Cryptocurrencies play almost no role in the staid world of corporate treasury, where protecting a company’s financial liquidity and cash reserves are key. Their volatility has ruled them out.

That did not stop Elon Musk, CEO of Tesla, from putting $1.5bn of his company’s spare cash into bitcoin in January. The company’s shares edged up more than 1% on news of the bet on Monday, while the price of bitcoin staged a strong rally. But to experts in corporate treasury management, the move makes almost no sense...

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