Glossary
Runway
How long a business can operate before it runs out of money — a materially harder number when the balance sheet is denominated in a volatile asset.
Fiat runway is arithmetic. Crypto runway is a scenario: the answer differs enormously depending on what happens to price, and a single figure quoted without the assumption behind it is close to meaningless.
The useful version states runway under a severe drawdown, pairs it with a sell-down calendar decided in advance, and reports how many months of operating cost are already held in fiat or stablecoins.
Where this comes up
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