$14 Billion. 500,000 Allocations. The Bitcoin Strategy Built for Bear Markets

"The assets are completely dormant, doing absolutely nothing. And that's where there's an intersection between what we do and what they do."

— Tim Enneking, Managing Partner, Psalion

That observation cuts to the heart of a problem most Bitcoin treasury companies refuse to name out loud. They made the bold decision to allocate. They executed the buy. They put bitcoin on the balance sheet. And then, nothing. The Bitcoin sits in cold storage, generating zero return, while the company pays real operating costs from real cash and waits on appreciation that can take years to arrive, and disappear just as fast.

Bitcoin Treasuries is excited to share the second episode in its Psalion series, featuring 10-year bitcoin veteran Tim Enneking, Managing Partner and Founding Partner of Psalion. This session is focused on the yield strategies, market structure intelligence, and bear market frameworks that institutional Bitcoin holders need to understand, before the next move, not after it.

This episode is built for treasury managers, allocators, and finance leaders who want to move beyond simply holding Bitcoin and understand how a structured yield program works inside a real institutional operation.

Psalion is a full-service digital asset yield business with approximately $200 million under management, generating yield on BTC, stablecoins, and digital assets through allocations via segregated managed accounts. Over five years and roughly $14 billion in total allocations, across more than 500,000 individual pool allocations, Psalion has never recorded a non-positive result or experienced impermanent loss.

What this session delivers for treasury leaders

• When to buy, when to hold, and how contrarian positioning actually works. When the fear index hits all-time lows and every headline is negative, that is the signal, not the noise. Tim Enneking shares the exact framework he used to move all liquid assets into BTC, ETH, and Solana on November 15th, 2022, the day FTX declared bankruptcy, and hold through the full 2023 recovery without a single trade.
  

• The bear market multiplier effect. Why a 10% outperformance on the way down produces a 15-point advantage on the recovery. If one treasury goes down 40% and another goes down 30%, and both go up 50%, the one that lost less doesn't just recover faster, it ends up 15 percentage points ahead. Any yield generated during a drawdown period has an outsize effect on long-term position.
  

• Why the four-year cycle is dead. 97% of all Bitcoin has already been mined. The halving no longer carries the supply shock it once did. Institutional buyers (DATs, ETFs, wirehouses) have permanently changed the investor profile. The next recovery will not look like 2017 or 2021, and the playbook that worked then will not work now.

• A framework for yield on non-yielding assets. This session covers how Psalion generates yield through market-neutral allocations on assets that would otherwise sit completely idle, and why even a modest 3.5% annual yield in a down market creates an outsized compounding advantage over treasuries that generate nothing.

This session shows how to build the institutional playbook before you need it, so your Bitcoin treasury strategy doesn't outpace your risk thinking.

Watch and share with your treasury team:

Watch on YouTube
Listen on Spotify
Listen on Apple Podcasts

Visit Psalion.com or contact Tim's team to learn how Psalion generates yield on institutional Bitcoin holdings through segregated managed accounts.