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A major change in United States accounting rules could prompt more companies to add Bitcoin (BTC) to their balance sheets. Meanwhile, Coinbase is introducing spot trading for users outside of the United States, and OKX decentralized exchange (DEX) has suffered an exploit resulting in a loss of around $2.7 million.

US firms set to add Bitcoin to balance sheets after major rule change
Bitcoin and crypto may soon see another mass wave of adoption by U.S.-based firms, after a new accounting rule change that lets companies more accurately reflect the value of their crypto holdings.

The new Financial Accounting Standards Board (FASB) rules released on Dec. 13 that come into effect on December 2024 see the estimated market value of crypto held by companies represented accurately on companies’ accounting books by allowing them to record when they’re holding assets at a gain.

Previously, crypto held by companies was subject to impairment only with the value of crypto decreased on the books which could not be increased until sold, even if its value increased while being held.

Cory Klippsten, the CEO of Bitcoin-only exchange Swan Bitcoin said the rule change means that companies could now use Bitcoin as a “strategic financial asset” as they would be able to report on their value gains and losses, a feature that could help drive adoption.

Matrixport research head and Crypto Titans author Markus Thielen told Cointelegraph that the rule change “underscores the palpable corporate demand” for incorporating crypto into a firm’s accounting.

David Marcus, co-creator of Facebook’s binned stablecoin project Diem, posted to X (Twitter) on Dec. 13 that the new rules are “actually a big deal” which remove “a large obstacle standing in the way of corporations holding Bitcoin on their balance sheet.”

Source - Coin Telegraph