EARN is ETH Strategies' preferred yield token. EARN will target a 15% staking yield, streamed in USDS. If you held ESPN, you received an EARN airdrop. Stake to start earning yield.

ETH Strategy is taking a giant LEAP. To increase treasury leverage, we executed a 2-year non-liquidatable long. We'll tokenise this trade as an ERC20 UltraETH; anyone can join in on the fun later this week. ULTRA will start around $0.25 and hit $1 if ETH hits 5k.

ETH Strategy will buy back the token if it trades far below the value of the calls it represents.

ETH Strategy is bringing convertible notes onchain. In 2025, it was estimated that over $84 billion was deployed into traditional convertible note arbitrage strategies. Profit from these strategies increases with volatility. What is more volatile than stocks?

ETH Strategy is the first counterparty willing to underwrite long-term convertible debt. Inflationary zero-sum games are dead. Long-term cash-flow-generating structured products are in.

Introducing EARN We are converting ESPN, our yield vault, into a traded preferred yield token, EARN; dividends will target 15% for the first year. Stake EARN to receive a stream of USDS

After the redemption window, ESPN holders will be airdropped EARN. There is no migration or claim; watch out for potential scams. We will launch a deep EARN/USDS concentrated LP pool. The only way to enter or exit EARN will be through the liquidity pool. New EARN will not be freely mintable; we will cap supply depending on the treasury's need for leverage.