Insights
Operator notes on volatility, convexity, and treasury design.
Long-form notes for treasurers, board members, and allocators who want the mechanics, not the headlines. Bi-weekly cadence; topics chosen by what we're seeing in client books.
Published
Treasury Engineering
Why a BTC treasury is implicitly short volatility
2026-04-22
Overlays
When short volatility is the right answer for a treasury
2026-04-28
Counterparty
ISDA negotiation for a BTC-treasury issuer: the four clauses that move the most money
2026-04-14
Governance
A board derivatives policy in 12 pages: what should and shouldn't be in it
2026-03-31
Board Pack
What a clean monthly board pack looks like (sample, redacted)
2026-03-17