What is a bond?

A bond is your investment into MegaStrategy. You put in capital, and you get back two things: a Note NFT (your principal) and a Warrant NFT (your upside).

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Zero-Coupon Convertible Bonds

MegaStrategy issues zero-coupon convertible bonds with two components:

Component	Instrument	Description
Principal	Note NFT	Your original investment, returned at maturity
Option	Warrant NFT	The right to receive $MSTR at a set strike price

Zero-coupon means no interest payments. Your upside comes entirely from the Warrant.

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Bond Series

Bonds are issued in series — discrete fundraising rounds with fixed terms.

Each series has:

• Maturity date — When you get your principal back

• Face value — How much each bond is worth

• Warrant terms — Strike price and $MSTR amount per Warrant

• Series cap — Maximum amount raised

Once a series launches, its terms are locked and immutable. No surprises.

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What Happens to Your Investment?

You invest BTC or USDT
        │
        ▼
┌───────────────────┐
│  Protocol buys    │
│  BTC for treasury │
└───────────────────┘
        │
        ▼
Treasury grows, backing $MSTR value
        │
        ▼
At maturity: You redeem Note for principal

Your money grows the BTC treasury. At maturity, you get your principal back from series proceeds (and the Insurance Pool for USD bonds if needed).

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Two Bond Types

	BTC Bonds	USD Bonds
Subscribe with	BTC	USDT
Principal returned in	BTC	USDT
Protection	Series proceeds	Series proceeds + Insurance Pool
Best for	Long-term BTC holders who also want $MSTR upside	Those seeking stability while capturing $MSTR upside