How Private Funds May Gain Exposure to Virtual Currencies

The price of bitcoin has spiked in the past year, as major companies such as Tesla and institutional investors have purchased significant amounts. Fund managers may seek exposure to virtual currencies or cryptocurrencies directly or through registered products. A recent Thompson Hine seminar examined publicly traded products that hold bitcoin; issues for private fund managers that seek to hold digital assets; SEC staff positions on registered funds that hold virtual currencies and related products; and associated tax considerations. The program featured Thompson Hine partners Cassandra W. Borchers and JoAnn M. Strasser. This article highlights the key takeaways from their presentation. See our two-part series “Symposium Examines the State of the Cryptocurrency Market”: Part One (Jun. 25, 2020); and Part Two (Jul. 16, 2020).

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