Standard

Bitcoin

When <a href="https://www.thestreet.com/crypto/markets/bitcoin-treasury-companies-survived-the-drawdown-now-they-head-to-vegas" rel="noopener noreferrer nofollow">digital asset treasury (DAT)</a> companies flooded the market near the <a href="https://www.thestreet.com/crypto/markets/analyst-who-called-2025-bitcoin-rally-sends-stark-message" rel="noopener noreferrer nofollow">end of the 2025 bull run</a>, many observers expected them to break the moment crypto experienced one of its infamous bear markets. These were hype vehicles, not real investments, was the narrative.
Alex Odagiu, <a href="https://www.sec.gov/Archives/edgar/data/1482541/000148254126000058/bnc-2026x10x19xpr_ceo.htm" rel="noopener noreferrer nofollow">newly appointed CEO of BNB Standard</a>, joined TheStreet Roundtable at Money2020 in Las Vegas to explain why.
<blockquote>
 “The market is very smart – identifying those companies and differentiating between the ones that have a very long-term mindset and the ones that are focused on the short term,” Odagiu said.
</blockquote>
<h2 id="the-drawdown-split-the-field">The drawdown split the field</h2>
Odagiu says the downturn hit treasury companies unevenly, and that the ones who survived are in a much stronger position than they were a year ago.
Firms that have lived through several crypto cycles, he argued, treat volatility as short-lived and build for years ahead.
Treasury companies took sharply different paths in early 2026 as a prolonged slump exposed the limits of the listed treasury trade. <a href="https://www.thestreet.com/crypto/investing/wall-street-analyst-sees-4x-upside-in-beaten-down-stock" rel="noopener noreferrer nofollow">Surviving the drawdown is the baseline</a>, but what separates the leaders is who was able to keep raising capital through it.
The damage was real. By early February, DAT companies had&nbsp;<a href="https://www.cryptopolitan.com/digital-asset-treasuries-wiped-out-25b-to-date/" rel="noopener noreferrer nofollow">lost over $25 billion</a>&nbsp;in value as BTC, ETH, SOL and smaller altcoins fell, according to Artemis data.
<h2 id="a-validator-instead-of-only-a-capital-raise">A validator instead of only a capital raise</h2>
Bitcoin treasuries like Strategy and Strive have leaned heavily on their preferred stocks, <a href="https://www.thestreet.com/crypto/markets/new-etf-eyes-95-allocation-to-microstrategys-strc" rel="noopener noreferrer nofollow">STRC</a> and <a href="https://www.thestreet.com/crypto/innovation/strive-ceo-reveals-why-staying-unprofitable-is-the-entire-strategy" rel="noopener noreferrer nofollow">SATA</a> respectively, to accumulate since <a href="https://www.thestreet.com/crypto/markets/bitcoin-price-today-august-12-2026" rel="noopener noreferrer nofollow">Bitcoin’s all-time high in October of 2025</a>.
Strategy sells STRC through an <a href="https://www.sec.gov/Archives/edgar/data/1050446/000119312526118810/d93392d8k.htm" rel="noopener noreferrer nofollow">at-the-market program</a>, and <a href="https://investors.strive.com/news-events/news-releases/news-details/2026/Strive-Announces-SATA-Enhancements-and-Purchase-of-Bitcoin--STRC/default.aspx" rel="noopener noreferrer nofollow">Strive sells SATA the same way</a>. Both put the proceeds toward Bitcoin.
BNB offers some different options. BNB Chain runs on <a href="https://www.thestreet.com/crypto/policy/us-treasury-irs-clear-crypto-etps-to-stake-and-share-rewards" rel="noopener noreferrer nofollow">proof-of-stake</a>, so a company can act as a <a href="https://www.bnbchain.org/en/bnb-staking" rel="noopener noreferrer nofollow">validator</a> and earn rewards paid out in the token itself.
<blockquote>
 “By acting as a validator you actually get more BNB,” he said.
</blockquote>
That gives BNB Standard a way to add to its treasury without going back to the capital markets.
BNB Standard held 515,544 BNB as of July 31, according to its <a href="https://www.bnbstandard.com/dashboard" rel="noopener noreferrer nofollow">treasury dashboard</a>. At Monday's price of $744.43, that is worth about $384 million.
The company's own stock traded at $5.47, giving it a market value of about $289 million on 52.9 million diluted shares.
<h3 id="more-news">More news:</h3>
<ul>
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 <li><a href="https://www.thestreet.com/crypto/markets/banker-coin-defies-oil-shock-as-gold-sinks" rel="noopener noreferrer nofollow">'Banker coin' defies oil shock as gold sinks</a></li>
 <li><a href="https://www.thestreet.com/crypto/markets/analyst-flags-two-commodities-that-may-follow-bitcoins-slide" rel="noopener noreferrer nofollow">Analyst flags two commodities that may follow Bitcoin’s slide</a></li>
</ul>
The company says treasury BNB will stay with a qualified custodian throughout staking, that validator rewards vary and are not guaranteed, and that it will publish the validator’s results on its treasury dashboard once it goes live.
He didn’t rule out more creative financing in the future. Crypto’s openness to innovation, he said, now extends to how treasury companies use their capital structure, calling it “an open ocean of opportunities."
For now, the playbook is simpler. Odagiu has described his priorities as <a href="https://www.sec.gov/Archives/edgar/data/1482541/000148254126000058/bnc-2026x10x19xpr_ceo.htm" rel="noopener noreferrer nofollow">growing BNB holdings per share</a> and building a business on the network, starting with the planned validator.&nbsp;

Crypto treasury skeptics expected a wipeout, BNB Standard CEO explains why that didn’t happen

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TheStreet Roundtable

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