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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.
Bitcoin yieldHow to Earn Yield on Bitcoin: Methods, Risks and RatesYou can earn yield on Bitcoin through lending, DeFi protocols, delta-neutral trading strategies and covered calls, but Bitcoin itself cannot be staked.8 min read
StakingHow Crypto Staking Works: A Guide to Proof-of-Stake YieldCrypto staking works by locking coins in a proof-of-stake network to help validate transactions, earning rewards paid in the network's native asset.7 min read
MethodologyHow Abra Generates Yield: Methodology and Risk ManagementAbra generates yield through delta-neutral basis trades for Bitcoin, proof-of-stake validation for Ethereum and Solana, and curated stablecoin lending.8 min read
TrustWhat Is Rehypothecation and Why Does It Matter in Crypto?Rehypothecation is when a financial institution uses assets its clients deposited as collateral for its own borrowing, lending or trading.6 min read
Comparison guideDeFi Yield vs Savings Account vs Curated Strategies: How Do They Compare?DeFi yield vs savings account vs curated crypto strategy: they differ in yield source, custody, insurance and who bears the loss when something fails.5 min read
YieldThe role of yield in a digital asset portfolioYield strategies may generate income on crypto portfolio holdings without an initial sale, but they add strategy, counterparty, market and other risks.5 min read
YieldHow compounding works across crypto yield strategiesCompound interest in crypto means reinvesting the rewards you earn so that those rewards earn rewards of their own in the next period.7 min read
Treasury and dollar yieldDollar Yield Compounding Considerations for Corporate TreasurersStablecoin compounding yield is the process by which yield credited to a treasury balance earns yield itself in the next period.6 min read
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.
Crypto-backed loansHow Crypto-Backed Loans Work: Mechanics, Risks and TermsCrypto-backed loans work by pledging Bitcoin or other digital assets as collateral to borrow cash or stablecoins without an immediate sale of the crypto, subject to the financing and custody terms.7 min read
Crypto-backed loansShould You Borrow Against Bitcoin or Sell It? Tax, Cost and LTV, Worked ThroughChoosing to borrow against Bitcoin may provide liquidity without an immediate sale, while selling avoids financing costs, leverage and liquidation risk.9 min read
Crypto-backed loansCrypto-Backed Loans Guide: LTV, Rates, Margin Calls and ProvidersA crypto-backed loan lets you borrow dollars against Bitcoin or Ethereum without selling the collateral.8 min read
Tax guideAre Crypto-Backed Loans Taxable? A Guide for US HoldersBorrowing against digital assets may not constitute a taxable disposition where the transaction is respected as a bona fide loan and the collateral arrangement does not result in a taxable transfer. Tax treatment depends on the structure and the client’s circumstances.6 min read
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.
CustodyWhat Is a Qualified Custodian for Digital Assets?A qualified custodian is a bank, broker-dealer, futures commission merchant or trust company permitted to hold client assets under the SEC custody rule.6 min read
How it works · CustodyHow to Custody Digital Assets: An Institutional GuideTo custody digital assets as an institution means controlling their private keys in a way an auditor, regulator and successor can verify.7 min read
How-to guideHow to Transfer Crypto In-Kind to a Custodian or AdviserTo transfer crypto in-kind is to move digital assets from one wallet or custodian to another without an intervening sale.6 min read
How-to guideHow to Open an Abra Account: What to Expect Step by StepTo open an Abra account, expect roughly 3 to 5 business days from application to funded account, covering identity verification, suitability and funding.6 min read
Estate planningDigital Asset Estate Planning: What to KnowDigital asset estate planning addresses private key succession, fiduciary access, valuation and tax treatment that traditional estate plans do not cover.5 min read
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.
AllocationDetermining Your Digital Asset Allocation: A Strategic GuideThis digital asset allocation guide sets out four steps: define risk tolerance, select assets, size the position and set governance rules.6 min read
AllocationFraming a First Bitcoin Allocation: How Much Is Appropriate?Published institutional research places a first bitcoin allocation at roughly 1% to 5% of a diversified portfolio, with BlackRock (2024) at 1 to 2%.6 min read
Treasury operationsHow Institutional Crypto Reporting Works: Statements, Attribution, Tax and AuditInstitutional crypto reporting covers monthly position and NAV statements, performance attribution, tax lot tracking and an auditable trail.6 min read
RegulationThe GENIUS Act and Stablecoin Yield: What Treasurers Need to KnowThe 2025 federal GENIUS Act stablecoin law regulates payment stablecoin issuers and restricts them from paying interest to holders for holding the coin.5 min read
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.
Getting startedWhat is Bitcoin and why does it matter?What is Bitcoin? Bitcoin is a decentralized digital currency that runs on a peer-to-peer network with no central authority controlling issuance or settlement.6 min read
Getting startedWhat is DeFi and why should you care?DeFi explained: decentralized finance is a set of financial services built on blockchain smart contracts with no bank or broker in the middle.7 min read
DeFiWhat are the risks of DeFi?The main DeFi risks are smart contract exploits, impermanent loss, rug pulls and governance attacks, and regulatory uncertainty.7 min read
DeFi · How it worksHow do DeFi vaults work?A DeFi vault is a smart contract that takes deposits and automatically deploys them into yield-generating strategies on blockchain protocols.6 min read
Digital assets explainedWhat are the advantages of tokenization?Tokenization is the process of representing ownership of a real-world asset on a blockchain as a digital token.7 min read

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.
