Hi — I'm
Siddhant Shah
I'm an equity research associate at Rosenblatt Securities in New York, covering digital assets, FinTech and the infrastructure underneath them. I write here about how those companies make money — and about whatever else I've been working through.
Who I am
I've never treated finance and technology as separate disciplines. The method is much the same either way: build the dataset before forming a view, work out what mechanism might explain it, and check whether it holds up.
Equity Research Associate at Rosenblatt Securities, covering cryptocurrency, FinTech and HPC infrastructure. Before that, quantitative research at Boston University — most recently as a Visiting Researcher, on the market microstructure of DeFi perpetual futures.
MS in Applied Data Analytics from Boston University and CFA Level I, both January 2026; BS (Honours) in Mathematics and Computer Science from Chennai Mathematical Institute. Python, R, SQL and a great deal of Excel.
Five peer-reviewed papers, in Stocks & Commodities and MDPI journals: momentum in crude oil, the link between overnight silver and Bitcoin, and most recently the structure of perpetual contracts and the macro factors moving them.
Outside work, four years designing and teaching advanced maths and physics for students preparing for the International Junior Science Olympiad in India. I am unreasonably keen on teaching, and on motorsport.
What I talk about
Mostly the distance between what a company reports and what is actually going on — an accounting rule doing more work than it looks like, a revenue line that isn't broken out, an assumption the model leans on heavily. Lately the same questions applied to onchain markets, where there's less disclosure to go on. And some things unrelated to either.
Recently
- 9 Mar 2026 series The Flywheel Hidden Inside Coinbase's Income Statement A bottom-up look at seven business lines, one accounting rule change, and the single contract renewal that determines whether the margin story holds in 2026
- 18 Feb 2026 The Lego-fication of Finance Why Composability Is the Most Important Word You're Not Talking About
- 10 Feb 2026 Crypto's Transparency Paradox: How We Built Something We Can't Explain This piece references the crypto market crash of January-February 2026, triggered by broad risk-off sentiment.
Get in touch
Or get new writing by email.
Whenever I publish. No other email, ever.