitcoin because it’s cheap. They buy it because they know what happens after the last candle closes—and still breathe.

I used to think this was finance. Now I know it’s poetry written in Python loops and DeFi logic—the kind that doesn’t optimize for growth, built for grief, tuned for stillness, designed to let go with grace.