Research

The sUSDe term structure on Pendle reveals the market’s expectations channel, offering a forward-looking signal to changes in the cost of carry, price level of BTC, and all metrics downstream of these. Historical data supports the hypothesis that the term structure can be used to forecast market regimes, with steep backwardation signalling a bearish outlook while contango is bullish.

Research

IREN closed a transformative capital raise in December, issuing $2.3B in convertible notes alongside a $1.6B equity offering while retiring dilutive legacy converts. The company's full-stack model sets it apart from colocation peers, with the Microsoft contract illustrating the premium economics of owning the entire stack from power to GPUs rather than simply leasing rack space. IREN's 3GW portfolio of grid-connected power positions it as a critical supplier to capacity-constrained hyperscalers, with management guiding to 85% project EBITDA margins and payback periods significantly shorter than traditional colocation models. Near-term catalysts include additional hyperscaler deals at Sweetwater, progress on GPU financing, and potential expansion into Oklahoma as the power scarcity thesis continues to play out.

Research

Fuse Energy operates as a vertically integrated energy company spanning renewable generation, wholesale trading, retail supply, and distributed energy coordination. Founded in 2022 by ex-Revolut executives Alan Chang and Charles Orr, the company applies fintech scaling principles to energy infrastructure, targeting 10% cost savings versus incumbent utilities through operational efficiency and in-house control across the value chain.

Research

Pendle V2 today is the premier go-to-market venue for YBS, YBA, and PoS LST token issuers to bootstrap TVL. Boros could soon be a the dominant rate hedging platform in crypto markets.