01.1
Observable adoption
Daily users, fees paid, settlement volume, and shipped integrations provide evidence that can be checked independently.
Public thesis
A research framework for liquid digital assets.
We study observable adoption, durable economics, and market structure; define the conditions that would challenge a thesis; and revisit both as the market evolves.
01 / Attention
What earns our attention.
Digital asset research requires fundamental judgment, market-structure awareness, and operational discipline. Our work centers on liquid digital assets where adoption, economics, and implementation can be assessed through observable evidence.
01.2
Durable economics and delivery
Research tests usage, fee generation, settlement activity, technical delivery, governance, and competitive position.
01.3
Liquidity at meaningful size
Market depth and execution conditions are evaluated before an idea becomes a portfolio decision and revisited as conditions change.
02 / Revision
A thesis must say how it can be wrong.
Evidence, risks, and conditions for revision are written down before the market tests them.
02.1
Preserve the original case
Research records preserve the thesis, supporting evidence, identified risks, and the observations that led to each subsequent revision.
02.2
Use data as evidence
On-chain and market data describe conditions and test assumptions. They do not remove uncertainty or substitute for judgment.
02.3
Re-underwrite the regime
Changes in correlation, volatility, liquidity, or participation can alter the assumptions behind a portfolio decision.
03 / Conditions
Conditions that test the assumptions.
Scenario review defines difficult conditions before they arrive and identifies which observations would confirm, complicate, or invalidate an assumption.
03.1
When narrative outruns evidence
Pre-launch and early-stage instruments can attract attention before measurable adoption exists. The process separates what can be observed from what remains unverified.
03.2
When leverage compresses dispersion
Correlation and liquidity can change together. Review returns to tradability, concentration, counterparties, and whether the original thesis still explains the risk.
04 / Discipline
How research becomes portfolio discipline.
Underwriting continues through implementation. The same framework tests how an exposure can be entered, held, monitored, and exited across changing conditions.
04.1
Implementation
Market depth, execution, custody, settlement, and operational dependencies are evaluated before capital is committed.
04.2
Diversification
Analysis looks through labels to underlying exposures, correlations, liquidity, counterparties, and shared sources of stress.
04.3
Resilience
Review considers redemption terms, collateral needs, settlement timing, operational continuity, and downside paths before stressed conditions narrow available choices.
05 / Mandates
One framework. Two mandates.
Fund I · Direct underwriting
Liquid digital assets
Fundamental work, adoption signals, and market structure inform the selection and sizing of long-only liquid digital-asset positions.
View Fund IBlockArrow Opportunity Fund · Manager underwriting
External managers
Manager research, strategy diversification, and ongoing review inform allocations across external managers and implementation approaches.
View Opportunity FundPublic thesis · private implementation
Begin private diligence.
This page describes BlockArrow's research framework at a high level. Holdings, implementation details, risk reporting, and supporting documents are discussed privately with qualified parties, subject to eligibility and confidentiality.