Bitcoin on the balance sheet of a Spanish company: tax and accounting guide

Since MicroStrategy began purchasing Bitcoin with its surplus corporate treasury in 2020, many companies around the world have considered this strategy. In Spain, an SL or SA can perfectly buy Bitcoin, but accounting and taxation have their own rules.

Can a Spanish company buy Bitcoin?

Yes. There is no legal restriction that prevents a Spanish company from investing in Bitcoin:

• The company buys BTC with its excess treasury.
• Records it in accounting as an asset.
• Profits and losses are taxed in the Corporate Tax (IS).

Accounting: how is Bitcoin recorded?

The Spanish General Accounting Plan (PGC) does not have a specific category for cryptocurrencies. The Institute of Accounting and Auditing (ICAC) issued a consultation in 2021 clarifying the treatment:

Accounting classification according to ICAC:

• Bitcoin purchased for speculative purposes → Financial asset held for trading (fair value with changes in P&L).
• Bitcoin purchased as a long-term store of value → Intangible assets (cost less impairment).

Option 1: Financial asset (speculative)

• It is valued at fair value at the end of each period.
• Variations in value are taken to income → impact Corporate Tax immediately.
• Easier to account for.

Option 2: Intangible assets

• It is valued at historical cost.
• It is only adjusted if there is deterioration (market price < cost).
• Latent capital gains are not recognized until the sale.
• More conservative strategy to avoid paying taxes before selling.

Corporate Tax (IS)

The general IS rate in Spain is 25% (15% for newly created companies in the first periods with a positive tax base).

Taxation of crypto profits in IS:

• Financial asset option: you are taxed every year for variations in value.
• Fixed assets option: taxed when selling (higher historical cost = lower taxable profit).

Example of MicroStrategy applied to Spain:

• An SL buys 10 BTC at €30,000 each = €300,000 investment.
• Per year, BTC are worth €80,000 each = €800,000.
• If it is a financial asset: taxable profit of €500,000 → IS of €125,000 that year.
• If it is immobilized: there is no tax until the sale.

Deductions and expenses

If the company has a digital assets department:

• Employees → deductible cost.
• Management hardware/software → deductible.
• Legal and tax advice → deductible.
• Loan interest to buy BTC → deductible (with limits).

Specific risks

Balance sheet volatility risk

A company with 30% of its balance sheet in BTC would see its net worth drastically reduced in a bear market. This can affect:

• Bank ratios to access credit.
• Covenants of contracts with suppliers.

Reputational risk

Some institutional investors or corporate clients may view the strategy as speculative and withdraw their confidence.

Regulatory risk

MiCA and future Bank of Spain regulation may impose additional obligations on companies with significant crypto positions.

The MicroStrategy model: the corporation as a vehicle for Bitcoin

MicroStrategy went further: it issued debt (convertible bonds) to purchase BTC, using Bitcoin as implicit collateral for the debt.

In Spain, a company could:

• Issue debt at a low rate → use the funds to buy BTC.
• If BTC rises: asset value exceeds debt → net profit.
• If BTC goes down: risk of default if the debt matures.

This model is high risk and requires financial sophistication and specialized advice.

More conservative alternatives for Spanish companies

1. Dedicate only the surplus treasury: never more than 5-10% of the balance.
2. Use Bitcoin ETFs: greater liquidity, without direct custody.
3. Invest in shares of crypto companies: Coinbase, MicroStrategy, etc. Lower volatility than direct BTC.

Comparative table

Updated: April 2026 | Fiscal year: 2025