Bitcoin Strategy is an on chain Bitcoin treasury. There are exactly 50 million STRAT tokens, and all of them together represent 100% of the BTC in the treasury. NAV is simply Treasury BTC รท 50,000,000, so anyone can see how much BTC backs each STRAT.
How BTC goes in (Bonding):
Users bond assets into the protocol and receive VVEST, a non transferable claim that vests 1:1 into STRAT over time. Around 95 percent of every bond goes straight into BTC in the treasury, 5 percent strengthens liquidity. This grows NAV while new STRAT only arrives gradually as VVEST unlocks.
How premiums are harvested (Premium Sales):
When STRAT trades above NAV, the protocol can release a small, capped amount of STRAT from the Premium Reserve and sell it into the market. All proceeds are converted into BTC and added to the treasury. Because these sales only happen at prices above NAV, every event pushes NAV higher without increasing total supply. This is the NAV staircase effect.
Why holders care:
As bonding and premium sales add BTC, NAV per STRAT ratchets upward. Holders keep the same number of tokens, but each token is backed by more BTC over time. Market price is free to move, but there is always a visible, on chain NAV anchor and a clear link between protocol actions and BTC per token.
Risk and integrity frame:
Total STRAT supply is fixed, treasury movements are fully on chain, and mechanisms like bonding discounts, emission bands for premium sales, and redemption constraints are all parameterized and governed, giving a rules based, auditable BTC accumulation machine rather than an emissions based farm.