"Our mandate from the beginning was to create upside convexity—meaning we have the ability to capture upside but mitigate downside drawdowns." Michael Ashby, CEO/CIO of Algoquant, on the strategy behind Algoquant's institutional crypto book. Convexity is built from optionality, and optionality is capital-intensive. Every dollar locked in margin is a dollar not deployed into the next convex trade. Bullish portfolio margin frees that capital: it recognizes the offset between an option and its delta hedge, cutting initial margin by roughly half on a hedged short position. Listen to the full conversation to hear how Algoquant navigated the 10/10 crypto sell-off 👇 (The speaker's views are their own. Their appearance does not constitute an endorsement of Bullish or its products. Options trading involves significant risk and is not suitable for all investors. Please review Bullish's risk disclosures prior to trading. This is not investment advice.)