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

<p>🧭 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:</p> <ul> <li>Open: $233.90</li> <li>Close: $224.61</li> <li>Volume: 10,800,420 Shares</li> <li>mNAV: 1.20</li> <li>Market Cap: $64.7B</li> <li>U.S. Market Cap Ranking: 168</li> <li>BTC: 641,692</li> </ul> <p>⏱️ TIMESTAMPS & INSIGHTS:</p> <ul> <li><a href="https://www.youtube.com/watch?v=_N7fZFcPjcc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=6">00:00:00</a> - Intro: TN episode 45, NFA and team updates</li> <li><a href="https://www.youtube.com/watch?v=_N7fZFcPjcc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=6&t=154s">00:02:34</a> - AI Impact on Bitcoin: Synthetic disruption and Wikipedia collapse</li> <li><a href="https://www.youtube.com/watch?v=_N7fZFcPjcc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=6&t=299s">00:04:59</a> - Bitcoin & Market Dynamics: S&P equity weighted distribution, MAG 7 and capital rotation</li> <li><a href="https://www.youtube.com/watch?v=_N7fZFcPjcc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=6&t=457s">00:07:37</a> - Valuations & Market Cycles: PE ratios, bubbles, ETF flows</li> <li><a href="https://www.youtube.com/watch?v=_N7fZFcPjcc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=6&t=610s">00:10:10</a> - Compounding Growth Rates: Big tech as the return benchmark</li> <li><a href="https://www.youtube.com/watch?v=_N7fZFcPjcc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=6&t=666s">00:11:06</a> - Interest Rate Trajectory: Fed outlook and the debt burden</li> <li><a href="https://www.youtube.com/watch?v=_N7fZFcPjcc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=6&t=870s">00:14:30</a> - Financial Engineering Playbook: Buybacks boost forward EPS, not fundamentals</li> <li><a href="https://www.youtube.com/watch?v=_N7fZFcPjcc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=6&t=935s">00:15:35</a> - Macro Signals & Stagnation: PMI trends explain risk asset underperformance</li> <li><a href="https://www.youtube.com/watch?v=_N7fZFcPjcc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=6&t=1058s">00:17:38</a> - Consumer Stress & Job Risk: K-shaped demand, AI disruption, inflation pain</li> <li><a href="https://www.youtube.com/watch?v=_N7fZFcPjcc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=6&t=1225s">00:20:25</a> - MSTR as Bitcoin Leverage: mNAV, floor value, perpetual debt strategy</li> <li><a href="https://www.youtube.com/watch?v=_N7fZFcPjcc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=6&t=1365s">00:22:45</a> - Rethinking Preferred Equity: Permanent capital and modeling risk</li> <li><a href="https://www.youtube.com/watch?v=_N7fZFcPjcc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=6&t=1600s">00:26:40</a> - $STRC Product Vision: Disruptive yield design, market fit, adoption path</li> <li><a href="https://www.youtube.com/watch?v=_N7fZFcPjcc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=6&t=1745s">00:29:05</a> - $STRC Trading Mechanics: VWAP peg, IPO pricing, retail liquidity surge</li> <li><a href="https://www.youtube.com/watch?v=_N7fZFcPjcc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=6&t=1936s">00:32:16</a> - $STRC Yield Advantage: Deep liquidity, 10.5% return, volatility control</li> <li><a href="https://www.youtube.com/watch?v=_N7fZFcPjcc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=6&t=2134s">00:35:34</a> - Perpetual Bond Structure: Long-term income, low volatility, stable returns</li> <li><a href="https://www.youtube.com/watch?v=_N7fZFcPjcc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=6&t=2319s">00:38:39</a> - The ‘Strategy’ vs Tether: Shareholder yield, market scale, adoption potential</li> <li><a href="https://www.youtube.com/watch?v=_N7fZFcPjcc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=6&t=2564s">00:42:44</a> - Bitcoin as Collateral: TAM for money markets and real-time risk validation</li> <li><a href="https://www.youtube.com/watch?v=_N7fZFcPjcc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=6&t=2650s">00:44:10</a> - Credit Spread Mispricing: $STRE vs European bonds and investor protections</li> <li><a href="https://www.youtube.com/watch?v=_N7fZFcPjcc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=6&t=2788s">00:46:28</a> - Swap Rates & Credit Tiers: Risk benchmarks, STRE vs STRF pricing</li> <li><a href="https://www.youtube.com/watch?v=_N7fZFcPjcc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=6&t=2950s">00:49:10</a> - Tokenized Yield & Foreign market Arbitrage: $STRE, $STRF, and cross-currency spread</li> <li><a href="https://www.youtube.com/watch?v=_N7fZFcPjcc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=6&t=3181s">00:53:01</a> - $SATA Capital Structure: Seniority, covenants, 12% yield</li> <li><a href="https://www.youtube.com/watch?v=_N7fZFcPjcc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=6&t=3405s">00:56:45</a> - Yield Products in Action: $SATA vs $Stretch, peg control, trading strategy</li> <li><a href="https://www.youtube.com/watch?v=_N7fZFcPjcc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=6&t=4146s">01:09:06</a> - Strategic Use of Prefs: Yield positioning and MSTR scaling plan</li> <li><a href="https://www.youtube.com/watch?v=_N7fZFcPjcc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=6&t=4339s">01:12:19</a> - $STRK, Entry Timing & Euro $STRC: Yield, upside and roadmap expansion</li> <li><a href="https://www.youtube.com/watch?v=_N7fZFcPjcc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=6&t=4579s">01:16:19</a> - Final thoughts: Grain and Dan close it out</li> </ul> <p>MSTR TRUE NORTH LINKS:</p> <ul> <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=QUFFLUhqbWwtODlwTHdGdUtCekRYVG1senpUYWx0T0JMZ3xBQ3Jtc0trcG1ZTHNLdE1RU0pfSVphci1mbFhpUmFncFV4X0w3VVVuOUIxbGNnUGlWQml1ZW9ORDRiLUNRd1RmU2JTY0NHbjdIYnVjd3Nmb1RVWVY5SlA5dmVKSVNqS3Z2eHZxU0M5bGMxaTM4RlRfdW9JcFZxVQ&q=https%3A%2F%2Fthehodlshop.com%2Fcollections%2Ft..&v=_N7fZFcPjcc">..</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 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>.</em></p> <ul> <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>