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