In 2025, Bitcoin treasury strategies became more visible as some companies held bitcoin on their balance sheets and, in some cases, raised capital to fund purchases. This article examines the rationale and the questions it raises for a French business. It is not an allocation recommendation.
Two different business models
An operating company investing a portion of available cash differs from a company whose central strategy is accumulating bitcoin. The former must fund wages, suppliers, taxes and day-to-day operations. The latter exposes more of its valuation, financing and shareholders' interests to one asset.
A prominent listed company's strategy cannot simply be copied by a small business, medical practice or family holding company. Funding constraints, governance and disclosure duties differ.
The arguments and their limits
Supporters point to bitcoin's programmed scarcity, transferability and potential role in diversification. These arguments do not guarantee preservation of purchasing power. Bitcoin is not a certain inflation hedge, and its correlation with financial markets is not consistently zero.
An investment can fall sharply just when the company needs liquidity. Risk depends on more than the initial purchase amount: payment deadlines, borrowing and concentration in service providers also matter.
Document the decision before buying
- Calculate genuinely available cash after operating needs and contingency reserves.
- Review the articles of association, directors' authority, financing agreements and required approvals.
- Set objectives, exposure limits and triggers for selling or reviewing the position.
- Test scenarios involving price falls and suspended withdrawals.
- Assign responsibility for decisions, execution, approval, custody and oversight.
No universal allocation, such as 5% or 10%, suits every company. The decision depends on loss-bearing capacity, business needs and obligations. Choosing not to invest can be entirely consistent with these constraints.
Custody and financing
Debt-funded purchases introduce interest, repayments and potentially collateral or liquidation risk. Review those obligations before building a plan around an increase in bitcoin's price.
The choice between a custodian and company-controlled custody must address access, backups, continuity and recovery. Technical security does not replace a clear record of who can commit the company. Multisignature arrangements also need operating and contingency procedures.
Accounting and tax require classification
The original suggestion that all bitcoin held by a French company must be an intangible fixed asset was too broad. Examine the rights, intended use and standards applicable to the accounting period. In 2026, the ANC published a general crypto-asset regulation and a separate banking-sector regulation. ANC Regulations 2026-01 and 2026-02.
Keep purchase and fee records, addresses, conversions, prices and evidence of ownership. Do not apply an individual's capital-gains computation to a company subject to French corporation tax.
French reporting of foreign digital-asset accounts concerns defined categories of taxpayers, including individuals and non-commercial companies. It should not be described as an identical obligation for every commercial company. Tax authority guidance on the scope.
The accountant's role
We can organise transaction records, assess accounting treatment and prepare reporting within the agreed engagement. Investment decisions, regulated financial advice and specialist security require separately identified responsibilities. A useful file connects the management decision, technical cash flows and accounting records.