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Institutional access and regulation
The listed wrapper, the parts it is made of, and the specific ways a share differs from coins held in a wallet.
01 — What a spot ETP is, and how it differs from holding the asset
The listed wrapper, the parts it is made of, and the specific ways a share differs from coins held in a wallet.
7 min
02 — Creation and redemption: how ETP shares are made and unmade
The primary market that keeps a listed product tethered to its holdings, and what changes when creations settle in cash rather than in kind.
8 min
03 — Net asset value, premium and discount, and the Grayscale trust
How a listed product is valued each day, why the market price can separate from that value, and what the best-known discount in the sector demonstrated.
8 min
04 — The fee layer: what a sponsor fee compounds to over time
Where the running cost of a listed product is taken from, how it erodes coins per share, and what sits alongside the headline rate.
7 min
05 — Qualified custody: what a digital asset custodian actually does
The legal meaning of qualified custody, the key-management machinery behind it, and which failure modes it removes rather than merely relabels.
8 min
06 — Why a company holding a digital asset is not an endorsement of it
What a corporate balance sheet holding actually tells a reader, how treasury vehicles are funded, and why disclosure is a fact about the company.
7 min
07 — How digital assets are carried on a balance sheet
Intangible asset impairment, the move to fair value under US rules, the different IFRS path, and what each does to reported earnings.
8 min
08 — Digital asset taxation as a set of questions, not answers
The categories a tax analysis has to work through, why answers differ by jurisdiction and by year, and which records make any answer possible.
8 min
09 — The United States regulatory perimeter as a set of open questions
Which agency covers what, which questions remain genuinely unsettled, and which parts of the framework have never been in doubt.
9 min
10 — MiCA and the wider global regulatory picture
What the European regime actually regulates, what it deliberately leaves out, and the common threads running through other jurisdictions.
8 min