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

<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. 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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>