True North Podcast

SALT: https://saltlending.com/

Disclaimer: The content in this video is for informational and educational purposes only and should not be considered financial advice. We are not financial advisors, and you should consult with a qualified professional before making any financial decisions. All investments involve risks, and you are responsible for your own decisions.

True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at [www.sec.gov](http://www.sec.gov).*
Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

The Dividend Machine | True North Podcast | Ep. 64

Thu, 23 Apr 2026 04:44:19 GMT

Agenda:

Semi-Monthly Dividends

Income Statement vs. Balance Sheet

STRC Mainly Retail?

Equity Story

Bottom Signals

Have questions you want answered on the stream? Ask them here: https://tnorth.com/ask

Thank you to our Sponsors:

SALT: https://saltlending.com/

MSTR Links:

* https://strc.live/

True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at [www.sec.gov](http://www.sec.gov).*
Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

Calling The Shot | True North Podcast | Ep. 63

Thu, 16 Apr 2026 03:52:12 GMT

🎛️ As of this recording, 4/15/26, Strategy's (MSTR) performance:

* Open: $139.75

* Close: $143.54

* Volume: 13.9M Shares

* mNAV: ~1.15

* Market Cap: ~ $47.9B

* BTC: 780,897

⏱️ TIMESTAMPS & INSIGHTS:

* 00:00:00 - Intro: TN trailer and not financial advice

* 00:03:33 - True North Agenda: Purpose, hosts, and show structure

* 00:05:19 - Team First Takes: Macro outlook, Bitcoin, and sentiment

* 00:13:59 - STRC Arbitrage Setup: Dividend pricing inefficiency explained

* 00:18:08 - Capital Scale Visualized: Billion-scale liquidity perspective

* 00:19:23 - Capital Markets Shift: New credit instruments driving demand

* 00:25:42 - Balance Sheet Flywheel: Capital infrastructure capturing flows

* 00:27:15 - STRC Demand Growth: Institutional scale and liquidity expansion

* 00:32:36 - Yield Dislocation Signals: Pricing inefficiencies and buyer dominance

* 00:34:20 - Credit Market Expansion: Digital credit targeting large TAM

* 00:36:42 - Inflation Mechanics Breakdown: Monetary expansion and asset impact

* 00:37:28 - Debasement Math Framework: Rule of 72 purchasing erosion

* 00:41:43 - Leverage Risk Analysis: Balance sheets, collateral, downside risk

* 00:47:48 - Issuance Constraints Explained: Collateral limits and leverage capacity

* 00:52:00 - Bitcoin Price Impact: Capital deployment influencing market structure

* 00:53:17 - mNAV Allocation Strategy: Dilution timing and capital efficiency

* 00:57:15 - Rate Regime Dynamics: Interest rates shaping capital allocation

* 00:58:15 - Financial Repression Setup: Policy pressure driving risk assets

* 01:01:55 - Instrument Pricing Inefficiency: Yield distortions and gaps

* 01:05:01 - Market Structure Signals: Liquidity shifts and capital rotation

* 01:07:24 - Options Strategy Framework: Yield capture, leverage, positioning dynamics

* 01:13:14 - Capital Allocation Deep Dive: mNAV, BTC per share, scaling strategy

* 01:19:33 - Issuance Scaling Dynamics: Capital deployment and BTC accumulation pace

* 01:23:09 - Capital Structure Mechanics: Issuance layering and efficiency gains

* 01:24:44 - Media Narrative Debate: Coffeezilla, Bankless, and risk framing

* 01:26:42 - Soleil's Final Thoughts

* 01:29:05 - Mason's Final Thoughts

* 01:33:29 - Grain's final thoughts

* 01:38:38 - Dan's Final Thoughts

* 01:39:55 - Jeff's Final Thoughts

Thank you to our Sponsors:

SALT: https://saltlending.com/

MSTR Links:

* https://strc.live/

True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at [www.sec.gov](http://www.sec.gov).*
Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

MSTR Can Buy More BTC Than Sellers Can Sell | True North Podcast | Ep. 62

Thu, 09 Apr 2026 03:53:59 GMT

Agenda:

Volume & Liquidity
Sharpe Ratio vs Sortino Ratio - Risk / Return Metrics
Market Happenings (MS / Citadel / Blackrock)
When MSTR 1M BTC?
TN Community Questions

Thank you to our Sponsors:

Have questions? Ask the team here: https://tnorth.com/ask/

TRUE NORTH LINKS:

True North Website: https://tnorth.com
X: https://x.com/MSTRTrueNorth
🛒 MERCH: https://thehodlshop.com/collections/t …
Youtube: / @btctruenorth

MSTR Links:

True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at [www.sec.gov](http://www.sec.gov).*
Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

The Mechanics of Capital and Digital Credit | True North Podcast | Ep. 61

Thu, 02 Apr 2026 04:19:21 GMT

🧭 True North episode 61: Bitcoin meets capital markets as investors explore digital credit, leverage, and macro risk. From MSTR aalysis to portfolio construction, the discussion breaks down adoption, liquidity dynamics, and why Bitcoin is reshaping capital allocation.

🎛️ As of this recording, 4/1/26, Strategy's (MSTR) performance:

Open: $126.18
Close: $122.78
Volume: 15.4M Shares
mNAV: ~1.19
Market Cap: ~ $42.4B
BTC: 762,099

Have questions you want covered in the livestream? Ask them here: https://tnorth.com/ask/

⏱️ TIMESTAMPS & INSIGHTS:

00:00:00 - Episode Intro
00:01:20 - Agenda and current events: macro setup, topics, market context
00:05:38 - Bitcoin TradFi adoption: allocator perspective on mispricing
00:08:49 - Credit structuring mechanics: tranching volatility into yield layers
00:11:07 - Tokenization and liquidity: STRC volume, options, market structure
00:14:29 - Bear market strategy: building, educating, launching new products
00:22:41 - MSTR balance sheet: leverage, BTC holdings, capital strength
00:26:45 - Treasury company scaling: efficiency, multiples, capital allocation
00:31:01 - Federal Reserve policy: liquidity, rates, balance sheet strategy
00:36:09 - Macro complexity risks: second-order effects and system fragility
00:38:15 - Liquidity trap dynamics: capital idle, velocity collapse, inflation risk
00:43:28 - Debt and macro pressure: deficits, interest burden, systemic risk
00:45:47 - Portfolio and digital credit: allocation shift, yield vs volatility
00:56:56 - Bitcoin allocation shift: portfolio transition, risk and time horizon
00:59:12 - Bitcoin risk framework: counterparty risk, allocation philosophy shift
01:05:43 - Equity purpose rethink: cash flow claims vs speculative growth
01:10:40 - Scarcity premium thesis: Bitcoin vs traditional monetary assets
01:14:14 - Equity capital mechanics: purpose of equity and capital raising role
01:19:55 - Equity market incentives: EPS focus, buybacks, capital allocation
01:22:50 - Bitcoin adoption curve: talent inflow, ecosystem growth, structural shift
01:26:40 - Ownership and concentration: conviction bets vs diversification tradeoffs
01:29:40 - Volatility risk framing: perceived volatility vs actual systemic risk
01:33:08 - Risk underwriting approach: probability, downside, survivability focus
01:41:47 - Dan’s final thoughts: closing perspective on markets and outlook
01:42:55 - Grant’s final thoughts: closing perspective on markets and outlook
01:44:35 - Jeff’s final thoughts: closing perspective on markets and outlook
01:48:20 - Ben’s final thoughts: closing perspective on markets and outlook
01:53:00 - Grain’s final thoughts: closing perspective on markets and outlook

Check out our upcoming live events and join us in person! https://tnorth.com/events/

Thank you to our Sponsors:

TRUE NORTH LINKS:

True North Website: https://tnorth.com
X: https://x.com/MSTRTrueNorth
🛒 MERCH: https://thehodlshop.com/collections/t …
Youtube: / @btctruenorth
True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at [www.sec.gov](http://www.sec.gov).*
Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

Beneath The Surface, A System In Motion | True North Podcast | Ep. 60

Thu, 26 Mar 2026 04:24:50 GMT

🧭 True North episode 60:

🎛️ As of this recording, 3/25/26, Strategy's (MSTR) performance:

* Open: $144.99

* Close: $140.40

* Volume: 18.7M Shares

* mNAV: ~1.19

* Market Cap: ~ $48.8 and 3B

* BTC: 762,099

⏱️ TIMESTAMPS & INSIGHTS:

* 00:00:00 - Intro: Podcast setup and discussion scope

* 00:02:18 - Market Events Overview: Macro news and volatility drivers

* 00:04:52 - Information Warfare Shift: Social media distorts market signals

* 00:06:50 - Geopolitical Risk Premium: Conflict uncertainty drives Bitcoin demand

* 00:08:58 - MSTR Capital Strategy: ATM programs and capital structure expansion

* 00:12:52 - STRC Arbitrage Window: Record date flows and liquidity dynamics

* 00:17:50 - Options Hedging Framework: Intraweek options and credit hedging strategies

* 00:20:28 - Carry Trade Risks: Dividend timing and execution risk dynamics

* 00:26:04 - Yield Stability Thesis: Dividend demand and arbitrage compression

* 00:31:35 - Private Credit Breakdown: Liquidity stress and structural cracks

* 00:37:13 - Generational Capital Shift: Wealth transfer and investment behavior

* 00:39:15 - Real Estate Thesis: Land value, credit, and AI impact

* 00:50:20 - Credit Rating Debate: Bitcoin valuation and rating implications

* 00:54:10 - Cost of Capital Dynamics: Yield thresholds and capital allocation shifts

* 00:58:21 - Bitcoin Re-Rating Catalyst: Credit upgrade and S&P inclusion implications

* 01:02:03 - Digital Credit Strategy: Revenue model and business pivot decisions

* 01:06:19 - Market Perception Shift: Bitcoin legitimacy and institutional framing

* 01:09:09 - Bitcoin Legitimacy Curve: Institutional adoption and risk reframing

* 01:15:10 - Digital Credit Platform: Tools, models, and research ecosystem

* 01:20:47 - AI Compute Economics: Monetization models and infrastructure risks

* 01:35:04 - AI Infrastructure Evolution: Local models and compute commoditization

* 01:38:50 - Local AI Breakthrough: Compression enables on-device intelligence

* 01:46:55 - Digital Capital Future: Bitcoin, AI, and credit convergence

* 01:54:39 - Closing thoughts

Strive: https://Strive.com

True North Website: https://www.tnorth.com

Thank you to our Sponsors:

TRUE NORTH LINKS:

* True North Website: https://tnorth.com

* X: https://x.com/MSTRTrueNorth

* 🛒 MERCH: https://thehodlshop.com/collections/true-north

* Youtube: @MSTRTrueNorth

MSTR Links:

• True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov.

Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

Waiting For The World To Catch Up | True North Podcast | Ep. 59

Thu, 19 Mar 2026 04:04:35 GMT

🧭 True North episode 59: Explore how institutional flows, leverage, and digital credit are reshaping markets, driving Bitcoin demand, and setting up a massive capital reallocation with the True North team.

🎛️ As of this recording, 3/18/26, Strategy's (MSTR) performance:

Open: $144.99
Close: $140.56
Volume: 21.3M Shares
mNAV: ~1.22
Market Cap: ~ $44.64B
BTC: 761,068

⏱️ TIMESTAMPS & INSIGHTS:

00:00:00 - Intro
00:04:54 - Top of mind: Stretch adoption and Bitcoin positioning
00:08:04 - Bitcoin cycle outlook: ETF flows and halving cycle expectations
00:10:09 - Bitcoin balance sheet model: Capital structure, leverage, and liquidity design
00:13:30 - Capital structure design: Volatility split and financial engineering
00:14:37 - Capital structure amplification: Preferred equity mechanics and Bitcoin per share growth
00:18:36 - Bitcoin liquidity engine: Institutional trading volume and capital market access
00:21:08 - ATM issuance strategy: Shelf sizing, filings, and market psychology effects
00:24:41 - Market priced preferred yield: Open market dividend discovery and rate stabilization
00:27:08 - Bank preferred risk analysis: Legacy structures, yield opacity, and credit uncertainty
00:29:53 - Bank credit opacity risks: Balance sheet complexity and rating uncertainty explained
00:33:45 - Credit rerating catalyst: Market disruption and systemic repricing risk unfolds
00:37:10 - Credit market breakdown: Private credit cracks, insurance risk, and forced selling dynamics
00:45:15 - Credit market response: Capital rotation, government intervention, and bullish demand dynamics
00:49:42 - Bitcoin acquisition engine: Strategy scaling purchases and supply absorption dynamics
00:55:30 - Bitcoin demand acceleration: Market liquidity, top buying, and supply shock dynamics
01:01:09 - Bitcoin performance breakout: Sharpe ratio, supply capture, and inflection catalysts
01:05:47 - AI driven investing edge: Data structuring, modeling, and decision advantage
01:09:28 - Capital allocation strategy: Digital credit, liquidity positioning, and balance sheet optimization
01:15:20 - Capital markets execution: ATM strategy, dividend arbitrage, and timing dynamics
01:21:09 - Bitcoin milestone trajectory: Million BTC target, projections, and valuation comparisons
01:26:40 - Bitcoin price trajectory: Million dollar targets and vertical market repricing thesis
01:30:40 - Digital credit narrative: Market adoption, exclusivity, and investor knowledge gap
01:37:25 - Institutional capital flows: Large scale accumulation and market demand expansion
01:43:39 - Final thoughts: Closing insights on capital shifts and Bitcoin trajectory

Thank you to our Sponsors:

TRUE NORTH LINKS:

True North Website: https://tnorth.com
X: https://x.com/MSTRTrueNorth
🛒 MERCH: https://thehodlshop.com/collections/t …
Youtube: @MSTRTrueNorth

MSTR Links:

Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

Is The Tide Turning? | True North Podcast | Ep. 58

Thu, 12 Mar 2026 04:05:43 GMT

🧭 MSTR True North episode 58: A deep dive into Bitcoin’s evolving capital markets, covering digital credit, private credit risks, institutional adoption, and the financial innovations shaping the future of money, markets, and technology.

🎛️ As of this recording, 3/11/26, Strategy's (MSTR) performance:

Open: $139.81
Close: $138.33
Volume: 15.6M Shares
mNAV: ~1.21
Market Cap: ~ $46.16B
BTC: 738,731

⏱️ TIMESTAMPS & INSIGHTS:

00:00:00 - Intro
00:03:09 - Digital Credit Opportunity: Early adoption and institutional awareness gap
00:06:35 - Bear Market Capital Raise: Strategy raises $1.2B to accumulate Bitcoin
00:09:04 - Monetary Debasement Risks: Expanding money supply and structural deficits
00:11:02 - Bitcoin Financial Instruments: Derivatives and securities built on BTC liquidity
00:14:45 - Volatility vs Yield Products: Bitcoin equity exposure versus income instruments
00:19:29 - Corporate Liquidity Allocation: Balance sheet tranching and treasury strategy
00:23:23 - Institutional Adoption Signals: Wall Street firms validating digital credit markets
00:27:30 - STRC Capital Expansion: Rapid capital raises and scalable credit structure
00:31:12 - Bitcoin Growth Projections: Modeling paths toward $1M–$2M Bitcoin prices
00:37:37 - Private Credit Market Cracks: Liquidity gates and systemic risks emerging
00:43:09 - Private Credit Illiquidity: Leveraged institutions exposed to opaque assets
00:46:30 - Rating Agency Barriers: Institutional adoption constrained by credit frameworks
00:47:33 - Rating Agency Constraints: Insurance leverage and institutional capital rules
00:52:34 - STRC Confidence Signals: Strong investor conviction and refusal to sell below par
00:56:13 - STRC Price Floor Strategy: Incentives preventing sales below par value
01:00:05 - Retail Demand Expansion: Growing investor interest in monthly yield products
01:06:05 - Investor Transparency Tools: Dashboards simplify yield and risk analysis
01:12:15 - Bitcoin Balance Sheet Thesis: Corporate strategy and macro risk positioning
01:15:54 - Probabilistic Risk Management: Avoid mispricing volatility risks
01:18:17 - Bitcoin Adoption Pathways: Yield products onboarding investors into Bitcoin
01:25:05 - Credit Market Foundations: Building track record for scalable digital credit products
01:29:04 - Technology Adoption Uncertainty: Modeling disruptive innovations like Bitcoin
01:33:01 - Forecasting Bitcoin Models: Limits of projections in exponential markets
01:37:01 - Final Thoughts: Bitcoin momentum, institutional adoption, and capital market shift

MSTR TRUE NORTH LINKS:

True North Website: https://www.mstrtruenorth.com
X: https://x.com/MSTRTrueNorth
🛒 MERCH: https://thehodlshop.com/collections/t …
Youtube: @MSTRTrueNorth

MSTR Links:

Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

Signals From True North Live | True North Podcast | Ep. 57

Thu, 05 Mar 2026 06:32:04 GMT

🧭 MSTR True North episode 57:

🎛️ As of this recording, 3/5/26, Strategy's (MSTR) performance:

* Open: $143.83

* Close: $146.44

* Volume: 37.4M Shares

* mNAV: ~1.22

* Market Cap: ~ $48.9B

* U.S. Market Cap Ranking: ~#220

* BTC: 720,737

⏱️ TIMESTAMPS & INSIGHTS:

* 00:00:00 - Intro agenda framing: NFA context and True North overview

* 00:02:50 - True North Event Insights: Global investors discuss Bitcoin credit innovation

* 00:10:20 - Bitcoin Gravity Trade: Macro capital flows toward BTC strategies

* 00:14:17 - Bitcoin Credit Flywheel: STRC demand potentially driving $1M BTC

* 00:17:01 - Capital Structure Strategy: Bitcoin buybacks and amplification dynamics

* 00:23:48 - Capital Stack Instruments: Strike and STRD positioning within Strategy credit structure

* 00:28:10 - Credit Risk Mispricing: Markets misunderstanding STRC capital stack

* 00:30:18 - Geopolitical Macro Signals: Conflict uncertainty and capital deployment

* 00:35:34 - Policy Catalysts: Regulatory shifts supporting Bitcoin adoption

* 00:39:00 - MSTR STRC Trading Pair: Rotating equity and credit exposure

* 00:42:00 - Corporate Treasury Strategy: Companies adopting STRC as high-yield cash reserve

* 00:48:25 - Bond Market Disruption: Digital credit liquidity vs traditional prefs

* 00:55:49 - Private Credit Trap: Illiquidity risk and locked capital

* 00:59:31 - Bitcoin Analytics Tools: STRC dashboards and yield calculators

* 01:03:46 - AI Risk Pricing: Machines reallocating capital toward digital credit

* 01:10:21 - Corporate Bitcoin Treasuries: BTC balance sheets improving credit access

* 01:15:16 - Institutional STRC Demand: Desks and buyers driving issuance

* 01:16:57 - Downside Protection Trade: STRC put strategy for asymmetric yield

* 01:21:45 - Digital Equity Model: Bitcoin capital vs credit volatility transfer

* 01:25:05 - Market Cycle Timing: Navigating bull and bear uncertainty

* 01:28:57 - Perpetual Funding Model: Financing projects with infinite duration capital

* 01:31:55 - Monetary Debasement Hedge: Stretch as non-debasing capital instrument

* 01:35:22 - Institutional Education Gap: Comparing digital credit to legacy bonds

* 01:37:30 - STRC Adoption Curve: Path toward $300B preferred market scale

* 01:40:29 - Credit First Strategy: Saylor prioritizes balance sheet strength

* 01:42:47 - Capital Amplification Engine: Digital credit expanding Bitcoin exposure

* 01:44:28 - Banking Infrastructure Shift: Wall Street adapting to crypto capital

* 01:47:28 - Banking System Pressure: Bitcoin reserves challenging traditional rehypothecation model

* 01:52:02 - Control System Debate: AI, stablecoins, and financial surveillance

MSTR TRUE NORTH LINKS:

* True North Website: https://www.mstrtruenorth.com

* X: https://x.com/MSTRTrueNorth

* 🛒 MERCH: https://thehodlshop.com/collections/true-north

* Youtube: @MSTRTrueNorth

MSTR Links:

Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

The Quiet Accumulation | True North Podcast | Ep. 56

Thu, 19 Feb 2026 05:00:19 GMT

🧭 MSTR True North episode 56: The crew dives dive into Strategy’s capital structure, rising BTC per share, AI-driven disruption, and regulatory momentum that is brewing. Th team breaks down digital credit strength, supply math, and why this cycle may be structurally different.

🎛️ As of this recording, 2/18/26, Strategy's (MSTR) performance: Open: $127.63 Close: $125.20 Volume: 17.31M Shares mNAV: ~0.99 Market Cap: ~ $44.5B U.S. Market Cap Ranking: ~#246 BTC: 717,131

⏱️ TIMESTAMPS & INSIGHTS:

00:00:00 - Intro agenda framing: NFA context and True North overview

00:03:01 - Bear Market Sentiment: Bitcoin Investor Week tone, stablecoin utility, and builder resilience

00:10:14 - Institutional Pricing Signal: Strategy leverage, preferred credit quality, and market confidence

00:13:43 - Conviction Over Price: Unflappable mindset, opportunity cost, and long-term Bitcoin allocation

00:17:04 - Moving Average Analysis: 200-week trend strength, Tesla comparison, and Strategy valuation reset

00:21:18 - Death Cross Dynamics: Technical lag, bottom timing risk, and Strategy mispricing debate

00:24:10 - Binary Risk Framing: Zero thesis, refinancing fears, and long-term leverage confidence

00:30:05 - Bitcoin-Gold Ratio: Relative valuation and macro positioning

00:30:00 - M2 Money Supply Framework: Bitcoin adjusted for monetary expansion and debasement baseline

00:35:35 - Correlation Breakdown: Commodities spike, multi-strat deleveraging, and Bitcoin price pressure

00:40:07 - Private Credit Liquidity Risk: Redemption halts, digital credit transparency, and STRC durability

00:47:08 - Preferred TAM Expansion: Capital stack opportunity size

00:49:14 - Supply Convergence Model: Strategy vs remaining Bitcoin issuance

00:48:50 - Bitcoin Supply & AI Shock: Issuance math and exponential disruption

00:58:00 - AI Disruption Wave: Cost collapse, software commoditization, and capital flight to Bitcoin

01:04:25 - Capital Market Disruption: AI acceleration compressing equity durability and IPO stability

01:08:39 - Digital Credit Track Record: STRC durability, liquidity edge, and goodwill risk exposure 01:12:24 - Strategy World 2026 Preview: True North event agenda and digital credit focus 01:16:15 - Strategy Capital Plan Debate: ATM runway, preferred issuance, and demand elasticity 01:19:28 - Stretch Distribution Focus: Digital credit education and execution phase

01:23:23 - Yield Spread Advantage: STRC vs stablecoins and capital stack strength 01:28:24 - On-Chain Capital Rotation: Stablecoin yield switch into STRC

01:30:24 - Regulatory & Exponential Convergence: Stablecoin policy momentum and AI-driven Bitcoin adoption

01:30:24 - Bull Market Convexity: Balance sheet structure and Bitcoin per share expansion 01:40:07 - Final Thoughts: Fiscal debasement and long-term Bitcoin conviction

Be part of the True North In-Side Event experience.

Tickets available here: 👉 https://luma.com/tnb4c26

Strategy World sign-up: https://www.strategysoftware.com/world26/register

Use discount code TrueNorth for 20% off your registration—just a little bonus for our True North community.

MSTR TRUE NORTH LINKS:

True North Website: https://www.mstrtruenorth.com

🛒 MERCH: https://thehodlshop.com/collections/true-north

Youtube: @MSTRTrueNorth

MSTR Links: https://www.mstr-tracker.com https://saylortracker.com/ https://robinhood.com/us/en/stocks/MSTR/ https://www.strategy.com/

Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

Weathering The Storm | True North Podcast | Ep. 55

Thu, 12 Feb 2026 04:53:16 GMT

🧭 MSTR True North episode 55: We break down Strategy’s capital structure, mNAV, leverage, and the emerging digital credit markets. Learn more about how institutional capital actually moves in Bitcoin an how to think about risk in this marketplace.

🎛️ As of this recording, 2/11/26, Strategy's (MSTR) performance: Open: $133.68 Close: $126.07 Volume: 25.84M Shares mNAV: ~0.95 Market Cap: ~ $41.9B U.S. Market Cap Ranking: 252 BTC: 714,644

⏱️ TIMESTAMPS & INSIGHTS:

00:00:00 - Intro agenda framing: NFA context and True North overview

00:03:36 - Bitcoin Mindset Shift: Personal wealth framework transformation

00:06:06 - MSTR Relative Strength: Premium signaling potential bottom

00:08:26 - Balance Sheet Expansion: Billions raised and liquidity strength

00:09:28 - Risk Mispricing Debate: Bitcoin supply underwriting blind spot

00:11:03 - Options Yield Strategies: Dividend pricing and put premiums

00:13:20 - AI Prompting & Workflow: Stress testing valuation frameworks

00:15:32 - Strategy World Preview: Treasury operators and securitization focus

00:20:17 - Bitcoin Treasury Growth: 100K to 714K BTC scale

00:23:00 - Market Sentiment & Macro: 2026 ATH polls and Goldilocks outlook

00:26:39 - Bitcoin Per Share Context: KPI adoption and seasoning phase

00:30:15 - Preferred Equity Acceleration: Rapid STRF STRD STRC expansion

00:33:06 - BTC Exposure Debate: Leverage mechanics and dilution tradeoffs

00:35:55 - Capital Structure Pivot: Converts toward perpetual preferred era

00:38:53 - Public Pref Market Shift: Tickered equity and retail access

00:42:05 - STRC Market Data Review: Yield stability despite BTC drawdown

00:46:55 - Media Narrative & Refi Risk: $8K scenario and press dynamics

00:51:51 - Capital Raise Velocity: Scaling from millions to billions

00:54:11 - Institutional Execution Reality: Timing risk and OTC mechanics

00:58:13 - Coinbase Valuation Gap: Leverage, goodwill, and moat contrast

01:05:00 - Treasury Model Walkthrough: BTC growth and dilution math

01:17:15 - mNAV & CAGR Sensitivity: Growth scenarios toward $1M target

01:19:04 - Final Thoughts: Weather volatility and long-term conviction

Be part of the True North In-Side Event experience.

Tickets available here: 👉 https://luma.com/tnb4c26

Strategy World sign-up: https://www.strategysoftware.com/world26/register

Use discount code TrueNorth for 20% off your registration—just a little bonus for our True North community.

MSTR TRUE NORTH LINKS:

True North Website: https://www.mstrtruenorth.com

🛒 MERCH: https://thehodlshop.com/collections/true-north

Youtube: @MSTRTrueNorth

MSTR Links: https://www.mstr-tracker.com https://saylortracker.com/ https://robinhood.com/us/en/stocks/MSTR/ https://www.strategy.com/

Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

Margin Isn't Calling! | True North Podcast | Ep. 54

Thu, 05 Feb 2026 05:02:38 GMT

🧭 MSTR True North episode 54:

A deep dive into Bitcoin’s drawdown, macro liquidity, and why this cycle differs. We break down capital structure, leverage myths, margin-call fears, treasury concentration, short-risk asymmetry, and how convex balance sheets create explosive upside.

🎛️ As of this recording, 2/4/26, Strategy's (MSTR) performance: Open: $120.25 Close: $129.09 Volume: 23.8M Shares mNAV: ~1.03 Market Cap: ~$38.9B U.S. Market Cap Ranking: BTC: 713,502

⏱️ TIMESTAMPS & INSIGHTS:

00:00:00 - Intro agenda framing: NFA context and True North overview

00:03:38 - Bitcoin market drawdown: 42 percent decline framing

00:09:23 - Proof of reserves debate: Custody transparency and risk

00:12:39 - Macro framework setup: Rates liquidity and context

00:15:10 - Macro regime comparison: Liquidity rising versus 2022 contraction

00:18:02 - MSTR market dynamics: Equity pressure and hedging behavior

00:20:00 - Institutional market lens: Event context and capital markets views

00:26:25 - Margin call misconceptions: Liquidity versus leverage reality

00:28:41 - Capital structure deep dive: Balance sheet leverage and FUD breakdown

0:35:35 - Accretion and convexity mechanics: Bitcoin per share and upside asymmetry

00:41:12 - Capital model transition: Converts replaced by preferred equity

00:43:12 - Regulatory and stablecoin shifts: TradFi integration

00:46:04 - Bitcoin treasury model: Balance sheet-first companies

00:51:07 - Treasury concentration risk: Dominant holder analysis

00:55:04 - Bitcoin scarcity math: Rule of 72 framework

00:57:25 - Coverage framework reset: Net capital versus leverage fear

01:05:29 - Capital stack hierarchy: Senior debt preferred and equity

01:10:08 - Converts versus common equity: Dilution and coverage math

01:13:33 - Upcoming earnings call: What to watch and why it matters

01:20:49 - Balance sheet resilience: Liquidity runway and no margin calls

01:27:45 - Treasury concentration and survivability: Why failures don’t matter

01:32:38 - Treasury concentration math: Scale dominance and systemic impact

01:35:41 - Bitcoin technical distributions: Wallet structure and custody flows

01:41:14 - Short risk asymmetry: Explosive upside and forced covering

01:42:50 - Balance sheet endgame: Bitcoin as reserve asset

01:45:08 - Final thoughts from the team

Be part of the True North In-Side Event experience. Tickets available here: 👉 https://luma.com/tnb4c26

Strategy World sign-up: https://www.strategysoftware.com/world26/register

Use discount code TrueNorth for 20% off your registration—just a little bonus for our True North community.

MSTR TRUE NORTH LINKS:

True North Website: https://www.mstrtruenorth.com

X: https://x.com/MSTRTrueNorth

🛒 MERCH: https://thehodlshop.com/collections/true-north

Youtube: @MSTRTrueNorth

MSTR Links: https://www.mstr-tracker.com https://saylortracker.com/ https://robinhood.com/us/en/stocks/MSTR/ * https://www.strategy.com/

Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

What is Credit Risk? | True North Podcast | Ep.53

Thu, 29 Jan 2026 05:37:46 GMT

🧭 MSTR True North episode 53:

The group does a deep dive into Bitcoin credit risk, preferred equity, leverage, and mNAV. Covers MSTR balance sheet math, metals vs Bitcoin flows, Tether reserves, credit models, macro signals, liquidity, and risk/reward across cycles.

🎛️ As of this recording, 1/28/26, Strategy's (MSTR) performance: Open: $164.45 Close: $158.45 Volume: 14.08M Shares mNAV: 0.91 Market Cap: $57.70B U.S. Market Cap Ranking: ~#200 BTC: 712,647

⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Intro: NFA agenda and True North overview

00:03:38 - Credit risk overview: Metals mania and risk framing

00:06:34 - Preferred equity dynamics: Issuance demand and mNAV behavior

00:10:53 - Risk-off credit rotation: Stress testing yield products

00:13:30 - MSTR balance sheet leverage: Assets debt and pref math

00:17:15 - Macro incentives outlook: Election liquidity tailwinds

00:18:25 - True North Vegas event: Digital credit and macro agenda

00:23:41 - Metals market structure: Silver surge and physical premiums

00:31:02 - Tether reserve strategy: Gold and Bitcoin accumulation

00:34:22 - Bitcoin adoption curve: Capital rotation mechanics

00:37:05 - Sovereign risk signals: Yen and risk free rates

00:40:55 - Gold revaluation theory: Bitcoin reserve funding idea

00:44:03 - Algorithmic digital credit: Machines prefer native assets

00:49:32 - Bitcoin as AI hedge: Passive exposure to innovation

00:54:02 - Risk reward framing: Digital convenience tradeoffs

00:58:35 - Preferred equity modeling: Amplification risk analysis

01:03:01 - mNAV downside math: Collateral threshold scenarios

01:07:02 - Macaulay duration focus: Dividend obligation stress

01:12:07 - Institutional underwriting: Capital absorbs Bitcoin risk

01:15:52 - STRC drawdown case: Yield spikes create opportunity

01:22:16 - Bitcoin earnings model: Interest coverage framework

01:27:00 - High amplification scenario: USD reserves versus returns

01:32:47 - Cash reserve signaling: Ratings driven capital buffers

01:39:18 - Financial engineering example: Real estate leverage analogy

01:43:50 - Digital credit parity: Comparing high yield debt

01:48:05 - Fair value accounting: Bitcoin treasury volatility optics

01:53:44 - Final thoughts: Roundtable final takes

Be part of the True North In-Side Event experience.

Tickets available here: 👉 https://luma.com/tnb4c26

Strategy World sign-up: https://www.strategysoftware.com/world26/register

Use discount code TrueNorth for 20% off your registration—just a little bonus for our True North community.

MSTR TRUE NORTH LINKS:

True North Website: https://www.mstrtruenorth.com

X: https://x.com/Adrian\_R\_Morris

🛒 MERCH: https://thehodlshop.com/collections/true-north

Youtube: @MSTRTrueNorth

MSTR Links: https://www.mstr-tracker.com https://saylortracker.com/ https://robinhood.com/us/en/stocks/MSTR/ https://www.strategy.com/

Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

Up To Par | True North Podcast | Ep. 52

Thu, 22 Jan 2026 04:47:46 GMT

🧭 MSTR True North episode 52: The crew discusses Bitcoin, digital credit, and MSTR’s capital structure. Tune in to hear analysis on leverage, mNAV, yield curve control and macro deficits, plus Ray Dalio’s gold vs Bitcoin view and why credit drives demand.

🎛️ As of this recording, 1/21/26, Strategy's (MSTR) performance: Open: $161.27 Close: $163.81 Volume: 18,440,820 Shares mNAV: 1.07 Market Cap: $54.09B U.S. Market Cap Ranking: #201 BTC: 709,715

⏱️ TIMESTAMPS & INSIGHTS:

00:00:00 - Intro: NFA, agenda and True North overview

00:02:09 - Stretch price behavior: Volatility compression versus Bitcoin

00:04:18 - Balance sheet strategy: 1x mNAV and ATM expansion logic

00:06:49 - Capital structure model: Bitcoin, equity, credit flywheel

00:09:43 - Yield curve control: Variable dividend preferred mechanics

00:11:07 - Supply discipline approach: Peg defense and issuance limits

00:13:30 - Rate cut asymmetry: Falling rates boost credit spread

00:15:27 - TN event: join the crew in Las Vegas

00:16:51 - Fiscal dominance reality: Structural US deficit regime

00:20:05 - Monetary financing loop: Deficits force money creation

00:23:10 - Debt compounding risk: Interest burden and debasement cycle

00:26:46 - Product market fit: Stretch outperforming other credit tools

00:29:37 - Fiscal responsibility debate: Fed, deficits, real rate risk

00:32:17 - Bitcoin-backed credit thesis: Alternative to sovereign bonds

00:34:10 - Capital raise capacity: ATM runway and mNAV leverage

00:36:33 - mNAV leverage durability: Dividend funding in bear markets

00:38:17 - Global macro signal: Japan rates and carry trade unwind

00:43:34 - Generational capital shift: Exiting legacy financial assets

00:45:33 - Ray Dalio perspective: Bitcoin versus gold debate

00:48:45 - Macro landing scenarios: Debasement versus crisis outcomes

00:53:00 - Bitcoin moat math: Relative ownership and scarcity

00:56:17 - Convert dilution dynamics: Delta hedging fade thesis

00:57:06 - Bull case modeling: Million Bitcoin accumulation path

00:59:30 - Long-term supply capture: 2035 Bitcoin ownership projection

01:03:01 - MNAV upside bounds: Convert structure constraints

01:04:30 - Final thoughts

Be part of the True North In-Side Event experience. Tickets available here: 👉 https://luma.com/tnb4c26

Strategy World sign-up: https://www.strategysoftware.com/world26/register

Use discount code TrueNorth for 20% off your registration—just a little bonus for our True North community.

MSTR TRUE NORTH LINKS:

True North Website: https://www.mstrtruenorth.com

X: https://x.com/MSTRTrueNorth

🛒 MERCH: https://thehodlshop.com/collections/true-north

Youtube: @MSTRTrueNorth

MSTR Links: https://www.mstr-tracker.com https://saylortracker.com/ https://robinhood.com/us/en/stocks/MSTR/ * https://www.strategy.com/

Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

"Bitcoin Did This" | True North Podcast | Ep. 51

Thu, 15 Jan 2026 06:10:11 GMT

🧭 MSTR True North episode 51: 🎛️ As of this recording, 1/14/26, Strategy's (MSTR) performance:

Open: $178.64
Close: $179.33
Volume: 40,257,000 Shares
mNAV: 1.07
Market Cap: $57.32B
U.S. Market Cap Ranking: #192
BTC: 687,410

⏱️ TIMESTAMPS & INSIGHTS:

00:00:00 - Intro: NFA, agenda and True North overview
00:04:50 - Capital Structure Overview: MSTR and STRC balance sheet changes
00:07:27 - Leverage & mNAV Dynamics: Common and preferred equity expansion
00:10:33 - Digital Credit Impact: Bid creation on Bitcoin price
00:16:34 - Stretch Interest Rate Effects: Potential rate hikes and market response
00:17:40 - Symmetry Test Explained: Raising equity at positive mNAV
00:23:31 - Capital Raising Strategy: Common and preferred equity interplay Be part of the True North In-Side Event experience. Tickets available here: 👉 https://luma.com/tnb4c26 Strategy World sign-up: https://www.strategysoftware.com/worl … Use discount code TrueNorth for 20% off your registration—just a little bonus for our True North community. MSTR TRUE NORTH LINKS:
True North Website: https://www.mstrtruenorth.com
X: https://x.com/MSTRTrueNorth
🛒 MERCH: https://thehodlshop.com/collections/t ...
Youtube: @MSTRTrueNorth

MSTR Links:

Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

New Year, The Bottom's In | True North Podcast | Ep. 50

Wed, 07 Jan 2026 10:00:00 GMT

🧭 MSTR True North episode 50: The crew does a deep dive into Bitcoin treasury strategy, mNAV, leverage, and capital structure. The discussion includes a healthy debate about ATM issuance, liquidity, credit, and short risk, then zooms out to macro shocks, pensions, and Bitcoin’s role in capital allocation. 🎛️ As of this recording, 1/7/26, Strategy's (MSTR) performance:

Open: $163.45
Close: $161.83
Volume: 28,334,600 Shares
mNAV: 1.06
Market Cap: $50.62B
U.S. Market Cap Ranking: #212
BTC: 673,783

⏱️ TIMESTAMPS & INSIGHTS:

00:00:00 - Intro: NFA, agenda and True North overview
00:05:11 - Roundtable updates: Latest projects the crew is working on
00:13:58 - Balance Sheet Snapshot: Assets, Bitcoin, reserves
00:15:12 - Net Capital Growth: Leverage compression and dividends
00:17:25 - Perpetual Preferred Equity: Permanent capital effects
00:18:27 - Balance Sheet Resilience: Drawdowns, leverage, amplification
00:23:27 - Liquidity and Dividends: Trading volume supports payouts
00:26:27 - Price Drivers Explained: Options flow, ATM, rates, volatility
00:34:35 - ATM Issuance and Liquidity: Supply debates and market structure
00:40:37 - Volatility and Liquidity Mechanics: Preferreds versus common stock
00:46:11 - Short MSTR Risk: mNAV drift and asymmetrical downside
00:50:04 - Preferred Credit Demand: Yield, pricing, dividend behavior
00:53:55 - Yield Product Mechanics: Pricing, dividends, distribution flow
01:05:34 - Capital Control Framework: Liquidity management and excess coverage
01:09:07 - Capital Reallocation Shock: AI disruption and Bitcoin treasury edge
01:15:30 - Institutional Positioning: Sentiment shifts, capital signaling and MSCI decision
01:23:07 - Policy Risk and Bitcoin: Leverage, regulation, and asset selection
01:28:40 - Capital Structure Engineering: Yield creation and durability
01:34:33 - Credit System Stress: AI shock, failure, recovery mechanics
01:46:49 - Institutional Delay Risk: Pensions, governance, missed adoption
01:58:47 - Final Thoughts: Conviction, positioning, long-term framework

Be part of the True North In-Side Event experience. Tickets available here: 👉 https://luma.com/tnb4c26 Strategy World sign-up: https://www.strategysoftware.com/worl … Use discount code TrueNorth for 20% off your registration—just a little bonus for our True North community. MSTR TRUE NORTH LINKS:

True North Website: https://www.mstrtruenorth.com
X: https://x.com/MSTRTrueNorth
🛒 MERCH: https://thehodlshop.com/collections/t ...
Youtube: @MSTRTrueNorth

MSTR Links:

Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

Bear is for Building | True North Podcast | Ep. 49

Wed, 17 Dec 2025 10:00:00 GMT

🧭 MSTR True North episode 49: This week the crew highlights their experience at Bitcoin Mena, status of sovereign adoption, balance sheet leverage, mNAV, digital credit, AI capital shifts, and why patient capital wins when price disconnects from value in Bitcoin and equity markets. 🎛️ As of this recording, 12/17/25, Strategy's (MSTR) performance:

Open: $167.75
Close: $160.38
Volume: 19,144,900 Shares
mNAV: 1.10
Market Cap: $46.09B
U.S. Market Cap Ranking: ~#285
BTC: 671,268

⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Intro: NFA, agenda and True North overview 00:04:45 - Bitcoin MENA Conference: Middle East adoption and capital interest 00:15:20 - Abu Dhabi Capital Flexibility: Hard money enables rapid coordination 00:18:25 - Bitcoin Treasury Leverage: Net capital and drawdown resilience 00:21:19 - Institutional Bitcoin Strategy: Banks, regulation, capital optionality and MSTR dominance 00:35:04 - Waiting Out Mispricing: Patience before repricing 00:43:39 - AI Capital Structure Shift: Hardware focus requires a strong balance sheet 00:47:31 - Bitcoin-Backed Banking Model: Digital credit system design 00:53:27 - Bitcoin-Backed Yield Products: Savings disruption via credit 00:55:50 - Sovereign Capital Allocation: Attracting trillions with yield 01:01:55 - Bessent quote: Reflecting on the past to change the companies of the future 01:07:19 - Bitcoin Volatility Harvesting: Trading, structures, market evolution 01:12:00 - MSTR Valuation Debate: Holdings, mNAV, scale advantage 01:17:55 - Liquidity and Options Market: Structural buyer dynamics 01:22:56 - Equity Valuation Frameworks: Trasparency dilemma and the mNAV versus market multiples 01:33:19 - Social Media Risk Signals: Noise, sentiment, investor behavior 01:44:27 - Balance Sheet Quality Test: Intangibles versus hard assets 01:53:54 - Bitcoin as Superior Collateral: Liquid assets beat goodwill 01:55:44 - Closing thoughts: like and subscribe Be part of the True North In-Side Event experience. Tickets available here: 👉 https://luma.com/tnb4c26 Strategy World sign-up: https://www.strategysoftware.com/worl … Use discount code TrueNorth for 20% off your registration—just a little bonus for our True North community. MSTR TRUE NORTH LINKS:

True North Website: https://www.mstrtruenorth.com
X: https://x.com/MSTRTrueNorth
🛒 MERCH: https://thehodlshop.com/collections/t ...
Youtube: @MSTRTrueNorth

MSTR Links:

Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

"High Powered Digital Money" | True North Podcast | Ep. 48

Wed, 10 Dec 2025 10:00:00 GMT

🧭 MSTR True North episode 48: The crew does a deep dive into Bitcoin markets, macro signals, credit cycles, and capital structure. We break down trend data, EPS thresholds, leverage, mNAV, Fed policy, and why Bitcoin sits at the center of the next liquidity cycle. 🎛️ As of this recording, 12/10/25, Strategy's (MSTR) performance:

Open: $189.32
Close: $184.64
Volume: 22,458,960 Shares
mNAV: 0.92
Market Cap: $55.9B
U.S. Market Cap Ranking: 190
BTC: 660,624

⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Intro: NFA, agenda and True North overview 00:03:10 - Event Context: Conviction, networking and market backdrop 00:04:42 - Trend Signals: Chart mechanics, death cross and momentum turn 00:08:10 - Higher-Timeframe Structure: Weekly levels, higher lows and trend context 00:09:06 - Multi-Frame Review: Monthly and yearly recovery signals 00:12:12 - EPS Thresholds: Required BTC price for positive earnings 00:14:14 - Survey Momentum: Gauging ATH expectations and sentiment 00:16:38 - Rate Regime Change: Volatility and QE effects 00:18:14 - Supply Crunch Setup: ETF flows and treasury accumulation 00:20:04 - Fed Signals: GDP revisions and future rate cuts 00:22:00 - Productivity Shock: AI-driven deflation and policy response 00:23:57 - Fiscal Strain: Debt path, shutdown risk and tax limits 00:26:19 - Consumer Credit Stress: Debt stacking and inequality 00:29:14 - Tech Concentration: MAG7 dominance and return skew 00:32:45 - Hard Money Hedge: Bitcoin as monetary protection 00:34:57 - Treasury Math: Why printing is structurally required 00:37:39 - Policy Shifts: Pro-crypto Fed leadership probabilities 00:38:36 - Collateral Upgrade: BTC/ETH/USDC for derivatives margin 00:42:08 - Financial Engineering: Reserves, ratings and dividend strategy 00:46:07 - Buyback Mechanics: Supply reduction and accretive impact 00:48:06 - Treasury Strength: Dividend runway and BTC-backed reserves 00:50:07 - Capital Stack: Prefs, converts and liquidation coverage 00:52:05 - Indexing Rebuttal: Why digital treasuries aren’t funds 00:55:51 - Investor Discipline: Fear cycles and recovery patterns 00:57:54 - Reserve Strategy: Cash buffers for extended bear markets 00:59:37 - Debt Spiral: Election-year constraints and forced rate cuts 01:01:47 - Future Prep: Automation risk and asset-based resilience 01:03:10 - Bitcoin Integration: Payments, emerging markets and rails 01:04:20 - Final thoughts: Strategy World networking and key figures Be part of the True North In-Side Event experience. Tickets available here: 👉 https://luma.com/tnb4c26 Strategy World sign-up: https://www.strategysoftware.com/worl … Use discount code TrueNorth for 20% off your registration—just a little bonus for our True North community. MSTR TRUE NORTH LINKS:

True North Website: https://www.mstrtruenorth.com
X: https://x.com/MSTRTrueNorth
🛒 MERCH: https://thehodlshop.com/collections/t ...
Youtube: @MSTRTrueNorth

MSTR Links:

Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

The Capital Fortress | True North Podcast | Ep. 47

Wed, 03 Dec 2025 10:00:00 GMT

🧭 MSTR True North episode 47: The crew covers the recent news on the USD reserves, preferreds, mNAV, leverage, credit markets, solvency ratios, macro stress, and why Strategy’s balance sheet strengthens despite volatility. 🎛️ As of this recording, 12/03/25, Strategy's (MSTR) performance:

Open: $183.40
Close: $188.39
Volume: 26,686,140 Shares
mNAV: 1.16
Market Cap: $50.70
U.S. Market Cap Ranking: 203
BTC: 650,000

⏱️ TIMESTAMPS & INSIGHTS:

00:00:00 - Intro and Agenda: music, overview, and NFA disclaimer
00:03:02 - Strategy World 2026: Las Vegas event and True North plans
00:07:53 - USD Reserve Explained: cash buffer as digital credit battery
00:12:50 - Preferreds Risk Profile: how the reserve strengthens credit structure
00:17:11 - ATM Capital Raise: liquidity flow, proof-of-concept, and market reactions
00:22:22 - Trading Volume Dynamics: how algorithms amplify stock liquidity
00:24:30 - Multi-Year Cash Buffer: reserve strategy and capital runway outlook
00:28:44 - Bitcoin Yield Engine: lending yields, mNAV expansion, and capital structure
00:31:30 - BTC on the balance sheet: 2025 and 2026 predictions
00:33:24 - EPS Thresholds: 85k and 110k Bitcoin price scenarios for earnings
00:35:04 - Digital Credit Structure: why preferreds classify as credit, not equity
00:36:18 - Leverage vs ETFs: permanent capital vs daily-reset leverage decay
00:39:07 - Simplifying complexity: Educating the market and sentiment
00:46:49 - Phase Three Outlook: Bitcoin treasury trajectory and steady-state stability
00:49:24 - Bank Solvency Framework: CET1 ratios and applying Basel treatment to Bitcoin
00:58:44 - The debasement trade: Capturing opportunities and the generational effect
01:06:10 - The millenial dilemma: Optimizing capital allocation for a generation that is stuck
01:10:21 - The money is broken: Time and energy is being stolen and BTC is the lifeline
01:14:02 - Proof of work: Grain’s experience in Silicon Valley and the mindset needsd to win in this climate
01:18:14 - Final thoughts: Vanguard, MSCI shifts, index inclusion pressure and tokenization

MSTR TRUE NORTH LINKS:

True North Website: https://www.mstrtruenorth.com
X: https://x.com/MSTRTrueNorth
🛒 MERCH: https://thehodlshop.com/collections/t ...
Youtube: @MSTRTrueNorth

MSTR Links:

Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

"And Then They Fight You" | True North Podcast | Ep. 46

Wed, 26 Nov 2025 10:00:00 GMT

🧭 MSTR True North episode 46: The team hosts an early call on Wednesday to address the latest digital credit and BTC treasury catalysts. Highlights include MSCI index, JP Morgan structured notes, MNAV math, capital structure engineering, and the growing shift toward institutional Bitcoin adoption and treasury allocation. 🎛️ As of this recording, 11/26/25, Strategy's (MSTR) performance:

Open: $173.69
Close: $175.64
Volume: 19,829,181 Shares
mNAV: 1.13
Market Cap: $50.48
U.S. Market Cap Ranking: 213
BTC: 649,870

⏱️ TIMESTAMPS & INSIGHTS:

00:00:00 - Cue the music and intro: Agenda and NFA disclaimer
00:04:13 - BTC price analysis: MACD signals, the macro climate and MSTR price correlation
00:09:06 - Bitcoin Leverage & transparency: MSTR exposure math, long-term amplification and stategy tracker
00:12:37 - Entry Strategy Basics: Pricing discipline, tax reality and buying low
00:14:08 - Real-Time Transparency: 24/7 BTC metrics and unit-of-account shift
00:15:54 - Measuring balance sheet strength: Risk tolerance and the TradFi’s approach to value equities
00:19:46 - MSCI Index Shock: Digital-asset exclusions and capital-flow risk
00:24:14 - MSTR Short Hedging: Borrow costs, downside leverage, long-holder hedges
00:29:00 - JP Morgan Structured Note: Illiquidity, capped upside, principal risk
00:36:14 - Institutional Bitcoin Demand: ETFs, muni bonds, state treasury buying
00:41:05 - Stride vs Strife: Preferred structures, arbitrage spreads, levered beta
00:46:00 - Yield Mechanics: Bond pricing, collateral growth, preferred income
00:51:28 - Financial Engineering: Dividends, dilution math, capital efficiency
00:55:13 - Amplification and MNAV: SATs/share math, liquidation prefs, leverage
01:02:10 - Synthetic BTC Hedging: Downside structures, seller advantage
01:05:07 - MNAV Valuation Framework: Assets minus prefs, transparent accounting
01:09:39 - Corporate Arbitrage: EPS shaping, buybacks, equity issuance strategy
01:16:52 - Real Estate Parallel: Permanent equity, HELOC analogy, carry trades
01:20:25 - Scaling Capital Structure: Prep issuance, target leverage ratios
01:25:20 - Bitcoin CAGR Edge: Historical return percentiles, timing signals
01:30:10 - Volatility Compression: Market size effects, long-term BTC stability
01:34:09 - Institutional Signals: ETF options expansion, ratings pressure, state buys
01:38:50 - JP Morgan Influence Map: Margin shifts, index rules, contradictory behavior
01:45:19 - Community Response: MSTR defense, liquidity lockouts, gamma setups
01:49:24 - Bitcoin Treasury Future: Issuance scale, compounding, long-run adoption
01:50:30 - Closing Remarks: Holiday sendoff and final outlook MSTR TRUE NORTH LINKS:
True North Website: https://www.mstrtruenorth.com
X: https://x.com/MSTRTrueNorth
🛒 MERCH: https://thehodlshop.com/collections/t ...
Youtube: @MSTRTrueNorth

MSTR Links:

Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

The Revolution of Digital Credit | True North Podcast | Ep. 45

Wed, 19 Nov 2025 10:00:00 GMT

🧭 MSTR True North episode 45: The team covers the following topics: Bitcoin credit, liquidity stress, mNAV, dividend math, MSTR capital structure, ETF flows, leverage, over collateralization, protocol risks, macro signals steering capital allocation and risk/reward. 🎛️ As of this recording, 11/19/25, Strategy's (MSTR) performance:

Open: $202.36
Close: $186.50
Volume: 28,025,372 Shares
mNAV: 1.17
Market Cap: $53.6B
U.S. Market Cap Ranking: 197
BTC: 649,870

⏱️ TIMESTAMPS & INSIGHTS:

00:00:00 - cue the music
00:01:51 - Bitcoin strategy archetypes: Poet, prophet, prince roles align
00:04:40 - MSTR Bitcoin treasury thesis: Balance sheet stack drives upside
00:09:37 - Digital credit instruments: Invest in Bitcoin credit quality
00:12:40 - Margin hikes, forced selling: JPM raises requirements on MSTR
00:15:36 - RSI and oversold read: Selloff deeper than prior dips
00:18:23 - Liquidity crunch: previous cycle trends and credit quality
00:20:38 - MSTR's collateral monopoly: Best asset, digital capital scale
00:25:45 - Narrative following price: Current climate has flipped the formula
00:29:04 - mNAV, peg, dividends: Market restores par as cash pays
00:33:14 - Shorting costs & carry with transparency: Dividends and borrow fees matter
00:38:14 - Yield traps vs holding: $MSTY erosion vs Stretch peg
00:43:21 - The 4 year cycle: the gravitational pull of patterns & protocol risk management
00:54:42 - Spot ETF accumulation: The new vehicle that is changing the game
00:57:41 - Bitcoin treasury companies: the future brought forward
01:00:25 - Dividend math with BTC: 1.25% BTC growth supports perpetual payouts
01:05:09 - Over collateralization benefit: Risk calculable 24/7 paired with transparency
01:07:40 - What if Bitcoin breaks?
01:09:20 - Selling loans vs credit: Digital credit broadens buyer base
01:16:00 - Inflation math: CPI plus M2 erodes returns
01:18:19 - Bitcoin as the monetary ledger: Title registry with final settlement
01:22:44 - Patience and price targets: 125k to 200k & 2026 narrative
01:28:21 - Private markets tokenization: Next frontier for capital formation
01:32:00 - 1x MSTR lens: Dilution vs BTC per share
01:37:30 - Know terms and risks: Refi risk and regulatory surprises
01:43:04 - Grain’s last thoughts
01:44:56 - Stretch as spendable credit: Tokenization enables quick liquidity & credit worthiness
01:49:11 - Insurance capital in BTC: Claims funded by BTC treasuries
01:53:30 - World balance sheet on BTC: Treasury firms reshape finance, Solei’s final thoughts

MSTR TRUE NORTH LINKS:

True North Website: https://www.mstrtruenorth.com
X: https://x.com/MSTRTrueNorth
🛒 MERCH: https://thehodlshop.com/collections/t ...
Youtube: @MSTRTrueNorth

MSTR Links:

Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

"2026 The Year of Digital Credit" | True North Podcast | Ep. 44

Wed, 12 Nov 2025 10:00:00 GMT

🧭 MSTR True North episode 44: Discover how Bitcoin, preferred equity, and digital credit products like $STRC and $SATA are reshaping yield, capital structure, and macro environent in the evolving financial landscape. Grain and the Dan’s bring us through a deck on Macro and digtial credit. 🎛️ As of this recording, 11/12/25, Strategy's (MSTR) performance:

Open: $233.90
Close: $224.61
Volume: 10,800,420 Shares
mNAV: 1.20
Market Cap: $64.7B
U.S. Market Cap Ranking: 168
BTC: 641,692

⏱️ TIMESTAMPS & INSIGHTS:

00:00:00 - Intro: TN episode 45, NFA and team updates
00:02:34 - AI Impact on Bitcoin: Synthetic disruption and Wikipedia collapse
00:04:59 - Bitcoin & Market Dynamics: S&P equity weighted distribution, MAG 7 and capital rotation
00:07:37 - Valuations & Market Cycles: PE ratios, bubbles, ETF flows
00:10:10 - Compounding Growth Rates: Big tech as the return benchmark
00:11:06 - Interest Rate Trajectory: Fed outlook and the debt burden
00:14:30 - Financial Engineering Playbook: Buybacks boost forward EPS, not fundamentals
00:15:35 - Macro Signals & Stagnation: PMI trends explain risk asset underperformance
00:17:38 - Consumer Stress & Job Risk: K-shaped demand, AI disruption, inflation pain
00:20:25 - MSTR as Bitcoin Leverage: mNAV, floor value, perpetual debt strategy
00:22:45 - Rethinking Preferred Equity: Permanent capital and modeling risk
00:26:40 - $STRC Product Vision: Disruptive yield design, market fit, adoption path
00:29:05 - $STRC Trading Mechanics: VWAP peg, IPO pricing, retail liquidity surge
00:32:16 - $STRC Yield Advantage: Deep liquidity, 10.5% return, volatility control
00:35:34 - Perpetual Bond Structure: Long-term income, low volatility, stable returns
00:38:39 - The ‘Strategy’ vs Tether: Shareholder yield, market scale, adoption potential
00:42:44 - Bitcoin as Collateral: TAM for money markets and real-time risk validation
00:44:10 - Credit Spread Mispricing: $STRE vs European bonds and investor protections
00:46:28 - Swap Rates & Credit Tiers: Risk benchmarks, STRE vs STRF pricing
00:49:10 - Tokenized Yield & Foreign market Arbitrage: $STRE, $STRF, and cross-currency spread
00:53:01 - $SATA Capital Structure: Seniority, covenants, 12% yield
00:56:45 - Yield Products in Action: $SATA vs $Stretch, peg control, trading strategy
01:09:06 - Strategic Use of Prefs: Yield positioning and MSTR scaling plan
01:12:19 - $STRK, Entry Timing & Euro $STRC: Yield, upside and roadmap expansion
01:16:19 - Final thoughts: Grain and Dan close it out

MSTR TRUE NORTH LINKS:

True North Website: https://www.mstrtruenorth.com
X: https://x.com/MSTRTrueNorth
🛒 MERCH: https://thehodlshop.com/collections/t ...
Youtube: @MSTRTrueNorth

MSTR Links:

Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

"Rate My Stock / Risk of Credit" | True North Podcast | Ep. 43

Wed, 29 Oct 2025 10:00:00 GMT

🧭 MSTR True North episode 43: This episode breaks down return of capital investing, credit ratings, risk underwriting, and structured yield products - framed around macro signals, mNAV, capital allocation, and long-term value. 🎛️ As of this recording, 10/29/25, Strategy's (MSTR) performance:

Open: $284.38
Close: $275.36
Volume: 10,184,060 Shares
mNAV: 1.35
Market Cap: $79.08B
U.S. Market Cap Ranking: 134
BTC: 640,808

SOCIAL MEDIA:

MSTR TRUE NORTH LINKS:

True North Website: https://www.mstrtruenorth.com
X: https://x.com/MSTRTrueNorth
🛒 MERCH: https://thehodlshop.com/collections/t ...
Youtube: @MSTRTrueNorth

MSTR Links:

https://www.mstr-tracker.com
https://saylortracker.com/
https://robinhood.com/us/en/stocks/MSTR/
https://www.strategy.com/ Disclaimer: The content in this video is for informational and educational purposes only and should not be considered financial advice. We are not financial advisors, and you should consult with a qualified professional before making any financial decisions. All investments involve risks, and you are responsible for your own decisions. • True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov.
Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

The Next Trillion Dollar Company | Interview With The CEO of Strategy, Phong Le

Fri, 24 Oct 2025 18:23:24 GMT

Phong Le (CEO, $MSTR) joins True North to discuss bitcoin-backed credit products, the future of Strategy, BTC price dynamics, and what mainstream Bitcoin adoption could look like from the corporate and consumer side.

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