Cryptocurrencies have experienced repeated large-scale losses from protocol exploits and exchange breaches, exposing insurers and investors to severe operational risks. This paper develops an equilibrium pricing framework for catastrophe bonds tailored to the cryptocurrency ecosystem. We introduce a double-trigger structure that jointly captures short-term catastrophic shocks and longer-term systemic deterioration. To model the multi-risk environment, we incorporate dual dependence, combining dependence across triggers with multivariate dependence among financial risk factors through vine copulas. Beyond expected prices, we characterize the full distribution of discounted cash flows and return rates, enabling risk-sensitive metrics such as Value-at-Risk and Tail Value-at-Risk. Furthermore, we propose an on-chain settlement architecture where calibrated payout functions are embedded directly into smart contracts. This design eliminates basis risk associated with settlement delays and minimizes the agency costs inherent in traditional intermediation. Our results demonstrate that multi-trigger crypto CAT bonds offer a statistically robust and economically efficient vehicle for transferring systemic digital asset risks to capital markets.

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