Cryptographic Proof of Reserves
Real-time FASB statements verified on-chain. No spreadsheets, no trust, no custodian attestations. Just cryptographic proof your auditors can verify themselves.
FASB ASU 2023-08 Disclosure
River Financial Inc.
Fair Value Disclosure
| Asset | Units | Fair Value |
|---|---|---|
| Bitcoin (BTC) | 215.8 | $18,200,000 |
| Cost Basis | $8,245,000 | |
| Unrealized Gain | +$9,955,000 |
Verified Addresses (100%)
bc1q...x7d4
150.3 BTC
bc1q...m2k9
65.5 BTC
Verify on-chain
bitcoincompanies.co/verify/r7x...
FASB ASU 2023-08
New accounting standards require fair value measurement. Old rules are obsolete.
Source: Deloitte - FASB Issues Final Standard on Crypto Assets
Old Rules
Pre-2024 (Intangible Asset Model)
- ▼ Cost basis accounting only - no fair value
- ▼ Impairment losses recognized, gains ignored
- ▼ Downward-only valuation distorts balance sheet
- ▼ Misleading to investors and stakeholders
Required Disclosures
FASB 157 + SEC Reporting
Learn more: FASB ASU 2023-08 Complete Guide
How It Works
Four steps to FASB-compliant proof of reserves statements
Verify Your Addresses
Prove ownership with xpub or cryptographic signatures. No custody transfer required.
Real-Time Balance Sync
Automatic on-chain monitoring. Balances update every block with full transaction history.
Generate FASB Statement
Automated PDF generation with fair value tables, cost basis, and disclosure checklists.
Export & Deliver
Schedule daily, weekly, or monthly reports. Email to auditors or download on-demand.
What's Included in Every Statement
Complete FASB disclosure with cryptographic verification
Interactive PDF preview - Use controls to zoom, download, or print
Financial Disclosures
-
Fair value of each significant holding
ASU 2023-08 compliant valuation per reporting period
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Cost basis per address
Transaction-level acquisition cost tracking
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Number of units (BTC)
Precise to 8 decimal places (satoshi-level accuracy)
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Unrealized gains/losses
Fair value vs. cost basis differential for income statement
Verification & Audit Trail
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Verification timestamps
Last sync time for each address and balance
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Cryptographic signatures
Proof of address ownership (no custodian required)
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Transaction audit trail
Complete history with block heights and timestamps
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QR code for on-chain verification
Anyone can independently verify your holdings
Why Bitcoin Companies?
The only FASB solution built on cryptographic proof, not trust
Cryptographic Verification
Real Proof, Not Attestations
Every balance is verifiable on-chain. No trust in custodians or third-party attestations. Your auditors can independently verify every satoshi.
Real-Time Accuracy
No Stale Data, Ever
Balances update every Bitcoin block (~10 minutes). No waiting for monthly custodian reports or manual spreadsheet updates.
Audit Trail Included
Complete Chain of Custody
Every transaction tracked with block heights, timestamps, and confirmation status. Full audit trail from acquisition to present day.
📊 Feature Comparison
| Feature | Bitcoin Companies | Manual Spreadsheets | Custodian Reports |
|---|---|---|---|
| Real-time updates |
✅
Every 10 min
|
❌
Manual only
|
⚠️
Daily at best
|
| Cryptographic proof |
✅
On-chain
|
❌
None
|
❌
Attestation only
|
| Independent verification |
✅
Anyone can verify
|
❌
Your word
|
⚠️
Custodian's word
|
| FASB disclosure ready |
✅
Auto-generated
|
❌
Manual work
|
⚠️
Partial only
|
| Cost per month |
$1,000
Automated
|
$0
+ hours of manual work
|
$2K+
Varies widely
|
Who Benefits from FASB Compliance?
CFOs, controllers, auditors, and compliance teams across the Bitcoin ecosystem
Public Companies
NASDAQ, NYSE, OTC Markets
Quarterly SEC filings (10-Q/10-K) with FASB 157 fair value disclosures. Material event reporting (8-K) for significant BTC acquisitions or disposals.
- ✓ Automated quarterly disclosures
- ✓ Audit-ready documentation
- ✓ Real-time 8-K trigger alerts
Private Companies
Venture-backed, family offices
Investor reporting and board presentations with professional proof of reserves. Build trust with stakeholders through cryptographic transparency.
- ✓ Board-ready PDF reports
- ✓ Investor transparency portal
- ✓ Fundraising due diligence
Exchanges & Custodians
Crypto platforms, custody providers
User transparency and regulatory compliance. Prove reserves publicly with real-time on-chain verification that users can independently audit.
- ✓ Public proof of reserves
- ✓ Regulatory reporting automation
- ✓ User-facing transparency badges
Auditors & Accountants
Big 4, regional firms, forensics
Third-party verification with cryptographic proofs. No reliance on client-provided spreadsheets—verify directly on the blockchain.
- ✓ Independent on-chain verification
- ✓ Audit workpaper generation
- ✓ Client self-service transparency
Frequently Asked Questions
FASB ASU 2023-08 is an accounting standard that requires companies to measure crypto assets at fair value (current market price) each reporting period, with changes reflected in net income. It's effective for fiscal years beginning after December 15, 2024. This replaces the old impairment-only model that only recognized losses, never gains.
You prove ownership by signing a message with your Bitcoin private key. This creates a cryptographic signature that proves you control the address, without ever revealing your private key. We then monitor these verified addresses on the blockchain in real-time to track balances.
No custody transfer is required, your Bitcoin stays in your control at all times.
Each report includes:
- Fair value disclosure table (name, units, cost basis, fair value)
- On-chain verified holdings with address details
- Rollforward schedule showing acquisitions and dispositions
- Cryptographic signatures proving ownership
- QR code for independent blockchain verification
- Complete footnotes citing FASB ASU 2023-08 compliance
Yes. Every address and balance can be independently verified on the Bitcoin blockchain using any public blockchain explorer (Mempool.space, Blockchair, etc.). The QR code in each report links directly to verification tools.
Unlike custodian attestations, there's no trust required—auditors can verify every satoshi directly on-chain.
It works for both. While ASU 2023-08 is required for all companies holding crypto assets, the reporting requirements differ:
- Public companies: Required quarterly (10-Q) and annual (10-K) SEC filings
- Private companies: Investor reporting, board presentations, fundraising due diligence
Both benefit from automated, cryptographically-verified statements.
Real-time. We monitor the Bitcoin blockchain continuously, updating balances with every new block (~10 minutes). Unlike custodian reports that are monthly or daily at best, your statements always reflect current on-chain reality.
Perfect fit. You can verify multiple addresses or provide an extended public key (xpub) that derives all your addresses. This works with all major hardware wallets (Ledger, Trezor, Coldcard) and multisig setups.
The system aggregates all verified addresses into a single consolidated statement.
Yes. The standard Premium tier ($1,000/month) works for most companies, but if you're managing >1,000 BTC or need custom integrations (dedicated API access, white-label reports, SLA guarantees), contact us for enterprise pricing.
Volume discounts and dedicated support available for institutional clients.
Have Questions? Book a Call
Schedule a 30-minute call to discuss your specific FASB compliance needs, technical requirements, or enterprise pricing.
Ready for FASB Compliance?
Join companies proving reserves on-chain. Generate your first FASB statement today with cryptographic verification included.
$1,000/month • No lock-in, cancel anytime • FASB ASU 2023-08 compliant