Last updated: October 30, 2026
Frictionless Capital Research, including its articles, reports, newsletters, podcasts, videos, social posts, and other materials (together, the “Content”), is published by Frictionless Capital Management LLC (“FCM,” “we,” or “us”). FCM is the investment manager of private funds that invest in early-stage companies and digital assets (the “Frictionless funds”). The Frictionless funds are separate legal entities. This page applies to all Content, free and paid.
The Content is provided for general informational and educational purposes only. It is not, and should not be relied upon as, investment, legal, tax, accounting, or other professional advice. It is not a recommendation to buy, sell, or hold any security, token, or other asset, or to follow any strategy. It is written for a general audience and does not take into account your objectives, financial situation, or needs. Consult your own professional advisers before making any decision.
FCM is not acting as your investment adviser, broker, fiduciary, or agent by publishing the Content. No advisory, fiduciary, or client relationship is created by reading, subscribing to, listening to, replying to, or contacting us. We do not provide personalized advice. If you write to us, we may read your message, but we will not respond with advice about your own circumstances.
No regulator has reviewed, approved, or endorsed the Content.
The Content is not directed to any investor or prospective investor. It is not an offer to sell, or a solicitation of an offer to buy, any security or any interest in a Frictionless fund or any other investment vehicle, and it may not be used or relied upon in evaluating the merits of any investment. An offer of interests in a Frictionless fund is made only through that fund's confidential private placement memorandum and related documents, only to investors who qualify under them, and only where lawful. If anything in the Content is inconsistent with a fund's offering documents, the offering documents control. See the legend in Section 14 for any Content that refers to a fund offering.
FCM, the Frictionless funds, and our principals, employees, and affiliates have invested, and may in the future invest, in companies, tokens, protocols, and other assets that are discussed in the Content. We may buy, sell, or otherwise transact in those assets at any time, including before or after publication, and we have no obligation to tell you when our positions change. Our trading may affect the price of an asset, and our interests may differ from, and may conflict with, yours. When we write about or interview a company or project in which we have an interest, we are acting in our own financial interest and not in the interest of other investors or token holders.
Where we know at the time of publication that FCM, a Frictionless fund, or a principal holds a position in an asset that a piece of Content discusses, we aim to say so in that piece. A piece that does not say so should not be read as meaning that we hold no position. Information about the Frictionless funds' investments is available only as described in their offering documents or as we choose to publish it, and any list we publish may be incomplete or out of date.
Some Content may be sponsored, or may include paid placements, affiliate links, or advertising. We aim to label these clearly. We have not reviewed third-party advertising and do not endorse it.
Views in the Content are those of the individual author or speaker, in their individual capacity, and are not necessarily the views of FCM, the Frictionless funds, or their affiliates. Projections, estimates, forecasts, targets, prospects, and opinions are subjective, are subject to change without notice, and may differ from or be contrary to the views of others. Forward-looking statements, including those using words such as "believe," "expect," "may," "will," "could," "potential," or "plan," involve risks and uncertainties and are not guarantees. Actual events and results may differ materially. Charts and illustrations are for informational purposes only and should not be relied on in making any investment decision.
All investing involves risk, including the loss of your entire investment. Investments in early-stage companies are illiquid and speculative. Digital assets are highly volatile, can lose all of their value, may be exposed to hacks, fraud, market manipulation, loss of access, protocol failure, and changing law, and may not be readily sellable. The laws and regulations that apply to digital assets are unsettled and are changing. We make no statement about whether any particular token or digital asset is or is not a security, commodity, or other legally defined instrument.
Past performance, whether of an asset, a company, a strategy, or any investment vehicle, is not indicative of future results. Examples we discuss are selected for illustration, are not representative of all investments, and do not mean that similar results will be achieved.
The Content speaks only as of its date of publication, or the earlier date it states. We have no obligation to update, correct, or supplement it, and we may not promptly do so even if we learn it is inaccurate or out of date. Do not assume that Content you find later is current.
Some Content relies on information from third parties, including published sources, data providers, companies, founders, and guests. We believe those sources to be reliable but have not independently verified the information. We make no representation or warranty as to its accuracy or completeness and assume no responsibility for it. Third-party statements may be subjective and may reflect the speaker's own interests.
Views expressed by hosts, guests, and other speakers, including in podcasts, videos, and social media, are theirs alone and are not the views of FCM or its affiliates. A guest's appearance is not an endorsement of the guest, their company, or any asset, product, or service. Guests and hosts may hold positions in, or have other financial interests in, companies and assets discussed, and may not disclose them. Live and extemporaneous comments may be inaccurate or incomplete.
Some Content, including summaries, transcripts, and drafts, may be prepared with the help of artificial-intelligence tools. We aim to review it, but it may contain errors or omissions. All of this disclaimer applies to AI-assisted Content in the same way as to any other Content.
A paid subscription gives you access to Content only. It does not create an advisory, fiduciary, or client relationship. It does not entitle you to personalized advice, to invest in any Frictionless fund, or to any information about a fund's investors or holdings beyond what we publish. It is separate from, and does not affect, any investment in a fund. Paid Content is general, is written for all subscribers alike, and is published on a regular schedule that is not tied to any subscriber's circumstances or to market events. Our subscription terms are in the Terms of Service.
The Content is provided "as is" and "as available." To the fullest extent permitted by law, FCM and its affiliates, principals, employees, and contributors disclaim all warranties and all liability for any loss or damage arising from your use of, or reliance on, the Content. You are solely responsible for your investment decisions. Nothing on this page limits any liability that cannot lawfully be limited or waives any right that cannot lawfully be waived. Our Terms of Service contain additional terms on liability, governing law, and dispute resolution.
The Content is intended for readers in the United States. It is not directed at, and is not a financial promotion or offer to, anyone in any country where publishing it or making an offer would be unlawful or would require a filing, license, or approval that we do not hold. If you are outside the United States, you are responsible for complying with your local laws. We do not make any offer of interests in a Frictionless fund to persons in the United Kingdom or the European Economic Area through the Content.
Where Content refers to the offering of interests in a Frictionless fund, the legend in this section applies to that Content.
Interests in the Frictionless funds are offered only by confidential private placement memorandum and related documents, which should be read in their entirety, and only to investors who meet the qualifications in those documents. In the United States, interests are offered under Rule 506(c) of Regulation D, which permits general solicitation only if every purchaser is an accredited investor and the fund takes reasonable steps to verify that status. The funds' documents also require U.S. investors to be "qualified clients" unless the general partner waives that requirement. Outside the United States, interests are offered only to non-U.S. persons in offshore transactions under Regulation S, and only by separate documents. The interests have not been registered under the Securities Act of 1933 or any state securities law, and the funds are not registered as investment companies under the Investment Company Act of 1940. No regulator has approved or disapproved of the interests or passed on the accuracy or adequacy of any offering document. An investment in a Frictionless fund is speculative, illiquid, and involves a high degree of risk, including the loss of the entire investment. Past performance is not indicative of future results. Nothing in the Content is an offer to anyone in a place where an offer would be unlawful. Mentioning a fund in the Content is not a statement that interests are currently available.
© 2026 Frictionless Capital Management LLC. All rights reserved. You may not reproduce, redistribute, or resell Content without our written permission, except for short quotations with attribution and a link. Questions about this page: [email protected]. See also our Privacy Policy and Terms of Service.
These terms apply to everyone who subscribes to or uses Frictionless Capital Research, including the free and paid tiers. By creating an account, subscribing, or checking the box at checkout, you agree to them.
Frictionless Capital Research is published by Frictionless Capital Management LLC ("FCM," "we," "us"). The paid tier ("Paid Subscription") gives you access to our paid articles and related content ("Paid Content"). It is general research and commentary, written for all subscribers alike.
We are not your investment adviser, broker, or fiduciary, and these terms do not create an advisory, fiduciary, or client relationship. Paid Content is not tailored to you. We will not give you personalized advice, review your portfolio, or answer questions about what you should do with your own investments, and any reply we send is general information only. You will not become an investor in any Frictionless fund by subscribing. Subscriber status confers no right to invest, no priority in any offering, and no access to non-public fund information. Our Disclaimer (research.frictionless.capital/disclaimer) is part of these terms.
You must be at least 18. You are responsible for your account credentials and for activity under your account. One Paid Subscription is for one person.
The Paid Subscription is $30 per month, plus any applicable taxes. It renews automatically each month on the date you first subscribed until you cancel. By subscribing, you authorize us and our payment processor to charge your payment method every month at the then-current price until you cancel. We will tell you at least 30 days in advance by email of any price change, and you may cancel before it takes effect. The checkout page will show the price, the renewal terms, and the cancellation method before you are charged, and we will email you a confirmation that includes the same information.
You can cancel at any time, online, in your account settings or in the subscriber portal linked in every email, without contacting anyone. Cancellation takes effect at the end of your current paid period, and you will keep access until then. Payments are non-refundable, and we do not give partial-period refunds, except where law requires a refund or where we charged you in error or more than once. If you believe a charge was a mistake, email [email protected] within 30 days of the charge.
We grant you a personal, limited, non-exclusive, non-transferable, revocable license to read and listen to Content for your own non-commercial use. You may not copy, forward, republish, resell, share your login, scrape, or use Content to train or build a competing product, or post Paid Content anywhere. You may quote short excerpts with attribution and a link. All rights in the Content remain with FCM and its licensors.
Some Content may be sponsored or include affiliate links or advertisements, which we aim to label. We are not responsible for third-party sites, products, or advertising. Content may be prepared with the help of AI tools and may contain errors.
You are solely responsible for your investment decisions and for deciding whether any investment or activity is suitable and lawful for you where you live. The risks of investing, including the risk of losing everything, are described in the Disclaimer.
The Content and the service are provided "as is" and "as available," without warranties of any kind, express or implied, including accuracy, completeness, timeliness, merchantability, fitness for a particular purpose, and non-infringement. To the fullest extent permitted by law: (a) FCM and its affiliates, principals, employees, and contributors will not be liable for any indirect, incidental, special, consequential, or punitive damages, or for any investment loss, lost profits, or lost opportunity, arising out of or related to the Content or the service; and (b) our total liability to you for any claim will not exceed the amount you paid us for the Paid Subscription in the 12 months before the claim arose, or $100 if you have not paid us. These limits do not apply to liability for fraud or willful misconduct or to any liability that cannot lawfully be limited. Nothing in these terms waives any right or remedy that you have under federal or state securities law and that cannot lawfully be waived.
You will indemnify and hold harmless FCM and its affiliates, principals, employees, and contributors from claims, losses, and reasonable expenses arising out of your breach of these terms, your unauthorized redistribution of Paid Content, or your violation of law. This section does not make you responsible for your own investment losses.
These terms are governed by the laws of the State of Florida and applicable federal law, without regard to conflict-of-law rules.
Informal resolution first. Before filing any claim, you agree to email [email protected] with a short description of the dispute and give us 30 days to try to resolve it.
Binding arbitration. Except for the exceptions below, any dispute between you and FCM arising out of or relating to these terms, the Content, or the service will be resolved by individual binding arbitration administered by the American Arbitration Association under its Consumer Arbitration Rules, which are available at adr.org. Arbitration may be conducted by video or telephone or in Miami-Dade County, Florida, at your choice. We will pay all AAA filing, administrative, and arbitrator fees beyond the amount you would pay to file a case in court. The arbitrator may award any individual relief a court could award, and no punitive damages are available except where law does not permit waiving them.
No class actions. To the fullest extent permitted by law, you and FCM each waive the right to bring or take part in any class, collective, or representative action. Claims may be brought only on an individual basis. If this waiver is found unenforceable as to a claim, that claim will proceed in court and not in arbitration.
Exceptions. Either party may bring an individual claim in small-claims court in Miami-Dade County, Florida, or in your county of residence, if it qualifies. Either party may seek an injunction in court to stop infringement or misuse of intellectual property. Any claim that cannot lawfully be arbitrated, and any claim not subject to arbitration, may be brought only in the state or federal courts located in Miami-Dade County, Florida, and you and FCM consent to those courts.
Opt-out. You may opt out of the arbitration and class-waiver provisions of this section by emailing [email protected] within 30 days after you first accept these terms, with the subject line "Arbitration opt-out" and the email address you used to register. If you opt out, the court provisions in the previous paragraph apply to your claims.
Time limit. To the fullest extent permitted by law, any claim must be started within one year after it arose.
We may change these terms or the Paid Subscription by emailing you or posting the changes at least 30 days before they take effect. If you do not accept a change, you may cancel before it takes effect. We may suspend or end your access if you breach these terms. If any part of these terms is unenforceable, the rest stays in effect. These terms, the Disclaimer, and the Privacy Policy are the whole agreement between you and FCM about the service. You may not assign these terms; we may assign them to an affiliate or a successor of the Publication.
Our Privacy Policy explains how we handle personal data, including by our email and payment providers. Questions about these terms: [email protected].