Date:
December 24, 2025
Author:
Ian R. Cohen
/
Principal
2025 was a banner year for Bitcoin. The question for growth-stage companies is no longer if Bitcoin belongs on the balance sheet, but how to architect the treasury to hold it. With the passage of the GENIUS Act and the formal establishment of the U.S. Strategic Bitcoin Reserve, the regulatory "air cover" for corporate adoption has arrived.
Moving from a cash-only position to a Bitcoin Command position is a move from defense to offense. Here is the playbook for implementing a Strategic Reserve model in your enterprise.
1. The 2025 Regulatory Pivot
For years, CFOs were sidelined by SAB 121, which made it prohibitively expensive for institutions to hold digital assets. As of late 2025, the SEC has rescinded those hurdles in favor of (the unfortunately named) Project Crypto—a harmonized framework between the SEC and CFTC that finally treats Bitcoin as a Digital Commodity.
This shift allows companies to account for Bitcoin at Fair Market Value, aligning your balance sheet with reality rather than legacy intangible asset rules.
2. Architecting the Investment Policy Statement (IPS)
You cannot simply "buy Bitcoin" with company funds without a board-approved framework. As Fractional General Counsel, I draft the Investment Policy Statement to define three critical pillars:
- Allocation Limits: Defining the percentage of liquid reserves to be converted (the "MicroStrategy Playbook").
- Custody Governance: Establishing a "Sovereign Self-Custody" model or utilizing Qualified Digital Asset Custodians as defined under the pending CLARITY Act.
- Execution Protocols: Setting the parameters for "Proof of Reserve" audits to satisfy both auditors and shareholders.
3. Why Founders are Choosing the Reserve Model
Traditional fiat treasuries are melting at the rate of inflation. A Strategic Bitcoin Reserve serves as:
- The Ultimate Hedge: Protecting your cap table from monetary debasement.
- Global Liquidity: Transacting 24/7/365 without reliance on legacy banking hours or cross-border friction.
- Unencumbered Capital: Bitcoin held in cold storage is "Command Capital"—assets you control directly, free from the counterparty risk of a single banking institution.
4. The "Bitcoin Lawyer Guy" Advantage
Most law firms approach Bitcoin as a "problem to be solved." At IRC Legal, we approach it as a tool to be wielded.
Implementing a reserve requires more than a lawyer; it requires Executive Legal Command. We ensure your treasury strategy isn't just compliant—it's a competitive advantage that attracts tech-forward investors and top-tier talent.
The 2026 Bitcoin Treasury Checklist
- Board Authorization: Does your charter allow for digital commodity holdings?
- Custody Audit: Are your private keys managed through a multi-sig, institution-grade protocol?
- Tax Optimization: Are you utilizing the new 2026 capital loss carry-forward rules for digital assets?.
Ready to Secure Your Treasury?
If your venture is ready to move beyond the legacy banking model, let’s architect your Strategic Bitcoin Reserve. Book a working session with IRC Legal to move your firm from Cash to Command.
Ian R. Cohen, also known as the 'Bitcoin Lawyer Guy,' is the driving force behind IRC Legal. He leverages nearly two decades of BigLaw and executive experience to help founders and boards architect strategic Bitcoin reserves and manage complex corporate transactions with precision.
