A growing number of companies are integrating Bitcoin into their capital strategies, utilizing it as a working financial instrument rather than merely a reserve asset. Digital Asset Treasuries (DATs) are at the forefront of this shift, testing Bitcoin's role as productive capital in corporate finance. Notable examples include Japan's Metaplanet and France's The Blockchain Group, which are pioneering models that use Bitcoin as programmable collateral. The market Net Asset Value (mNAV) is becoming a crucial metric for evaluating these strategies, as DATs adopt risk management practices from traditional finance to manage their crypto positions. This trend is not limited to the private sector; some U.S. states and Luxembourg are also exploring Bitcoin as part of their financial reserves.