Disclosures

Research Purpose

Our content is provided for informational and educational purposes. It does not constitute individualized investment advice, an offer to buy or sell any asset or financial instrument, or a solicitation to enter into an investment transaction.

Hayabusa Research does not act as your investment adviser, broker-dealer, fiduciary, attorney, or tax adviser. Our analysis does not account for your individual financial circumstances, objectives, or risk tolerance.

Investment Risk and Research Judgments

Investing involves risk, including the possible loss of principal. Past performance does not guarantee future results.

Our research includes opinions, estimates, forecasts, valuation ranges, and scenario probabilities based on information available at the stated date. These involve assumptions and uncertainty; actual outcomes may differ materially.

A favorable assessment of a business does not mean its securities are attractive at every price. Entry zones, modeled returns, and investment conclusions depend on price, timing, and the underlying assumptions.

Reports represent judgments at a particular point in time. Our views may change as evidence develops, and we do not undertake to update every report or notify readers of every change.

Digital Assets and Tokenization Risks

Digital assets, including cryptocurrencies, protocol tokens, stablecoins, and tokenized representations of real-world assets, involve substantial and sometimes unique risks. Prices can be extremely volatile, trading may occur around the clock, liquidity can deteriorate suddenly, and investors may lose all or substantially all of their invested capital.

Additional risks include exchange or custodian failure, loss or compromise of private keys, smart-contract vulnerabilities, blockchain bridge exploits, network disruptions, governance changes, concentrated ownership, token issuance and unlocks, market manipulation, fraud, stablecoin depegging, and evolving legal or regulatory treatment.

Tokenized real-world assets may also involve issuer, custodian, redemption, collateral, transfer-restriction, and legal-enforceability risks. A tokenized representation does not necessarily confer the same protections or ownership rights as directly holding the underlying asset.

Network adoption, transaction volume, total value locked, tokenized asset balances, or the commercial success of a blockchain-related company do not necessarily translate into increased demand for or appreciation of a related cryptocurrency or token.

Where relevant, our research distinguishes the economics of blockchain companies, networks, protocols, and native tokens. Any assumptions about how economic value accrues to token holders are analytical judgments subject to uncertainty, not guarantees of returns.

Sources and Methodology

We use paid and publicly available data to inform our proprietary models, research methodology, and analytical frameworks.

We prioritize primary sources where practical, including regulatory filings, company disclosures, legal documents, and technical materials. Independent and secondary sources help contextualize, verify, or challenge that evidence.

Information may be incomplete, inaccurate, delayed, or subsequently revised. We do not control third-party sources or guarantee their accuracy or continued availability. Readers should independently verify information material to their decisions.

For digital assets, on-chain activity metrics, including transaction volume, wallet counts, and total value locked, may be distorted by automated activity, self-transfers, concentration, or other factors. We seek to distinguish measurable activity from genuine economic demand where reliable evidence permits.

Research Tools and Human Review

AI-assisted tools may support evidence gathering, data processing, research organization, source comparison, modeling, thesis testing, and editorial preparation.

These tools can produce errors, omissions, or incorrect interpretations. Material research conclusions are subject to human review and judgment. Responsibility for published research remains with Hayabusa Research.

Positions and Conflicts of Interest

Hayabusa Research’s principals, contributors, or affiliates may hold long or short positions in assets discussed in our publications.

Report-specific position disclosures describe holdings as of the stated date. Positions may change afterward without notice; readers should not assume that a previously disclosed position remains unchanged.

Unless otherwise disclosed, Hayabusa Research has not received compensation from the companies discussed for the coverage provided. We do not publish favorable research in exchange for payment.

Material relationships involving compensation, sponsorship, services, or other benefits that could create a conflict will be disclosed where relevant. Access to management or other sources does not guarantee favorable coverage.

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Contact

Questions about these disclosures or potential conflicts may be sent to hello@hayabusaresearch.com.