Every scenario on this page is fictional. The companies, people and outcomes are made up to show how the guides fit together. They are not real clients, and they are not recommendations.
A UK design studio decides on a cap
A 12 person studio with steady client work. Its directors want a written answer before any discussion of buying.
- They used the sizing calculator with its default example figures: 500,000 in cash, monthly costs of 40,000, a six month reserve and 60,000 of known obligations. At a 10% cap of the surplus, that gives a maximum allocation of 20,000.
- They wrote the reserve, the cap and a review date into a policy based on the policy template.
- Their accountant confirmed the FRS 102 treatment before the board vote.
What they took away: A cap worked out from surplus cash is easier to defend than a round number.
Read more: Sizing calculator
A US software company picks collaborative multisig
A small company with two directors and no in-house security team.
- They compared all four custody models and chose a collaborative 2 of 3: two company keys and one held by a specialist provider.
- They held a key ceremony, tested recovery with a small amount, and stored the descriptor with the company records.
- Because the provider holds only one key, it cannot move funds alone, and the company can still sign with its own two keys if the provider stops operating.
What they took away: Testing recovery before the real transfer showed a gap in their descriptor backup, which they fixed.
Read more: 2 of 3 multisig: a lost or stolen key
A UK consultancy chooses an exchange-traded note
A consultancy whose board did not want to hold keys at all.
- They decided that holding keys was not for them and looked at a crypto exchange-traded note through their existing broker instead.
- Their policy recorded that the custody guide's multisig notes did not apply, and that accounting and tax treatment for a note differs from bitcoin held directly.
- They checked their broker's FCA status on the Financial Services Register.
What they took away: Choosing not to hold keys is a custody decision too, with its own checks.
Read more: Exchange-traded products
Figures in the first example are the sizing calculator's default example, used for illustration only. Rules referred to are explained, with sources, in the sizing and custody guides.
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)
- Bitcoin BIPsBIP 380: Output script descriptors, general operation (wallet backups and exports)
- FRCFRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland
- FCAFinancial Services Register
- FCAFCA opens retail access to crypto ETNs (in force 8 October 2025)
- HMRCTax treatment of cryptoasset Exchange Traded Notes
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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.
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