FASB Finalizes New Rule on Contractual Sale Restrictions: Final Implications for Locked Token Valuations
An Update to Houlihan Capital’s July 2026 Review of ASU 2022-03 September 20, 2026 On September 9, 2026, the Financial Accounting Standards Board issued ASU 2026-03, Fair Value Measurement (Topic 820): Contractual Sale Restrictions, finalizing the proposal it introduced for public comment in July 2026. In our July write up, we examined that proposal and […]
SPAC Fairness Opinions in 2026: What Changed and Why It Matters
The SPAC market in 2026 and the renewed case for independent fairness opinions The blank check structure has returned to the public markets on very different terms than it left them. Roughly 140 SPAC IPOs priced in 2025, and issuance has continued to build through the first half of 2026, on terms that bear little […]
FASB Reconsiders Contractual Sale Restrictions (ASU 2022-03): What the Proposal Means for Locked Token Valuations
The July 2026 proposal reinforces a market-participant approach that Houlihan Capital has applied to cryptoasset portfolios for years Executive Takeaway In 2022, the FASB issued ASU 2022-03, concluding that a contractual restriction on the sale of an equity security should not reduce fair value when the restriction is viewed as a characteristic of the holder rather than […]
Enhancing Valuation Confidence: The Role of Positive Assurance in Portfolio Valuation
When the Mark Gets Questioned The moment arrives in different forms. An auditor returns to a fair value conclusion with a request for additional support on the methodology applied to a Level 3 position. An institutional limited partner, conducting its own due diligence on the fund, asks how the manager arrived at a particular mark, and the answer that seemed […]
Fairness Opinions in de-SPAC Transactions
The Role of a Fairness Opinion in a de-SPAC Transaction When a SPAC enters into a business combination agreement, its board is evaluating a transaction that will define the future of the vehicle. The decision is often made within a compressed timeframe, subject to a finite investment window, sponsor economics, and public shareholder rights. In this setting, a fairness opinion […]