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Treasury of Digital Asset (Dats) The companies – companies that put Bitcoin on the balance sheet – are the town’s talks during BTC Asia in Hong Kong.
But the adoption of the Bitcoin corporation can be a double blade, says Alessio Quaglinin, CEO and Co-Founder of Crypto Custodian Hex Trust. As Treasury handles put crypto on sheets of public companies’ balance sheets, he warns that seizure techniques can be a source of unevenness.
“It was great for adoption. It was so nice because you had usually not directly accessing Bitcoin in billions -billions of people investing in local stock exchanges and NASDAQ,” Quaglinin told CoinDesk at a recent -only interview with BTC Asia’s sides in Hong Kong.
But he drew a sharp line between healthy variety -different and financial engineering.
“If this listing company exists for the sole purpose of handling the crypto, then it is a fence fund that has been publicly exchanged. This is a kind of financial exercise,” he continued.
Quaglinin, like many others in the industry, is concerned about excessive levels of action. A Recent report from Galaxy describes The risk, showing a loan volume to their highest since 2022 in conjunction with a $ 1 billion exemption wave, while Korea regulators have already headed I -Freeze new lending products While they are concerned about the leverages of the surprising market.
“If these companies put action, and they release a debt to buy Bitcoin with a strong trigger, then this is a big issue,” Quaglinin said. In public markets, debt covenants are clear, meaning entrepreneurs can expect forced sale. “You may be in a prisoner’s dilemma situation … You can have this kind of spiral impact that causes more volatility to the industry.”
However, Quaglinin sees Treasury players today as a first step.
“The next step is that you have real companies that have a lot of operating cash flow, and they are sitting in large amounts of cash, such as Apple, Google, etc.,” he said. If those companies start allocating reserves to BTC, the transfer will be “quite positive.”
Ultimately, the real test of flexibility of DAT is not if small companies become proxies of Bitcoin, but if the world’s largest corporations are willing to put their cash piles on-chain.
Market movement
BTC: Bitcoin is in the green change of hands above $ 109k. The world’s largest digital assets are stabilizing after August has seen a rare circulation outside the BTC spots ETFs in ETH funds, weighed in BTC’s Kamag -child demand in recent weeks. The wider macro remains support but the price action is combined —It is still under the mid -highs of August
Eth: Ether is trading at $ 4,298. Participants in the market are emerging the income revenue after recorded records last month and collapsed to fight near $ 4,000. August ETF flow trend favors ETH, but close to – term integration -Is after running – up
Gold: Gold holds close to a four -month high on mounting bets for a September cut by the September rate and a softer US dollar, both of which usually support the bullion
NIKKEI 225: Most Asia-Pacific markets rise as investors weigh the tariff uncertainty and the Shanghai Cooperation Organization Summit, along with Japan’s Nikkei 225 of 0.31% after a United States court ruled most of Trump’s global tariffs.
