What If Ithaca Hummus Put Bitcoin on Their Balance Sheet?

In their latest Sat Chats episode, Chris and Stewart explored what it would take for Ithaca to adopt Bitcoin as a treasury asset.

It’s the kind of conversation we love to see. So here’s a breakdown of the steps they outlined, additional considerations we’d add to the mix, and why this kind of move would make Ithaca one of the most forward-thinking CPG brands in the U.S.

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‍Step 1: How they’d do it

Chris walks through what it would take to put on Ithaca’s balance sheet:

• Board Approval: Even with controlling interest, get consensus and group buy-in.
• Set up secure custody: E.g. a multi-sig wallet setup to reduce single points of failure.
• Buying Strategy: A mix of smash buys (20–30% upfront) and ongoing DCA from operating capital.
• Key consideration: Treating Bitcoin as a long-term treasury asset, not a short-term trade.

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Step 2: Our Expanded Bitcoin Treasury Playbook

Several additional considerations must be addressed to ensure a smooth and effective Bitcoin treasury rollout.

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1. Taxes, Accounting, and Compliance

Your team needs someone who understands Bitcoin accounting and tax requirements. If you lack this expertise internally, specialized firms like OpenPath Finance, and

Satoshi Pacioli Accounting can provide these services.

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2. Stakeholder Alignment

While board approval may not be required, getting stakeholder buy-in builds legitimacy. Create an internal working group to coordinate across departments and demonstrate this is a strategic decision.

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3. Legal & Regulatory Review

Review operating agreements, financing terms, and investor covenants for any restrictions on holding Bitcoin. Clear legal due diligence prevents future complications.

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4. Team Education

Ensure everyone involved understands Bitcoin fundamentals, custody procedures, and security protocols. Well-trained teams become effective ambassadors for this initiative.

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5. Policy Documentation

Update treasury policies, risk controls, and custody procedures. Clear documentation makes the program scalable and audit-ready.

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6. Insurance Strategy

Traditional insurance doesn't cover Bitcoin. Evaluate specialized policies for both custodial and self-custody approaches to manage risk. Some Bitcoin custody products have insurance built into them.

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7. Reputation Management

Develop a clear communication strategy for investors, customers, and media. Craft a compelling narrative that highlights the benefits while addressing potential concerns.

Fortunately, companies announcing Bitcoin strategies today receive significant positive attention.

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Step 3: Why it matters

They nailed the implications:

While Tahini's (a Canadian restaurant chain with packaged goods) was the first food company to put its treasury in Bitcoin, Ithaca could become one of the first pure CPG brands to adopt a Bitcoin standard.

One reason few CPG brands have adopted Bitcoin is because they operate on thin margins and prioritize predictable cash flows for manufacturing and distribution.

This challenge can be addressed by maintaining sufficient working capital for core business operations while treating Bitcoin as a long-term treasury asset that doesn't impact working capital. The main argument against Bitcoin–volatility–is avoided in a healthy business with plenty of working capital and predictable business cycles. In fact, a Bitcoin treasury can help smooth out industry and business fluctuations by diversifying beyond pure cash flows.

The PR and brand positioning value is huge. This is more than a financial decision—it’s a narrative and story people can get behind. When a company announces a Bitcoin strategy, news outlets and prominent social media accounts quickly amplify the news. This creates instant free publicity, advertisement and exposes the business to new customer segments.

Using both P&L performance and strategic balance sheet management creates new levels of enterprise value. Bitcoin is the best performing asset of the past decade, and since it's a commodity, companies can acquire it without ownership limits. Companies on a bitcoin standard tend to outperform their peers due to this advantage.

And of course, there’s the Strategy comparison.

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Strategy continues to operate a profitable software business that generates revenue. This cash flow helps service its debt and enables further Bitcoin purchases.

However, as a private CPG company, Ithaca lacks the financial engineering options available to publicly traded companies, which can access open markets for debt and equity financing.

Instead, private companies typically rely on alternatives like Bitcoin-backed loans, directing excess cash flows into Bitcoin, and taking on responsible debt and leverage to accumulate more BTC. You can also utilize River's interest-bearing accounts that pay interest in Bitcoin.

Chris and Stewart accurately describe the impact of adding Bitcoin as rocket fuel to your balance sheet: when a profitable, growing business integrates Bitcoin, it creates a powerful dual engine.

The company grows through its core operations while simultaneously strengthening its balance sheet with a digital asset that has historically outperformed all alternatives. This strategic approach appeals to both customers and investors who value innovation.

“We’ve got a business model that is growing like crazy and is profitable. When you combine that profitable, growing business model with the impact that Bitcoin would have on the balance sheet, I think that’s a pretty powerful combination that could present a great opportunity for retail and institutional investors.”

A company leveraging both its operations and its balance sheet enters a league of its own. Metaplanet, Semler Scientific, Strategy, and others have shown just how powerful this play can be.

Sovreign exists specifically to help bring this playbook to every business, regardless of their size or power.

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Adopt the best asset for your business now

Strategy’s financial pioneering shows what’s possible for any company considering bitcoin exposure.

Bitcoin’s value is rooted in much more than mere investment. With an effective approach to the Bitcoin Business Standard, your company can enjoy a holistic overhaul—financially, culturally, and philosophically.

To get started, schedule a consultation with our team today.