Last checked 1 November 2026. Every figure below is from the company's own published report or announcement, linked under each note, at the date stated. Figures change after each filing. These are factual summaries, not endorsements, and not a view on any company's shares. If anything here conflicts with the linked source, the source wins.
The small company bitcoin treasuries page lists companies that have disclosed bitcoin holdings. These notes go one level deeper. For seven of them, they set out what the filings say about accounting, custody, funding and risk, the things a small company board would want to know from a peer.
Most of these companies are listed, so they publish more than a private company would. Several are larger than a typical small company, and some have made bitcoin central to their business. Read them as examples of how disclosures look, not as models to copy. For fictional examples written to show particular situations, see the clearly labelled case studies.
Patterns across the filings
- The Smarter Web Company, B HODL and Coinsilium, which report under IFRS, all used the IAS 38 revaluation model: increases to other comprehensive income, decreases below cost to profit or loss.
- US companies under ASU 2023-08 measured bitcoin at fair value, with changes in net income, so price falls show up directly as losses.
- Several used third party custodians. One held bitcoin in its own custody as well, and pledged some as loan collateral.
- Losses were reported plainly when the price fell at the period end. A board should expect the same.
United Kingdom and Gibraltar
A web design business that became a large holder
- Holding: The annual report shows 2,660 BTC at the year end. A later announcement reported 2,850 BTC at 23 October 2026.
- Accounting: Bitcoin treated as an intangible asset with an indefinite useful life under the revaluation model. Increases go to other comprehensive income and decreases to profit or loss. Carried at £220,003,460, with a fair value loss of £543,725 in profit or loss.
- Valuation: A broker price at 23:59 UK time, classed as Level 1.
- Custody: Third party custodians, diversified across providers, with segregated wallets. The report refers to the custodians' SOC reports.
- Funding: The report says the company raised over £209 million, plus £16 million of convertible loans.
- Cash: The report says 12 months of working capital was set aside.
What to take from it: separating working capital from the bitcoin holding, and spreading custody across providers, are both things a much smaller company can copy.
Source: The Smarter Web Company: Annual report for the year ended 31 October 2025 (PDF), The Smarter Web Company (RNS): Bitcoin Purchase, 23 October 2026: total holdings 2,850 BTC.
Own custody, Lightning and a bitcoin backed loan
- Holding: 166.487 BTC at 30 June 2026, and 167.487 BTC at 27 October 2026.
- Accounting: IAS 38 revaluation model. Bitcoin carried at £7,357,915 (Level 1), with a revaluation deficit of £6,477,827. Loss before tax of £7.84 million. Net assets of £8.02 million. Revenue of £34,781.
- Custody: Bitcoin held in its own custody, as Lightning liquidity, in a rewards account and as pledged collateral.
- Borrowing: Cryptoassets with a carrying amount of £500,462 pledged as security for amounts due to a related party. A further £100,000 bitcoin backed loan drawn on 8 July 2026, secured by 4.348677 BTC.
- Related party: CoinCorner is a significant shareholder whose directors and employees sit on the board. B HODL relies on it for several services, including the loan.
- Going concern: Forecast net cash outflow of about £52,000 a month, against working capital of about £1.09 million.
What to take from it: a large fall in the value of the holding can turn into a large accounting loss even when nothing is sold. Related party arrangements and pledged collateral need plain disclosure and board scrutiny.
Source: B HODL (RNS): Audited final results for the year ended 30 June 2026: 167.487 BTC at 27 October 2026.
A change of accounting policy
- Holding: 182 BTC at 31 December 2025, held through its subsidiary Forza (Gibraltar) Limited.
- Accounting: Moved from fair value through profit or loss to the IAS 38 revaluation model, applied retrospectively.
- Custody: Third party institutional custodians.
- Balance sheet: Net assets of £14.6 million.
What to take from it: the accounting choice can change, and changing it later means restating comparatives. Agree the policy with your accountant before the first purchase.
Source: Coinsilium Group (FCA National Storage Mechanism): Annual report for the year ended 31 December 2025: 182 BTC held, Coinsilium Group (Aquis announcement): Forza! Bitcoin Treasury Update, 29 May 2025: 10.0021 BTC.
A recruitment business building a holding
- Holding: 16.65 BTC at 12 December 2025, and 81.157 BTC at 5 October 2026.
What to take from it: an operating business in an ordinary sector can hold bitcoin alongside its main trade. Its announcements are the place to read how it describes the policy.
Source: Connecting Excellence Group (Aquis RNS): Bitcoin Acquisition, 12 December 2025: total 16.65 BTC, Connecting Excellence Group (Aquis RNS): Completion of James Gray Recruitment acquisition, 5 October 2026: 81.157 BTC.
United States
A small Nasdaq company under ASU 2023-08
- Holding: About 23.53 BTC bought for $2 million, at an average of about $84,998 per bitcoin.
- Accounting: ASU 2023-08 fair value, presented as a non-current asset, using Level 1 prices from Coinbase.
- Result: Fair value of $1,377,574 at 30 June 2026. Unrealised loss of $394,587 in the quarter and $622,426 over six months.
What to take from it: under US GAAP, a fall in price goes straight through net income each quarter. A small company should be ready to explain that to lenders and shareholders.
Source: Nocera (SEC Form 10-Q): Quarterly report for the period ended 30 June 2026: about 23.53 BTC, Nocera (SEC Form 8-K): Form 8-K dated 27 January 2026: about 11 BTC bought on 25 January 2026.
Fair value losses on a larger holding
- Holding: 1,074.21 BTC held at Coinbase under a custodial agreement.
- Accounting: Cost of $108,514,113 and fair value of $93,995,256 at the year end, with a fair value change of $(13,800,041) in the year.
- Funding: Bought mainly with proceeds from an at the market share offering.
- Context: Revenue of $16.2 million. KULR also reports a bitcoin mining segment, so its holding is not purely treasury.
What to take from it: buying with money raised from shareholders is a different decision from using surplus cash, and the filing shows the gap between cost and fair value plainly.
Source: KULR Technology Group (SEC Form 10-K): Annual report for the year ended 31 December 2025.
Europe
A hospitality business on BME Growth
- Holding: First purchase of 5 BTC in May 2025 at an average of €98,896. 223 BTC in total by 30 June 2026.
- Borrowing: Bitcoin backed loans from Bit2Me of €7.11 million at 30 June 2026. After the period end, Bit2Me gave notice ending all of them early. On 1 October 2026 a court in Alicante suspended that termination, and any enforcement on the bitcoin collateral, until a final ruling.
- Going concern: The interim report says about 11.4 BTC were free of any charge. The auditor's limited review report draws attention to a material uncertainty about the company's ability to continue as a going concern.
What to take from it: a holding can grow very quickly relative to the size of the underlying business. A written cap in the treasury policy is the brake.
Source: Vanadi Coffee (BME Growth filing): First acquisition of bitcoins, May 2025: 5 BTC, Vanadi Coffee (BME Growth filing): Other relevant information, 30 June 2026: 223 BTC in total, Vanadi Coffee (BME Growth filing): Interim financial statements for the six months to 30 June 2026, with limited review report, published 30 October 2026.
How to read a filing yourself
- Find the accounting policy note for cryptoassets or intangible assets. It tells you the model used.
- Find the fair value or revaluation note. It shows the price source and the level in the fair value hierarchy.
- Look for custody, related parties and pledged assets. These are where the risks are disclosed.
- Read the going concern statement. It shows whether the business can pay its way without selling bitcoin.
Our judgement, not a rule: the most useful thing in these filings for a small company is not the size of the holding. It is how plainly the risks, losses and relationships are explained. Write your own board papers to the same standard.
Read next
- Small company bitcoin treasuries: the full sourced list.
- UK accounting: FRS 105 and FRS 102: why a small UK company is not on IAS 38.
- US accounting under ASU 2023-08: fair value and disclosures.
- Case studies (fictional): labelled examples of situations.
Sources
Primary sources only. Each link was checked on 1 November 2026. Rules change, so confirm the current version with your adviser.
- The Smarter Web CompanyAnnual report for the year ended 31 October 2025 (PDF)
- The Smarter Web Company (RNS)Bitcoin Purchase, 23 October 2026: total holdings 2,850 BTC
- B HODL (RNS)Audited final results for the year ended 30 June 2026: 167.487 BTC at 27 October 2026
- Coinsilium Group (FCA National Storage Mechanism)Annual report for the year ended 31 December 2025: 182 BTC held
- Coinsilium Group (Aquis announcement)Forza! Bitcoin Treasury Update, 29 May 2025: 10.0021 BTC
- Connecting Excellence Group (Aquis RNS)Bitcoin Acquisition, 12 December 2025: total 16.65 BTC
- Connecting Excellence Group (Aquis RNS)Completion of James Gray Recruitment acquisition, 5 October 2026: 81.157 BTC
- Nocera (SEC Form 10-Q)Quarterly report for the period ended 30 June 2026: about 23.53 BTC
- Nocera (SEC Form 8-K)Form 8-K dated 27 January 2026: about 11 BTC bought on 25 January 2026
- KULR Technology Group (SEC Form 10-K)Annual report for the year ended 31 December 2025
- Vanadi Coffee (BME Growth filing)First acquisition of bitcoins, May 2025: 5 BTC
- Vanadi Coffee (BME Growth filing)Other relevant information, 30 June 2026: 223 BTC in total
- Vanadi Coffee (BME Growth filing)Interim financial statements for the six months to 30 June 2026, with limited review report, published 30 October 2026
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This is general information and education only. It is not financial, investment, tax, accounting, legal or regulatory advice, and it is not a recommendation to buy, sell or hold bitcoin or any other asset. It does not take account of your circumstances or those of your company. You must obtain your own official professional advice to confirm this information is correct before acting on it.
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