Running a Corporate Bitcoin Treasury in the EU: What We Learned at Atmos

At Atmos, we’ve always believed in building for the long term, both in technology and in finance. As part of that philosophy, we decided to allocate a portion of our company reserves to Bitcoin.
Not as a speculation. Not as a marketing move. But as a deliberate, strategic treasury decision.

When companies think of their balance sheet, they usually picture euros, receivables, and tangible assets. But in a world where monetary policy is unpredictable, inflation erodes cash holdings, and financial systems depend on layers of intermediaries, Bitcoin offers something refreshingly different: a scarce, bearer-based, programmable asset that sits entirely under your company’s control.

Why we did it

Our goal wasn’t to become a crypto company, we remain a global IT and Financial and consulting firm.
But we wanted to ensure that a portion of our retained earnings could store purchasing power across time, independent of traditional banking risks. Bitcoin, with its fixed supply and global liquidity, fits that role better than anything else we’ve seen.

At the same time, we wanted to stay fully compliant within Belgium and the broader EU regulatory framework. That meant approaching this setup the same way you’d approach any other financial decision: carefully, transparently, and with good documentation.

Doing it the right way

Holding Bitcoin as part of your corporate treasury (not as a fund or investment product) is entirely legal in the EU. You don’t need a financial license for it — provided that you are not managing assets for others or issuing financial instruments tied to Bitcoin.

What you do need is a clear internal structure:

• A board-approved decision or shareholder resolution stating the intent to hold Bitcoin as part of your balance sheet reserves.
• A clear treasury policy defining how, when, and under what conditions you buy, secure, or sell Bitcoin.
• Documentation on custody and security: who controls the keys, how backups are handled, and what happens if key personnel leave.
• Accounting treatment consistent with Belgian GAAP (or IFRS), where Bitcoin is typically classified as an intangible asset.

That last point is often misunderstood.
Bitcoin doesn’t sit in the same category as cash, so it doesn’t get revalued upward until you sell — but impairments must be booked if the market price falls below acquisition cost. It’s not ideal, but manageable if you plan for it.
We track this internally and disclose it transparently in our financial reporting, much like other companies that hold non-traditional assets.

The infrastructure challenge

Unlike traditional finance, there’s no “bank” to hold your Bitcoin. That’s both the opportunity and the responsibility.
At Atmos, we opted for a self-custody setup using a multisignature configuration stored in geographically separate secure locations. This ensures that no single person or device can move funds, and access recovery is well-documented.

For some companies, a regulated custodian may make sense, especially if internal expertise is limited.
But for us, the technical side of self-custody aligned perfectly with our IT background and our desire for sovereignty.

Operating in the EU and Belgium

Setting up a corporate Bitcoin treasury from within Belgium comes with advantages.
The country operates under the MiCA framework, offering legal clarity around crypto assets without introducing unnecessary burdens for self-held reserves. Bitcoin, as a decentralized digital asset, is not a financial instrument under MiCA when held for your own balance sheet.

From a compliance standpoint, you simply treat it as part of your corporate assets.
There’s no requirement to register with the FSMA, as long as you’re not providing exchange or custody services to third parties.
And while banks may still be cautious, Belgium’s position inside the EU makes cross-border payments and accounting recognition smoother than in less-regulated jurisdictions.

Lessons learned

Running a Bitcoin treasury is not about chasing price movements.
It’s about aligning your company’s reserves with a monetary system built for the digital era. One that is open, neutral, and censorship-resistant.

It forces you to think differently about liquidity, counterparty risk, and time horizons.
Cash remains necessary for short-term operations; Bitcoin complements that by strengthening long-term resilience.

We’ve also noticed an unexpected cultural benefit: it sparks deeper discussions inside the company about financial literacy, responsibility, and long-term planning. People become more conscious about value and less reactive to short-term noise.

A word of caution

This isn’t something to do impulsively.
If you’re considering adding Bitcoin to your company balance sheet, take the time to understand custody, accounting, and governance.
Get advice. Test your procedures. And above all, treat it like any other serious financial decision with structure and discipline.

Closing thoughts

At Atmos, we’re convinced that more European SMEs will follow this path over the coming years.
It doesn’t require external investors, token offerings, or complex licenses, just thoughtful treasury management and technical competence.

If you’re a business owner in Belgium or the EU considering a similar setup, we’re happy to share our experience from accounting templates to custody frameworks.
Feel free to reach out. We’ve been through the entire process ourselves and can help you avoid common pitfalls while staying fully compliant.

Contact us
Want to learn how to structure your own Bitcoin treasury responsibly within the EU?
We can help you navigate the setup, security, and reporting with full transparency.