• Abra launched a Treasury Service for companies who want to keep bitcoin as a reserve on their balance sheet.
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Abra, which is a digital asset platform that offers prime services, wealth management, and other financial products, announced in a Monday press release the launch of Abra Treasury. This service allows corporates to keep crypto as a reserve on their balance sheets.

Abra Capital Management will operate the service, and is an SEC registered investment advisor. It will offer corporates, non-profits and family offices a variety of digital asset management solutions.

Abra Treasury offers custody, lending, trading and yield services. Clients can store their crypto in separate managed clients. This allows them to retain ownership and title of their digital assets.

BTC Price Index and Live Chart – CoinDesk”>(BTC) as a reserve asset to their balance sheets.

MicroStrategy is the biggest corporate bitcoin holder, with tokens totaling 226,331 coins. Michael Saylor, the Nasdaq-listed CEO of a software company that began accumulating bitcoin in 2020.

Marissa Kim is the head of asset management for Abra Capital Management. She said that the increasing interest from non-crypto native businesses in using bitcoins as a reserve asset was a sign of institutionalization and adoption of the digital assets industry.

Kim stated in a press release that “we are increasingly seeing business owners, CEOs, and real estate companies who are interested in purchasing BTC as treasury, or borrowing BTC in order to finance their business needs or to finance real estate projects. We did not see this last cycle.”

Abra, its CEO William “Bill” Barhydt and 25 state regulators settled for using its mobile app without the required licenses. This was revealed in a announcement made by the Conference of State Bank Supervisors on Wednesday. Abra has agreed to return up to $82.1m in cryptocurrency to U.S. clients in the states that have settled.

Read more: Abra Settles with 25 States for Operating without Licenses and Will Return Up to 82M to U.S. customers

Parikshit Miishra is the editor.