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Institutional capital flows into digital markets. But don’t chase speculative altcoins. Instead, it targets encryption, storage, and on-chain infrastructure.
This was the clear message from the recent Digital Summit session at BeInCrypto, where leaders of exchanges, infrastructure and tokenization platforms discussed how traditional finance approaches cryptocurrencies.
Participate in the discussion Federico FarriolaCEO of Phemex; Maria AdamjiHead of Investor Relations and Global Market Structure at Polygon; Jeremy Ngfounder and CEO of OpenEden; And Gideon GreavesChief Investment Officer at Lisk.
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Operational exposure, not speculation
Institutions are no longer debating whether cryptocurrencies belong in portfolios, said Maria Adamji, head of global investor relations and market structure at Polygon. The question now is how to determine its size.
“Institutions are no longer debating whether cryptocurrencies even belong here,” Polygon’s Maria Adamji said. “They are trying to define their classification as a new asset class.”
However, he emphasized that most large asset managers do not explicitly have balance sheet risk on volatile tokens. Instead, they seek “operational exposure” through it coding, Possession, and together on the chain.
In other words, they buy access to infrastructure rather than speculating on price fluctuations.
Conviction remains the test
Federico Farriola, CEO of Phemex, took a more cautious tone. He asked if the institutions were really committed to the long term.
“There are not many companies that have really gone fully digital,” said Vimex’s CEO. He added that many organizations structure partnerships so that they do not disrupt their core business lines.
He warned that the current enthusiasm may not sustain a long recession. “If we go into a longer downturn, we probably won’t see the interest we’re seeing today,” he said.
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This raises a crucial question. Do organizations build strategic allocations, or protect against disruption by minimizing risk?
Coding as a bridge
Jeremy Ng, founder and CEO of OpenEden, argued that the strongest institutional argument lies in real-world tokenized assets.
He noted the growing involvement of hedge funds in cryptocurrencies and increased plans to increase exposure in 2026. At the same time, he insisted that tokenization solves a practical problem: cost.
“When large asset managers put products on the chain, it reduces costs,” said Ng. Blockchain can replace transfer agents and fund managers by acting as a proof-of-record layer.
For institutions, it is less about ideology and more about efficiency.
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Gap structure of the market
However, structural barriers remain.
Polygon’s Adamji noted that institutions have difficulty valuing most cryptocurrency tokens. “Am I pricing based on revenue or net worth?” I asked. “There is no real P/E ratio associated with it.”
As a result, institutional allocations have shifted significantly towards… Bitcoin And Ethereum And infrastructure projects. The broader altcoin market lacks the valuation frameworks that traditional finance relies on.
Ng echoed this concern. “90% of these tokens launched do not have a real physical business,” he said. “They don’t actually generate fees.”
Without clear revenue and value accumulation models, many tokens fail due to institutional validation.
Less codes, more real business?
Farriola acknowledged that the industry itself bears the responsibility. He said exchanges often pay aggressively for new listings.
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“As an industry we should monitor a little better,” Ng said, adding that there will likely be fewer codes overall.
Polygon’s Adamji agreed that current incentives reward token proliferation. Exchanges earn fees from listings, creating a tension between growth and quality control.
This dynamic complicates institutional adoption. Large asset managers require transparency, consistent revenue and predictable market structure.
Infrastructure first
Taking the committee’s message together, the message of the session was clear. Institutions are not fully embracing cryptocurrency culture. They integrate blockchain, which improves efficiency.
I prefer low volatility assets, regulated wrappers and tokenized versions of traditional products. They build exposure to the bars.
currently, Infrastructure and coding That’s the introduction. Track speculative tokens from afar.
The next phase of institutional adoption may depend less on price cycles and more on whether cryptocurrencies can build businesses that feel familiar with traditional capital – with engagement, structure and accountability to match.
