> be Rob Granieri > co-found Jane Street in 1999 > take no official title > no headshot > no interviews > control the most systemically important market maker in ETFs > build a firm that becomes authorized participant across multiple Bitcoin ETFs > control creation/redemption plumbing > hold inventory > hold flow > hold timing September 2021 > former Terraform intern joins full-time > private chat allegedly shares material nonpublic info May 7, 2022 > $150M UST pulled from Curve > 10 minutes later > wallet linked to Jane Street pulls $85M > UST depegs > Luna collapses > $40B erased > lawsuit filed in Manhattan > firm calls it “baseless” late 2024 > 10:00am ET > Bitcoin drops > liquidations cascade > recovers by afternoon > repeat for months > pattern pauses when litigation becomes public resumes later Q4 2025 13F > $790M in IBIT disclosed > crypto media: “institutional accumulation” professionals: 13F shows only longs > options invisible > futures invisible > swaps invisible > net exposure unknowable India, 2025 > regulator publishes 105-page order > alleges coordinated BANKNIFTY options manipulation $4.3B profit over two years Granieri runs culture of probability, edge, speed > avoids spotlight > avoids narrative > focuses on structure > look eccentric > operate surgical > hold ETF infrastructure > hold derivative opacity > be CEO without the title > influence price without touching the protocol > let the market debate scarcity > control the layer above it If the protocol is fixed at 21M, but the price is discovered in layers Jane Street can manufacture - who actually decides Bitcoin’s value?
