Research & Insights
The research behind
The research behind
our positions.
We publish our own research on digital assets, monetary systems, and the structure of global markets. It is the same work that shapes how we invest. New pieces appear on our Medium publication on an ongoing basis.
Featured · Market Structure
The Wrapper Trade: What You Actually Own When You Buy SpaceX
The biggest IPO in history bundles one profitable business with two cash-burners. The runup risk is not mechanical flows. It is reflexivity.
Read the analysis → Monetary SystemsThe Empire Strikes Back: Are Banks Capturing the Stablecoin Revolution?
The largest US banks and card networks are building their own tokenized-dollar rails. The conventional read is capitulation. We think it is a counterattack.
Read the analysis → MacroShifting Tectonics of US Dollar Hegemony
Read the whitepaper ↗ StrategySynthetic Hedging in Directional Investment Strategies
Read the whitepaper ↗ Digital AssetsThe Bitcoin Energy Whitepaper
Read the whitepaper ↗ Monetary SystemsThe Liquidity Insurgency: Why Stablecoins Are the Anti-Hegemon
Read on Medium ↗ MacroThe Weakening Dollar: How Currency Dynamics Are Reshaping Global Capital Flows
Read on Medium ↗ GeopoliticsThe “Fourth Stage”: Complacency, Conflict, and the End of Unipolar Dominance
Read on Medium ↗ MacroThe Day Free Money Died: Japan’s Historic Pivot and the New Global Danger Zone
Read on Medium ↗ GeopoliticsU.S. China Decoupling Accelerated: The Macro Cost of Dual Supply Chains
Read on Medium ↗ Systemic RiskAI Rollout Meets Policy Roadblocks: A New Source of Systemic Risk?
Read on Medium ↗ MacroInflation Expectations, Labor Markets, and Portfolio Resilience
Read on Medium ↗ MacroUS Tariffs and Global Trade: Rethinking Investment Strategy with Crypto
Read on Medium ↗ Monetary SystemsCrypto Legislation in the U.S.: The GENIUS Act and Beyond
Read on Medium ↗ MacroMonetary Divergence and the Next EM Debt Crisis
Read on Medium ↗ Quant MethodsVisualizing Shifting Correlations in Financial Markets
Read on Medium ↗ Quant MethodsOn the Development of Systematic Crypto Trading Strategies
Read on Medium ↗
Stay connected
Follow the research wherever you read.
Every new piece goes out on Medium and our Beehiiv newsletter, with shorter takes on X. Follow whichever fits how you read.