Analysis of Digital Asset-Related Information in S&P 500 Companies’ 10-Ks
The CAQ analyzed S&P 500 companies’ Form 10-Ks to understand the extent of digital asset-related disclosures in those SEC filings. This was our first year performing an analysis over digital asset-related information (e.g., mention of cryptocurrency, Ethereum, Bitcoin).
The CAQ, using data by ESGAUGE, looked at the most recent SEC Form 10-Ks for S&P 500 companies available as of June 2025.1 We analyzed 10-Ks from S&P 500 companies to understand what digital asset-related information S&P 500 companies typically disclose and where they typically disclose that information within the 10-K.
This analysis was solely focused on information disclosed in an S&P 500 company’s SEC Form 10-K, and does not contemplate digital asset-related information communicated by companies outside of their SEC Form 10-K.
The CAQ observed that 47 S&P 500 companies, approximately 9%, mentioned digital asset-related information in their 2024 10-K. More than half of these companies operate in the financial services sector, while the remainder span the information technology, energy and utilities, and consumer discretionary sectors.
Most companies that mentioned digital asset-related information in their 10-K did so in Item 1A. Risk Factors. Some companies also mentioned digital asset-related information within Item 8. Financial Statements, Item 1. Business, and Item 7. MD&A. A few companies also mentioned digital asset-related information in Item 1C. Cybersecurity.
Section of 10-K Digital Assets are Mentioned
The type of information mentioned by companies in Item 1A. Risk factors, Item 1. Business, and Item 7. MD&A varied from company to company, but we observed some common themes:
- Within Item 1A. Risk Factors, companies discussed regulatory risks, market volatility, and technological risks associated with digital assets. Regulatory risks arise due to the uncertain and evolving nature of the regulatory landscape. Companies may need to comply with additional regulations in the future which may be costly. Companies both directly and indirectly invested in these assets noted that the volatility of the digital asset market may impact them. With the rapid evolution of technology and its impact on digital assets, companies also discussed the risks related to the cost of adaptation and their ability to maintain competitiveness.
- Most of the companies that provided disclosure within Item 1. Business were financial institutions, exchanges, or payment processors. These companies discussed their platforms and products that enable customers to buy, sell, and hold their digital assets. Additionally, there were a few companies that discussed regulation around digital assets or noted risks to their competitiveness resulting from digital asset-related products offered by competitors.
- Within Item 7. MD&A disclosures, most companies again discussed their digital asset-related platforms and products. Some companies mentioned digital assets when sharing their results of operations around revenue or other income.
Most mentions of digital asset-related information in Item 8. Financial Statements fell within notes discussing the company’s significant accounting policies. Companies provided a summary of the recently issued Accounting Standards Update (ASU) from the Financial Accounting Standards Board (FASB) covering crypto assets, ASU 2023-08—Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60), that is effective for all entities for fiscal years beginning after December 15, 2024. They generally indicated that they had not yet adopted the ASU or are assessing the impact, although one company had early adopted the ASU as of January 1, 2024.
While less common, we also observed mention of digital asset-related matters in footnotes covering commitments and contingencies, fair value measurement, goodwill and other intangibles, segments, revenue, and various others.
Endnotes
- The data herein reflects the S&P 500 index from 2024 and the company’s most recent SEC Form 10-K as of June 30, 2025.
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