This year, mainstream corporate finance has become embroiled in a debate that would have felt unthinkable even a few years ago: How much crypto belongs on your balance sheet? Bitcoin’s latest rallies—nudged by President Trump’s “Strategic Bitcoin Reserve” executive order, a softer dollar, and a friendlier regulatory climate have suddenly made the asset hard to ignore, even for traditionally conservative investors. Sovereign-wealth funds are quietly adding exposure, state treasurers from Texas to Wyoming are sketching reserve playbooks, 401(k) plans can now wade in, and marquee brands from Tesla to Block, Figma and MassMutual have added line items for what has been jokingly called “magic internet money” to their balance sheets.
