Ether Strategy

Ether Strategy is a treasury protocol on Ethereum mainnet that ports the convertible-note playbook on-chain. Users subscribe to USD-denominated convertible notes with ETH, and the protocol moves that ETH into its treasury, producing a long-ETH, short-dollar balance sheet. Subscribers receive two composable instruments: CDT, a fungible claim worth roughly one dollar of protocol debt, and an option NFT recording conversion rights.

Treasury assets are denominated in esETH, a non-rebasing ERC-20 pegged one-to-one with ETH that wraps several liquid staking tokens, with yield harvested by the protocol. The option strike moves with the size of the debt, so terms tighten as borrowing grows; holders can burn CDT against the NFT for STRAT or esETH before expiry, or redeem at face value afterwards. On-chain figures show about 6,686 ETH in the treasury against roughly 8.42 million dollars of debt, net leverage near 2.1 times, with STRAT priced in a Uniswap v4 STRAT/ETH pool.