Bitcoin & Treasury Glossary

A clause allowing the issuer to redeem a preferred share at par value from a given date.

The mix of debt, preferred stock and common equity that funds a company.

A figure in the European MiCA regulation: an entity authorized to provide services on crypto assets, including custody, with capital and segregation requirements.

Argentine Depositary Certificate: an instrument listed on BYMA that represents a fraction of a foreign stock or ETF. Traded in pesos; the IBIT and MSTR CEDEARs are the local route to Bitcoin exposure.

Storing Bitcoin in wallets with no internet connection.

A bond that can be converted into common shares under certain conditions.

A company that adopts Bitcoin as a primary or significant balance-sheet asset.

Safeguarding the private keys to Bitcoin or other cryptocurrencies — yourself (self-custody) or by delegating it to a professional provider that is accountable for their security.

Under Spanish tax law, swapping one crypto for another (e.g., Bitcoin for Ethereum) is a taxable exchange: it triggers a capital gain or loss even if you never touch euros.

Unpaid preferred dividends that keep accruing and must be paid before any distribution to common stock.