The publication issues authored analysis on equities and crypto assets: for each one — a thesis, the reasoning, context and risks. Pieces come out when there is something worth saying, not on a schedule. "Interest disclosure" means every piece states plainly whether the author holds a position in the asset.
Cheap decentralized compute amid a GPU shortage, but traction is unproven — rangebound $0.50–0.90 until the network proves it.
Akash sells compute up to ~85% cheaper than AWS, yet AKT sits ~90% below its high. The product is real, but the metrics are mixed and it is fighting the hyperscalers that hoard the GPUs. We expect a $0.50–0.90 range through Q3–Q4 until the network proves traction. Conviction is low — ~50%.
Read the piece →RWA sector leader trading like an outsider; value capture is the problem — rangebound $0.36–0.47, not a reversal.
Ondo is the recognised leader in real-world asset tokenization, yet the token sits ~80% below its high. The problem is value capture: platform growth does not reach the token holder. Unlocks press, competition grows. We expect a $0.36–0.47 range, not a reversal. Conviction is low — ~55%.
Read the piece →Scarcity mechanics intact after a failed $300 breakout; first target $300, then $360–375.
The $300 breakout did not hold and TAO pulled back to $255. But the scarcity mechanics are intact: a 21M cap, emission halved by the halving, demand through the subnets. The market mistook broken momentum for broken mechanics. First target $300, then $360–375.
Read the piece →Unloved at its lows with a June resharding catalyst; we lean to $2.5+ by Q3–Q4 — a bet against sentiment.
Cheap, the AI narrative cooled, the token pinned near the bottom for months. But beneath the silence — the June resharding, an agentic-web narrative that did not vanish, an emission already halved, and inflows into Bitwise. We lean to $2.5+ by Q3–Q4. A bet against sentiment.
Read the piece →Exploit scar vs an intact money machine; 14–15× earnings is the price of fear.
The exploit and the outflow are real. But the money machine — buybacks from revenue, real yield near $100M, the GHO cycle and a capped supply — stayed intact. The market mistakes a scar for death; 14–15× earnings is the price of fear.
Read the piece →Same business, a 2× earnings gap but an 8× valuation gap — risk premium or an inefficiency someone closes?
Robinhood and Hyperliquid earn from the same thing. The gap in net earnings is twofold. The gap in valuation is eightfold. Where this is a risk premium, and where it is an inefficiency someone will close.
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