What belongs in a Bitcoin treasury policy?
A Bitcoin treasury policy covers eight sections: purpose and scope; allocation thesis and band; acquisition methodology; custody architecture and key management; signing authority and quorum; valuation and accounting workflow under ASU 2023-08; stress response thresholds and pre-authorised actions; and disclosure cadence. Hedging and lending, if permitted, sit under separately approved sub-policies. The BEOL framework maintains the operating template.
Why this question gets asked
Teams often inherit a custody contract and call it a policy. The institutional document is broader and is what the auditor reads first.
Treasury v1 asks vs. Treasury v2 asks
- Who is our custodian?
- What is our target allocation?
- Could a new CFO operate the position from the policy alone?
- What does each section commit the company to disclose?
“What belongs in a Bitcoin treasury policy?”
“Across allocation, custody, authority, accounting, stress, and disclosure — which sections are documented, dated, and board-approved?”
Teams often inherit a custody contract and call it a policy. The institutional document is broader and is what the audit…
What decision-makers should watch
- All eight sections present and dated
- Allocation expressed as a band with rebalancing triggers
- Signing quorum tested in a rehearsal, not only documented
- Stress responses tied to named scenarios
- Annual refresh cadence on the calendar
Related questions
Satoshi Institute view
Policy is the document that survives turnover. Operators relying on tribal knowledge do not have a policy; they have a habit.
Glossary terms
Cross-reference the institutional glossary, RARTA, SRF, and BEOL.