$SAYLOR
token pSAYLORcoming soonbitcoinmstrpremiumpairs-tradeThe Saylor Trade
Bitcoin, or the bitcoin company? Own both and let the premium decide: when Strategy trades rich to its coins, rotate into cbBTC; when the premium collapses, buy the leverage back.
- NAV (indexed)
- 135.21
- 24h
- +3.18%
- 7d
- +3.73%
- 30d
- +33.64%
- TVL
- —
- Holdings
- 2
Indicative NAV, 30 days
Constant-mix index: target weights rebalanced daily, indexed to 100 at the start of the window, from daily closes of each constituent's primary on-chain variant (tokens.xyz OHLCV; CoinGecko for Solana-native tokens). Holdings without history are excluded and weights renormalised. This is not the vault's realised NAV and does not include fees or rebalance slippage.
Holdings
Weighting methodology
Premium weighted. mNAV = Strategy's market cap over the market value of the bitcoin it holds. The MSTR weight is 0.5 − 0.25 × (mNAV − 1), clamped, and the rest sits in cbBTC: rich premium, rotate into the coins; premium gone, buy the leverage back. Holdings from strategy.com, prices from Jupiter, share count hand-maintained from the filings.
- Data source
- BTC held: https://www.strategy.com/ (fallback https://treasuries.bitbo.io/microstrategy/); MSTR + cbBTC prices: Jupiter price v3 / tokens.xyz; shares outstanding hand-maintained from the latest 10-Q/8-K
- holdingsUrls
- https://www.strategy.com/, https://treasuries.bitbo.io/microstrategy/
- btcHeld
- 845050
- btcHeldAsOf
- 2026-08-31
- sharesOutstanding
- 384230000
- sharesAsOf
- 2026-09-17 (stockanalysis.com; refresh each 10-Q/8-K)
- rule
- mNAV = MSTR price x shares / (BTC held x BTC price); w(MSTR) = clamp(0.5 - slope x (mNAV - neutralMnav), floor, cap); cbBTC = 1 - w(MSTR)
- slope
- 0.25
- neutralMnav
- 1
- floor
- 20%
- cap
- 80%
- Rebalance
- monthly, or when any holding drifts more than 500 bps from target
- Max trade
- $50,000 per swap, Jupiter routed
- Denomination
- USDC (EPjF…Dt1v)
Oracle marks
The vault values each holding off a Pyth push feed on Solana. Proxies are stated; the Voltr Spot adaptor does not check that a feed matches a mint, the keeper does.
- MSTR
- Equity.US.MSTR/USD on shard 1: third-party pushed every ~12 s during US market hours (Pyth stopped sponsoring Crypto.MSTRX/USD on 12 Sep 2026); Backpack Securities token tracks the MSTR share 1:1
- cbBTC
- Crypto.BTC/USD on shard 1 (also fresh on shard 0); cbBTC is 1:1 Coinbase-custodied BTC.
Rebalance log
No rebalances logged yet. The keeper starts once the vault is funded.
- Cadence
- monthly
- Drift trigger
- 500 bps from target on any holding
- Max trade
- $50,000 per swap, routed by Jupiter
Risks
- Issuer risk. Each holding is a token issued by a third party (Backpack Securities, Coinbase). If an issuer fails, freezes, or de-pegs, the basket eats it. Trust tiers come from tokens.xyz and are not a guarantee.
- Liquidity risk. Rebalances and redemptions route through on-chain pools. Thin liquidity means slippage, and slippage is paid by the basket.
- Thin books, capped legs. MSTR: Backpack MSTR: ~$24k per leg at 1% impact; capped at $20,000 per leg. The keeper also skips any leg quoted above 60 bps of price impact, so these positions fill over several rebalances rather than in one.
- Smart-contract risk. Voltr vault program, Jupiter, the token programs of every issuer and the keeper's keys. Any of them can fail.
- Jurisdiction. Tokenized securities are restricted in the US, UK and elsewhere. Issuers may freeze tokens held by ineligible persons. Check before you buy.
- Tracking. The basket does not track a published index. It tracks its own rules, imperfectly, after fees and slippage.
Not investment advice. You can lose everything, including the part you thought was gold.