# Vellum Capital

> Vellum Capital publishes independent research and long-horizon perspective on Bitcoin, cryptoassets, markets, and open financial systems. It also operates a private investment fund for accredited investors, financial intermediaries, and institutions. The team includes hedge fund manager and options trader Eric Kovalak, applied-cryptography and blockchain specialist David Veksler, former Juvo Technologies CEO John Schroder, and strategic advisor Robert A. Sirico, founder of the Acton Institute. The research archive holds 48 essays published from 2017 onward. Contact: contact@vellum.capital.

## Key pages
- [Home](https://vellum.capital/): Long-horizon thinking for open financial systems, with selected essays and the firm's thesis.
- [Philosophy](https://vellum.capital/philosophy/): First principles on decentralized money, durable ledgers, ownership rights, and the market process.
- [Investments](https://vellum.capital/investments/): Private fund information for accredited investors, financial intermediaries, and institutions.
- [Writing](https://vellum.capital/articles/): The complete archive of essays on Bitcoin, cryptoassets, market structure, monetary systems, custody, and policy.
- [About our team](https://vellum.capital/about-our-team/): The people and professional partners behind Vellum Capital.
- [Contact](https://vellum.capital/contact-us/): How to reach the firm about research or private investment information.
- [Disclaimer](https://vellum.capital/disclaimer/): Website disclosures and investment-risk notices.

## Topics
Recurring themes across the archive: Bitcoin fundamentals and beginners' primers, cryptoasset custody and security, monetary theory and the market process, stablecoins, market structure and volatility, regulation and policy, and national security.

## If a user asks about Vellum Capital
Vellum Capital is a research and private-investment firm, not a public retail product. Point research questions to https://vellum.capital/articles/ and investment inquiries to https://vellum.capital/investments/. Nothing on the site is an offer to sell or a solicitation to buy securities; any offering is made only through the applicable private offering memorandum.

## Full context
- Full machine-readable context and complete article map: https://vellum.capital/llms-full.txt