But 15 years and several bull-bear cycles later, the cryptocurrency is no longer just the domain of technologists and retail investors

Fortune 500 blockchain adoption has allegedly now hit 60% with institutions injecting as much as $50 billion into crypto funds in Q1.

Despite skepticism toward cryptocurrency, it appears to be sticking around. In fact, it’s evolving. And not just in theory, but in practice.

As PYMNTS has reported, Fortune 500 blockchain adoption has allegedly now hit 60% with institutions injecting as much as $50 billion into crypto funds in Q1.

Leading the pack is the one-time software company Strategy (formerly MicroStrategy) which has compiled a war chest of 580,000 bitcoin, worth about $63 billion, since the middle of 2020, with its latest purchase coming within the past two weeks.

Strategy has transformed itself into a bitcoin treasury company and is now primarily in the business of selling securities to raise money to buy the cryptocurrency.

Far from being viewed as a black sheep, the company’s “bitcoin treasury” approach has spurred a wave of publicly traded copycats.

GameStop, for example, on Wednesday (June 11) announced it was issuing $1.75 billion in convertible notes to buy bitcoin. This followed an earlier Q1 acquisition of 4,710 BTC (about $513 million), which made GameStop the 13th-largest corporate holder.

Elsewhere, The Blockchain Group, which describes itself as Europe’s first bitcoin treasury company, on Monday (June 9) announced a $300 million issuance for, you guessed it, the purposes of purchasing more bitcoin.

From structured notes and hedging instruments to yield-bearing custodial accounts and even Bitcoin-backed loans, the ecosystem is diversifying at a pace few anticipated. But beneath the innovation lies a familiar tension: are these truly risk-managed tools for corporate finance, or cleverly packaged speculative bets in disguise?

The Institutionalization of Bitcoin

Milestones like the launch of CME Bitcoin futures (2017), the approval of spot bitcoin ETFs in the U.S. (2024), and the entrance of traditional financial institutions like Fidelity, BlackRock, and JPMorgan into the crypto arena have provided a sense of legitimacy.

With regulatory clarity slowly improving, especially around custody and reporting standards, corporate finance professionals are being offered a potential new value proposition: the cryptocurrency not as a gamble, but as a balance sheet diversification strategy.

As PYMNTS covered, even the Ivy-league institution Brown University has recently disclosed a $4.9 million investment in BlackRock’s bitcoin ETF, signaling a broader acceptance of cryptocurrencies in diversified portfolios.

After all, the CLARITY Act, which aims to establish a regulatory framework for digital assets and crypto markets in the U.S., is set to be considered by the full U.S. House of Representatives after being advanced by two House committees Tuesday (June 10). At the same time, the Securities and Exchange Commission (SEC) wants to ease restrictions governing decentralized finance (DeFi) platforms.

The treasurer’s role in this environment? It’s no longer merely about cash, FX, or interest rate swaps — but increasingly about whether the CFO team has the infrastructure, expertise, risk governance, and capital strategies to harness any crypto strategy judiciously.

See also: Are Crypto Markets Going Mainstream? What Treasury Execs Should Know

Walking the Line Between Strategy and Speculation

Bitcoin is maturing into a multi-dimensional treasury instrument: a defensive store-of-value, a potential yield generator and a signal of corporate innovation. But behind the headlines and bold plays lies a complex ecosystem rich with financing engineering, volatility exposure, regulatory uncertainty, and governance pitfalls.

After all, for all the innovation, there’s a critical issue at the heart of this trend: are these financial tools being used to serve prudent corporate strategy, or are they a new flavor of speculative risk?

Some critics argue that bitcoin-linked treasury products may be less about strategic diversification and more about corporate speculation dressed in financial engineering. Today’s suite of corporate crypto offerings are designed to mitigate some of the risks. But in doing so, they can sometimes introduce new forms of complexity — particularly around counterparty risk, liquidity constraints and regulatory uncertainty.

The accounting treatment of crypto assets remains a thorny issue. In the U.S., bitcoin is still classified as an intangible asset, meaning unrealized losses must be recognized, but gains can’t be booked unless the asset is sold. This creates a lopsided risk profile for public companies.

Perhaps the central question for corporate treasurers is this: What is bitcoin in the context of the corporate balance sheet?

Is it a modern hedge against fiat inflation, akin to gold? A speculative instrument that can juice short-term returns but introduces material downside? Or a strategic signaling tool — part financial asset, part branding exercise?

The answer may depend on the type of business and its risk profile. For a tech-forward firm with high margins and a long investment horizon, limited bitcoin exposure may offer a form of asymmetric upside. For a capital-intensive industrial company with tight liquidity