Digital asset treasuries (DATs) are increasingly using Bitcoin as a financial tool rather than merely holding it as a static reserve. Companies like Japan's Metaplanet and France's Blockchain Group are integrating Bitcoin into their capital strategies to raise funds, secure credit, and generate returns. This shift marks Bitcoin's entry into mainstream corporate finance, with firms using it as programmable collateral and a productive asset for loans and convertible bonds. The financialization of Bitcoin is accelerating as DATs adopt new models that challenge traditional views of volatility. Investors are using market net asset value (mNAV) to assess how effectively companies convert digital assets into productive capital. The sustainability of these strategies depends on the mNAV multiple, reflecting confidence in a company's ability to generate returns through disciplined capital management. This trend is also evident in public finance, with entities like Luxembourg's sovereign wealth fund allocating assets to Bitcoin, signaling its transition from speculative wealth to a core financial infrastructure component.