Browsing by Author "Binder, Marc Philipp"
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- Has their time come? : cryptocurrencies as assets on corporate balance sheetsPublication . Binder, Marc Philipp; Rajsingh, PeterThis study investigates the strategic drivers and operational challenges of adopting cryptocurrencies as corporate assets. While Bitcoin and other digital assets have historically been associated with speculative investment, a growing number of corporations are exploring their utility as part of broader treasury strategies. Using a mixed-method design, this research integrates twelve expert interviews with senior finance professionals and a structured analysis of eight publicly traded firms holding digital assets. The findings reveal four primary adoption motivations: portfolio diversification, inflation hedging, innovation signaling, and high-growth potential. However, adoption is constrained by five core challenges: regulatory uncertainty, accounting complexity, custody and security risks, exposure limitations, and extreme volatility. Quantitative analysis suggests that neither firm size nor industry alone predicts the level of crypto adoption; rather, proportional exposure is shaped by a combination of treasury scale and strategic intent. These insights are contextualized through Resource-Based Theory, Dynamic Capabilities, and Signaling Theory. The study concludes that cryptocurrencies, while not yet mainstream treasury instruments, are emerging as strategic tools for financial flexibility and competitive differentiation. This thesis offers practical guidance for treasurers, regulators, and investors navigating the evolving intersection of digital assets and corporate finance.