Last checked 2 November 2026. The quotes below are each company's own words, copied from its filing or announcement and linked under each one. They are what those boards say they believe. They are not our view, not a view on the bitcoin price and not a view on any company's shares. If anything here conflicts with the linked source, the source wins.
Most companies, listed or private, hold no bitcoin at all. A small number have decided to hold some and have written down why, usually in an exchange announcement or an annual report. This page collects those stated reasons from companies on our small company list and in our case notes, then sets them against the costs that the same filings disclose. Companies rarely publish why they decided not to do something, so the second half is built from the costs that holders themselves report.
The reasons companies give
A treasury that is not only cash
“driven by the view that it's in the company's interest to hold a more diversified treasury portfolio than just cash”
H100 Group AB, a Swedish health technology company, press release of 22 May 2025 announcing its first purchase. The same release says the decision “does not affect H100's core operations”.
Source: H100 Group (press release): First bitcoin purchase, 22 May 2025: 4.39 BTC.
Surplus cash, not operating cash
“Our strategy includes acquiring and/or holding bitcoin, using cash flows that exceed working capital requirements”
KULR Technology Group, annual report on Form 10-K for 2025. H100 Group described its purchase in similar terms, as “a strategic deployment of excess liquidity”.
KULR's filing goes on to say that it may also raise money from shareholders or lenders to buy bitcoin, and our case notes record that most of its holding was bought with proceeds from a share offering. That is a different decision from using surplus cash.
Source: KULR Technology Group (SEC Form 10-K): Annual report for the year ended 31 December 2025, H100 Group (press release): First bitcoin purchase, 22 May 2025: 4.39 BTC.
A long term store of value
“The Board believes Bitcoin represents a compelling long-term store of value, an increasingly relevant form of digital capital, and a hedge against fiat currency inflation”
The Smarter Web Company PLC, chairman's statement in the annual report for the year to 31 October 2025.
KULR's 10-K makes a similar claim in its own words: “We believe that bitcoin is a reliable store of value and a compelling investment”. These are beliefs stated by the companies. This site does not take a view on whether they are right.
Source: The Smarter Web Company: Annual report for the year ended 31 October 2025 (PDF).
An asset the business uses
“to accumulate Bitcoin as a reserve asset, but more importantly as an operating asset, which underpins the Company's Lightning Network SaaS platform”
LQwD, press release of 15 June 2021 on its first purchase. LQwD builds Lightning Network payment infrastructure, so bitcoin is an input to its product, not only a treasury holding.
Source: LQwD (press release): Acquisition of bitcoins, 15 June 2021: about 60 BTC.
Customers already pay in it
“Since 2022, The Smarter Web Company has extended this digital-first philosophy to its balance sheet by accepting Bitcoin as payment”
The Smarter Web Company PLC, annual report for the year to 31 October 2025. The report says it adopted a formal Bitcoin Treasury Policy in 2025.
If customers pay in bitcoin, a company holds some for at least a short time whether or not it has a treasury policy. See taking bitcoin as payment.
Source: The Smarter Web Company: Annual report for the year ended 31 October 2025 (PDF).
What the stated reasons have in common
- They are written by the board and published, so shareholders, lenders and auditors can hold the company to them.
- The companies that describe surplus cash separate it from working capital first. The Smarter Web Company's report says it has “committed to retaining a minimum of 12 months working capital liquidity”.
- Some set a limit in money up front. Nocera announced an intention to allocate $2,000,000 of corporate funds, bought in tranches “subject to market conditions”. KULR, by contrast, says it has “not set any specific target”.
Source: The Smarter Web Company: Annual report for the year ended 31 October 2025 (PDF), 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.
Why most companies do not: the costs
The same filings that give the reasons also show the costs. These are the points a board weighs before deciding, and they are the usual reasons the answer is no, or not yet.
Volatility
“BTC is a highly volatile asset and has experienced, and may continue to experience, significant price volatility, including sharp declines over short periods.”
KULR Technology Group, risk factors in its 10-K for 2025.
KULR's holding had cost $108,514,113 and was worth $93,995,256 at the year end, a fair value change of $(13,800,041) in the year. For a company that needs its cash within months, a fall like that can arrive at the wrong time.
Source: KULR Technology Group (SEC Form 10-K): Annual report for the year ended 31 December 2025.
Profit and loss swings under ASU 2023-08 (US)
US companies applying ASU 2023-08 measure bitcoin at fair value, with every change going through net income. Nocera, a small Nasdaq company, reported an unrealised loss of $394,587 in the quarter to 30 June 2026 and $622,426 over six months, on a holding bought for $2 million. Nothing was sold. Lenders, shareholders and staff on profit linked pay all see that number. See US accounting under ASU 2023-08.
Source: Nocera (SEC Form 10-Q): Quarterly report for the period ended 30 June 2026: about 23.53 BTC, FASB: ASU 2023-08, Intangibles: Goodwill and Other, Crypto Assets (Subtopic 350-60).
Cost only accounting under FRS 105 (UK micro entities)
FRS 105, the standard for UK micro entities, permits historical cost only. The holding cannot be revalued to fair value, so the balance sheet can differ a lot from what the bitcoin is worth today, in either direction. Larger companies on IAS 38 see the other side: B HODL reported a revaluation deficit of £6,477,827 and a loss before tax of £7.84 million for the year to 30 June 2026 without selling. See UK accounting: FRS 105 and FRS 102.
Source: FRC: FRS 105: The Financial Reporting Standard applicable to the Micro-entities Regime, B HODL (RNS): Audited final results for the year ended 30 June 2026: 167.487 BTC at 27 October 2026.
Banking and source of funds friction
“Banks may not be willing to provide bank accounts or banking related services to the Company due to its large holding of Bitcoin.”
The Smarter Web Company PLC, principal risks in the annual report for the year to 31 October 2025.
UK Finance, the banking trade body, said in October 2026 that restrictions on payments to cryptoasset providers vary from bank to bank. Expect questions about where money came from and where bitcoin goes. See banking and source of funds.
Source: The Smarter Web Company: Annual report for the year ended 31 October 2025 (PDF), UK Finance: Letter to the APPG on Crypto and Digital Assets on access to banking, 5 October 2026 (PDF).
Key risk
“if our private keys are lost or destroyed, or other similar circumstances or events occur, we may lose some or all of our BTC”
KULR Technology Group, risk factors in its 10-K for 2025.
Whoever controls the keys controls the bitcoin. A company has to decide who holds keys, what happens when someone leaves, and how recovery is tested. A company multisig spreads keys across people and places so that one lost or stolen key does not lose the funds, and a recovery drill proves it works.
Source: KULR Technology Group (SEC Form 10-K): Annual report for the year ended 31 December 2025.
Cash the business may need
The Smarter Web Company's report says its web design business “does not generate sufficient cashflow to cover the operating costs of the business”, which is why it commits to holding 12 months of working capital. B HODL's going concern note shows a forecast net cash outflow of about £52,000 a month against working capital of about £1.09 million. A company that might need to sell bitcoin to pay its bills is exposed to selling at a low point.
Source: The Smarter Web Company: Annual report for the year ended 31 October 2025 (PDF), B HODL (RNS): Audited final results for the year ended 30 June 2026: 167.487 BTC at 27 October 2026.
A treasury policy can also be reversed. Some small companies that disclosed holdings have since sold them or withdrawn their policy, as our list page notes.
Questions for the board
- Which of the stated reasons, if any, applies to us? Can we write it in one sentence in our own words?
- Is there cash left over once the operating reserve and known obligations are covered? The sizing tool shows this with your own numbers.
- Could our results, our bank covenants and our shareholders live with a large fall shown in the accounts?
- Have we spoken to our accountant and our bank before any purchase?
- Who would hold keys, and what happens if one of them leaves?
Our judgement, not a rule: holding no bitcoin is a common and reasonable outcome of this review. The point of writing it down is that the board decides on purpose, either way, and can explain why.
Read next
- Size it with your own numbers: reserve, obligations and a cap, worked out in the browser.
- Case notes from real filings: accounting, custody and funding at seven companies.
- Small company bitcoin treasuries: the sourced list.
- Board paper outline: how to put the decision to the board.
Sources
Primary sources only. Each link was checked on 2 November 2026. Rules change, so confirm the current version with your adviser.
- H100 Group (press release)First bitcoin purchase, 22 May 2025: 4.39 BTC
- KULR Technology Group (SEC Form 10-K)Annual report for the year ended 31 December 2025
- The Smarter Web CompanyAnnual report for the year ended 31 October 2025 (PDF)
- LQwD (press release)Acquisition of bitcoins, 15 June 2021: about 60 BTC
- Nocera (SEC Form 8-K)Form 8-K dated 27 January 2026: about 11 BTC bought on 25 January 2026
- Nocera (SEC Form 10-Q)Quarterly report for the period ended 30 June 2026: about 23.53 BTC
- FASBASU 2023-08, Intangibles: Goodwill and Other, Crypto Assets (Subtopic 350-60)
- FRCFRS 105: The Financial Reporting Standard applicable to the Micro-entities Regime
- B HODL (RNS)Audited final results for the year ended 30 June 2026: 167.487 BTC at 27 October 2026
- UK FinanceLetter to the APPG on Crypto and Digital Assets on access to banking, 5 October 2026 (PDF)
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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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