A treasury policy that holds bitcoin on a company balance sheet as liquidity, reserve capital or a strategic asset.
A treasury allocation changes liquidity policy, custody, accounting, tax, disclosure and risk limits. It normally requires a board mandate defining purchase authority, acceptable venues, key control, insurance, reporting and emergency procedures.
A company can hold a modest reserve funded from free cash flow, pursue an active Bitcoin-treasury strategy financed through capital markets, or simply offer operational exposure while avoiding balance-sheet bitcoin. These models should not be conflated.
Bitcoin price changes affect reported asset value under fair-value accounting, while financing choices affect interest, dilution and senior claims. The treasury can alter equity beta, valuation multiples and access to capital even when the operating business is unchanged.
Requires governance, custody and liquidity rules
Cash-funded and leveraged models are different
Accounting changes reported earnings and equity
Direct holding introduces operational key risk