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Statement of Digital Assets (SoDA) Report

A one-day snapshot of digital asset balances by wallet, including inventory value by cost basis and market value.

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What is a SoDA report?

The Statement of Digital Assets (SoDA) is a standardized report that provides a transparent bridge between GAAP-compliant digital asset reporting and detailed information from various wallets, exchanges, and cryptographic ownership or custody solutions. SoDA addresses key accounting nuances for businesses engaged with digital assets, supporting accurate reporting across multiple digital asset sources.

Key Benefits of the SoDA Report

  • Single-Day Balance Reporting: Perfect for end-of-day snapshots or viewing current portfolio balances.
  • Regulatory Compliance: The report supports regulatory frameworks such as MiCA, MTL, VARA, SAB121, and more. Assets are categorized by regulatory clusters, aiding compliance reporting.
  • Audit Readiness: With comprehensive cost basis data, the SoDA report streamlines preparation for audits and compliance reviews.

💡 Tip: Transitioning from other balance reports? The SoDA report provides a streamlined, compliance-oriented view, consolidating the need for multiple reports into one single-day summary.

To generate the SoDA report, follow these steps:

  1. Navigate to the Reports from the left side navigation bar
  2. Find the report - either use the search bar or find it under Monthly Reporting
  3. Select the specific source and/or asset
    • Customize report by selecting specifc asset, asset cluster, wallet, wallet cluster and/or source type
  4. Select the Date - Choose the specific date for which you want to generate the report. The SoDA report is designed for single-day balance reporting.
  5. Customize report structure (optional)
  6. Click Create - Once your options are set, click Create to generate the report.
  7. Download the Report - You will be automatically directed to Report history and once generated, the report will appear in the reports list. Click the download icon in the Actions column to save it to your device.

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How to read the Statement of Digital Assets Report

The SoDA report includes key sections and columns to facilitate compliance, accounting, and analysis:

  • Cluster-Based Compliance Columns
    • Assets and wallets are organized by regulatory clusters (e.g., MiCA, MTL, SAB121) to streamline compliance with various standards and requirements for tax and reporting.
  • Cost Basis Columns
    • Original Cost Basis: Reflects each asset’s initial purchase price, supporting accurate financial reporting.
    • FMV/Impaired Cost Basis: For users utilizing revaluation, this column provides fair market value (FMV) or impaired cost basis, offering an adjusted view of asset value.

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The SoDA report simplifies digital asset reporting by consolidating essential data into a single view, saving time and enhancing compliance readiness. By utilizing regulatory clusters and adjusted cost basis values, it meets evolving accounting and regulatory needs in the digital asset landscape. Reach out to Customer support if you have any questions.