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.
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LEAPS Long-Term Equity Anticipation Securities don't exist yet in crypto. ULTRA is the first token backed by LEAPS; it lets you buy liquid, long-dated leverage on ETH without liquidation.
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UltraETH is structured to provide high leverage instantly. Even before expiry, if ETH goes up, UltraETH will go up more.
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At expiry, the breakeven is at 3600, and returns will be 257% at 5k and 408% at 6k.
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ETH Strategy will buy back the token if it trades far below the value of the calls it represents.

Sep 16, 2026 · 6:10 AM UTC

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Current STRAT holders will automatically have exposure to this trade. The ETH Strategy treasury will hold its UltraETH to expiry. All of the numbers in this thread are estimates and subject to changes in the underlying asset and vol. More details about the launch soon.
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