Investing and markets
ETFs, treasuries, the instruments — the case and its critics.
Empirical-financial reference for Bitcoin as investable asset and the institutional-and-retail infrastructure around it. Five clusters: Portfolio construction (Portfolio approaches to Bitcoin) covers the allocation framework and operational mechanics; Trading and exchange infrastructure (Centralized exchanges…
Portfolio construction
The allocation-framework and operational-allocation dimensions
the foundational thesis-level note. Why Bitcoin merits a portfolio allocation at all; the structural-monetary case translated into investment-decision framing; asymmetric upside and the…
the canonical framework note. Allocation-framework synthesis; MPT and Kelly considerations for Bitcoin; DCA vs lump sum; custody choices; tax considerations; rebalancing under monetization.…
the all-buckets addressable-market and price-ceiling synthesis; supplies the quantitative scaffold for long-horizon conviction sizing in Portfolio approaches to Bitcoin
Trading and exchange infrastructure
The market-infrastructure landscape
major exchanges (Coinbase, Kraken, Binance, Bitstamp, others); institutional vs retail offerings; custody-and-trading integration; spot-market-quality dynamics; regulatory positioning
Bisq, Peach, RoboSats, HodlHodl; atomic swap protocols; non-KYC trading infrastructure; the trust-minimized trading frontier
consolidated treatment of futures, options, and perpetual swaps. CME futures (regulated US); Deribit options and perpetuals (offshore institutional); offshore-perpetual-swap landscape…
Institutional and corporate vehicles
The post-2024 institutional Bitcoin landscape
spot ETF approval January 2024; the IBIT/FBTC/ARKB/BITB/BRRR/GBTC landscape; mechanics (creation/redemption, NAV, premium/discount dynamics); capital flows since launch; structural…
the broader phenomenon since 2020; companies adopting Bitcoin-treasury strategies; the post-MicroStrategy copycat wave (Metaplanet, Semler Scientific, etc.); GameStop and other…
the principal case study. Michael Saylor's 2020 thesis pivot; the cumulative ~843,000 BTC acquisition by 2026; the preferred-equity-stack evolution (the company has been renamed Strategy…
Bitcoin-backed instruments and yield
The emerging Bitcoin-collateralized securities and the yield-vs-self-custody tradeoff
Strategy's preferred-equity stack: STRK (Strategy STRK series, the original), STRF (subsequent series), STRC (later issuance); emerging Bitcoin-collateralized lending; the…
Lightning yield (Lightning routing fees as yield source); Liquid yield (Liquid-Network-based yield products); on-chain lending (BlockFi-era legacy, current-era operators); the…
Macro positioning
The capstone treatment of Bitcoin's role in global macro portfolios
Cross-listed critique and controversy notes
Substantive analytical critique and event-level engagement live in dedicated notes that home elsewhere; cross-listed here for navigation:
analytical critique of post-2024 institutional-custody concentration
the institutional-capture controversy
the safe-haven-framing controversy
the publicly-traded miner sector as Bitcoin-leveraged investment exposure
institutional-cohort on-chain analysis relevant for ETF-era and post-2024 institutional flow analysis
exchange-and-custody flow analysis relevant for institutional dynamics