Building a Digital Empire | True North Podcast | Ep. 36

<p>🧭 MSTR True North episode 36: The True North crew dives deep into this transformational period. Segments include MSTR valuation, leverage risks, liquidation prefs, and BTC’s future as digital capital. 🎛️ As of this recording, 8/13/25, Strategy's (MSTR) performance:</p> <ul> <li>Open: $397.73</li> <li>Close: $389.90</li> <li>Volume: 10,884,940 shares</li> <li>mNAV: 1.62</li> <li>Market Cap: ~$111B</li> <li>U.S. Market Cap Ranking: 93</li> <li>BTC: 628,946</li> </ul> <p>⏱️ TIMESTAMPS & INSIGHTS:</p> <ul> <li><a href="https://www.youtube.com/watch?v=rv8HD3l0VEE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=14">00:00:00</a> - Intro: Soleil kicks things off</li> <li><a href="https://www.youtube.com/watch?v=rv8HD3l0VEE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=14&t=60s">00:01:00</a> - Price action analysis: why price highs feel bearish</li> <li><a href="https://www.youtube.com/watch?v=rv8HD3l0VEE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=14&t=145s">00:02:25</a> - market vs earnings: hidden disconnect driving BTC moves</li> <li><a href="https://www.youtube.com/watch?v=rv8HD3l0VEE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=14&t=270s">00:04:30</a> - atm trap exposed: how convert holders profit on you</li> <li><a href="https://www.youtube.com/watch?v=rv8HD3l0VEE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=14&t=376s">00:06:16</a> - what counts as earnings?: redefining profit in bitcoin terms</li> <li><a href="https://www.youtube.com/watch?v=rv8HD3l0VEE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=14&t=531s">00:08:51</a> - nav is king: the metric real investors watch</li> <li><a href="https://www.youtube.com/watch?v=rv8HD3l0VEE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=14&t=716s">00:11:56</a> - next btc supercycle?: mNAV catalysts you can’t ignore</li> <li><a href="https://www.youtube.com/watch?v=rv8HD3l0VEE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=14&t=913s">00:15:13</a> - preferreds = btc yield?: microstrategy’s secret weapon</li> <li><a href="https://www.youtube.com/watch?v=rv8HD3l0VEE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=14&t=1154s">00:19:14</a> - will BTC be lent?: how leverage could unlock billions</li> <li><a href="https://www.youtube.com/watch?v=rv8HD3l0VEE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=14&t=1414s">00:23:34</a> - how many btc per share?: future model for equity upside</li> <li><a href="https://www.youtube.com/watch?v=rv8HD3l0VEE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=14&t=1680s">00:28:00</a> - MSTR is retooling: BTC conversion factories under construction</li> <li><a href="https://www.youtube.com/watch?v=rv8HD3l0VEE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=14&t=2215s">00:36:55</a> - 80k tuned in live: digital event lessons from tim</li> <li><a href="https://www.youtube.com/watch?v=rv8HD3l0VEE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=14&t=2344s">00:39:04</a> - Unconferenced 2025: what to expect from nyc btc summit</li> <li><a href="https://www.youtube.com/watch?v=rv8HD3l0VEE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=14&t=2898s">00:48:18</a> - should btc firms defend the network?: stewardship debate</li> <li><a href="https://www.youtube.com/watch?v=rv8HD3l0VEE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=14&t=3350s">00:55:50</a> - BTC alliance model: how cooperation beats competition</li> <li><a href="https://www.youtube.com/watch?v=rv8HD3l0VEE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=14&t=3585s">00:59:45</a> - Get your prefs ready: planning with the crown jewl, $STRF</li> <li><a href="https://www.youtube.com/watch?v=rv8HD3l0VEE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=14&t=3805s">01:03:25</a> - MSTR valuation logic: BTC per share and impact of the preffereds</li> <li><a href="https://www.youtube.com/watch?v=rv8HD3l0VEE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=14&t=3890s">01:04:50</a> - Leverage risks unpacked: why 30% ratio breaks in rally</li> <li><a href="https://www.youtube.com/watch?v=rv8HD3l0VEE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=14&t=4091s">01:08:11</a> - Arbing the MSTR ecosystem: analyzing probabilities and price drivers</li> <li><a href="https://www.youtube.com/watch?v=rv8HD3l0VEE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=14&t=4830s">01:20:30</a> - short-term vs long-term leverage: rally scenario pros and cons</li> <li><a href="https://www.youtube.com/watch?v=rv8HD3l0VEE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=14&t=5065s">01:24:25</a> - community sentiment split: bearish takes vs fundamentals</li> <li><a href="https://www.youtube.com/watch?v=rv8HD3l0VEE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=14&t=5365s">01:29:25</a> - Real-world BTC signal: home break-in and building conviction</li> <li><a href="https://www.youtube.com/watch?v=rv8HD3l0VEE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=14&t=5580s">01:33:00</a> - market manipulation fears: bots, short sellers, FUD</li> <li><a href="https://www.youtube.com/watch?v=rv8HD3l0VEE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=14&t=5787s">01:36:27</a> - BTC buys as signal: $2.5B raises mean conviction</li> <li><a href="https://www.youtube.com/watch?v=rv8HD3l0VEE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=14&t=5936s">01:38:56</a> - BTC vs MSTR: separate assets, different roles</li> <li><a href="https://www.youtube.com/watch?v=rv8HD3l0VEE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=14&t=6195s">01:43:15</a> - Strategy shifts scale: 600K BTC and new game plan</li> <li><a href="https://www.youtube.com/watch?v=rv8HD3l0VEE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=14&t=6438s">01:47:18</a> - Digital asset valuation: NAV vs oil, tech, AI stocks</li> <li><a href="https://www.youtube.com/watch?v=rv8HD3l0VEE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=14&t=6695s">01:51:35</a> - Common vs Crown Jewel: liquidation preference dynamics</li> <li><a href="https://www.youtube.com/watch?v=rv8HD3l0VEE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=14&t=6945s">01:55:45</a> - BTC dividend theory: capital structure transformation</li> <li><a href="https://www.youtube.com/watch?v=rv8HD3l0VEE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=14&t=7170s">01:59:30</a> - product structure insights: voting rights and risk tiers</li> <li><a href="https://www.youtube.com/watch?v=rv8HD3l0VEE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=14&t=7255s">02:00:55</a> - closing vision shared: bullish outlook + event plug</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=QUFFLUhqbkx5SHVfYmlpNEJwSXlfUlBwRFZISzZlVndOd3xBQ3Jtc0ttWG45QmgwMGlUOWVvMHRvblF4Y1FMaGJwQ3UwZjVFQ3ozZmdUUFQtS2Zqajc5eHlhb2pncDNaQ2YzMzMxRTNtMDN1c3BuemZUNlpUVFZraVhoTGFKSl9yRGpOa3FheE1qQlZPTXppSFVIS0pzMkc2MA&q=https%3A%2F%2Fthehodlshop.com%2Fcollections%2Ft..&v=rv8HD3l0VEE">..</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>