2026

Vintaged Capital Ledger

A measure-valued reconstruction of still-outstanding capital, indexed by entry basis, age, carry, cohort, and sign, evolving under a birth, ageing, and death process. Built on a Bitcoin UTXO oracle over 189 million transaction outputs, it maps the disclosure-fidelity boundary at which monthly NPORT-P cadence becomes insufficient to identify the vintaged ledger.

Partial IdentificationDisclosure FidelityQuant Research