Bitcoin treasuries are transitioning from a passive holding strategy, often referred to as HODL, to actively seeking to generate returns through various financial strategies, including yielding opportunities, hedging against market downturns, and engaging in share buyback programs, especially as the growing discount to net asset value (NAV) begins to impact their overall financial health and performance.
source: https://www.coindesk.com/business/2025/11/14/bitcoin-treasuries-to-move-beyond-hodl-to-yield-hedging-and-share-buybacks-as-nav-discount-bites