What should a board approve before a company buys Bitcoin?
Before the first satoshi is acquired, the board should approve five documents: the Investment Policy Statement amendment defining the allocation band; the custody and key-management standard; the signing-authority matrix; the Stress Response Framework thresholds and pre-authorised actions; and the disclosure template for filings and investor materials. Approval is dated and recorded in board minutes — not retrofitted.
Why this question gets asked
Many boards approve the purchase and assume the policy follows. The institutional sequence reverses that order.
Treasury v1 asks vs. Treasury v2 asks
- Did the CEO sign off?
- How much can we buy this quarter?
- Which five documents carry dated board approval?
- Who is authorised to act, and under what conditions?
“What should a board approve before a company buys Bitcoin?”
“Which documents must carry board approval dated before the first acquisition, and where does the audit trail live?”
Many boards approve the purchase and assume the policy follows. The institutional sequence reverses that order.
What decision-makers should watch
- IPS amendment approved with named quorum and date
- Custody standard ratified before vendor onboarding
- Signing authority matrix mapped to existing treasury controls
- SRF thresholds and actions pre-authorised
- Disclosure template reviewed with external auditor
Related questions
Satoshi Institute view
Approval predates position. Anything else is governance written under deadline.
Glossary terms
Cross-reference the institutional glossary, RARTA, SRF, and BEOL.