Dan Matuszewski

Avi Felman × Jonah Van Bourg × Dan Matuszewski

CMS treats counterparty failure as a recurring trading cost, diversifying venues and limiting exposure to what it can lose without being “obliterated”; correlated lenders still called every dollar of open-term borrowing within roughly four months.Tax-driven sales of roughly half its 2021 P&L and term borrowing preserved cash in 2022, while sustained ETF inflows, the halving and potentially marginable Bitcoin exposure could extend demand into higher-beta assets, though launch-week flows remain uncertain.