How we write

01

A view, not a summary.

Every piece takes a clear position. Events are where we start; judgment is where we end.

02

Evidence, not relationships.

Our positions come from evidence and reasoning. Clients, sponsors and partners do not get more favorable coverage. We never give buy or sell recommendations on specific tokens or products.

03

First-hand over recycled.

We prioritize what cannot be found elsewhere: interviews, closed-door conversations, and data we track over time.

04

Written for professionals.

We write in the language of finance, not crypto jargon, and skip the encyclopedic background.

Latest issues

01 谁握着申赎阀门：代币化股票的第二场博弈 The contest in tokenized stocks has moved from which legal structure is compliant to who controls the channel between token and share. That channel decides whether prices stay anchored, and who holds pricing power. Read on Substack → 23 Sep 2026 02 从香港数字资产五年规划看数字资产的两道坎：信任和复用 Hong Kong has narrowed its digital-asset strategy to bond settlement, its most conservative layer, and opens the rest in stages. We read that order as a boundary set by Beijing's tolerance for capital-account risk, and ask whether it can move. Read on Substack → 21 Sep 2026 03 囤币模式的第一道裂缝 In the same week, Metaplanet shareholders cut management's option pool and Strategy paused bitcoin buying to repurchase preferred shares. Together they test the assumptions behind the premium on digital-asset treasury companies. Read on Substack → 16 Sep 2026 View all issues on Substack →
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  • Sponsors do not review our writing, edit our views, or take part in interview design.
  • Our research methods and conclusions are ours alone.
  • We do not accept sponsorship from projects we are actively researching or covering.
  • When we write about a company we work with commercially, we disclose the relationship.
  • Mistakes are corrected openly, with a dated note at the top of the article.

Not investment advice. The Azimuth is for information and analysis only and does not constitute investment advice or a solicitation to buy or sell any asset.