Digital Financial Assets (DFAs) are rapidly evolving from experimental instruments into a significant segment of corporate finance. This article examines the impact of DFAs on the fundamental categories of corporate finance — capital structure and cost of capital. Drawing on a synthesis of classical theories (Modigliani–Miller, trade-off, agency) and empirical data from the Russian market over the period 2023–2026, it is demonstrated that DFAs constitute a hybrid class of claims on a company, irreducible to conventional debt and equity instruments. A modified weighted average cost of capital (WACC) model is proposed, incorporating the specific risk profile of digital instruments, tax considerations, and infrastructure constraints. The analysis reveals a nonlinear effect of DFAs on the cost of capital: transaction cost savings are partially offset by a liquidity premium and elevated credit risk. Practical recommendations are formulated for Chief Financial Officers on integrating DFAs into the capital management framework.
digital financial assets, capital structure, weighted average cost of capital, blockchain, corporate finance
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