DeutschThere was a time when managing the company’s cash – the so-called corporate treasury – was one of the quietest tasks in the finance department of an SME. Whether in Munich, Vienna or Zurich: The goal was simple. Safely park the money that was not needed for operations. This usually meant: overnight deposits, government bonds or the classic bank account. The return? Minimal. The risk? Almost zero.
But it’s 2026. The rules of the game have fundamentally changed. In a world where fiat currencies are losing purchasing power due to the expansion of the money supply – and this affects the euro even more than the Swiss franc – simply “parking” money is no longer a security measure. It’s a guaranteed loss-making proposition. It’s the equivalent of leaving an ice cube in the summer sun and hoping it retains its shape.
This is where Bitcoin enters the stage of boardrooms and executive offices. What began as an experiment by tech nerds has developed into a serious “Treasury Reserve Asset” for listed corporations and innovative SMEs in German-speaking countries.
But what exactly does “Bitcoin Treasury” mean? Is this just gambling for CEOs with too much adrenaline, or is there a rational economic necessity behind it? In this comprehensive guide, we dive deep into the subject matter – with a special focus on the different conditions in Germany, Austria and Switzerland.
What is a Bitcoin Treasury Strategy?
At its core, a treasury strategy is a company’s plan for how it manages its liquid assets. Successful companies – from “hidden champions” in Baden-Württemberg to tech start-ups in Zug – generate surpluses.
Traditionally, this money was in the bank account and was eaten away by inflation. A Bitcoin Treasury Strategy means that a company takes a portion of these excess cash reserves and exchanges them for Bitcoin.
The point here is not to speculate with Bitcoin or to embellish the quarterly figures through wild trading. It’s about three strategic goals:
- Store of Value: Protecting purchasing power against the devaluation of the euro and franc.
- Asymmetric potential: The chance of an increase in value that bonds or fixed deposits cannot offer.
- Diversification: Adding an asset class that is not directly correlated with the traditional banking system and is not subject to counterparty risk (in the case of self-custody).
From “Gambling” to “Strategic Allocation”
It used to be dismissively said: “The company is gambling with crypto.” Today, the CFO speaks of “Strategic Reserve Allocation.” Bitcoin is being professionalized and viewed as a balance sheet asset, similar to gold, real estate or patents.
The “Michael Saylor Effect”: A global signal
You can’t write an article about Bitcoin Treasury without mentioning MicroStrategy. In 2020, Michael Saylor broke a taboo. He took his company’s cash reserves and bought Bitcoin (more on Strategy).
His thesis was radical, but understandable for every entrepreneur in the DACH region:
“Fiat currencies lose real purchasing power every year. If we’re sitting on $500 million (or euros), we’re losing money every day. Bitcoin is the only asset with an absolutely limited quantity (21 million). It’s ‘digital property’.”
Success proved him right. MicroStrategy outperformed almost all S&P 500 companies. This sent a signal to Europe: Bitcoin on the balance sheet is no longer a career killer, but can be the biggest lever for corporate value. Companies like Metaplanet or German companies like Bitcoin Group SE or High-Tech Gründerfonds (which invest indirectly) show that the topic is gaining acceptance across the board.
Why should companies in the DACH region hold Bitcoin?
Why should a conservative mechanical engineering company from the Sauerland or a hotelier from Tyrol expose themselves to the fluctuations of Bitcoin?
1. The inflation trap in the Eurozone vs. Switzerland
While Switzerland is traditionally somewhat better protected against inflation with the strong franc, the reality in the Eurozone (Germany and Austria) is often harsher. The ECB’s expansion of the money supply is eating away at reserves. A company that has 1 million euros in its account loses the purchasing power of a mid-range car every year with 3-4% real inflation. Bitcoin, whose inflation rate (new issuance) programmatically approaches zero, serves as a hard counterweight to soft fiat currencies.
2. Avoidance of negative interest rates and custody fees
Even if interest rates fluctuate: The real interest rate (interest minus inflation) is often negative. Companies are effectively “paying” for liquidity. For a CFO, the opportunity costs (what you miss out on if you don’t invest) have become a real business risk.
3. Signaling effect for digitization
A company that holds Bitcoin signals innovation.
- Talents: Especially in the “War for Talents” in the DACH region, young, tech-savvy professionals are looking for employers who think modern.
- B2B payments: Anyone who has a treasury can also more easily accept payments in Bitcoin – a growing trend in international trade.
The implementation: How does Bitcoin get onto the balance sheet?
Here, the paths differ depending on the country and company size. A Bitcoin treasury is more complex than a private wallet.
A. Custody: How do we keep the coins safe?
Security and compliance are the be-all and end-all.
- Regulated Custody (Custodians): Many companies in the DACH region prefer regulated partners in order to satisfy the auditors.
- Germany: BaFin is strict, but clear. Banks such as Bankhaus Scheich, Hauck Aufhäuser Lampe or crypto custodians such as Tangany and Coinbase Germany offer solutions. The Boerse Stuttgart Digital is also an important player.
- Austria: Here, Bitpanda (Custody) is the top dog for institutional solutions.
- Switzerland: A global leader with crypto banks such as Sygnum, AMINA or Bitcoin Suisse.
- Advantage: Insurance cover, clean receipts for accounting.
- Self-Custody: The company holds the private keys itself, usually via a multi-signature setup. Example: 3 keys (CEO, CFO, General Counsel/Notary). 2 out of 3 are required for a transaction
- Advantage: No bank risks, full control (“Be your own bank”).
- Disadvantage: High technical responsibility. If you lose the keys, the company’s assets are gone.
B. The purchase process (Execution)
Please do not simply click “Buy market” in an app! Large sums are traded via OTC desks (Over The Counter) in order not to influence the price (avoid slippage). The price is fixed, the trade takes place directly.
Accounting and taxes: The DACH comparison
This is where it gets exciting for the tax advisor. The treatment of Bitcoin in company assets varies greatly between DE, AT and CH.
(Note: This is not tax advice. You must consult a specialized tax advisor!)
Germany (HGB)
- Accounting: In the German Commercial Code (HGB), Bitcoin is usually classified as an intangible asset of fixed assets (if held for the long term) or current assets.
- Valuation: The strict lower of cost or market principle often applies. If the price falls, it must be written down (expense-effective). If it rises again afterwards, it may only be written up to the acquisition costs (no unrealized profits on the balance sheet).
- Tax: After a holding period of one year, the sale is tax-free for private individuals, but taxable for corporations (GmbH, AG) (corporate income tax + trade tax).
Austria (UGB & New Tax Reform)
- Reform: Since the Eco-Social Tax Reform, cryptocurrencies in private assets have been taxed similarly to shares (27.5% KESt).
- Operating assets: Here, the progressive income tax rate (for sole proprietorships) or corporate income tax (for GmbHs) usually still applies. Strict valuation rules also apply here in accordance with the UGB.
Switzerland (OR / Swiss GAAP FER)
- Pragmatism: Switzerland is often the most progressive. Depending on the canton and standard, crypto assets may often be valued at market value (fair value) if a liquid market exists.
- Effect: If the Bitcoin price rises, the company can show the profit directly on the balance sheet, which strengthens the equity ratio. Profits are taxed normally.
Risk management: What the CFO needs to know
Bitcoin is volatile. That’s a feature, not a bug, but it needs to be managed.
- Time horizon: Bitcoin is not for money that is needed in the next quarter for sales tax or wages. Rule: Only invest “dead capital” that can lie dormant for at least 4 years (one halving cycle).
- Withstand book losses: Due to the volatility, there may be phases in which the balance sheet is “under water.” Management and shareholders must have strong nerves.
- Key Man Risk: If only the managing director knows the password and is run over by a bus tomorrow, the coins are lost. A professional Corporate Inheritance Scheme is mandatory.
Step-by-step to the first Bitcoin reserve
Are you an entrepreneur in the DACH region and want to get started? Here is a (rough) roadmap: without guarantee, for orientation.
Get everyone on board. The advisory board or supervisory board must understand and approve the risk. Document this resolution cleanly for later tax audits. It is certainly also important that you communicate internally accordingly and take people with you (explain the advantages of Bitcoin, etc.).
2. The “Investment Policy Statement” (IPS)
Develop guidelines:
- How much percent of liquidity? (Recommendation is a conservative start: 1-5%)
- Only Bitcoin or others as well? (For treasuries, “Bitcoin Only” is often recommended due to the lower regulatory risks and higher liquidity).
3. Onboarding
Open the company account with a specialized partner (e.g. Bison for SMEs, Coinbase Custody or other trustworthy providers). Prepare your company and yourself for an intensive KYC process (Know Your Customer) – extracts from the commercial register and lists of beneficial owners must be up to date.
4. The test purchase
Buy for 100 euros/francs. Test the process. Does the posting work? What does the monthly statement look like?
5. HODL and Reporting
Integrate the holdings into the monthly reporting. And then: keep calm. The best strategy is a longer period.
Conclusion: Courage for the future
A Bitcoin Treasury Strategy is no longer a niche topic in 2026. It is a rational answer to the structural problems of our monetary system. The SMEs in Germany, Austria and Switzerland in particular are predestined for this. Why? Because these companies often think in generations, not in quarters. Bitcoin is a generational asset. It rewards those who have a low time preference (can wait). It takes courage to take the first step and stand up against the old doctrine. But the risk of not being invested and watching the competition suddenly become financially superior due to the appreciation of their balance sheet is growing from year to year. Is your balance sheet ready for the digital age?
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Checklist for those in a hurry: Is Bitcoin suitable for my company?
- [ ] Liquidity: Do we have cash reserves that we definitely don’t need operationally for 24+ months?
- [ ] Tax advisor: Do we have a law firm that doesn’t run away screaming when we mention “Bitcoin” or “Blockchain”?
- [ ] Governance: Can we ensure a 4-eyes principle for transactions?
- [ ] Nerves: Can the management withstand it if the price temporarily falls by 20% without selling in a panic?
If you can answer these questions positively, you should definitely take a closer look at the topic of “Bitcoin Treasury.”
