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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.
10lessons
78 minreading in all
Foundationwhere it starts
01
Lessons in this track
01
What a spot ETP is, and how it differs from holding the assetThe listed wrapper, the parts it is made of, and the specific ways a share differs from coins held in a wallet.
7 min · Foundation
02
Creation and redemption: how ETP shares are made and unmadeThe 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 · Advanced
03
Net asset value, premium and discount, and the Grayscale trustHow 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 · Working knowledge
04
The fee layer: what a sponsor fee compounds to over timeWhere 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 · Working knowledge
05
Qualified custody: what a digital asset custodian actually doesThe legal meaning of qualified custody, the key-management machinery behind it, and which failure modes it removes rather than merely relabels.
8 min · Working knowledge
06
Why a company holding a digital asset is not an endorsement of itWhat 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 · Working knowledge
07
How digital assets are carried on a balance sheetIntangible asset impairment, the move to fair value under US rules, the different IFRS path, and what each does to reported earnings.
8 min · Advanced
08
Digital asset taxation as a set of questions, not answersThe 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 · Working knowledge
09
The United States regulatory perimeter as a set of open questionsWhich agency covers what, which questions remain genuinely unsettled, and which parts of the framework have never been in doubt.
9 min · Advanced
10
MiCA and the wider global regulatory pictureWhat the European regime actually regulates, what it deliberately leaves out, and the common threads running through other jurisdictions.
8 min · Working knowledge
10 lessons
DeFi
10 lessons
How networks work
10 lessons
Market structure
10 lessons
Protocol economics
12 lessons
Risk
8 lessons
Stablecoins and payments
10 lessons
Start here
10 lessons
Supply and issuance
6 lessons
Using this site
12 lessons