Bitcoin treasury companies are moving beyond aggressive accumulation as falling BTC prices and weaker investor demand expose the limits of a model reliant on stock or debt issuance. Artemis data cited by Bloomberg shows the market value of fully diluted Bitcoin treasury company stocks has dropped nearly $69 billion from an October peak of $141 billion. Sora Ventures Chief Growth Officer Mitty Chang describes the emerging approach as "DAT version 3.0," centered on stronger capital allocation, operating businesses and the ability to adapt. Sora Ventures is reportedly raising $1 billion to help portfolio companies develop recurring revenue. Twenty One Capital Inc. and Nakamoto Inc. are both exploring profitable acquisitions that could generate cash to support their Bitcoin holdings and future purchases, echoing a crypto-focused version of Berkshire Hathaway’s operating-company model. The key test is whether these firms can use their Bitcoin reserves without weakening their balance sheets during market downturns.