The Future of
Capital Markets: Lugano 2026

As the bitcoin treasury company model matures beyond its first wave, this panel brings together leaders in the industry to examine what comes next. The discussion will explore the strategies driving bitcoin treasury adoption, the opportunities and risks emerging from this model and its influence on capital markets, corporate finance and investor perceptions of bitcoin as a strategic reserve asset. Speakers will also address capital structuring and how treasury companies can differentiate themselves as the space matures.

This panel will unpack bitcoin's performance against a shifting macroeconomic backdrop, while reflecting on the defining events of the previous year. Speakers will explore the forces influencing bitcoin's evolution and the outlook for markets and adoption. The conversation will cover how macroeconomic forces are shaping institutional appetite for bitcoin and what corporates and investors should watch heading into 2027.

Bitcoin is evolving beyond a store of value into productive financial collateral. This panel aims to explore how bitcoin-backed lending is creating new opportunities for individuals, institutions and businesses to unlock liquidity. The discussion will examine lending markets, collateral management, risk frameworks and the role of bitcoin in the future architecture of global credit markets.

As Bitcoin becomes increasingly relevant to investors, financial institutions and policymakers, developing the knowledge, governance and expertise required to make informed decisions is becoming a strategic priority. We will convene leaders and experts to explore the education gap that still separates institutional curiosity from institutional allocation. The panel looks at what frameworks, research and training are needed to transition from understanding Bitcoin to actually holding it.

With USDT returning to Bitcoin, the network could soon gain access to the deep stablecoin liquidity already available on other blockchains. The speaker will showcase Utexo Mint, allowing exchanges, wallets, market makers, OTC desks and treasuries to mint and redeem USDT on Bitcoin via RGB, using USDT held on networks such as Ethereum and Tron.

The discussion will also explore how USDT settlement on Bitcoin, combined with commercial privacy and selective disclosure for compliance, could enable financial institutions to offer dollar-based financial services on the network.

This panel will unpack what a fully integrated Bitcoin financial ecosystem looks like spanning custody, capital markets, lending and payments. The panel will explore how these elements are converging and what infrastructure is still missing to create a fully integrated ecosystem capable of serving retail, institutional and sovereign participants.

From financial centres to sovereign innovators, jurisdictions around the world are taking different approaches to the tokenisation of securities and real world assets. This panel will explore how regulatory innovation, digital infrastructure and forward-looking policy frameworks are enabling tokenised assets to be traded capital markets. It will also highlight lessons learned, common challenges and best practices for building globally competitive financial ecosystems. Panellists will share practical lessons on building regulatory frameworks that attract capital within international standard regulatory norms.

This panel will discuss the next frontier of tokenisation, from funds and equity to other alternative asset classes and examine how it is transforming capital markets and global investment opportunities. Industry leaders and early adopters will address commercial and legal structuring, investor access and where tokenised markets are headed beyond the current wave of stablecoins and bonds.

Tokenised markets are evolving rapidly as new technologies, regulatory developments and institutional participation reshape the digital asset landscape. This session aims to explore the key trends driving market growth and the infrastructure needed to support the next generation of global capital markets. The discussion will also focus on what's driving adoption and where the biggest structural bottlenecks remain.

This panel examines how tokenisation is beginning to reshape fixed income markets and collateral management. Speakers will discuss efficiency gains, settlement speed and what it will take for tokenised fixed income products to reach institutional scale. Industry leaders will unpack how tokenised bonds, money market instruments and digital collateral are improving market efficiency, settlement and liquidity, while examining the opportunities and challenges for institutional investors as fixed income increasingly moves on-chain.

This closing headliner panel featuring two global industry leaders will conclude with a forward-looking conversation reflecting on the major developments that shaped bitcoin, digital assets and tokenised securities throughout 2026. Looking ahead to 2027, the discussion will explore emerging trends, technological innovation, institutional adoption and how bitcoin and tokenisation are shaping the future of global financial markets.