Institutional digital asset infrastructure. Principal market making across CEX, DEX and perps. Tokenomics, treasury and market surveillance. London.
London
Joined May 2026
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An equity IPO doesn’t price itself by guessing. The bank spends weeks collecting indications of interest, size and price, from real buyers, and the deal prices off that book. Token launches skip all of it and pick a number.
Tokenised commodities were the fastest-growing RWA category into 2026, gold spot clearing $90B in Q1. Brent above $116, per CoinDesk, is where we expect the category to get tested. Holders wanting out mid-move hit the issuer's redemption window and wait.
Spot Bitcoin ETFs took about $1.07bn in three sessions as prices slipped, Decrypt reports. Flow running against price needs, we think, a secondary market underneath it, and tokenised RWA holders wait on the issuer's redemption window.
Outflows clear in a day on a spot ETF because APs redeem and the shares trade on. Cointelegraph puts Thursday's US bitcoin ETF outflows at $635M. We keep flagging tokenised RWA, where the holder files with the issuer and waits for a window.
Calm tape flatters the one-off treasury sale. Decrypt has bitcoin just under $83,000, above both short and long term moving averages. We'd still diversify gradually. A disclosed sale puts the balance in front of the market before any of it clears.
We treat a treasury sitting on one exchange as a single point of failure, hedge or no hedge. With the just bet on price era fading, per CoinDesk, the questions now land on custody spread and which stablecoins the balance sits in.
Fixed-rate lending against tokenised collateral stalls, in our view, at the liquidation step: someone has to bid for the asset the day it is seized. CoinDesk has the demand case at $1.8B from a 5% reserve shift at Sky and Ethena.
Two straight weeks of net outflows from bitcoin ETFs, Decrypt reports. We take that tape as a reason to price a launch lower and keep the date, since the day-one bid comes from whoever is still in the book.
Not investment advice.
Posted size at a level costs nothing until someone trades into it. Cointelegraph reports bitcoin rejected at $83,000, with a sell wall holding it in a tight range. Whether that size survives the touch is what we check, along with what the bid does next.
A buyback needs a revenue base, a percentage and a frequency before we treat it as policy. Designs that arrive without them go back. The ones we build get published, executed on no fixed schedule, and reconciled quarterly.
Not investment advice.
We read a lot of private credit tokenisation decks. Nearly all of them put the asset on-chain and leave the proof off it. The token is a receipt. The thing it is a receipt for is still a PDF you have to ask someone for.
So it is strange that this market barely exists. Protocols with real revenue borrow against treasury tokens, or they don't borrow at all. Credit priced against verifiable on-chain revenue, repaid from the stream itself, should be standard by now.
Not all of it is on-chain. Salaries, infra and anything paid in fiat still need attesting, and that is the harder half. Which is the point. Before anyone lends against collateral, a yield mechanism, a revenue line or a NAV, someone outside has to be able to check it without taking the issuer's word for it. That is the piece we are building. Credit is the first thing we are putting on top of it.
Buyback clauses land on our desk with no revenue base, no percentage, no frequency. When we work on one, the policy gets published, execution stays unscheduled, and the treasury reconciles quarterly.
Not investment advice.
Inventory for a market-making seat comes out of a liquidity reserve and gets disclosed as a loan. Our mandates run retainer-only: the client keeps custody, we trade on API keys, and circulating supply carries no borrowed inventory.
Not investment advice.