Research
You don’t need the week recapped. You need to know what it did to your book.
Unlock pressure, block activity, credit and collateral structures, secondaries pricing — read the way the desk reads them before it will put a name to a memo. Published weekly, with desk notes on method alongside.
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Research is informational only — not investment advice, an offer, or a solicitation.
Archive 4 entries Latest 2026-07-16
Published
- 2026-07-16 The Unlock Ledger The Unlock Ledger — Reading a Vesting Schedule Like the Desk Does Most unlock calendars tell you when. The desk wants to know who, into what liquidity, and under which side agreements. A method, with a worked example.
- 2026-07-16 Desk Notes The Secondary Discount Is a Verdict Locked-token secondaries trade at discounts that would embarrass a distressed-debt desk. The market is grading vesting design.
- 2026-07-08 The Brief The Brief — Capital Rotates to Infrastructure Tokenized settlement at trillion-dollar scale, Ethereum’s re-platforming, and the treasury-company trade under stress.
- 2026-07-08 Desk Notes Underwriting a Token-Backed Lending Mandate How the desk reads collateral, frames risk, and structures a facility both sides can live with when it goes wrong.
Commissioned
Commissioned research
A small number of mandates, scoped individually.
Sector and counterparty maps, unlock-risk reviews of a portfolio, structured teardowns of a market the desk already watches. Delivered under the same standard of work and kept confidential — commissioned research is never published, which is the whole reason it can say what the weekly cannot.