Cursus Capital

About

Founder & Managing Partner

Florian Richter

Founder & Managing Partner

I spent over a decade in capital markets at bulge bracket firms — most recently as Director at Bank of America — working across global markets at institutional scale. It was a formative education in how money actually moves, how risk is priced, and where the edges of the traditional system are.

In early 2026 I founded Cursus Capital, a proprietary systematic trading operation focused on digital assets. The decision was driven by two convictions I couldn't shake: that we are living through a structural monetary reset that most institutional frameworks are poorly equipped to navigate, and that AI has genuinely collapsed the barrier between what one person can build and what previously required an entire organisation.

Mandate

Investment Architecture

Cursus Capital is a Frankfurt-based proprietary trading firm operating exclusively in digital assets. We capture asymmetric returns through a regime-aware, systematically-executed investment process — built on the thesis that in an era of expanding fiscal deficits and persistent monetary accommodation, digital assets offer structurally compelling supply mechanics and network properties that reward disciplined, long-horizon exposure.

We operate a segregated Core/Satellite architecture:

Core · Book 1

Hybrid Treasury

Rotates between blue-chip digital assets and Gold via a relative strength tournament calibrated to the prevailing market regime. Defensive rotation to Cash or Gold in contractionary environments.

Core · Book 2

Thematic Alpha

Deploys concentrated positions into the highest-momentum digital asset sectors of the current cycle — capturing high-beta appreciation above the index.

Satellite · Book 3

Asymmetric Venture

Exploits pre-price information asymmetry in on-chain micro-caps using forensic sourcing methodology. Operates on independent logic from the Core books.

Satellite · Module Y

Delta-Neutral Carry

Harvests basis and yield on idle capital regardless of market direction. Strictly hedged. Keeps the portfolio productive in all regimes.

Philosophy

Four Governing Principles

Regime Awareness

Markets alternate between distinct behavioural regimes that demand fundamentally different strategies. We do not predict prices. We classify the current environment by fusing volatility dynamics, stablecoin liquidity flows, cross-asset correlation, macro stress indicators, and derivatives positioning into a real-time regime signal. Capital is deployed aggressively only when multiple independent indicators confirm a favourable regime — and withdrawn systematically when they deteriorate.

The Exponential Age

Digital assets are not merely currencies. They represent a structurally distinct asset class driven by network effects that scale quadratically (Bitcoin, Ethereum) and exponentially (Decentralised AI, DePIN). We hold secular conviction in the asset class while managing exposure through strict quantitative risk parameters. Conviction without discipline is speculation.

Mercenary Execution

We operate with a "Rent, Don't Own" philosophy regarding market exposure. We are trend followers, not value investors. We buy strength and sell weakness. There are no permanent positions within the Cursus structure — in bear markets our "short" is simply Cash or Gold. Capital preservation in contractionary regimes is the foundation of compounding over a full cycle.

Quantitative Discipline

Signal generation is driven by a proprietary Regime Engine — a Hidden Markov Model fused with an LSTM forecaster, calibrated via dynamic Brier-score weighting and fed by a multi-dimensional macro and on-chain input vector. Asymmetric crash detection ensures the system prioritises survival over opportunity. Human-in-the-Loop oversight governs all execution and custody events.

Cursus Labs

Research tools, made visible.

Cursus Labs is the research arm of Cursus Capital — where the quantitative work lives in the open.

Cursus Labs publishes quantitative research at the intersection of macro, derivatives, and on-chain data — work that stands on its own, outside of what we trade. Our first published instrument is Undertow: a daily risk monitor for Bitcoin. Five stress signals (trend, momentum, volatility, derivatives, liquidity) distilled into a single 0–100 score, paired with a continuous value layer from the Bubble Index and the 200-week moving average. The combination maps to a regime-aware allocation framework — Accumulate, DCA, Hold, or Reduce.

Undertow is not what Cursus Capital trades. Our proprietary strategies are systematic, quantitative, and operate on different signals and time horizons. Undertow is built for the long-term allocator who wants a framework instead of a feeling. Methodology is documented openly on our Substack.

Undertow Daily Reading

21 Apr 2026 ₿78,310

Risk Score

Cautious

Mixed signals · elevated uncertainty

Value Score

Good Value

200W MA: +27% · Bubble Index: −4.3

Coordination Map

Risk On Risk Off

Accumulate

Ride

Trim

DCA

Hold

Reduce

Fat Pitch

Reduce

Defend

Cheap Not Cheap

Hold Cautious risk · Good value

Signal Range / Position Detail Pts

Momentum 30d +11.0% 21/26

Derivatives FR −0.0250% 12/19

Liquidity $57.1B +1.3% 9/14

Volatility HV14 67th pctile 7/23

Trend −11.4% vs 200 DMA 6/18

90-Day Score History

Read the Methodology→

Founder & Managing Partner

Investment Architecture

Four Governing Principles

Research tools, made visible.

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