Answers
How does a company add digital assets to its treasury?
The answer
In four steps, in order: a board-approved policy stating the allocation logic and limits; qualified custody with controls and audit arrangements; execution through institutional OTC channels sized to avoid moving the market; and disclosure that lets investors price the position. Skipping a step creates the failure cases.
Most treasury failures are sequence failures — execution before policy, or positions before custody. The policy is what the board defends in a drawdown; the custody arrangement is what the auditor signs; the OTC execution is what protects the entry price; the disclosure is what converts the position from a rumor into a valuation input.
The work is unglamorous and decisive, which is why it belongs with a firm that has processed institutional OTC volume since the asset class began trading at size.