Asia Morning Briefing: Hex Trust CEO Balances Optimism and Caution on Firms Holding Bitcoin

Digital Asset Treasury (DAT) firms—companies holding bitcoin on their balance sheets—were front and center at BTC Asia in Hong Kong. But Hex Trust CEO Alessio Quaglini warned that not all treasury models are sustainable.

Quaglini said corporate adoption is positive for mainstream exposure, giving investors indirect access to bitcoin through public markets. Still, he drew a sharp contrast between genuine diversification and speculative engineering. “If a company exists just to hold crypto, it’s a publicly traded hedge fund,” he said.

The bigger concern is leverage. Galaxy data shows loan volumes at their highest since 2022, alongside $1 billion in liquidations. Korean regulators have already frozen new lending products. Quaglini cautioned that debt-fueled purchases could spark forced selling cycles and worsen volatility.

Even so, he views today’s treasury firms as a first step. The real breakthrough, he argued, would come if cash-rich giants like Apple or Google allocate reserves to bitcoin—a shift he described as “extremely positive.”

Markets Snapshot

• BTC: Holding above $109K, consolidating after August ETF rotations into ETH.
• ETH: At $4,298, cooling after record highs last month.
• Gold: Near $3,470, supported by Fed cut bets and a weaker dollar.
• Nikkei 225: Up 0.31% as Asia-Pacific stocks react to tariff headlines.