Digital assets on the corporate balance sheet: a 2026 guide for treasurers

Digital assets on the corporate balance sheet raise four questions in 2026: custody, accounting treatment, what the policy permits and who signs off. This guide answers each in order for a treasurer or CFO. It covers providers and custody, fair-value accounting under FASB ASU 2023-08, policy contents, stablecoin yield against fixed income, and the risks a board weighs first.

Key takeaways

• Custody and provider selection come before allocation size: ask who holds the keys, whether accounts are segregated and titled to the company, and whether assets are ever lent.
• FASB ASU 2023-08 replaced impairment-only accounting with fair value through net income for in-scope crypto assets, effective for fiscal years beginning after December 15, 2024 (FASB Accounting Standards Update No. 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60), December 2023 (ASC 350-60-35-1)).
• Stablecoin yield is a cash-management decision and bitcoin a reserve-asset decision; they carry different risks and belong in separate policy sections with separate limits.
• Abra's USDaf strategy targets 4 to 10% APY and reported a 7.28% annualized yield in August 2026 against an FDIC national average savings rate of 0.38% (FDIC, National Rates and Rate Caps, national average rate on savings deposits, 0.38% (August 2026)); the rate is variable, not guaranteed and not FDIC insured, and T-bills carry risks it does not. Not a like-for-like comparison: bank deposits may be eligible for FDIC insurance and generally have materially different credit, liquidity and principal-loss risks. USDaf is an investment strategy, is not a bank deposit, is not FDIC insured, and involves possible loss of principal.
• A written policy with limits, custody standards, reporting cadence and exit criteria is the board's control, and it should exist before any account is funded.

Why are corporate treasurers looking at digital assets in 2026?

Treasurers are looking at digital assets because two obstacles that kept them out have changed. Accounting changed first. FASB ASU 2023-08 requires in-scope crypto assets to be measured at fair value with changes recorded in net income, effective for fiscal years beginning after December 15, 2024 (FASB Accounting Standards Update No. 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60), December 2023 (ASC 350-60-35-1)). Before that, holdings could be written down but never written back up. Regulation changed second. The GENIUS Act (2025) set a federal framework for payment stablecoins, which gave finance teams a clearer basis for holding dollar-denominated tokens (Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), Pub. L. No. 119-27 § 4(a)(11) (enacted July 18, 2025); see U.S. Dep't of the Treasury, GENIUS Act Implementation, 90 Fed. Reg. (Sept. 19, 2025)).

The practical interest is usually narrower than headlines suggest. Few treasurers start with bitcoin. The common starting question is whether idle operating cash can earn more than a bank deposit without leaving the dollar. Stablecoin yield strategies such as Abra's USDaf, which targets 4 to 10% APY, variable and not guaranteed, sit in that conversation. Stablecoin yield strategies are not bank deposits, are not FDIC insured and are not guaranteed; principal is at risk. Bitcoin allocations, where they happen, tend to be small, board-approved and treated as a long-duration reserve asset. Peer adoption gets cited too: public companies including Strategy (formerly MicroStrategy), Tesla and Block have disclosed bitcoin holdings in SEC filings, and each documented its accounting and governance approach there (Strategy Inc., Form 10-K for FY2025 (filed Feb. 13, 2026); Tesla, Inc., Form 10-Q for Q1 2021; Block, Inc., Form 10-Q for Q3 2024 — all SEC EDGAR).

None of this makes digital assets appropriate for every company. The questions in this guide are the ones a treasury committee should be able to answer before any allocation: how the asset is held, how it is accounted for, what the written policy permits, and who signs off.

Which providers help corporates hold digital assets?

Corporates hold digital assets through four provider categories, and the category determines the control environment. Qualified custodians hold the private keys under a custody agreement, ideally in segregated accounts titled to the client. Registered investment advisers manage the allocation and arrange custody on the client's behalf. Exchanges with institutional desks provide trading and, in some cases, custody, though the two functions often sit on one balance sheet. Exchange-traded products give exposure through a brokerage account without the company touching the asset.

Abra Capital Management, LP is an SEC-registered investment adviser headquartered in San Francisco, California; Abra was founded in 2014 (Abra Capital Management, LP, Form ADV, SEC Investment Adviser Public Disclosure, IAPD firm record, CRD No. 323353 / SEC File No. 801-129529 (main office 1160 Battery Street East, Suite 100, San Francisco, CA 94111); Abra Financial Holdings, Inc., press release filed with the SEC (Exhibit 99.1 / Rule 425), March 16, 2026). Client assets are held in separately managed accounts titled to the client, with Fireblocks multi-party computation (MPC) key management and the custody arrangement specified in the applicable client agreement and product documentation, and Abra does not rehypothecate client assets for its own account; strategy-specific deployment or use of assets is governed by the applicable client authorization and product disclosures. Abra can support corporates and institutions with qualified custody on select assets and strategies, and the arrangement that applies to a given product is set out in the client's advisory agreement and product documentation. That structure matters to a treasurer because it separates the adviser's balance sheet from the client's assets and gives the auditor a custodian to confirm against. Registration does not imply a certain level of skill or training.

When comparing providers, ask the same questions of each: who holds the keys, whether assets are segregated or pooled, whether the provider lends client assets, what the SOC reports and insurance actually cover, and how positions are confirmed at period end. A provider's ability to document these matters in writing should be considered as part of the diligence process.

Related: Digital asset treasury solutions for corporations

How do stablecoin yield strategies compare with traditional fixed income for a conservative treasury?

They may offer different yields and they carry different risks, and a committee comparison has to show both. As of August 2026 the FDIC national average savings rate was 0.38%, according to FDIC National Rates (FDIC, National Rates and Rate Caps, national average rate on savings deposits, 0.38% (August 2026)). Abra's USDaf dollar yield strategy reported a 7.28% annualized yield in the same month and targets 4 to 10% APY. The spread may reflect additional risks associated with the strategy, including counterparty, smart-contract, market and liquidity risks, and is not guaranteed. It may also reflect stablecoin depeg risk. Not a like-for-like comparison: bank deposits may be eligible for FDIC insurance and generally have materially different credit, liquidity and principal-loss risks. USDaf is an investment strategy, is not a bank deposit, is not FDIC insured, and involves possible loss of principal. T-bills carry the full faith and credit of the US government and can be held to maturity with a known return (SEC Office of Investor Education and Advocacy, Treasury Securities, Investor.gov; see also 31 U.S.C. § 3123), a return that is known in nominal terms only and only if the bill is held to maturity.

Abra organizes corporate allocations into three risk tiers so that a policy committee can approve each one separately, and the table sets them against the conventional alternatives. Tier 1, stablecoin yield, keeps principal dollar-denominated and does not seek direct bitcoin price exposure. Tier 2, a small unleveraged bitcoin allocation, carries full price volatility that flows through net income under ASU 2023-08, with an optional BTCaf yield overlay targeting 2 to 5% APY paid in bitcoin. Tier 3, diversified digital, adds ether and selected other assets with higher volatility and selection risk. Corporate clients may begin with Tier 1 or Tier 2 depending on their objectives and risk parameters. Both targets are variable and not guaranteed, and both strategies can lose principal. Target ranges are not floors or guarantees, and realized results may fall outside them.

Related: Corporate crypto ROI calculator for idle treasury cash

How is impairment handled after ASU 2023-08?

After ASU 2023-08, impairment testing no longer applies to in-scope crypto assets. Companies measure those assets at fair value at each reporting date and record the change, up or down, in net income. The prior model treated bitcoin and similar tokens as indefinite-lived intangible assets: carried at cost, tested for impairment, written down when the price fell below carrying value, and never written back up if the price recovered.

The change removes the asymmetry that made holdings look worse than they were. It also introduces earnings volatility, because every quarterly price move now flows through the income statement. Treasurers should expect questions from the audit committee about how that volatility will be presented and explained. The standard also requires separate presentation of crypto assets on the balance sheet and disclosure of significant holdings, restrictions, and a rollforward of activity during the period (FASB ASU 2023-08, ASC 350-60-45-1, issued December 2023).

Transition is handled through a cumulative-effect adjustment to opening retained earnings in the period of adoption, and early adoption was permitted (FASB ASU 2023-08, ASC 350-60-65-1 (transition), issued December 2023; effective for fiscal years beginning after Dec. 15, 2024). Stablecoins that give the holder a redemption right against the issuer are generally viewed as out of scope and analyzed as financial assets instead (FASB ASU 2023-08 (Subtopic 350-60), scope criterion ASC 350-60-15-1(b); see Deloitte, Frequently Asked Questions About Implementation of the FASB's New Crypto Assets Standard (Apr. 2024, updated July 2025)). Scope, presentation and disclosure are covered in detail on Abra's ASU 2023-08 research page. Every company should confirm treatment with its auditors before opening a position.

Related: FASB ASU 2023-08 crypto accounting: what CFOs need to know

What belongs in a treasury digital-asset policy?

A treasury digital-asset policy belongs alongside the investment policy statement and should be at least as specific. At minimum it names the approved assets, sets allocation limits as a percentage of investable cash and as an absolute dollar cap, defines who may approve transactions and at what thresholds, and states the custody requirements the company will accept. It should also set the reporting cadence to the treasury committee and the board, and the conditions under which the company would exit the position.

Stablecoin yield and bitcoin should be treated as separate sections. They serve different purposes, carry different risks and are measured differently. A stablecoin yield position is a cash-management decision with counterparty, protocol and depeg risk. A bitcoin position is a reserve-asset decision with price volatility that now reaches reported earnings. Combining them under one limit hides the distinction from the board.

Abra publishes a board-ready policy template that covers each of these sections with bracketed fields to customize, paired with a risk register and a peer FAQ. It is a starting point, not a finished policy. Legal counsel and the auditors should review the customized version before it goes to the board.

Related: Corporate crypto treasury policy template for boards

What custody standard should a treasurer require?

Write the custody standard into the policy first and test providers against it, rather than the other way round. Four requirements cover most of what an audit committee will ask. A qualified custodian holds the private keys. Accounts are segregated and titled to the company, not pooled in an omnibus wallet on the provider's balance sheet. Assets are never lent or rehypothecated. Positions are confirmed at period end by the custodian in a form the external auditor can rely on.

Add the transaction authorization model: how many parties must approve a movement, how that maps to the company's own signing authorities, and how every movement is logged so that internal audit can follow the trail without reconstruction. Abra's arrangement is one worked example: separately managed accounts titled to the client, Fireblocks MPC key management, the custody arrangement specified in the applicable client agreement and product documentation, and no rehypothecation for Abra's own account, with strategy-specific deployment or use governed by the applicable client authorization and product disclosures, with transaction approval rules that mirror the client's signing authorities. Qualified custody is available for select assets and strategies rather than for every holding, and the advisory agreement and product documentation state which applies to a given product.

Custody is also where the yield question gets honest. A provider that generates yield by lending your assets has a different risk profile from one that does not, whatever the quoted rate. Ask in writing, and put the answer in the policy.

Related: What a qualified custodian is and why it matters

What risks should the board weigh before approving an allocation?

The board should weigh five risks before approving an allocation, and each should appear in the policy. Custody risk is the possibility that keys are lost, stolen or controlled by a party that fails. Counterparty risk is exposure to the provider, exchange or protocol on the other side of the position. Accounting volatility is the effect of fair-value changes on reported earnings under ASU 2023-08. Regulatory change is the possibility that rules on stablecoins, custody or tax shift after the position is established. Final implementing rules under the GENIUS Act have not yet been adopted — Treasury, the OCC and the FDIC issued proposed rules during 2026 — and the final rules can change how stablecoin yield strategies are structured (U.S. Dep't of the Treasury, GENIUS Act Regulations on Payment Stablecoin Issuance, Offer, and Sale, 91 Fed. Reg. 53368 (proposed Aug. 18, 2026); OCC Bulletin 2026-3, GENIUS Act Regulations: Notice of Proposed Rulemaking). Liquidity risk is the ability to exit at the expected price when cash is needed.

Stablecoin yield adds two more. Depeg risk is the chance the token trades below one dollar. Smart contract risk is the chance the code that generates the yield fails. Yield figures such as USDaf's 4 to 10% APY target are variable and not guaranteed, and they should be presented to the board as a range with the downside stated. Target ranges are not floors or guarantees, and realized results may fall outside them.

None of these risks is a reason to say no on its own. They are the reason the decision belongs with the board, in writing, with limits attached.

How should a corporate treasury sequence the work?

Sequence the work so that no account is funded before the controls exist. Policy comes first: the board or its delegated committee approves the digital-asset policy, with its limits, custody standard and reporting cadence, before any provider is engaged. Custody comes second: the provider is tested against the written standard and onboarded, with the authorization model mapped to the company's signing authorities. Accounting comes third: the scope analysis for each token, the price source and cut-off convention, and the ledger and reporting data flows are agreed with the auditors.

Funding comes fourth, and by tier. Corporate clients may begin with Tier 1 stablecoin yield or a Tier 2 bitcoin position depending on their objectives and risk parameters, and add a tier only after the controls and reporting have operated through at least one audit cycle. Reporting closes the loop: monthly statements, a board report that summarizes positions against policy limits, and transaction-level data with cost basis and fair value that the accounting team can import.

The CFO's guide to crypto lays out the same sequence in six chapters with the working documents, and the treasury hub links every resource in the order a committee memo gets written. A treasury consultation with Abra covers your investment policy, the risk tier that fits the board's appetite, the custody standard and the accounting treatment; no proposal is prepared until you ask for one.

Related: The CFO's guide to crypto and digital assets on the balance sheet

Disclaimer. This page is educational material from Abra Capital Management, LP, an SEC-registered investment adviser, and is not accounting, tax or legal advice. Registration does not imply a certain level of skill or training. Digital assets and stablecoin yield strategies involve a high degree of risk, including loss of principal, and are not insured by the FDIC or any government agency. Yield targets are variable and not guaranteed. Past performance does not guarantee future results. Yield strategy tokens (BTCaf, ETHaf, SOLaf, USDaf, XRP yield) are issued by AbraFi and accessed through Abra Capital Management. Companies named are cited from their public filings and are not endorsed by or affiliated with Abra. Consult your auditors and counsel before acting on it.