比特币不仅仅是一种资产，更是基础设施

Author: Blockchain Knight

Institutional investors no longer question the legitimacy of Bitcoin. With spot ETF assets exceeding $50 billion and companies starting to issue convertible bonds linked to Bitcoin, the question now has shifted to a structural level: How does Bitcoin fit into the global financial system? The answer is becoming clear: Bitcoin financialization.

Bitcoin is becoming a programmable collateral and capital strategy optimization tool. Institutions that recognize this shift will lead the direction of finance in the next decade.

Traditional finance often views Bitcoin’s volatility as a disadvantage, but the recent zero-coupon convertible bonds issued by Strategy (formerly MicroStrategy) tell a different story. Such transactions convert volatility into upside potential: the higher the volatility of the asset, the higher the value of the conversion option embedded in the bond. Subject to solvency conditions, such bonds provide investors with an asymmetric income structure while expanding the treasury’s exposure to value-added assets.

The trend is spreading. Japan’s Metaplanet has adopted a Bitcoin-focused strategy, and France’s The Blockchain Group and Twenty One Capital have joined the ranks of “Bitcoin portfolio companies.” This approach echoes the Bretton Woods-era strategy of sovereign states borrowing fiat currencies and converting them into hard assets. The digital version combines capital structure optimization with treasury value-added.

From Tesla’s diversification of its treasury to companies leveraging their Bitcoin portfolios to extend their balance sheet leverage, these are just two examples of how digital and traditional finance are intertwined. Bitcoin financialization is permeating every corner of modern markets.

Bitcoin as 24/7 collateral. According to Galaxy Digital data, the scale of Bitcoin pledge loans exceeded $4 billion in 2024, and continued to grow in the fields of centralized finance (CeFi) and decentralized finance (DeFi). These tools provide global 24/7 lending channels - a feature that traditional lending cannot achieve.

Structured products and on-chain yields. Today, a range of structured products offer built-in liquidity protection, principal protection or enhanced yield for Bitcoin exposure. On-chain platforms are also evolving: DeFi, which was initially driven by retail, is maturing into institutional-grade vaults, generating competitive returns with Bitcoin as the underlying collateral.

Beyond ETFs. ETFs are just the starting point. As the institutional-grade derivatives market develops, asset tokenized fund wrappers and structured notes add layers of liquidity, downside protection, and yield enhancement to the market.

Sovereign adoption. When US states draft Bitcoin reserve bills and countries explore “Bitbonds”, we are no longer discussing diversification, but witnessing a new chapter in monetary sovereignty.

Regulation is not an obstacle, but a moat for early movers. The EU’s MiCA, Singapore’s Payment Services Act, and the SEC’s approval of tokenized money market funds (MMFs) all show that digital assets can be incorporated into the existing regulatory framework. Institutions that invest in custody, compliance, and licensing today will take the lead as global regulatory systems converge. BlackRock’s SEC-approved BUIDL fund is a clear example: a compliant tokenized money market fund launched within the existing regulatory framework.

Macro instability, currency debasement, rising interest rates, and fragmented payment infrastructure are accelerating the financialization of Bitcoin. Family offices that started with small directional allocations are now borrowing against Bitcoin; companies are issuing convertible bonds; and asset managers are launching structured strategies that combine yield with programmable exposure. The “digital gold” theory has matured into a broader capital strategy.

Challenges remain. Bitcoin still faces high market and liquidity risks, especially during periods of stress; the regulatory environment and the technical maturity of DeFi platforms continue to evolve. However, viewing Bitcoin as infrastructure rather than a pure asset can position investors in a system where appreciating collateral brings advantages that traditional assets cannot match.

Bitcoin remains volatile and not without risk, but with proper controls, it is transforming from a speculative asset to programmable infrastructure, a tool for yield generation, collateral management, and macro hedging.

The next wave of financial innovation will not only leverage Bitcoin, but will be built on top of it. Just as the Eurodollar revolutionized global liquidity in the 1960s, Bitcoin-denominated balance sheet strategies may create a similar impact in the 2030s.