What is a Crypto ETP / ETN / Certificate?
Who provides them? What are their fees? What are their risks?
Dear Crypto Asset Investors,
Last week we discussed how Celsius’ equity sale on BnktotheFuture is not actually an equity sale, because investors are holding a bond issued by a “special purpose vehicle” (SPV) setup by BnktotheFuture, and then the SPV holds the equity. This week we discuss what an SPV is, why the USA does not allow crypto SPVs, and why thi…
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