Chapter 2 "Full Sail Ahead" | True North Podcast | Ep. 39

<p>🧭 MSTR True North episode 39: This episode kicks off with the news tied to the Strive acquisition and the push to maintain authenticity. The rest of the discussion highlights all the bews in Bitcoin Treasury space in the last 3 weeks. 🎛️ As of this recording, 9/24/25, Strategy's (MSTR) performance:</p> <ul> <li>Open: $330.63</li> <li>Close: $323.31</li> <li>Volume: 9,153,097 shares</li> <li>mNAV: 1.37</li> <li>Market Cap: $91.4B</li> <li>U.S. Market Cap Ranking: 114</li> <li>BTC: 639,835</li> </ul> <p>⏱️ TIMESTAMPS & INSIGHTS:</p> <ul> <li><a href="https://www.youtube.com/watch?v=vMw0KuAIGTM&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=11">00:00:00</a> - Episode Agenda & Outlook: Markets, Bitcoin, capital structure updates</li> <li><a href="https://www.youtube.com/watch?v=vMw0KuAIGTM&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=11&t=152s">00:02:32</a> - Strategic Acquisition: True North & Strive</li> <li><a href="https://www.youtube.com/watch?v=vMw0KuAIGTM&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=11&t=400s">00:06:40</a> - Reverse Merger & authenticity: Media company deal opens doors & keeping authenticity</li> <li><a href="https://www.youtube.com/watch?v=vMw0KuAIGTM&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=11&t=660s">00:11:00</a> - Networking & Capital: you can just do things</li> <li><a href="https://www.youtube.com/watch?v=vMw0KuAIGTM&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=11&t=815s">00:13:35</a> - Long-Term Conviction: Holding firm through setbacks</li> <li><a href="https://www.youtube.com/watch?v=vMw0KuAIGTM&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=11&t=1160s">00:19:20</a> - Unconferenced NYC: king of BTCTC events</li> <li><a href="https://www.youtube.com/watch?v=vMw0KuAIGTM&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=11&t=1382s">00:23:02</a> - H.C. Wainwright Keynote: Market education vs. criticism led by Saylor</li> <li><a href="https://www.youtube.com/watch?v=vMw0KuAIGTM&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=11&t=1579s">00:26:19</a> - Bitcoin Leverage Update: Treasury model risk profile</li> <li><a href="https://www.youtube.com/watch?v=vMw0KuAIGTM&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=11&t=1868s">00:31:08</a> - $STRC: the desire to get to par and the impact to leverage</li> <li><a href="https://www.youtube.com/watch?v=vMw0KuAIGTM&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=11&t=2126s">00:35:26</a> - ATM Usage Strategy: dividend obligations and leverage tools</li> <li><a href="https://www.youtube.com/watch?v=vMw0KuAIGTM&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=11&t=2295s">00:38:15</a> - Wrapping Yield Products: Global access via new instruments</li> <li><a href="https://www.youtube.com/watch?v=vMw0KuAIGTM&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=11&t=2480s">00:41:20</a> - Fixed Income Disruption: Bitcoin challenges legacy debt and platforms</li> <li><a href="https://www.youtube.com/watch?v=vMw0KuAIGTM&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=11&t=2703s">00:45:03</a> - Bitcoin Interest Edge: Outpaces banks with 9% yield</li> <li><a href="https://www.youtube.com/watch?v=vMw0KuAIGTM&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=11&t=2847s">00:47:27</a> - Risk and Options: Dan’s Portfolio strategy framework</li> <li><a href="https://www.youtube.com/watch?v=vMw0KuAIGTM&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=11&t=3315s">00:55:15</a> - Credit ratings: the power behind getting the prefs rated</li> <li><a href="https://www.youtube.com/watch?v=vMw0KuAIGTM&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=11&t=3475s">00:57:55</a> - Q2 earnings estimates: deep dive into the numbers using FASB accounting rules</li> <li><a href="https://www.youtube.com/watch?v=vMw0KuAIGTM&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=11&t=3590s">00:59:50</a> - S&P 500 Inclusion: when is MSTR included?</li> <li><a href="https://www.youtube.com/watch?v=vMw0KuAIGTM&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=11&t=3922s">01:05:22</a> - Legitimizing Bitcoin: BTC based earnings</li> <li><a href="https://www.youtube.com/watch?v=vMw0KuAIGTM&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=11&t=4426s">01:13:46</a> - Treasury Company Trends: Segmenting by BTC holdings</li> <li><a href="https://www.youtube.com/watch?v=vMw0KuAIGTM&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=11&t=4603s">01:16:43</a> - Bitcoin Acquisition Strategy: Why firms must secure BTC</li> <li><a href="https://www.youtube.com/watch?v=vMw0KuAIGTM&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=11&t=4829s">01:20:29</a> - Digital Asset Treasuries: DAT structure and misconceptions</li> <li><a href="https://www.youtube.com/watch?v=vMw0KuAIGTM&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=11&t=5160s">01:26:00</a> - Treasury Market Sentiment: Conviction shaken, NAV discount and value emerges</li> <li><a href="https://www.youtube.com/watch?v=vMw0KuAIGTM&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=11&t=5512s">01:31:52</a> - Institutional Capital Scaling: Growth vs. mature firm dynamics</li> <li><a href="https://www.youtube.com/watch?v=vMw0KuAIGTM&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=11&t=5777s">01:36:17</a> - Bitcoin Proxy Rotation: Miners vs. BTC treasuries</li> <li><a href="https://www.youtube.com/watch?v=vMw0KuAIGTM&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=11&t=5864s">01:37:44</a> - Adrian’s final thoughts: AI plays dominate Q3 positioning and sentiment shifts</li> <li><a href="https://www.youtube.com/watch?v=vMw0KuAIGTM&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=11&t=6050s">01:40:50</a> - AI vs. Bitcoin Outlook: Powerful Paradigm shift, not bubble</li> <li><a href="https://www.youtube.com/watch?v=vMw0KuAIGTM&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=11&t=6263s">01:44:23</a> - Options on Prefs: impact on underlying; current Pricing and liquidity</li> <li><a href="https://www.youtube.com/watch?v=vMw0KuAIGTM&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=11&t=6347s">01:45:47</a> - Digital asset treasury marketplace: Bitcoin is king</li> <li><a href="https://www.youtube.com/watch?v=vMw0KuAIGTM&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=11&t=6638s">01:50:38</a> - Node & Mining talk: Soleil’s node wisdom</li> <li><a href="https://www.youtube.com/watch?v=vMw0KuAIGTM&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=11&t=7124s">01:58:44</a> - Final thoughts: Q4 mindset, tourists and the importance of engagement</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=QUFFLUhqa1JIbXhfcHFPRkZmajhWTU5QY2hLYWVYeGdOd3xBQ3Jtc0tuRnZQMUtEaXppaG11TzBMTk1YcGxsWUZ5eDZ5Q2l4TGJBOHlxbGpMdUFOaUJRdjFUMGpvSVk2aFFfVmNtNS01c3BhcVlZMEJsdEVnWHdSQlh0VnZHZV8xODRzRUd1bTFOc0FJSUhWay1tQWxIWUdRZw&q=https%3A%2F%2Fthehodlshop.com%2Fcollections%2Ft..&v=vMw0KuAIGTM">..</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>