9–12 min read
What Breaks Custody
Custody fails in familiar ways. This note maps the incentives, dependencies, and governance gaps that turn access into something conditional.
ReadInsights
When we have something worth saying.
We publish when there is something meaningful to share: perspectives on custody, long-term ownership, and what it means to build a serious bitcoin institution.
We write infrequently and with intention. Periods of quiet reflect our focus on operational work.
8–10 min read
Disclosures That Matter
A clear disclosure posture makes custody legible. This note defines what should be public, what should stay controlled, and why clarity matters.
Read9–11 min read
Why We Don't Offer Yield
Safeguarding bitcoin and keeping access predictable is one job. Yield is a different job. This note explains why we keep those categories separate.
Read9–11 min read
Exitability: Withdrawals and Finality
The ability to leave defines whether custody is real. You can withdraw bitcoin to your own address, on-chain, under clear rules, with predictable handling.
Read8–10 min read
Full-Reserve Custody
The simplest relationship in finance: if you hold bitcoin in custody, it is held 1:1 for you. This note defines what "full reserve" means and what it rules out.
Read8–10 min read
Continuity as a Product
The real test happens on difficult days, not quiet ones. Continuity means designing custody to remain operable through stress, without improvisation.
Read7–9 min read
What a Bitcoin Bank Is (and Isn't)
A bitcoin bank is not a new kind of exchange. It is closer to an older idea: a bank exists to safeguard capital, provide predictable access, and remain conservative when it is tempting not to be.
ReadUpdates when we publish something new.
