Keyrock 🔑🪨

Keyrock Offsite, Sicily – 2026 🇮🇹 One week in Sicily, and more than an offsite. We used the time to look at the year, run workshops and training, and spend it with colleagues we rarely see in person. From there, we set the direction for what comes next. Expect more.

Last week in Singapore, our CCO @stefwynendaele dived into "The New Shape of Market Structure" and discussed how market structure shifts as liquidity providers expand into exchanges and ETFs.

Missed our latest report about underwriting digital credit liquidity? We measure the liquidity of the Bitcoin-backed preferreds issued by Strategy and Strive against the bar a collateral asset has to clear. Read the full report:

RT @benharvey: New piece out with @keyrock on how liquid Bitcoin-backed preferreds actually are, measured against what a collateral asset would need. $STRC trades around $150m a day, more than PFF. Picture a firm wanting to trade a $50m position, and only wanting to take 20% of daily volume. They could exit STRC in under 2 trading days. $SATA takes around 5, roughly half what it took over the summer. The result I didn't expect is that liquidity tracks distance from par far more than it tracks Bitcoin. A couple of percent below $100, the same trade moves the price around 4x as much.

Last week at CV Summit, Melchior de Villeneuve, spoke on the panel "Both Sides of the Trade: Building the Rails and Making the Market". He joined Frederic Volpe (@binance) and Juan Lopez Carretero (@StellarOrg), with Emilio Anting (@FranklnTempletn) moderating. The conversation covered institutional market infrastructure and the evolution of digital asset trading.

Open USD (OUSD) is live. Proud to be part of the @openstandard network as OUSD comes to market, with Coinbase, Mastercard, Shopify, Stripe, and Visa as founding partners, and more than 200 companies building alongside it. Excited to support what’s next with Open Standard and the wider partner ecosystem.

Alongside organisers from Intesa Sanpaolo, Scuola Normale Superiore, Politecnico di Milano, Università di Bologna, and Milano Blockchain Week, we’re pleased to support Perpetual Alpha, an academic initiative on Hyperliquid, as a dedicated liquidity provider. We’re proud to contribute our market-making and liquidity expertise, helping create deep and reliable liquidity for participants.

Our team is heading to @kbwofficial 🇰🇷 We'll be in Seoul from 29 September – 1 October for a focused week of meetings and market discussions. Connect with Joe Nemelka, David Bui, Vince Van Hoesle, and Alberto Amadio to learn more about our institutional offerings. See you there.

RT @keyrock: Keyrock announces Keyrock Securities Ltd., its Cayman Islands securities dealer registered with CIMA under the Securities Investment Business Act – bringing derivatives and tokenised securities into a single securities framework, under one counterparty, for institutional and qualified investors.

We backed @arc at testnet, now we're here for launch. Keyrock is live on Arc from day one, providing liquidity and allocating capital to power deep, liquid markets and efficient trading, and to drive smarter capital deployment across the ecosystem.