TreasOS

Non-custodial operating system for corporate Bitcoin treasuries.

Trebuoj Zepol · Europe (ES / FR beachhead) · Pre-seed · July 2026

Raise €400–600k SAFE · 15–20% discount
Target post €3.5–5.0M
Base: €500k @ €4.0M post

Problem

Corporate Bitcoin on the balance sheet needs board-grade controls—not chat, spreadsheets, or exchange custody.
Post–MiCA Europe: auditors and boards demand segregation of duties, policy evidence, and clear non-custody boundaries.
Existing tools skew custodial (CASP risk) or vault/DeFi-first—not CFO-grade treasury orchestration.

Solution

Watch-only treasury OS: policies, maker-checker, RBAC, audit trail, proof of reserves.
Client holds keys; signs PSBTs offline; TreasOS never custodians or co-signs.
Self-host or EU-host; MiCA-aware feature flags for ES/FR builds.

Product

Governance

Policy engine & spend limits
Maker-checker approvals
Org roles / invite flow

Bitcoin ops

Watch-only wallets (xpub / descriptors)
PSBT create → air-gap sign → broadcast
UTXO view, fees, change tracking

Assurance

Audit log & auditor portal
BIP-322 proof of reserves
License + MFA institutional gates

Market & beachhead

Primary: EU Bitcoin treasury / holdings companies (board + auditor pressure).
Secondary: family offices & corporates holding BTC with multi-approver needs.
Channel: MiCA counsel, auditors, Bitcoin strategy advisors.

Business model

Paid technical pilot → enterprise license / subscription.
Indicative: pilot mid–five figures; enterprise mid–four figures / month.
No freemium on customer infra; no yield/EMT in default ES/FR builds.

Traction

Stage	Status
Education demo (regtest)	Live
Institutional pilot stack (testnet)	Live — policies, PSBT, MFA, audit
Mainnet end-to-end smoke (founder-operated, LAN)	Completed — full outbound path on Bitcoin mainnet
Paying design partner / LOI	Next — raise unlocks delivery + legal entity

Use of funds (base €500k)

30%	Product & security — production hardening, external pentest, DR drills
15%	Legal & entity — EU vehicle, IP assignment, MiCA memo ES/FR, pilot MSA/DPA
35%	Go-to-market — 1–2 design partners, delivery, beachhead intros
20%	Runway — founder + ops 12–16 months

The ask

€400–600k on SAFE (target post-money €3.5–5M). Also seeking warm intros to CFOs / Bitcoin treasury operators, MiCA counsel, and audit firms in Spain and France.

Equity (base): €500k @ €4.0M post → ~12.5% investors · ~87.5% founder (before typical option pool).