Instruments Overview

When you participate in MegaStrategy, you interact with specific instruments — each with a clear purpose.

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The Instrument Family

┌─────────────────────────────────────────────────────────────┐
│                        INSTRUMENTS                          │
├─────────────────────────────────────────────────────────────┤
│                                                             │
│   ┌─────────────┐    ┌─────────────┐    ┌─────────────┐    │
│   │    BONDS    │    │  NOTE NFT   │    │ WARRANT NFT │    │
│   ├─────────────┤    ├─────────────┤    ├─────────────┤    │
│   │ • BTC Bonds │    │ Your        │    │ Your upside │    │
│   │ • USD Bonds │    │ principal   │    │             │    │
│   │             │    │ claim       │    │ Can be:     │    │
│   │ You invest  │    │             │    │ • From bond │    │
│   │ here        │    │ Always tied │    │ • Standalone│    │
│   │             │    │ to a bond   │    │   reward    │    │
│   └─────────────┘    └─────────────┘    └─────────────┘    │
│                                                             │
└─────────────────────────────────────────────────────────────┘

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Quick Summary

Instrument	What it is	How you get it
Bond	Your investment into a series	Buy during a bond sale
Note NFT	Claim to your principal at maturity	Issued when you buy a bond
Warrant NFT	Option-like upside on $MSTR	Issued with bonds OR as standalone rewards

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Key Insight: Notes vs Warrants

Note NFT — Always tied to a specific bond series. It's your receipt for principal repayment.

Warrant NFT — More flexible. You get one when buying a bond, but Warrants are also issued independently as:

• Rewards for USDT Insurance Pool stakers

• Bonuses for bond buyers

• Other protocol incentives

This means you can hold Warrants without ever buying a bond.

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They're Separate and Tradeable

When you buy a bond, you receive both a Note and a Warrant as separate NFTs.

This separation is powerful:

• Sell the Warrant, keep the Note — Lock in upside profit now, still get principal later

• Sell the Note, keep the Warrant — Get liquidity now, keep betting on $MSTR

• Hold both — Full exposure to principal protection + upside

• Trade either — Both are liquid on secondary markets