Introduction

MegaStrategy is a community-owned, on-chain Bitcoin treasury protocol. It raises capital through structured bond series, converts net proceeds into BTC, and operates under deterministic rules published on-chain.

What MegaStrategy Does

MegaStrategy accumulates Bitcoin through a transparent, rules-based system:

1. The protocol issues bond series to raise capital from investors

2. Capital flows into a BTC treasury governed by on-chain rules

3. All obligations, buffers, and settlements are verifiable in real time

Why It Exists

Traditional treasury management is discretionary and opaque. MegaStrategy replaces that with:

• Deterministic rules — no hidden decision-making

• On-chain auditability — anyone can verify the treasury state

• Structured risk profiles — investors choose their exposure level

How Capital Flows

Investors → Bond Series → Protocol Treasury → BTC Accumulation
                ↓
         Note NFT (principal claim)
         Warrant NFT (tradable upside)

Each bond series issues two instruments to investors: a Note NFT representing principal repayment rights, and a Warrant NFT offering option-like upside. This separation lets investors and traders price risk and upside independently.

Two Bond Types

Type	Subscription	Repayment	Backstop
BTC Bonds	BTC	BTC at par	Series ledger
USD Bonds	USDT	USDT at par	USDT Backstop Pool

BTC bonds serve holders who want principal protection in BTC terms. USD bonds are the protocol's primary scaling mechanism, backed by dedicated USDT staking pools rather than collateral liquidation.

What Makes This Different

• No collateral liquidation: USD bond repayment is backed by staked USDT, not automated $MSTR sales.

• Separated instruments: Note and Warrant NFTs trade independently, enabling precise risk pricing.

• Series isolation: Each bond series has its own ledger, terms, and (for USD bonds) backstop pool. Problems in one series don't cascade.

• On-chain transparency: Every parameter, balance, and settlement is published and auditable.