Most Bitcoin treasury proposals fail in the boardroom for the same reason: they ask directors to form a view on a new asset in one meeting, with nothing in writing they can test. This guide gives you a structure that makes a yes possible.
Who this is for
CEOs, CFOs and company secretaries preparing to take a Bitcoin treasury proposal to the board or investment committee.
Step 1: Educate before you propose
Do not let the board paper be the first time directors hear about this. Offer a short education session first, open to questions, with no decision requested. Directors who have had basic questions answered in private argue less in public.
Step 2: Write the decision paper
Keep it to three or four pages. Include:
- The decision requested, stated in one sentence. For example: “Approve a pilot allocation of up to X percent of excess reserves under the attached policy.”
- The problem it addresses, with your own numbers: what inflation has done to your reserves and what that means for payroll and suppliers.
- The proposal, with the cap, the buying method, the custody structure and the owners.
- The risks, each with a mitigation: price volatility, custody failure, regulatory change, accounting and tax, reputation.
- The exit rule, stating what would cause the company to stop or sell.
- The legal and accounting position, confirmed by your advisers, with their names.
- The review date, when the board will see results and decide whether to continue.
Step 3: Prepare for the questions
| Likely question | Where to find the answer |
|---|---|
| How much could we lose? | Stress test in the policy |
| What if the custodian or a key-holder fails? | Custody section |
| Is this allowed for a company like ours? | Lawyer’s confirmation |
| How will the auditors treat it? | Accounting memo |
| What will shareholders and the press think? | Communications note |
| Why now? | Your own reserve analysis |
Step 4: Run the meeting
- Circulate the paper at least a week ahead.
- Ask the board to approve a pilot, not a position.
- Invite your adviser to take the technical questions.
- Record dissenting views and the answers given.
- End with named owners and a date to come back.
Common mistakes
- Opening with a price forecast.
- Asking for a large allocation in the first meeting.
- Letting a single enthusiast carry the argument.
- Skipping the legal confirmation.
Checklist
- Education session held
- Decision paper under four pages
- Policy attached
- Legal and accounting confirmations attached
- Exit rule and review date stated
- Pilot, not full position, requested
