Swiss banking giant Credit Suisse (SIX:CSGN) Group AG (NYSE: CS) held around $31 million worth of “digital assets” for clients in the last quarter.
What Happened: A recent filing with the U.S. Securities and Exchange Commission (SEC) revealed that Credit Suisse held $31 million in “other” assets described as “of which digital asset safeguarding assets.”
The holdings, which were not disclosed in the previous two quarters, were likely reported to reflect Credit Suisse incorporating SAB 121 – Accounting for Digital Asset Custodial Relationships — accounting guidance issued by the SEC in March.
Under SAB 121, firms that hold crypto-assets on behalf of their clients are required to make additional disclosures of custodial relationships in the interim and annual financial statements.
The filing does not indicate what the digital assets in question referred to, but it is likely that it is related to Alaïa — shares of a Swiss ski resort that have been tokenized on the Ethereum (CRYPTO: ETH) blockchain.
See Also: WHAT IS ETHEREUM?
While Credit Suisse has not made any announcements with respect to offering clients exposure to cryptocurrencies traded on the market, other major investment firms have begun dipping their toes in the space on the back of client demand.
Last month, the world’s largest asset manager BlackRock Inc (NYSE: NYSE:BLK) announced a private trust that would give clients direct exposure to Bitcoin.
Price Action: At press time, BTC was trading at $19,939, down 0.5% in 24 hours and ETH was trading at $1,550.62, down 0.34% over the same period, as per data from Benzinga Pro.
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