Bitcoin.
Held with purpose.
Bitcoin is the strategic reserve asset of the company. It is accumulated on a long horizon, held in direct custody, and never used as collateral.
Bitcoin is not a trade. It is a capital allocation decision.
A trade has an exit written into it. A reserve asset does not. We treat the two as different instruments even when the ticker is the same, and we account for them separately.
Cash on the balance sheet is a position with a known negative real return and an issuer who can change its supply. Bitcoin has a fixed supply, no issuer discretion, continuous liquidity, and final settlement without a counterparty. For a small, independent company those four properties are worth more than the volatility costs.
The consequence is operational, not rhetorical: the position is sized so that no drawdown forces a sale, and there is no scenario in the plan where the treasury has to be liquidated to meet an obligation.
Holdings by reporting year
All values placeholder. 2027–2028 are plan targets, not forecasts.| YEAR | BTC HOLDINGS | TREASURY VALUE | BTC ALLOCATION | STATUS |
|---|---|---|---|---|
| 2024 | XX.XX | €X,XXX,XXX | XX.X% | REPORTED |
| 2025 | XX.XX | €X,XXX,XXX | XX.X% | REPORTED |
| 2026 | XX.XX | €X,XXX,XXX | XX.X% | CURRENT |
| 2027 | TARGET | — | — | PLAN |
| 2028 | TARGET | — | — | PLAN |
Custody is a design decision, not a vendor choice.
Keys are generated and held by the company under a multi-signature policy with geographically separated backups and a documented recovery procedure that is tested on a schedule.
Counterparty exposure is treated as the primary risk in Bitcoin holdings, ahead of price volatility. Exchange balances exist only for the duration of an execution.