Bitcoin & Treasury Glossary

A Spanish tax advantage of inheriting versus gifting: the appreciation of a deceased person's assets (including their Bitcoin) is not taxed in the deceased's income tax.

Keeping client assets legally and operationally separate from the custodian's balance sheet, so they do not enter the bankruptcy estate if it fails.

An exchange-traded fund that tracks the price of BTC without requiring investors to custody Bitcoin directly.

A figure in the European MiCA regulation: an entity authorized to provide services on crypto assets, including custody, with capital and segregation requirements.

Under Spanish tax law, swapping one crypto for another (e.g., Bitcoin for Ethereum) is a taxable exchange: it triggers a capital gain or loss even if you never touch euros.

Independent verification of an entity's Bitcoin holdings: their existence, ownership (control of the keys), and valuation.

A Spanish tax on unrealized gains when moving tax residency out of Spain (Article 95 bis of the IRPF law), potentially applicable to your cryptoassets depending on the case.

The U.S. accounting standard requiring Bitcoin to be measured at fair value, with gains and losses recognized in earnings.

Markets in Crypto-Assets: the European Union's regulatory framework for digital assets, in force since 2024.

Spain's informational filing for crypto held abroad: mandatory when combined holdings exceed €50,000 as of December 31.

A cryptographic, audited demonstration that a custodian or exchange actually holds the assets it claims to custody for its clients.

A regulated entity — a bank or chartered trust — that meets the legal requirements to custody the assets of clients such as funds, RIAs and ETFs.