Bitcoin recently celebrated its twelfth birthday, but in historical terms, it is still very much in its infancy as compared to other major asset classes. In this paper, Joel Coverdale, CFA, of Eight Isle will outline how to think about bitcoin in the context of institutional money management, and specifically, in the context of the risk management process. He and his colleagues will posit that many of the characteristics of bitcoin are much like other assets, that it should not be treated that differently, and that from an asset allocation perspective, it provides some appealing benefits for a globally diversified investment strategy. The institutionalisation of bitcoin is gaining pace. This paper aims to add structure to that process and identify some key themes for those interested to begin allocating.