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Someone Is Buying Shares in Grayscale’s Ether Trust for More Than $2,000

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Shares in Grayscale Investments’ Ethereum Investment Trust, or ETHE, are trading at a 750% premium over the market rate of their underlying asset on the secondary markets, according to data published by crypto analysis firm Messari.

The premium on Grascale’s fund has aggressively widened since the start of the year, with ETHE shares trading at 220% the spot price of Ether (ETH) in February.

The trust offers exposure to ETH without investors needing to handle or custody cryptocurrency and is favored among institutional investors.

ETHE premium widens

ETHE shares have recently traded for at a price equal to $2,905 per ETH, 46% above Ether’s all-time price highs in the spot markets.

The premium on the shares over Ethereum has continued to widen in recent months, with ETHE trading for 550% above spot prices in early April.

The widening spread appears to have been driven by increasing institutional demand for Ether ahead of the ETH 2.0 rollout, with Grayscale purchasing $110 worth ETH in 2020 so far.

In a recent interview, Grayscale’s director of investor relations, Ray Sharif-Askary, noted that 38% of the firm’s clients are currently exposed to more than one crypto asset, up from 9% one year ago.

Grayscale BTC accumulation outpaces supply

Grayscale’s Bitcoin Investment trust has aggressively ramped up accumulation this year, going from buying at a rate equal to 33% of new Bitcoin (BTC) being mined in the first quarter to absorbing coins at the 1.5 times the speed they are minted post-halving.

Since the block reward halving, the trust has already purchased 19,000 Bitcoins — nearly $178.6 million worth of BTC accumulation in roughly five weeks.

Source: https://cointelegraph.com/news/someone-is-buying-shares-in-grayscales-ether-trust-for-more-than-2-000

Blockchain

U.S. crypto exchanges have a plan for the travel rule. Now they just have to get along


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  • A working group of 25 U.S.-based exchanges released a white paper this week outlining their platform to comply with FATF’s travel rule.
  • The group includes some of the most prominent exchanges stateside, suggesting that the plan has legs.
  • Now, the group has to develop a governance structure.
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U.S. crypto exchanges have a plan for how to deal with FATF’s travel rule














Source: https://www.theblockcrypto.com/daily/82261/us-crypto-exchanges-fatf-travel-rule?utm_source=rss&utm_medium=rss

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Blockchain

Exploring the current state of cryptocurrency taxation in the European Union


Quick Take

  • By now, guidelines for  taxation of cryptocurrency activities exist in most EU member countries. However, grey areas remain.
  • Highly favorable tax treatments in some, and lack of taxation in other EU member countries enables regulatory arbitrage.
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Exploring the current state of cryptocurrency taxation in the European Union














Source: https://www.theblockcrypto.com/genesis/82157/exploring-the-current-state-of-cryptocurrency-taxation-in-the-european-union?utm_source=rss&utm_medium=rss

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Blockchain

FinCEN proposes lower threshold for transaction data-gathering under FATF’s ‘travel rule’ including those made with crypto

Proposed rule change would mandate financial institutions gather and share data on smaller international transactions by lowering the threshold from $3,000 to $250.

The post FinCEN proposes lower threshold for transaction data-gathering under FATF’s ‘travel rule’ including those made with crypto appeared first on The Block.

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FinCEN proposes lower threshold for transaction data-gathering under FATF’s ‘travel rule’ including those made with crypto














Source: https://www.theblockcrypto.com/linked/82229/fincen-proposes-lower-threshold-for-transaction-data-gathering-under-fatfs-travel-rule-including-those-made-with-crypto?utm_source=rss&utm_medium=rss

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