How we think.
Written down.
Research notes on Bitcoin, treasury strategy, markets and capital allocation. Published when there is something to say.
Why a reserve asset decision is different in kind from a position, and what that implies for sizing, custody and accounting.
Cash is a position with a known real return. Reading it as neutral is the most common allocation error we see.
How a risk framework keeps a strong view from becoming an oversized position.
What a position looks like when you assume the exit is crowded.
Multi-signature, separation, and rehearsed recovery. Why counterparty risk ranks above volatility.
Writing the condition that would prove us wrong, before the position exists.
What we publish, when, and what we will never publish.
Category filtering is wired to the index once the archive is connected.