Abstract

(Addendum August 2026) The rapid proliferation of crypto assets has begun to intersect with international investment law in concrete ways, as illustrated by Nexo AG’s 2024 ICSID claim against Bulgaria concerning a digital asset exchange platform. This article examines whether crypto assets may qualify as protected investments under BITs and the ICSID Convention, and assesses the jurisdictional hurdles, substantive protections, and valuation challenges that crypto-related claims are likely to raise. It argues that existing investment law is sufficiently flexible to accommodate ...