Krypto på balansen
Crypto in the annual report
Two companies with identical positions can report very different profits, purely because of the accounting basis chosen.
Intangible asset versus fair value
Under IFRS cost model, impairments are recognised but recoveries above cost are not.
Trading or investment-entity treatment allows fair value through profit and loss.
US fair-value rules now show gains, so cross-border comparisons need care.
What to look for in the notes
Unit counts rather than euro amounts, which depend on the chosen measurement date.
Average cost per coin, so you can compute unrealised gains yourself.
Custody disclosure: providers, insurance and concentration.
Tax and cash flow
Accounting gains are not cash; some jurisdictions still tax revaluations.
Check deferred tax liabilities, which reduce net asset value per share.
Confirm operating cash flow covers fixed costs without selling coins.
Ofte stilte spørsmål
Why is the carrying value below market?
The cost model forbids write-ups above cost.
Do book losses matter?
They can trigger loan covenants even without cash impact.
Where are the coin counts?
In the intangible-assets note or the quarterly release.
Les videre
Bitcoin on the balance sheet
More listed companies hold bitcoin as a reserve. The motives, the practical setup and where it goes wrong.
Analysing treasury stocks
How to value a company holding crypto: net asset value per share, premium, dilution from issuance and the quality of the underlying business.
Treasury risks
Where treasury strategies break: maturities, collateral calls, forced selling and boards that lean on one person.