Insights

Is Bitcoin the Ultimate Momentum Asset?

Q3, 2026 - Burak Yenigun and Robert Carver

Eight years ago, our co-founder Burak Yenigun called Bitcoin the ultimate momentum asset: the only liquid asset with no fundamentals to anchor its price. In this research note, Burak and Robert Carver revisit that claim. Does the evidence support it?

A Strategy for (Micro)Strategy

Q2, 2025 - Robert Carver

MicroStrategy trades at a premium to its bitcoin holdings, but buying bitcoin and shorting MSTR is not a free lunch. In this first research note, Robert Carver explores an alternative strategy, and walks through the real-world examples and frictions.