Certificate, Bitcoin ETN or the coin itself: what each route means for tax and custody

The information provided in this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry a high degree of risk. Always conduct your own research.A Bitcoin certificate, an ETN and the coin itself all lead to the same price, but to three different tax treatments and three different risks. The comparison shows which route fits your portfolio and why December 31, 2026 becomes the cut-off date.Anyone who wants Bitcoin in a securities account has three routes available in Germany: the coin itself through a crypto exchange, an exchange-traded security tracking Bitcoin, that is an ETN, and a certificate issued by a bank. All three move with the same price. What separates them is the question of who owns the Bitcoin, who owes you the money if things go wrong, and which section of the tax code the tax office applies to your gain. The price is the smallest difference. Bitcoin traded at $85,543 and €76,040 on Wednesday morning, down 0.43 percent on the previous day, according to CoinGecko as of 03:00 on Wednesday. That figure sits inside all three products. The gap opens up afterwards: in the tax treatment, in the costs, and in the ...