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+---
+type: evidence
+source: "https://x.com/m3taversal/status/2021727942083264906"
+author: "@m3taversal"
+date: 2026-02-11
+archived_by: rio
+tags: [ownership-coins, treasury-management, buybacks, token-sales, capital-formation, fluid-capital]
+---
+
+# "Fluid Capital Stacks: A New Model for Startup Funding" — @m3taversal
+
+Tweet links to article arguing for continuous treasury management over fixed funding rounds.
+
+## Key claims from the article
+
+- "The uncomfortable truth: buybacks, liquidations and additional token sales are features, not bugs of ownership coins."
+- Founders should actively manage treasuries based on market signals rather than fixed funding timelines
+- The market cap-to-treasury multiple signals whether expansion or contraction is optimal
+- Traditional fundraising is mismatched to modern startup realities where cycles compress rapidly
+- Ownership token structures enable "fluid capital stacks" — continuous calibration rather than discrete funding events
+- Tokenization can accelerate user growth and go-to-market success
+
+## Rio's assessment
+
+- New claim candidate: active treasury management through buybacks and token sales as continuous capital calibration
+- Directly challenges the common "never sell treasury tokens" narrative in crypto
+- Enriches Living Capital vehicles claim — fluid capital is the mechanism for how flexible structures work in practice
+- The market cap-to-treasury multiple as a decision signal connects to markets-beat-votes belief — price signals guiding capital allocation
+- Connects to market volatility as a feature — treasury management that responds to price signals treats volatility as information