Satoshi Institute helps boards, CFOs, investors, and Bitcoin treasury companies evaluate treasury policy, liquidity readiness, capital structure pressure, and sell-decision governance.
Pre-scoped · 5–7 page memo · $2,500–$5,000
Capital-structure discipline and stress-tested oversight for CFOs, audit committees, and boards.
Four governance frameworks replace intuition with process. RAES decides what's eligible. RARTA decides when and how much. SRF tells you what to do when things break. BEOL optimizes what you already hold.
For CFOs & Treasury Directors
Track every public company holding Bitcoin. Proprietary scoring models evaluate financial capacity, strategic positioning, and organizational readiness for treasury adoption.
BTC Price
$0
24h Change
0%
Public Co. Holdings
0M BTC
US Companies
0
Market Cap
$0T
Dominance
0%
Circulating Supply
0M
Hashrate
0 EH/s
⏱Jun 29, 2026, 8:12 PM
Published working drafts available for peer review. Download the specifications, operational artifacts, and implementation templates.
v1.3
Risk-Aligned Return Threshold Approach. Decides when to allocate and how much.
View specificationv1.2
Stress Response Framework. Defines what to do when markets break.
View specificationv1.1
Bitcoin Economic Optimization Logic. Optimizes what you already hold.
View specificationv1.1
Reserve Asset Eligibility Standard. Adjudicates what's eligible to hold.
View specificationFind the moment you're in
Most engagements start the same way: a specific governance gap surfaces under a specific kind of pressure. If one of these is yours, the rest of the site is organized around it.
Moment 01
An independent director asks how the allocation was sized. The answer exists in a CFO's head, an email thread, and a deck — but not in a signed, dated decision record the auditor can pull next quarter.
Moment 02
The board approved a 1% allocation. Price appreciation made it 6% of the balance sheet. Nothing in the original mandate tells the committee whether to rebalance, hold, or re-approve — and the next 10-Q is six weeks out.
Moment 03
A 38% drawdown lands on a Friday. The treasury team has no pre-committed response taxonomy, no escalation authority chart, and no hour-by-hour playbook. The decisions get made anyway — without a defensible audit trail.
Moment 04
An acquirer's diligence team asks for the treasury policy, the custody architecture rationale, the tax-lot methodology, and the sell-decision governance memo. Three of the four don't exist as standalone documents.
Moment 05
A founder, a vendor, or a peer company pushes a non-Bitcoin reserve asset onto the agenda. The risk committee has no written eligibility test to apply — so the question becomes a debate instead of a documented decision.
None of the five fit cleanly? A 30-minute confidential review identifies which governance layer is unguarded.
BTC Price
$60,377
24h Change
+1.40%
Public Co. Holdings
0.82M BTC
US Companies
36
Market Cap
$1.21T
Dominance
55.6%
The shift from conviction to governance.
Accumulation as strategy.
Governance as strategy.
Buy and hold.
Buy, govern, and survive.
One person decides.
A framework decides.
Improvised stress response.
Pre-committed drawdown protocols.
Audit finds gaps.
Audit finds process.
Board tolerates Bitcoin.
Board governs Bitcoin.
The intellectual spine
Treasury v1 asked should we hold Bitcoin? Treasury v2 asks the four questions a board has to answer in writing, in this order, before the position is defensible: what is eligible, how much, what happens under stress, and how we operate it. The Institute publishes the governance layer of each — the concepts, definitions, and structure — as public reference. The operational artifacts, calibrated thresholds, and signed adjudication memoranda live inside engagement.
RAES
What is eligible to sit on the balance sheet?
A written, seven-criteria adjudication test that turns reserve-asset debates into signed, dated decisions. Bitcoin clears. Most non-Bitcoin proposals do not — but the test is what defends that conclusion to the board.
Read the RAES concept layerRARTA
How much, when, and under whose authority?
Sizing, timing, and threshold triggers are derived from a stated risk appetite — not from market sentiment. Allocation decisions and rebalancing events are logged at the moment they are made, with the rationale attached.
Read the RARTA concept layerSRF
What happens when the price moves against us?
A four-level stress taxonomy with pre-committed actions, escalation authority, and an hour-by-hour playbook. Crisis decisions are made in advance, so the actual event is execution — not improvisation.
Read the SRF concept layerBEOL
How do we operate what we already hold?
Custody architecture, accounting elections, tax-lot methodology, and counterparty constraints handled inside the policy envelope set above. Operational decisions become reproducible, not personality-dependent.
Read the BEOL concept layerPublic layer
Concept definitions, structural diagrams, and the published standards index. Built so a CFO doing diligence on the Institute can see the architecture — and so an audit committee can cite the framework by version in board minutes.
Gated operational layer
Calibrated thresholds, decision logs, signed adjudication memoranda, charters, and policy templates are produced inside engagement. The form is public; the calibration is the work.
Every Bitcoin treasury decision maps to one of four governance layers.
Systematic allocation decision logic.
Typical Artifacts
Pre-committed stress response protocols.
Typical Artifacts
Constraint-aware operational optimization.
Typical Artifacts
Free Download
A comprehensive summary of all four governance frameworks — RARTA, SRF, BEOL, and RAES — and how they integrate into a single operating system for Bitcoin treasury management.
Covers allocation logic, stress response protocols, operational constraints, and the layer hierarchy that defines how frameworks interact under normal and crisis conditions.
A four-layer governance model. Each layer constrains the one below it.
Board-approved allocation mandate, risk appetite, and governance charter.
RARTA calibrates sizing, timing, and threshold triggers within policy bounds.
SRF activates pre-committed responses when drawdowns breach defined levels.
BEOL manages custody, accounting, and tax-lot decisions within all constraints above.
Satoshi Institute publishes governance standards. Every framework follows a transparent development process.
Frameworks are published as versioned standards. Each version is dated, scoped, and subject to quarterly calibration reviews.
Major versions indicate structural changes. Minor versions reflect calibration updates. Every change is logged.
Practitioners, auditors, and governance professionals review drafts before promotion. No framework ships without scrutiny.
A daily governance intelligence feed. Market events interpreted through RARTA, SRF, and BEOL—not price commentary. What happened. What it triggers. What to document.
Delivered once daily. No hype. No calls to action. Just signal.
Governance readiness, in writing
The board-ready checklist CFOs and audit committees use to pressure-test allocation authority, drawdown protocols, custody architecture, and disclosure posture before the next meeting.
Company email required · No sales call triggered
When the position is already real
A board-ready treasury review: allocation authority, stress protocols, custody architecture, and disclosure posture — conducted under NDA with finance leadership.
Request a Confidential DiagnosticConfidential · NDA on request · Executive-level
