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. Operator-level posts on volatility and convexity, futures-and-basis, swaps and structured products, financing trades, ISDA negotiation, and treasury design. 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
Overlays
How to structure a BTC collar: strike selection, tenor, and the upside budget
2026-04-07
Accounting
GAAP accounting for BTC derivatives at a public company: the four elections that matter
2026-03-24
Volatility
Bitcoin implied vol surfaces are structurally different from equity vol
2026-03-10
Overlays
The covered call trap: when selling upside on BTC reserves works against the treasury
2026-02-24
Treasury Engineering
Sizing the liquidity buffer for a BTC-reserve treasury: a non-fiat framework
2026-02-10
Treasury Engineering
The short-gamma position embedded in every BTC-treasury convertible note
2026-01-27
Equity
Why public BTC vehicles trade at a NAV discount, and what each driver requires to compress it
2026-01-13
Counterparty
Running a multi-dealer quote process for crypto derivatives: the mechanics that keep spreads honest
2025-12-30
Operations
Custody and key-management requirements when the treasury runs an active overlay
2025-12-16
Governance
SEC disclosure for a BTC treasury derivatives program: the framework taking shape
2025-12-02