This study examines the value relevance of blockchain and cryptocurrency disclosures in firms’ 10-K filings, which act as proxies for the firms’ involvement in this trending technology and its applications. Using textual analysis to quantify blockchain and cryptocurrency disclosures, the study first shows that these disclosures overall are value relevant. However, when the disclosures are further categorized into cryptocurrency and blockchain disclosures, the result only holds for blockchain disclosures, not for cryptocurrency disclosures. To further identify the topics and themes of these disclosures, we adopt latent Dirichlet allocation (LDA) topic modeling. Among the five topics that are identified from the blockchain and cryptocurrency disclosures through LDA (blockchain technology solutions, risk factors, general business descriptions, payment services, and bitcoin transactions), we find that only the disclosures about blockchain technology solutions and risk factors have positive value relevance, while the disclosures about bitcoin transactions are negative. The results indicate that investors positively value the involvement of blockchain technology applications in business operations or solutions and not cryptocurrency-related issues.

这项研究检查了公司10-K档案中区块链和加密货币披露的价值相关性，这些资料是公司参与这种趋势技术及其应用的代理。该研究首先使用文本分析来量化区块链和加密货币的披露，这些披露总体上与价值相关。但是，当将披露进一步分类为加密货币和区块链披露时，结果仅适用于区块链披露，而不适用于加密货币披露。为了进一步确定这些披露的主题和主题，我们采用了潜在的狄利克雷分配（LDA）主题建模。在通过LDA从区块链和加密货币披露中识别出的五个主题（区块链技术解决方案，风险因素，一般业务描述，支付服务和比特币交易），我们发现只有有关区块链技术解决方案和风险因素的披露具有正的价值相关性，而有关比特币交易的披露则是负的。结果表明，投资者积极评价区块链技术应用在业务运营或解决方案中的参与程度，而不是与加密货币相关的问题。