“But given the rise in liquidity metrics like the US M2 money supply and the rise of global central bank balance sheets more broadly, we think conditions are unlikely to cause asset prices to revert to 2024 levels, implying bitcoin's upward trend will likely continue.”

“Put simply, previous FASB guidance widely discouraged many companies from adopting crypto because these rules only allowed them to record their losses on crypto positions. However, companies were unable to show gains until the assets were sold, forgoing the potential upside. By providing a clearer depiction of crypto financial positions, the revised FASB guidelines have helped enhance the accuracy of these companiesʼ financial statements and removed accounting complexities that proved difficult for many CFOs and auditors.

The first half of 2025 has witnessed unprecedented shifts in the US regulatory landscape, setting the stage for what could be the most transformative period in digital asset policy up to now. This is a dramatic change from the previous administrationʼs "regulation by enforcement" approach. We think 2H25 promises to redefine the US's standing as a global crypto hub, supported by the White House's decisive pivot toward crypto-friendly policies as well as Congressʼs urgent efforts to establish a comprehensive framework for the asset class.