TAX & REGULATORY DOCUMENTS​​​​‌‍​‍​‍‌‍‌​‍‌‍‍‌‌‍‌‌‍‍‌‌‍‍​‍​‍​‍‍​‍​‍‌​‌‍​‌‌‍‍‌‍‍‌‌‌​‌‍‌​‍‍‌‍‍‌‌‍​‍​‍​‍​​‍​‍‌‍‍​‌​‍‌‍‌‌‌‍‌‍​‍​‍​‍‍​‍​‍‌‍‍​‌‌​‌‌​‌​​‌​​‍‍​‍​‍‌​‌‌​‌‌‌‌‍‌​‌‍‍‌‌‍​‍‍‌‍‌‌​‍‌‍​‌‌‍‌‌​‌‍​‌‍​‌‌‍​‌‍‌‌​‍‍‌‍​‌‍‌‍‌​‍‌‍‍‌‌‍‍‌‌​‌‍‌‌‌‍‍‌‌​​‍‌‍‌‌‌‍‌​‌‍‍‌‌‌​​‍‌‍‌‌‍‌‍‌​‌‍‌‌​‌‌​​‌​‍‌‍‌‌‌​‌‍‌‌‌‍‍‌‌​‌‍​‌‌‌​‌‍‍‌‌‍‌‍‍​‍‌‍‍‌‌‍‌​​‌‌‍‍​‌‍‌‌‌‍​‌‌‍‌​‌‍‌‌‌​‍​‍‌‌​‌‍‌‌​​‌‍‌‌​‌‌‍‍​‌‍‌‌‌‍​‌‌‍‌​‌‍‌‌‌​‍​‍‌​​‌‍​‌‌‌​‌‍‍​​‌‌‌‌‌‌​‌‍‍‌‌‍​‌‍‍‌‌‌​‌‍‌‌​​‍‌‍​‌‌​‍‌​‍‌‌‌​‌‍‌‌‌‍‌‌​​‍‌‌​‌‌‌​​‍‌‌‌‍‍‌‍‌‌‌‍‌​‍‌‌​​‌​‌​​‍‌‌​​‌​‌​​‍‌‌​​‍​​‍​​‌‌‍‌​​​​‌‍‌‍‌‍‌‌​​‌‍‌‌​​​​‌​​‍​​​‌‍​‍‌‌​​‍​​‍​‍‌‌​‌‌‌​‌​​‍‍‌‌​‌‍‍‌‌‌​‌‍​‌‍‌‌​‌‍​‍‌‍​‌‌​‌‍‌‌‌‌‌‌‌​‍‌‍​​‌‌‍‍​‌‌​‌‌​‌​​‌​​‍‌‌​​‌​​‌​‍‌‌​​‍‌​‌‍​‍‌‌​​‍‌​‌‍‌​‌‌​‌‌‌‌‍‌​‌‍‍‌‌‍​‍‍‌‍‌‌​‍‌‍​‌‌‍‌‌​‌‍​‌‍​‌‌‍​‌‍‌‌​‍‍‌‍​‌‍‌‍‌​‍‌‍‌‍‍‌‌‍‌​​‌‌‍‍​‌‍‌‌‌‍​‌‌‍‌​‌‍‌‌‌​‍​‍‌‍‌‌​‌‍‌‌​​‌‍‌‌​‌‌‍‍​‌‍‌‌‌‍​‌‌‍‌​‌‍‌‌‌​‍​‍‌‍‌​​‌‍​‌‌‌​‌‍‍​​‌‌‌‌‌‌​‌‍‍‌‌‍​‌‍‍‌‌‌​‌‍‌‌​​‍‌‍​‌‌​‍‌​‍‌‌‌​‌‍‌‌‌‍‌‌​​‍‌‌​‌‌‌​​‍‌‌‌‍‍‌‍‌‌‌‍‌​‍‌‌​​‌​‌​​‍‌‌​​‌​‌​​‍‌‌​​‍​​‍​​‌‌‍‌​​​​‌‍‌‍‌‍‌‌​​‌‍‌‌​​​​‌​​‍​​​‌‍​‍‌‌​​‍​​‍​‍‌‌​‌‌‌​‌​​‍‍‌‌​‌‍‍‌‌‌​‌‍​‌‍‌‌​‍‌‍‌​​‌‍‌‌‌​‍‌​‌​​‌‍‌‌‌‍​‌‌​‌‍‍‌‌‌‍‌‍‌‌​‌‌​​‌‌‌‌‍​‍‌‍​‌‍‍‌‌​‌‍‍​‌‍‌‌‌‍‌​​‍​‍‌‌CONTACT​​​​‌‍​‍​‍‌‍‌​‍‌‍‍‌‌‍‌‌‍‍‌‌‍‍​‍​‍​‍‍​‍​‍‌​‌‍​‌‌‍‍‌‍‍‌‌‌​‌‍‌​‍‍‌‍‍‌‌‍​‍​‍​‍​​‍​‍‌‍‍​‌​‍‌‍‌‌‌‍‌‍​‍​‍​‍‍​‍​‍‌‍‍​‌‌​‌‌​‌​​‌​​‍‍​‍​‍‌​‌‌​‌‌‌‌‍‌​‌‍‍‌‌‍​‍‍‌‍‌‌​‍‌‍​‌‌‍‌‌​‌‍​‌‍​‌‌‍​‌‍‌‌​‍‍‌‍​‌‍‌‍‌​‍‌‍‍‌‌‍‍‌‌​‌‍‌‌‌‍‍‌‌​​‍‌‍‌‌‌‍‌​‌‍‍‌‌‌​​‍‌‍‌‌‍‌‍‌​‌‍‌‌​‌‌​​‌​‍‌‍‌‌‌​‌‍‌‌‌‍‍‌‌​‌‍​‌‌‌​‌‍‍‌‌‍‌‍‍​‍‌‍‍‌‌‍‌​​‌‌‍‍​‌‍‌‌‌‍​‌‌‍‌​‌‍‌‌‌​‍​‍‌‌​‌‍‌‌​​‌‍‌‌​‌‌‍‍​‌‍‌‌‌‍​‌‌‍‌​‌‍‌‌‌​‍​‍‌​​‌‍​‌‌‌​‌‍‍​​‌‌‌‌‌‌​‌‍‍‌‌‍​‌‍‍‌‌‌​‌‍‌‌​​‍‌‍​‌‌​‍‌​‍‌‌‌​‌‍‌‌‌‍‌‌​​‍‌‌​‌‌‌​​‍‌‌‌‍‍‌‍‌‌‌‍‌​‍‌‌​​‌​‌​​‍‌‌​​‌​‌​​‍‌‌​​‍​​‍​​​​​‌​​​‌​​‌‌‍‌‍​‌‌‍‌​​‌‍​‍‌​​​‌‍​‌​‍‌‌​​‍​​‍​‍‌‌​‌‌‌​‌​​‍‍‌‌​‌‍‍‌‌‌​‌‍​‌‍‌‌​‌‍​‍‌‍​‌‌​‌‍‌‌‌‌‌‌‌​‍‌‍​​‌‌‍‍​‌‌​‌‌​‌​​‌​​‍‌‌​​‌​​‌​‍‌‌​​‍‌​‌‍​‍‌‌​​‍‌​‌‍‌​‌‌​‌‌‌‌‍‌​‌‍‍‌‌‍​‍‍‌‍‌‌​‍‌‍​‌‌‍‌‌​‌‍​‌‍​‌‌‍​‌‍‌‌​‍‍‌‍​‌‍‌‍‌​‍‌‍‌‍‍‌‌‍‌​​‌‌‍‍​‌‍‌‌‌‍​‌‌‍‌​‌‍‌‌‌​‍​‍‌‍‌‌​‌‍‌‌​​‌‍‌‌​‌‌‍‍​‌‍‌‌‌‍​‌‌‍‌​‌‍‌‌‌​‍​‍‌‍‌​​‌‍​‌‌‌​‌‍‍​​‌‌‌‌‌‌​‌‍‍‌‌‍​‌‍‍‌‌‌​‌‍‌‌​​‍‌‍​‌‌​‍‌​‍‌‌‌​‌‍‌‌‌‍‌‌​​‍‌‌​‌‌‌​​‍‌‌‌‍‍‌‍‌‌‌‍‌​‍‌‌​​‌​‌​​‍‌‌​​‌​‌​​‍‌‌​​‍​​‍​​​​​‌​​​‌​​‌‌‍‌‍​‌‌‍‌​​‌‍​‍‌​​​‌‍​‌​‍‌‌​​‍​​‍​‍‌‌​‌‌‌​‌​​‍‍‌‌​‌‍‍‌‌‌​‌‍​‌‍‌‌​‍‌‍‌​​‌‍‌‌‌​‍‌​‌​​‌‍‌‌‌‍​‌‌​‌‍‍‌‌‌‍‌‍‌‌​‌‌​​‌‌‌‌‍​‍‌‍​‌‍‍‌‌​‌‍‍​‌‍‌‌‌‍‌​​‍​‍‌‌INVESTOR LOGIN​​​​‌‍​‍​‍‌‍‌​‍‌‍‍‌‌‍‌‌‍‍‌‌‍‍​‍​‍​‍‍​‍​‍‌​‌‍​‌‌‍‍‌‍‍‌‌‌​‌‍‌​‍‍‌‍‍‌‌‍​‍​‍​‍​​‍​‍‌‍‍​‌​‍‌‍‌‌‌‍‌‍​‍​‍​‍‍​‍​‍‌‍‍​‌‌​‌‌​‌​​‌​​‍‍​‍​‍‌​‌‌​‌‌‌‌‍‌​‌‍‍‌‌‍​‍‍‌‍‌‌​‍‌‍​‌‌‍‌‌​‌‍​‌‍​‌‌‍​‌‍‌‌​‍‍‌‍​‌‍‌‍‌​‍‌‍‍‌‌‍‍‌‌​‌‍‌‌‌‍‍‌‌​​‍‌‍‌‌‌‍‌​‌‍‍‌‌‌​​‍‌‍‌‌‍‌‍‌​‌‍‌‌​‌‌​​‌​‍‌‍‌‌‌​‌‍‌‌‌‍‍‌‌​‌‍​‌‌‌​‌‍‍‌‌‍‌‍‍​‍‌‍‍‌‌‍‌​​‌‌‍‍​‌‍‌‌‌‍​‌‌‍‌​‌‍‌‌‌​‍​‍‌‌​‌‍‌‌​​‌‍‌‌​‌‌‍‍​‌‍‌‌‌‍​‌‌‍‌​‌‍‌‌‌​‍​‍‌​​‌‍​‌‌‌​‌‍‍​​‌‌‌‌‌‌​‌‍‍‌‌‍​‌‍‍‌‌‌​‌‍‌‌​​‍‌‍​‌‌​‍‌​‍‌‌‌​‌‍‌‌‌‍‌‌​​‍‌‌​‌‌‌​​‍‌‌‌‍‍‌‍‌‌‌‍‌​‍‌‌​​‌​‌​​‍‌‌​​‌​‌​​‍‌‌​​‍​​‍‌‍​‌​​​​​​​​​‌‍​​​‌​​‌‍‌‌​‌‌‍​‌‌‍​‌‍‌​​‍‌‌​​‍​​‍​‍‌‌​‌‌‌​‌​​‍‍‌‌​‌‍‍‌‌‌​‌‍​‌‍‌‌​‌‍​‍‌‍​‌‌​‌‍‌‌‌‌‌‌‌​‍‌‍​​‌‌‍‍​‌‌​‌‌​‌​​‌​​‍‌‌​​‌​​‌​‍‌‌​​‍‌​‌‍​‍‌‌​​‍‌​‌‍‌​‌‌​‌‌‌‌‍‌​‌‍‍‌‌‍​‍‍‌‍‌‌​‍‌‍​‌‌‍‌‌​‌‍​‌‍​‌‌‍​‌‍‌‌​‍‍‌‍​‌‍‌‍‌​‍‌‍‌‍‍‌‌‍‌​​‌‌‍‍​‌‍‌‌‌‍​‌‌‍‌​‌‍‌‌‌​‍​‍‌‍‌‌​‌‍‌‌​​‌‍‌‌​‌‌‍‍​‌‍‌‌‌‍​‌‌‍‌​‌‍‌‌‌​‍​‍‌‍‌​​‌‍​‌‌‌​‌‍‍​​‌‌‌‌‌‌​‌‍‍‌‌‍​‌‍‍‌‌‌​‌‍‌‌​​‍‌‍​‌‌​‍‌​‍‌‌‌​‌‍‌‌‌‍‌‌​​‍‌‌​‌‌‌​​‍‌‌‌‍‍‌‍‌‌‌‍‌​‍‌‌​​‌​‌​​‍‌‌​​‌​‌​​‍‌‌​​‍​​‍‌‍​‌​​​​​​​​​‌‍​​​‌​​‌‍‌‌​‌‌‍​‌‌‍​‌‍‌​​‍‌‌​​‍​​‍​‍‌‌​‌‌‌​‌​​‍‍‌‌​‌‍‍‌‌‌​‌‍​‌‍‌‌​‍‌‍‌​​‌‍‌‌‌​‍‌​‌​​‌‍‌‌‌‍​‌‌​‌‍‍‌‌‌‍‌‍‌‌​‌‌​​‌‌‌‌‍​‍‌‍​‌‍‍‌‌​‌‍‍​‌‍‌‌‌‍‌​​‍​‍‌‌
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Research​​​​‌‍​‍​‍‌‍‌​‍‌‍‍‌‌‍‌‌‍‍‌‌‍‍​‍​‍​‍‍​‍​‍‌​‌‍​‌‌‍‍‌‍‍‌‌‌​‌‍‌​‍‍‌‍‍‌‌‍​‍​‍​‍​​‍​‍‌‍‍​‌​‍‌‍‌‌‌‍‌‍​‍​‍​‍‍​‍​‍‌‍‍​‌‌​‌‌​‌​​‌​​‍‍​‍​‍‌​‌‌​‌‌‌‌‍‌​‌‍‍‌‌‍​‍‍‌‍‌‌​‍‌‍​‌‌‍‌‌​‌‍​‌‍​‌‌‍​‌‍‌‌​‍‍‌‍​‌‍‌‍‌​‍‌‍‍‌‌‍‍‌‌​‌‍‌‌‌‍‍‌‌​​‍‌‍‌‌‌‍‌​‌‍‍‌‌‌​​‍‌‍‌‌‍‌‍‌​‌‍‌‌​‌‌​​‌​‍‌‍‌‌‌​‌‍‌‌‌‍‍‌‌​‌‍​‌‌‌​‌‍‍‌‌‍‌‍‍​‍‌‍‍‌‌‍‌​​‌‌​‍‌‍‌‌‌​‌‍‌‌‌‍​‌‌​‍‌‍​‌‍‍​‌​‍​‌‍‌‍‌‌‍‌‌‌​​‌‍​‌‌‍‌‌‍‌‌​‍‌‌​‌‍‌‌​​‌‍‌‌​‌‌​‍‌‍‌‌‌​‌‍‌‌‌‍​‌‌​‍‌‍​‌‍‍​‌​‍​‌‍‌‍‌‌‍‌‌‌​​‌‍​‌‌‍‌‌‍‌‌​‍‌​​‌‍​‌‌‌​‌‍‍​​‌‌‍‍​‌‍‌‌‌​‍‌‍​‍‍‌‌​‌‍‍‌‌‌​‌‍​‌‍‌‌​‌‍​‍‌‍​‌‌​‌‍‌‌‌‌‌‌‌​‍‌‍​​‌‌‍‍​‌‌​‌‌​‌​​‌​​‍‌‌​​‌​​‌​‍‌‌​​‍‌​‌‍​‍‌‌​​‍‌​‌‍‌​‌‌​‌‌‌‌‍‌​‌‍‍‌‌‍​‍‍‌‍‌‌​‍‌‍​‌‌‍‌‌​‌‍​‌‍​‌‌‍​‌‍‌‌​‍‍‌‍​‌‍‌‍‌​‍‌‍‌‍‍‌‌‍‌​​‌‌​‍‌‍‌‌‌​‌‍‌‌‌‍​‌‌​‍‌‍​‌‍‍​‌​‍​‌‍‌‍‌‌‍‌‌‌​​‌‍​‌‌‍‌‌‍‌‌​‍‌‍‌‌​‌‍‌‌​​‌‍‌‌​‌‌​‍‌‍‌‌‌​‌‍‌‌‌‍​‌‌​‍‌‍​‌‍‍​‌​‍​‌‍‌‍‌‌‍‌‌‌​​‌‍​‌‌‍‌‌‍‌‌​‍‌‍‌​​‌‍​‌‌‌​‌‍‍​​‌‌‍‍​‌‍‌‌‌​‍‌‍​‍‍‌‌​‌‍‍‌‌‌​‌‍​‌‍‌‌​‍‌‍‌​​‌‍‌‌‌​‍‌​‌​​‌‍‌‌‌‍​‌‌​‌‍‍‌‌‌‍‌‍‌‌​‌‌​​‌‌‌‌‍​‍‌‍​‌‍‍‌‌​‌‍‍​‌‍‌‌‌‍‌​​‍​‍‌‌

Whether you're new to crypto or a seasoned pro, our library of educational resources will deepen your understanding of the technology that's changing the world.​​​​‌‍​‍​‍‌‍‌​‍‌‍‍‌‌‍‌‌‍‍‌‌‍‍​‍​‍​‍‍​‍​‍‌​‌‍​‌‌‍‍‌‍‍‌‌‌​‌‍‌​‍‍‌‍‍‌‌‍​‍​‍​‍​​‍​‍‌‍‍​‌​‍‌‍‌‌‌‍‌‍​‍​‍​‍‍​‍​‍‌‍‍​‌‌​‌‌​‌​​‌​​‍‍​‍​‍‌​‌‌​‌‌‌‌‍‌​‌‍‍‌‌‍​‍‍‌‍‌‌​‍‌‍​‌‌‍‌‌​‌‍​‌‍​‌‌‍​‌‍‌‌​‍‍‌‍​‌‍‌‍‌​‍‌‍‍‌‌‍‍‌‌​‌‍‌‌‌‍‍‌‌​​‍‌‍‌‌‌‍‌​‌‍‍‌‌‌​​‍‌‍‌‌‍‌‍‌​‌‍‌‌​‌‌​​‌​‍‌‍‌‌‌​‌‍‌‌‌‍‍‌‌​‌‍​‌‌‌​‌‍‍‌‌‍‌‍‍​‍‌‍‍‌‌‍‌​​‌‌​‍‌‍‌‌‌​‌‍‌‌‌‍​‌‌​‍‌‍​‌‍‍​‌​‍​‌‍‌‍‌‌‍‌‌‌​​‌‍​‌‌‍‌‌‍‌‌​‍‌‌​‌‍‌‌​​‌‍‌‌​‌‌​‍‌‍‌‌‌​‌‍‌‌‌‍​‌‌​‍‌‍​‌‍‍​‌​‍​‌‍‌‍‌‌‍‌‌‌​​‌‍​‌‌‍‌‌‍‌‌​‍‌​​‌‍​‌‌‌​‌‍‍​​‌‌‍‍​‌‍‌‌‌​‍‌‍​‍‍‌‍‌​‌‍‌‌‌​‌‍​‌​‍‌‍‍‌‌​​‌‌​‌‍‍‌‌‍‌‍‍​‌‍​‍‌‍​‌‌​‌‍‌‌‌‌‌‌‌​‍‌‍​​‌‌‍‍​‌‌​‌‌​‌​​‌​​‍‌‌​​‌​​‌​‍‌‌​​‍‌​‌‍​‍‌‌​​‍‌​‌‍‌​‌‌​‌‌‌‌‍‌​‌‍‍‌‌‍​‍‍‌‍‌‌​‍‌‍​‌‌‍‌‌​‌‍​‌‍​‌‌‍​‌‍‌‌​‍‍‌‍​‌‍‌‍‌​‍‌‍‌‍‍‌‌‍‌​​‌‌​‍‌‍‌‌‌​‌‍‌‌‌‍​‌‌​‍‌‍​‌‍‍​‌​‍​‌‍‌‍‌‌‍‌‌‌​​‌‍​‌‌‍‌‌‍‌‌​‍‌‍‌‌​‌‍‌‌​​‌‍‌‌​‌‌​‍‌‍‌‌‌​‌‍‌‌‌‍​‌‌​‍‌‍​‌‍‍​‌​‍​‌‍‌‍‌‌‍‌‌‌​​‌‍​‌‌‍‌‌‍‌‌​‍‌‍‌​​‌‍​‌‌‌​‌‍‍​​‌‌‍‍​‌‍‌‌‌​‍‌‍​‍‍‌‍‌​‌‍‌‌‌​‌‍​‌​‍‌‍‍‌‌​​‌‌​‌‍‍‌‌‍‌‍‍​‍‌‍‌​​‌‍‌‌‌​‍‌​‌​​‌‍‌‌‌‍​‌‌​‌‍‍‌‌‌‍‌‍‌‌​‌‌​​‌‌‌‌‍​‍‌‍​‌‍‍‌‌​‌‍‍​‌‍‌‌‌‍‌​​‍​‍‌‌

Ethereum: The OG Smart Contract Blockchain
Ethereum: The OG Smart Contract Blockchain

Smart contract platforms are the core infrastructure for decentralized applications and blockchain-based finance. They are therefore central to the vision that public blockchains offer a new architecture for financial markets and digital commerce. Grayscale Research believes that adoption of smart c

February 2025: Progress, Potholes, and Opportunity
February 2025: Progress, Potholes, and Opportunity

Crypto valuations pulled back in February 2025 alongside rising macro risks and declines in technology share prices. The hack of a major crypto exchange and lower memecoin trading activity may also have weighed on the market. At the same time, the U.S. regulatory backdrop for the crypto industry con

The Real World: How DePIN Bridges Crypto Back to Physical Systems
The Real World: How DePIN Bridges Crypto Back to Physical Systems

Blockchain technology can be used to direct capital to critical physical infrastructure projects more efficiently than traditional alternatives. These projects — known as Decentralized Physical Infrastructure Networks (DePINs) — include wireless connectivity platforms, AI-related resources such as co

The Power of Bitcoin Mining
The Power of Bitcoin Mining

Bitcoin can function as a global digital money system because of Bitcoin mining: the competitive process used to update the blockchain and align economic incentives across the network. Today the Bitcoin mining network operates at an enormous scale, producing “hashes” at a rate of more than 700 quinti

Nasdaq 100 vs. Bitcoin: Positioning Portfolios for Growth
Nasdaq 100 vs. Bitcoin: Positioning Portfolios for Growth

Replacing a portion of portfolio allocations to Nasdaq 100 stocks with Bitcoin may allow investors to enhance returns, reduce risk without sacrificing returns, or move out the efficient frontier. The stocks in the Nasdaq 100 index and Bitcoin are distinct but complementary portfolio exposures. The N

The AI "Sputnik Moment," DeepSeek, and Decentralized AI
The AI "Sputnik Moment," DeepSeek, and Decentralized AI

The launch of DeepSeek’s AI model has been called a "Sputnik moment,” highlighting an international race for AI supremacy as well as the power of open-source technology. At the same time, the news highlights risks associated with centralized AI development, like data security, biases, and censorship

January 2025: Remake of U.S. Crypto Policy Underway
January 2025: Remake of U.S. Crypto Policy Underway

Crypto markets continued to climb in January, although valuations pulled back over the weekend on tariff news. January also featured a whirlwind of activity that will likely have implications for the digital assets industry for the rest of 2025 and beyond. The Trump administration issued a comprehen

Crypto in Diversified Portfolios
Crypto in Diversified Portfolios

Crypto is a unique, high-volatility alternative asset class that may help improve risk-adjusted returns when added to traditional portfolios. When incorporating crypto into portfolios, a little goes a long way: conventional portfolio optimization techniques suggest an allocation of about 5% could ma

December 2024: Crypto Takes a Breather After Roaring Year
December 2024: Crypto Takes a Breather After Roaring Year

Crypto valuations declined in December after stronger returns earlier in the year. The pullback may have reflected more hawkish signals from the Federal Reserve. The last two Bitcoin bull markets featured many drawdowns of a similar magnitude. Spot Bitcoin and Ether exchange-traded products (ETPs) l

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