A receipt and
an agreement.
The original HyperStrategy convertible bonds. Your tranche’s settlement selects full-face USDT0 redemption or HSTR at its strike. View your holdings and claim through the original contracts.
Original bond payoff
Illustration for $1,000 of original bond face. Adjust the example strike and settlement price; each tranche keeps its own contract terms.
The treasury flywheel
Where every USDT0 goes.
Win-win
The original bonds connect HSTR upside with a full-face cash settlement branch. The protocol’s treasury strategy remains responsible for the obligations of each tranche.
The original contracts select USDT0 at or below the strike, or HSTR above it. A claim consumes your bond balance. The cash branch is subject to contract funding; HSTR carries market-price risk.
HYPE holdings and treasury value provide context for the protocol’s strategy. They are not a balance held in your bond contract or proof that a specific claim is funded.
Maturity ladder
Issuance windows and maturities on a single timeline — the protocol's runway at a glance.
How bonding works
Deposit USDT0
During an open issuance window, deposit USDT0 up to the tranche cap. The original contract mints an ERC-20 bond receipt representing your deposit.
Hold your bond receipt
Each receipt follows its tranche’s strike and maturity. Original bond tokens are transferable; transferring a receipt also transfers the associated claim.
Finalize and claim
After maturity, redeem through the original contract. Its settlement price selects full-face USDT0 at or below strike, or the corresponding HSTR amount above strike.
FAQ
What is a convertible bond here?
This page serves original Tranches I and II. Their ERC-20 receipts give a claim determined by the original contract’s settlement price: full-face USDT0 or HSTR at the strike. Boosted Liquidity Bond (BLB) is a separate product page for Tranche III.
Is my principal at risk?
The original cash branch returns full face, but payment still depends on the contract being funded and functioning. HSTR payouts carry token-price risk. Check the original contract terms for your tranche.
How is the conversion value calculated?
For original bonds above the strike, your bond face divided by that strike determines the HSTR amount. At or below the strike, the contract selects full-face cash redemption. The same receipt cannot be redeemed for both.
Can I exit before maturity?
Original ERC-20 bond receipts may be transferred before maturity, but redemption starts at maturity. Transferability does not guarantee a buyer or a liquid secondary market.