How does Abra make money on this token?
As with every other fiat or cryptocurrency offered in the app, we make money off of the spread. You will encounter the spread when you exchange two different currencies. We do not charge any subscription or rebalancing fees.
Do you charge a fee to invest in BIT10?
We do not charge any fees to invest in BIT10, but our spread applies with any conversion of two different currencies. This spread is static - not dynamic. Our spread does not fluctuate or increase/decrease based on volume or the market. We do not disclose the spread, but you can calculate it by comparing the portfolio price vs the buy/sell price.
Do I have to be an accredited investor to invest in BIT10?
No, anyone can purchase the BIT10 token through Abra and you do not need to be an accredited investor to do so.
If the token is rebalanced, do I have to track all those buys and sells, and pay tax on each sell? What about tax reporting on Bit10 Token?
You are purchasing a token, not the underlying assets. For tax reporting, we are unable to provide guidance or advice, but you are not purchasing the separate coins/cryptocurrencies, just the token.
Do you have any plans to offer Bit20/70/100?
This is a definite possibility, but we’ll have to wait and see how Abra users respond to BIT10 first.
Are there any plans to add any performance charts to Abra or a way to track the BIT10 token’s performance?
Currently, there are no charts or historical data, but they’re on our roadmap and hope to introduce them soon.
US Users Only
Why do I have to sell my BIT10?
Abra will no longer offer BIT10 in the United States due to regulatory uncertainty in the US market. Because of this, users currently holding BIT10 will need to transition their investments to other assets.
When do I have to sell my BIT10?
Beginning June 6th, 2019 all US users will currently own BIT10 will go into a "sell only" mode. You will be able to sell or exchange BIT10 for another asset but you will no longer be able to invest in BIT10.
If you have not sold or exchanged your BIT10 by 11:59PM EST on June 28th, 2019 your BIT10 investment will automatically convert to True USD.