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ETH Strategy was proudly bootstrapped by its community. We began with a private round supported by high-signal Ethereum investors, builders, whales, and long-time supporters, followed by a public round in the spirit of DeFi. In total, we raised 8,142 ETH (6,900 ETH private + 1,242 ETH public). Both rounds were conducted at the same price of 1 ETH : 10,000 STRAT, with identical vesting terms.
These early supporters, the "PreSaylors", provided the initial treasury foundation that allowed us to pursue our goal of delivering long-term, high-quality exposure to ETH. Their allocations now begin a two-month linear unlock.
Start date: 29 November 2025
Vesting: Linear unlock over two months
Since launch, ETH Strategy has shipped a sequence of meaningful releases: ESPNv1 & LP Staking, ESPN v2, and Staked STRAT. Even in a difficult, down-only market, EPS has continued to grow and the long-term economics of STRAT have strengthened. ESPN’s structured debt has also begun to coil the spring of leverage, positioning STRAT to benefit when ETH resumes its upward trajectory.
We’re entering unlock season with a clear focus: to support the long-term health of STRAT and the holders who believed in the vision from the beginning.
Our unlock plan is grounded in three priorities:
Reward holders who remain on the journey toward generational ETH exposure.
Protect and reinforce core protocol metrics: TVL and EPS.
Ensure that PreSaylors who choose to exit may do so smoothly, fairly, and without destabilizing the protocol or long-term participants.
Share Dialog
ETH Strategy was proudly bootstrapped by its community. We began with a private round supported by high-signal Ethereum investors, builders, whales, and long-time supporters, followed by a public round in the spirit of DeFi. In total, we raised 8,142 ETH (6,900 ETH private + 1,242 ETH public). Both rounds were conducted at the same price of 1 ETH : 10,000 STRAT, with identical vesting terms.
These early supporters, the "PreSaylors", provided the initial treasury foundation that allowed us to pursue our goal of delivering long-term, high-quality exposure to ETH. Their allocations now begin a two-month linear unlock.
Start date: 29 November 2025
Vesting: Linear unlock over two months
Since launch, ETH Strategy has shipped a sequence of meaningful releases: ESPNv1 & LP Staking, ESPN v2, and Staked STRAT. Even in a difficult, down-only market, EPS has continued to grow and the long-term economics of STRAT have strengthened. ESPN’s structured debt has also begun to coil the spring of leverage, positioning STRAT to benefit when ETH resumes its upward trajectory.
We’re entering unlock season with a clear focus: to support the long-term health of STRAT and the holders who believed in the vision from the beginning.
Our unlock plan is grounded in three priorities:
Reward holders who remain on the journey toward generational ETH exposure.
Protect and reinforce core protocol metrics: TVL and EPS.
Ensure that PreSaylors who choose to exit may do so smoothly, fairly, and without destabilizing the protocol or long-term participants.
ETH Strategy has not deployed treasury ETH into the current STRAT liquidity pool. All liquidity to-date has been organically bootstrapped by market participants. As a result, the current LP depth is modest relative to the amount of STRAT scheduled to unlock over the next two months.
This creates an opportunity as much as a risk, if selling pressure becomes sustained and STRAT trades below NAV, the protocol can step in as a disciplined buyer of last resort. Our plan is straightforward:
Only below NAV. Never above.
Indicative buyback range: 0.5x to 0.9x NAV, depending on market conditions and liquidity.
Repurchased STRAT will be burned, permanently reducing circulating supply. This concentrates EPS in the hands of long-term holders and reinforces the economic flywheel. It also creates a natural exit fee and channels that value directly to those who stay aligned with the protocol’s long-term mission.
A purely free-market unlock creates a predictable coordination problem: each participant is individually incentivized to sell early, even though collective early selling leaves everyone with worse execution. With two months of continuous unlocks, sellers are effectively placed in a prisoner’s dilemma. That dynamic serves no one.
Instead of putting everyone in this dynamic over the next 2 months , our unlock plan is designed to avoid that dilemma. By operating buybacks below NAV and creating an orderly exit path, the optimal individual strategy becomes the one that also supports the protocol’s long-term health. All while channeling value to holders who remain holding STRAT and avoiding the destructive dynamics of typical token unlocks.
The unlock plan is structured to align incentives and achieve our goals of protecting long-term STRAT holders, reinforcing TVL & EPS, and maintaining healthy investor relations with all our presaylors. It also reduces unnecessary PvP behaviour and gives token holders a cleaner, more orderly set of choices. We are proposing a set of choices for Presaylors to balance liquidity demands:
To begin unlocking to liquid STRAT, you will burn your Presaylor NFT for a Hedgey NFT that will stream liquid STRAT linearly over 2 months.
Holders can claim unlocked STRAT daily, weekly, at any interval, or all at once at the end of the vest
For those Presaylors that stay on our bullish journey of turning financial alchemy to generational ETH exposure, the best course of action is to unlock and stake your STRAT.
For one week, Presaylors have the option to burn their NFT and receive 80% of the ETH originally committed. This may go live later in the first week, not on the first day, if you are considering this option, keep your Presaylor NFT and wait for this to go live.
Redemption rate: 10,000 STRAT → 0.8 ETH (for Presaylor NFTs ONLY, not liquid STRAT)
This is a one-time offer only, for those in urgent need of liquidity. It reflects the reality that ETH price is down, our balance sheet now carries structured debt via ESPN, and that all exits must be accretive to holders who remain.
Ensuring accretive dilution is essential to compounding returns for long-term STRAT holders.
Remaining STRAT holders can view this as a TVL-for-EPS swap, it facilitates exits for those who want to leave, while rewarding long-term participants with a higher ETH-per-STRAT.
Again it is important to note, if you don't vouch for this option, you can always redeem for liquid STRAT and exit in the LP, however we will not be prioritizing the liquidity as an immediate requirement but slightly later down the track, and we will still be buying and burning STRAT from LP as mentioned above. This option allows you to skip the 2 month linear vest, and have a guaranteed rate of exit.
ETH Strategy will also be rolling out Treasury Lending for STRAT holders.
This will not be available on the first week of unlocks. It is slated for launch within 2 weeks from the unlock date. This feature is a great utility for STRAT holders who want to access liquidity against their STRAT while maintaining upside exposure. This is a great alternative to selling STRAT in the LP or opting for the once off redemption offered at unlock.
Treasury lending unlocks the next stage of our protocol, where we allow users access to the underlying ETH, providing an important market signal for what the productive hurdle rate on treasury ETH should be.
It allows liquid STRAT holders to borrow ETH in treasury against their STRAT. The design of the system will be such that STRAT holders will be able to borrow at a small discount to NAV, with all interest earned will be paid out to STRAT Stakers.
You should read the full explanation above to understand all the details, but here is the short summary:
Unlocks are beginning.
Our goal is to balance three priorities: happy STRAT holders, strong metrics (TVL and EPS), and a graceful exit path for any supporters who wish to leave.
If the LP experiences sell pressure, the treasury will buy back and burn STRAT. This is extremely bullish for long-term accumulation of ETH per STRAT.
Exiting through the LP is unpredictable, so to provide a low slippage exit for PreSaylors who need liquidity, and reduce STRAT sell pressure, we are offering a one-time, one-week window to burn the Presaylor NFT and redeem 80 per cent of the original ETH commitment.
This is very bullish for remaining STRAT holders due to accretive dilution.
We are launching treasury lending, allowing liquid STRAT to borrow treasury ETH at gross asset value through a “semi-non-liquidatable” loan structure.
We are excited about the future and remain focused on providing STRAT holders with the strongest long-term, generational exposure to ETH.
ETH Strategy has not deployed treasury ETH into the current STRAT liquidity pool. All liquidity to-date has been organically bootstrapped by market participants. As a result, the current LP depth is modest relative to the amount of STRAT scheduled to unlock over the next two months.
This creates an opportunity as much as a risk, if selling pressure becomes sustained and STRAT trades below NAV, the protocol can step in as a disciplined buyer of last resort. Our plan is straightforward:
Only below NAV. Never above.
Indicative buyback range: 0.5x to 0.9x NAV, depending on market conditions and liquidity.
Repurchased STRAT will be burned, permanently reducing circulating supply. This concentrates EPS in the hands of long-term holders and reinforces the economic flywheel. It also creates a natural exit fee and channels that value directly to those who stay aligned with the protocol’s long-term mission.
A purely free-market unlock creates a predictable coordination problem: each participant is individually incentivized to sell early, even though collective early selling leaves everyone with worse execution. With two months of continuous unlocks, sellers are effectively placed in a prisoner’s dilemma. That dynamic serves no one.
Instead of putting everyone in this dynamic over the next 2 months , our unlock plan is designed to avoid that dilemma. By operating buybacks below NAV and creating an orderly exit path, the optimal individual strategy becomes the one that also supports the protocol’s long-term health. All while channeling value to holders who remain holding STRAT and avoiding the destructive dynamics of typical token unlocks.
The unlock plan is structured to align incentives and achieve our goals of protecting long-term STRAT holders, reinforcing TVL & EPS, and maintaining healthy investor relations with all our presaylors. It also reduces unnecessary PvP behaviour and gives token holders a cleaner, more orderly set of choices. We are proposing a set of choices for Presaylors to balance liquidity demands:
To begin unlocking to liquid STRAT, you will burn your Presaylor NFT for a Hedgey NFT that will stream liquid STRAT linearly over 2 months.
Holders can claim unlocked STRAT daily, weekly, at any interval, or all at once at the end of the vest
For those Presaylors that stay on our bullish journey of turning financial alchemy to generational ETH exposure, the best course of action is to unlock and stake your STRAT.
For one week, Presaylors have the option to burn their NFT and receive 80% of the ETH originally committed. This may go live later in the first week, not on the first day, if you are considering this option, keep your Presaylor NFT and wait for this to go live.
Redemption rate: 10,000 STRAT → 0.8 ETH (for Presaylor NFTs ONLY, not liquid STRAT)
This is a one-time offer only, for those in urgent need of liquidity. It reflects the reality that ETH price is down, our balance sheet now carries structured debt via ESPN, and that all exits must be accretive to holders who remain.
Ensuring accretive dilution is essential to compounding returns for long-term STRAT holders.
Remaining STRAT holders can view this as a TVL-for-EPS swap, it facilitates exits for those who want to leave, while rewarding long-term participants with a higher ETH-per-STRAT.
Again it is important to note, if you don't vouch for this option, you can always redeem for liquid STRAT and exit in the LP, however we will not be prioritizing the liquidity as an immediate requirement but slightly later down the track, and we will still be buying and burning STRAT from LP as mentioned above. This option allows you to skip the 2 month linear vest, and have a guaranteed rate of exit.
ETH Strategy will also be rolling out Treasury Lending for STRAT holders.
This will not be available on the first week of unlocks. It is slated for launch within 2 weeks from the unlock date. This feature is a great utility for STRAT holders who want to access liquidity against their STRAT while maintaining upside exposure. This is a great alternative to selling STRAT in the LP or opting for the once off redemption offered at unlock.
Treasury lending unlocks the next stage of our protocol, where we allow users access to the underlying ETH, providing an important market signal for what the productive hurdle rate on treasury ETH should be.
It allows liquid STRAT holders to borrow ETH in treasury against their STRAT. The design of the system will be such that STRAT holders will be able to borrow at a small discount to NAV, with all interest earned will be paid out to STRAT Stakers.
You should read the full explanation above to understand all the details, but here is the short summary:
Unlocks are beginning.
Our goal is to balance three priorities: happy STRAT holders, strong metrics (TVL and EPS), and a graceful exit path for any supporters who wish to leave.
If the LP experiences sell pressure, the treasury will buy back and burn STRAT. This is extremely bullish for long-term accumulation of ETH per STRAT.
Exiting through the LP is unpredictable, so to provide a low slippage exit for PreSaylors who need liquidity, and reduce STRAT sell pressure, we are offering a one-time, one-week window to burn the Presaylor NFT and redeem 80 per cent of the original ETH commitment.
This is very bullish for remaining STRAT holders due to accretive dilution.
We are launching treasury lending, allowing liquid STRAT to borrow treasury ETH at gross asset value through a “semi-non-liquidatable” loan structure.
We are excited about the future and remain focused on providing STRAT holders with the strongest long-term, generational exposure to ETH.
ETH Strategy
ETH Strategy
3 comments
Good news and keep support always for your projects
Congratulations 🎊 👏 Good luck 👍 LFG!!!!
Nice update