Research
Strategy was never a Bitcoin fund. It was a premium conversion machine, and in one week of late June 2026 the market threw that machine into reverse: STRC broke par, mNAV slipped under 1.0, and the buyer that vowed never to sell quietly sold.
Research
The on-chain signal that called every bitcoin top now sits at 0.31, deep in bottom territory. How the MVRV Z-Score works, and why no metric is a law.
Research
Wall Street put Treasuries on-chain. The yield is real, but most are permissioned, freezable, and issuer-controlled. What tokenization did not change.
Research
A memecoin has no revenue yet a billion-dollar market cap. Why that number is a trick, why the game is negative-sum, and who actually profits.
Research
MicroStrategy turned a stock premium into a bitcoin machine. How the flywheel works, why it reverses, and the trap inside every treasury company.
Research
The staking yield on your dashboard hides a tax: token issuance. How to find the real yield, and why ETH's 3 percent can beat Solana's 11.
Research
That 8 percent yield is paid by someone. A desk guide to tracing DeFi and stablecoin yield to its real source, and spotting the next Anchor.
Research
A token-launch machine made over a billion dollars in fees in under two years, while most of its users lost money. How it worked, why it worked, and the casino math that decides who paid.
Research
The reflexive premium that built the Bitcoin treasury companies is the thing that destroys them, and it does not destroy them one at a time.
Research
Record Bitcoin ETF outflows look like capitulation. The data says fast money repricing the Fed path through a reflexive loop, not a structural exit.
Research
Strategy holds 845,256 Bitcoin and just sold for the first time since 2022. The mNAV says the market has stopped trusting the machine. This is what the premium is really telling you.
Research
We backtested the greed extreme. The answer surprised us.