Markets Overview

MegaStrategy operates three interconnected markets, each serving a specific purpose in the protocol ecosystem.

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The Three Markets

┌─────────────────────────────────────────────────────────────────────────┐
│                           MEGASTRATEGY MARKETS                          │
├───────────────────────┬───────────────────────┬─────────────────────────┤
│      BOND MARKET      │   SECONDARY MARKET    │      MSTR MARKET        │
│      (Primary)        │      (Trading)        │      (Liquidity)        │
├───────────────────────┼───────────────────────┼─────────────────────────┤
│                       │                       │                         │
│  New bond sales       │  Note & Warrant       │  $MSTR / BTC            │
│                       │  NFT trading          │  AMM pools              │
│  ─────────────────    │  ─────────────────    │  ─────────────────      │
│  Core market that     │  Major fee            │  Protocol-provided      │
│  drives the protocol  │  accumulation         │  liquidity              │
│                       │                       │                         │
│  Capital →            │  Fees →               │  Fees →                 │
│  BTC Treasury         │  DAO Treasury         │  BTC Treasury           │
│                       │                       │                         │
└───────────────────────┴───────────────────────┴─────────────────────────┘

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Market Summary

Market	What Happens	Revenue Destination
Bond Market	Protocol sells new bonds to investors	Capital raised → BTC Treasury
Secondary Market	Users trade Note & Warrant NFTs	Trading fees → DAO Treasury
MSTR Market	$MSTR trades against BTC/USDT	LP fees → BTC Treasury

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Two Treasuries

Treasury	What's In It	Who Benefits
BTC Treasury	Bitcoin from bond sales + MSTR Market fees	Bond holders, Note NFT holders
DAO Treasury	Revenue from Secondary Market fees	MegaStrategy DAO

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How They Connect

Bond Market (capital in)
        │
        ▼
BTC Treasury ◄─────────────────── MSTR Market fees
        │
        │
Secondary Market
(NFT liquidity)
        │
        ▼
DAO Treasury