In crypto, conviction isn’t enough – distribution wins. While MegaStrategy built one of the most compelling volatility models for ETH accumulation, we needed to solve the cold-start problem for onchain leverage.

Today, we’re excited to announce that MegaStrategy is joining forces with ETH Strategy to accelerate the path towards a new DeFi primitive – one that transforms how users gain leveraged exposure to ETH without the pitfalls of traditional leverage products. (Real yield, ouroboros free.)

While volatility lies at the heart of the strategy, in order to get the flywheel going we need both deep liquidity and fundamental demand.

ETH Strategy solves this.

Their team started with similar mechanics to ours (they have an OG gamma scalper). But they realized early on that without these two pillars, scaling into a billion-dollar protocol would be impossible.

To bridge the gap, they’ve built a mechanism that seeds liquidity while ensuring long-term demand from users seeking high-beta ETH exposure – without being rugged by liquidations or forced rebalancing.

ETH Strategy reimagines Saylor’s playbook and replaces forced liquidations with structured convertibility. Here’s how it works:

1. Users sell ETH and bond in stablecoins, receiving two separate assets:
   • Tokenized perpetual debt (denominated in USD, with market liquidity)
   • Option NFT (which retains upside in ETH)

2. The perpetual debt token (CDT) will naturally trade below $1 as users exit their debt, but it remains critical to exercising the option

3. If CDT trades too low, it creates a natural arbitrage opportunity for buyers to capture ETH exposure at a discount – stabilizing the system

This novel approach solves the cold-start problem and establishes a self-sustaining mechanism to build the largest onchain treasury of ETH.

Crucially, paired with deep liquidity, it unlocks the volatility trade at scale.

Our core innovation is the idea that ETH accumulation can be turbocharged by volatility itself. That vision remains unchanged – only now, we have the right foundation to make it a reality.

By merging our expertise in harnessing volatility, MegaStrategy will help ETH Strategy scale its convertible issuance model and optimize the capital formation strategy.

This isn’t your typical merger – it’s an acceleration. Together, we’re unlocking the next evolution of ETH leverage – one where users can hold high-beta ETH exposure without the liquidation traps of legacy DeFi.

Both projects started with the same fundamental belief:

Ethereum is the foundation of digital property rights, and the best way to maximize its value is through structured leverage – not forced liquidations.

Now, we’re combining forces to bring that vision to life.

If you’re interested in leveraged ETH accumulation, onchain volatility strategies, or next-gen DeFi primitives – now is the time to get involved.

(Apes stronger together.)

In crypto, conviction isn’t enough – distribution wins. While MegaStrategy built one of the most compelling volatility models for ETH accumulation, we needed to solve the cold-start problem for onchain leverage.

Today, we’re excited to announce that MegaStrategy is joining forces with ETH Strategy to accelerate the path towards a new DeFi primitive – one that transforms how users gain leveraged exposure to ETH without the pitfalls of traditional leverage products. (Real yield, ouroboros free.)

While volatility lies at the heart of the strategy, in order to get the flywheel going we need both deep liquidity and fundamental demand.

ETH Strategy solves this.

Their team started with similar mechanics to ours (they have an OG gamma scalper). But they realized early on that without these two pillars, scaling into a billion-dollar protocol would be impossible.

To bridge the gap, they’ve built a mechanism that seeds liquidity while ensuring long-term demand from users seeking high-beta ETH exposure – without being rugged by liquidations or forced rebalancing.

ETH Strategy reimagines Saylor’s playbook and replaces forced liquidations with structured convertibility. Here’s how it works:

1. Users sell ETH and bond in stablecoins, receiving two separate assets:
   • Tokenized perpetual debt (denominated in USD, with market liquidity)
   • Option NFT (which retains upside in ETH)

2. The perpetual debt token (CDT) will naturally trade below $1 as users exit their debt, but it remains critical to exercising the option

3. If CDT trades too low, it creates a natural arbitrage opportunity for buyers to capture ETH exposure at a discount – stabilizing the system

This novel approach solves the cold-start problem and establishes a self-sustaining mechanism to build the largest onchain treasury of ETH.

Crucially, paired with deep liquidity, it unlocks the volatility trade at scale.

Our core innovation is the idea that ETH accumulation can be turbocharged by volatility itself. That vision remains unchanged – only now, we have the right foundation to make it a reality.

By merging our expertise in harnessing volatility, MegaStrategy will help ETH Strategy scale its convertible issuance model and optimize the capital formation strategy.

This isn’t your typical merger – it’s an acceleration. Together, we’re unlocking the next evolution of ETH leverage – one where users can hold high-beta ETH exposure without the liquidation traps of legacy DeFi.

Both projects started with the same fundamental belief:

Ethereum is the foundation of digital property rights, and the best way to maximize its value is through structured leverage – not forced liquidations.

Now, we’re combining forces to bring that vision to life.

If you’re interested in leveraged ETH accumulation, onchain volatility strategies, or next-gen DeFi primitives – now is the time to get involved.

(Apes stronger together.)