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BONE SEC filing reveals: Digital asset treasury company will acquire diversified cryptocurrency portfolio
A recent filing with the U.S. Securities and Exchange Commission (SEC) shows that a digital asset treasury company plans to acquire a diversified cryptocurrency portfolio that includes XRP, Bitcoin (BTC), Ethereum (ETH) and Solana (SOL). The company also lists cryptocurrencies that comply with the ISO-20022 standard, such as Stellar (XLM), Cardano (ADA), Hedera (HBAR), Algorand (ALGO), Quant (QNT) and IOTA. In addition, its acquisition targets include meme tokens such as Dogecoin (DOGE), Shiba Inu (SHIB), BONE and Terra Classic (LUNC).
Compliance and Asset Selection
The company said it will only buy cryptocurrencies that it determines to be non-securities. This assessment will be based on a factual and situational analysis, with reference to relevant legal and regulatory guidance, including the "Howey Test" used to determine whether certain transactions constitute investment contracts under securities laws.
The document quotes a joint statement issued by the SEC and the Commodity Futures Trading Commission (CFTC) on March 17, 2026, clarifying that XRP is now classified as a commodity under U.S. federal law.
To maintain compliance, the treasury company plans to regularly seek guidance from external legal advisers, implement internal compliance procedures, and track new regulatory developments. Whenever there is a major regulatory announcement or court decision that may affect the status of a crypto asset, the company will reassess the asset's classification.
The company pointed out that it will adopt a "buy and hold" investment strategy rather than engaging in short-term transactions. Regularly adjusting the investment portfolio is part of its management of digital asset positions.
Institutional Procurement and Cost Analysis
The company's procurement plan emphasizes the advantages of purchasing digital assets through institutional exchange accounts rather than using retail platforms. According to the document, all purchases will be made through institutional exchange accounts rather than retail exchanges.
A direct comparison from October 2025 showed that purchasing $5,000 worth of XRP through a Coinbase Prime institutional account costs approximately one-tenth of the cost of purchasing the same amount through a Coinbase retail account. The company said lower commission fees and more favorable bid-ask spreads on institutional accounts were responsible for this significant cost difference.
Mini Dictionary: Coinbase Prime is an institutional-class platform provided by Coinbase that provides institutional customers with lower transaction fees, enhanced security features, and access to deep liquidity pools compared to standard Coinbase retail accounts.
The document details how institutional accounts give the treasury company a huge advantage in purchasing costs, citing a test case: Buying $5,000 XRP through Coinbase Prime is about 10 times cheaper than using a retail account due to tighter bid-ask spreads and reduced commission rates.
Custody and Storage
To ensure the safe custody of digital assets, the treasury company will rely on insurance-covered institutional-level custody solutions. Assets only intended for instant transactions will be stored in hot wallets. For assets under its custody, the company will use cold storage that is accessed through ledger devices and secure passwords.
Cryptocurrency analyst Xaif brought the document to wider attention, triggering discussions among retail XRP holders about institutional investment models and their potential impact on the cryptocurrency market.
