#1 The First Move Every Bitcoin Company Must Make

Opening a Bitcoin Treasury? Start Here

After launching the Sobtree Blueprint, today I want to share the first operational step I consider essential for any company, or individual, aiming to build a financial architecture with Bitcoin at the core: opening an account with a solid exchange compatible with corporate structures.

This step, which might seem simple from the outside, is actually one of the most critical. Because it’s not just about opening an account to buy BTC. It’s about integrating that exchange into a system that supports legal, fiscal, accounting, and strategic operations. That allows secure fiat and Bitcoin flows. That doesn’t become a bottleneck. And that aligns with your vision.

Yes, individuals have far more options: Binance, Bit2Me, Swissborg, Relai. The offering is broad, varied, functional. But when you cross the line and want to operate as a company, under a corporate tax ID, with a defined social purpose and audited accounting, the landscape narrows fast. Today I want to walk you through the exchanges I studied deeply, and the one I chose as Sobtree’s operational base.

Registering Sobtree in Spain has been anything but agile. Between depositing the initial capital, opening a provisional bank account, visiting the notary, drafting bylaws, and defining the business purpose, the process took weeks. In my case: I generate income through a newsletter, channel it into BTC accumulation, and document everything to scale over time. The foundations of something much larger are already in place. But none of that matters if you don’t have a strong exchange from which to operate with clarity and strength.

Coinbase Prime: institutional, but out of range

Coinbase caught my eye because of its institutional-grade infrastructure. Companies like Bitwise or Ark use its custody. The service is robust, regulated, well positioned. But I quickly found out the entry cost was high: $5,000 per year just for BTC custody, not counting fees. That might make sense if you’re managing hundreds of BTC. But for a small company like Sobtree, still in its early phase, it’s an unnecessary structural friction. Premature sophistication that can drain resources when what you need most is focus and efficiency.

Relai Business: promising, but still limited

I also spoke with Relai. I liked their philosophy: buy Bitcoin directly, no external custody, and with a European focus. Relai Business offers a solution for small companies with a much more agile onboarding process than Coinbase or Kraken. But when I looked into their operations, I noticed limitations. It’s not a full exchange but rather a direct purchase gateway. No advanced tools, no market depth, and no clear roadmap for integrating custody, lending, or collateral features. Still, it’s an option I’ll keep on my radar for personal structures or as a complementary node within Sobtree.

Kraken Business: solid, accessible, functional

Kraken turned out to be the solution that worked. They asked for a broad set of documents: corporate bylaws, tax ID, proof of address, a detailed activity description. But after completing everything, I passed verification and was able to open an account as a business.

Here’s what I found valuable:

• No fixed custody fee

• Low transaction fees

• Reliable and regulated in Europe

• Future scalability into BTC-backed lending, custody modules, collateralized strategies

Binance Institutional: the ideal operational base

But the real turning point was realizing that for Sobtree, Binance Institutional is the most strategic choice. It offers all the robustness I need, combined with tools that integrate perfectly with our long-term vision. The critical element is its collateralized Loans module. This allows me to deposit BTC as collateral and, while holding the asset safely, access liquidity without selling it. That liquidity can then be used to finance operations, pay suppliers, or even scale external fiat-generating projects.

Why is this crucial? Because the essence of a Bitcoin-first treasury is to never sell the core asset. Selling fragments the strategy, interrupts compounding, and puts you back into the fragile fiat loop. With Binance Loans I can collateralize my BTC, keep exposure to upside, and access cash when needed. It’s a controlled leverage tool that, used with discipline, transforms how a company like Sobtree operates.

Today, Binance is already enabling us to:

• Convert fiat into BTC under clear internal rules

• Deploy BTC as collateral to access liquidity without touching the asset

• Buy rigs

• Mine Bitcoin

• Repeat

Later on, we will explore how to diversify collateralization, combining centralized platforms like Binance with decentralized or alternative custodians. But for now, for a company incorporated in Spain and operating under clear accounting rules, Binance gives me everything I need: compliance, tools, and flexibility.

A millionaire Business

This is a business where the deeper you go, the less entropy there is. In the traditional model, operational, fiscal, and liquidity friction drains a company’s energy. Every change, every step, every mistake translates into loss. Here, the opposite happens: every correct decision not only preserves energy, it compounds structural efficiency.

It’s not that this business has no friction. It’s that friction doesn’t leak. It transforms into momentum. Into resilience. Into architecture. Into compounding.

And that, with clear vision and precise execution, is what turns a small company like Sobtree, with just a few thousand euros in monthly inflow, into a financial architecture that may be worth millions in a few years. Because while others are fighting tax fires, trying to optimize balance sheets they barely understand, and surviving inside fragile systems, here everything flows in one direction: protect the BTC, multiply the action capacity without selling, and live off the flow without touching the asset.

Soon, I’ll show how controlled leverage dynamics come into play. How rules are designed to use BTC as collateral without slipping into unnecessary risk. How legal structures can be formalized to grow without getting boxed into the wrong tax categories. And how products and instruments, from BTC-backed loans to external fiat cashflow structures, are combined so that every part of the system reinforces the whole.

All of that is coming. But it starts here. With a Binance account. With a clear idea and the will to build patiently, but relentlessly.

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