The Center for Audit Quality (CAQ) recently analyzed S&P 500 company 10-Ks available as of June 2025 to assess how disclosures regarding digital assets, AI and climate are evolving, and summarized their findings in three reports — one for each topic. Let’s take a look at the trends in today’s blogs – beginning with digital assets.

47 S&P 500 companies, approximately 9%, mentioned digital asset-related information in their 2024 10-K.

More than half of these companies operate in the financial services sector, while the remainder span the information technology, energy and utilities, and consumer discretionary sectors.

Most companies that mentioned digital asset-related information in their 10-K did so in Item 1A. Risk Factors. Some companies also mentioned digital asset-related information within Item 8. Financial Statements, Item 1. Business, and Item 7. MD&A. A few companies also mentioned digital asset-related information in Item 1C. Cybersecurity.

Most of the companies that provided disclosure within Item 1. Business were financial institutions, exchanges, or payment processors. These companies discussed their platforms and products that enable customers to buy, sell, and hold their digital assets. Additionally, there were a few companies that discussed regulation around digital assets or noted risks to their competitiveness resulting from digital asset-related products offered by competitors.

Most mentions of digital asset-related information in Item 8. Financial Statements fell within notes discussing the company’s significant accounting policies. While less common, we also observed mention of digital asset-related matters in footnotes covering commitments and contingencies, fair value measurement, goodwill and other intangibles, segments, revenue, and various others.

On this topic, in particular, I wonder how much disclosures have expanded in the 10-Qs filed this year, even in the S&P 500 (Coinbase Global just joined the S&P 500 in May), and if they haven’t yet, it sure seems like they will soon.

– Meredith Ervine