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Russia Proposes 15% Tax on Crypto Trading and Mining Income
Russia's government has approved amendments to classify cryptocurrencies as property for tax purposes, imposing a maximum income tax rate of 15% on crypto trading and mining income. Mining revenue will be taxed based on market value at receipt, with deductions allowed for operational expenses. Crypto transactions will be exempt from value-added tax, aligning crypto trading taxes with securities income. The legislation, first introduced in 2020, also mandates reporting by mining operators and limits unregistered mining to 6,000 kWh of monthly electricity use. The goal is to balance business interests with government revenue needs.
Wall Street Heavyweights Boost MicroStrategy Holdings as MSTR Outpaces Bitcoin YTD
Institutional investors have significantly increased their holdings in MicroStrategy (MSTR) shares, driven by the company’s robust Bitcoin strategy. MicroStrategy, the largest corporate holder of Bitcoin with 331,200 BTC worth $29.7 billion, recently made its largest purchase to date, acquiring $4.6 billion in BTC. Institutional 13F filings revealed that the number of MSTR holders rose from 667 to 738, with major players like Vanguard Group, Capital International Investors, and Morgan Stanley drastically increasing their stakes. MSTR shares have surged 450% year-to-date, far outpacing Bitcoin’s 110% gain, highlighting growing institutional confidence in MicroStrategy as a leveraged Bitcoin investment vehicle.
Coinbase CEO Set to Meet Trump to Discuss Key Personnel Appointments
Coinbase CEO Brian Armstrong is set to meet President-elect Donald Trump to discuss “personnel appointments,” The Wall Street Journal reported. The meeting comes as Trump considers key roles, including Treasury Secretary and SEC chair—positions critical to the crypto industry. Potential candidates include Howard Lutnick, Cantor Fitzgerald CEO and a bitcoin advocate, whose firm has ties to Tether. Ripple and Circle executives have also reportedly engaged with Trump’s team on similar matters. Coinbase has not commented on the meeting.
Trading Desk Insights
BTC is hovering just under $92,000, a mere 2% shy of its all-time high, and the buzz is real—traders are expecting a potential surge to the $100K mark. Meanwhile, money is pivoting to altcoins, chasing juicier returns ahead of what looks like an imminent altcoin boom.
In the last 24 hours, the headlines have been positive: We're on the cusp of trading options on crypto ETFs, MicroStrategy's prepping a hefty $1.75 billion fundraise to stack more BTC, and Trump's gearing up for a sit-down with Coinbase's head honcho Brian Armstrong. Plus, Trump’s company DJT, is deep into negotiations to snap up the crypto exchange Bakkt.
In other news, BTC ETF options are set to kick off trading today.
MicroStrategy’s not just making moves; it’s making waves in the options market, with open interest blowing past its own market cap. Its trading volume is now on par with giants like Apple and Microsoft.
Over in the DEX space, Solana's platforms have knocked it out of the park, racking up a record $41.6 billion in trades this past week—smashing last week's numbers and eclipsing combined volumes on Ethereum, Base, and BSC. The SOL/BTC trade ratio spiked 11% last week, eyeing a breakout from its current consolidation pattern.
On the equities front, stocks took a dive Tuesday as geopolitical heat between Ukraine and Russia pushed investors toward safer assets. Market jitters spiked after Putin threw down a gauntlet, lowering the bar for nuclear engagement following Biden's green light for Ukraine to hit targets within Russia. This turmoil sent the VIX—often called the fear gauge—up 10%.
Crypto Charts
Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
Unless otherwise provided in a separate agreement, Secure Digital Markets does not represent that the report contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Secure Digital Markets and their officers, directors and employees shall not be responsible or liable for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.
Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
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