Bond Market

The Bond Market is the primary market where new bonds are sold. This is the core market that drives the entire protocol.

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What Is the Bond Market?

This is where MegaStrategy raises capital. Investors subscribe to bond series and receive Note + Warrant NFTs in return.

Investor
    │
    ▼
Sends BTC or USDT
    │
    ▼
┌─────────────────────┐
│    BOND MARKET      │
│    (Primary)        │
└─────────────────────┘
    │
    ├──────────────────┐
    ▼                  ▼
Note NFT          Warrant NFT
(principal)       (upside)

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Why It's the Core Market

Everything in MegaStrategy starts here:

Action	Result
Bond sale raises capital	BTC Treasury grows
Treasury grows	$MSTR value is supported
$MSTR value rises	Warrants become more valuable
Warrants exercised	More capital flows to Treasury

The Bond Market is the engine that powers this cycle.

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How a Bond Sale Works

1. Series announced — Terms published (maturity, strike price, caps)

2. Sale opens — Investors can subscribe

3. Capital received — BTC or USDT sent to protocol

4. NFTs issued — Investors receive Note + Warrant

5. Treasury grows — Capital converted to BTC

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What Gets Sold

Bond Type	Subscription	Investor Receives
BTC Bond	BTC	Note NFT (BTC) + Warrant NFT
USD Bond	USDT	Note NFT (USDT) + Warrant NFT

Both types contribute to BTC Treasury growth.

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Capital Flow

BTC Bonds                    USD Bonds
    │                            │
    ▼                            ▼
BTC received               USDT received
    │                            │
    │                            ▼
    │                    Converted to BTC
    │                            │
    └──────────┬─────────────────┘
               ▼
         BTC Treasury

All capital ends up as BTC in the Treasury.

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No Trading Here

The Bond Market is primary issuance only:

• ✓ Buy new bonds from the protocol

• ✗ No trading between users

• ✗ No secondary sales

Once you have your NFTs, trading happens in the Secondary Market.