Hey Waivly Crew! 🌊 OnlyFans’ parent company purchased almost $20 million worth of Ethereum between 2021 and 2022. The U.S. Treasury and the IRS are jointly proposing new tax regulations for the crypto industry. 🎉 Get 50% Off Waivly+ By Joining Today | Offer Ends August 31st 🎉 Want more from us at Waivly? Join Waivly+, the premium Waivly membership that gives you access to exclusive Web3, AI, and tech content, insights, news, a members-only weekly newsletter edition, and more, all blended into one super low-cost and quick to join membership 🙌 Click here to get onboard and to become a Waivly+ Crew member! OnlyFans parent company reports Ether holdings
The parent company of content subscription giant OnlyFans has become the latest firm to disclose its cryptocurrency holdings, showing it invested over $19 million into Ether in 2022. According to a Thursday financial filing to the U.K. corporate registry, Fenix International reported that it had acquired $19.9 million worth of ETH between 2021 and 2022. However, due to an overall decline in crypto prices over the course of last year, the total value of its ETH decreased by $8.5 million by the end of the reporting period in November 2022. “During this year, the group diversified part of its working capital into a cryptocurrency asset—ETH or Ethereum,” the company said in a statement. “There are no limitations or restrictions on the group's ability to sell the cryptocurrency assets. The asset has been impaired to its fair value at the year end." Despite its initial lack of success in crypto investing, overall, OnlyFans experienced a positive 2022. According to the filing, the site saw the company's revenue grow by 16.6% from $4.8 billion in 2021 to $5.6 billion in 2022. It also experienced a 47% increase in the number of creators on its platform, on top of a 27% increase in total subscribers. U.S. Treasury unveil new proposed crypto tax guidelines
The U.S. Treasury Department has finally unveiled its definition of a "broker" for the crypto industry, defining how crypto firms and investors will need to meet tax reporting obligations. The Treasury, alongside the Internal Revenue Service, released a 282-page proposed rule on Friday in response to the 2021 Infrastructure Investment and Jobs Act, saying centralized crypto exchanges, payment processors, some hosted wallet providers, some decentralized exchanges, and people that redeem crypto tokens they created will be bound to those reporting obligations. Moreover, the Treasury unveiled a new custom tax form – the 1099-DA – that would help taxpayers determine if they owe taxes under the proposed rules and avoid "having to make complicated calculations." Miners are exempt from the tax rules, but "some" decentralized finance platforms will not be, according to the proposed guidance. “These regulations align tax reporting on digital assets with tax reporting on other assets, and, as a result, avoid preferential treatment between different types of assets,” the Treasury said in a statement. The proposed rules would go into effect in 2026 to reflect sales and exchanges carried out in 2025. Comments on the proposal are being accepted through October 30. The Waves💸 DEA sent $55K in USDT to a crypto scammer 🛒 Instacart looks to go public, filing for an IPO 💰 Hugging Face raises $235 million from investors 📜 Google updates service policies to comply with EU regulations Discover more Waves in the Waivly Discord. Click here to get onboard! 🌊 Constant Contact: Your AI-Powered Content Partner
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Investment firms ARK Invest and 21Shares have teamed up to apply for two futures exchange-traded fund (ETF) products involving Ether and Bitcoin. The application was filed with the Securities and Exchange Commission (SEC) by the investment advisor for the products, Empowered Funds, on Thursday. The submission introduced two ETFs: the ARK 21Shares Active Ethereum Futures ETF (ARKZ) and the ARK 21Shares Active Bitcoin Ethereum Strategy ETF (ARKY). The filing stated that ARKZ will invest at least 25% in Ether futures products, with the fund’s remaining investments allocated to U.S. Treasuries, money market instruments, and repurchase agreements. ARKY, meanwhile, will invest at least 25% in both Ether and Bitcoin futures products, and allocate its remaining assets to cash and cash equivalents, according to the filing. Ark Invest and 21Shares originally collaborated on a spot Bitcoin ETF product application in 2021. The Cboe re-filed the application in April this year, before amending it in June to include a surveillance-sharing agreement. Waivly Jobs Highlights👩💻 Social Media Specialist at Blokhaus 👩💻 Backend Game Developer at Seedify 👩💻 Senior Front End Engineer at Ethena Labs 👩💻 Web3 Social Media Manager at Lava Network Share the Waivly newsletter with your friendsThat wraps up today's newsletter, thank you for reading through. Know someone else who would enjoy the Waivly newsletter as much as you do? Let them know about us, send them a link to join, and get great rewards for doing so! The reward per referrals are:
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