The Bitcoin Treasury Chain
Introduction
Sova is the first native-Bitcoin treasury chain, designed to accelerate BTC treasuries into the onchain era.
It transforms idle Bitcoin into productive, yield-generating assets by converging holdings, infrastructure, and liquidity into a single, code-driven system.
Whereas first-generation Digital Asset Treasuries (DATs) like MicroStrategy proved that corporations can hold Bitcoin as a reserve asset, they remain bound by 20th-century corporate structures:
Access is gated by jurisdictions, equity markets, and brokerage requirements.
~$115B of BTC sits idle on balance sheets, earning zero yield.
Governance depends on dilution through equity issuance or asset sales in downturns.
These are not temporary bugs – they are inherent features of the corporate model itself.
Sova replaces corporations with code. It is treasury-as-software: a purpose-built blockchain that makes BTC yield open, transparent, and non-dilutive.
How It Works
Deposit BTC → Mint sovaBTC, a 1:1 Bitcoin-backed token.
Allocate to vaults → Deposit sovaBTC into Sova Prime, the flagship vault targeting 8–10% APY through institutional strategies like basis trading, mining finance, and secured lending.
Earn yield in BTC → spBTC (Sova Prime shares) accrue yield directly in Bitcoin.
Redeem anytime → Burn sovaBTC to withdraw native BTC from custody.
Every deposit, yield accrual, and redemption is enforced by code, with no board meetings or discretionary managers involved.
Buyback Engine
Sova creates a self-reinforcing treasury cycle that compounds value as usage grows:
Network activity – Users deposit BTC, redeem, and allocate into yield vaults.
Fees accrue in BTC – Each action generates protocol fees denominated in Bitcoin.
Fee recycling – Collected fees are automatically recycled into:
Accumulating more BTC, or
Executing $SOVA buybacks.
BTC-per-SOVA increases – The treasury grows relative to the fixed $SOVA supply.
Token alignment strengthens – Holders see more value per token, reinforcing incentives.
More deposits flow in – Stronger alignment attracts new deposits, restarting the cycle.
Why Sova is Different
Treasury-as-code: Onchain rules replace discretionary corporate governance.
Open participation: Any eligible Bitcoin holder can deposit, not just accredited investors or public shareholders.
Native Bitcoin execution: Sova is the first OP-Stack EVM chain with Bitcoin precompiles, making BTC a first-class citizen in smart contracts.
Non-dilutive governance: $SOVA has a fixed supply (21B), with value captured via protocol fees and automated buybacks.
Technical Architecture
Dual-node validators run both Bitcoin Core and Ethereum OP-Stack clients.
Sentinel daemon synchronizes Bitcoin state to L2 in real time.
Multi-party custody (m-of-n threshold signatures) with timelocks secures BTC reserves.
Native BTC verification: Smart contracts can verify Bitcoin transactions directly, without external oracles.
This makes Sova the first chain where Bitcoin can be directly programmed into treasury workflows – deposits, repayments, settlements, and redemptions.
Last updated