Fixed scope · Fixed fee
Engagements
Two fixed-fee engagements. Each has a defined deliverable and a defined end. Larger work is scoped after one of them, not before.
Bitcoin Sale Policy Sprint
A sale made without a policy is judged afterwards, by people who were not in the room. A sale made under a policy was decided before the pressure arrived.
$12,500
For
CFOs and audit committee chairs of public companies that hold bitcoin and carry debt, convertibles or preferred stock. Also miners funding a change of business.
Timeline
15 business days from kickoff to delivery
Fee
$12,500 fixed, invoiced at kickoff. No retainer.
What you receive
- Sale policy, drafted for board adoption. The purposes a sale may serve, the triggers approved in advance, and the sales the policy rules out.
- Authority matrix. Who may approve a sale, and up to what amount, at each stress level.
- Disclosure protocol. What is disclosed, when, and how it squares with what the company has already said in public.
- Use-of-proceeds rules. What sale proceeds may fund, and what they may not.
- Board resolution language. Wording for the board to adopt the policy.
- Decision record template. One record for every sale made under the policy, ready for the auditor to pull.
- 60-minute readout. With the CFO and the audit committee chair.
Who it is written for
The board
A policy and a resolution it can adopt in one meeting.
The auditor
An authority matrix and a decision record for each sale.
The market
Disclosure that matches what the company has already said.
How it runs
01
Kickoff
A 30-minute call. NDA signed. Document request issued.
02
Review
Current treasury policy, recent filings, board minutes, and the terms of the debt and preferred stock.
03
Drafting
The policy, the authority matrix and the resolution language.
04
Readout and delivery
Final documents delivered. 60-minute readout with Q&A.
Not included: legal opinions, securities-law advice, tax advice, investment recommendations or trade execution. The policy is drafted for review by your own counsel.
Book a scoping callTreasury v2 Defensibility Snapshot
A 5–7 page memo grading your company's Bitcoin treasury posture across the five dimensions a board, auditor, or activist investor will ask about — before they ask.
$5,000
For
A CFO or audit committee chair who wants an outside read before committing to anything.
Timeline
10 business days from kickoff to delivery
Fee
$5,000 fixed, invoiced on kickoff. No retainer.
Scope — five defensibility dimensions
- Liquidity readiness. Cash runway, working-capital coverage, and convertibility of the BTC position under stress.
- Capital structure pressure. Debt covenants, convertible notes, and dilution exposure relative to BTC mark-to-market swings.
- Treasury policy. Existence, completeness, and board-approval status of the written Bitcoin treasury policy.
- Governance & disclosure. Authority matrix, decision logs, and audit-grade disclosure posture (10-K / equivalents).
- Sell-decision & stress readiness. Pre-authorized triggers, escalation paths, and after-action discipline if BTC must be sold.
What you receive
- 5–7 page Defensibility Memo, branded and footnoted, suitable for board distribution.
- Per-dimension grade (Strong / Adequate / Vulnerable) with the specific evidence gaps cited.
- Top 3 prioritized remediations with estimated effort and owner.
- Comparator note: how your posture reads against 2–3 disclosed peers.
- 60-minute readout call with the analyst (recorded, transcript provided).
Process — 10 business days
Day 0
Kickoff
30-minute scoping call. NDA executed. Document request list issued.
Days 1–3
Document intake
Policy docs, latest filings, board minutes, treasury reports reviewed.
Days 4–8
Analysis & drafting
Five-dimension grading. Peer comparators pulled. Memo drafted.
Days 9–10
Readout & delivery
Final memo delivered. 60-minute readout call with Q&A.
Not included: investment recommendations, custodial advice, tax filings, or legal opinions. The Snapshot diagnoses defensibility; remediation is delivered through the Bitcoin Sale Policy Sprint or a follow-on engagement scoped afterwards.
Book a scoping callAfter the first engagement
Some companies will need nothing more. Those that want the full governance system (eligibility, allocation, stress response and operations) can scope it once the first engagement is delivered. That work is priced after scoping, not from a menu.
Read the standardsQuestions
- We have said we will never sell. Does a sale policy contradict that?
- No. A policy that defines when a sale is permitted also defines when it is not. Most of what it documents is restraint. It protects a long-term position by making a forced, improvised sale less likely.
- Is this advice or education?
- We publish governance standards and write board policies built on them. That is not investment advice, custody, or execution. Final allocation, custody, and trading decisions remain with the client's board and authorized officers. See our Educational Disclaimer for full scope.
- Why a fixed fee?
- Because the scope is fixed. If your situation needs more than the engagement covers, you will be told on the scoping call, before any fee.
- Can the work be engaged through our counsel?
- Yes. Either engagement can be run through your general counsel or your outside counsel.
- What is your refund policy?
- The fee is invoiced at kickoff. If you cancel before the document review begins, it is refunded in full. Once the review has begun, the fee is not refundable. If the work has to pause on your side, it can be resumed within 12 months. Terms are confirmed in writing before kickoff.
- Who does the work?
- Bryant D. Nielson, author of the four standards and of two books: The Bitcoin Treasury Playbook and The Discipline Premium.
- Is it confidential?
- Yes. NDA on request. Engagements are not disclosed.
Thirty minutes. Confidential. Not a sales call.
A scoping call establishes whether the Sprint or the Snapshot fits, or whether neither does. If neither does, you will hear that on the call. NDA on request.
Book a scoping call