True North Podcast

<p>Agenda: </p> <ol> <li>Volume & Liquidity</li> <li>Sharpe Ratio vs Sortino Ratio - Risk / Return Metrics</li> <li>Market Happenings (MS / Citadel / Blackrock) </li> <li>When MSTR 1M BTC? </li> <li>TN Community Questions</li> </ol> <p>Thank you to our Sponsors: </p> <p>BitGo: <a href="https://www.bitgo.com/">https://www.bitgo.com/</a> </p> <p>Horizon: <a href="https://joinhorizon.com/?ref=TRUENORTH">https://joinhorizon.com/?ref=TRUENORTH</a> </p> <p>Have questions? Ask the team here: <a href="https://tnorth.com/ask/">https://tnorth.com/ask/</a> </p> <p>TRUE NORTH LINKS:</p> <ul> <li>True North Website: <a href="https://tnorth.com">https://tnorth.com</a></li> <li>X: <a href="https://x.com/MSTRTrueNorth">https://x.com/MSTRTrueNorth</a></li> <li>🛒 MERCH: <a href="https://thehodlshop.com/collections/t">https://thehodlshop.com/collections/t</a><a href="https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbFNVTEs3YzJWRFJtR050ZlAtVlo2WDRzMnV3Z3xBQ3Jtc0tsYlg0YURWVnpaZ0UyeDBWOWJHVDlQeGp0NkJqTGFmOW42Q3BxazQ5N0x2N3ZVYWV0aGYyeTlMR1dhT0kxbmZ1QVNtMmpTcmNrVmdLRk5fWF81ZDRHb2hVWnYtN0c5UXMzY1lTaWk4UnJTaUhNVS01VQ&q=https%3A%2F%2Fthehodlshop.com%2Fcollections%2Ftrue-north&v=x1S9bQoSDUg">…</a></li> <li>Youtube: <a href="https://www.youtube.com/channel/UCR9Q6w9zyf_KS2ujrzhoLyA"> / @btctruenorth </a></li> </ul> <p>MSTR Links:</p> <ul> <li><a href="https://www.mstr-tracker.com">https://www.mstr-tracker.com</a></li> <li><a href="https://saylortracker.com/">https://saylortracker.com/</a></li> <li><a href="https://robinhood.com/us/en/stocks/MSTR/">https://robinhood.com/us/en/stocks/MSTR/</a></li> <li><a href="https://www.strategy.com/">https://www.strategy.com/</a></li> <li><a href="https://strc.live/">https://strc.live/</a></li> </ul> <p>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.</p> <ul> <li>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 [<a href="http://www.sec.gov">www.sec.gov</a>](<a href="http://www.sec.gov).*">http://www.sec.gov).*</a></li> <li>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.</li> </ul>

<p>🧭 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. </p> <p>🎛️ As of this recording, 4/1/26, Strategy's (MSTR) performance:</p> <ul> <li>Open: $126.18</li> <li>Close: $122.78</li> <li>Volume: 15.4M Shares</li> <li>mNAV: ~1.19</li> <li>Market Cap: ~ $42.4B</li> <li>BTC: 762,099</li> </ul> <p>Have questions you want covered in the livestream? Ask them here: <a href="https://tnorth.com/ask/">https://tnorth.com/ask/</a> </p> <p>⏱️ TIMESTAMPS & INSIGHTS:</p> <ul> <li><a href="https://www.youtube.com/watch?v=fAldRInw4EA">00:00:00</a> - Episode Intro</li> <li><a href="https://www.youtube.com/watch?v=fAldRInw4EA&t=80s">00:01:20</a> - Agenda and current events: macro setup, topics, market context</li> <li><a href="https://www.youtube.com/watch?v=fAldRInw4EA&t=338s">00:05:38</a> - Bitcoin TradFi adoption: allocator perspective on mispricing</li> <li><a href="https://www.youtube.com/watch?v=fAldRInw4EA&t=529s">00:08:49</a> - Credit structuring mechanics: tranching volatility into yield layers</li> <li><a href="https://www.youtube.com/watch?v=fAldRInw4EA&t=667s">00:11:07</a> - Tokenization and liquidity: STRC volume, options, market structure</li> <li><a href="https://www.youtube.com/watch?v=fAldRInw4EA&t=869s">00:14:29</a> - Bear market strategy: building, educating, launching new products</li> <li><a href="https://www.youtube.com/watch?v=fAldRInw4EA&t=1361s">00:22:41</a> - MSTR balance sheet: leverage, BTC holdings, capital strength</li> <li><a href="https://www.youtube.com/watch?v=fAldRInw4EA&t=1605s">00:26:45</a> - Treasury company scaling: efficiency, multiples, capital allocation</li> <li><a href="https://www.youtube.com/watch?v=fAldRInw4EA&t=1861s">00:31:01</a> - Federal Reserve policy: liquidity, rates, balance sheet strategy</li> <li><a href="https://www.youtube.com/watch?v=fAldRInw4EA&t=2169s">00:36:09</a> - Macro complexity risks: second-order effects and system fragility</li> <li><a href="https://www.youtube.com/watch?v=fAldRInw4EA&t=2295s">00:38:15</a> - Liquidity trap dynamics: capital idle, velocity collapse, inflation risk</li> <li><a href="https://www.youtube.com/watch?v=fAldRInw4EA&t=2608s">00:43:28</a> - Debt and macro pressure: deficits, interest burden, systemic risk</li> <li><a href="https://www.youtube.com/watch?v=fAldRInw4EA&t=2747s">00:45:47</a> - Portfolio and digital credit: allocation shift, yield vs volatility</li> <li><a href="https://www.youtube.com/watch?v=fAldRInw4EA&t=3416s">00:56:56</a> - Bitcoin allocation shift: portfolio transition, risk and time horizon</li> <li><a href="https://www.youtube.com/watch?v=fAldRInw4EA&t=3552s">00:59:12</a> - Bitcoin risk framework: counterparty risk, allocation philosophy shift</li> <li><a href="https://www.youtube.com/watch?v=fAldRInw4EA&t=3943s">01:05:43</a> - Equity purpose rethink: cash flow claims vs speculative growth</li> <li><a href="https://www.youtube.com/watch?v=fAldRInw4EA&t=4240s">01:10:40</a> - Scarcity premium thesis: Bitcoin vs traditional monetary assets</li> <li><a href="https://www.youtube.com/watch?v=fAldRInw4EA&t=4454s">01:14:14</a> - Equity capital mechanics: purpose of equity and capital raising role</li> <li><a href="https://www.youtube.com/watch?v=fAldRInw4EA&t=4795s">01:19:55</a> - Equity market incentives: EPS focus, buybacks, capital allocation</li> <li><a href="https://www.youtube.com/watch?v=fAldRInw4EA&t=4970s">01:22:50</a> - Bitcoin adoption curve: talent inflow, ecosystem growth, structural shift</li> <li><a href="https://www.youtube.com/watch?v=fAldRInw4EA&t=5200s">01:26:40</a> - Ownership and concentration: conviction bets vs diversification tradeoffs</li> <li><a href="https://www.youtube.com/watch?v=fAldRInw4EA&t=5380s">01:29:40</a> - Volatility risk framing: perceived volatility vs actual systemic risk</li> <li><a href="https://www.youtube.com/watch?v=fAldRInw4EA&t=5588s">01:33:08</a> - Risk underwriting approach: probability, downside, survivability focus</li> <li><a href="https://www.youtube.com/watch?v=fAld

<p>🧭 True North episode 60: </p> <p>🎛️ As of this recording, 3/25/26, Strategy's (MSTR) performance: </p> <p>* Open: $144.99 </p> <p>* Close: $140.40 </p> <p>* Volume: 18.7M Shares </p> <p>* mNAV: ~1.19 </p> <p>* Market Cap: ~ $48.8 and 3B </p> <p>* BTC: 762,099 </p> <p>⏱️ TIMESTAMPS & INSIGHTS: </p> <p>* 00:00:00 - Intro: Podcast setup and discussion scope </p> <p>* 00:02:18 - Market Events Overview: Macro news and volatility drivers </p> <p>* 00:04:52 - Information Warfare Shift: Social media distorts market signals </p> <p>* 00:06:50 - Geopolitical Risk Premium: Conflict uncertainty drives Bitcoin demand </p> <p>* 00:08:58 - MSTR Capital Strategy: ATM programs and capital structure expansion </p> <p>* 00:12:52 - STRC Arbitrage Window: Record date flows and liquidity dynamics </p> <p>* 00:17:50 - Options Hedging Framework: Intraweek options and credit hedging strategies </p> <p>* 00:20:28 - Carry Trade Risks: Dividend timing and execution risk dynamics </p> <p>* 00:26:04 - Yield Stability Thesis: Dividend demand and arbitrage compression </p> <p>* 00:31:35 - Private Credit Breakdown: Liquidity stress and structural cracks </p> <p>* 00:37:13 - Generational Capital Shift: Wealth transfer and investment behavior </p> <p>* 00:39:15 - Real Estate Thesis: Land value, credit, and AI impact </p> <p>* 00:50:20 - Credit Rating Debate: Bitcoin valuation and rating implications </p> <p>* 00:54:10 - Cost of Capital Dynamics: Yield thresholds and capital allocation shifts </p> <p>* 00:58:21 - Bitcoin Re-Rating Catalyst: Credit upgrade and S&P inclusion implications </p> <p>* 01:02:03 - Digital Credit Strategy: Revenue model and business pivot decisions </p> <p>* 01:06:19 - Market Perception Shift: Bitcoin legitimacy and institutional framing </p> <p>* 01:09:09 - Bitcoin Legitimacy Curve: Institutional adoption and risk reframing </p> <p>* 01:15:10 - Digital Credit Platform: Tools, models, and research ecosystem </p> <p>* 01:20:47 - AI Compute Economics: Monetization models and infrastructure risks </p> <p>* 01:35:04 - AI Infrastructure Evolution: Local models and compute commoditization </p> <p>* 01:38:50 - Local AI Breakthrough: Compression enables on-device intelligence </p> <p>* 01:46:55 - Digital Capital Future: Bitcoin, AI, and credit convergence </p> <p>* 01:54:39 - Closing thoughts </p> <p>Powered by: </p> <p>Strive: <a href="https://Strive.com">https://Strive.com</a> </p> <p>True North Website: <a href="https://www.tnorth.com">https://www.tnorth.com</a> </p> <p>Thank you to our Sponsors: </p> <p>BitGo: <a href="https://www.bitgo.com/">https://www.bitgo.com/</a> </p> <p>Horizon: <a href="https://joinhorizon.com/?ref=TRUENORTH">https://joinhorizon.com/?ref=TRUENORTH</a> </p> <p>TRUE NORTH LINKS: </p> <p>* True North Website: <a href="https://www.mstrtruenorth.com">https://tnorth.com</a> </p> <p>* X: <a href="https://x.com/MSTRTrueNorth">https://x.com/MSTRTrueNorth</a> </p> <p>* 🛒 MERCH: <a href="https://thehodlshop.com/collections/true-north">https://thehodlshop.com/collections/true-north</a> </p> <p>* Youtube: @MSTRTrueNorth </p> <p>MSTR Links: </p> <p>* <a href="https://www.mstr-tracker.com">https://www.mstr-tracker.com</a> </p> <p>* <a href="https://saylortracker.com/">https://saylortracker.com/</a> </p> <p>* <a href="https://robinhood.com/us/en/stocks/MSTR/">https://robinhood.com/us/en/stocks/MSTR/</a> </p> <p>* <a href="https://www.strategy.com/">https://www.strategy.com/</a> </p> <p>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. </p> <p>• <em>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 supplemen

<p>🧭 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. </p> <p>🎛️ As of this recording, 3/18/26, Strategy's (MSTR) performance:</p> <ul> <li>Open: $144.99</li> <li>Close: $140.56</li> <li>Volume: 21.3M Shares</li> <li>mNAV: ~1.22</li> <li>Market Cap: ~ $44.64B</li> <li>BTC: 761,068</li> </ul> <p>⏱️ TIMESTAMPS & INSIGHTS:</p> <ul> <li><a href="https://www.youtube.com/watch?v=YFgJVIhc79E">00:00:00</a> - Intro</li> <li><a href="https://www.youtube.com/watch?v=YFgJVIhc79E&t=294s">00:04:54</a> - Top of mind: Stretch adoption and Bitcoin positioning</li> <li><a href="https://www.youtube.com/watch?v=YFgJVIhc79E&t=484s">00:08:04</a> - Bitcoin cycle outlook: ETF flows and halving cycle expectations</li> <li><a href="https://www.youtube.com/watch?v=YFgJVIhc79E&t=609s">00:10:09</a> - Bitcoin balance sheet model: Capital structure, leverage, and liquidity design</li> <li><a href="https://www.youtube.com/watch?v=YFgJVIhc79E&t=810s">00:13:30</a> - Capital structure design: Volatility split and financial engineering</li> <li><a href="https://www.youtube.com/watch?v=YFgJVIhc79E&t=877s">00:14:37</a> - Capital structure amplification: Preferred equity mechanics and Bitcoin per share growth</li> <li><a href="https://www.youtube.com/watch?v=YFgJVIhc79E&t=1116s">00:18:36</a> - Bitcoin liquidity engine: Institutional trading volume and capital market access</li> <li><a href="https://www.youtube.com/watch?v=YFgJVIhc79E&t=1268s">00:21:08</a> - ATM issuance strategy: Shelf sizing, filings, and market psychology effects</li> <li><a href="https://www.youtube.com/watch?v=YFgJVIhc79E&t=1481s">00:24:41</a> - Market priced preferred yield: Open market dividend discovery and rate stabilization</li> <li><a href="https://www.youtube.com/watch?v=YFgJVIhc79E&t=1628s">00:27:08</a> - Bank preferred risk analysis: Legacy structures, yield opacity, and credit uncertainty</li> <li><a href="https://www.youtube.com/watch?v=YFgJVIhc79E&t=1793s">00:29:53</a> - Bank credit opacity risks: Balance sheet complexity and rating uncertainty explained</li> <li><a href="https://www.youtube.com/watch?v=YFgJVIhc79E&t=2025s">00:33:45</a> - Credit rerating catalyst: Market disruption and systemic repricing risk unfolds</li> <li><a href="https://www.youtube.com/watch?v=YFgJVIhc79E&t=2230s">00:37:10</a> - Credit market breakdown: Private credit cracks, insurance risk, and forced selling dynamics</li> <li><a href="https://www.youtube.com/watch?v=YFgJVIhc79E&t=2715s">00:45:15</a> - Credit market response: Capital rotation, government intervention, and bullish demand dynamics</li> <li><a href="https://www.youtube.com/watch?v=YFgJVIhc79E&t=2982s">00:49:42</a> - Bitcoin acquisition engine: Strategy scaling purchases and supply absorption dynamics</li> <li><a href="https://www.youtube.com/watch?v=YFgJVIhc79E&t=3330s">00:55:30</a> - Bitcoin demand acceleration: Market liquidity, top buying, and supply shock dynamics</li> <li><a href="https://www.youtube.com/watch?v=YFgJVIhc79E&t=3669s">01:01:09</a> - Bitcoin performance breakout: Sharpe ratio, supply capture, and inflection catalysts</li> <li><a href="https://www.youtube.com/watch?v=YFgJVIhc79E&t=3947s">01:05:47</a> - AI driven investing edge: Data structuring, modeling, and decision advantage</li> <li><a href="https://www.youtube.com/watch?v=YFgJVIhc79E&t=4168s">01:09:28</a> - Capital allocation strategy: Digital credit, liquidity positioning, and balance sheet optimization</li> <li><a href="https://www.youtube.com/watch?v=YFgJVIhc79E&t=4520s">01:15:20</a> - Capital markets execution: ATM strategy, dividend arbitrage, and timing dynamics</li> <li><a href="https://www.youtube.com/watch?v=YFgJVIhc79E&t=4869s">01:21:09</a> - Bitcoin milestone trajectory: Million BTC target, projections, and valuation comparisons</li> <li><a href="https://www.youtube.com/watch?v=YFgJVIhc79E&t=5200s">01:26:40</a> - Bitcoin price trajectory: Million dollar targets and vertical market repricing thesis</li> <li><a href="https://www.youtube.com/watch?v=YFgJVIhc79E&t=5440s">01:30:40</a> - Digital credit narrative: Market adoption, exclusivity, an

<p>🧭 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. </p> <p>🎛️ As of this recording, 3/11/26, Strategy's (MSTR) performance:</p> <ul> <li>Open: $139.81</li> <li>Close: $138.33</li> <li>Volume: 15.6M Shares</li> <li>mNAV: ~1.21</li> <li>Market Cap: ~ $46.16B</li> <li>BTC: 738,731</li> </ul> <p>⏱️ TIMESTAMPS & INSIGHTS:</p> <ul> <li><a href="https://www.youtube.com/watch?v=_BUT5f9tRNM">00:00:00</a> - Intro</li> <li><a href="https://www.youtube.com/watch?v=_BUT5f9tRNM&t=189s">00:03:09</a> - Digital Credit Opportunity: Early adoption and institutional awareness gap</li> <li><a href="https://www.youtube.com/watch?v=_BUT5f9tRNM&t=395s">00:06:35</a> - Bear Market Capital Raise: Strategy raises $1.2B to accumulate Bitcoin</li> <li><a href="https://www.youtube.com/watch?v=_BUT5f9tRNM&t=544s">00:09:04</a> - Monetary Debasement Risks: Expanding money supply and structural deficits</li> <li><a href="https://www.youtube.com/watch?v=_BUT5f9tRNM&t=662s">00:11:02</a> - Bitcoin Financial Instruments: Derivatives and securities built on BTC liquidity</li> <li><a href="https://www.youtube.com/watch?v=_BUT5f9tRNM&t=885s">00:14:45</a> - Volatility vs Yield Products: Bitcoin equity exposure versus income instruments</li> <li><a href="https://www.youtube.com/watch?v=_BUT5f9tRNM&t=1169s">00:19:29</a> - Corporate Liquidity Allocation: Balance sheet tranching and treasury strategy</li> <li><a href="https://www.youtube.com/watch?v=_BUT5f9tRNM&t=1403s">00:23:23</a> - Institutional Adoption Signals: Wall Street firms validating digital credit markets</li> <li><a href="https://www.youtube.com/watch?v=_BUT5f9tRNM&t=1650s">00:27:30</a> - STRC Capital Expansion: Rapid capital raises and scalable credit structure</li> <li><a href="https://www.youtube.com/watch?v=_BUT5f9tRNM&t=1872s">00:31:12</a> - Bitcoin Growth Projections: Modeling paths toward $1M–$2M Bitcoin prices</li> <li><a href="https://www.youtube.com/watch?v=_BUT5f9tRNM&t=2257s">00:37:37</a> - Private Credit Market Cracks: Liquidity gates and systemic risks emerging</li> <li><a href="https://www.youtube.com/watch?v=_BUT5f9tRNM&t=2589s">00:43:09</a> - Private Credit Illiquidity: Leveraged institutions exposed to opaque assets</li> <li><a href="https://www.youtube.com/watch?v=_BUT5f9tRNM&t=2790s">00:46:30</a> - Rating Agency Barriers: Institutional adoption constrained by credit frameworks</li> <li><a href="https://www.youtube.com/watch?v=_BUT5f9tRNM&t=2853s">00:47:33</a> - Rating Agency Constraints: Insurance leverage and institutional capital rules</li> <li><a href="https://www.youtube.com/watch?v=_BUT5f9tRNM&t=3154s">00:52:34</a> - STRC Confidence Signals: Strong investor conviction and refusal to sell below par</li> <li><a href="https://www.youtube.com/watch?v=_BUT5f9tRNM&t=3373s">00:56:13</a> - STRC Price Floor Strategy: Incentives preventing sales below par value</li> <li><a href="https://www.youtube.com/watch?v=_BUT5f9tRNM&t=3605s">01:00:05</a> - Retail Demand Expansion: Growing investor interest in monthly yield products</li> <li><a href="https://www.youtube.com/watch?v=_BUT5f9tRNM&t=3965s">01:06:05</a> - Investor Transparency Tools: Dashboards simplify yield and risk analysis</li> <li><a href="https://www.youtube.com/watch?v=_BUT5f9tRNM&t=4335s">01:12:15</a> - Bitcoin Balance Sheet Thesis: Corporate strategy and macro risk positioning</li> <li><a href="https://www.youtube.com/watch?v=_BUT5f9tRNM&t=4554s">01:15:54</a> - Probabilistic Risk Management: Avoid mispricing volatility risks</li> <li><a href="https://www.youtube.com/watch?v=_BUT5f9tRNM&t=4697s">01:18:17</a> - Bitcoin Adoption Pathways: Yield products onboarding investors into Bitcoin</li> <li><a href="https://www.youtube.com/watch?v=_BUT5f9tRNM&t=5105s">01:25:05</a> - Credit Market Foundations: Building track record for scalable digital credit products</li> <li><a href="https://www.youtube.com/watch?v=_BUT5f9tRNM&t=5344s">01:29:04</a> - Technology Adoption Uncertainty: Modeling disruptive innovations like Bitcoin</li> <li><a href="https://www.youtube.com/watch?v=_B

<p>🧭 MSTR True North episode 57: </p> <p>🎛️ As of this recording, 3/5/26, Strategy's (MSTR) performance: </p> <p>* Open: $143.83 </p> <p>* Close: $146.44 </p> <p>* Volume: 37.4M Shares </p> <p>* mNAV: ~1.22 </p> <p>* Market Cap: ~ $48.9B </p> <p>* U.S. Market Cap Ranking: ~#220 </p> <p>* BTC: 720,737 </p> <p>⏱️ TIMESTAMPS & INSIGHTS: </p> <p>* 00:00:00 - Intro agenda framing: NFA context and True North overview </p> <p>* 00:02:50 - True North Event Insights: Global investors discuss Bitcoin credit innovation </p> <p>* 00:10:20 - Bitcoin Gravity Trade: Macro capital flows toward BTC strategies </p> <p>* 00:14:17 - Bitcoin Credit Flywheel: STRC demand potentially driving $1M BTC </p> <p>* 00:17:01 - Capital Structure Strategy: Bitcoin buybacks and amplification dynamics </p> <p>* 00:23:48 - Capital Stack Instruments: Strike and STRD positioning within Strategy credit structure </p> <p>* 00:28:10 - Credit Risk Mispricing: Markets misunderstanding STRC capital stack </p> <p>* 00:30:18 - Geopolitical Macro Signals: Conflict uncertainty and capital deployment </p> <p>* 00:35:34 - Policy Catalysts: Regulatory shifts supporting Bitcoin adoption </p> <p>* 00:39:00 - MSTR STRC Trading Pair: Rotating equity and credit exposure </p> <p>* 00:42:00 - Corporate Treasury Strategy: Companies adopting STRC as high-yield cash reserve </p> <p>* 00:48:25 - Bond Market Disruption: Digital credit liquidity vs traditional prefs </p> <p>* 00:55:49 - Private Credit Trap: Illiquidity risk and locked capital </p> <p>* 00:59:31 - Bitcoin Analytics Tools: STRC dashboards and yield calculators </p> <p>* 01:03:46 - AI Risk Pricing: Machines reallocating capital toward digital credit </p> <p>* 01:10:21 - Corporate Bitcoin Treasuries: BTC balance sheets improving credit access </p> <p>* 01:15:16 - Institutional STRC Demand: Desks and buyers driving issuance </p> <p>* 01:16:57 - Downside Protection Trade: STRC put strategy for asymmetric yield </p> <p>* 01:21:45 - Digital Equity Model: Bitcoin capital vs credit volatility transfer </p> <p>* 01:25:05 - Market Cycle Timing: Navigating bull and bear uncertainty </p> <p>* 01:28:57 - Perpetual Funding Model: Financing projects with infinite duration capital </p> <p>* 01:31:55 - Monetary Debasement Hedge: Stretch as non-debasing capital instrument </p> <p>* 01:35:22 - Institutional Education Gap: Comparing digital credit to legacy bonds </p> <p>* 01:37:30 - STRC Adoption Curve: Path toward $300B preferred market scale </p> <p>* 01:40:29 - Credit First Strategy: Saylor prioritizes balance sheet strength </p> <p>* 01:42:47 - Capital Amplification Engine: Digital credit expanding Bitcoin exposure </p> <p>* 01:44:28 - Banking Infrastructure Shift: Wall Street adapting to crypto capital </p> <p>* 01:47:28 - Banking System Pressure: Bitcoin reserves challenging traditional rehypothecation model </p> <p>* 01:52:02 - Control System Debate: AI, stablecoins, and financial surveillance </p> <p>MSTR TRUE NORTH LINKS: </p> <p>* True North Website: <a href="https://www.mstrtruenorth.com">https://www.mstrtruenorth.com</a> </p> <p>* X: <a href="https://x.com/MSTRTrueNorth">https://x.com/MSTRTrueNorth</a> </p> <p>* 🛒 MERCH: <a href="https://thehodlshop.com/collections/true-north">https://thehodlshop.com/collections/true-north</a> </p> <p>* Youtube: @MSTRTrueNorth </p> <p>MSTR Links: </p> <p>* <a href="https://www.mstr-tracker.com">https://www.mstr-tracker.com</a> </p> <p>* <a href="https://saylortracker.com/">https://saylortracker.com/</a> </p> <p>* <a href="https://robinhood.com/us/en/stocks/MSTR/">https://robinhood.com/us/en/stocks/MSTR/</a> </p> <p>* <a href="https://www.strategy.com/">https://www.strategy.com/</a></p> <p>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.</p> <p>• <em>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 issuer

<p>🧭 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.</p> <p>🎛️ As of this recording, 2/18/26, Strategy's (MSTR) performance: <em>Open: $127.63</em> Close: $125.20 <em>Volume: 17.31M Shares</em> mNAV: ~0.99 <em>Market Cap: ~ $44.5B</em> U.S. Market Cap Ranking: ~#246 <em>BTC: 717,131</em></p> <p><em>⏱️ TIMESTAMPS & INSIGHTS:</em></p> <p>00:00:00 - Intro agenda framing: NFA context and True North overview</p> <p><em>00:03:01 - Bear Market Sentiment: Bitcoin Investor Week tone, stablecoin utility, and builder resilience</em></p> <p>00:10:14 - Institutional Pricing Signal: Strategy leverage, preferred credit quality, and market confidence</p> <p><em>00:13:43 - Conviction Over Price: Unflappable mindset, opportunity cost, and long-term Bitcoin allocation</em></p> <p>00:17:04 - Moving Average Analysis: 200-week trend strength, Tesla comparison, and Strategy valuation reset</p> <p><em>00:21:18 - Death Cross Dynamics: Technical lag, bottom timing risk, and Strategy mispricing debate</em></p> <p>00:24:10 - Binary Risk Framing: Zero thesis, refinancing fears, and long-term leverage confidence</p> <p><em>00:30:05 - Bitcoin-Gold Ratio: Relative valuation and macro positioning</em></p> <p>00:30:00 - M2 Money Supply Framework: Bitcoin adjusted for monetary expansion and debasement baseline</p> <p><em>00:35:35 - Correlation Breakdown: Commodities spike, multi-strat deleveraging, and Bitcoin price pressure</em></p> <p>00:40:07 - Private Credit Liquidity Risk: Redemption halts, digital credit transparency, and STRC durability</p> <p><em>00:47:08 - Preferred TAM Expansion: Capital stack opportunity size</em></p> <p>00:49:14 - Supply Convergence Model: Strategy vs remaining Bitcoin issuance</p> <p><em>00:48:50 - Bitcoin Supply & AI Shock: Issuance math and exponential disruption</em></p> <p>00:58:00 - AI Disruption Wave: Cost collapse, software commoditization, and capital flight to Bitcoin</p> <p><em>01:04:25 - Capital Market Disruption: AI acceleration compressing equity durability and IPO stability</em></p> <p>01:08:39 - Digital Credit Track Record: STRC durability, liquidity edge, and goodwill risk exposure <em>01:12:24 - Strategy World 2026 Preview: True North event agenda and digital credit focus</em> 01:16:15 - Strategy Capital Plan Debate: ATM runway, preferred issuance, and demand elasticity <em>01:19:28 - Stretch Distribution Focus: Digital credit education and execution phase</em></p> <p>01:23:23 - Yield Spread Advantage: STRC vs stablecoins and capital stack strength <em>01:28:24 - On-Chain Capital Rotation: Stablecoin yield switch into STRC</em></p> <p>01:30:24 - Regulatory & Exponential Convergence: Stablecoin policy momentum and AI-driven Bitcoin adoption</p> <p><em>01:30:24 - Bull Market Convexity: Balance sheet structure and Bitcoin per share expansion</em> 01:40:07 - Final Thoughts: Fiscal debasement and long-term Bitcoin conviction</p> <p>Be part of the True North In-Side Event experience.</p> <p>Tickets available here: 👉 <a href="https://luma.com/tnb4c26">https://luma.com/tnb4c26</a></p> <p>Strategy World sign-up: <a href="https://www.strategysoftware.com/world26/register">https://www.strategysoftware.com/world26/register</a></p> <p>Use discount code TrueNorth for 20% off your registration—just a little bonus for our True North community.</p> <p>MSTR TRUE NORTH LINKS:</p> <p><em>True North Website: <a href="https://www.mstrtruenorth.com">https://www.mstrtruenorth.com</a></em></p> <p>X: <a href="https://x.com/MSTRTrueNorth">https://x.com/MSTRTrueNorth</a></p> <p><em>🛒 MERCH: <a href="https://thehodlshop.com/collections/true-north">https://thehodlshop.com/collections/true-north</a></em></p> <p>Youtube: @MSTRTrueNorth</p> <p>MSTR Links: <a href="https://www.mstr-tracker.com"><em>https://www.mstr-tracker.com</em></a> <a href="https://saylortracker.com/">https://saylortracker.com/</a> <a href="https://robinhood.com/us/en/stocks/MSTR/"><em>https://robinhood.com/us/en/stocks/MSTR/</em></a> <a href="https://www.strategy.com/">https://www.strateg

<p>🧭 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.</p> <p>🎛️ As of this recording, 2/11/26, Strategy's (MSTR) performance: <em>Open: $133.68</em> Close: $126.07 <em>Volume: 25.84M Shares</em> mNAV: ~0.95 <em>Market Cap: ~ $41.9B</em> U.S. Market Cap Ranking: 252 <em>BTC: 714,644</em></p> <p><em>⏱️ TIMESTAMPS & INSIGHTS:</em></p> <p>00:00:00 - Intro agenda framing: NFA context and True North overview</p> <p><em>00:03:36 - Bitcoin Mindset Shift: Personal wealth framework transformation</em></p> <p>00:06:06 - MSTR Relative Strength: Premium signaling potential bottom</p> <p><em>00:08:26 - Balance Sheet Expansion: Billions raised and liquidity strength</em></p> <p>00:09:28 - Risk Mispricing Debate: Bitcoin supply underwriting blind spot</p> <p><em>00:11:03 - Options Yield Strategies: Dividend pricing and put premiums</em></p> <p>00:13:20 - AI Prompting & Workflow: Stress testing valuation frameworks</p> <p><em>00:15:32 - Strategy World Preview: Treasury operators and securitization focus</em></p> <p>00:20:17 - Bitcoin Treasury Growth: 100K to 714K BTC scale</p> <p><em>00:23:00 - Market Sentiment & Macro: 2026 ATH polls and Goldilocks outlook</em></p> <p>00:26:39 - Bitcoin Per Share Context: KPI adoption and seasoning phase</p> <p><em>00:30:15 - Preferred Equity Acceleration: Rapid STRF STRD STRC expansion</em></p> <p>00:33:06 - BTC Exposure Debate: Leverage mechanics and dilution tradeoffs</p> <p><em>00:35:55 - Capital Structure Pivot: Converts toward perpetual preferred era</em></p> <p>00:38:53 - Public Pref Market Shift: Tickered equity and retail access</p> <p><em>00:42:05 - STRC Market Data Review: Yield stability despite BTC drawdown</em></p> <p>00:46:55 - Media Narrative & Refi Risk: $8K scenario and press dynamics</p> <p><em>00:51:51 - Capital Raise Velocity: Scaling from millions to billions</em></p> <p>00:54:11 - Institutional Execution Reality: Timing risk and OTC mechanics</p> <p><em>00:58:13 - Coinbase Valuation Gap: Leverage, goodwill, and moat contrast</em></p> <p>01:05:00 - Treasury Model Walkthrough: BTC growth and dilution math</p> <p><em>01:17:15 - mNAV & CAGR Sensitivity: Growth scenarios toward $1M target</em></p> <p>01:19:04 - Final Thoughts: Weather volatility and long-term conviction</p> <p>Be part of the True North In-Side Event experience.</p> <p>Tickets available here: 👉 <a href="https://luma.com/tnb4c26">https://luma.com/tnb4c26</a></p> <p>Strategy World sign-up: <a href="https://www.strategysoftware.com/world26/register">https://www.strategysoftware.com/world26/register</a></p> <p>Use discount code TrueNorth for 20% off your registration—just a little bonus for our True North community.</p> <p>MSTR TRUE NORTH LINKS:</p> <p><em>True North Website: <a href="https://www.mstrtruenorth.com">https://www.mstrtruenorth.com</a></em></p> <p>X: <a href="https://x.com/MSTRTrueNorth">https://x.com/MSTRTrueNorth</a></p> <p><em>🛒 MERCH: <a href="https://thehodlshop.com/collections/true-north">https://thehodlshop.com/collections/true-north</a></em></p> <p>Youtube: @MSTRTrueNorth</p> <p>MSTR Links: <a href="https://www.mstr-tracker.com"><em>https://www.mstr-tracker.com</em></a> <a href="https://saylortracker.com/">https://saylortracker.com/</a> <a href="https://robinhood.com/us/en/stocks/MSTR/"><em>https://robinhood.com/us/en/stocks/MSTR/</em></a> <a href="https://www.strategy.com/">https://www.strategy.com/</a></p> <p>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. </p> <p>• <em>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

<p>🧭 MSTR True North episode 54:</p> <p>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.</p> <p>🎛️ As of this recording, 2/4/26, Strategy's (MSTR) performance: <em>Open: $120.25</em> Close: $129.09 <em>Volume: 23.8M Shares</em> mNAV: ~1.03 <em>Market Cap: ~$38.9B</em> U.S. Market Cap Ranking: <em>BTC: 713,502</em></p> <p><em>⏱️ TIMESTAMPS & INSIGHTS:</em></p> <p>00:00:00 - Intro agenda framing: NFA context and True North overview</p> <p><em>00:03:38 - Bitcoin market drawdown: 42 percent decline framing</em></p> <p>00:09:23 - Proof of reserves debate: Custody transparency and risk</p> <p><em>00:12:39 - Macro framework setup: Rates liquidity and context</em></p> <p>00:15:10 - Macro regime comparison: Liquidity rising versus 2022 contraction</p> <p><em>00:18:02 - MSTR market dynamics: Equity pressure and hedging behavior</em></p> <p>00:20:00 - Institutional market lens: Event context and capital markets views</p> <p><em>00:26:25 - Margin call misconceptions: Liquidity versus leverage reality</em></p> <p>00:28:41 - Capital structure deep dive: Balance sheet leverage and FUD breakdown</p> <p><em>0:35:35 - Accretion and convexity mechanics: Bitcoin per share and upside asymmetry</em></p> <p>00:41:12 - Capital model transition: Converts replaced by preferred equity</p> <p><em>00:43:12 - Regulatory and stablecoin shifts: TradFi integration</em></p> <p>00:46:04 - Bitcoin treasury model: Balance sheet-first companies</p> <p><em>00:51:07 - Treasury concentration risk: Dominant holder analysis</em></p> <p>00:55:04 - Bitcoin scarcity math: Rule of 72 framework</p> <p><em>00:57:25 - Coverage framework reset: Net capital versus leverage fear</em></p> <p>01:05:29 - Capital stack hierarchy: Senior debt preferred and equity</p> <p><em>01:10:08 - Converts versus common equity: Dilution and coverage math</em></p> <p>01:13:33 - Upcoming earnings call: What to watch and why it matters</p> <p><em>01:20:49 - Balance sheet resilience: Liquidity runway and no margin calls</em></p> <p>01:27:45 - Treasury concentration and survivability: Why failures don’t matter</p> <p><em>01:32:38 - Treasury concentration math: Scale dominance and systemic impact</em></p> <p>01:35:41 - Bitcoin technical distributions: Wallet structure and custody flows</p> <p><em>01:41:14 - Short risk asymmetry: Explosive upside and forced covering</em></p> <p>01:42:50 - Balance sheet endgame: Bitcoin as reserve asset</p> <p><em>01:45:08 - Final thoughts from the team</em></p> <p><em>Be part of the True North In-Side Event experience. Tickets available here: 👉 <a href="https://luma.com/tnb4c26">https://luma.com/tnb4c26</a></em></p> <p><em>Strategy World sign-up: <a href="https://www.strategysoftware.com/world26/register">https://www.strategysoftware.com/world26/register</a></em></p> <p><em>Use discount code TrueNorth for 20% off your registration—just a little bonus for our True North community.</em></p> <p><em>MSTR TRUE NORTH LINKS:</em></p> <p>True North Website: <a href="https://www.mstrtruenorth.com">https://www.mstrtruenorth.com</a></p> <p><em>X: <a href="https://x.com/MSTRTrueNorth">https://x.com/MSTRTrueNorth</a></em></p> <p>🛒 MERCH: <a href="https://thehodlshop.com/collections/true-north">https://thehodlshop.com/collections/true-north</a></p> <p><em>Youtube: @MSTRTrueNorth</em></p> <p><em>MSTR Links:</em> <a href="https://www.mstr-tracker.com">https://www.mstr-tracker.com</a> <a href="https://saylortracker.com/"><em>https://saylortracker.com/</em></a> <a href="https://robinhood.com/us/en/stocks/MSTR/">https://robinhood.com/us/en/stocks/MSTR/</a> * <a href="https://www.strategy.com/">https://www.strategy.com/</a></p> <p>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. Al

<p>🧭 MSTR True North episode 53:</p> <p>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.</p> <p>🎛️ As of this recording, 1/28/26, Strategy's (MSTR) performance: <em>Open: $164.45</em> Close: $158.45 <em>Volume: 14.08M Shares</em> mNAV: 0.91 <em>Market Cap: $57.70B</em> U.S. Market Cap Ranking: ~#200 <em>BTC: 712,647</em></p> <p><em>⏱️ TIMESTAMPS & INSIGHTS:</em> 00:00:00 - Intro: NFA agenda and True North overview</p> <p><em>00:03:38 - Credit risk overview: Metals mania and risk framing</em></p> <p>00:06:34 - Preferred equity dynamics: Issuance demand and mNAV behavior</p> <p><em>00:10:53 - Risk-off credit rotation: Stress testing yield products</em></p> <p>00:13:30 - MSTR balance sheet leverage: Assets debt and pref math</p> <p><em>00:17:15 - Macro incentives outlook: Election liquidity tailwinds</em></p> <p>00:18:25 - True North Vegas event: Digital credit and macro agenda</p> <p><em>00:23:41 - Metals market structure: Silver surge and physical premiums</em></p> <p>00:31:02 - Tether reserve strategy: Gold and Bitcoin accumulation</p> <p><em>00:34:22 - Bitcoin adoption curve: Capital rotation mechanics</em></p> <p>00:37:05 - Sovereign risk signals: Yen and risk free rates</p> <p><em>00:40:55 - Gold revaluation theory: Bitcoin reserve funding idea</em></p> <p>00:44:03 - Algorithmic digital credit: Machines prefer native assets</p> <p><em>00:49:32 - Bitcoin as AI hedge: Passive exposure to innovation</em></p> <p>00:54:02 - Risk reward framing: Digital convenience tradeoffs</p> <p><em>00:58:35 - Preferred equity modeling: Amplification risk analysis</em></p> <p>01:03:01 - mNAV downside math: Collateral threshold scenarios</p> <p><em>01:07:02 - Macaulay duration focus: Dividend obligation stress</em></p> <p>01:12:07 - Institutional underwriting: Capital absorbs Bitcoin risk</p> <p><em>01:15:52 - STRC drawdown case: Yield spikes create opportunity</em></p> <p>01:22:16 - Bitcoin earnings model: Interest coverage framework</p> <p><em>01:27:00 - High amplification scenario: USD reserves versus returns</em></p> <p>01:32:47 - Cash reserve signaling: Ratings driven capital buffers</p> <p><em>01:39:18 - Financial engineering example: Real estate leverage analogy</em></p> <p>01:43:50 - Digital credit parity: Comparing high yield debt</p> <p><em>01:48:05 - Fair value accounting: Bitcoin treasury volatility optics</em></p> <p>01:53:44 - Final thoughts: Roundtable final takes</p> <p>Be part of the True North In-Side Event experience.</p> <p>Tickets available here: 👉 <a href="https://luma.com/tnb4c26">https://luma.com/tnb4c26</a></p> <p>Strategy World sign-up: <a href="https://www.strategysoftware.com/world26/register">https://www.strategysoftware.com/world26/register</a></p> <p>Use discount code TrueNorth for 20% off your registration—just a little bonus for our True North community.</p> <p>MSTR TRUE NORTH LINKS:</p> <p><em>True North Website: <a href="https://www.mstrtruenorth.com">https://www.mstrtruenorth.com</a></em></p> <p>X: <a href="https://x.com/MSTRTrueNorth">https://x.com/MSTRTrueNorth</a></p> <p><em>🛒 MERCH: <a href="https://thehodlshop.com/collections/true-north">https://thehodlshop.com/collections/true-north</a></em></p> <p>Youtube: @MSTRTrueNorth</p> <p>MSTR Links: <a href="https://www.mstr-tracker.com"><em>https://www.mstr-tracker.com</em></a> <a href="https://saylortracker.com/">https://saylortracker.com/</a> <a href="https://robinhood.com/us/en/stocks/MSTR/"><em>https://robinhood.com/us/en/stocks/MSTR/</em></a> <a href="https://www.strategy.com/">https://www.strategy.com/</a></p> <p>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. </p> <p>• <em>True North does not intend

<p>🧭 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.</p> <p>🎛️ As of this recording, 1/21/26, Strategy's (MSTR) performance: <em>Open: $161.27</em> Close: $163.81 <em>Volume: 18,440,820 Shares</em> mNAV: 1.07 <em>Market Cap: $54.09B</em> U.S. Market Cap Ranking: #201 <em>BTC: 709,715</em></p> <p><em>⏱️ TIMESTAMPS & INSIGHTS:</em></p> <p>00:00:00 - Intro: NFA, agenda and True North overview</p> <p><em>00:02:09 - Stretch price behavior: Volatility compression versus Bitcoin</em></p> <p>00:04:18 - Balance sheet strategy: 1x mNAV and ATM expansion logic</p> <p><em>00:06:49 - Capital structure model: Bitcoin, equity, credit flywheel</em></p> <p>00:09:43 - Yield curve control: Variable dividend preferred mechanics</p> <p><em>00:11:07 - Supply discipline approach: Peg defense and issuance limits</em></p> <p>00:13:30 - Rate cut asymmetry: Falling rates boost credit spread</p> <p><em>00:15:27 - TN event: join the crew in Las Vegas</em></p> <p>00:16:51 - Fiscal dominance reality: Structural US deficit regime</p> <p><em>00:20:05 - Monetary financing loop: Deficits force money creation</em></p> <p>00:23:10 - Debt compounding risk: Interest burden and debasement cycle</p> <p><em>00:26:46 - Product market fit: Stretch outperforming other credit tools</em></p> <p>00:29:37 - Fiscal responsibility debate: Fed, deficits, real rate risk</p> <p><em>00:32:17 - Bitcoin-backed credit thesis: Alternative to sovereign bonds</em></p> <p>00:34:10 - Capital raise capacity: ATM runway and mNAV leverage</p> <p><em>00:36:33 - mNAV leverage durability: Dividend funding in bear markets</em></p> <p>00:38:17 - Global macro signal: Japan rates and carry trade unwind</p> <p><em>00:43:34 - Generational capital shift: Exiting legacy financial assets</em></p> <p>00:45:33 - Ray Dalio perspective: Bitcoin versus gold debate</p> <p><em>00:48:45 - Macro landing scenarios: Debasement versus crisis outcomes</em></p> <p>00:53:00 - Bitcoin moat math: Relative ownership and scarcity</p> <p><em>00:56:17 - Convert dilution dynamics: Delta hedging fade thesis</em></p> <p>00:57:06 - Bull case modeling: Million Bitcoin accumulation path</p> <p><em>00:59:30 - Long-term supply capture: 2035 Bitcoin ownership projection</em></p> <p>01:03:01 - MNAV upside bounds: Convert structure constraints</p> <p><em>01:04:30 - Final thoughts</em></p> <p><em>Be part of the True North In-Side Event experience. Tickets available here: 👉 <a href="https://luma.com/tnb4c26">https://luma.com/tnb4c26</a></em></p> <p><em>Strategy World sign-up: <a href="https://www.strategysoftware.com/world26/register">https://www.strategysoftware.com/world26/register</a></em></p> <p><em>Use discount code TrueNorth for 20% off your registration—just a little bonus for our True North community.</em></p> <p><em>MSTR TRUE NORTH LINKS:</em></p> <p>True North Website: <a href="https://www.mstrtruenorth.com">https://www.mstrtruenorth.com</a></p> <p><em>X: <a href="https://x.com/MSTRTrueNorth">https://x.com/MSTRTrueNorth</a></em></p> <p>🛒 MERCH: <a href="https://thehodlshop.com/collections/true-north">https://thehodlshop.com/collections/true-north</a></p> <p><em>Youtube: @MSTRTrueNorth</em></p> <p><em>MSTR Links:</em> <a href="https://www.mstr-tracker.com">https://www.mstr-tracker.com</a> <a href="https://saylortracker.com/"><em>https://saylortracker.com/</em></a> <a href="https://robinhood.com/us/en/stocks/MSTR/">https://robinhood.com/us/en/stocks/MSTR/</a> * <a href="https://www.strategy.com/">https://www.strategy.com/</a></p> <p>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. </p> <p>• <em>True North does not intend for anything

<p>🧭 MSTR True North episode 51: 🎛️ As of this recording, 1/14/26, Strategy's (MSTR) performance:</p> <ul> <li>Open: $178.64</li> <li>Close: $179.33</li> <li>Volume: 40,257,000 Shares</li> <li>mNAV: 1.07</li> <li>Market Cap: $57.32B</li> <li>U.S. Market Cap Ranking: <a href="https://www.youtube.com/hashtag/192">#192</a></li> <li>BTC: 687,410</li> </ul> <p>⏱️ TIMESTAMPS & INSIGHTS:</p> <ul> <li><a href="https://www.youtube.com/watch?v=Y5_AtkCpfhI&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=1">00:00:00</a> - Intro: NFA, agenda and True North overview</li> <li><a href="https://www.youtube.com/watch?v=Y5_AtkCpfhI&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=1&t=290s">00:04:50</a> - Capital Structure Overview: MSTR and STRC balance sheet changes</li> <li><a href="https://www.youtube.com/watch?v=Y5_AtkCpfhI&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=1&t=447s">00:07:27</a> - Leverage & mNAV Dynamics: Common and preferred equity expansion</li> <li><a href="https://www.youtube.com/watch?v=Y5_AtkCpfhI&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=1&t=633s">00:10:33</a> - Digital Credit Impact: Bid creation on Bitcoin price</li> <li><a href="https://www.youtube.com/watch?v=Y5_AtkCpfhI&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=1&t=994s">00:16:34</a> - Stretch Interest Rate Effects: Potential rate hikes and market response</li> <li><a href="https://www.youtube.com/watch?v=Y5_AtkCpfhI&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=1&t=1060s">00:17:40</a> - Symmetry Test Explained: Raising equity at positive mNAV</li> <li><a href="https://www.youtube.com/watch?v=Y5_AtkCpfhI&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=1&t=1411s">00:23:31</a> - Capital Raising Strategy: Common and preferred equity interplay Be part of the True North In-Side Event experience. Tickets available here: 👉 <a href="https://luma.com/tnb4c26">https://luma.com/tnb4c26</a> Strategy World sign-up: <a href="https://www.strategysoftware.com/worl">https://www.strategysoftware.com/worl</a><a href="https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbTRGZ21QWlp4ZU45aFRCaGtwUGFITTlIVmVrUXxBQ3Jtc0tsbVpxbV9PUHdOWjR5MUNpZGlvZWhqaE1fYkhSSVZMaFAyYmZlamlkRkNQU2xKb0cxRE1TeGZnN3dSNW5VZkZBbWVtcjRXR1hJcFY4czVWNGpjaTdQalpKRWlMVllzeFVpUEpQQW16SFBJZmQzWHRPQQ&q=https%3A%2F%2Fwww.strategysoftware.com%2Fworld26%2Fregister&v=Y5_AtkCpfhI">…</a> Use discount code TrueNorth for 20% off your registration—just a little bonus for our True North community. MSTR TRUE NORTH LINKS:</li> <li>True North Website: <a href="https://www.mstrtruenorth.com">https://www.mstrtruenorth.com</a></li> <li>X: <a href="https://x.com/MSTRTrueNorth">https://x.com/MSTRTrueNorth</a></li> <li>🛒 MERCH: <a href="https://thehodlshop.com/collections/t">https://thehodlshop.com/collections/t</a><a href="https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbEQ2a2JCeEhDdVRkT0lzdUVvbzNKN1NpUmpUd3xBQ3Jtc0ttWkJQaWh6QUxMWFR2dUQ4dDlBWkhNUUZwbWpvdWdQMGdYazVXalRLLTZLbDdGcDZaeHQ4UWxTZFRiNk94R2NNT2NSSVJ4RjdqNXpXeFBSNlktbXZCczdaNVhCMmZSaDktUTVrN2JEQUhVR0h5WEJQRQ&q=https%3A%2F%2Fthehodlshop.com%2Fcollections%2Ft..&v=Y5_AtkCpfhI">..</a>.</li> <li>Youtube: @MSTRTrueNorth</li> </ul> <p>MSTR Links:</p> <ul> <li><a href="https://www.mstr-tracker.com">https://www.mstr-tracker.com</a></li> <li><a href="https://saylortracker.com/">https://saylortracker.com/</a></li> <li><a href="https://robinhood.com/us/en/stocks/MSTR/">https://robinhood.com/us/en/stocks/MSTR/</a></li> <li><a href="https://www.strategy.com/">https://www.strategy.com/</a></li> </ul> <p>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. </p> <p>• <em>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 registr

<p>🧭 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:</p> <ul> <li>Open: $163.45</li> <li>Close: $161.83</li> <li>Volume: 28,334,600 Shares</li> <li>mNAV: 1.06</li> <li>Market Cap: $50.62B</li> <li>U.S. Market Cap Ranking: <a href="https://www.youtube.com/hashtag/212">#212</a></li> <li>BTC: 673,783</li> </ul> <p>⏱️ TIMESTAMPS & INSIGHTS:</p> <ul> <li><a href="https://www.youtube.com/watch?v=3oo_slJedus">00:00:00</a> - Intro: NFA, agenda and True North overview</li> <li><a href="https://www.youtube.com/watch?v=3oo_slJedus&t=311s">00:05:11</a> - Roundtable updates: Latest projects the crew is working on</li> <li><a href="https://www.youtube.com/watch?v=3oo_slJedus&t=838s">00:13:58</a> - Balance Sheet Snapshot: Assets, Bitcoin, reserves</li> <li><a href="https://www.youtube.com/watch?v=3oo_slJedus&t=912s">00:15:12</a> - Net Capital Growth: Leverage compression and dividends</li> <li><a href="https://www.youtube.com/watch?v=3oo_slJedus&t=1045s">00:17:25</a> - Perpetual Preferred Equity: Permanent capital effects</li> <li><a href="https://www.youtube.com/watch?v=3oo_slJedus&t=1107s">00:18:27</a> - Balance Sheet Resilience: Drawdowns, leverage, amplification</li> <li><a href="https://www.youtube.com/watch?v=3oo_slJedus&t=1407s">00:23:27</a> - Liquidity and Dividends: Trading volume supports payouts</li> <li><a href="https://www.youtube.com/watch?v=3oo_slJedus&t=1587s">00:26:27</a> - Price Drivers Explained: Options flow, ATM, rates, volatility</li> <li><a href="https://www.youtube.com/watch?v=3oo_slJedus&t=2075s">00:34:35</a> - ATM Issuance and Liquidity: Supply debates and market structure</li> <li><a href="https://www.youtube.com/watch?v=3oo_slJedus&t=2437s">00:40:37</a> - Volatility and Liquidity Mechanics: Preferreds versus common stock</li> <li><a href="https://www.youtube.com/watch?v=3oo_slJedus&t=2771s">00:46:11</a> - Short MSTR Risk: mNAV drift and asymmetrical downside</li> <li><a href="https://www.youtube.com/watch?v=3oo_slJedus&t=3004s">00:50:04</a> - Preferred Credit Demand: Yield, pricing, dividend behavior</li> <li><a href="https://www.youtube.com/watch?v=3oo_slJedus&t=3235s">00:53:55</a> - Yield Product Mechanics: Pricing, dividends, distribution flow</li> <li><a href="https://www.youtube.com/watch?v=3oo_slJedus&t=3934s">01:05:34</a> - Capital Control Framework: Liquidity management and excess coverage</li> <li><a href="https://www.youtube.com/watch?v=3oo_slJedus&t=4147s">01:09:07</a> - Capital Reallocation Shock: AI disruption and Bitcoin treasury edge</li> <li><a href="https://www.youtube.com/watch?v=3oo_slJedus&t=4530s">01:15:30</a> - Institutional Positioning: Sentiment shifts, capital signaling and MSCI decision</li> <li><a href="https://www.youtube.com/watch?v=3oo_slJedus&t=4987s">01:23:07</a> - Policy Risk and Bitcoin: Leverage, regulation, and asset selection</li> <li><a href="https://www.youtube.com/watch?v=3oo_slJedus&t=5320s">01:28:40</a> - Capital Structure Engineering: Yield creation and durability</li> <li><a href="https://www.youtube.com/watch?v=3oo_slJedus&t=5673s">01:34:33</a> - Credit System Stress: AI shock, failure, recovery mechanics</li> <li><a href="https://www.youtube.com/watch?v=3oo_slJedus&t=6409s">01:46:49</a> - Institutional Delay Risk: Pensions, governance, missed adoption</li> <li><a href="https://www.youtube.com/watch?v=3oo_slJedus&t=7127s">01:58:47</a> - Final Thoughts: Conviction, positioning, long-term framework</li> </ul> <p>Be part of the True North In-Side Event experience. Tickets available here: 👉 <a href="https://luma.com/tnb4c26">https://luma.com/tnb4c26</a> Strategy World sign-up: <a href="https://www.strategysoftware.com/worl">https://www.strategysoftware.com/worl</a><a href="https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbWR3Q1ZxUENOWlhmaURrdU1qbS1pZHZFcXdnd3xBQ3Jtc0tsNnF6T1hSRkVJZHBnbEE4Y2RwTkJScG96cE1xQTNpVjZTbnphY0NoTXlubVJURm9zQXMzQXBIMFpvRTg4RnJRbkZZ

<p>🧭 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:</p> <ul> <li>Open: $167.75</li> <li>Close: $160.38</li> <li>Volume: 19,144,900 Shares</li> <li>mNAV: 1.10</li> <li>Market Cap: $46.09B</li> <li>U.S. Market Cap Ranking: ~<a href="https://www.youtube.com/hashtag/285">#285</a></li> <li>BTC: 671,268</li> </ul> <p>⏱️ TIMESTAMPS & INSIGHTS: <a href="https://www.youtube.com/watch?v=p3vNo6JcC7s&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=1">00:00:00</a> - Intro: NFA, agenda and True North overview <a href="https://www.youtube.com/watch?v=p3vNo6JcC7s&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=1&t=285s">00:04:45</a> - Bitcoin MENA Conference: Middle East adoption and capital interest <a href="https://www.youtube.com/watch?v=p3vNo6JcC7s&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=1&t=920s">00:15:20</a> - Abu Dhabi Capital Flexibility: Hard money enables rapid coordination <a href="https://www.youtube.com/watch?v=p3vNo6JcC7s&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=1&t=1105s">00:18:25</a> - Bitcoin Treasury Leverage: Net capital and drawdown resilience <a href="https://www.youtube.com/watch?v=p3vNo6JcC7s&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=1&t=1279s">00:21:19</a> - Institutional Bitcoin Strategy: Banks, regulation, capital optionality and MSTR dominance <a href="https://www.youtube.com/watch?v=p3vNo6JcC7s&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=1&t=2104s">00:35:04</a> - Waiting Out Mispricing: Patience before repricing <a href="https://www.youtube.com/watch?v=p3vNo6JcC7s&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=1&t=2619s">00:43:39</a> - AI Capital Structure Shift: Hardware focus requires a strong balance sheet <a href="https://www.youtube.com/watch?v=p3vNo6JcC7s&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=1&t=2851s">00:47:31</a> - Bitcoin-Backed Banking Model: Digital credit system design <a href="https://www.youtube.com/watch?v=p3vNo6JcC7s&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=1&t=3207s">00:53:27</a> - Bitcoin-Backed Yield Products: Savings disruption via credit <a href="https://www.youtube.com/watch?v=p3vNo6JcC7s&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=1&t=3350s">00:55:50</a> - Sovereign Capital Allocation: Attracting trillions with yield <a href="https://www.youtube.com/watch?v=p3vNo6JcC7s&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=1&t=3715s">01:01:55</a> - Bessent quote: Reflecting on the past to change the companies of the future <a href="https://www.youtube.com/watch?v=p3vNo6JcC7s&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=1&t=4039s">01:07:19</a> - Bitcoin Volatility Harvesting: Trading, structures, market evolution <a href="https://www.youtube.com/watch?v=p3vNo6JcC7s&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=1&t=4320s">01:12:00</a> - MSTR Valuation Debate: Holdings, mNAV, scale advantage <a href="https://www.youtube.com/watch?v=p3vNo6JcC7s&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=1&t=4675s">01:17:55</a> - Liquidity and Options Market: Structural buyer dynamics <a href="https://www.youtube.com/watch?v=p3vNo6JcC7s&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=1&t=4976s">01:22:56</a> - Equity Valuation Frameworks: Trasparency dilemma and the mNAV versus market multiples <a href="https://www.youtube.com/watch?v=p3vNo6JcC7s&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=1&t=5599s">01:33:19</a> - Social Media Risk Signals: Noise, sentiment, investor behavior <a href="https://www.youtube.com/watch?v=p3vNo6JcC7s&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=1&t=6267s">01:44:27</a> - Balance Sheet Quality Test: Intangibles versus hard assets <a href="https://www.youtube.com/watch?v=p3vNo6JcC7s&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=1&t=6834s">01:53:54</a> - Bitcoin as Superior Collateral: Liquid assets beat goodwill <a href="https://www.youtube.com/watch?v=p3vNo6JcC7s&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=1&t=6944s">01:55:44</a> - Closing thoughts: like and subscribe Be part of the True North In-Side Event experience. Tickets available here: 👉 <a href="https://luma.com/tnb4c26">https://luma.com/tnb4c26</a> Strategy World sign-up: <a href="https://www.strategys

<p>🧭 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:</p> <ul> <li>Open: $189.32</li> <li>Close: $184.64</li> <li>Volume: 22,458,960 Shares</li> <li>mNAV: 0.92</li> <li>Market Cap: $55.9B</li> <li>U.S. Market Cap Ranking: 190</li> <li>BTC: 660,624</li> </ul> <p>⏱️ TIMESTAMPS & INSIGHTS: <a href="https://www.youtube.com/watch?v=yxEq_g5BIjg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=2">00:00:00</a> - Intro: NFA, agenda and True North overview <a href="https://www.youtube.com/watch?v=yxEq_g5BIjg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=2&t=190s">00:03:10</a> - Event Context: Conviction, networking and market backdrop <a href="https://www.youtube.com/watch?v=yxEq_g5BIjg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=2&t=282s">00:04:42</a> - Trend Signals: Chart mechanics, death cross and momentum turn <a href="https://www.youtube.com/watch?v=yxEq_g5BIjg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=2&t=490s">00:08:10</a> - Higher-Timeframe Structure: Weekly levels, higher lows and trend context <a href="https://www.youtube.com/watch?v=yxEq_g5BIjg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=2&t=546s">00:09:06</a> - Multi-Frame Review: Monthly and yearly recovery signals <a href="https://www.youtube.com/watch?v=yxEq_g5BIjg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=2&t=732s">00:12:12</a> - EPS Thresholds: Required BTC price for positive earnings <a href="https://www.youtube.com/watch?v=yxEq_g5BIjg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=2&t=854s">00:14:14</a> - Survey Momentum: Gauging ATH expectations and sentiment <a href="https://www.youtube.com/watch?v=yxEq_g5BIjg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=2&t=998s">00:16:38</a> - Rate Regime Change: Volatility and QE effects <a href="https://www.youtube.com/watch?v=yxEq_g5BIjg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=2&t=1094s">00:18:14</a> - Supply Crunch Setup: ETF flows and treasury accumulation <a href="https://www.youtube.com/watch?v=yxEq_g5BIjg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=2&t=1204s">00:20:04</a> - Fed Signals: GDP revisions and future rate cuts <a href="https://www.youtube.com/watch?v=yxEq_g5BIjg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=2&t=1320s">00:22:00</a> - Productivity Shock: AI-driven deflation and policy response <a href="https://www.youtube.com/watch?v=yxEq_g5BIjg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=2&t=1437s">00:23:57</a> - Fiscal Strain: Debt path, shutdown risk and tax limits <a href="https://www.youtube.com/watch?v=yxEq_g5BIjg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=2&t=1579s">00:26:19</a> - Consumer Credit Stress: Debt stacking and inequality <a href="https://www.youtube.com/watch?v=yxEq_g5BIjg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=2&t=1754s">00:29:14</a> - Tech Concentration: MAG7 dominance and return skew <a href="https://www.youtube.com/watch?v=yxEq_g5BIjg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=2&t=1965s">00:32:45</a> - Hard Money Hedge: Bitcoin as monetary protection <a href="https://www.youtube.com/watch?v=yxEq_g5BIjg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=2&t=2097s">00:34:57</a> - Treasury Math: Why printing is structurally required <a href="https://www.youtube.com/watch?v=yxEq_g5BIjg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=2&t=2259s">00:37:39</a> - Policy Shifts: Pro-crypto Fed leadership probabilities <a href="https://www.youtube.com/watch?v=yxEq_g5BIjg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=2&t=2316s">00:38:36</a> - Collateral Upgrade: BTC/ETH/USDC for derivatives margin <a href="https://www.youtube.com/watch?v=yxEq_g5BIjg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=2&t=2528s">00:42:08</a> - Financial Engineering: Reserves, ratings and dividend strategy <a href="https://www.youtube.com/watch?v=yxEq_g5BIjg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=2&t=2767s">00:46:07</a> - Buyback Mechanics: Supply reduction and accretive impact <a href="https://www.youtube.com/watch?v=yxEq_g5BIjg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=2&t=2886s">00:48:06</a> - Treasury Strength: Dividend runway and BTC-backed reserves <a href="https://www.youtube.com

<p>🧭 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:</p> <ul> <li>Open: $183.40</li> <li>Close: $188.39</li> <li>Volume: 26,686,140 Shares</li> <li>mNAV: 1.16</li> <li>Market Cap: $50.70</li> <li>U.S. Market Cap Ranking: 203</li> <li>BTC: 650,000</li> </ul> <p>⏱️ TIMESTAMPS & INSIGHTS:</p> <ul> <li><a href="https://www.youtube.com/watch?v=OmrKYS2qcXw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=3">00:00:00</a> - Intro and Agenda: music, overview, and NFA disclaimer</li> <li><a href="https://www.youtube.com/watch?v=OmrKYS2qcXw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=3&t=182s">00:03:02</a> - Strategy World 2026: Las Vegas event and True North plans</li> <li><a href="https://www.youtube.com/watch?v=OmrKYS2qcXw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=3&t=473s">00:07:53</a> - USD Reserve Explained: cash buffer as digital credit battery</li> <li><a href="https://www.youtube.com/watch?v=OmrKYS2qcXw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=3&t=770s">00:12:50</a> - Preferreds Risk Profile: how the reserve strengthens credit structure</li> <li><a href="https://www.youtube.com/watch?v=OmrKYS2qcXw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=3&t=1031s">00:17:11</a> - ATM Capital Raise: liquidity flow, proof-of-concept, and market reactions</li> <li><a href="https://www.youtube.com/watch?v=OmrKYS2qcXw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=3&t=1342s">00:22:22</a> - Trading Volume Dynamics: how algorithms amplify stock liquidity</li> <li><a href="https://www.youtube.com/watch?v=OmrKYS2qcXw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=3&t=1470s">00:24:30</a> - Multi-Year Cash Buffer: reserve strategy and capital runway outlook</li> <li><a href="https://www.youtube.com/watch?v=OmrKYS2qcXw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=3&t=1724s">00:28:44</a> - Bitcoin Yield Engine: lending yields, mNAV expansion, and capital structure</li> <li><a href="https://www.youtube.com/watch?v=OmrKYS2qcXw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=3&t=1890s">00:31:30</a> - BTC on the balance sheet: 2025 and 2026 predictions</li> <li><a href="https://www.youtube.com/watch?v=OmrKYS2qcXw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=3&t=2004s">00:33:24</a> - EPS Thresholds: 85k and 110k Bitcoin price scenarios for earnings</li> <li><a href="https://www.youtube.com/watch?v=OmrKYS2qcXw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=3&t=2104s">00:35:04</a> - Digital Credit Structure: why preferreds classify as credit, not equity</li> <li><a href="https://www.youtube.com/watch?v=OmrKYS2qcXw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=3&t=2178s">00:36:18</a> - Leverage vs ETFs: permanent capital vs daily-reset leverage decay</li> <li><a href="https://www.youtube.com/watch?v=OmrKYS2qcXw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=3&t=2347s">00:39:07</a> - Simplifying complexity: Educating the market and sentiment</li> <li><a href="https://www.youtube.com/watch?v=OmrKYS2qcXw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=3&t=2809s">00:46:49</a> - Phase Three Outlook: Bitcoin treasury trajectory and steady-state stability</li> <li><a href="https://www.youtube.com/watch?v=OmrKYS2qcXw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=3&t=2964s">00:49:24</a> - Bank Solvency Framework: CET1 ratios and applying Basel treatment to Bitcoin</li> <li><a href="https://www.youtube.com/watch?v=OmrKYS2qcXw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=3&t=3524s">00:58:44</a> - The debasement trade: Capturing opportunities and the generational effect</li> <li><a href="https://www.youtube.com/watch?v=OmrKYS2qcXw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=3&t=3970s">01:06:10</a> - The millenial dilemma: Optimizing capital allocation for a generation that is stuck</li> <li><a href="https://www.youtube.com/watch?v=OmrKYS2qcXw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=3&t=4221s">01:10:21</a> - The money is broken: Time and energy is being stolen and BTC is the lifeline</li> <li><a href="https://www.youtube.com/watch?v=OmrKYS