Grayscale buys 17.100 BTC, Bitcoin Fund Bitwise doubled since 2019 and New-Zealand IRS about tax
Grayscale buys 17.100 BTC, raising their Trust to 449.000 Bitcoin
Grayscale Investments has again significantly expanded their stock of Bitcoin (BTC). The New York company has increased its balance sheet to nearly 450,000 BTC. In three days, they acummulated 17.100 extra BTC. With the current spot price, this purchase is worth $182 million.
It’s the same amount of BTC of a 19-day mining production. Their total bag of Bitcoin is now 449.000 BTC, being worth $4,83 billion.
Besides the Bitcoin Trust, Grayscale also serve their customers with other cryptocurrency Trusts, like Bitcoin Cash and Ripple. All these funds in total, also called the Assets Under Management (AUM), exceed the $5,8 billion.
New-Zealand begins probing crypto-currency investors
The Inland Revenue of New-Zealand is upping its attention to crypto-currency investors by asking companies dealing in them to hand over their customer details.
It’s requested all firms pass on customers’ personal details as well as the type and value of their crypto assets.
“IRD is requesting this information to enhance our understanding of the cryptoasset environment in New Zealand so we can work out how best to help taxpayers meet their income tax obligations,”
IRD said they’re in the early stages of its inquiry and it’s too early to say what the response had been amongst firms. If taxpayers were concerned that they had not met their tax obligations, they could make a voluntary disclosure to IRD.
Bitwise Bitcoin Fund Doubles to $9 million
In line with the news about Grayscale, there are more investment funds and asset managers which see an inflow of Bitcoin-interested investors. Accredited investors are worried about out-of-control inflation and have poured millions into Bitwise’s bitcoin fund.
An amended filing with the Securities and Exchange Commission (SEC) last week showed the asset manager had raised, in total just under $8.9 million for its Bitcoin Fund. It provides accredited U.S. investors with exposure to BTC through a traditional product.
“With the unprecedented expansion of the Fed’s balance sheet, the radical amounts of fiscal stimulus, and the Fed’s new and significantly more dovish inflation policy, [Bitwise clients] are looking for a hedge,” ~ head of research, Matthew Hougan
Hougan said that many of Bitwise’s clients were financial advisors who serve wealthy investors, themselves worry about the debilitating effects inflation can have on their portfolios. Bitcoin’s fixed supply of 21 million is a possible solution to runaway inflation.
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