# Sawse

Sawse is a source-first research publication covering public-market equities where SEC filings, fundamentals, insider activity, ownership records, market data, and crypto exposure explain what changed.

Sawse publishes research and educational content only. It is not personalized investment advice, a rating service, or a source of buy/sell/hold recommendations.

## Primary Surfaces
- [Home](https://www.sawse.com/): Publication overview and major research desks.
- [Research archive](https://www.sawse.com/articles): All public Sawse research notes.
- [Daily briefings](https://www.sawse.com/briefings): Daily crypto-equity and covered-universe briefings.
- [Filing summaries](https://www.sawse.com/filings): SEC filing-led research notes.
- [Insider activity](https://www.sawse.com/insiders): Form 4 and insider cluster analysis.
- [Explainers](https://www.sawse.com/research): Long-form methodology and market-structure explainers.
- [Data sources](https://www.sawse.com/data-sources): Source, licensing, and display boundaries.
- [Editorial policy](https://www.sawse.com/editorial-policy): How Sawse handles claims, evidence, automation, and review.
- [Disclaimer](https://www.sawse.com/disclaimer): Research-only boundary and risk disclosures.

## Coverage Categories
- [Crypto-equity](https://www.sawse.com/coverage/crypto-equity): Sawse's marquee tier for public equities and ETF wrappers where digital-asset exposure changes the research question.
- [Big tech](https://www.sawse.com/coverage/big-tech): Mega-cap technology platforms where cloud economics, AI capex, advertising cycles, and capital allocation shape coverage.
- [Enterprise SaaS](https://www.sawse.com/coverage/enterprise-saas): Subscription and platform software companies where growth durability, customer expansion, and operating leverage matter most.
- [AI infrastructure](https://www.sawse.com/coverage/ai-infrastructure): Hardware, semiconductor, and infrastructure companies exposed to AI datacenter buildout and supply-chain constraints.
- [Cybersecurity](https://www.sawse.com/coverage/cybersecurity): Security platforms where enterprise spending cycles, platform consolidation, and breach/regulatory pressure drive the research lens.

## Launch-Tracked Tickers
- [MSTR Strategy Inc](https://www.sawse.com/stocks/mstr): Operating company with a Bitcoin treasury strategy, where financing, filings, and BTC holdings shape equity risk.
- [COIN Coinbase Global](https://www.sawse.com/stocks/coin): Crypto exchange where trading volume, custody growth, regulation, and market-cycle exposure drive equity risk.
- [GLXY Galaxy Digital](https://www.sawse.com/stocks/glxy): Crypto financial-services company where trading, treasury exposure, and digital-asset markets drive results.
- [HOOD Robinhood Markets](https://www.sawse.com/stocks/hood): Retail brokerage where crypto trading, customer activity, and product mix can materially affect results.
- [MARA MARA Holdings](https://www.sawse.com/stocks/mara): Bitcoin miner where hashprice, power costs, production, and BTC treasury moves drive the equity story.
- [RIOT Riot Platforms](https://www.sawse.com/stocks/riot): Bitcoin miner with operating leverage to hashrate, energy costs, power strategy, and BTC price cycles.
- [CLSK CleanSpark](https://www.sawse.com/stocks/clsk): Bitcoin miner where fleet growth, power strategy, production efficiency, and BTC holdings drive results.
- [IBIT iShares Bitcoin Trust ETF](https://www.sawse.com/etfs/ibit): Spot Bitcoin ETF wrapper where AUM, liquidity, fees, and premium or discount frame investor exposure.
- [FBTC Fidelity Wise Origin Bitcoin Fund](https://www.sawse.com/etfs/fbtc): Spot Bitcoin ETF wrapper where AUM, trading liquidity, fees, and BTC-per-share context frame exposure.
- [ARKB ARK 21Shares Bitcoin ETF](https://www.sawse.com/etfs/arkb): Spot Bitcoin ETF wrapper where flows, AUM, liquidity, and premium or discount shape peer comparison.
- [IREN IREN](https://www.sawse.com/stocks/iren): Bitcoin miner where fleet expansion, power costs, production updates, and BTC exposure frame equity risk.
- [HUT HUT](https://www.sawse.com/stocks/hut): Bitcoin miner where production, treasury policy, power costs, and hosting exposure frame equity risk.
- [BITF BITF](https://www.sawse.com/stocks/bitf): Bitcoin miner where production trends, energy costs, fleet scale, and Canadian disclosure cadence frame risk.
- [WULF WULF](https://www.sawse.com/stocks/wulf): Bitcoin miner where power strategy, production scale, fleet efficiency, and financing needs frame equity risk.
- [CORZ CORZ](https://www.sawse.com/stocks/corz): Bitcoin miner and hosting operator where fleet scale, power contracts, and customer demand frame results.
- [MSFT Microsoft](https://www.sawse.com/stocks/msft): Mega-cap software and cloud platform where Azure growth, margins, AI investment, and capital allocation drive results.
- [SHOP Shopify](https://www.sawse.com/stocks/shop): Commerce platform where merchant growth, payments exposure, margins, and platform investment shape results.
- [ORCL Oracle](https://www.sawse.com/stocks/orcl): Enterprise software and cloud platform where cloud transition, margins, backlog, and AI infrastructure demand drive results.
- [NOW ServiceNow](https://www.sawse.com/stocks/now): Enterprise workflow software company where subscription growth, renewal strength, margins, and AI features drive results.
- [META Meta Platforms](https://www.sawse.com/stocks/meta): Digital advertising platform where ad demand, user engagement, AI investment, and capital allocation drive results.
- [PANW Palo Alto Networks](https://www.sawse.com/stocks/panw): Cybersecurity platform where billings, deferred revenue, platform adoption, and margin discipline drive results.
- [GOOG Alphabet](https://www.sawse.com/stocks/goog): Search, cloud, and advertising platform where AI investment, ad demand, cloud growth, and capital allocation drive results.
- [NVDA NVIDIA Corporation](https://www.sawse.com/stocks/nvda): AI accelerator leader where data-center demand, supply capacity, margins, and platform adoption drive results.
- [AMD Advanced Micro Devices, Inc.](https://www.sawse.com/stocks/amd): AI accelerator challenger where MI-series adoption, data-center economics, margins, and competitive share drive results.
- [AVGO Broadcom Inc.](https://www.sawse.com/stocks/avgo): AI networking and custom-silicon supplier where accelerator demand, networking content, VMware integration, margins, and capital allocation drive results.
- [MU Micron Technology](https://www.sawse.com/stocks/mu): Memory semiconductor supplier where HBM demand, DRAM/NAND pricing, inventory cycles, capex, and margins drive results.
- [ANET Arista Networks](https://www.sawse.com/stocks/anet): AI data-center networking company where cloud customer demand, ethernet switching cycles, margins, and platform adoption drive results.
- [SMCI Super Micro Computer](https://www.sawse.com/stocks/smci): AI server supplier where data-center system demand, working capital, margins, customer concentration, and filing quality drive results.
- [TSM Taiwan Semiconductor Manufacturing Company Limited](https://www.sawse.com/stocks/tsm): Advanced-node foundry where AI-chip demand, capacity expansion, customer concentration, and Taiwan risk drive results.
- [ASML ASML Holding N.V.](https://www.sawse.com/stocks/asml): EUV lithography supplier where orders, backlog, export controls, and customer capex cycles drive results.

## Methodology
- [Filing Risk Score](https://www.sawse.com/methodology/filing-risk-score): Filing language, material events, accounting flags, and unresolved source risk.
- [BTC Exposure Score](https://www.sawse.com/methodology/btc-exposure-score): Balance-sheet, wrapper, revenue, and operating exposure to BTC market movement.
- [Insider Activity Signal](https://www.sawse.com/methodology/insider-activity-signal): Form 4 transaction direction, size, role, clustering, timing, and 10b5-1 context.
- [Event Momentum](https://www.sawse.com/methodology/event-momentum): Recent filings and company events weighted by severity, type, and recency.

## Recent Research
- [Lisa Su sold $57.6 million of AMD stock in a single day](https://www.sawse.com/articles/amd-form4-cluster-form4-416f9664afd3fdc0a7f86f00-2026-06-13): AMD's CEO reported a concentrated S-code cluster on June 10, landing against a stock that has more than tripled in three months.
- [ANET insiders sold $75 million in five days. The names behind the cluster matter more than the size.](https://www.sawse.com/articles/anet-form4-cluster-form4-f76635d4225181485394be88-2026-06-13): Andreas Bechtolsheim and Charles Giancarlo filed 29 Form 4 transactions between June 1 and June 5, 2026, totaling roughly $75.23 million in S-coded sales.
- [PANW insider tape: two officers sell $2.49 million into a 67% three-month run](https://www.sawse.com/articles/panw-form4-cluster-form4-f2278f59dc6c08822c3fb785-2026-06-13): Aparna Bawa and John P. Key filed S-code sales across a three-day window as PANW trades near its 52-week high.
- [Four tickers, four different research problems](https://www.sawse.com/articles/crypto-equity-category-split-analysis-2026-06-12): MSTR, COIN, MARA, and IBIT all carry Bitcoin exposure, but the filings, economics, and analytical questions behind each one have almost nothing in common.
- [Crypto-equity briefing: Fear reading at 12, MARA holds ground, MSTR and COIN keep sliding](https://www.sawse.com/articles/crypto-equity-daily-briefing-2026-06-12): The crypto Fear and Greed index hit extreme fear territory while the category split between miners and treasury holders widened further.
- [Crypto-equity briefing: Fear reading hits 12 as MSTR and COIN absorb a brutal month](https://www.sawse.com/articles/crypto-equity-daily-briefing-2026-06-11): The sentiment backdrop is at extreme fear while the equity tape shows MSTR and COIN each down more than 28% in 30 days, MARA holding relative ground, and the ETF wrappers tracking Bitcoin lower with tighter spreads than any operating company in the set.
- [CORZ insider sells $268K as stock pulls back from 52-week high](https://www.sawse.com/articles/corz-form4-cluster-form4-127b3da81da1b3b3b5b02b61-2026-06-11): Todd Duchene's S-coded Form 4 cluster landed on June 8, two days after CORZ hit its 52-week peak, and the timing is the most notable thing about it.
- [HOOD insiders sold $1.77 million on June 3 as the stock gave back a sharp single-day drop](https://www.sawse.com/articles/hood-form4-cluster-form4-fce24b72e31b0836a98da005-2026-06-05): Two Robinhood Markets officers filed S-code Form 4 transactions on the same day the stock fell roughly 6%, a timing combination that sharpens the read on the cluster.
- [Four tickers, four different questions](https://www.sawse.com/articles/crypto-equity-category-split-analysis-2026-06-05): MSTR, COIN, MARA, and IBIT all carry Bitcoin exposure, but the filings, economics, and analytical frameworks that matter for each have almost nothing in common.
- [Crypto-equity briefing: Fear reading hits 12 as MSTR and COIN absorb sharp drawdowns](https://www.sawse.com/articles/crypto-equity-daily-briefing-2026-06-05): The macro tape flashed extreme fear on June 5 while MSTR and COIN carried the heaviest price damage and MARA stood out as the only major name with a positive 30-day return.
- [NVDA insider tape: $221 million S-code cluster from a director, not the C-suite](https://www.sawse.com/articles/nvda-form4-cluster-form4-8ad320b5e52cad1fbf520d28-2026-06-04): Mark Stevens filed three Form 4 transactions between June 2 and June 4, reporting roughly $221 million in sales at a stock that has gained more than 50% over the past year.
- [Crypto-equity briefing: Fear gauge at 12, miners lead, MSTR absorbs a rough month](https://www.sawse.com/articles/crypto-equity-daily-briefing-2026-06-04): The crypto Fear and Greed index hit extreme fear on June 4 while MARA posted the strongest 30-day price performance in the universe and MSTR absorbed a 26% monthly drawdown.
- [COIN director sale: $1.82 million in S-coded transactions, one name on the tape](https://www.sawse.com/articles/coin-form4-cluster-form4-f5c0ab953dea34e087df7581-2026-06-03): Frederick Wilson filed a single-day Form 4 cluster on June 1 covering ten S-coded transactions totaling roughly $1.82 million, a clean open-market disposal with no offsetting acquisition activity.
- [HOOD insiders filed F-code transactions worth $6.72 million on June 1](https://www.sawse.com/articles/hood-form4-cluster-form4-2290e0bc42135c5b2aa367c9-2026-06-03): Two Robinhood executives reported tax-withholding share dispositions on the same day, a compensation-linked pattern that reads as mechanical rather than discretionary.
- [CORZ insider tape: one officer, three sales, modest size at a 52-week high](https://www.sawse.com/articles/corz-form4-cluster-form4-cbe825fc2759c4cf879ca42b-2026-06-03): Todd Duchene's June 1 Form 4 cluster totals roughly $284,000 in S-coded sales, filed the same day CORZ touched its 52-week high.
- [PANW's June 10-Q lands with a ceiling Filing Risk Score and a stock that has doubled in three months](https://www.sawse.com/articles/panw-panw-10-q-filing-analysis-for-2026-06-03-0001327567-26-000015): Palo Alto Networks filed its April 30 quarterly report on June 3, and the disclosure pattern is as active as the price move that preceded it.
- [Crypto-equity briefing: Fear gauge at 11, MARA leads the tape, COIN absorbs a rough month](https://www.sawse.com/articles/crypto-equity-daily-briefing-2026-06-03): The crypto Fear and Greed index hit extreme fear on June 3 while MARA posted a 30-day gain of nearly 30%, the sharpest move in the covered universe.
- [ANET insider tape: CEO and director F-code withholding reads as tax-driven, not discretionary](https://www.sawse.com/articles/anet-form4-cluster-form4-888597c3f5294733f5ac32c6-2026-06-02): Two ANET insiders reported $4.16 million in share withholding on May 20, a transaction type tied to equity award vesting rather than open-market selling.
- [ANET insiders sold $68 million in five days. The names on the tape matter.](https://www.sawse.com/articles/anet-form4-cluster-form4-a2c50e505006171a4c388f0e-2026-06-02): Four Arista Networks insiders, including the CEO and a co-founder, filed 23 Form 4 transactions between May 21 and May 26, totaling roughly $68.2 million in S-code sales.
- [GLXY insider tape: one M-code cluster, low activity signal, mechanical read](https://www.sawse.com/articles/glxy-form4-cluster-form4-c5559755b260d4488f01a0e5-2026-06-02): Michael Daffey's two-transaction Form 4 cluster at Galaxy Digital totals roughly $8.27 million but carries the hallmarks of option-linked disposition rather than a discretionary view on the equity.
- [GLXY insider tape: F-code cluster reads as compensation, not conviction](https://www.sawse.com/articles/glxy-form4-cluster-form4-0a9b64e94353b50777256267-2026-06-02): Four Galaxy Digital insiders filed Form 4s on June 1, all coded F, pointing to tax-withholding dispositions rather than discretionary selling.
- [MU's CEO just sold $36 million of stock at a 52-week high](https://www.sawse.com/articles/mu-form4-cluster-form4-471475ba11c35c9d8bb7ea88-2026-06-02): Sanjay Mehrotra's S-coded cluster on May 29 landed at the top of MU's one-year range, making the size and timing the two facts that matter most.
- [Crypto-equity briefing: MARA leads the tape, COIN holds its ground, and the fear gauge flashes red](https://www.sawse.com/articles/crypto-equity-daily-briefing-2026-06-02): MARA's 34% one-month run is the standout price move in the universe, but a Fear and Greed reading of 23 and a Bitcoin dominance above 56% frame the backdrop for every name on the board.
- [MU's March 8-K lands as the stock posts one of its biggest runs in years](https://www.sawse.com/articles/mu-mu-8-k-filing-analysis-for-2026-03-18-0000723125-26-000004): Micron filed fiscal second-quarter operating results on March 18, and the price context surrounding that disclosure tells a sharper story than the filing items alone.
- [Arista's 10-K: the AI networking thesis meets its disclosure moment](https://www.sawse.com/articles/anet-anet-10-k-filing-analysis-for-2026-02-17-0001596532-26-000013): Arista's annual report lands with elevated filing-risk signals and peak event momentum, as the company's cloud networking franchise faces its clearest test of durability.
- [AVGO's February Quarter: AI Demand Drives the Filing, VMware Integration Holds the Margin Story](https://www.sawse.com/articles/avgo-avgo-10-q-filing-analysis-for-2026-03-11-0001730168-26-000016): Broadcom's March 2026 10-Q covers a quarter where AI networking and custom silicon are doing the heavy lifting, and the disclosure cadence reflects it.
- [Patten's second MSTR cluster in weeks: same director, same code, smaller window](https://www.sawse.com/articles/mstr-form4-cluster-form4-33a5ef45474912c793494b4f-2026-06-01): Jarrod Patten filed another M-code Form 4 cluster at Strategy, three transactions across two days, totaling roughly $414,000.
- [Patten sells again at MSTR, and the pattern holds](https://www.sawse.com/articles/mstr-form4-cluster-form4-2495e5f6db137843a70695e3-2026-06-01): Director Jarrod Patten's latest Form 4 cluster at Strategy runs 11 transactions and roughly $3.4 million in proceeds, fitting the same disposition cadence seen earlier this year.
- [HOOD's largest insider buy in recent memory just landed at $20 million](https://www.sawse.com/articles/hood-form4-cluster-form4-c0395b32681019629c7a5558-2026-06-01): Meyer Malka's P-code purchase on May 28 is the kind of open-market insider buy that does not happen by accident.
- [Crypto-equity briefing: MARA leads the tape while COIN and MSTR absorb pressure](https://www.sawse.com/articles/crypto-equity-daily-briefing-2026-06-01): MARA's 30-day surge stands out against a fear-dominated macro backdrop, while COIN's revenue mix and MSTR's filing cadence keep their own stories moving.

## Machine-Readable Source Maps
For public articles, append `/source-map.json` to the article URL to inspect claimTrace support metadata and public evidence URLs where available.

Sitemap: https://www.sawse.com/sitemap.xml