BOOK ONE · PUBLISHED 2026
A framework for family offices working through a first Bitcoin allocation or refining an existing position.
A considered resource for serious capital
This book is written for principals, investment officers and advisers who need a clear way to work through Bitcoin without being pushed toward either advocacy or avoidance. Bitcoin and the Family Office treats the decision as part of a larger investment and governance system, where the most useful output is an explainable process.
The material is intentionally practical. It identifies what needs to be decided, who needs to be involved, which assumptions should be written down and which questions belong with tax or legal counsel. It does not use price targets, performance promises or a required conclusion. A family may decide to allocate, to wait or not to allocate; the quality of the decision depends on the quality of the work around it.
Bitcoin and the Family Office begins with a practical question: what would have to be true for a family office to establish a position it could explain, monitor and govern over time? The book is not a case for a particular allocation. It is a way to structure the work before a position is approved, when the quality of the questions matters more than the confidence of the answer.
The opening chapters place Bitcoin in the longer history of money, settlement and stores of value. That history is included for a specific reason. A family office needs to understand what makes the asset relevant to a multigenerational balance sheet without treating historical context as a prediction. The book separates the monetary question from the portfolio question, then shows where the two meet.
The middle of the book works through portfolio architecture. What is the proposed role of the position? Which existing exposures does it complement or complicate? How should liquidity, drawdown tolerance, rebalancing discipline and reporting be considered? These are deliberately ordinary investment questions, applied to an asset that often attracts extraordinary language.
An allocation is not durable because the first investment committee approves it. It is durable when the next generation can understand the mandate, the custody arrangement, the decision rights and the conditions for review. The final chapters address ownership, delegation, documentation and the handoffs that can turn an operational detail into a family-level risk.
Eric Runge wrote this book for principals and investment officers who need analytical rigor rather than advocacy. The foreword is by Richard Wilson, founder of the Family Office Club. The book is educational and general in nature and is not a substitute for individualized investment, tax or legal advice.
Read it before a committee meeting, not after the decision has already been made. Use the headings as prompts for an investment memo, a family meeting or a conversation with an adviser. Then separate the portfolio questions from the implementation questions: ownership, custody, reporting, taxes, legal structure and succession may require different specialists.
The aim is a durable record of reasoning. A well-formed record lets a family revisit the allocation when circumstances change without treating every review as a fresh debate. It also gives the next generation a way to understand what the original decision was meant to accomplish and which limits were intentionally put around it.
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