Below are guest posts and opinions Fabian DoriChief Investment Officer of Sygnum Bank.
Institutional investors are no longer discussing the legitimacy of Bitcoin. The problem is structural as Spot ETFS is issuing $50 billion in assets and Bitcoin Link Convertible. How is Bitcoin integrated into global finance? The answer is emerging: Bitcoin’s fiscal financing.
Bitcoin is becoming a tool for optimizing programmable collateral and capital strategies. Institutions recognizing this shift will set the pace of their finances for the next decade.
Convertible Bond Playbook
Traditional finance tends to view Bitcoin volatility as liability. The recent Zero Coupon Convertible Bond Issuance by Strategy (formerly Micro Strategy) tells a different story. These deals turn volatility into upside. The more unstable an asset, the more valuable the bond embedding conversion option. Subject to solvency terms, such bonds give investors an asymmetric payoff profile and extend their exposure to the Ministry of Finance into valuation assets.
The trend is widening. Japan’s Metaplanet has adopted a strategy focused on Bitcoin, with French blockchain groups and 21 capitals participating in a new class of “Bitcoin finance companies.” This approach echoes the sovereigns of playbooks used during the Bretton Woods era. The digital version connects capital structure optimization with assessments related to the Ministry of Finance.
Beyond the company’s balance sheet
As seen at Tesla, diversification of the Treasury and the expansion of Bitcoin finance companies to balanced leverage are just two examples of digital finance that are intertwined with traditional finance. The financialization of Bitcoin is infiltrating every corner of the modern market.
Bitcoin is a collateral 24/7. According to Galaxy Digital, Bitcoin-backed loans exceeded $4 billion in 2024, and continue to grow across CEFI and Defi. These instruments offer global access, 24 hours a day. This is not available with traditional lending.
Structured product and chain yield. The wave of structured products now offers Bitcoin exposure with embedded liquidity guarantees, major protections, or enhanced yields. The on-chain platform has also evolved. What began as retail-driven debt has matured into facility-grade safes that use Bitcoin as the underlying collateral to generate competitive returns.
Beyond ETF. The ETF was just the beginning. As the facility-grade derivatives market develops, tokenized fan rappers and structured notes add layers of liquidity, downside protection, and yield enhancement.
Sovereignty adoption. When the US says it will explore Bitcoin Reservation Bitcoin Bill and the nation will explore “Bitbond,” we are no longer talking about diversification. We are witnessing a new chapter in financial sovereignty.
Regulation: Benefits for early initiators
Regulations are not blockers. This is the early engine moat. Frameworks such as the European MICA, Singapore’s Payment Services Act, and SEC approval for tokenized MMFs demonstrate that digital assets can meet existing rules. Today, institutions investing in custody, compliance and licensing are guided when the global regime converges. The BlackRock SEC-approved Buidl Fund is a clear proof point. A compliant tokenized MMF launched within current regulations.
Why Macrotail Winds Accelerate Shifts
Macro instability, currency collapse, rates of rise and fragmented payment rails are accelerating the fiscal financing of Bitcoin. The family office, which began with a small directional allocation, is currently being rented out to BTC. Companies issue convertibles. Asset managers are launching a structured strategy that blends yields with programmable exposure. The “digital gold” paper has matured into a broader capital strategy.
The challenges remain. Bitcoin is causing increased market and liquidity risks and liquidity risks, especially during times of stress, and the regulatory environment continues to evolve as well as the technological maturity of the defi platform. However, since Bitcoin is understood as an infrastructure rather than just an asset, it lists investors in systems that offer the advantages that traditional assets cannot match.
Close the loop
Bitcoin remains unstable and is not without risk. However, it is deployed with appropriate controls and transforms from speculative assets into programmable infrastructure, i.e., for yield generation, collateral management and macrohedging.
The next financial innovation is not just using Bitcoin. It will be built on top of it. What Eurodler did in the 1960s for global liquidity could potentially be that Bitcoin implements a religious balance sheet strategy in the 2030s.
It is mentioned in this article
