Insights
Insights, updates, and ideas from our team and community.
Latest from Allodial Capital
July 31, 2026
Bankruptcy Remoteness: Structure vs. Promise
Every Bitcoin lending arrangement involves a custodian holding the collateral, and every custodian makes the same promise: your assets are…
July 28, 2026
Your Keys vs. Your Legal Claim — Not the Same Thing
"Not your keys, not your coins" is the most repeated security principle in Bitcoin. It's good advice, and it's also…
July 24, 2026
Why the First Generation of Bitcoin Firms Failed
The standard account of the 2022 collapses is that a set of companies were run badly. They took on too…
July 21, 2026
The Yield Trap: How Promised Returns Force Bad Collateral Decisions
The previous failures usually get described as choices. A platform chose to commingle assets. It chose to lend collateral to…
July 16, 2026
The Take-Free Rule and Why It Disciplines Custody
The previous two pieces were about the protection control gives a lender. This one is about the rule that makes…
July 14, 2026
Control Beats Filing: Perfection-by-Control and Secured Lending
"Control beats filing" is usually stated as a priority rule: a control-perfected interest ranks ahead of a filing-perfected one. That's…
July 10, 2026
UCC Article 12 and What “Control” Means for Bitcoin Credit
The previous piece drew a line between holding the keys and holding a legal claim. As of June 3, 2026,…
July 8, 2026
The Three Failure Modes Every Crypto-Lending Blowup Shared
The 2022 collapses are usually told as separate stories. Celsius froze withdrawals in June. Voyager filed in July. BlockFi unwound…
July 3, 2026
What Collateral Is Actually For
Collateral has one job. To be there when everything else fails. Not in principle. Not on paper. Actually there —…
May 12, 2026
The Book Behind the Firm: Why I Wrote Bitcoin as Collateral
The framework that Allodial Capital is built on did not start with the firm. It started with a book —…
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