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.
Most of what gets blamed on a macro print, we trace back to an unlock date. A tranche landing this week meets whatever buyers grew while it was locked.
Not investment advice.
Our co-founder @JRangel351 is at Meridian in Lisbon for the final day of @StellarOrg's conference.
Stellar's work on tokenised assets and stablecoin payments sits close to what we do. If you're there and want to talk liquidity, treasury or on-chain verification, come and find him.
Two dollar tokens on one retail rail. CoinDesk reports Robinhood will offer Ripple's stablecoin later this year while backing the rival it helped launch. We spend our time on the venue and chain side, where these distribution slots get allocated.
Yield-for-holding is where we see the MiCA risk. The sinks go in at launch: volume-linked burn and spend-earned cashback, both tied to usage, with staking paying utility benefits instead of emission APY. Subject to counsel.
Not investment advice.
TOKEN2049 Singapore, three weeks on.
A week of meetings and a full house at Convergence, our side event with @surgence_io. Thanks to @ADIChain_ @zerufinance @cedehub @Anti__Capital @Web3Auditing @Outlaw_HQ for coming through.
What stayed with us: institutional capital is moving on-chain faster than most teams expected 🧵
What we heard, and what we think comes next:
• Most institutions we met have stopped asking whether to come on-chain and are working out how fast.
• Tokenised bonds, funds and equities are scaling. They will need proper venues and real secondary liquidity, not just issuance.
• Stablecoins are moving from trading into payments, which makes treasury management a core job for foundations.
• Options and hedging are becoming standard treasury tools.
• Compute and AI inference are turning into markets of their own, with AI agents already trading on-chain. Both need reference prices people can trust.
• Compliance came up in almost every meeting. Licensing sets the baseline. Being able to show on-chain that a project is what it says it is goes further.
Open interest at many times verifiable spot is the regime where perps set the print. $404 million of longs liquidated in four hours, and $773 million out of spot bitcoin ETFs over Thursday and Friday, per The Block. We count those as separate sellers.
Stocks and crypto down together, per Cointelegraph, and tokenised treasuries get pitched as the place to sit it out. Nothing there turns its float twice a month, by our count. A holder exits through the issuer's redemption window, on their timetable.
Tokenization is bringing traditional finance on-chain. Treasuries, equities and private credit are already being issued as tokens, and the capital behind them will expect the standards it gets in regulated markets.
A lot of crypto still falls short of that. Reported volume often doesn't match what the order book can absorb. Token supply and admin controls are described in documents rather than shown on-chain. DeFi pools can be controlled by a few linked wallets.
Crypto has an advantage here. Token supply, vesting, admin keys, wallet activity and pool ownership can all be checked on-chain, and order book depth can be tested directly. Good regulation should require markets to use that.
The rules for crypto markets in the US and UK are being written and finalised now. We've shared what we see running market making and surveillance with the SEC, CFTC and FCA, through @sdotsome's comment letters.
We'll keep contributing as these frameworks take shape.
Over the past week I submitted formal comments to the SEC, the CFTC and the UK FCA on the proposed frameworks for crypto asset markets.
They draw on what we see at @Vandergrid_ running market making and market surveillance for token issuers:
1. Reported volume is not evidence of liquidity. Surveillance should test depth and trade quality, and volume-linked incentives in listing and market making agreements should be disclosed.
2. Token supply, allocations and privileged controls should be verifiable on-chain, not only disclosed.
3. Tokenised equities trading outside market hours need clear pricing and disclosure for the gap at the reopen.
4. DeFi monitoring should cover wash trading between linked wallets and control of liquidity pools.
These rules are being written now, and the people running markets day to day should be part of that process. Happy to continue the conversation with policymakers and industry.
Links below.
Memecoins up 2.9% since midnight UTC, per CoinDesk. Float set below roughly 6 to 7%, in our book, still lands a TGE in the low-float high-FDV cohort, and the first unlock month has to clear whatever the tape looks like then.
Not investment advice.
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.