An investment firm built around deep research.
We build in-house frameworks. Starting with the Ethereum Valuation Terminal.
// What we ship
The Ethereum Valuation Terminal.Science-backed valuation model.
A peer-reviewed working paper, made live. Implied fair value, projection scenarios, a multi-pane chartbook, and six daily reports — built on a single first- principles model that reads Ethereum on its own terms.
// Start here
Two questions worth starting with.
Two warm-ups for the thesis — one for the curious, one for the holder asking honestly whether to keep. Pick whichever question sounds closer to the one you've been carrying.
If you're holding
See the honest caseIs Ether (ETH) still worth holding?
Three concerns worth taking seriously, what the on-chain economy actually says about each one, and the structural shape of holding ETH from here — honest, without selling.
If you're curious
Read the walkthroughWhat actually drives Ethereum's price?
Most of what you read about ETH is positioning. Underneath sits an economy almost nobody looks at — a plain-language walkthrough of the internal flows that actually move the asset.
// Where to go from here
Six doors, one terminal.
Pick the entry point that matches what you came for. The paper, the methods audit, the tools comparison, the live terminal, the research hub, or the open notebook — all public, all free, all one click away.
Want the live model
Ethereum Valuation Terminal
Implied fair value, projection scenarios, and six daily reports — every Ethereum block.
See it live
Want the paper
The Methodology
Valuation without firms — the peer-reviewed working paper from the University of Regensburg the terminal is built on.
Read the paper
Compare to other methods
vs. Other Methods
Seven published ETH valuation frameworks, one head-to-head audit. Why DCF, Metcalfe, and the rest stop working.
See the audit
Compare to other tools
vs. Other Tools
How the terminal compares to Glassnode, Delphi, Real Vision, and Token Terminal — feature-by-feature, on the same scale.
See the comparison
Want the full hub
Research
The research-angle landing page. Live valuation, projection scenarios, and the chartbook — collected for serious readers.
Open the hub
Want the free reading
The Blog
Our open notebook — deep dives into crypto, global macro, and selected market themes. Written for free.
Browse essays
// Behind the work
Built by an investor, for investors.
Founder & Managing Partner
I started this firm because the most important asset of the next decade — programmable money — had no consensus valuation framework. Every analyst gave a different number; every model was borrowed from equities or Bitcoin. Nobody was answering the question on its own terms.
MAJOR KEY Capital exists to fix that. We invest our own capital alongside every thesis we publish, and we open-source the frameworks behind it — starting with the Ethereum Valuation Terminal. The paper is peer- reviewed, the model is live, and the work is public.
Every Friday I also send out a short note from my desk — what I'm researching that week, where I'm seeing opportunity, and what most investors are missing. Free, weekly, unsubscribe whenever.
One email a week. Never sold or shared.