Bitcoin has evolved from being viewed as a passive, inert asset to one that generates on-chain yield, with over $7 billion of Bitcoin earning returns through major protocols. Unlike gold, which has a largely idle market cap, Bitcoin is now considered productive capital, providing an avenue for earning while maintaining custody. This shift is influencing how institutions allocate reserves, with mainstream recognition of Bitcoin as a strategic asset. New layers allowing users to earn yield without sacrificing control have emerged, fostering a growing trend of Bitcoin utilization in treasury management strategies. As Bitcoin yield becomes more accessible, the need for a standardized benchmark arises to facilitate informed decision-making for investors and organizations. Establishing a baseline for Bitcoin's productive capabilities can enhance treasury policies and risk assessment, contrasting directly with gold's non-yielding nature. Ultimately, the evolution of Bitcoin from a store of value to a productive asset signifies a significant change in capital management in the cryptocurrency space.

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