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.
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.
Five years is the stated life of the SEC's Innovation Exemption for tokenised stocks, and the liquidity provider relief under it is conditional. We scope tokenised-stock work assuming the relief expires on schedule, with counsel on the same basis.
A range-bound quarter does not change when payroll falls due. With Bitcoin testing $81,000 and October hike odds at 29% against 18% a week ago, per Decrypt, we count runway off the stable balance and leave the native balance out of it.
Dealer registration relief is the part of the SEC's tokenised stock order that decides whether a venue gets quotes. CoinDesk has a second US marketplace pursuing it after the OKX/ICE JV. We watch who commits the bid at each opening.
Not investment advice.
We put the market making seat in the tokenomics, not in the week after listing. We size inventory as a disclosed loan out of a liquidity reserve, never the marketing pool. Retainer-only, so the client keeps custody and PnL.
Not investment advice.
Each funding round breaks even at entry price times the circulating supply on its final vest date. Seed, private and public give three different bars, none of them FDV. We model that split before touching float or emissions.
Not investment advice.
A vesting cliff lands into whatever tape exists that week. Bitcoin bears are facing liquidation pressure into Oct. 9, per CoinDesk, and that bid absorbs size a thin book will not. We re-run unlock models when the regime changes.
Not investment advice.
Vesting cliffs get modelled on the tape that existed when the deck was written. Decrypt puts October's first seven trading days at $386.3m of net outflows from bitcoin ETFs. We re-run unlock schedules against the current book.
Not investment advice.
We model breakeven per round: entry price times circulating supply on the date that round finishes vesting. Three bars, none of them FDV. Supply freezes at launch, so that work lands pre-TGE and market making is the lever after it.
Not investment advice.