HmmStrategy is a treasury vehicle with exactly one asset and exactly one activity. Capital enters through the sale of shelf supply and through protocol fees, that capital is spent on HMM, and the resulting holding is disclosed on this page. There is no second product line and no second balance-sheet item.

The treasury contract was deployed and verified, so its rules could not be tuned after the fact. Allocation is mechanical: the contract reads its own mNAV, applies the rules below, and reports the outcome. Nobody signs off on a purchase, and nobody can decline to make one.

1. mNAV ≥ 1.10 — shelf supply is sold and the proceeds buy HMM.
2. mNAV ≥ 1.00 — fees buy HMM.
3. mNAV < 1.00 — fees buy HMMSTR and burn it.

No purchases have executed yet. Rules apply from the first fee claim.

• ×Withdraw HMM from the treasury
• ×Mint tokens beyond the fixed shelf
• ×Upgrade or replace its own logic
• ×Pause transfers or blacklist an address
• ×Tax transfers