CryptoReflexions#21 - Bitcoin Treasury Companies.

Posted on Mar 2, 2026

Hello everyone,

Today, a reflection on Bitcoin Treasury Companies — this model that generates a lot of discussion — and what it actually means for a Belgian investor.

Interested?

Let’s go!

What Is a Bitcoin Treasury Company?

A Bitcoin Treasury Company is a publicly listed company whose primary activity consists of massively accumulating bitcoin as a strategic reserve. The mechanism relies on three steps: raising funds through shares or bonds, acquiring BTC in large quantities, then holding it long-term while betting on its appreciation.

The stated objective: to progressively increase the amount of bitcoin per share, creating a leverage effect for shareholders. Strategy (formerly MicroStrategy) and Bitcoin Society are the best-known representatives of this model.

What the Belgian Accounting Framework Changes in the Equation

In Belgium, CNC Opinion 2021/6 governs the accounting treatment of crypto-assets. The principles are clear: crypto-assets are treated as intangible assets, initially valued at acquisition cost, according to the historical cost principle.

Concrete consequences:

  • No unrealized gains: it is impossible to record unrealized gains on the balance sheet
  • Accounting asymmetry: unrealized losses must be recorded immediately, unlike gains
  • No window-dressing effect: the balance sheet does not reflect the actual enrichment, unlike American companies subject to IFRS or US GAAP standards

This framework makes the Treasury Company model poorly suited to Belgian accounting reality.

The Leverage Effect Decoded

The leverage effect relies on two concepts:

  • NAV (Net Asset Value): net value of bitcoins divided by the number of shares
  • mNAV: ratio between market capitalization and net value

This effect is only virtuous if the market sustainably accepts a premium (mNAV > 1). In that case, issuing new shares allows purchasing BTC at a cost lower than its market value — which dilutes new entrants to the benefit of existing shareholders. This is a wealth transfer, not a structural creation of value.

The sine qua non condition: the premium must hold and BTC performance must exceed the cost of capital. Both conditions must be met simultaneously and sustainably.

Treasury Company or Direct Purchase?

For the Belgian investor, the central question is simple: direct exposure to bitcoin generally remains more efficient than a sophisticated corporate wrapper. The structural costs of listed companies (management, administration, audit, financial communication) mechanically reduce net performance.

Investing in a Treasury Company adds a layer of complexity — and costs — without necessarily adding value, except in very specific tax or institutional configurations.

Conclusion

The Bitcoin Treasury Company model remains unattractive in Belgium due to prudent accounting constraints and the absence of recognition of unrealized gains. Before committing, it is worth asking the fundamental question: why not hold the underlying asset directly?

To go further: cryptomonnaie.be — The cryptocurrency blog in Belgium | Newsletter CryptoBelgique — Stay informed about news and updates

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