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.