> For the complete documentation index, see [llms.txt](https://docs.ethstrat.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.ethstrat.xyz/core-mechanics/earn/espn-to-earn-dates-and-airdrop.md).

# ESPN to EARN: Dates & Airdrop

Key dates, partial redemption, and the EARN airdrop for existing ESPN holders.

Existing ESPN holders will receive EARN through an airdrop. This page explains the timeline and holder arrangements. For the token mechanics, yield, and risks, read [EARN](https://docs.ethstrat.xyz/earn).

## Key Dates

| Date              | Event                                        |
| ----------------- | -------------------------------------------- |
| 15 September 2026 | ESPN snapshot                                |
| 17 September 2026 | Pro-rata partial redemption opens            |
| 24 September 2026 | Pro-rata partial redemption closes           |
| 25 September 2026 | USDS rewards start streaming to EARN stakers |

Exact opening and closing times, the applicable time zone, and the final EARN airdrop date will be announced separately.

## 1. Snapshot

The snapshot is scheduled for **15 September 2026**. The final instructions will explain eligibility, the valuation used, and how partial redemptions, queued balances, and LP positions are treated.

## 2. Optional Partial Redemption

Current ESPN holders will have the option of a **pro-rata partial redemption at current par value**. The window runs from **17 to 24 September 2026**. This is an optional partial redemption, not a full redemption of every ESPN balance.

Par is the book value of the underlying deployed treasury strategies. Those strategies may be illiquid, so book value can differ from the amount achievable through a market sale or strategy unwind.

The allocation per holder, valuation details, settlement asset, and transaction instructions will be published before the window opens.

## 3. EARN Airdrop

ESPN holders will receive EARN after the partial redemption window closes. EARN is distributed by airdrop; holders do not need to swap ESPN through a migration contract.

The allocation rule is **one EARN for every $100 of ESPN value**. The indicative ratio is approximately **1.11 EARN per ESPN**; final allocations remain to be determined.

The final instructions will confirm the distribution date, treatment of partial redemptions, rounding, and what happens to old ESPN balances.

## 4. Legacy ESPN Put Option

After this migration legacy ESPN no longer has par value and will not be redeemed by protocol.  Do not buy or trade it expecting redemption.

Instead, the legacy ESPN token functions as a put option on EARN.  After two years from the 25th of September, 2026, holders who hold both ESPN and EARN will be able to redeem EARN for par value, with this option underwritten by STRAT Treasury.  

If STRAT treasury is not sufficient to redeem at par value, ESPN and EARN holders will instead receive pro-rata redemption on the ETH in treasury.

## 5. Stake EARN for USDS Rewards

Holders stake EARN in the staking contract (sEARN) to receive USDS rewards. Reward streaming began on **25 September 2026**.

The first-year dividend target is 15%, calculated on $100 per EARN. After 12 months, the rate floats with demand for treasury leverage. See [How Yield Works](https://docs.ethstrat.xyz/earn#how-yield-works) for the mechanics.

The staking contract address is on the [Contracts](https://docs.ethstrat.xyz/references/contracts#staked-earn-searn) page; staking, claiming and unstaking are described under [Staking](https://docs.ethstrat.xyz/earn#staking).

## Buying or Selling After the Airdrop

Entry and exit will be through the EARN/USDS concentrated liquidity pool. Selling EARN is a market transaction, not a redemption at book value. The pool venue, address, fees, and opening date will be announced.

Read the [EARN trading mechanics](https://docs.ethstrat.xyz/earn#buying-and-selling-earn) and [key risks](https://docs.ethstrat.xyz/earn#key-risks) before participating. Historical vault instructions remain in the [ESPN Archive](https://docs.ethstrat.xyz/espn/espn-archive).