A one-page list of questions a board can work through when bitcoin is on the agenda. It is a prompt for discussion with your advisers, not a recommendation to hold bitcoin.
Board meeting checklist (PDF)
The same questions on two A4 pages, ready to print for a board pack.
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Policy
- Is there a written treasury policy, approved by the board, that sets the purpose of any holding?
- Who reviews the policy, and when is the next review due?
Background: Treasury policy guide
Reserves and limits
- How many months of operating costs are kept as a protected cash reserve?
- What is the maximum allocation (cap), and how was it worked out?
- Has the board looked at a stress scenario it chose, without treating it as a forecast?
Background: Sizing guide
Custody
- Which custody model is used: self-managed multisig, collaborative multisig, a regulated custodian or an exchange-traded product?
- Can any one person move funds alone? (The answer should be no.)
- Is there a key register, by role, with locations and last test dates?
Background: Custody guide
Approvals
- Who prepares a transfer, and who approves it?
- Does each signer check the receiving address on their own device?
Background: How a transaction works
Recovery and continuity
- When was recovery last tested with a small amount?
- What happens if a keyholder leaves, is ill or dies?
- Is the wallet descriptor backed up separately from the keys?
Background: Keyholder continuity
Providers
- What is each provider's regulatory status?
- What protection applies if a provider fails?
Background: Custody guide
Accounting, tax and reporting
- Which accounting framework applies, and has the accountant confirmed the treatment?
- How are values converted and recorded for tax?
- What information do providers report, and has the company given correct details?
Background: Accountant's corner
Minutes
- Are decisions, approvals and test results recorded in the minutes?
Background: Treasury policy guide
Sources
Primary sources only. Each link was checked on 29 October 2026. Rules change, so confirm the current version with your adviser.
- Bitcoin BIPsBIP 11: M of N standard transactions (multisig)
- FSCSCryptoassets: are they covered, and what is the risk?
- FDICFact sheet: what the public needs to know about FDIC deposit insurance and crypto companies
- FASBASU 2023-08, Intangibles: Goodwill and Other, Crypto Assets (Subtopic 350-60)
- FRCFRS 105: The Financial Reporting Standard applicable to the Micro-entities Regime
- HMRCCRYPTO40100: Conversion to sterling and accountancy
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Policy checklist, board paper, recovery drill record, document pack and the rest, in one send. Then one short Thursday lesson for small companies in the UK and the US.
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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.
Rules change. This information is correct to our understanding at the last-reviewed date, but it may be incomplete or out of date, and official sources take precedence. Bitcoin is volatile. A company that buys it could lose some or all of the money it puts in.
Using this site does not create an adviser or client relationship. IoT Financial is not authorised or regulated by the Financial Conduct Authority (FCA) and is not registered with the US Securities and Exchange Commission (SEC) as an investment adviser. Read the full disclaimer.