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Every HyperStrategy bond series is defined by four parameters set at the time of issuance. These parameters determine the economics of the bond, how much you can deposit, when the bond expires, what price triggers HSTR conversion, and how long you can mint into the series. Understanding each parameter helps you evaluate a bond series before committing capital.

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Parameter Reference

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strike_price
The HSTR price in USDT at which your bond converts to HSTR at maturity. If the HSTR market price at maturity is at or above this value, you receive HSTR tokens calculated as USDT deposited ÷ strike price. If the market price is below this value, you receive your USDT0 principal back instead. The strike price is fixed at bond issuance and does not change.
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maturity_date
The date on which the bond series expires and becomes redeemable. On or after this date, you can return to the bond interface and redeem your Bond ERC-20 tokens for either HSTR or USDT0, depending on the HSTR market price relative to the strike price. Bonds cannot be redeemed before this date through the protocol’s redemption contract.
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issuance_end
The deadline after which no new bonds can be minted for this series. Once the issuance end date passes, the bond series is closed to new deposits, existing bond holders can still hold and redeem their tokens at maturity, but the series accepts no further USDT0. This parameter gives the protocol and participants a clear window during which capital can enter a given series.
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max_usdt
The maximum total amount of USDT0 that can be deposited into this bond series across all participants. Once the cap is reached, no further minting is possible for that series regardless of the issuance end date. This controls the total capital raised per series and allows the protocol to size each issuance intentionally.

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Why Multiple Bond Series Exist

The protocol can run multiple bond series simultaneously, each with its own distinct parameters. This design serves several purposes:
  • Strategic flexibility, The team can target different HSTR price levels or time horizons with separate series, allowing capital to flow into the most relevant opportunity at any given moment.
  • Different risk/reward profiles, A series with a higher strike price offers more upside if hit, but is less likely to convert. A series with a near-term maturity suits participants who prefer faster resolution. Different participants can choose the series that matches their outlook.
  • Continuous fundraising, Rather than a single large raise, staggered series allow treasury growth to compound continuously, with new capital entering as prior series mature and are redeemed.
Multiple bond series can be active at the same time, each with different strike prices, maturity dates, and caps. You can participate in more than one series simultaneously if you want exposure to different risk/reward profiles.