ETH Strategy is a treasury management protocol focused on a growing pool of Ethereum (ETH). The treasury expands through long-term convertible debt, ensuring that the growth of the ETH treasury surpasses the increase in the supply of the associated token, STRAT. This strategic approach results in beneficial dilution for holders. The ETH held within the treasury is actively deployed across various staking services and a STRAT/ETH borrow-lend system. This continuous deployment allows the ETH to earn yield consistently, providing value to participants in the ecosystem. STRAT operates with mechanics designed to autonomously manage the debt levels within the system. As debt rises, the value of call options is reduced, maintaining robust risk fundamentals for the entire protocol. This ensures a balanced and sustainable approach to treasury management. Overall, ETH Strategy combines innovative debt management with effective yield generation, creating a dynamic ecosystem that benefits its participants through strategic treasury growth and risk control.