Blockchain Intelligence & Research
Clarity
in complexity.
We resolve the on-chain questions commercial tools can't: who is really behind an address, what a transaction actually represents, and the harder questions that follow, for litigation teams, financial institutions, and investigators.
Assembling
clarity
from fragments.
On-chain, the facts that matter are rarely visible on the surface. Reported figures and off-the-shelf analytics capture only part of the picture, and stop exactly where the hard questions begin.
Anagram Digital exists to answer those questions. We specialize in the complex analysis of blockchain data: attributing addresses to the real-world entities behind them, and reconstructing transaction activity that standard tooling cannot interpret. When the trail fans out across wallets, protocols, and chains, we follow it, and assemble what it means.
Context beats volume
Truth emerges from assembling fragments. No single dataset or metric is sufficient on its own.
Defensible by design
Findings are built to withstand scrutiny from courts, opposing experts, and regulators alike.
Rigor, not noise
Credibility comes from precision. We focus on decision-quality conclusions, not volume.
What we
do.
Four ways we put on-chain data to work. Every engagement is bespoke, scoped to the question you need answered, and draws on whatever data the problem requires.
Litigation & Investigation Support
Expert-witness-grade analysis for restructuring, litigation, and investigative matters: tracing assets, reconstructing events, and producing the findings, exhibits, and expert testimony that hold up under scrutiny.
Entity Attribution
Establishing who is really behind an address, the question most on-chain matters ultimately reduce to. We link addresses to named real-world entities using a proprietary attribution dataset and patented clustering methods developed over eight years, going well beyond the labels commercial tools provide.
Due Diligence
Independent verification of who and what stands behind an on-chain counterparty, asset, or transaction history, before you commit capital or sign off. We establish source of funds, surface undisclosed exposure and related parties, and flag the risk that surface-level screening tools miss.
Custom Research
Bespoke, decision-grade research for financial institutions, funds, and others who need to understand on-chain markets. We answer the specific question in front of you, drawing on whatever the problem requires: entity attribution, transaction-level reconstruction, pricing and market data, and primary on-chain measurement. The deliverable is an independent, defensible analysis, not a dashboard.
What the markets
aren't telling you.
Original analysis built from on-chain data, not republished issuer figures. Open to read, free to cite.
RWAs, Unwrapped
A holder-by-holder map of the tokenized real-world-asset market, built from the on-chain record itself rather than issuer disclosures.
- ·The named entities behind tokenized RWAs on Ethereum, attributed holder by holder, not sampled.
- ·Where the assets actually sit: the wallets, protocols, and chains beneath the reported figures.
- ·What the on-chain record shows that official disclosures don't.
83%
of the tokenized RWA market on Ethereum identified by named holder.
Get notified when we publish new research.
Occasional and substantive: new reports and findings only. No marketing, unsubscribe anytime.
Anagram Digital is led by Max Galka, founder and former CEO of Elementus, a blockchain analytics firm backed by more than $25M from leading investors, whose attribution systems served financial institutions, enterprises, and government agencies.
He has spent over eight years building entity-attribution data and patented clustering methods for blockchain analysis, and earlier spent nearly a decade as a fixed-income trader at tier-one investment banks, a foundation that bridges traditional finance and on-chain markets.
He served as a testifying expert in the Celsius Network bankruptcy, where his valuation testimony was credited in a published opinion of the court. Engagements are principal-led, with direct senior involvement from problem definition through delivery.
Founder & CEO, Elementus
Fixed-Income Trading, Tier-One Banks
Patented clustering & attribution
Start a
conversation.
For engagements, research inquiries, and press regarding blockchain intelligence and on-chain analysis.
max@anagram.digitalOr tell us about a matter and we’ll reply personally.