Crypto assets
43 of 521 companies added a paragraph in Risk Factors that uses one of these words:
cryptocurrency, cryptocurrencies, bitcoin, digital assets, stablecoin.
The paragraph is in the latest 10-K and nothing like it was in the one before.
It counts text; it does not say how serious a risk is. Words in capitals only (such as AI) must be in capitals.
By sector
Sector is the SEC's industry description of the company. Each count opens that sector's quotes below.
| Sector | Companies | Compared |
|---|---|---|
| Retail-Computer & Computer Software Stores | 1 | 1 |
| Finance Services | 25 | 28 |
| Security & Commodity Brokers, Dealers, Exchanges & Services | 2 | 4 |
| Security Brokers, Dealers & Flotation Companies | 3 | 7 |
| Services-Computer Integrated Systems Design | 1 | 3 |
| National Commercial Banks | 3 | 11 |
| Services-Business Services, NEC | 4 | 16 |
| Services-Computer Processing & Data Preparation | 1 | 4 |
| Services-Computer Programming, Data Processing, Etc. | 1 | 5 |
| Investment Advice | 1 | 8 |
| Services-Prepackaged Software | 1 | 19 |
1254 paragraphs · Investment Advice show all sectors
In addition, we may face other competitive risks beyond those specific to the businesses in which we operate. For example, the use and implementation of artificial intelligence, including machine learning technology and generative artificial intelligence (collectively, “AI Technologies”), and products and platforms involving digital assets and distributed ledger technologies also have the potential to significantly disrupt the way financial institutions, including investment managers and asset managers, do business or attract and address investor demands and strategies, resulting in further competitive pressures for our business. These competitive pressures may materially adversely affect on our growth, business, financial condition, results of operations, cash flows and prospects.
Read in the 10-K filed Feb 25, 2026 ↗
Additionally, although the prevalence and scope of applications of distributed ledger technology, cryptocurrency and similar technologies is growing, the technology is nascent and may be vulnerable to cyberattacks or have other inherent technological weaknesses. We and the funds we manage are exposed to risks, and may become exposed to additional risks, related to distributed ledger technology and the financial products that use it, such as blockchain, cryptocurrencies and other digital assets, or decentralized finance (DeFi) and related applications, including through our offering funds and other products, facilitating clients’ activities and investing in financial products that use blockchain, cryptocurrencies or other digital assets; our reliance on companies that use, develop or rely on distributed ledger technology; use of distributed ledger technology by third-party vendors, clients, counterparties, clearinghouses and other financial intermediaries with whom we transact; and the receipt of cryptocurrencies or other digital assets as collateral. Market volatility of financial products using distributed ledger technology may increase these risks and may also expose us to increased compliance risks.
Read in the 10-K filed Feb 25, 2026 ↗
As we and the funds we manage become more actively involved in digital asset markets, the regulatory risks described herein will be heightened and we will be subject to supplemental and/or increased regulation that applies (or, in the future, will likely apply) specifically to digital assets and related activities. The scope, interpretation, and practical impact of such regulatory measures will depend on their implementation, interpretation, and interaction with existing regulatory regimes, continue to evolve, and may differ materially across jurisdictions, resulting in increased compliance costs and obligations for us and the funds we manage.
Read in the 10-K filed Feb 25, 2026 ↗