Research Analyst — Equity Capital Markets

About the Role

We are building a suite of tokenized equity capital markets products from the ground up, and are looking for a Research Analyst to join a small, high-impact team. This is a 0-to-1 opportunity for a self-starter who wants to help shape products from inception through launch.

The analyst will support the full product lifecycle — conducting due diligence on issuers, companies, vendors, and partners; building commercial and economic models; and producing the research, memos, and analysis that underpin key commercial decisions. The role is highly cross-functional, working closely with internal stakeholders in a fast-moving environment where initiative and ownership are essential.

Responsibilities

Conduct thorough due diligence on prospective issuers, companies, vendors, partners, and counterparties, presenting findings in clear, decision-ready formats.

Perform fundamental analysis and build commercial and financial models to evaluate product structures, pricing, allocation, deal economics, and profitability.

Conduct competitor and market research across the capital markets landscape, benchmarking products, platforms, and market participants to inform positioning and strategy.

Prepare internal committee memos, decision documents, and management presentations that translate complex analysis into concise, actionable recommendations.

Track developments across the equity capital markets — pipeline, follow-on and related equity offerings, and broader market conditions — surfacing risks and opportunities proactively.

Support the transaction and product lifecycle, taking ownership of workstreams from research through to execution.

Requirements

Minimum 4 years of relevant experience, ideally within equity capital markets (ECM), or investment banking at a bank, advisory firm, or comparable institution.

Solid understanding of the equity capital markets and the mechanics of public and private capital raises (e.g. IPOs, follow-on offerings).

Strong financial modeling and quantitative analysis skills.

Excellent written and verbal communication, with the ability to produce polished, institutional-quality memos and presentations for senior stakeholders.

A genuine self-starter — comfortable with ambiguity, taking initiative, and building processes where none exist.

Strong attention to detail, sound commercial judgment, and the ability to operate under deadline pressure.

Familiarity with digital assets, tokenization, or a clear appetite to build expertise in bringing equity capital markets on-chain.