Bitwave

Bitwave is an enterprise digital asset finance platform that automates the accounting, compliance, and payments workflows that arise when businesses operate with cryptocurrency. Founded in 2018 by Pat White and Amy Kalnoki, the San Francisco-based company (incorporated as BitAlpha, Inc.) has built the back-office infrastructure layer that lets finance teams manage digital asset treasuries with the same rigor they apply to traditional balance sheets without requiring engineering resources or custodying funds.

The Problem Bitwave Solves

Enterprises that receive, hold, or transact in crypto face a structural gap between blockchain rails and standard financial systems. Blockchains produce raw transaction histories; ERPs require categorized journal entries in fiat. Manual reconciliation across wallets, exchanges, and DeFi protocols is error-prone, slow, and difficult to audit. Tax and regulatory reporting demands cost basis tracking, fair-value accounting, and impairment modeling that spreadsheets cannot reliably support at scale. Bitwave bridges that gap through a non-custodial platform that reads on-chain data, applies configurable accounting rules, and pushes compliant entries directly into a company's general ledger.

How It Works

At the core is an enterprise-grade digital asset subledger. Bitwave connects to a company's wallets, exchanges, and custodians via read-only API integrations and wallet address monitoring. It ingests all transaction activity including transfers, swaps, staking rewards, DeFi interactions, and payments, then runs each event through a configurable categorization engine. Users set rules to determine how transaction types map to chart-of-accounts categories; the system detects internal transfers automatically to prevent double-counting.

Cost basis is tracked at the lot level using customer-selectable strategies: FIFO, HIFO, specific identification, and others. The platform generates journal entries and balance reports that map directly to standard accounting treatments under GAAP and IFRS, including digital asset impairment modeling and fair-value adjustments. Those entries are pushed bi-directionally to connected ERP systems including Oracle NetSuite, Sage Intacct, QuickBooks, and Xero, completing the accounting close loop without manual export-import cycles.

A separate payment module, the Bitwave Payment Network, handles stablecoin-denominated accounts payable and receivable. Finance teams can issue invoices, approve outbound payments through configurable multi-step workflows, and reconcile against the subledger automatically. All payments route to allow-listed, verified vendor addresses; the platform holds no private keys at any point.

Key Features

Onchain Accounting: Automated subledger covering wallets, exchanges, custodians, and DeFi protocols across 80-plus blockchains. Smart categorization rules, internal transfer detection, and period-end close reports with balance and inventory summaries.

ERP Integration: Bi-directional sync with NetSuite, Sage Intacct, QuickBooks, and Xero. Journal entries generated and posted to the GL on schedule or on demand; subsidiary and multi-currency consolidation supported.

DeFi and Staking Monitoring: Accrued rewards tracking, point-in-time balance dashboards, and automated categorization of yield, staking income, and liquidity protocol interactions.

Stablecoin Payments: Non-custodial AR/AP platform with configurable approval workflows, Base network integration, and automated reconciliation against the subledger.

Reporting: GAAP/IFRS-compliant financial statements, impairment models, tax-lot reporting, and audit-trail exports ready for external auditors.

Agentic Finance: A recently introduced AI-driven automation layer that expands the platform's rule-based categorization toward self-configuring accounting workflows.

Solana-Specific Support

Bitwave provides production-grade accounting support for Solana validator operators, one of the more complex accounting scenarios on any blockchain. The documentation includes a dedicated Solana Validator Accounting Rules guide with five configurable rule types:

• Leader Rewards: Categorizes inbound block production income to the validator identity wallet.
• Commission Rewards: Handles delegated stake commission income received at the vote account.
• Voting Fee Rollups: Tracks outbound voting costs as recurring operating expenses.
• Jito MEV Rewards (small): Targets smaller MEV amounts sourced from the Jito tip address.
• Jito MEV Rewards (standard): Handles standard-sized Jito rewards using SOL quantity ranges that operators customize per their own validator's activity profile.

Beyond validators, Bitwave tracks native SOL holdings, SPL tokens, stablecoins on Solana, staking activity, and epoch reward events. Solana sits alongside Bitcoin, Ethereum, Polygon, Avalanche, NEAR, Ripple, and major L2 networks in the supported chain list.

Integrations

Exchange connections include Binance, Coinbase Exchange and Prime, Gemini, Kraken, Bitfinex, Bitstamp, and Paxos. Custodial wallet integrations cover Fireblocks, BitGo, Anchorage, NYDIG, and Prime Trust. DeFi protocols include Aave, Compound, Maker, Uniswap, SushiSwap, and Yearn Finance. Price data defaults to CryptoCompare's volume-weighted average across 250-plus exchanges, with alternatives from Binance, Coinbase, Kraken, CoinGecko, or manual uploads. Snowflake integration is available for data warehouse pipelines.

Security and Compliance

Bitwave holds SOC 1 Type 2 and SOC 2 Type 2 certifications issued under AICPA attestation standards, covering security, availability, and data integrity controls including logical access, change management, and employee compliance. Customers can bring their own encryption keys with on-demand key rotation and revocation. Real-time SIEM integration publishes security events to a customer's own monitoring infrastructure. The platform aligns to GDPR, HIPAA, PCI-DSS, and SOC 2 requirements and supports SSO and SCIM provisioning for enterprise identity management. Bitwave is non-custodial by design: it never holds, moves, or controls customer assets.

Team and Funding

Pat White, CEO and co-founder, previously served as Chief Architect and Principal Engineer at Cisco. Amy Kalnoki, COO and co-founder, previously served as Chief Customer Officer at Synata and was named to FT Partners' Women in Fintech list in 2024. Bitwave has raised $22.2 million across multiple rounds. A $7.25 million seed round was led by Blockchain Capital, with participation from Nascent, Nima Capital, Arca, and XBTO Humla. A $15 million Series A in December 2022 was co-led by Hack VC and Blockchain Capital, joined by SignalFire, Valor Equity Partners, Arca, and Alumni Ventures Blockchain Fund. An undisclosed round closed in October 2024.

Ecosystem Position

Bitwave's customer base spans crypto-native firms and traditional enterprises entering digital assets. Publicly named customers include Coinbase, OpenSea, The Sandbox, Ripple, Polygon, Ava Labs, and GameStop. The company partners with RSM for mid-market accounting services, has published a case study with Deloitte Tax, and is listed in Circle's Alliance Partner Directory. Bitwave University, its NASBA-licensed CPE program, offers continuing education credits for accountants seeking digital asset expertise. The platform is rated a G2 High Performer and Momentum Leader in enterprise accounting software.

For Solana ecosystem participants including validators, staking protocols, exchanges, treasuries, and DeFi protocols built on the network, Bitwave provides the accounting infrastructure needed to meet institutional reporting standards without building custom tooling.