Good morning. The relationship between corporate America and cryptocurrency is complex, yet many financial leaders are preparing to integrate stablecoins and Bitcoin into their financial operations. Deloitte has unveiled new insights today from its Q2 2025 CFO Signals Spotlight, which assesses how finance executives plan to incorporate digital currencies into their business processes (CFO Daily received an exclusive preview). A mere 1% of CFOs surveyed indicated that they do not foresee the use of crypto for business purposes in the long run. Furthermore, 23% expect their treasury teams to begin utilizing crypto for investments or payments within the next two years—a figure that jumps to nearly 40% among finance leaders at firms generating revenues of $10 billion or more. The primary concern for 43% of CFOs regarding crypto investment is price volatility, followed closely by complexities in accounting and control (42%) and insufficient industry regulation (40%). “Cryptocurrency is a distinct asset class, and the accounting standards for digital assets are still evolving,” stated Steve Gallucci, Deloitte’s global and U.S. leader for CFO Programs. He noted that back in January, the SEC retracted previous guidance on crypto accounting and established a task force to create a new regulatory framework, although the final outcome of this initiative remains uncertain. The survey, conducted between June 4 and June 18, involved 200 finance executives from North American companies with a minimum of $1 billion in revenue.
### The Business Rationale for Crypto
Stablecoins, which are typically backed by reserve assets and linked to traditional currencies, stand in contrast to Bitcoin. The survey underscores the attractiveness of transactions conducted with stablecoins, with 45% of finance leaders highlighting enhanced customer privacy as the primary advantage, followed by improved cross-border transaction efficiency. Additionally, 15% of participants indicated that their companies are likely to accept stablecoin as a form of payment within two years, with that figure climbing to 24% for enterprises with revenues of at least $10 billion. “CFOs will likely need a robust understanding of digital assets, along with treasury management and accounting skills, alongside a comprehensive knowledge of cryptocurrencies,” Gallucci added. Earlier this year, President Trump signed an executive order to create a strategic Bitcoin reserve and a national digital asset stockpile. In June, the U.S. Senate also passed legislation aimed at regulating stablecoins. Non-stable cryptocurrencies like Bitcoin and Ether can provide treasurers with certain benefits, including diversification of investment portfolios. A recent report from Fortune highlights the growing presence of crypto in corporate treasuries, revealing that 160 companies worldwide now hold Bitcoin on their balance sheets, including 90 in the U.S. Notable corporations include GameStop, Block, Tesla, and the Trump Media & Technology Group, which is connected to the former president’s family. However, some analysts express skepticism about the trend of companies investing excess cash in cryptocurrencies. From a long-term perspective, CFOs surveyed by Deloitte foresee potential applications for both types of crypto beyond merely investments and payments. Over half (52%) expect to use non-stable cryptocurrencies for supply chain tracking, while nearly as many (48%) anticipate similar uses for stablecoins. With more than a third of CFOs already in discussions about crypto with their boards, the future direction of corporate adoption remains to be seen.
### Leadership Changes in Finance
Eyal Bar has been appointed as the Chief Financial Officer of security startup Chainguard. Bar brings over 16 years of financial and operational leadership experience from various high-growth tech firms. He previously held senior finance positions at well-known companies, including Monday.com, where he played a crucial role in guiding the company through its Nasdaq IPO, in addition to stints at Motorola Solutions, Ernst & Young, and Wix.com. Another notable change is Jeff Glajch, the CFO of Orion S.A. (NYSE: OEC), a global specialty chemicals firm, who plans to resign early in the fourth quarter of 2025. The company is set to undertake an extensive search for his successor, with Glajch remaining to support Orion through the end of the year.
### Economic Update
On Wednesday, the Federal Reserve announced its decision to maintain interest rates within the current range of 4.25% to 4.5%. While this represents a decrease from the peak rates observed over the last two years, it is still higher than the pre-COVID levels of 1.5% to 1.75%, according to reports from Fortune’s Marco Quiroz-Gutierrez. The last interest rate reduction by the Fed occurred in December 2024, when rates were cut by 0.25 percentage points. In explaining its recent decision, the Fed cited low unemployment and a robust labor market as key factors for keeping rates steady. However, the decision was accompanied by dissent from two Fed governors, Michelle Bowman and Christopher Waller, marking a noteworthy level of disagreement.
### Insights on Valuation Forecasts
A newly released report titled “What Shapes Analysts’ Long-term Forecasts?” in Wharton’s business journal features Marius Guenzel’s research into the various elements influencing long-term forecasts critical to valuation. Guenzel states, “Long-term growth expectations play a pivotal role in firm valuation,” noting that more than 70% of a firm’s discounted cash flows typically stem from beyond a five- to ten-year horizon. Consequently, even minor shifts in long-term expectations can significantly impact valuations.
### Industry Observations
During the company’s earnings call on Tuesday, Starbucks CEO Brian Niccol commented, “We found this format to be overly transactional and lacking the warmth and human connection that defines our brand,” in reference to the closure of a concept aimed specifically at catering to Gen Z’s preference for seamless experiences: their mobile-only “pickup” stores. This decision indicates a strategic pivot away from the rapid, tech-centric model that has characterized much of the chain’s recent growth. This article represents the online edition of CFO Daily, a newsletter focused on the trends and individuals shaping the landscape of corporate finance. Sign up for free.
