Research

Solana's spot trading landscape will remain bifurcated: prop AMMs will own the short-tail of highly liquid pairs, while passive AMMs continue drifting toward the long-tail. Both can win via vertical integration, but in opposite directions: passive AMMs are moving closer to users through token issuance platforms (e.g., Pump-PumpSwap, MetaDAO-Futarchy AMM), while prop AMMs are moving down the stack into transaction landing services and infrastructure (e.g., HumidiFi-Nozomi). The venues most at risk are legacy AMMs with limited end-user control and no durable, launch-driven source of order flow.

Research

Neutrl is a synthetic dollar protocol designed to monetize structural inefficiencies in crypto markets, with a particular focus on hedged OTC token arbitrage. By pairing discounted locked-token purchases with delta-neutral hedging, the protocol offers yields that are less dependent on funding rate cycles than traditional cash and carry strategies. Early traction has been strong, with TVL growing from $120M to $210M following the removal of deposit caps, while sNUSD currently yields materially more than competing yield-bearing stablecoins. The key question for Neutrl is scalability: whether access to high-quality OTC deal flow and disciplined liquidity management can support continued TVL growth without compressing returns.

Research

As the year comes to an end, it’s a good time to reflect on the progress made in 2025 and how we’re positioned heading into 2026. This report outlines our key theses across each analyst's focus area, spanning capital formation, onchain spot trading platforms, prediction markets, DePIN, credit markets, perpetuals, and more.

Research

Galaxy sits at the intersection of two defining cycles in crypto and AI. Digital Assets is Galaxy’s institutional crypto franchise, spanning trading, lending, and asset management and infrastructure solutions. Helios is the company’s contracted AI HPC data center buildout, positioning Galaxy for a multi year ramp in longer duration infrastructure cash flows. Treasury and Corporate is a volatile sleeve of crypto and venture exposures that can amplify earnings swings and complicate valuation. We view this mix as both the opportunity and the challenge. It creates a rare one ticker barbell on crypto activity and contracted AI infrastructure cash flows, but it also adds complexity that can obscure earnings and delay a clean sum of the parts rerating.