“If your treasury swings harder than your operating business, you’re no longer managing a company — you’re managing volatility.” Greg Carson, Managing Partner at Humla Ventures, speaking at The Bitcoin Conference 2026, framed crypto treasury exposure less as an opportunity problem and more as a survivability problem for startups. His point was simple but important: runway matters more than upside when markets move violently. A company targeting 12–24 months of operational stability can quickly lose strategic flexibility if treasury assets become unpredictable. Once volatility compresses runway, management choices narrow fast — raise capital, cut burn, or find revenue immediately. This shifts the conversation away from speculative returns and toward operational resilience. The structural takeaway: ✅ Treasury volatility directly impacts operational planning ✅ Runway stability becomes a strategic priority ✅ Liquidity risk limits decision-making flexibility ✅ Crypto exposure changes startup risk profiles As more startups experiment with digital asset treasury strategies, the distinction between balance sheet management and business execution becomes increasingly difficult to separate. Follow / Repost - Crypto for grounded insights on how digital assets are reshaping finance and how to ledger them. #thejohnnycrypto #bitcoin #asknostr #nostr #btc