May 2026 keeps showing the split personality of public-company Bitcoin treasuries. Some firms report large reserves or fresh treasury strategies. Others exit bitcoin and return to their core business.
That is not automatically bullish or bearish. It is a reminder that balance-sheet Bitcoin is only impressive when the operator understands volatility, custody, dilution and time preference.
Millie's read: stack sats if you mean it. If Bitcoin is just a press release accessory, the market will eventually smell the perfume.