Treasury management policy
Status: PROPOSED v0.1. This is the working draft of BitView's treasury policy. It is public by design — partners, auditors, regulators, and BTV holders should be able to read exactly how BitView manages capital. Final policy is ratified by the BitView board (and, in Phase 5+, by BTV-weighted governance vote).
Purpose and principles
BitView's treasury exists to fund operations and bootstrap network liquidity — nothing else. We are not a fund, not a market maker, and not a yield product. The treasury policy below is designed so that anyone reading it can predict our actions in any given scenario.
The four governing principles:
- Operational solvency first. Cash reserves cover ≥ 12 months of operating expenses at all times. Any treasury action that would compromise this floor is automatically rejected.
- Transparency over privacy. Treasury wallet addresses are public. Every quarter we publish composition, inflows, outflows, and decisions taken.
- Conservative posture by default. No leverage. No third-party yield farming with operating reserves. No counterparty exposure beyond our explicit LP positions.
- Aligned, not extractive. Treasury accumulates BTV slowly from protocol fees and matches USDC operating spend; we do not target indefinite USD-denominated growth of the treasury, which would imply over-extraction from users.
Wallet structure
Six wallet types, each with documented purpose, signing requirements, and balance bounds. All addresses are published in the quarterly transparency report.
1. Cold treasury
| Field | Value |
|---|---|
| Purpose | Long-term BTV / SOL / USDC reserves |
| Signers | 3-of-5 multi-sig |
| Signer composition | 2 BitView leadership, 1 BitView ops, 1 external advisor, 1 community-elected (Phase 5+) |
| Typical balance | 6+ months operating expenses + treasury BTV emission allocation |
| Movement frequency | Monthly or less |
| Out-of-band confirmation | Every withdrawal requires Slack + email confirmation by 2 of 3 leadership signers |
2. Hot operating
| Field | Value |
|---|---|
| Purpose | Daily operating expenses, gas reserves, emergency response |
| Signers | 2-of-3 multi-sig |
| Signer composition | All internal ops |
| Typical balance | ≤ 2 weeks operating expenses |
| Refill cadence | Weekly from cold, automated via signed proposal |
3. Fee collection
| Field | Value |
|---|---|
| Purpose | Atomically receives 0.10% protocol fees from swap router |
| Signers | 2-of-3 multi-sig |
| Typical balance | Whatever has accumulated since last sweep |
| Sweep cadence | Weekly to cold treasury (BTV) and USDC operating wallet (USDC fees) |
4. LP positions
| Field | Value |
|---|---|
| Purpose | Hold LP tokens for treasury-seeded BTV/SOL, BTV/USDC, STREAM/BTV pools |
| Signers | 2-of-3 multi-sig |
| Movement frequency | Quarterly review only; intra-quarter only on emergency |
5. Airdrop dispenser
| Field | Value |
|---|---|
| Purpose | 100 BTV onboarding airdrops to new viewers |
| Signers | Hot wallet (single signer or 1-of-2) for low-friction operation |
| Typical balance | ≤ 1 week of airdrop demand |
| Refill cadence | Weekly from cold treasury |
6. Stripe payout
| Field | Value |
|---|---|
| Purpose | Receives USDC from Stripe subscription payouts |
| Signers | 2-of-3 multi-sig |
| Movement frequency | Monthly sweep to cold or operating |
Operating reserves policy
| Reserve | Target | Floor (triggers action) |
|---|---|---|
| Operating runway (USDC + SOL) | 12 months at current burn | 6 months |
| BTV emission backing | Per-published curve | (immutable) |
| LP positions | Per Liquidity policy | (immutable initial seeds) |
| Bug bounty reserve | $200K USDC | $100K |
| Audit reserve | $250K USDC | $100K |
| Insurance premium reserve | 12 months when active (Phase 4+) | 6 months |
When any reserve hits its floor, an emergency review is triggered (48-hour SLA) and one of three actions is taken:
- Rebalance from another reserve (if surplus exists elsewhere).
- Activate the contingent operating-cost-reduction plan (pre-defined: pause non-essential marketing spend, defer non-critical hires, etc.).
- Initiate fundraise / bridge round (last resort).
The emergency review and chosen action are publicly disclosed within 30 days.
Revenue allocation
How fee revenue flows once collected. This is the published plan; deviations require board (Phase 1–4) or governance (Phase 5+) approval and are disclosed.
| Source | Default allocation |
|---|---|
| Subscription revenue (USDC) | 100% to operating expenses |
| Swap protocol fees (BTV) | Held in treasury BTV until dedicated operational need; not auto-converted |
| Sponsorship marketplace (USDC) | 100% to operating expenses |
| Token launch fees (SOL) | 100% to operating expenses |
| Distribution creation fees (USDC) | 100% to operating expenses |
| LP fee income | Compounded into LP positions |
| Slashing income (BTV) | Held in treasury BTV; can be redistributed in supplemental distributions |
| Streamer-token protocol allocation | Held vested per token's schedule; not actively traded |
No buybacks of BTV are committed in Phase 1–4. Buybacks become a governance-vote option in Phase 5+. Until then, treasury BTV accumulates from fees and is held.
Investment policy (what we do NOT do)
Encoded in policy and enforced by multi-sig veto:
- No leveraged positions on any treasury asset.
- No third-party yield farming with operating reserves. The USDC /SOL operating runway is held in spot, not deployed to Kamino / MarginFi / Drift / any other yield product.
- No counterparty exposure — no lending of treasury BTV to market makers against their inventory, no unsecured loans to anyone.
- No POL bonding (Olympus-style buyout-of-LP-tokens).
- No private deals on BTV outside the published allocation table.
- No discretionary BTV minting — supply is fixed at 1B.
- No vesting acceleration — on-chain enforced.
- No marketing-paid promotion of BTV as an investment.
- No staking BTV through the treasury for yield — treasury BTV is held passive.
Decision authority
Per BitView flow §Decision authority.
| Decision | Authority | Process |
|---|---|---|
| Hot wallet refill | 2-of-3 ops multi-sig | Documented in monthly report |
| Cold-storage withdrawal | 3-of-5 multi-sig | Out-of-band confirmation, documented in quarterly report |
| LP rebalance | Treasury committee | Quarterly, public decision |
| Emergency operating cost reduction | Leadership + ops lead | 48h SLA; public within 30 days |
| Revenue allocation deviation | Board (Phase 1–4) / governance vote (Phase 5+) | Public proposal + comment window |
| Treasury policy changes | Same as above | Same as above |
Conflicts of interest
The following are explicit conflict-of-interest disclosures:
- Team members hold BTV per the published 12% team allocation. This aligns with platform success but means treasury decisions affecting BTV price affect their personal positions.
- Investors hold BTV per the published 8% investor allocation. Investor seats on the board (if any) recuse from votes on treasury actions that materially affect BTV market price within 90 days of the action.
- External advisors disclose any pre-existing positions in BTV, streamer tokens, or competing platforms before assuming a board / multi-sig role.
- No team member personally trades BTV during the 14 days before any quarterly transparency report publication.
Reporting cadence
| Cadence | What's published |
|---|---|
| Monthly | Internal: full ledger; reconciled on the 1st of next month |
| Quarterly | Public transparency report with: wallet composition (USD-equivalent + native), inflows/outflows by category, BTV emission progress, slashing events, bug bounty payouts, decisions taken |
| Annually | Full P&L, audit summary, strategy refresh, treasury policy review (any proposed amendments) |
The quarterly transparency report is published to the checkpoint
site under a dedicated Transparency section once production
launches. Format follows the template that ships alongside the
first report.
Audit rights
The treasury is auditable by:
- External auditor appointed annually for the audit summary.
- BTV holders (Phase 5+) via a community-funded audit triggered by a governance vote with quorum.
- Investors with information rights per their term sheet.
- Counsel in any jurisdiction where regulatory inquiry is initiated.
Public on-chain visibility means anyone can independently reconstruct treasury composition from the published wallet addresses without our cooperation.
Annual treasury policy review
This document is reviewed and ratified annually. Each annual review considers:
- Whether reserve targets still match scale (e.g., bug bounty reserve needs raising as TVL grows).
- Whether new revenue lines need explicit allocation rules.
- Whether the wallet structure has held up against operational experience (e.g., do we need a separate sanctions-quarantine wallet for slashed-but-appealable funds).
- Whether the no-do list needs additions (e.g., new DeFi product categories that are tempting but inconsistent with the principles).
Amendments require board (Phase 1–4) or governance (Phase 5+) approval and are disclosed in the next quarterly transparency report.
Open questions
- Should swap-fee BTV be auto-converted to USDC to better fund operations? Default no (held in BTV) — gives us optionality and doesn't reflexively pressure the BTV/USDC pool. Revisit if revenue outpaces USDC operating spend significantly.
- What's the right reserve sizing for a future insurance premium (Sherlock / Neptune Mutual cover)? Defer until Phase 4 with $5M+ TVL trigger.
- Should we publish per-wallet balances or only category totals? Default: category totals (less doxxing risk for individual signers, same auditability). Revisit annually.
Related
- Tokenomics §Liquidity policy — what we LP into
- BitView flow §Treasury management — the operational view
- Risk and compliance — regulatory framing
- Revenue streams — what feeds the treasury