The New Face of Parsec Research
What's changing and why
Parsec Finance is winding down, but this publication is not. Today I am going to explain what's changing and why.
For those of you who didn’t see last month’s news: after five years of operation, Parsec announced in mid-February that it was winding down, with the company ceasing to operate by month end.
Having joined in early 2023, I spent nearly three years working directly alongside Will (Parsec’s founder) on everything non-product and non-engineering. Writing the Parsec Weekly has been a core piece of that, and over time, the publication has grown to over 4,600 subscribers with consistent institutional readership and led to collaborative work with projects like Maple Finance, Aztec Network, and Cork Protocol. It became clear this was something worth continuing.
As we closed up shop at Parsec, Will made the generous offer to transfer the publication to me, and I jumped at it.
Before I get into where this publication is going, let me pause to introduce myself more formally to those who don’t know me.
My background spans traditional finance and crypto. Before joining Parsec in early 2023, I worked under Taiki Maeda as an analyst, producing research on liquid opportunities across market-neutral and directional strategies. I’ve been actively trading since early 2020 but a brutal drawdown I suffered in 2022 taught me scepticism and risk management the hard way - lessons that have shaped much of what’s followed since.
A few of the larger trades I’ve participated in include the JTO airdrop, the SOL repricing from $20 to $200, and the HYPE airdrop and TGE trade from $3 to $30. Naturally, these home runs sit alongside a long list of losers and a long list of smaller winning trades and farms that have allowed me to compound returns over time.
This market participation now sits inside Hepworth Iron Capital, a proprietary trading firm focused on discretionary long/short equity and digital asset strategies (both market neutral and directional).
You’ll notice the publication has been rebranded accordingly - you can find more about the firm at hepworthiron.capital. There’s plenty of good macro and traditional finance research and plenty of good crypto content, but very little sits at the intersection - that’s where this publication will live. Going forward, you can expect the scope to be much broader than it was under Parsec Research:
Trade ideas and theses translated into specific, actionable positions across equities and digital assets
Process reflections: what’s working, what isn’t, and how our frameworks are evolving
Quarterly letters: performance, positioning, and strategic rationale across all Hepworth Iron Capital activities
Expect regular posts with quarterly letters at each period end.
If you subscribed purely for Parsec product updates, I'd encourage you to stick around for a few posts to see if the new direction resonates. If it's not for you, no hard feelings.
The first quarterly letter covering Q1 positioning and performance is coming in April. But before that, expect a deep dive on what could be the largest airdrop opportunity of 2026 - how we’ve been farming it and how our approach is about to change.