Bitcoin Strategy

Bitcoin Strategy (STRAT) — Project Overview Bitcoin Strategy takes the model of a listed Bitcoin treasury company and moves it onchain. Instead of a corporate balance sheet, a share and periodic reporting, the treasury, the token and the rule set all live in smart contracts. Token structure Fixed total supply of 50,000,000 STRAT. No founder allocation, no team allocation. The builders enter through the same market mechanisms as everyone else. Headline metric The central figure is BTC per STRAT: the Bitcoin held in treasury divided by the fixed token supply. Because supply cannot change, this figure moves only with the treasury balance. It is expressed in satoshis and can be recalculated onchain at any time. Treasury accumulation mechanisms Genesis — initial price discovery via a Continuous Clearing Auction, which simultaneously establishes starting liquidity and the first BTC holdings Bonding — capital is taken in exchange for VVEST, which unlocks into STRAT over time; the participant accepts illiquidity, the protocol receives capital it can deploy immediately, and the vesting curve governs how quickly that STRAT reaches the liquid market Premium Capture — where STRAT trades above its Bitcoin backing, a portion of that spread can be captured and converted into BTC Protocol revenue — ongoing income generated by the system Treasury Launcher revenue — income from other treasuries using the shared infrastructure Market structure The primary market is designed as STRAT/cbBTC, meaning the token is priced against Bitcoin rather than dollars. Treasury, headline metric and market price are therefore denominated in the same unit. Exit The standard route is selling through the STRAT/cbBTC pool. A separate Redemption Reserve provides an additional path anchored to treasury value, governed by capacity limits, a TimeHeldFactor and a penalty curve that favours longer holding periods. Treasury Launcher The underlying infrastructure is built to be reusable: further treasuries for other base assets — ZEC Strategy is named — can run on it, each with its own token, treasury, liquidity and community, while sharing launch and trading infrastructure. Status The protocol has been running on testnet for several months, with bonding, VVEST, treasury mechanics, staking with TimeHeldFactor and controlled redemption implemented there. The mainnet design is being revised on the basis of what that phase produced.