The following is a guest post and opinion from Fabian Dori, Chief Investment Officer at Sygnum Bank.
Institutional investors no longer debate Bitcoin’s legitimacy. With spot ETFs surpassing $50 billion in assets and companies issuing Bitcoin-linked convertibles, the question now is structural: how does Bitcoin integrate into global finance? The answer is emerging: Bitcoin financialization.
Bitcoin is becoming programmable collateral and a tool for optimizing capital strategy. Institutions that recognize this shift will set the pace for the next decade of finance.
The Convertible-Bond Playbook
Traditional finance tends to view Bitcoin’s volatility as a liability. Recent zero-coupon convertible-bond issuances by Strategy (formerly MicroStrategy) tell a different story. These deals turn volatility into upside: the more volatile the asset, the more valuable the bond’s embedded conversion option. Subject to solvency conditions, such bonds give investors asymmetric payoff profiles whil
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