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Institutions are moving beyond the question of whether to own bitcoin and toward how to finance, hold, and use it
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Bitcoin is becoming the foundation for a wider set of financial products, according to TD Cowen’s account of the Sept. 28 Bitcoin Treasuries Conference in New York.
Key facts
- Strategy Inc. (Nasdaq: MSTR) disclosed on Sept. 28 that it had bought another 1,665 BTC and repurchased $152 million of its STRC preferred stock
- Its equity analyst Lance Vitanza, CFA, examined discussions of capital formation, collateral, and funding structures in a Sept
- In July 2025, the Securities and Exchange Commission (SEC) permitted in-kind creation and redemption for crypto exchange-traded products
- Bitcoin is becoming the foundation for a wider set of financial products, according to TD Cowen’s account of the Sept. 28 Bitcoin Treasuries Conference in New York
Summary
Institutions are moving beyond the question of whether to own bitcoin and toward how to finance, hold, and use it. “The conversation is moving beyond bitcoin ownership and toward the ecosystem being built around it: capital markets, implementation frameworks, and institutional infrastructure.” Conference participants discussed bitcoin-backed bonds, preferred shares (stock with priority over common shares for dividends), convertible securities (instruments that can be exchanged for shares under specified terms), and financing for companies that hold bitcoin in their treasuries. Some financing structures are already active.