- Abra has launched a treasury service for companies that want to hold bitcoin on their balance sheet as a reserve asset.
- The integrated offering combines custody, trading, borrowing, and yield services through separately managed accounts.
As a seasoned crypto investor with a keen interest in the latest developments within the digital asset industry, I’m thrilled to see Abra’s new treasury service for corporates. This offering is a significant step forward in bringing institutional adoption of cryptocurrencies to the next level.
In a press release on Monday, Abra, the leading digital asset prime services and wealth management platform, announced the introduction of Abra Treasury – a new service tailored for corporations aiming to keep crypto as part of their reserve assets on their balance sheets.
Abra Capital Management, a registered investment advisor with the Securities and Exchange Commission (SEC), will manage the service and offer various digital asset treasury management solutions for corporations, family offices, and non-profit organizations.
Abra Treasury provides a comprehensive solution for managing digital assets, including safekeeping, buying and selling, borrowing, and earning interest. Clients retain individual ownership and title of their crypto holdings.)
MicroStrategy, headed by Michael Saylor and listed on Nasdaq, holds the largest corporate bitcoin hoard, consisting of approximately 226,331 tokens. The company initiated its acquisition of bitcoin in the year 2020.
“Marissa Kim, the head of asset management at Abra Capital Management, noted that a significant indicator of the maturation and acceptance of the digital asset sector is the rising number of traditional businesses opting to keep Bitcoin as part of their treasury reserves.”
According to a statement released by the Conference of State Bank Supervisors (CSBS) on Wednesday, Abra and its CEO William “Bill” Barhydt have reached an agreement with 25 U.S. financial regulators. The settlement stems from Abra’s operation of its mobile application without obtaining necessary licenses. As part of the resolution, Abra is required to refund up to $82.1 million in crypto assets to customers residing in the settling states.
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2024-07-01 11:12