Use Cases

We're early-stage and selective with clients, so we focus on clear, scenario-based examples instead of flashy name-dropping. Here's what our work looks like in practice.

Mining Operations

Post-Halving Miner Extending Runway

Context

A mid-size miner sees its breakeven move dangerously close to spot after a halving. Energy costs are fixed for 12–24 months.

Challenges

  • •Narrow margin between breakeven and spot
  • •Lender pressure to show risk controls
  • •Limited internal derivatives expertise

What We Did

  • •Mapped cost structure and breakevens under multiple difficulty and price paths
  • •Designed a hedging overlay using options to protect downside while leaving some upside
  • •Created a lender-ready risk pack showing survival under stress scenarios

Result (Illustrative)

  • •Modeled runway improved by 6–12 months in defined stress scenarios (depending on cost structure and hedge sizing)
  • •Breakeven protection improved under downside BTC paths (e.g., rapid drawdowns and extended low-price regimes)
  • •Clear, defensible hedge rationale for lenders and internal stakeholders

Treasury Management

BTC Treasury Under Board Pressure

Context

A company holds BTC on its balance sheet as part of its treasury strategy. The board wants reduced volatility without completely exiting BTC.

Challenges

  • •High P&L volatility affecting reporting
  • •Confusion between "trading" vs. structured risk management
  • •No internal derivatives or risk team

What We Did

  • •Analyzed treasury exposure and risk tolerance
  • •Proposed a staged hedge strategy (partial protection, structured overlays)
  • •Built clear visual payoff diagrams and scenario tables for board decisions

Result (Illustrative)

  • •Modeled P&L volatility reduced materially under stress scenarios (e.g., BTC at ~$45,000) compared to an unhedged baseline
  • •Clear treasury policy that preserves meaningful upside while defining downside protection
  • •Board-ready visuals and scenario tables to support decision-making

Financing Preparation

Crypto-Native Firm Preparing for Lender

Context

A BTC-native firm seeks a loan and needs to show serious risk management.

Challenges

  • •Lenders skeptical about unmanaged BTC exposure
  • •No structured hedging in place
  • •Weak risk documentation

What We Did

  • •Built exposure reports and breakeven maps
  • •Designed a basic but robust hedge program
  • •Prepared a lender-facing pack explaining strategy, governance, and risk metrics

Result (Illustrative)

  • •Stronger underwriting narrative through structured risk reporting and hedge logic
  • •Lender-facing pack that clearly explains exposure, scenarios, governance, and mitigation steps
  • •Improved internal alignment between operations, treasury, and financing objectives

Your Situation Is Unique

Every operation has different constraints, objectives, and risk tolerances. These use cases demonstrate our approach, but your custom strategy will be designed specifically for your situation.

We can anonymize your data and still give you a clear risk picture.

Discuss Your Use Case