Insights
Working papers from the strategy desk.
Original desk commentary for operators. Not live investment research and not financial advice.
The corporate treasury playbook: from cash drag to digital property
Idle fiat on the balance sheet is a slow leak. A Bitcoin reserve is a multi-year conversion of working capital into an asset that cannot be diluted by policy.
Amelia Cho · Head of Treasury Strategy
Volatility is a feature: duration, drawdowns, and the board
Bitcoin’s price path is loud. Its monetary policy is quiet. Teaching directors to sit through the noise is the real product.
Marcus Ellison · Partner, Board Education
Capital markets strategy: convertibles, ATM programs, and the BTC flywheel
Once Bitcoin is the reserve asset, the cost of capital can invert. The market starts underwriting the stack, not the cash.
Priya Nandakumar · Head of Capital Markets
Custody architecture for institutional Bitcoin
Keys are not a vendor logo. They are a constitution: who can move the reserve, under what quorum, after which failures.
Jonah Hale · Head of Custody & Controls
Measuring success: BTC yield, NAV, and the fiat illusion
If you keep score in the currency you are leaving, you will abandon the strategy at the exact moment it is working.
Helena Voss · Guest, Helios Industrial CFO