Krypto på balansen
Treasury risks
A coin position on a debt-free balance sheet is price risk. The same position on a leveraged balance sheet is solvency risk.
The maturity calendar is the real risk
Line up every maturity: each is a date when cash must exist.
Convertibles only convert when the price is high; otherwise they stay debt.
Collateralised loans behave like margin: falling prices raise requirements.
Custody, insurance and counterparties
Concentration with one custodian is operational risk regardless of price.
Insurance usually covers theft, not market losses or governance failures.
For self-custody, signing procedures and audits matter more than press releases.
Governance and the investor
Ask for an explicit mandate: maximum allocation, who decides, and exit conditions.
Watch conflicts of interest when executives hold large personal positions.
Count treasury shares as crypto exposure in your own allocation, not as defensive equity.
Ofte stilte spørsmål
Can a company fail because of bitcoin?
Not from the position itself, but from how it was financed.
What ratio is healthy?
One where the business is profitable without the coin.
How do I track it?
Quarterly coin counts per fully diluted share.
Les videre
Bitcoin on the balance sheet
More listed companies hold bitcoin as a reserve. The motives, the practical setup and where it goes wrong.
Analysing treasury stocks
How to value a company holding crypto: net asset value per share, premium, dilution from issuance and the quality of the underlying business.
Crypto in the annual report
How bitcoin appears in financial statements: intangible asset or fair value, what flows through profit and loss, and which notes to read.