At the Bitcoin 2026 Conference, leading figures in Bitcoin adoption gathered on the Nakamoto Stage to explore a unique trend in the industry where competitors collaborate rather than compete—a phenomenon that may define the current wave of institutional interest in digital assets. The discussion featured prominent speakers including David Bailey, CEO of Nakamoto Inc., Alexandre Laizet from Capital B, and Dylan LeClair of Metaplanet, with George Mekhail of Bitcoin for Corporations serving as the moderator.
David Bailey set the stage by framing Bitcoin as akin to a decentralized corporation, positing that the rising valuations of competing companies can enhance the overall ecosystem rather than detract from it. He highlighted the investments made by UTXO Management in both Capital B and Metaplanet as an embodiment of this collaborative spirit, suggesting that the lines between investor and collaborator are increasingly blurred.
Dylan LeClair supported this view, asserting that the Bitcoin sector distinguishes itself from other industries through its culture of sharing strategies and building upon one another’s work. Alexandre Laizet began his statements by expressing gratitude towards his fellow panelists, labeling them as inspirations in the quest for corporate adoption—a sentiment that diverges markedly from what is typically seen in other industries.
Despite the optimism surrounding Bitcoin’s growing acceptance, the panelists candidly acknowledged the significant structural barriers still present, reiterating that Bitcoin is “still early.” LeClair presented a striking statistic, indicating that approximately 99% of institutional capital is unable to access Bitcoin or Bitcoin ETFs due to strict investment mandates that often limit funds to fixed income or specified asset classes. He emphasized that this limitation signifies the early stage of Bitcoin’s institutional journey and that infrastructure—rather than ideology—remains the most pressing challenge. Hyperbitcoinization, he argued, is a gradual process requiring robust institutional frameworks, such as custody solutions and regulatory clarity.
Bailey echoed these observations, noting that only a small number of companies currently hold Bitcoin on their balance sheets, underscoring that strategic frameworks are only beginning to emerge. He stressed the importance of engaging all economic actors with Bitcoin, stating that excluding any group contradicts the asset’s fundamental properties. “For us to have hyperbitcoinization happen… every economic agent in the world is going to have to use bitcoin,” he declared.
Laizet articulated Capital B’s strategy of meeting institutional investors at their current level, pointing to BlackRock’s Bitcoin ETP and its expanding list of institutional clients as evidence of European investors adapting to Bitcoin through compliant channels. For those wary of Bitcoin’s volatility, he mentioned digital credit products as an alternative, allowing exposure without incurring full price risks. He also expressed optimism regarding the financial services infrastructure forming around Bitcoin, emphasizing the growing demand for institutions that are willing to extend loans using Bitcoin as collateral—an approach he believes shows respect for the asset itself.
Bailey took the discussion further by asserting that Bitcoin fundamentally transforms traditional finance. He stated that the immutable nature of Bitcoin’s technology means that no financial institution, even one as powerful as BlackRock, can reshape its core properties. He voiced concerns about a division within traditional finance, where some institutions embrace Bitcoin while others resist it, likening advocates of Bitcoin to “barbarians at the gate.” He suggested that building a substantial base of institutional investors is crucial for shaping financial policy in favor of Bitcoin.
Bailey warned that critics of major financial players like BlackRock may face greater challenges in the future when central banks, including the Federal Reserve, begin to acquire Bitcoin. Mekhail added context by noting that Bitcoin for Corporations is designed to aid companies navigating this transition, emphasizing the need for urgency as the opportunity to be an early participant in corporate adoption begins to close faster than many realize.
