Glossary
Treasury policy
A board-adopted document setting what a business may hold, where, in what concentration, and who may move it.
A usable policy names eligible assets, concentration and venue limits, signing thresholds, rebalancing rules, a liquidity ladder and an escalation path. It is the artefact an auditor, a lender and an acquirer all ask for.
For businesses holding their own token there is an additional problem most policies ignore: the treasury and the thing being valued move together, so a drawdown reduces runway exactly when raising is hardest.
Where this comes up
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