Note: this is part 3 of a 3-part series on Bitcoin on the Balance Sheet for Business. If you haven’t read Part 1 and Part 2, we recommend starting there. It lays the groundwork for why companies are rethinking their treasury strategies in the face of inflation, declining purchasing power, and the promise of Bitcoin.
After doing the initial research and overcoming some objections, once the decision has been made to acquire Bitcoin on the balance sheet, there are still many factors to consider. Although typically, stacking sats is a great thing in principle, as a business owner that manages the assets, liabilities, and cashflows, it’s still important to be smart and disciplined with your approach.
Thus, instead of asking, “should I add Bitcoin to the company balance sheet?” the question becomes, “What’s an effective way for my business to build it’s Bitcoin exposure?”
“Get off zero,” or making your first Bitcoin purchase
Just because you’ve decided that you want to add Bitcoin to your business balance sheet does not mean you have to go all-in. Tactically, there are many factors to consider for your business and often, there’s no one-size-fits all solution for every organization.
Fundamentally, once you decide to acquire Bitcoin, the most important thing is to “get off zero.” Don’t convert all of your assets to Bitcoin immediately, but consider making a small purchase using a trusted Bitcoin exchange, such as River or Strike.
Factors to consider
After making an initial Bitcoin purchase, there are several important questions to address regarding how much Bitcoin your business should acquire and how it should be managed. Developing a Bitcoin-inclusive treasury strategy requires a clear understanding of your business’s operational needs and a deliberate decision about the role Bitcoin will play on the balance sheet.
Liquidity needs & risk tolerance - How much cash does the business need to sustain operations? One practical way to frame this question is to identify how much cash will not be required over the next 12 months or more. That amount represents a potential allocation pool from which a portion could be converted to Bitcoin. From there, assess risk tolerance in light of Bitcoin’s historical volatility. Specifically, determine what portion of long-term business assets you are comfortable holding in an asset whose value may move sharply, both upward and downward, over relatively short periods of time.
Allocation sizing - How much Bitcoin should be acquired or held using company resources? Should the allocation be 1–3% of assets? 3–5%? 6–10%? The appropriate range depends in part on your earlier conclusions regarding near-term liquidity needs and risk tolerance. You should also consider whether future cash flows will be allocated to Bitcoin and whether you have contingency plans to rebalance long-term assets during significant drawdowns. The objective is to establish a plan that removes emotion from the decision-making process. Planning in advance for both upside and downside scenarios is critical to making and maintaining sound allocation decisions as market values change.
Custody - How should the business custody and secure its Bitcoin? There are multiple custody approaches, each with trade-offs related to security, liquidity, operational complexity, and required technical expertise. The business must select an approach that aligns with its risk profile and operational capabilities. For a deeper discussion of these options, review the three custody models outlined in Part 2 of this series, or refer to the Bitcoin Custody in 2025 white paper for a comprehensive comparison.
Exchange - How should the business purchase Bitcoin? While many individuals and companies default to platforms such as Coinbase, there are alternative providers that offer business-focused solutions. Two Bitcoin-only exchanges that support business accounts and are commonly used for treasury purposes are River and Strike (we are not affiliates and receive no compensation for mentioning these platforms).
Payments - Should the business acquire Bitcoin by accepting it as a form of payment? Bitcoin is increasingly viable as a payment method, supported by services such as Strike and Square. In November 2025, Square announced full support for Bitcoin payments for merchants. If Bitcoin payments are integrated into business cash flows, it is important that both management and the company’s accountant clearly understand cost basis tracking and remain current on evolving tax rules and regulatory guidance.
Staying Ahead of the Game
On the one hand, compliance with holding Bitcoin on the balance sheet is easy. Buy and hold Bitcoin, track your cost basis, and track your sales (if any). That said, having a team that understands your needs as a business, understands tax law, and understands Bitcoin and treasury strategy, can make your Bitcoin experience much better.
At Satoshi Pacioli, we have a client advisory service that I personally oversee. It’s a service that can help you develop the right KPIs and help provide strategic oversight as you build your Bitcoin treasury.
Ultimately, adding Bitcoin to the balance sheet is a way to preserve your businesses time and energy over the long run. If you’re great at running a business, but treasury strategy and accounting are not your strong suit, reach out to our team and we can determine if working together is a good fit or not.
Michael Leonardi, CPA
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