Corporate Crypto-Asset Disclosures and Liquidity Policy: Evidence from SEC 10-K Filings

Published in: Proceedings of the 7th National HBCU Blockchain, FinTech, and AI Conference
Conference: 7th National HBCU Blockchain, FinTech, and AI Conference
Conference Location: Nashville, Tennessee
Date of Conference: November 8–10, 2026
Publisher: National Center for the Study of Blockchain and FinTech, Morgan State University

Published: 2026
Publication Type: Full Paper
Pages: 127-149
Paper ID: 8

Author(s)

Arthur Wharton
Virginia State University

Theodore Andrews
Virginia State University

Aurelia Donald
Virginia State University

Abstract

The rapid mainstreaming of digital assets is reshaping both corporate financial reporting and treasury strategy. Between 2024 and mid-2025, the number of publicly traded firms disclosing Bitcoin positions increased from 64 to 151, signaling a shift toward integrating crypto assets into formal balance-sheet management. This study investigates: (1) the factors that drive variation in crypto-related disclosures within SEC Form 10-K filings, and (2) how corporate crypto holdings relate to traditional liquidity allocations, including trading, available-for-sale (AFS), and held-to-maturity (HTM) securities. Drawing on SEC EDGAR filings and text-mining techniques, we document substantial cross-firm heterogeneity: firms operating at the core of the crypto ecosystem provide extensive disclosures, whereas firms with moderate exposure appear to use disclosure strategically. Using Signaling Theory as a framework, we evaluate whether digital assets function as liquidity substitutes or as higher-risk complements, offering implications for disclosure behavior, treasury management, and emerging regulatory policy.

Keywords: Cryptocurrency disclosure, digital asset reporting, blockchain financial reporting, crypto-related risk factors, SEC form analysis

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