This Bitcoin for corporations board paper template gives a CFO a section-by-section outline, with prompts for what to write in each part, suggested length, and sample resolution wording. It is designed to be copied into your own board paper format and filled in with your company's figures. It assumes the board has already had an initial discussion; if not, start with how to get board approval for Bitcoin.
How to use this template
Treat each heading below as a section of your paper. The text under each heading tells you what the section must answer, not what it must say. Replace every prompt with your own content and delete the prompts before circulation.
Three rules keep the paper usable:
- Main paper of eight pages or fewer. Everything else goes into appendices.
- Every number has a source. Cash forecasts, limits and scenarios should tie back to management accounts or the budget.
- No price views. The paper explains why the company would hold Bitcoin and how risk is controlled. It does not forecast returns.
Send the draft to your audit committee chair and external auditor a week before the board pack closes. Their comments are far easier to absorb before the paper is formally tabled than during the meeting.
Part A: the cover sheet (one page)
Most directors read the cover sheet closely and skim the rest. Complete it last.
- Title: Proposal to hold Bitcoin as part of the company's treasury assets.
- Presented by: [CFO name], with [Treasurer name].
- Decision sought: Approval / noting / discussion only.
- Recommendation in one sentence: "The board is asked to approve a maximum allocation of [X% of consolidated treasury assets, measured at cost], governed by the attached treasury policy."
- Maximum exposure: [amount and basis].
- Cash floor preserved: [months of operating costs].
- Three main risks and their controls: one line each.
- Prior discussion: date of the education session or earlier board item.
- Advisers consulted: auditor, legal counsel, tax adviser.
Part B: the body of the paper
1. Background (half a page)
What prompted the proposal? Summarise the treasury objective in company terms: for example, diversifying long-term reserves held beyond operating needs. Reference the earlier board discussion and any questions directors asked.
2. Rationale (one page)
Explain why Bitcoin fits this company's treasury, and why now. Address the obvious counter-question: why not keep the cash where it is? Keep the argument specific to the company's balance sheet, horizon and cash flows. Background material such as Bitcoin as a reserve asset can sit in an appendix.
3. Proposed allocation and sizing (one page)
State the maximum allocation and how it was reached. Show the method: loss tolerance, surplus cash, or a share of treasury assets. State the cash floor that remains untouched. If the purchase will be phased, give the schedule and the total.
4. Downside analysis (one page)
Show labelled, illustrative scenarios: for example a 30%, 50% and 80% fall in value. For each, show the effect on the holding, on total treasury assets, on reported earnings and on any covenants. Confirm whether operating cash is affected in any scenario. If it is, the sizing in section 3 needs revisiting.
5. Operating model (one page)
Describe, in plain language:
- how purchases will be executed (for example OTC request-for-quote, with a minimum number of quotes);
- how Bitcoin will be held (custody model, signing thresholds, whitelists);
- who proposes, approves, executes and reconciles;
- which providers are proposed and the status of due diligence.
Name roles, not just titles. The board should be able to see that no single person can move funds.
6. Accounting, tax and reporting (half a page)
State the applicable standard. Under US GAAP, FASB ASU 2023-08 measures holdings at fair value through net income for fiscal years beginning after 15 December 2024. Under IFRS, holdings are generally intangible assets under IAS 38. Summarise the expected earnings effect and the disclosure the company will make, and confirm the auditor's view. Note any tax points raised by advisers.
7. Risk assessment (one page)
Include a short register: risk, rating, control, owner. Cover at least market, custody, counterparty, operational, accounting, regulatory and reputational risk. Attach the full register as an appendix; see building a Bitcoin risk register.
8. Alternatives considered (half a page)
| Option | Main advantage | Main drawback | Why not preferred |
|---|---|---|---|
| Do nothing | No new risk | Treasury objective unmet | [your reason] |
| Exchange-traded product | Simple to hold | Fees, no direct ownership | [your reason] |
| Smaller pilot | Tests process | May not meet objective | [your reason] |
| Recommended option | [fill in] | [fill in] | Preferred |
Completing this table honestly is one of the strongest signals of a balanced paper.
9. Stakeholder and communication plan (half a page)
Who needs to be told, and when: lenders, shareholders, staff, auditors. For listed companies, note disclosure obligations and timing advice from counsel.
10. Implementation timeline (half a page)
List the steps from approval to first purchase: policy adoption, provider onboarding, wallet set-up, test transaction, first trade, first board report. Give target dates.
Part C: the resolution
Draft wording the board can approve without amendment. Adapt this sample with your counsel:
"RESOLVED that: (a) the company may hold Bitcoin up to a maximum of [X]% of consolidated treasury assets, measured at cost at each month end; (b) all holdings shall be governed by the Bitcoin Treasury Policy dated [date], which is hereby adopted; (c) the CFO and Treasurer, acting jointly, are authorised to execute purchases within these limits through approved providers; (d) the board shall receive a report on holdings, limits and exceptions at each scheduled meeting; and (e) this authority shall be reviewed by the board no later than [date]."
Part D: appendices checklist
Attach what supports the paper, and nothing else:
- Draft treasury policy (see the Bitcoin treasury policy template).
- Full risk register.
- Cash forecast and sizing workings.
- Scenario workings behind the downside analysis.
- Provider due diligence summaries.
- Auditor and legal counsel correspondence or summaries.
- Glossary of terms for non-specialist directors (our glossary can help).
- A one-page primer, such as what Bitcoin is for a CFO.
Common gaps in Bitcoin for corporations board papers
- The resolution is broader than the paper. Keep them aligned.
- The cash floor is mentioned but not quantified.
- Due diligence is described as "in progress" with no completion date.
- The earnings effect is described but not illustrated.
- No review date is set.
Companies should take their own accounting, tax and legal advice on the content of the paper.
How The Bitcoin World helps
We draft and review board papers, scenario analysis and resolutions as part of our board advisory work, and attend board or committee meetings to answer technical questions where useful. Execution and custody are carried out by licensed third-party institutions.