00 / Intro

The Bit Trading Company

We form partnerships and hold them past the point at which most parties stop holding.

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01 / Projects

Projects

Companies we build inside and hold. Each one is a position we operate, not an entry in a portfolio.

Eight held
AI

ASE

Frontier inference, held to one contract.

A language-model provider. Frontier inference behind one endpoint, metered and priced like infrastructure rather than like a product.

Ask ASE

Bit Trading Company SCAPE

Social Media

The feed, made by the people in it.

Creative social media, where the making is the point. Every post carries the tools that produced it, so the work can be taken apart, rebuilt and posted back.

See SCAPE

Bit Trading Company Aperture

Operations

A company that runs itself, and shows its working.

Agentic business management. Agents hold the routine load — scheduling, reconciliation, reporting, the third follow-up nobody sends — and every action is logged, reversible and attributable.

Open Aperture

Bit Trading Company BITSCAPE

Crypto

Read the chain before you take the position.

DeFi research, and the instruments that come out of it. Pool depth, counterparty exposure and the real cost of exit, measured continuously and published as numbers rather than opinions.

Open BITSCAPE

Bit Trading Company BYTE TRADE

Fintech

Where the spread actually goes.

Currency exchange research. We take a rate apart — spread, routing, settlement lag, the fees that never reach the quote — and publish what it costs to cross a border.

Read the work

Bit Trading Company MOX Blockchain

Infrastructure

A chain small enough to keep in your head.

A fast, lightweight, scalable blockchain. Sub-second finality on hardware you already own, a node small enough to read end to end, and a fee model that does not punish being early.

Explore MOX

Bit Trading Company BAZAAR Network

Markets

Agents that find each other and settle themselves.

An agentic trading network. Autonomous counterparties find one another, negotiate terms and settle with no venue in the middle — every agreement written where both sides can see it.

Enter BAZAAR

Bit Trading Company AI Lab

Research

Findings first. Product later, if at all.

Deep research into how language models reason, remember and fail. Weights, evaluations and negative results are published in the open rather than held back as product.

Open the lab
02 / Practice
A

Formation

We assemble the party before we assemble the deal. Most structures fail because they were drawn around incentives that had not yet been said out loud. We say them first, and we write them down where both sides can see them.

B

Stewardship

A partnership is an obligation that has to be maintained. We hold the maintenance work — reporting, arbitration, the slow correction of drift — for as long as the relationship remains worth holding.

C

Engineering

Software is where an agreement becomes observable. Our engineering practice builds the instruments a partnership needs in order to see itself: ledgers, terminals, controls, and the reporting that sits under all three.

D

Leverage

Every arrangement contains more capacity than its parties use. We locate it, price it, and route it back into the position rather than out of it.

03 / Method

Five stages, held in order

  1. 01

    Survey

    We read the counterparty before we read the opportunity. Nothing is proposed in the first six weeks.

  2. 02

    Alignment

    Terms are drafted against stated incentives, not against precedent. Where the two disagree, precedent loses.

  3. 03

    Instrumentation

    The agreement is given a surface. Positions, obligations, and thresholds become things both parties can look at on the same screen.

  4. 04

    Operation

    We run inside the partnership rather than alongside it. The work is ordinary and continuous.

  5. 05

    Continuation

    Every arrangement is repriced on a fixed cadence. Continuation is a decision, taken deliberately, and it is taken often.

04 / Position
Value does not accrue to the party with the best terms. It accrues to the party still present when the terms stop mattering.

Most arrangements are priced at formation and never repriced. We take the opposite view: a partnership is an instrument whose value is discovered slowly, in the ordinary work of keeping it intact. That work is the practice.

14
Positions held
9.2
Median horizon
41
Instruments in operation
04 / Partners

A register of relationships

01Meridian HoldcoBalance-sheet infrastructure for slow capital.Structuring / 2019 02NorthwallCustody rails for institutions that prefer to remain unnamed.Platform / 2020 03Kestrel & CoUnderwriting for assets with no obvious comparables.Diligence / 2020 04Atrium LabsInstrumentation for markets that have not formed yet.Software / 2021 05Seventh SignalLatency treated as a governance problem.Systems / 2021 06Halcyon WorksManufacturing partnerships with unusually long tails.Venture / 2022 07Pale FieldA quiet index of private obligations.Data / 2022 08Oberon TrustFiduciary tooling for multigenerational holdings.Software / 2023 09Castellan GroupCounterparty intelligence, assembled by hand.Research / 2023 10Vantage RowDistribution for products that resist description.Growth / 2024 11Longshore PartnersOperating leverage where none was expected.Operations / 2025
05 / Closing

Enquiries

New York — 41 Whitehall Zürich — Bleicherweg 9 Singapore — Marina View 8
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