The markets are not liquid enough for a hedge of that scale (eg to cover a factory investment of 8, 9 or 10 figures USD).

This is why futures exist. They would sell the futures to hedge their crypto exposure.

I don't think that taking out naked short positions on the cryptocurrency market, or a coin that's had 15,000% run-up over the last year, is anything that a publicly traded company, that isn't in finance, would do.

You'd trust your business to a bitcoin exchange?

Futures are sold on CME/CBOE, not on bitcoin exchanges.

Doesn't matter since the price can be easily manipulated. It pays to drain millions into inflating the price or keeping it afloat, if you could fleece the counterparty for billions...