Day: February 22, 2022

Taxes Are a Wild Card for Public Companies Holding Crypto

Block Inc., formerly known as Square, made modest bitcoin investments totaling $220 million during 2020 and 2021. Since then it has recorded impairment losses of $77 million, leaving a carrying value of $148 million. That’s not a big bitcoin investment commitment compared with MicroStrategy. However, fee revenue for facilitating crypto purchases and sales represents 59% of Block’s gross revenue as of Sept. 30, 2021. Gross margins on the crypto transactions were only 2%, and represent only 5% of total gross margin, but revenue from this business now dwarfs its traditional…

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The 7 Types of Crypto Tax Nightmares

“I wish it worked that way,” said Kemmerer, but he sees clients regularly get hosed because they misunderstood how it works. “This one guy had acquired over 100 ethereum early on, in 2015, back when it was still cheap,” he said. Then, in 2021, he sold some of his Ethereum to buy non-fungible tokens (NFTs), thinking it was all in Magic Crypto Money Land. “He racked up over a $100,000 tax bill. It was a shock.” Source

ETH Finds Temporary Support, After Hitting 3-Week Low – Market Updates Bitcoin News

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Ethereum found support on Tuesday, following a drop to a three-week low earlier in today’s session. This comes as the price of bitcoin also consolidated, following recent bearish pressure. Bitcoin The selloff in BTC momentarily eased on Tuesday, as global markets continued to closely monitor the Russia/Ukraine situation. BTC/USD dropped to a low of $36,488.93 earlier in today’s session, which is over $3,000 lower than its high to start the week. The move saw BTC briefly break out of its long-term floor of $37,315, in what looks like a false…

Are DAOs the new corporate paradigm? – Cointelegraph Magazine

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In 1602, the Dutch East India Company was formed in what many consider the world’s first initial public offering — allowing perfect strangers to share in stock ownership. Four centuries later, the joint-stock model — especially its incarnation as the modern business “corporation” — sets the pace for much of the economic world. But, decentralized autonomous organizations, or DAOs, could soon disrupt the joint-stock capitalized business model, much as the Dutch East India supplanted the limited partnerships of its day — or so some may say. “DAOs are the new…

Solidus AI Tech Raises $5.4 Million in Funding and Unveils New Partners – Press release Bitcoin News

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press release PRESS RELEASE. High-performance computing (HPC) company Solidus AI Tech has raised $5.4 million and are now entering their 3rd round of funding. Solidus AI Tech is working to solve the problem of the lack of European HPC facilities in the global top 10. Only producing 5% of computing power despite being the consumer of one-third of HPC resources. It is bridging the gap across a number of industries such as the automotive industry, face & voice recognition, medical industry, sales automation & lead generation, among others. It is…

1Password integrates security API into Phantom Wallet

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Digital security service 1Password has announced a collaborative partnership with Phantom Wallet to enable asset holders to amalgamate their vast accumulations of public key addresses, seed phrases and other corresponding security details into a single ‘Save in 1Password’ system. Operating primarily in the traditional financial sector at this time, 1Password has over 100,000 corporate clients from a panoply of industries, including well-recognized brands like IBM, Slack, Shopify and Under Armour. The application programming interface (API) of 1Password aims to simplify the user experience, enable asset sovereignty and assign portfolio responsibility…

Grayscale Encourages U.S. Investors to Push for a Bitcoin ETF

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Grayscale Investments has launched a campaign encouraging American investors to push the SEC into approving a spot Bitcoin ETF The campaign involves US investors, submitting comments on Grayscale’s application with the SEC for a spot Bitcoin ETF Grayscale plans to convert its Bitcoin Trust to a spot Bitcoin ETF The move would benefit investors by offering exposure to Bitcoin as well as lowering the discount price on the GBTC The Wall Street investment firm of Grayscale has launched a campaign encouraging American investors to push the Securities and Exchange Commission…

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