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Learn About Crypto: Yield, Lending, Custody and Treasury Guides

Learn about crypto yield, staking, crypto-backed loans, qualified custody and treasury management in plain-language guides from Abra Research.

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Yield

Where does yield on Bitcoin and other digital assets come from?

Yield is where most readers start when they learn about crypto. These guides explain where a return on digital assets actually comes from: protocol staking on Ethereum and Solana, delta-neutral basis trades on Bitcoin, and lending in DeFi and centralized venues. Each one names the risks that fund the yield, from slashing to exchange failure to stablecoin depegs, and none of them treats a headline rate as the answer. Abra's yield targets are variable and not guaranteed, and the guides say so wherever a figure appears.

Begin with the Bitcoin yield pillar, then read the staking explainer and the methodology page for how Abra's BTCaf and USDaf strategies are built. The rehypothecation guide is the trust check: it shows how to read a platform's terms to find out whether your coins are lent onward.

Lending

How do crypto-backed loans work, and when do they make sense?

Borrowing against crypto lets you raise cash without selling. These guides cover the full mechanics: how collateral is deposited and returned, how loan-to-value ratios work, what triggers a margin call, and what a liquidation means for your position and your taxes. They also explain how platforms differ in custody and rehypothecation, the two features that decided outcomes for Celsius and BlockFi borrowers.

Start with the mechanics guide. The borrow-or-sell guide then works the numbers for a low-basis holder raising cash, and the tax guide covers what is and is not a taxable event. The 2026 loans guide compares rates, LTVs and providers. Eligible clients may access third-party financing opportunities identified by Abra Capital Management (“ACM”) for eligible digital-asset collateral. Available LTVs, rates, terms and financing sources vary and are confirmed before a transaction.

Custody

How should you hold, transfer and pass on digital assets?

Custody decides who bears the loss when something fails, and it is the part of digital asset ownership that estates, auditors and investment committees ask about first. These guides explain what a qualified custodian is under the SEC custody rule, how the main custody models differ, how to move assets in-kind without selling them, and how to plan for succession when ownership is proven by a private key rather than a record at an institution.

Abra client assets sit in separately managed accounts titled to the client, held segregated at Fireblocks Trust Company, LLC with Fireblocks MPC key management. Any permitted deployment or use of client assets is governed by the applicable investment-management, custody, strategy and transaction documentation. The guides below explain what each of those words means and what to verify.

Institutions

What do allocators, family offices and treasurers need to know?

Institutions ask different questions: not whether digital assets can earn a return, but how much to allocate, how to govern it, and whether the operational and reporting structure will pass a due diligence review. These guides are written for allocators, advisers, family offices and corporate treasurers, and they lead with the number or the framework rather than with a product.

The allocation guides address how to size a first position and how wealth managers frame it for cautious clients. The reporting guide sets out what a monthly package should contain and how it reconciles to the custodian and the ledger. Treasurers will also find the dedicated treasury hub, which carries the CFO guide, the policy template, the accounting explainer and the ROI calculator.

Getting started

Where should a first-time reader start to learn about crypto?

If you are new to the asset class, start with the primers. They explain what Bitcoin is and why it matters, what decentralized finance is in plain language, how DeFi risk differs from the risks you already know, what a DeFi vault does, and what tokenized ownership changes. None of them assumes prior knowledge and none of them sells anything.

Read them in the order below, then move to the yield or lending group depending on your question. Each primer links forward to the guide that goes deeper, so you can follow a single thread from first principles to a specific decision without leaving this section of the site.

Frequently asked questions

Abra Research writes the guides, with named bylines where the client has assigned an author: Bill Barhydt, founder and CEO, on the crypto-backed loans guide and Marissa Kim on the digital asset allocation guide. Each guide carries a visible updated date and lists its sources. Abra Capital Management, LP is an SEC-registered investment adviser; registration does not imply a certain level of skill or training.

No. The guides are educational. They explain how yield, lending, staking, custody and reporting work, name the risks, and cite sources. They do not recommend any strategy for your situation. Where a guide describes an Abra product, it says so, and the product page carries the current terms and disclosures. Consult a qualified financial, legal or tax adviser before acting.

Each guide shows its last updated month in the byline, and rates and terms are dated wherever they appear. Abra Research reviews the guides when a product term, a rule or a market figure they cite changes, and republishes with a new date. If a figure on a guide conflicts with a product page or Abra's Form ADV, the product page and the Form ADV govern.

Yes, where relevant, and always after the mechanics. The methodology guide explains how Abra's BTCaf and USDaf strategies generate yield. The loan guides state Abra's published terms alongside the general mechanics. Every guide that describes a regulated product includes the risks, the variable nature of any target, and a link to the product page and disclosures.

Abra Capital Management, LP is an SEC-registered investment adviser providing digital asset wealth and treasury management. It was founded in 2014 by Bill Barhydt and is headquartered in Palo Alto, CA. Certain eligible client assets may be maintained in separately managed accounts and held with Fireblocks Trust Company, LLC, depending on the asset and strategy. Abra serves private clients, family offices, RIAs, corporate treasuries, institutions and exchanges.

See how the products work

When you have read the mechanics, the product pages show current terms, custody structure and disclosures for each Abra strategy. Ask the team any question a guide leaves open and get the answer in writing.