Fidelity Digital Assets VP Chris Kuiper Presents "The Investment Case for Bitcoin" to Corporations

At Strategy World 2025, Chris Kuiper, Vice President of Research at Fidelity Digital Assets, challenged corporations to reexamine how they think about risk, capital allocation, and long-term financial health.

Fidelity Digital Assets' vice president of research, Chris Kuiper, took to the stage at Strategy World 2025 today to urge corporations to reconsider their conventional wisdom regarding risk, capital allocation, and long-term financial health.

During his presentation, titled "The Investment Case for Bitcoin," Kuiper highlighted the staggering performance of Bitcoin compared to major asset classes over the past ten years.

"Bitcoin has outperformed every major asset class over the last ten years," Kuiper said. "If you’re a company sitting on cash or low-yield bonds, you’re falling behind."

With over a decade of data available, Kuiper's aim was to persuade executives that Bitcoin isn't just a speculative asset; it's a superior strategic reserve.

His presentation focused on the numbers, showing that Bitcoin has delivered a 79% compound annual growth rate (CAGR) over the last ten years and 65% over the past five years. In contrast, investment-grade bonds returned just 1.3% nominally over the same period.

"Corporations often focus on volatility. But volatility isn’t risk—permanent capital loss is," Kuiper explained. He went on to present the real threats to balance sheets today, such as inflation and currency debasement, showing how even traditional safe havens like U.S. Treasury bonds have suffered negative real returns over time.

To address concerns about Bitcoin's volatility, Kuiper offered two practical strategies: position sizing and long-term thinking.

"Bitcoin doesn't have to be all or nothing," he said. "It's not a switch—it's a dial."

Even a 1–5% allocation, Kuiper argued, can significantly improve a corporation's risk-adjusted return while limiting drawdown exposure.

The presentation then shifted towards corporate fundamentals, where Kuiper emphasized the importance of return on invested capital (ROIC) over headline earnings. He also pointed out the inefficiencies of corporations sitting on cash.

As an example, Kuiper showed how Microsoft's ROIC drops from 49% to 29% when excess cash is included, highlighting the drag that idle capital can create.

"Corporations are laser-focused on income statements, but it’s the balance sheet that tells the real story," Kuiper said. "Cash is part of that story—and Bitcoin can turn it from dead weight into a productive asset."

He concluded by posing a direct question to executives in the audience: "What’s your opportunity set—and do you believe those opportunities can outperform Bitcoin?"

In Kuiper's view, the answer is increasingly clear.