The inclusion of bitcoin (BTC) in corporate treasuries is not a mere gesture of modernity but a strategy that requires discipline, solid processes, and clear governance. This is the view of Bruno Vaccotti, Director of Public Affairs at Penguin Group, who stresses that the success of this decision depends less on market conditions and more on the seriousness with which it is managed.
“Bitcoin can be a strategic reserve for the modern company, but without written policies, clear controls, and proven custody processes, the risk outweighs the benefits,” warns Vaccotti.
For the executive, the appeal of bitcoin lies in its ability to defend against the loss of purchasing power and in its nature as a reserve asset that does not depend on counterparties. It also provides operational efficiency by settling in minutes, without borders or banking hours. However, he emphasizes that these advantages only materialize if companies establish a rigorous control framework.
“Companies that do it right will communicate prudent innovation and intellectual solvency. Those that do it wrong will jeopardize their reputation and the trust of their investors,” he notes.
Vaccotti distinguishes two ways of integrating bitcoin into corporate finance. The first is the balance sheet reserve, where only bitcoin meets the necessary conditions of liquidity, decentralization, and institutional reputation. The second is the operational layer, where some well-selected stablecoins may make sense as cash equivalents for international payments or working capital. Everything else—speculative altcoins or experimental tokens—he insists, will only divert resources and damage corporate reputation.
A Path with Risks
Still, Vaccotti states that the road is not without risks. Volatility is the first, requiring allocation policies, scheduled rebalancing, and stress testing, according to the Penguin Group executive.
In his view, the accounting and tax framework poses challenges related to impairment treatment and partial sales, making it essential to have technical advice and clear criteria approved by the audit committee.
He also recalls that custody represents another critical point: the loss of keys, operational errors, or excessive reliance on an exchange can jeopardize the strategy. For this reason, he recommends multi-signature models, segregation of functions, and well-rehearsed recovery protocols.
On the legal front, Vaccotti warns of sector-specific sanctions or restrictions that require robust compliance and traceability processes. Finally, he highlights reputational risk: a company that takes a firm stance and then backtracks destroys the trust of investors and clients.
“The difference between success and failure lies in governance: if the company documents policies, distributes responsibilities, and educates its people, bitcoin adds value; if it improvises, it erodes trust,” Vaccotti said.
A Clear Boundary
Furthermore, the executive also establishes a clear boundary between conviction-driven adoption and speculative adoption. The former is characterized by a long-term horizon, self-custody, formal documentation, and sober communication focused on processes and risks. The latter, by contrast, is limited to opportunistic moves without security protocols or governance, which end up causing financial and reputational losses. “Conviction builds resilience; speculation destroys value,” he sums up.
Regarding the sustainability of the phenomenon, Vaccotti argues that it is not a passing fad. Each market cycle raises the standard of adoption: custody infrastructure improves, accounting criteria become clearer, and risk management becomes more professional.
Therefore, he believes that the number of companies with a serious thesis on bitcoin grows with each cycle, consolidating bitcoin as a stable part of the corporate financial ecosystem.
Looking ahead, Vaccotti recommends that any company deciding to move forward with bitcoin clearly define its investment thesis, design an institutional custody system with distributed functions, establish accounting and rebalancing policies, ensure a solid compliance framework, and above all, communicate soberly the risks and controls to investors, the press, and internal teams.
“Bitcoin meets the cold logic of the treasury: liquidity, verifiability, neutrality, and portability. But it only generates value if adopted with rigor and governance,” he concluded.
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