Bitcoin treasury firms dominated discussions at BTC Asia in Hong Kong, but Hex Trust CEO Alessio Quaglini cautioned that corporate adoption of the cryptocurrency comes with risks.
Quaglini told CoinDesk that putting bitcoin on company balance sheets boosts mainstream exposure, giving investors indirect access through listed equities. However, he warned that some firms blur the line between genuine diversification and financial engineering. “If a company exists solely to hold crypto, it’s essentially a publicly traded hedge fund,” he said.
Leverage, he added, is the bigger danger. Galaxy data shows loan volumes at their highest since 2022, coinciding with a $1 billion liquidation wave. Regulators in South Korea have already curbed new lending products amid concerns over systemic stress. Quaglini warned that debt-fueled bitcoin buying could trigger forced selling cycles and amplify volatility.
Even so, he views treasury adoption as an early step. The true test, he said, will be whether major corporates with large cash reserves—such as Apple or Google—commit a portion to bitcoin, a move he called “extremely positive.”
Markets
- BTC: Steady above $109K after August ETF outflows pressured demand.
- ETH: Trading at $4,298, consolidating after last month’s record highs.
- Gold: Near $3,470, close to April’s peak, supported by Fed rate-cut bets.
- Nikkei 225: Up 0.31% as Asia markets track tariff rulings and summit headlines.
