All Episodes — True North Podcast

The World Has Changed... | True North Podcast | Ep. 66

May 15, 20261h 25m

Credit Quality Accelerating | True North Podcast | Ep. 65

May 7, 20261h 35m

The Dividend Machine | True North Podcast | Ep. 64

Apr 23, 20261h 43m

Calling The Shot | True North Podcast | Ep. 63

Apr 16, 20261h 39m

S1 Ep 62MSTR Can Buy More BTC Than Sellers Can Sell | True North Podcast | Ep. 62

Agenda: <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> Thank you to our Sponsors: BitGo: <a href="https://www.bitgo.com/">https://www.bitgo.com/</a> Horizon: <a href="https://joinhorizon.com/?ref=TRUENORTH">https://joinhorizon.com/?ref=TRUENORTH</a> Have questions? Ask the team here: <a href="https://tnorth.com/ask/">https://tnorth.com/ask/</a> TRUE NORTH LINKS: <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> MSTR Links: <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> 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. <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>

Apr 9, 20261h 36m

S1 Ep 61The Mechanics of Capital and Digital Credit | True North Podcast | Ep. 61

🧭 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. 🎛️ As of this recording, 4/1/26, Strategy's (MSTR) performance: <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> Have questions you want covered in the livestream? Ask them here: <a href="https://tnorth.com/ask/">https://tnorth.com/ask/</a> ⏱️ TIMESTAMPS & INSIGHTS: <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

Apr 2, 20261h 54m

S1 Ep 60Beneath The Surface, A System In Motion | True North Podcast | Ep. 60

🧭 True North episode 60: 🎛️ As of this recording, 3/25/26, Strategy's (MSTR) performance: * Open: $144.99 * Close: $140.40 * Volume: 18.7M Shares * mNAV: ~1.19 * Market Cap: ~ $48.8 and 3B * BTC: 762,099 ⏱️ TIMESTAMPS & INSIGHTS: * 00:00:00 - Intro: Podcast setup and discussion scope * 00:02:18 - Market Events Overview: Macro news and volatility drivers * 00:04:52 - Information Warfare Shift: Social media distorts market signals * 00:06:50 - Geopolitical Risk Premium: Conflict uncertainty drives Bitcoin demand * 00:08:58 - MSTR Capital Strategy: ATM programs and capital structure expansion * 00:12:52 - STRC Arbitrage Window: Record date flows and liquidity dynamics * 00:17:50 - Options Hedging Framework: Intraweek options and credit hedging strategies * 00:20:28 - Carry Trade Risks: Dividend timing and execution risk dynamics * 00:26:04 - Yield Stability Thesis: Dividend demand and arbitrage compression * 00:31:35 - Private Credit Breakdown: Liquidity stress and structural cracks * 00:37:13 - Generational Capital Shift: Wealth transfer and investment behavior * 00:39:15 - Real Estate Thesis: Land value, credit, and AI impact * 00:50:20 - Credit Rating Debate: Bitcoin valuation and rating implications * 00:54:10 - Cost of Capital Dynamics: Yield thresholds and capital allocation shifts * 00:58:21 - Bitcoin Re-Rating Catalyst: Credit upgrade and S&P inclusion implications * 01:02:03 - Digital Credit Strategy: Revenue model and business pivot decisions * 01:06:19 - Market Perception Shift: Bitcoin legitimacy and institutional framing * 01:09:09 - Bitcoin Legitimacy Curve: Institutional adoption and risk reframing * 01:15:10 - Digital Credit Platform: Tools, models, and research ecosystem * 01:20:47 - AI Compute Economics: Monetization models and infrastructure risks * 01:35:04 - AI Infrastructure Evolution: Local models and compute commoditization * 01:38:50 - Local AI Breakthrough: Compression enables on-device intelligence * 01:46:55 - Digital Capital Future: Bitcoin, AI, and credit convergence * 01:54:39 - Closing thoughts Powered by: Strive: <a href="https://Strive.com">https://Strive.com</a> True North Website: <a href="https://www.tnorth.com">https://www.tnorth.com</a> Thank you to our Sponsors: BitGo: <a href="https://www.bitgo.com/">https://www.bitgo.com/</a> Horizon: <a href="https://joinhorizon.com/?ref=TRUENORTH">https://joinhorizon.com/?ref=TRUENORTH</a> TRUE NORTH LINKS: * True North Website: <a href="https://www.mstrtruenorth.com">https://tnorth.com</a> * X: <a href="https://x.com/MSTRTrueNorth">https://x.com/MSTRTrueNorth</a> * 🛒 MERCH: <a href="https://thehodlshop.com/collections/true-north">https://thehodlshop.com/collections/true-north</a> * Youtube: @MSTRTrueNorth MSTR Links: * <a href="https://www.mstr-tracker.com">https://www.mstr-tracker.com</a> * <a href="https://saylortracker.com/">https://saylortracker.com/</a> * <a href="https://robinhood.com/us/en/stocks/MSTR/">https://robinhood.com/us/en/stocks/MSTR/</a> * <a href="https://www.strategy.com/">https://www.strategy.com/</a> 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. • 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

Mar 26, 20261h 54m

S1 Ep 59Waiting For The World To Catch Up | True North Podcast | Ep. 59

🧭 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. 🎛️ As of this recording, 3/18/26, Strategy's (MSTR) performance: <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> ⏱️ TIMESTAMPS & INSIGHTS: <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

Mar 19, 20261h 43m

Is The Tide Turning? | True North Podcast | Ep. 58

🧭 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. 🎛️ As of this recording, 3/11/26, Strategy's (MSTR) performance: <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> ⏱️ TIMESTAMPS & INSIGHTS: <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

Mar 12, 20261h 44m

Signals From True North Live | True North Podcast | Ep. 57

🧭 MSTR True North episode 57: 🎛️ As of this recording, 3/5/26, Strategy's (MSTR) performance: * Open: $143.83 * Close: $146.44 * Volume: 37.4M Shares * mNAV: ~1.22 * Market Cap: ~ $48.9B * U.S. Market Cap Ranking: ~#220 * BTC: 720,737 ⏱️ TIMESTAMPS & INSIGHTS: * 00:00:00 - Intro agenda framing: NFA context and True North overview * 00:02:50 - True North Event Insights: Global investors discuss Bitcoin credit innovation * 00:10:20 - Bitcoin Gravity Trade: Macro capital flows toward BTC strategies * 00:14:17 - Bitcoin Credit Flywheel: STRC demand potentially driving $1M BTC * 00:17:01 - Capital Structure Strategy: Bitcoin buybacks and amplification dynamics * 00:23:48 - Capital Stack Instruments: Strike and STRD positioning within Strategy credit structure * 00:28:10 - Credit Risk Mispricing: Markets misunderstanding STRC capital stack * 00:30:18 - Geopolitical Macro Signals: Conflict uncertainty and capital deployment * 00:35:34 - Policy Catalysts: Regulatory shifts supporting Bitcoin adoption * 00:39:00 - MSTR STRC Trading Pair: Rotating equity and credit exposure * 00:42:00 - Corporate Treasury Strategy: Companies adopting STRC as high-yield cash reserve * 00:48:25 - Bond Market Disruption: Digital credit liquidity vs traditional prefs * 00:55:49 - Private Credit Trap: Illiquidity risk and locked capital * 00:59:31 - Bitcoin Analytics Tools: STRC dashboards and yield calculators * 01:03:46 - AI Risk Pricing: Machines reallocating capital toward digital credit * 01:10:21 - Corporate Bitcoin Treasuries: BTC balance sheets improving credit access * 01:15:16 - Institutional STRC Demand: Desks and buyers driving issuance * 01:16:57 - Downside Protection Trade: STRC put strategy for asymmetric yield * 01:21:45 - Digital Equity Model: Bitcoin capital vs credit volatility transfer * 01:25:05 - Market Cycle Timing: Navigating bull and bear uncertainty * 01:28:57 - Perpetual Funding Model: Financing projects with infinite duration capital * 01:31:55 - Monetary Debasement Hedge: Stretch as non-debasing capital instrument * 01:35:22 - Institutional Education Gap: Comparing digital credit to legacy bonds * 01:37:30 - STRC Adoption Curve: Path toward $300B preferred market scale * 01:40:29 - Credit First Strategy: Saylor prioritizes balance sheet strength * 01:42:47 - Capital Amplification Engine: Digital credit expanding Bitcoin exposure * 01:44:28 - Banking Infrastructure Shift: Wall Street adapting to crypto capital * 01:47:28 - Banking System Pressure: Bitcoin reserves challenging traditional rehypothecation model * 01:52:02 - Control System Debate: AI, stablecoins, and financial surveillance MSTR TRUE NORTH LINKS: * True North Website: <a href="https://www.mstrtruenorth.com">https://www.mstrtruenorth.com</a> * X: <a href="https://x.com/MSTRTrueNorth">https://x.com/MSTRTrueNorth</a> * 🛒 MERCH: <a href="https://thehodlshop.com/collections/true-north">https://thehodlshop.com/collections/true-north</a> * Youtube: @MSTRTrueNorth MSTR Links: * <a href="https://www.mstr-tracker.com">https://www.mstr-tracker.com</a> * <a href="https://saylortracker.com/">https://saylortracker.com/</a> * <a href="https://robinhood.com/us/en/stocks/MSTR/">https://robinhood.com/us/en/stocks/MSTR/</a> * <a href="https://www.strategy.com/">https://www.strategy.com/</a> 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. • 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 issuer

Mar 5, 20261h 58m

S1 Ep 56The Quiet Accumulation | True North Podcast | Ep. 56

🧭 MSTR True North episode 56: The crew dives dive into Strategy’s capital structure, rising BTC per share, AI-driven disruption, and regulatory momentum that is brewing. Th team breaks down digital credit strength, supply math, and why this cycle may be structurally different. 🎛️ As of this recording, 2/18/26, Strategy's (MSTR) performance: Open: $127.63 Close: $125.20 Volume: 17.31M Shares mNAV: ~0.99 Market Cap: ~ $44.5B U.S. Market Cap Ranking: ~#246 BTC: 717,131 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Intro agenda framing: NFA context and True North overview 00:03:01 - Bear Market Sentiment: Bitcoin Investor Week tone, stablecoin utility, and builder resilience 00:10:14 - Institutional Pricing Signal: Strategy leverage, preferred credit quality, and market confidence 00:13:43 - Conviction Over Price: Unflappable mindset, opportunity cost, and long-term Bitcoin allocation 00:17:04 - Moving Average Analysis: 200-week trend strength, Tesla comparison, and Strategy valuation reset 00:21:18 - Death Cross Dynamics: Technical lag, bottom timing risk, and Strategy mispricing debate 00:24:10 - Binary Risk Framing: Zero thesis, refinancing fears, and long-term leverage confidence 00:30:05 - Bitcoin-Gold Ratio: Relative valuation and macro positioning 00:30:00 - M2 Money Supply Framework: Bitcoin adjusted for monetary expansion and debasement baseline 00:35:35 - Correlation Breakdown: Commodities spike, multi-strat deleveraging, and Bitcoin price pressure 00:40:07 - Private Credit Liquidity Risk: Redemption halts, digital credit transparency, and STRC durability 00:47:08 - Preferred TAM Expansion: Capital stack opportunity size 00:49:14 - Supply Convergence Model: Strategy vs remaining Bitcoin issuance 00:48:50 - Bitcoin Supply & AI Shock: Issuance math and exponential disruption 00:58:00 - AI Disruption Wave: Cost collapse, software commoditization, and capital flight to Bitcoin 01:04:25 - Capital Market Disruption: AI acceleration compressing equity durability and IPO stability 01:08:39 - Digital Credit Track Record: STRC durability, liquidity edge, and goodwill risk exposure 01:12:24 - Strategy World 2026 Preview: True North event agenda and digital credit focus 01:16:15 - Strategy Capital Plan Debate: ATM runway, preferred issuance, and demand elasticity 01:19:28 - Stretch Distribution Focus: Digital credit education and execution phase 01:23:23 - Yield Spread Advantage: STRC vs stablecoins and capital stack strength 01:28:24 - On-Chain Capital Rotation: Stablecoin yield switch into STRC 01:30:24 - Regulatory & Exponential Convergence: Stablecoin policy momentum and AI-driven Bitcoin adoption 01:30:24 - Bull Market Convexity: Balance sheet structure and Bitcoin per share expansion 01:40:07 - Final Thoughts: Fiscal debasement and long-term Bitcoin conviction Be part of the True North In-Side Event experience. Tickets available here: 👉 <a href="https://luma.com/tnb4c26">https://luma.com/tnb4c26</a> Strategy World sign-up: <a href="https://www.strategysoftware.com/world26/register">https://www.strategysoftware.com/world26/register</a> Use discount code TrueNorth for 20% off your registration—just a little bonus for our True North community. MSTR TRUE NORTH LINKS: True North Website: <a href="https://www.mstrtruenorth.com">https://www.mstrtruenorth.com</a> X: <a href="https://x.com/MSTRTrueNorth">https://x.com/MSTRTrueNorth</a> 🛒 MERCH: <a href="https://thehodlshop.com/collections/true-north">https://thehodlshop.com/collections/true-north</a> Youtube: @MSTRTrueNorth MSTR Links: <a href="https://www.mstr-tracker.com">https://www.mstr-tracker.com</a> <a href="https://saylortracker.com/">https://saylortracker.com/</a> <a href="https://robinhood.com/us/en/stocks/MSTR/">https://robinhood.com/us/en/stocks/MSTR/</a> <a href="https://www.strategy.com/">https://www.strateg

Feb 19, 20261h 48m

S1 Ep 55Weathering The Storm | True North Podcast | Ep. 55

🧭 MSTR True North episode 55: We break down Strategy’s capital structure, mNAV, leverage, and the emerging digital credit markets. Learn more about how institutional capital actually moves in Bitcoin an how to think about risk in this marketplace. 🎛️ As of this recording, 2/11/26, Strategy's (MSTR) performance: Open: $133.68 Close: $126.07 Volume: 25.84M Shares mNAV: ~0.95 Market Cap: ~ $41.9B U.S. Market Cap Ranking: 252 BTC: 714,644 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Intro agenda framing: NFA context and True North overview 00:03:36 - Bitcoin Mindset Shift: Personal wealth framework transformation 00:06:06 - MSTR Relative Strength: Premium signaling potential bottom 00:08:26 - Balance Sheet Expansion: Billions raised and liquidity strength 00:09:28 - Risk Mispricing Debate: Bitcoin supply underwriting blind spot 00:11:03 - Options Yield Strategies: Dividend pricing and put premiums 00:13:20 - AI Prompting & Workflow: Stress testing valuation frameworks 00:15:32 - Strategy World Preview: Treasury operators and securitization focus 00:20:17 - Bitcoin Treasury Growth: 100K to 714K BTC scale 00:23:00 - Market Sentiment & Macro: 2026 ATH polls and Goldilocks outlook 00:26:39 - Bitcoin Per Share Context: KPI adoption and seasoning phase 00:30:15 - Preferred Equity Acceleration: Rapid STRF STRD STRC expansion 00:33:06 - BTC Exposure Debate: Leverage mechanics and dilution tradeoffs 00:35:55 - Capital Structure Pivot: Converts toward perpetual preferred era 00:38:53 - Public Pref Market Shift: Tickered equity and retail access 00:42:05 - STRC Market Data Review: Yield stability despite BTC drawdown 00:46:55 - Media Narrative & Refi Risk: $8K scenario and press dynamics 00:51:51 - Capital Raise Velocity: Scaling from millions to billions 00:54:11 - Institutional Execution Reality: Timing risk and OTC mechanics 00:58:13 - Coinbase Valuation Gap: Leverage, goodwill, and moat contrast 01:05:00 - Treasury Model Walkthrough: BTC growth and dilution math 01:17:15 - mNAV & CAGR Sensitivity: Growth scenarios toward $1M target 01:19:04 - Final Thoughts: Weather volatility and long-term conviction Be part of the True North In-Side Event experience. Tickets available here: 👉 <a href="https://luma.com/tnb4c26">https://luma.com/tnb4c26</a> Strategy World sign-up: <a href="https://www.strategysoftware.com/world26/register">https://www.strategysoftware.com/world26/register</a> Use discount code TrueNorth for 20% off your registration—just a little bonus for our True North community. MSTR TRUE NORTH LINKS: True North Website: <a href="https://www.mstrtruenorth.com">https://www.mstrtruenorth.com</a> X: <a href="https://x.com/MSTRTrueNorth">https://x.com/MSTRTrueNorth</a> 🛒 MERCH: <a href="https://thehodlshop.com/collections/true-north">https://thehodlshop.com/collections/true-north</a> Youtube: @MSTRTrueNorth MSTR Links: <a href="https://www.mstr-tracker.com">https://www.mstr-tracker.com</a> <a href="https://saylortracker.com/">https://saylortracker.com/</a> <a href="https://robinhood.com/us/en/stocks/MSTR/">https://robinhood.com/us/en/stocks/MSTR/</a> <a href="https://www.strategy.com/">https://www.strategy.com/</a> 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. • 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

Feb 12, 20261h 20m

S1 Ep 54Margin Isn't Calling! | True North Podcast | Ep. 54

🧭 MSTR True North episode 54: A deep dive into Bitcoin’s drawdown, macro liquidity, and why this cycle differs. We break down capital structure, leverage myths, margin-call fears, treasury concentration, short-risk asymmetry, and how convex balance sheets create explosive upside. 🎛️ As of this recording, 2/4/26, Strategy's (MSTR) performance: Open: $120.25 Close: $129.09 Volume: 23.8M Shares mNAV: ~1.03 Market Cap: ~$38.9B U.S. Market Cap Ranking: BTC: 713,502 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Intro agenda framing: NFA context and True North overview 00:03:38 - Bitcoin market drawdown: 42 percent decline framing 00:09:23 - Proof of reserves debate: Custody transparency and risk 00:12:39 - Macro framework setup: Rates liquidity and context 00:15:10 - Macro regime comparison: Liquidity rising versus 2022 contraction 00:18:02 - MSTR market dynamics: Equity pressure and hedging behavior 00:20:00 - Institutional market lens: Event context and capital markets views 00:26:25 - Margin call misconceptions: Liquidity versus leverage reality 00:28:41 - Capital structure deep dive: Balance sheet leverage and FUD breakdown 0:35:35 - Accretion and convexity mechanics: Bitcoin per share and upside asymmetry 00:41:12 - Capital model transition: Converts replaced by preferred equity 00:43:12 - Regulatory and stablecoin shifts: TradFi integration 00:46:04 - Bitcoin treasury model: Balance sheet-first companies 00:51:07 - Treasury concentration risk: Dominant holder analysis 00:55:04 - Bitcoin scarcity math: Rule of 72 framework 00:57:25 - Coverage framework reset: Net capital versus leverage fear 01:05:29 - Capital stack hierarchy: Senior debt preferred and equity 01:10:08 - Converts versus common equity: Dilution and coverage math 01:13:33 - Upcoming earnings call: What to watch and why it matters 01:20:49 - Balance sheet resilience: Liquidity runway and no margin calls 01:27:45 - Treasury concentration and survivability: Why failures don’t matter 01:32:38 - Treasury concentration math: Scale dominance and systemic impact 01:35:41 - Bitcoin technical distributions: Wallet structure and custody flows 01:41:14 - Short risk asymmetry: Explosive upside and forced covering 01:42:50 - Balance sheet endgame: Bitcoin as reserve asset 01:45:08 - Final thoughts from the team Be part of the True North In-Side Event experience. Tickets available here: 👉 <a href="https://luma.com/tnb4c26">https://luma.com/tnb4c26</a> Strategy World sign-up: <a href="https://www.strategysoftware.com/world26/register">https://www.strategysoftware.com/world26/register</a> Use discount code TrueNorth for 20% off your registration—just a little bonus for our True North community. MSTR TRUE NORTH LINKS: True North Website: <a href="https://www.mstrtruenorth.com">https://www.mstrtruenorth.com</a> X: <a href="https://x.com/MSTRTrueNorth">https://x.com/MSTRTrueNorth</a> 🛒 MERCH: <a href="https://thehodlshop.com/collections/true-north">https://thehodlshop.com/collections/true-north</a> Youtube: @MSTRTrueNorth MSTR Links: <a href="https://www.mstr-tracker.com">https://www.mstr-tracker.com</a> <a href="https://saylortracker.com/">https://saylortracker.com/</a> <a href="https://robinhood.com/us/en/stocks/MSTR/">https://robinhood.com/us/en/stocks/MSTR/</a> * <a href="https://www.strategy.com/">https://www.strategy.com/</a> 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. Al

Feb 5, 20261h 53m

S1 Ep 53What is Credit Risk? | True North Podcast | Ep.53

🧭 MSTR True North episode 53: The group does a deep dive into Bitcoin credit risk, preferred equity, leverage, and mNAV. Covers MSTR balance sheet math, metals vs Bitcoin flows, Tether reserves, credit models, macro signals, liquidity, and risk/reward across cycles. 🎛️ As of this recording, 1/28/26, Strategy's (MSTR) performance: Open: $164.45 Close: $158.45 Volume: 14.08M Shares mNAV: 0.91 Market Cap: $57.70B U.S. Market Cap Ranking: ~#200 BTC: 712,647 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Intro: NFA agenda and True North overview 00:03:38 - Credit risk overview: Metals mania and risk framing 00:06:34 - Preferred equity dynamics: Issuance demand and mNAV behavior 00:10:53 - Risk-off credit rotation: Stress testing yield products 00:13:30 - MSTR balance sheet leverage: Assets debt and pref math 00:17:15 - Macro incentives outlook: Election liquidity tailwinds 00:18:25 - True North Vegas event: Digital credit and macro agenda 00:23:41 - Metals market structure: Silver surge and physical premiums 00:31:02 - Tether reserve strategy: Gold and Bitcoin accumulation 00:34:22 - Bitcoin adoption curve: Capital rotation mechanics 00:37:05 - Sovereign risk signals: Yen and risk free rates 00:40:55 - Gold revaluation theory: Bitcoin reserve funding idea 00:44:03 - Algorithmic digital credit: Machines prefer native assets 00:49:32 - Bitcoin as AI hedge: Passive exposure to innovation 00:54:02 - Risk reward framing: Digital convenience tradeoffs 00:58:35 - Preferred equity modeling: Amplification risk analysis 01:03:01 - mNAV downside math: Collateral threshold scenarios 01:07:02 - Macaulay duration focus: Dividend obligation stress 01:12:07 - Institutional underwriting: Capital absorbs Bitcoin risk 01:15:52 - STRC drawdown case: Yield spikes create opportunity 01:22:16 - Bitcoin earnings model: Interest coverage framework 01:27:00 - High amplification scenario: USD reserves versus returns 01:32:47 - Cash reserve signaling: Ratings driven capital buffers 01:39:18 - Financial engineering example: Real estate leverage analogy 01:43:50 - Digital credit parity: Comparing high yield debt 01:48:05 - Fair value accounting: Bitcoin treasury volatility optics 01:53:44 - Final thoughts: Roundtable final takes Be part of the True North In-Side Event experience. Tickets available here: 👉 <a href="https://luma.com/tnb4c26">https://luma.com/tnb4c26</a> Strategy World sign-up: <a href="https://www.strategysoftware.com/world26/register">https://www.strategysoftware.com/world26/register</a> Use discount code TrueNorth for 20% off your registration—just a little bonus for our True North community. MSTR TRUE NORTH LINKS: True North Website: <a href="https://www.mstrtruenorth.com">https://www.mstrtruenorth.com</a> X: <a href="https://x.com/MSTRTrueNorth">https://x.com/MSTRTrueNorth</a> 🛒 MERCH: <a href="https://thehodlshop.com/collections/true-north">https://thehodlshop.com/collections/true-north</a> Youtube: @MSTRTrueNorth MSTR Links: <a href="https://www.mstr-tracker.com">https://www.mstr-tracker.com</a> <a href="https://saylortracker.com/">https://saylortracker.com/</a> <a href="https://robinhood.com/us/en/stocks/MSTR/">https://robinhood.com/us/en/stocks/MSTR/</a> <a href="https://www.strategy.com/">https://www.strategy.com/</a> 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. • True North does not intend

Jan 29, 20262h 6m

S1 Ep 52Up To Par | True North Podcast | Ep. 52

🧭 MSTR True North episode 52: The crew discusses Bitcoin, digital credit, and MSTR’s capital structure. Tune in to hear analysis on leverage, mNAV, yield curve control and macro deficits, plus Ray Dalio’s gold vs Bitcoin view and why credit drives demand. 🎛️ As of this recording, 1/21/26, Strategy's (MSTR) performance: Open: $161.27 Close: $163.81 Volume: 18,440,820 Shares mNAV: 1.07 Market Cap: $54.09B U.S. Market Cap Ranking: #201 BTC: 709,715 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Intro: NFA, agenda and True North overview 00:02:09 - Stretch price behavior: Volatility compression versus Bitcoin 00:04:18 - Balance sheet strategy: 1x mNAV and ATM expansion logic 00:06:49 - Capital structure model: Bitcoin, equity, credit flywheel 00:09:43 - Yield curve control: Variable dividend preferred mechanics 00:11:07 - Supply discipline approach: Peg defense and issuance limits 00:13:30 - Rate cut asymmetry: Falling rates boost credit spread 00:15:27 - TN event: join the crew in Las Vegas 00:16:51 - Fiscal dominance reality: Structural US deficit regime 00:20:05 - Monetary financing loop: Deficits force money creation 00:23:10 - Debt compounding risk: Interest burden and debasement cycle 00:26:46 - Product market fit: Stretch outperforming other credit tools 00:29:37 - Fiscal responsibility debate: Fed, deficits, real rate risk 00:32:17 - Bitcoin-backed credit thesis: Alternative to sovereign bonds 00:34:10 - Capital raise capacity: ATM runway and mNAV leverage 00:36:33 - mNAV leverage durability: Dividend funding in bear markets 00:38:17 - Global macro signal: Japan rates and carry trade unwind 00:43:34 - Generational capital shift: Exiting legacy financial assets 00:45:33 - Ray Dalio perspective: Bitcoin versus gold debate 00:48:45 - Macro landing scenarios: Debasement versus crisis outcomes 00:53:00 - Bitcoin moat math: Relative ownership and scarcity 00:56:17 - Convert dilution dynamics: Delta hedging fade thesis 00:57:06 - Bull case modeling: Million Bitcoin accumulation path 00:59:30 - Long-term supply capture: 2035 Bitcoin ownership projection 01:03:01 - MNAV upside bounds: Convert structure constraints 01:04:30 - Final thoughts Be part of the True North In-Side Event experience. Tickets available here: 👉 <a href="https://luma.com/tnb4c26">https://luma.com/tnb4c26</a> Strategy World sign-up: <a href="https://www.strategysoftware.com/world26/register">https://www.strategysoftware.com/world26/register</a> Use discount code TrueNorth for 20% off your registration—just a little bonus for our True North community. MSTR TRUE NORTH LINKS: True North Website: <a href="https://www.mstrtruenorth.com">https://www.mstrtruenorth.com</a> X: <a href="https://x.com/MSTRTrueNorth">https://x.com/MSTRTrueNorth</a> 🛒 MERCH: <a href="https://thehodlshop.com/collections/true-north">https://thehodlshop.com/collections/true-north</a> Youtube: @MSTRTrueNorth MSTR Links: <a href="https://www.mstr-tracker.com">https://www.mstr-tracker.com</a> <a href="https://saylortracker.com/">https://saylortracker.com/</a> <a href="https://robinhood.com/us/en/stocks/MSTR/">https://robinhood.com/us/en/stocks/MSTR/</a> * <a href="https://www.strategy.com/">https://www.strategy.com/</a> 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. • True North does not intend for anything

Jan 22, 20261h 8m

"Bitcoin Did This" | True North Podcast | Ep. 51

🧭 MSTR True North episode 51: 🎛️ As of this recording, 1/14/26, Strategy's (MSTR) performance: <ul> <li>Open: $178.64</li> <li>Close: $179.33</li> <li>Volume: 40,257,000 Shares</li> <li>mNAV: 1.07</li> <li>Market Cap: $57.32B</li> <li>U.S. Market Cap Ranking: <a href="https://www.youtube.com/hashtag/192">#192</a></li> <li>BTC: 687,410</li> </ul> ⏱️ TIMESTAMPS & INSIGHTS: <ul> <li><a href="https://www.youtube.com/watch?v=Y5_AtkCpfhI&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=1">00:00:00</a> - Intro: NFA, agenda and True North overview</li> <li><a href="https://www.youtube.com/watch?v=Y5_AtkCpfhI&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=1&t=290s">00:04:50</a> - Capital Structure Overview: MSTR and STRC balance sheet changes</li> <li><a href="https://www.youtube.com/watch?v=Y5_AtkCpfhI&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=1&t=447s">00:07:27</a> - Leverage & mNAV Dynamics: Common and preferred equity expansion</li> <li><a href="https://www.youtube.com/watch?v=Y5_AtkCpfhI&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=1&t=633s">00:10:33</a> - Digital Credit Impact: Bid creation on Bitcoin price</li> <li><a href="https://www.youtube.com/watch?v=Y5_AtkCpfhI&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=1&t=994s">00:16:34</a> - Stretch Interest Rate Effects: Potential rate hikes and market response</li> <li><a href="https://www.youtube.com/watch?v=Y5_AtkCpfhI&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=1&t=1060s">00:17:40</a> - Symmetry Test Explained: Raising equity at positive mNAV</li> <li><a href="https://www.youtube.com/watch?v=Y5_AtkCpfhI&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=1&t=1411s">00:23:31</a> - Capital Raising Strategy: Common and preferred equity interplay Be part of the True North In-Side Event experience. Tickets available here: 👉 <a href="https://luma.com/tnb4c26">https://luma.com/tnb4c26</a> Strategy World sign-up: <a href="https://www.strategysoftware.com/worl">https://www.strategysoftware.com/worl</a><a href="https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbTRGZ21QWlp4ZU45aFRCaGtwUGFITTlIVmVrUXxBQ3Jtc0tsbVpxbV9PUHdOWjR5MUNpZGlvZWhqaE1fYkhSSVZMaFAyYmZlamlkRkNQU2xKb0cxRE1TeGZnN3dSNW5VZkZBbWVtcjRXR1hJcFY4czVWNGpjaTdQalpKRWlMVllzeFVpUEpQQW16SFBJZmQzWHRPQQ&q=https%3A%2F%2Fwww.strategysoftware.com%2Fworld26%2Fregister&v=Y5_AtkCpfhI">…</a> Use discount code TrueNorth for 20% off your registration—just a little bonus for our True North community. MSTR TRUE NORTH LINKS:</li> <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=QUFFLUhqbEQ2a2JCeEhDdVRkT0lzdUVvbzNKN1NpUmpUd3xBQ3Jtc0ttWkJQaWh6QUxMWFR2dUQ4dDlBWkhNUUZwbWpvdWdQMGdYazVXalRLLTZLbDdGcDZaeHQ4UWxTZFRiNk94R2NNT2NSSVJ4RjdqNXpXeFBSNlktbXZCczdaNVhCMmZSaDktUTVrN2JEQUhVR0h5WEJQRQ&q=https%3A%2F%2Fthehodlshop.com%2Fcollections%2Ft..&v=Y5_AtkCpfhI">..</a>.</li> <li>Youtube: @MSTRTrueNorth</li> </ul> MSTR Links: <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> 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. • 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 registr

Jan 15, 20262h 1m

S1 Ep 50New Year, The Bottom's In | True North Podcast | Ep. 50

🧭 MSTR True North episode 50: The crew does a deep dive into Bitcoin treasury strategy, mNAV, leverage, and capital structure. The discussion includes a healthy debate about ATM issuance, liquidity, credit, and short risk, then zooms out to macro shocks, pensions, and Bitcoin’s role in capital allocation. 🎛️ As of this recording, 1/7/26, Strategy's (MSTR) performance: <ul> <li>Open: $163.45</li> <li>Close: $161.83</li> <li>Volume: 28,334,600 Shares</li> <li>mNAV: 1.06</li> <li>Market Cap: $50.62B</li> <li>U.S. Market Cap Ranking: <a href="https://www.youtube.com/hashtag/212">#212</a></li> <li>BTC: 673,783</li> </ul> ⏱️ TIMESTAMPS & INSIGHTS: <ul> <li><a href="https://www.youtube.com/watch?v=3oo_slJedus">00:00:00</a> - Intro: NFA, agenda and True North overview</li> <li><a href="https://www.youtube.com/watch?v=3oo_slJedus&t=311s">00:05:11</a> - Roundtable updates: Latest projects the crew is working on</li> <li><a href="https://www.youtube.com/watch?v=3oo_slJedus&t=838s">00:13:58</a> - Balance Sheet Snapshot: Assets, Bitcoin, reserves</li> <li><a href="https://www.youtube.com/watch?v=3oo_slJedus&t=912s">00:15:12</a> - Net Capital Growth: Leverage compression and dividends</li> <li><a href="https://www.youtube.com/watch?v=3oo_slJedus&t=1045s">00:17:25</a> - Perpetual Preferred Equity: Permanent capital effects</li> <li><a href="https://www.youtube.com/watch?v=3oo_slJedus&t=1107s">00:18:27</a> - Balance Sheet Resilience: Drawdowns, leverage, amplification</li> <li><a href="https://www.youtube.com/watch?v=3oo_slJedus&t=1407s">00:23:27</a> - Liquidity and Dividends: Trading volume supports payouts</li> <li><a href="https://www.youtube.com/watch?v=3oo_slJedus&t=1587s">00:26:27</a> - Price Drivers Explained: Options flow, ATM, rates, volatility</li> <li><a href="https://www.youtube.com/watch?v=3oo_slJedus&t=2075s">00:34:35</a> - ATM Issuance and Liquidity: Supply debates and market structure</li> <li><a href="https://www.youtube.com/watch?v=3oo_slJedus&t=2437s">00:40:37</a> - Volatility and Liquidity Mechanics: Preferreds versus common stock</li> <li><a href="https://www.youtube.com/watch?v=3oo_slJedus&t=2771s">00:46:11</a> - Short MSTR Risk: mNAV drift and asymmetrical downside</li> <li><a href="https://www.youtube.com/watch?v=3oo_slJedus&t=3004s">00:50:04</a> - Preferred Credit Demand: Yield, pricing, dividend behavior</li> <li><a href="https://www.youtube.com/watch?v=3oo_slJedus&t=3235s">00:53:55</a> - Yield Product Mechanics: Pricing, dividends, distribution flow</li> <li><a href="https://www.youtube.com/watch?v=3oo_slJedus&t=3934s">01:05:34</a> - Capital Control Framework: Liquidity management and excess coverage</li> <li><a href="https://www.youtube.com/watch?v=3oo_slJedus&t=4147s">01:09:07</a> - Capital Reallocation Shock: AI disruption and Bitcoin treasury edge</li> <li><a href="https://www.youtube.com/watch?v=3oo_slJedus&t=4530s">01:15:30</a> - Institutional Positioning: Sentiment shifts, capital signaling and MSCI decision</li> <li><a href="https://www.youtube.com/watch?v=3oo_slJedus&t=4987s">01:23:07</a> - Policy Risk and Bitcoin: Leverage, regulation, and asset selection</li> <li><a href="https://www.youtube.com/watch?v=3oo_slJedus&t=5320s">01:28:40</a> - Capital Structure Engineering: Yield creation and durability</li> <li><a href="https://www.youtube.com/watch?v=3oo_slJedus&t=5673s">01:34:33</a> - Credit System Stress: AI shock, failure, recovery mechanics</li> <li><a href="https://www.youtube.com/watch?v=3oo_slJedus&t=6409s">01:46:49</a> - Institutional Delay Risk: Pensions, governance, missed adoption</li> <li><a href="https://www.youtube.com/watch?v=3oo_slJedus&t=7127s">01:58:47</a> - Final Thoughts: Conviction, positioning, long-term framework</li> </ul> Be part of the True North In-Side Event experience. Tickets available here: 👉 <a href="https://luma.com/tnb4c26">https://luma.com/tnb4c26</a> Strategy World sign-up: <a href="https://www.strategysoftware.com/worl">https://www.strategysoftware.com/worl</a><a href="https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbWR3Q1ZxUENOWlhmaURrdU1qbS1pZHZFcXdnd3xBQ3Jtc0tsNnF6T1hSRkVJZHBnbEE4Y2RwTkJScG96cE1xQTNpVjZTbnphY0NoTXlubVJURm9zQXMzQXBIMFpvRTg4RnJRbkZZ

Jan 7, 20262h 8m

S1 Ep 49Bear is for Building | True North Podcast | Ep. 49

🧭 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: <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> ⏱️ 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. Tickets available here: 👉 <a href="https://luma.com/tnb4c26">https://luma.com/tnb4c26</a> Strategy World sign-up: <a href="https://www.strategys

Dec 17, 20251h 56m

S1 Ep 49"High Powered Digital Money" | True North Podcast | Ep. 48

🧭 MSTR True North episode 48: The crew does a deep dive into Bitcoin markets, macro signals, credit cycles, and capital structure. We break down trend data, EPS thresholds, leverage, mNAV, Fed policy, and why Bitcoin sits at the center of the next liquidity cycle. 🎛️ As of this recording, 12/10/25, Strategy's (MSTR) performance: <ul> <li>Open: $189.32</li> <li>Close: $184.64</li> <li>Volume: 22,458,960 Shares</li> <li>mNAV: 0.92</li> <li>Market Cap: $55.9B</li> <li>U.S. Market Cap Ranking: 190</li> <li>BTC: 660,624</li> </ul> ⏱️ TIMESTAMPS & INSIGHTS: <a href="https://www.youtube.com/watch?v=yxEq_g5BIjg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=2">00:00:00</a> - Intro: NFA, agenda and True North overview <a href="https://www.youtube.com/watch?v=yxEq_g5BIjg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=2&t=190s">00:03:10</a> - Event Context: Conviction, networking and market backdrop <a href="https://www.youtube.com/watch?v=yxEq_g5BIjg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=2&t=282s">00:04:42</a> - Trend Signals: Chart mechanics, death cross and momentum turn <a href="https://www.youtube.com/watch?v=yxEq_g5BIjg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=2&t=490s">00:08:10</a> - Higher-Timeframe Structure: Weekly levels, higher lows and trend context <a href="https://www.youtube.com/watch?v=yxEq_g5BIjg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=2&t=546s">00:09:06</a> - Multi-Frame Review: Monthly and yearly recovery signals <a href="https://www.youtube.com/watch?v=yxEq_g5BIjg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=2&t=732s">00:12:12</a> - EPS Thresholds: Required BTC price for positive earnings <a href="https://www.youtube.com/watch?v=yxEq_g5BIjg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=2&t=854s">00:14:14</a> - Survey Momentum: Gauging ATH expectations and sentiment <a href="https://www.youtube.com/watch?v=yxEq_g5BIjg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=2&t=998s">00:16:38</a> - Rate Regime Change: Volatility and QE effects <a href="https://www.youtube.com/watch?v=yxEq_g5BIjg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=2&t=1094s">00:18:14</a> - Supply Crunch Setup: ETF flows and treasury accumulation <a href="https://www.youtube.com/watch?v=yxEq_g5BIjg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=2&t=1204s">00:20:04</a> - Fed Signals: GDP revisions and future rate cuts <a href="https://www.youtube.com/watch?v=yxEq_g5BIjg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=2&t=1320s">00:22:00</a> - Productivity Shock: AI-driven deflation and policy response <a href="https://www.youtube.com/watch?v=yxEq_g5BIjg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=2&t=1437s">00:23:57</a> - Fiscal Strain: Debt path, shutdown risk and tax limits <a href="https://www.youtube.com/watch?v=yxEq_g5BIjg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=2&t=1579s">00:26:19</a> - Consumer Credit Stress: Debt stacking and inequality <a href="https://www.youtube.com/watch?v=yxEq_g5BIjg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=2&t=1754s">00:29:14</a> - Tech Concentration: MAG7 dominance and return skew <a href="https://www.youtube.com/watch?v=yxEq_g5BIjg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=2&t=1965s">00:32:45</a> - Hard Money Hedge: Bitcoin as monetary protection <a href="https://www.youtube.com/watch?v=yxEq_g5BIjg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=2&t=2097s">00:34:57</a> - Treasury Math: Why printing is structurally required <a href="https://www.youtube.com/watch?v=yxEq_g5BIjg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=2&t=2259s">00:37:39</a> - Policy Shifts: Pro-crypto Fed leadership probabilities <a href="https://www.youtube.com/watch?v=yxEq_g5BIjg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=2&t=2316s">00:38:36</a> - Collateral Upgrade: BTC/ETH/USDC for derivatives margin <a href="https://www.youtube.com/watch?v=yxEq_g5BIjg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=2&t=2528s">00:42:08</a> - Financial Engineering: Reserves, ratings and dividend strategy <a href="https://www.youtube.com/watch?v=yxEq_g5BIjg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=2&t=2767s">00:46:07</a> - Buyback Mechanics: Supply reduction and accretive impact <a href="https://www.youtube.com/watch?v=yxEq_g5BIjg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=2&t=2886s">00:48:06</a> - Treasury Strength: Dividend runway and BTC-backed reserves <a href="https://www.youtube.com

Dec 10, 20251h 5m

The Capital Fortress | True North Podcast | Ep. 47

🧭 MSTR True North episode 47: The crew covers the recent news on the USD reserves, preferreds, mNAV, leverage, credit markets, solvency ratios, macro stress, and why Strategy’s balance sheet strengthens despite volatility. 🎛️ As of this recording, 12/03/25, Strategy's (MSTR) performance: <ul> <li>Open: $183.40</li> <li>Close: $188.39</li> <li>Volume: 26,686,140 Shares</li> <li>mNAV: 1.16</li> <li>Market Cap: $50.70</li> <li>U.S. Market Cap Ranking: 203</li> <li>BTC: 650,000</li> </ul> ⏱️ TIMESTAMPS & INSIGHTS: <ul> <li><a href="https://www.youtube.com/watch?v=OmrKYS2qcXw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=3">00:00:00</a> - Intro and Agenda: music, overview, and NFA disclaimer</li> <li><a href="https://www.youtube.com/watch?v=OmrKYS2qcXw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=3&t=182s">00:03:02</a> - Strategy World 2026: Las Vegas event and True North plans</li> <li><a href="https://www.youtube.com/watch?v=OmrKYS2qcXw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=3&t=473s">00:07:53</a> - USD Reserve Explained: cash buffer as digital credit battery</li> <li><a href="https://www.youtube.com/watch?v=OmrKYS2qcXw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=3&t=770s">00:12:50</a> - Preferreds Risk Profile: how the reserve strengthens credit structure</li> <li><a href="https://www.youtube.com/watch?v=OmrKYS2qcXw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=3&t=1031s">00:17:11</a> - ATM Capital Raise: liquidity flow, proof-of-concept, and market reactions</li> <li><a href="https://www.youtube.com/watch?v=OmrKYS2qcXw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=3&t=1342s">00:22:22</a> - Trading Volume Dynamics: how algorithms amplify stock liquidity</li> <li><a href="https://www.youtube.com/watch?v=OmrKYS2qcXw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=3&t=1470s">00:24:30</a> - Multi-Year Cash Buffer: reserve strategy and capital runway outlook</li> <li><a href="https://www.youtube.com/watch?v=OmrKYS2qcXw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=3&t=1724s">00:28:44</a> - Bitcoin Yield Engine: lending yields, mNAV expansion, and capital structure</li> <li><a href="https://www.youtube.com/watch?v=OmrKYS2qcXw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=3&t=1890s">00:31:30</a> - BTC on the balance sheet: 2025 and 2026 predictions</li> <li><a href="https://www.youtube.com/watch?v=OmrKYS2qcXw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=3&t=2004s">00:33:24</a> - EPS Thresholds: 85k and 110k Bitcoin price scenarios for earnings</li> <li><a href="https://www.youtube.com/watch?v=OmrKYS2qcXw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=3&t=2104s">00:35:04</a> - Digital Credit Structure: why preferreds classify as credit, not equity</li> <li><a href="https://www.youtube.com/watch?v=OmrKYS2qcXw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=3&t=2178s">00:36:18</a> - Leverage vs ETFs: permanent capital vs daily-reset leverage decay</li> <li><a href="https://www.youtube.com/watch?v=OmrKYS2qcXw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=3&t=2347s">00:39:07</a> - Simplifying complexity: Educating the market and sentiment</li> <li><a href="https://www.youtube.com/watch?v=OmrKYS2qcXw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=3&t=2809s">00:46:49</a> - Phase Three Outlook: Bitcoin treasury trajectory and steady-state stability</li> <li><a href="https://www.youtube.com/watch?v=OmrKYS2qcXw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=3&t=2964s">00:49:24</a> - Bank Solvency Framework: CET1 ratios and applying Basel treatment to Bitcoin</li> <li><a href="https://www.youtube.com/watch?v=OmrKYS2qcXw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=3&t=3524s">00:58:44</a> - The debasement trade: Capturing opportunities and the generational effect</li> <li><a href="https://www.youtube.com/watch?v=OmrKYS2qcXw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=3&t=3970s">01:06:10</a> - The millenial dilemma: Optimizing capital allocation for a generation that is stuck</li> <li><a href="https://www.youtube.com/watch?v=OmrKYS2qcXw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=3&t=4221s">01:10:21</a> - The money is broken: Time and energy is being stolen and BTC is the lifeline</li> <li><a href="https://www.youtube.com/watch?v=OmrKYS

Dec 3, 20251h 28m

S1 Ep 46"And Then They Fight You" | True North Podcast | Ep. 46

🧭 MSTR True North episode 46: The team hosts an early call on Wednesday to address the latest digital credit and BTC treasury catalysts. Highlights include MSCI index, JP Morgan structured notes, MNAV math, capital structure engineering, and the growing shift toward institutional Bitcoin adoption and treasury allocation. 🎛️ As of this recording, 11/26/25, Strategy's (MSTR) performance: <ul> <li>Open: $173.69</li> <li>Close: $175.64</li> <li>Volume: 19,829,181 Shares</li> <li>mNAV: 1.13</li> <li>Market Cap: $50.48</li> <li>U.S. Market Cap Ranking: 213</li> <li>BTC: 649,870</li> </ul> ⏱️ TIMESTAMPS & INSIGHTS: <ul> <li><a href="https://www.youtube.com/watch?v=CHwCZIp5Xnc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=4">00:00:00</a> - Cue the music and intro: Agenda and NFA disclaimer</li> <li><a href="https://www.youtube.com/watch?v=CHwCZIp5Xnc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=4&t=253s">00:04:13</a> - BTC price analysis: MACD signals, the macro climate and MSTR price correlation</li> <li><a href="https://www.youtube.com/watch?v=CHwCZIp5Xnc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=4&t=546s">00:09:06</a> - Bitcoin Leverage & transparency: MSTR exposure math, long-term amplification and stategy tracker</li> <li><a href="https://www.youtube.com/watch?v=CHwCZIp5Xnc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=4&t=757s">00:12:37</a> - Entry Strategy Basics: Pricing discipline, tax reality and buying low</li> <li><a href="https://www.youtube.com/watch?v=CHwCZIp5Xnc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=4&t=848s">00:14:08</a> - Real-Time Transparency: 24/7 BTC metrics and unit-of-account shift</li> <li><a href="https://www.youtube.com/watch?v=CHwCZIp5Xnc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=4&t=954s">00:15:54</a> - Measuring balance sheet strength: Risk tolerance and the TradFi’s approach to value equities</li> <li><a href="https://www.youtube.com/watch?v=CHwCZIp5Xnc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=4&t=1186s">00:19:46</a> - MSCI Index Shock: Digital-asset exclusions and capital-flow risk</li> <li><a href="https://www.youtube.com/watch?v=CHwCZIp5Xnc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=4&t=1454s">00:24:14</a> - MSTR Short Hedging: Borrow costs, downside leverage, long-holder hedges</li> <li><a href="https://www.youtube.com/watch?v=CHwCZIp5Xnc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=4&t=1740s">00:29:00</a> - JP Morgan Structured Note: Illiquidity, capped upside, principal risk</li> <li><a href="https://www.youtube.com/watch?v=CHwCZIp5Xnc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=4&t=2174s">00:36:14</a> - Institutional Bitcoin Demand: ETFs, muni bonds, state treasury buying</li> <li><a href="https://www.youtube.com/watch?v=CHwCZIp5Xnc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=4&t=2465s">00:41:05</a> - Stride vs Strife: Preferred structures, arbitrage spreads, levered beta</li> <li><a href="https://www.youtube.com/watch?v=CHwCZIp5Xnc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=4&t=2760s">00:46:00</a> - Yield Mechanics: Bond pricing, collateral growth, preferred income</li> <li><a href="https://www.youtube.com/watch?v=CHwCZIp5Xnc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=4&t=3088s">00:51:28</a> - Financial Engineering: Dividends, dilution math, capital efficiency</li> <li><a href="https://www.youtube.com/watch?v=CHwCZIp5Xnc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=4&t=3313s">00:55:13</a> - Amplification and MNAV: SATs/share math, liquidation prefs, leverage</li> <li><a href="https://www.youtube.com/watch?v=CHwCZIp5Xnc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=4&t=3730s">01:02:10</a> - Synthetic BTC Hedging: Downside structures, seller advantage</li> <li><a href="https://www.youtube.com/watch?v=CHwCZIp5Xnc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=4&t=3907s">01:05:07</a> - MNAV Valuation Framework: Assets minus prefs, transparent accounting</li> <li><a href="https://www.youtube.com/watch?v=CHwCZIp5Xnc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=4&t=4179s">01:09:39</a> - Corporate Arbitrage: EPS shaping, buybacks, equity issuance strategy</li> <li><a href="https://www.youtube.com/watch?v=CHwCZIp5Xnc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=4&t=4612s">01:16:52&

Nov 26, 20251h 51m

S1 Ep 45The Revolution of Digital Credit | True North Podcast | Ep. 45

🧭 MSTR True North episode 45: The team covers the following topics: Bitcoin credit, liquidity stress, mNAV, dividend math, MSTR capital structure, ETF flows, leverage, over collateralization, protocol risks, macro signals steering capital allocation and risk/reward. 🎛️ As of this recording, 11/19/25, Strategy's (MSTR) performance: <ul> <li>Open: $202.36</li> <li>Close: $186.50</li> <li>Volume: 28,025,372 Shares</li> <li>mNAV: 1.17</li> <li>Market Cap: $53.6B</li> <li>U.S. Market Cap Ranking: 197</li> <li>BTC: 649,870</li> </ul> ⏱️ TIMESTAMPS & INSIGHTS: <ul> <li><a href="https://www.youtube.com/watch?v=Sc9_2I3-LdE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=5">00:00:00</a> - cue the music</li> <li><a href="https://www.youtube.com/watch?v=Sc9_2I3-LdE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=5&t=111s">00:01:51</a> - Bitcoin strategy archetypes: Poet, prophet, prince roles align</li> <li><a href="https://www.youtube.com/watch?v=Sc9_2I3-LdE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=5&t=280s">00:04:40</a> - MSTR Bitcoin treasury thesis: Balance sheet stack drives upside</li> <li><a href="https://www.youtube.com/watch?v=Sc9_2I3-LdE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=5&t=577s">00:09:37</a> - Digital credit instruments: Invest in Bitcoin credit quality</li> <li><a href="https://www.youtube.com/watch?v=Sc9_2I3-LdE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=5&t=760s">00:12:40</a> - Margin hikes, forced selling: JPM raises requirements on MSTR</li> <li><a href="https://www.youtube.com/watch?v=Sc9_2I3-LdE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=5&t=936s">00:15:36</a> - RSI and oversold read: Selloff deeper than prior dips</li> <li><a href="https://www.youtube.com/watch?v=Sc9_2I3-LdE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=5&t=1103s">00:18:23</a> - Liquidity crunch: previous cycle trends and credit quality</li> <li><a href="https://www.youtube.com/watch?v=Sc9_2I3-LdE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=5&t=1238s">00:20:38</a> - MSTR's collateral monopoly: Best asset, digital capital scale</li> <li><a href="https://www.youtube.com/watch?v=Sc9_2I3-LdE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=5&t=1545s">00:25:45</a> - Narrative following price: Current climate has flipped the formula</li> <li><a href="https://www.youtube.com/watch?v=Sc9_2I3-LdE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=5&t=1744s">00:29:04</a> - mNAV, peg, dividends: Market restores par as cash pays</li> <li><a href="https://www.youtube.com/watch?v=Sc9_2I3-LdE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=5&t=1994s">00:33:14</a> - Shorting costs & carry with transparency: Dividends and borrow fees matter</li> <li><a href="https://www.youtube.com/watch?v=Sc9_2I3-LdE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=5&t=2294s">00:38:14</a> - Yield traps vs holding: $MSTY erosion vs Stretch peg</li> <li><a href="https://www.youtube.com/watch?v=Sc9_2I3-LdE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=5&t=2601s">00:43:21</a> - The 4 year cycle: the gravitational pull of patterns & protocol risk management</li> <li><a href="https://www.youtube.com/watch?v=Sc9_2I3-LdE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=5&t=3282s">00:54:42</a> - Spot ETF accumulation: The new vehicle that is changing the game</li> <li><a href="https://www.youtube.com/watch?v=Sc9_2I3-LdE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=5&t=3461s">00:57:41</a> - Bitcoin treasury companies: the future brought forward</li> <li><a href="https://www.youtube.com/watch?v=Sc9_2I3-LdE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=5&t=3625s">01:00:25</a> - Dividend math with BTC: 1.25% BTC growth supports perpetual payouts</li> <li><a href="https://www.youtube.com/watch?v=Sc9_2I3-LdE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=5&t=3909s">01:05:09</a> - Over collateralization benefit: Risk calculable 24/7 paired with transparency</li> <li><a href="https://www.youtube.com/watch?v=Sc9_2I3-LdE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=5&t=4060s">01:07:40</a> - What if Bitcoin breaks?</li> <li><a href="https://www.youtube.com/watch?v=Sc9_2I3-LdE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=5&t=4160s">01:09:20</a> - Selling loans vs cre

Nov 19, 20251h 56m

S1 Ep 44"2026 The Year of Digital Credit" | True North Podcast | Ep. 44

🧭 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: <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> ⏱️ TIMESTAMPS & INSIGHTS: <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 Euro

Nov 12, 20251h 16m

S1 Ep 43"Rate My Stock / Risk of Credit" | True North Podcast | Ep. 43

🧭 MSTR True North episode 43: This episode breaks down return of capital investing, credit ratings, risk underwriting, and structured yield products - framed around macro signals, mNAV, capital allocation, and long-term value. 🎛️ As of this recording, 10/29/25, Strategy's (MSTR) performance: <ul> <li>Open: $284.38</li> <li>Close: $275.36</li> <li>Volume: 10,184,060 Shares</li> <li>mNAV: 1.35</li> <li>Market Cap: $79.08B</li> <li>U.S. Market Cap Ranking: 134</li> <li>BTC: 640,808</li> </ul> SOCIAL MEDIA: <ul> <li>X: <a href="https://x.com/PunterJeff">https://x.com/PunterJeff</a></li> <li>X: <a href="https://x.com/BenWerkman">https://x.com/BenWerkman</a></li> <li>X: <a href="https://x.com/nithusezni">https://x.com/nithusezni</a></li> <li>X: <a href="https://x.com/TimKotzman">https://x.com/TimKotzman</a></li> <li>X: <a href="https://x.com/Z06Z07">https://x.com/Z06Z07</a></li> <li>X: <a href="https://x.com/Adrian_R_Morris">https://x.com/Adrian_R_Morris</a></li> <li>X: <a href="https://x.com/RealTrollstein">https://x.com/RealTrollstein</a></li> <li>X: <a href="https://x.com/MasonFoard">https://x.com/MasonFoard</a></li> <li>X: <a href="https://x.com/hillery_dan">https://x.com/hillery_dan</a></li> <li>X: <a href="https://x.com/JBerneburg">https://x.com/JBerneburg</a></li> <li>X: <a href="https://x.com/TheJesseMK">https://x.com/TheJesseMK</a></li> <li>X: <a href="https://x.com/thebitcoingal">https://x.com/thebitcoingal</a></li> </ul> MSTR TRUE NORTH LINKS: <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=QUFFLUhqbURMWExPZV9DWkxEWnlhU1FORTVBNUFldDlQd3xBQ3Jtc0tscGNMSUdKeUVjc3lLdjQ3QXpSaGl2TGkzRkQ5OFZvWVJieWd5S0VkdzFkcEZFZXRWc01xRjh1X0JpblE1QWlPSDRzTTZTeGpDWGNmZm1FLUFmYmNPSFJiUG9WeEdpRlU1QVFrYkI2c2FfNFJqQ2xGcw&q=https%3A%2F%2Fthehodlshop.com%2Fcollections%2Ft..&v=4A4goufTTI8">..</a>.</li> <li>Youtube: @MSTRTrueNorth</li> </ul> MSTR Links: <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/Disclaimer">https://www.strategy.com/</a> 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. • 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>.</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 indic

Oct 29, 20251h 58m

The Next Trillion Dollar Company | Interview With The CEO of Strategy, Phong Le

Phong Le (CEO, $MSTR) joins True North to discuss bitcoin-backed credit products, the future of Strategy, BTC price dynamics, and what mainstream Bitcoin adoption could look like from the corporate and consumer side. - Follow - X: <a href="https://x.com/Adrian%5C_R%5C_Morris">https://x.com/Adrian\_R\_Morris</a> X: <a href="https://x.com/MSTRTrueNorth">https://x.com/MSTRTrueNorth</a> X: <a href="https://x.com/Strategy">https://x.com/Strategy</a> Website: <a href="https://www.strategy.com/">https://www.strategy.com/</a> - Outline - 00:00 – Intro 00:21 – Welcome 03:24 – Bitcoin-backed Credit: reinventing capital markets 06:13 – Robinhood listing Preferreds 10:00 – Scaling preferreds to a $30–300B market opportunity 15:33 – Cultural movement around Strategy 20:20 – Bitcoin opens doors 25:57 – Strategy’s Software Business 30:39 – The 2030 vision 36:22 – Bitcoin treasury ecosystem 40:25 – Bitcoin in traditional banks 47:08 – Buying Bitcoin with your bank 50:59 – Why Strategy 54:07 – Closing thoughts Music: "Uncovered" by Joseph William Morgan Licensed from Musicbed SyncID: MB61P6KK5Y9YMID License URL: <a href="https://striveenterprises-my.sharepoint.com/:b:/g/personal/jackson%5C_fairbanks%5C_strive%5C_com/EWyQzvQksqxJt5rPjEgPHGwBjG3d4lX47yIlUiQKEQ4heA?e=mX5TcK">https://striveenterprises-my.sharepoint.com/:b:/g/personal/jackson\_fairbanks\_strive\_com/EWyQzvQksqxJt5rPjEgPHGwBjG3d4lX47yIlUiQKEQ4heA?e=mX5TcK</a> Used with permission for YouTube and monetization under active Musicbed subscription. 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. • 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>. <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>

Oct 24, 202554 min

S1 Ep 42"Pref Analysis / Deep Dive" | True North Podcast | Ep. 42

🧭 MSTR True North episode 42: The crew explores Bitcoin as corporate capital, synthetic yield, and how it’s driving in ovation in the credit markets. From mNAV to macro risk models, this episode highlights the process of building a balance sheet in a market that is build in a choric climate. 🎛️ As of this recording, 10/22/25, Strategy's (MSTR) performance: <ul> <li>Open: $293.02</li> <li>Close: $280.81</li> <li>Volume: 15,129,500 Shares</li> <li>mNAV: 1.29</li> <li>Market Cap: $80.64B</li> <li>U.S. Market Cap Ranking: 132</li> <li>BTC: 640,418</li> </ul> ⏱️ TIMESTAMPS & INSIGHTS: <ul> <li><a href="https://www.youtube.com/watch?v=Wz2LE_21q5c&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=8">00:00:00</a> - Cue the music: Intro, agenda and NFA</li> <li><a href="https://www.youtube.com/watch?v=Wz2LE_21q5c&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=8&t=315s">00:05:15</a> - Early market signal: Bitcoin undervaluation and upside</li> <li><a href="https://www.youtube.com/watch?v=Wz2LE_21q5c&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=8&t=440s">00:07:20</a> - Rate environment shift: Lower yields boost preferreds</li> <li><a href="https://www.youtube.com/watch?v=Wz2LE_21q5c&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=8&t=588s">00:09:48</a> - Regulatory barriers: Regulators globally blocking BTC treasuries</li> <li><a href="https://www.youtube.com/watch?v=Wz2LE_21q5c&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=8&t=711s">00:11:51</a> - Treasury structures: Treasuries taking advantage of premiums and complex warrants</li> <li><a href="https://www.youtube.com/watch?v=Wz2LE_21q5c&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=8&t=803s">00:13:23</a> - Balance sheet leverage: 102K BTC, $69B in assets</li> <li><a href="https://www.youtube.com/watch?v=Wz2LE_21q5c&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=8&t=1035s">00:17:15</a> - Perpetual preferreds: Yield spreads and call dynamics</li> <li><a href="https://www.youtube.com/watch?v=Wz2LE_21q5c&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=8&t=1427s">00:23:47</a> - Synthetic yield: Preferreds as digital labor</li> <li><a href="https://www.youtube.com/watch?v=Wz2LE_21q5c&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=8&t=1930s">00:32:10</a> - BTC income engine: Arbitrage between growth and cost</li> <li><a href="https://www.youtube.com/watch?v=Wz2LE_21q5c&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=8&t=2239s">00:37:19</a> - Physical vs digital labor: Lessons from real-world work with Tim Kotzman</li> <li><a href="https://www.youtube.com/watch?v=Wz2LE_21q5c&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=8&t=2524s">00:42:04</a> - Backtest results: $1M BTC generates $5.5M income</li> <li><a href="https://www.youtube.com/watch?v=Wz2LE_21q5c&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=8&t=3311s">00:55:11</a> - Lognormal model: Baseline for BTC risk modeling</li> <li><a href="https://www.youtube.com/watch?v=Wz2LE_21q5c&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=8&t=3421s">00:57:01</a> - Jump & GARCH models: Simulating BTC shocks and volatility clusters</li> <li><a href="https://www.youtube.com/watch?v=Wz2LE_21q5c&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=8&t=3914s">01:05:14</a> - Probabilistic outcomes: The path to a quadrillion dollar valuation</li> <li><a href="https://www.youtube.com/watch?v=Wz2LE_21q5c&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=8&t=4250s">01:10:50</a> - New issuance strategy: Risk curves for preferreds</li> <li><a href="https://www.youtube.com/watch?v=Wz2LE_21q5c&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=8&t=4514s">01:15:14</a> - Pension disruption thesis: Preferreds as value innovation</li> <li><a href="https://www.youtube.com/watch?v=Wz2LE_21q5c&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=8&t=4560s">01:16:00</a> - Capital sourcing: Investor interest with conditions</li> <li><a href="https://www.youtube.com/watch?v=Wz2LE_21q5c&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=8&t=5001s">01:23:21</a> - Store-of-value thesis: Bitcoin as capital</li> <li><a href="https://www.youtube.com/watch?v=Wz2LE_21q5c&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=8&t=5080s">01:24:40</a> - Innovation advantage: Gunpowder, Bitcoin, and open syste

Oct 22, 20251h 40m

S1 Ep 41What is Credit w/ special guest Adam Livingston | True North Podcast | Ep. 41

🧭 MSTR True North episode 41: the crew does a deep dive into credit markets, bond risk, and capital structure—covering Strategy, Ford, disruption risk, mNAV, liquidity, and why BTC is emerging as the prime collateral asset. 🎛️ As of this recording, 10/08/25, Strategy's (MSTR) performance: <ul> <li>Open: $335.62</li> <li>Close: $330.80</li> <li>Volume: 12,996,280 shares</li> <li>mNAV: 1.40</li> <li>Market Cap: $94.98B</li> <li>U.S. Market Cap Ranking: 115</li> <li>BTC: 640,031</li> </ul> ⏱️ TIMESTAMPS & INSIGHTS: <ul> <li><a href="https://www.youtube.com/watch?v=y2mugodJ6gc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=9">00:00:00</a> - Cue the music: Intro, Agenda and NFA</li> <li><a href="https://www.youtube.com/watch?v=y2mugodJ6gc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=9&t=326s">00:05:26</a> - Special guest: Welcome the Bitcoin Wizard</li> </ul> Bitcoin & Energy: Market moving in dog years <ul> <li><a href="https://www.youtube.com/watch?v=y2mugodJ6gc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=9&t=360s">00:06:00</a> - MSTR Capital Stack: Leverage, assets, and BTC</li> <li><a href="https://www.youtube.com/watch?v=y2mugodJ6gc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=9&t=680s">00:11:20</a> - Bitcoin Treasury Growth: Asset scale and liquidity</li> <li><a href="https://www.youtube.com/watch?v=y2mugodJ6gc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=9&t=1260s">00:21:00</a> - Corporate Liquidity Strategy: BTC vs. traditional cash</li> <li><a href="https://www.youtube.com/watch?v=y2mugodJ6gc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=9&t=1738s">00:28:58</a> - Credit & Risk Framework: Trust, money, and collateral</li> <li><a href="https://www.youtube.com/watch?v=y2mugodJ6gc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=9&t=2034s">00:33:54</a> - Credit Structures: Short, mid, and long-term credit</li> <li><a href="https://www.youtube.com/watch?v=y2mugodJ6gc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=9&t=2192s">00:36:32</a> - Credit Limits & Trust: Personal borrowing capacity explained</li> <li><a href="https://www.youtube.com/watch?v=y2mugodJ6gc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=9&t=2352s">00:39:12</a> - Household Debt Trends: Non-housing vs. housing debt</li> <li><a href="https://www.youtube.com/watch?v=y2mugodJ6gc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=9&t=2769s">00:46:09</a> - Market Mispricing Risk: BTC collateral still undervalued</li> <li><a href="https://www.youtube.com/watch?v=y2mugodJ6gc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=9&t=2986s">00:49:46</a> - Asset-Backed Lending: Underwriting BTC not individuals</li> <li><a href="https://www.youtube.com/watch?v=y2mugodJ6gc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=9&t=3181s">00:53:01</a> - Equitized Credit Model: Saylor’s insurance-inspired strategy</li> <li><a href="https://www.youtube.com/watch?v=y2mugodJ6gc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=9&t=3411s">00:56:51</a> - MSTR at Gold Parity: Credit quality inflection point</li> <li><a href="https://www.youtube.com/watch?v=y2mugodJ6gc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=9&t=3499s">00:58:19</a> - Risk Comparison: BTC vs. equity, bonds, mortgages</li> <li><a href="https://www.youtube.com/watch?v=y2mugodJ6gc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=9&t=3600s">01:00:00</a> - Bad Bonds Explained: High-yield debt and rising credit risk</li> <li><a href="https://www.youtube.com/watch?v=y2mugodJ6gc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=9&t=3973s">01:06:13</a> - Bond Liquidity Risk: Selling constraints and default probability</li> <li><a href="https://www.youtube.com/watch?v=y2mugodJ6gc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=9&t=4158s">01:09:18</a> - Disruption Risk Pricing: Black swan events impact on credit</li> <li><a href="https://www.youtube.com/watch?v=y2mugodJ6gc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=9&t=4483s">01:14:43</a> - Technology’s impact: disruptions impact on change and pricing risk</li> <li><a href="https://www.youtube.com/watch?v=y2mugodJ6gc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=9&t=4626s">01:17:06</a> - Ford’s Bond Profile: Duration risk and yield conce

Oct 8, 20252h 15m

S1 Ep 40"MSTR Uptober" | True North Podcast | Ep. 40

🧭 MSTR True North episode 40: the group doses a deep dive into Bitcoin investing, capital allocation, risk management, and leverage. They explore mNAV, treasury plays, macro signals, and why fixed income products are reshaping long-term portfolios. 🎛️ As of this recording, 10/01/25, Strategy's (MSTR) performance: <ul> <li>Open: $332.47</li> <li>Close: $338.41</li> <li>Volume: 13,994,830 shares</li> <li>mNAV: 1.47</li> <li>Market Cap: $97.16B</li> <li>U.S. Market Cap Ranking:</li> <li>BTC: 640,031</li> </ul> ⏱️ TIMESTAMPS & INSIGHTS: <ul> <li><a href="https://www.youtube.com/watch?v=6d9bPPI77zg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=10">00:00:00</a> - cue the music: episode 40 agenda</li> <li><a href="https://www.youtube.com/watch?v=6d9bPPI77zg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=10&t=285s">00:04:45</a> - Strategy statistics: the math behind the balance sheet</li> <li>Fed Liquidity & Leverage: Infinite cash and leverage dynamics</li> <li><a href="https://www.youtube.com/watch?v=6d9bPPI77zg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=10&t=422s">00:07:02</a> - Q3 Earnings & Tax Impact: $10 EPS, AMT guidance clears risk</li> <li><a href="https://www.youtube.com/watch?v=6d9bPPI77zg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=10&t=551s">00:09:11</a> - Bullish Macro Setup: Log fractals and cycle alignment bullish for BTC</li> <li><a href="https://www.youtube.com/watch?v=6d9bPPI77zg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=10&t=848s">00:14:08</a> - Cycle Cloud Framework: Using volatility-adjusted trends to map BTC moves</li> <li><a href="https://www.youtube.com/watch?v=6d9bPPI77zg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=10&t=1083s">00:18:03</a> - Position Sizing Strategy: Nvidia to MSTR rotation example</li> <li><a href="https://www.youtube.com/watch?v=6d9bPPI77zg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=10&t=1279s">00:21:19</a> - Market Multiples & MNAV Gap: Comparing Apploven and MSTR value</li> <li><a href="https://www.youtube.com/watch?v=6d9bPPI77zg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=10&t=1448s">00:24:08</a> - Bitcoin Validation vs Legitimization: Market slow to accept BTC metrics</li> <li><a href="https://www.youtube.com/watch?v=6d9bPPI77zg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=10&t=1559s">00:25:59</a> - Equity Issuance & MNAV: Capital structure insights from Buffett</li> <li><a href="https://www.youtube.com/watch?v=6d9bPPI77zg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=10&t=2193s">00:36:33</a> - Bad Bond of the Week: Hertz 2029 bond, 10% yield, high distress</li> <li><a href="https://www.youtube.com/watch?v=6d9bPPI77zg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=10&t=2540s">00:42:20</a> - Miner Leverage & Energy Upside: Asymmetric plays via energy contracts</li> <li><a href="https://www.youtube.com/watch?v=6d9bPPI77zg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=10&t=2708s">00:45:08</a> - HPC AI Shift in Mining: Pivot from mining to compute centers</li> <li><a href="https://www.youtube.com/watch?v=6d9bPPI77zg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=10&t=3073s">00:51:13</a> - Energy Risk & Innovation: AI compute demand vs energy supply</li> <li><a href="https://www.youtube.com/watch?v=6d9bPPI77zg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=10&t=3268s">00:54:28</a> - Options Strategy for Miners: Call spreads on IBIT vs minors</li> <li><a href="https://www.youtube.com/watch?v=6d9bPPI77zg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=10&t=3560s">00:59:20</a> - Efficient Frontier & Bitcoin: Time horizon reshapes risk/reward</li> <li><a href="https://www.youtube.com/watch?v=6d9bPPI77zg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=10&t=3784s">01:03:04</a> - Miner Capital Rotation: Navigating hype vs fundamentals</li> <li><a href="https://www.youtube.com/watch?v=6d9bPPI77zg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=10&t=4057s">01:07:37</a> - Adrian & Mason: final thoughts on broken money</li> <li><a href="https://www.youtube.com/watch?v=6d9bPPI77zg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=10&t=4572s">01:16:12</a> - Mining True North: finding opportunities as a hedge fund and beating the hurdle rate</li> <li><a h

Oct 1, 20252h 10m

S1 Ep 39Chapter 2 "Full Sail Ahead" | True North Podcast | Ep. 39

🧭 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: <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> ⏱️ TIMESTAMPS & INSIGHTS: <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 holdi

Sep 24, 20252h 10m

No Days Off | True North Podcast | Ep. 38

🧭 MSTR True North episode 38: Soleil & Dan breakdown Strategy’s credit stack, BTC accumulation strategy, preferreds, rate risk, and AI macro themes dissected. Topics also include Strike, Strife, Stretch, MSTR mNAV, BTC vs gold, and Fed policy. 🎛️ As of this recording, 8/27/25, Strategy's (MSTR) performance: <ul> <li>Open: $348.68</li> <li>Close: $342.06</li> <li>Volume: 8,379,611 shares</li> <li>mNAV: 1.56</li> <li>Market Cap: ~97.36B</li> <li>U.S. Market Cap Ranking: 108</li> <li>BTC: 632,457</li> </ul> ⏱️ TIMESTAMPS & INSIGHTS: <ul> <li><a href="https://www.youtube.com/watch?v=0LPXxbg5r38&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=12">00:00:00</a> - Intro: filtering out the noise and providing signal</li> <li><a href="https://www.youtube.com/watch?v=0LPXxbg5r38&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=12&t=199s">00:03:19</a> - Macro Indicators: Services PMI ties to BTC moves</li> <li><a href="https://www.youtube.com/watch?v=0LPXxbg5r38&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=12&t=342s">00:05:42</a> - Spot BTC Positioning: Low leverage, resilient long-term strategy</li> <li><a href="https://www.youtube.com/watch?v=0LPXxbg5r38&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=12&t=745s">00:12:25</a> - Duration gap: whats the next pref flavor to fill the gap</li> <li><a href="https://www.youtube.com/watch?v=0LPXxbg5r38&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=12&t=863s">00:14:23</a> - Labor Market & Fed Pivot: Weak payrolls, yield curve, rate cut setup</li> <li><a href="https://www.youtube.com/watch?v=0LPXxbg5r38&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=12&t=1135s">00:18:55</a>- AI’s attack on jobs: Bitcoin is the only way to capture the deflationary effects</li> <li><a href="https://www.youtube.com/watch?v=0LPXxbg5r38&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=12&t=1332s">00:22:12</a> - Inflation Outlook & Fed: Tariffs, base case, policy shift</li> <li><a href="https://www.youtube.com/watch?v=0LPXxbg5r38&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=12&t=1538s">00:25:38</a> - Bitcoin vs Gold Thesis: BTC outperformance, gold lag on inflation</li> <li><a href="https://www.youtube.com/watch?v=0LPXxbg5r38&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=12&t=1807s">00:30:07</a> - MNAVs & Fear Index: Sentiment tools, credit signals, BTC risk</li> <li><a href="https://www.youtube.com/watch?v=0LPXxbg5r38&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=12&t=1997s">00:33:17</a> - Stretch Yield Mechanics: Monthly coupon, par targeting strategy</li> <li><a href="https://www.youtube.com/watch?v=0LPXxbg5r38&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=12&t=2260s">00:37:40</a> - S&P 500 Inclusion Odds: Market betting, mispriced probabilities</li> <li><a href="https://www.youtube.com/watch?v=0LPXxbg5r38&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=12&t=2433s">00:40:33</a> - BTC Valuation Frameworks: Minor breakevens, long-dated call logic</li> <li><a href="https://www.youtube.com/watch?v=0LPXxbg5r38&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=12&t=2626s">00:43:46</a> - MSTR Capital Forecast: Preferreds, ATM issuance, $175B growth thesis</li> </ul> SOCIAL MEDIA: <ul> <li>X: <a href="https://x.com/PunterJeff">https://x.com/PunterJeff</a></li> <li>X: <a href="https://x.com/BenWerkman">https://x.com/BenWerkman</a></li> <li>X: <a href="https://x.com/nithusezni">https://x.com/nithusezni</a></li> <li>X: <a href="https://x.com/TimKotzman">https://x.com/TimKotzman</a></li> <li>X: <a href="https://x.com/Z06Z07">https://x.com/Z06Z07</a></li> <li>X: <a href="https://x.com/Adrian_R_Morris">https://x.com/Adrian_R_Morris</a></li> <li>X: <a href="https://x.com/RealTrollstein">https://x.com/RealTrollstein</a></li> <li>X: <a href="https://x.com/MasonFoard">https://x.com/MasonFoard</a></li> <li>X: <a href="https://x.com/hillery_dan">https://x.com/hillery_dan</a></li> <li>X: <a href="https://x.com/JBerneburg">https://x.com/JBerneburg</a></li> <li>X: <a href="https://x.com/TheJesseMK">https://x.com/TheJesseMK</a></li> <li>X: <a href="https://x.com/thebitcoingal">https://x.com/thebitcoingal</a>&lt

Aug 27, 202550 min

S1 Ep 37Navigating The Storm | True North Podcast | Ep. 37

🧭 MSTR True North episode 37: A sharp look into Bitcoin-backed finance, misunderstood leverage, market shakeups, and the future of MSTR. Big money, bold moves, and a masterclass in navigating financial storms—this one’s not just for Bitcoiners. 🎛️ As of this recording, 8/20/25, Strategy's (MSTR) performance: <ul> <li>Open: $339.38</li> <li>Close: $344.47</li> <li>Volume: 13,739,806 shares</li> <li>mNAV: 1.52</li> <li>Market Cap: ~95.5B</li> <li>U.S. Market Cap Ranking: 111</li> <li>BTC: 629,376</li> </ul> ⏱️ TIMESTAMPS & INSIGHTS: <ul> <li><a href="https://www.youtube.com/watch?v=ZTO9GrKVNPw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=13">00:00:00</a> - Cue the music: Episode 37 introduction</li> <li><a href="https://www.youtube.com/watch?v=ZTO9GrKVNPw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=13&t=145s">00:02:25</a> - True North: A masters in corporate finance</li> <li><a href="https://www.youtube.com/watch?v=ZTO9GrKVNPw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=13&t=240s">00:04:00</a> - Agenda breakdown</li> <li><a href="https://www.youtube.com/watch?v=ZTO9GrKVNPw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=13&t=273s">00:04:33</a> - Strategy Balance Sheet: Leverage, debt, and MNAV updates</li> <li><a href="https://www.youtube.com/watch?v=ZTO9GrKVNPw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=13&t=537s">00:08:57</a> - Risk Misconceptions: Why Strategy isn't overleveraged</li> <li><a href="https://www.youtube.com/watch?v=ZTO9GrKVNPw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=13&t=865s">00:14:25</a> - Dividend Mechanics: Pref equity, asset coverage and the toolkit</li> <li><a href="https://www.youtube.com/watch?v=ZTO9GrKVNPw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=13&t=1125s">00:18:45</a> - Capital Strategy: The BTC corporate finance education moat</li> <li><a href="https://www.youtube.com/watch?v=ZTO9GrKVNPw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=13&t=1530s">00:25:30</a> - Bitcoin Valuation: Why BTC is not “magic internet money”</li> <li><a href="https://www.youtube.com/watch?v=ZTO9GrKVNPw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=13&t=1789s">00:29:49</a> - MNAV Guidance Shift: ATM strategy and market reaction</li> <li><a href="https://www.youtube.com/watch?v=ZTO9GrKVNPw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=13&t=2040s">00:34:00</a> - Institutional Fallout: How investors responded to new mNAV guidance</li> <li><a href="https://www.youtube.com/watch?v=ZTO9GrKVNPw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=13&t=2700s">00:45:00</a> - Credit Structure: Prefs, overcollateralization, and trust in team</li> <li><a href="https://www.youtube.com/watch?v=ZTO9GrKVNPw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=13&t=2900s">00:48:20</a> - Bond Market Blindspots: Educating a legacy finance world</li> <li><a href="https://www.youtube.com/watch?v=ZTO9GrKVNPw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=13&t=3065s">00:51:05</a> - Evolving Metrics: Future of BTC treasury and capital stack</li> <li><a href="https://www.youtube.com/watch?v=ZTO9GrKVNPw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=13&t=3188s">00:53:08</a> - Trust & Control: Prefs vs equity and managing investor expectations</li> <li><a href="https://www.youtube.com/watch?v=ZTO9GrKVNPw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=13&t=3600s">01:00:00</a> - Convertible Notes: Delta hedge and investor appeal</li> <li><a href="https://www.youtube.com/watch?v=ZTO9GrKVNPw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=13&t=3749s">01:02:29</a> - Disrupting risk: the paradigm shift occuring in riskframe works</li> <li><a href="https://www.youtube.com/watch?v=ZTO9GrKVNPw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=13&t=4062s">01:07:42</a> - Bitcoin Treasuries Growth: Corporate playbook and capital flow</li> <li><a href="https://www.youtube.com/watch?v=ZTO9GrKVNPw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=13&t=4470s">01:14:30</a> - Bitcoin Awareness Push: Retail exposure via ETFs</li> <li><a href="https://www.youtube.com/watch?v=ZTO9GrKVNPw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=13&t=5060s">01:24:20</a> - Bitcoin vs Alt Treasuries: ETH, DOGE, and structural risks</li> <li><a href="https:

Aug 20, 20252h 8m

S1 Ep 36Building a Digital Empire | True North Podcast | Ep. 36

🧭 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: <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> ⏱️ TIMESTAMPS & INSIGHTS: <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=PLZwX4wnt0O

Aug 13, 20252h 2m

S1 Ep 35"The iPhone Moment" | True North Podcast | Ep. 35

🧭 MSTR True North episode 35: The crew talks Q2 earnings call, Bitcoin-backed investing, the creation of the BTC yield curve, AI disruption, and rising instituional adoption. 🎛️ As of this recording, 8/6/25, Strategy's (MSTR) performance: <ul> <li>Open: $374.75</li> <li>Close: $383.41</li> <li>Volume: 7,032,447 shares</li> <li>mNAV: 1.68</li> <li>Market Cap: ~$109B</li> <li>U.S. Market Cap Ranking: 98</li> <li>BTC: 628,791</li> </ul> ⏱️ TIMESTAMPS & INSIGHTS: <ul> <li><a href="https://www.youtube.com/watch?v=G0l1X9XvDe4&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=15">00:00:00</a> - Intro: cue the nusic, agenda, NFA and TN mission</li> <li><a href="https://www.youtube.com/watch?v=G0l1X9XvDe4&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=15&t=259s">00:04:19</a> - BTC treasury strategy: leverage update</li> <li><a href="https://www.youtube.com/watch?v=G0l1X9XvDe4&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=15&t=425s">00:07:05</a> - Preferred equity insight: debt maturity risk</li> <li><a href="https://www.youtube.com/watch?v=G0l1X9XvDe4&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=15&t=600s">00:10:00</a> - Perpetual preferreds: no principal repayment risk</li> <li><a href="https://www.youtube.com/watch?v=G0l1X9XvDe4&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=15&t=781s">00:13:01</a> - Dividend coverage math: BTC drawdown scenario & convertible bond shift for new entrants</li> <li><a href="https://www.youtube.com/watch?v=G0l1X9XvDe4&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=15&t=1135s">00:18:55</a> - Bond vs. preferred: capital structure evolution</li> <li><a href="https://www.youtube.com/watch?v=G0l1X9XvDe4&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=15&t=1462s">00:24:22</a> - 124-year coverage: preferreds for accretive BTC buys</li> <li><a href="https://www.youtube.com/watch?v=G0l1X9XvDe4&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=15&t=1795s">00:29:55</a> - MSTR enterprise value: full capital stack view</li> <li><a href="https://www.youtube.com/watch?v=G0l1X9XvDe4&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=15&t=2000s">00:33:20</a> - MSTR volatility playbook: portfolio allocation to harness the volatility and Q2 earnings</li> <li><a href="https://www.youtube.com/watch?v=G0l1X9XvDe4&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=15&t=2232s">00:37:12</a> - Career risk flips: BTC credit vs no exposure</li> <li><a href="https://www.youtube.com/watch?v=G0l1X9XvDe4&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=15&t=2400s">00:40:00</a> - Liquidity premium: new instruments outperform</li> <li><a href="https://www.youtube.com/watch?v=G0l1X9XvDe4&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=15&t=2635s">00:43:55</a> - $1.3T preferred market: Bitcoin exposure for everyone</li> <li><a href="https://www.youtube.com/watch?v=G0l1X9XvDe4&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=15&t=2837s">00:47:17</a> - Category killers: yields drop, scale rises, domination continues</li> <li><a href="https://www.youtube.com/watch?v=G0l1X9XvDe4&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=15&t=3109s">00:51:49</a> - BTC balance sheets: insulation from disruption</li> <li><a href="https://www.youtube.com/watch?v=G0l1X9XvDe4&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=15&t=3367s">00:56:07</a> - Bitcoin-backed investing: Why BTC collateral matters to valuation</li> <li><a href="https://www.youtube.com/watch?v=G0l1X9XvDe4&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=15&t=3628s">01:00:28</a> - Reducing keyman risk: Phong steps up in earnings call in a big way</li> <li><a href="https://www.youtube.com/watch?v=G0l1X9XvDe4&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=15&t=3904s">01:05:04</a> - Investor engagement shift: Teaching the market long-term strategy</li> <li><a href="https://www.youtube.com/watch?v=G0l1X9XvDe4&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=15&t=4160s">01:09:20</a> - Bitcoin vs AI risk: Holding BTC as hedge against job disruption</li> <li><a href="https://www.youtube.com/watch?v=G0l1X9XvDe4&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=15&t=4320s">01:12:00</a> - Yield structure insight: Preferred products with BTC dividends during inflationary times</li> <li><a href="https://w

Aug 6, 20251h 57m

S1 Ep 34STRC'ing The Limits | True North Podcast | Ep. 34

🧭 MSTR True North episode 34: 🎛️ As of this recording, 7/23/25, Strategy's (MSTR) performance: <ul> <li>Open: $422.83</li> <li>Close: $412.67</li> <li>Volume: 12,990,043 shares</li> <li>mNAV: 1.81</li> <li>Market Cap: ~$117B</li> <li>U.S. Market Cap Ranking: 91</li> <li>BTC: 607,770</li> </ul> ⏱️ TIMESTAMPS & INSIGHTS: <ul> <li><a href="https://www.youtube.com/watch?v=EIH2k857E1Y&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=16">00:00:00</a> - Agenda breakdown</li> <li><a href="https://www.youtube.com/watch?v=EIH2k857E1Y&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=16&t=170s">00:02:50</a> - MSTR’s Leverage Ratio: $72B in assets, debt ratio, and drawdown resilience</li> <li><a href="https://www.youtube.com/watch?v=EIH2k857E1Y&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=16&t=401s">00:06:41</a> - Volatility as Strategy: Why MSTR embraces leverage and market spikes</li> <li><a href="https://www.youtube.com/watch?v=EIH2k857E1Y&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=16&t=1070s">00:17:50</a> - Q2 Earnings Catalyst: Projected $10B+ gain and possible S&P 500 inclusion</li> <li><a href="https://www.youtube.com/watch?v=EIH2k857E1Y&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=16&t=1226s">00:20:26</a> - MSTR vs. Bitcoin: Understanding the equity vs asset performance dynamic</li> <li><a href="https://www.youtube.com/watch?v=EIH2k857E1Y&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=16&t=1510s">00:25:10</a> - Algo Trading & Arbitrage: Breaking correlation and capital flow strategies</li> <li><a href="https://www.youtube.com/watch?v=EIH2k857E1Y&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=16&t=1978s">00:32:58</a> - Perpetual Preferreds: Unlocking 100x fixed income demand with Bitcoin</li> <li><a href="https://www.youtube.com/watch?v=EIH2k857E1Y&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=16&t=2388s">00:39:48</a> - Market Mechanics: How algos pin MSTR price to Bitcoin</li> <li><a href="https://www.youtube.com/watch?v=EIH2k857E1Y&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=16&t=2556s">00:42:36</a> - Liquidity Shift: Moving the pin and spiking Bitcoin yield</li> <li><a href="https://www.youtube.com/watch?v=EIH2k857E1Y&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=16&t=2765s">00:46:05</a> - Capital Strategy: Risk-adjusted allocation for BTC finance</li> <li><a href="https://www.youtube.com/watch?v=EIH2k857E1Y&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=16&t=2919s">00:48:39</a> - S&P500 Watch: Is MSTR’s inclusion already priced in?</li> <li><a href="https://www.youtube.com/watch?v=EIH2k857E1Y&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=16&t=3001s">00:50:01</a> - Sentiment War: Transparency, short sellers, and ATM timing</li> <li><a href="https://www.youtube.com/watch?v=EIH2k857E1Y&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=16&t=3128s">00:52:08</a> - STRC Breakdown: Risk tranches, liquidity support, and yield protection</li> <li><a href="https://www.youtube.com/watch?v=EIH2k857E1Y&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=16&t=3357s">00:55:57</a> - Compound Dividends: Cumulative structure makes it hard to fail</li> <li><a href="https://www.youtube.com/watch?v=EIH2k857E1Y&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=16&t=3537s">0:58:57</a> - STRC appeal: Bitcoin-backed fixed income for today's yield-starved market</li> <li><a href="https://www.youtube.com/watch?v=EIH2k857E1Y&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=16&t=3781s">1:03:01</a> - Monthly yield: Passive income with BTC exposure, no staking risk</li> <li><a href="https://www.youtube.com/watch?v=EIH2k857E1Y&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=16&t=3972s">1:06:12</a> - BTC credit cards: Cashback, credit, and Bitcoin collateral futures</li> <li><a href="https://www.youtube.com/watch?v=EIH2k857E1Y&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=16&t=4143s">1:09:03</a> - Bitcoin securities: Building stable income products on BTC base layer</li> <li><a href="https://www.youtube.com/watch?v=EIH2k857E1Y&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=16&t=4389s">1:13:09</a> - Adoption curve: Early innings of Bitcoin-native financial products</li> <li><a href="https://www.youtube.com/watch?v=EIH2k857E1Y&list

Jul 23, 20252h 7m

Inject The Bitcoin Volatility Virus | True North Podcast | Ep. 33

🧭 MSTR True North episode 33: The crew discusses how MSTR is transforming corporate finance by holding permeant, digital capital on the balqnce sheet. This episode breaks down Strategy’s evolving playbook, institutional adoption, leverage, and why Bitcoin is becoming oxygen for forward-looking companies. 🎛️ As of this recording, 7/16/25, Strategy's (MSTR) performance: <ul> <li>Open: $448.31</li> <li>Close: $455.90</li> <li>Volume: 10,575,450 shares</li> <li>mNAV: 2.01</li> <li>Market Cap: ~$128.52B</li> <li>U.S. Market Cap Ranking: 80</li> <li>BTC: 601,550</li> </ul> ⏱️ TIMESTAMPS & INSIGHTS: <ul> <li><a href="https://www.youtube.com/watch?v=YtQhBfLNeGY&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=17">00:00:00</a> - Cue the music</li> <li><a href="https://www.youtube.com/watch?v=YtQhBfLNeGY&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=17&t=70s">00:01:10</a> - Agenda & True North mission</li> <li><a href="https://www.youtube.com/watch?v=YtQhBfLNeGY&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=17&t=263s">00:04:23</a> - Surrending capital: using risk to attract capital, accelerate innovation and reset TradFi</li> <li><a href="https://www.youtube.com/watch?v=YtQhBfLNeGY&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=17&t=755s">00:12:35</a> - BTC adoption: how few companies hold Bitcoin on their treasury today</li> <li><a href="https://www.youtube.com/watch?v=YtQhBfLNeGY&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=17&t=884s">00:14:44</a> - Winter?: Saylor’s conviction that the seasons are over</li> <li><a href="https://www.youtube.com/watch?v=YtQhBfLNeGY&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=17&t=999s">00:16:39</a> - Institutional growth: big money reshaping Bitcoin markets</li> <li><a href="https://www.youtube.com/watch?v=YtQhBfLNeGY&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=17&t=1385s">00:23:05</a> - Optionality fueled by collateral : $670B buybacks signal stagnation, not strength</li> <li><a href="https://www.youtube.com/watch?v=YtQhBfLNeGY&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=17&t=1650s">00:27:30</a> - $STRF narrative & mNAV justification: is Chanos better off buying Strife</li> <li><a href="https://www.youtube.com/watch?v=YtQhBfLNeGY&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=17&t=1923s">00:32:03</a> - MSTR leverage: how Bitcoin boosts corporate equity value</li> <li><a href="https://www.youtube.com/watch?v=YtQhBfLNeGY&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=17&t=2070s">00:34:30</a> - Redefining valuation frameworks: breaking down Phong Le’s recent commentary on valuation</li> <li><a href="https://www.youtube.com/watch?v=YtQhBfLNeGY&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=17&t=2246s">00:37:26</a> - Q2 earnings: strategy’s $11.1B profit and how thr market might digest the news</li> <li><a href="https://www.youtube.com/watch?v=YtQhBfLNeGY&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=17&t=2879s">00:47:59</a> - Leverage update: health of the balance sheet and financial strength built on BTC</li> <li><a href="https://www.youtube.com/watch?v=YtQhBfLNeGY&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=17&t=3300s">00:55:00</a> - MSTR’s Financial vehicles: preferreds, converts, and innovation in products</li> <li><a href="https://www.youtube.com/watch?v=YtQhBfLNeGY&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=17&t=3800s">01:03:20</a> - Capital stack: why Strife leads MSTR’s structure</li> <li><a href="https://www.youtube.com/watch?v=YtQhBfLNeGY&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=17&t=3954s">01:05:54</a> - Bond pricing: convertible arbitrage and pricing dynamics</li> <li><a href="https://www.youtube.com/watch?v=YtQhBfLNeGY&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=17&t=4318s">01:11:58</a> - Dilution effects: how convertibles vs. preferreds impact share count</li> <li><a href="https://www.youtube.com/watch?v=YtQhBfLNeGY&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=17&t=4641s">01:17:21</a> - Perpetual preferreds: why they work with Bitcoin’s nature</li> <li><a href="https://www.youtube.com/watch?v=YtQhBfLNeGY&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=17&t=4942s">01:22:22</a> - Raising capital: market cycles and creative deal-making</li> <li><a href="https://www.youtube

Jul 16, 20252h 10m

S1 Ep 32Rewiring The Credit Curve | True North Podcast | Ep. 32

🧭 MSTR True North episode 32: The crew does a deep dive into Strategy’s capital stack, leverage, and preferred instruments like Strike, Strife and Stride—exploring risk, credit, and how institutional capital is recognizing the tue credit worthiness of a treasury powered by Bitcoin. 🎛️ As of this recording, 7/9/25, Strategy's (MSTR) performance: <ul> <li>Open: $401.60</li> <li>Close: $415.41</li> <li>Volume: 13,065,370 shares</li> <li>mNAV: 1.96</li> <li>Market Cap: ~$116B</li> <li>U.S. Market Cap Ranking: 93</li> <li>BTC: 597,325</li> </ul> ⏱️ TIMESTAMPS & INSIGHTS: <ul> <li><a href="https://www.youtube.com/watch?v=VSB_lXxJbDA&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=18">00:00:00</a> - cue the music: reggae vibes</li> <li><a href="https://www.youtube.com/watch?v=VSB_lXxJbDA&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=18&t=67s">00:01:07</a> - agenda rundown</li> <li><a href="https://www.youtube.com/watch?v=VSB_lXxJbDA&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=18&t=231s">00:03:51</a> - bitcoin leverage: MSTR’s capital stack and strategic asset breakdown</li> <li><a href="https://www.youtube.com/watch?v=VSB_lXxJbDA&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=18&t=535s">00:08:55</a>- law of large numbers: market dynamics and shifts in the playbook globally</li> <li><a href="https://www.youtube.com/watch?v=VSB_lXxJbDA&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=18&t=1010s">00:16:50</a> - EOY BTC holdings predictions: reflecting on initial predictions & re-evaluating possibilities</li> <li><a href="https://www.youtube.com/watch?v=VSB_lXxJbDA&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=18&t=1145s">00:19:05</a> - S&P 500 catalyst: capital surges and strategic timing with indexes</li> <li><a href="https://www.youtube.com/watch?v=VSB_lXxJbDA&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=18&t=1505s">00:25:05</a> - credit hierarchy: analysis of the capital stack & the creation of the credit curve</li> <li><a href="https://www.youtube.com/watch?v=VSB_lXxJbDA&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=18&t=1668s">00:27:48</a> - risk premium: preferreds closing in on the risk-free rate</li> <li><a href="https://www.youtube.com/watch?v=VSB_lXxJbDA&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=18&t=1930s">00:32:10</a> - pricing curve: preferreds moving from distressed to fair value</li> <li><a href="https://www.youtube.com/watch?v=VSB_lXxJbDA&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=18&t=2444s">00:40:44</a> - strike convertibility: upside, dividends, and embedded call options</li> <li><a href="https://www.youtube.com/watch?v=VSB_lXxJbDA&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=18&t=2951s">00:49:11</a> - liquidation logic: how claim seniority impacts bitcoin instrument value</li> <li><a href="https://www.youtube.com/watch?v=VSB_lXxJbDA&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=18&t=3370s">00:56:10</a> - investor psychology: simplicity and yield driving adoption of new tools</li> <li><a href="https://www.youtube.com/watch?v=VSB_lXxJbDA&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=18&t=3825s">01:03:45</a> - capital stack math: bitcoin CAGR vs. risk-free rate over time</li> <li><a href="https://www.youtube.com/watch?v=VSB_lXxJbDA&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=18&t=4155s">01:09:15</a> - software business hiring reflex: why bitcoin-focused firms attract top software talent</li> <li><a href="https://www.youtube.com/watch?v=VSB_lXxJbDA&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=18&t=4520s">01:15:20</a> - $STRF architecture: CAGR assumptions that outpace risk free rate indefinitely</li> <li><a href="https://www.youtube.com/watch?v=VSB_lXxJbDA&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=18&t=4650s">01:17:30</a> - $MSTY obsession: risk/reward breakdown and the impact of slippage</li> <li><a href="https://www.youtube.com/watch?v=VSB_lXxJbDA&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=18&t=5080s">01:24:40</a> - market evolution: strike as self-replicating perpetual call option & importance of scale</li> <li><a href="https://www.youtube.com/watch?v=VSB_lXxJbDA&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=18&t=5345s">01:29:05</a> - index fuel: index inclusion as rocket fuel & MSTR's scale adv

Jul 9, 20251h 54m

S1 Ep 31Wall Street Digital Gold Rush | True North Podcast | Ep. 31

🧭 MSTR True North episode 31: Led by captain Solei, the crew does a deep dive on l the different Bitcoin treasury strategies, convertible notes, market sentiment, and how global investment dynamics—from the U.S. to Japan—are shaping the future of BTC-backed corporate finance. 🎛️ As of this recording, 6/25/25, Strategy's (MSTR) performance: <ul> <li>Open: $384.83</li> <li>Close: $388.67</li> <li>Volume: 10,606,562 shares</li> <li>mNAV: 1.89</li> <li>Market Cap: $108.67B</li> <li>U.S. Market Cap Ranking: 93</li> <li>BTC: 592,345</li> </ul> ⏱️ TIMESTAMPS & INSIGHTS: <ul> <li><a href="https://www.youtube.com/watch?v=BWB6-2Agaqc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=19">00:00:00</a> - Que the music</li> <li><a href="https://www.youtube.com/watch?v=BWB6-2Agaqc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=19&t=108s">00:01:48</a> - Captain Solei & Agenda</li> <li><a href="https://www.youtube.com/watch?v=BWB6-2Agaqc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=19&t=246s">00:04:06</a> - Future of converts: delta hedging, MSTR shorting & note-holder risks</li> <li><a href="https://www.youtube.com/watch?v=BWB6-2Agaqc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=19&t=576s">00:09:36</a> - Market demand: Current conditions in demand & strategic selectivity</li> <li><a href="https://www.youtube.com/watch?v=BWB6-2Agaqc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=19&t=771s">00:12:51</a> - Expanding the BTC economy: using acquisitions to justify higher multiples</li> <li><a href="https://www.youtube.com/watch?v=BWB6-2Agaqc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=19&t=1035s">00:17:15</a> - Tools for LBE growth: long-term play, tools for scaling strategy for future success</li> <li><a href="https://www.youtube.com/watch?v=BWB6-2Agaqc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=19&t=1306s">00:21:46</a> - Peeling back leverage: how capital structure impacts BTC price swings & delta hedging 101</li> <li><a href="https://www.youtube.com/watch?v=BWB6-2Agaqc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=19&t=1575s">00:26:15</a> - Debt risk: secured vs. unsecured debt & liquidation exposure</li> <li><a href="https://www.youtube.com/watch?v=BWB6-2Agaqc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=19&t=1836s">00:30:36</a> - Bailouts: can major holders buffer market failure contagion?</li> <li><a href="https://www.youtube.com/watch?v=BWB6-2Agaqc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=19&t=2149s">00:35:49</a> - Takeovers in the future?: activist models to acquire Bitcoin under distress</li> <li><a href="https://www.youtube.com/watch?v=BWB6-2Agaqc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=19&t=2370s">00:39:30</a> - Playbook analysis: MetaPlanet & the blueprint for treasury success</li> <li><a href="https://www.youtube.com/watch?v=BWB6-2Agaqc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=19&t=2825s">00:47:05</a> - BTC strategies: what defines a Bitcoin treasury vs. just holding BTC</li> <li><a href="https://www.youtube.com/watch?v=BWB6-2Agaqc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=19&t=3160s">00:52:40</a> - Levers driving sentiment: buybacks, NAV defense, and market signals</li> <li><a href="https://www.youtube.com/watch?v=BWB6-2Agaqc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=19&t=3415s">00:56:55</a> - Float: stock dilution, buybacks, and S&P 500 inclusion</li> <li><a href="https://www.youtube.com/watch?v=BWB6-2Agaqc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=19&t=4214s">01:10:14</a> - Types of investors: technical vs. fundamental perspectives</li> <li><a href="https://www.youtube.com/watch?v=BWB6-2Agaqc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=19&t=4643s">01:17:23</a> - Catalysts: regulatory deadlines and upcoming BTC triggers that drive MSTR appeal</li> <li><a href="https://www.youtube.com/watch?v=BWB6-2Agaqc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=19&t=4808s">01:20:08</a> - $STRK, $STRD & $STRF: product deep dive & BTC upside analysis</li> <li><a href="https://www.youtube.com/watch?v=BWB6-2Agaqc&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=19&t=5284s">01:28:04</a> - BTC Prague 2025: conference insights, Lightning, and BTC adoption</li> <li><a href="https://www.

Jun 25, 20252h 1m

S1 Ep 30Power Of Collateral | True North Podcast | Ep. 30

🧭 MSTR True North episode 30: in this episode the crew dives deep into leverage, MSTR’s balance sheet, BTC-backed yield, and market psychology—plus how treasury companies are evolving and why Bitcoin as collateral changes everything. 🎛️ As of this recording, 6/18/25, Strategy's (MSTR) performance: <ul> <li>Open: $371.43</li> <li>Close: $369.03</li> <li>Volume: 9,200,500 shares</li> <li>mNAV: 1.85</li> <li>Market Cap: $103.17B</li> <li>U.S. Market Cap Ranking: 97</li> <li>BTC: 592,100</li> </ul> ⏱️ TIMESTAMPS & INSIGHTS: <ul> <li><a href="https://www.youtube.com/watch?v=DHtXzMSBlHQ&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=20">00:00:00</a> - Que the music</li> <li><a href="https://www.youtube.com/watch?v=DHtXzMSBlHQ&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=20&t=72s">00:01:12</a> - Episode 30 agenda</li> <li><a href="https://www.youtube.com/watch?v=DHtXzMSBlHQ&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=20&t=344s">00:05:44</a> - Leverage ratio explained: debt, equity & BTC collateral</li> <li><a href="https://www.youtube.com/watch?v=DHtXzMSBlHQ&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=20&t=612s">00:10:12</a> - Trader psychology: cost basis bias, tax impact & conviction</li> <li><a href="https://www.youtube.com/watch?v=DHtXzMSBlHQ&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=20&t=909s">00:15:09</a> - Sentiment analysis: zooming out amid noise & opportunities in BTC space</li> <li><a href="https://www.youtube.com/watch?v=DHtXzMSBlHQ&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=20&t=1356s">00:22:36</a> - Trading vs investing: understanding the players at the table & OTC tickers</li> <li><a href="https://www.youtube.com/watch?v=DHtXzMSBlHQ&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=20&t=1726s">00:28:46</a> - Safe havens & bear markets: strategy resilience & the power of scale</li> <li><a href="https://www.youtube.com/watch?v=DHtXzMSBlHQ&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=20&t=1903s">00:31:43</a> - Chanos short analysis: misunderstanding the playbook & Over-collateralization 101</li> <li><a href="https://www.youtube.com/watch?v=DHtXzMSBlHQ&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=20&t=2298s">00:38:18</a> - Bitcoin as the new risk-free asset: fixed income demand is the signal</li> <li><a href="https://www.youtube.com/watch?v=DHtXzMSBlHQ&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=20&t=2713s">00:45:13</a> - Banking of the future: how Strategy’s products are redesigning the future banking system</li> <li><a href="https://www.youtube.com/watch?v=DHtXzMSBlHQ&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=20&t=2869s">00:47:49</a> - Evaluating BTC treasury companies: identifying survivors vs hype</li> <li><a href="https://www.youtube.com/watch?v=DHtXzMSBlHQ&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=20&t=3711s">01:01:51</a> - Fed, interest rates & impact on BTC/MSTR: how this impacts BTC torque</li> <li><a href="https://www.youtube.com/watch?v=DHtXzMSBlHQ&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=20&t=4010s">01:06:50</a> - New investment products: ETFs, diversified exposure & position sizing</li> <li><a href="https://www.youtube.com/watch?v=DHtXzMSBlHQ&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=20&t=4640s">01:17:20</a> - $MSTY & $WNTR: what is the craze? Solei competition with MSTY update</li> <li><a href="https://www.youtube.com/watch?v=DHtXzMSBlHQ&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=20&t=5135s">01:25:35</a> - Common share ATM: BTC yield using the preferred’s</li> <li><a href="https://www.youtube.com/watch?v=DHtXzMSBlHQ&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=20&t=5356s">01:29:16</a> - Q2 countdown: S&P 500 inclusion, bewilderment intensifying and EPS</li> <li><a href="https://www.youtube.com/watch?v=DHtXzMSBlHQ&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=20&t=5242s">01:27:22</a> - Valuation of BTC-backed companies</li> <li><a href="https://www.youtube.com/watch?v=DHtXzMSBlHQ&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=20&t=5859s">01:37:39</a> - BTC vs MSTR: collateral, dividends, scale</li> <li><a href="https://www.youtube.com/watch?v=DHtXzMSBlHQ&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=20&t=6345s">01:45:4

Jun 18, 20251h 54m

S1 Ep 29Fishing For The Fixed Income | True North Podcast | Ep. 29

🧭 MSTR True North episode 29: The crew does a deep dive into MSTR's leverage and the future outlook! Also included - Stride IPO insights, Bitcoin volatility, BTC yield projections, S&P 500 potential, fixed income appetite for yield & why Bitcoin-backed products are disrupting markets. 🎛️ As of this recording, 6/11/25, Strategy's (MSTR) performance: <ul> <li>Open: $391.23</li> <li>Close: $387.11</li> <li>Volume: 6,812,152 shares</li> <li>mNAV: 1.91</li> <li>Market Cap: $108.13B</li> <li>U.S. Market Cap Ranking: 94</li> <li>BTC: 580,955</li> </ul> ⏱️ TIMESTAMPS & INSIGHTS: <ul> <li><a href="https://www.youtube.com/watch?v=JzsrwmPzttw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=21">00:00:00</a> - Intro: Que the music and agenda overview</li> <li><a href="https://www.youtube.com/watch?v=JzsrwmPzttw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=21&t=287s">00:04:47</a> - MSTR leverage: Debunking MSTR’s leverage myths with data</li> <li><a href="https://www.youtube.com/watch?v=JzsrwmPzttw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=21&t=722s">00:12:02</a> - STRD IPO: How Stride IPO works & why it matters for MSTR</li> <li><a href="https://www.youtube.com/watch?v=JzsrwmPzttw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=21&t=1241s">00:20:41</a> - BTC volatility: Impact of Bitcoin volatility on MSTR’s capital strategy</li> <li><a href="https://www.youtube.com/watch?v=JzsrwmPzttw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=21&t=1492s">00:24:52</a> - Future products: What’s next? Potential new products & global expansion</li> <li><a href="https://www.youtube.com/watch?v=JzsrwmPzttw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=21&t=1980s">00:33:00</a> - Yield curve & credit spreads: Fixed income ideas & STRK, STRF, STRD comparison</li> <li><a href="https://www.youtube.com/watch?v=JzsrwmPzttw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=21&t=2700s">00:45:00</a> - BTC as collateral: How the market is starting to price Bitcoin as collateral</li> <li><a href="https://www.youtube.com/watch?v=JzsrwmPzttw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=21&t=3059s">00:50:59</a> - Leverage & $STRD: MSTR leverage strategy for future market downturns</li> <li><a href="https://www.youtube.com/watch?v=JzsrwmPzttw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=21&t=3480s">00:58:00</a> - market dynamics: Demand trends & capital stack effects</li> <li><a href="https://www.youtube.com/watch?v=JzsrwmPzttw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=21&t=3846s">01:04:06</a> - Q2 earnings: MSTR Q2 earnings estimates & S&P 500 potential</li> <li><a href="https://www.youtube.com/watch?v=JzsrwmPzttw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=21&t=4260s">01:11:00</a> - BTC yield: Long-term Bitcoin yield projections to 2035</li> <li><a href="https://www.youtube.com/watch?v=JzsrwmPzttw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=21&t=4972s">01:22:52</a> - BTC CAGR: Why Bitcoin’s CAGR could fuel exponential market cap growth</li> <li><a href="https://www.youtube.com/watch?v=JzsrwmPzttw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=21&t=5442s">01:30:42</a> - Market sentiment: Investor reactions & long vs short-term strategy debate</li> <li><a href="https://www.youtube.com/watch?v=JzsrwmPzttw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=21&t=5745s">01:35:45</a> - Seeing into the future: thinking like a visionary and pattern recognition</li> <li><a href="https://www.youtube.com/watch?v=JzsrwmPzttw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=21&t=6166s">01:42:46</a> - Why hold an equity?: pay now for future performance & DNA of future MAG7</li> <li><a href="https://www.youtube.com/watch?v=JzsrwmPzttw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=21&t=6532s">01:48:52</a> - The BTC Standard: a world with energy that’s doesn’t decay; BTC exposure and UBI</li> <li><a href="https://www.youtube.com/watch?v=JzsrwmPzttw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=21&t=7200s">02:00:00</a> - closing insights: Final thoughts on strategy, risk, and market opportunity</li> </ul> SOCIAL MEDIA: <ul> <li>X: <a href="https://x.com/PunterJeff">https://x.com/PunterJeff</a></li> <li>X: <a href="https://

Jun 11, 20252h 3m

S1 Ep 28$STRDing Toward BTC Fixed Income | True North Podcast | Ep. 28

🧭 MSTR True North episode 28: In this episode the crew breaks down MSTR’s capital stack, Saylor's latest fixed income product creations, leverage analysis, and how digital yield products could reshape traditional finance. 🎛️ As of this recording, 6/4/25, Strategy's (MSTR) performance: <ul> <li>Open: $385.80</li> <li>Close: $378.10</li> <li>Volume: 8,472,192 shares</li> <li>mNAV: 1.90</li> <li>Market Cap: $105.62B</li> <li>U.S. Market Cap Ranking: 94</li> <li>BTC: 580,955</li> </ul> ⏱️ TIMESTAMPS & INSIGHTS: Timestamps: <ul> <li><a href="https://www.youtube.com/watch?v=JeIHtWg7YJQ&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=22">00:00:00</a> - Agenda: cue the music and NFA</li> <li><a href="https://www.youtube.com/watch?v=JeIHtWg7YJQ&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=22&t=205s">00:03:25</a> - $MSTR leverage: BTC holdings, debt ratios, and over-collateralization</li> <li><a href="https://www.youtube.com/watch?v=JeIHtWg7YJQ&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=22&t=427s">00:07:07</a> - Capital strategy: Strike/Strife ATMs, growth potential, and leverage expansion</li> <li><a href="https://www.youtube.com/watch?v=JeIHtWg7YJQ&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=22&t=570s">00:09:30</a> - The capital stack: Structure, liquidation preference, and investment-grade terms</li> <li><a href="https://www.youtube.com/watch?v=JeIHtWg7YJQ&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=22&t=915s">00:15:15</a> - Risk tiers: Pyramid mechanics and creditworthiness of BTC-backed instruments</li> <li><a href="https://www.youtube.com/watch?v=JeIHtWg7YJQ&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=22&t=1010s">00:16:50</a>: Why $STRD vs $STRF: Spread breakdown, market yields and pricing</li> <li><a href="https://www.youtube.com/watch?v=JeIHtWg7YJQ&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=22&t=1392s">00:23:12</a> - High yield appetite: STRD as a Bitcoin-native junk bond</li> <li><a href="https://www.youtube.com/watch?v=JeIHtWg7YJQ&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=22&t=1730s">00:28:50</a> - Institutional angles: How insurance, banks, and pensions fit $STRD in portfolios & market comps</li> <li><a href="https://www.youtube.com/watch?v=JeIHtWg7YJQ&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=22&t=2220s">00:37:00</a> - $STRF moat: Scale, BTC trust, and sustainable yield thesis</li> <li><a href="https://www.youtube.com/watch?v=JeIHtWg7YJQ&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=22&t=2575s">00:42:55</a> - Digital capital shift: Rethinking credit spreads, collateral risk & the power of liquidity</li> <li><a href="https://www.youtube.com/watch?v=JeIHtWg7YJQ&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=22&t=2810s">00:46:50</a> - Bear defense: Using Stride to defend NAV and disincentivize short pressure</li> <li><a href="https://www.youtube.com/watch?v=JeIHtWg7YJQ&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=22&t=3168s">00:52:48</a> - Bull thesis: Rising prices, credit rating catalysts and qualified dividends</li> <li><a href="https://www.youtube.com/watch?v=JeIHtWg7YJQ&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=22&t=3530s">00:58:50</a> - Portfolio fit: STRF/STRD as yield anchors in digital-first portfolios</li> <li><a href="https://www.youtube.com/watch?v=JeIHtWg7YJQ&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=22&t=3691s">01:01:31</a> - Collateral moat: STRF as benchmark BTC treasury product & investment grade quality analysis</li> <li><a href="https://www.youtube.com/watch?v=JeIHtWg7YJQ&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=22&t=4055s">01:07:35</a> - Assessing legitimacy: Trust, scale, perpetual BTC yield as must-haves</li> <li><a href="https://www.youtube.com/watch?v=JeIHtWg7YJQ&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=22&t=4315s">01:11:55</a> - Proof-of-reserves debate: Security, audit, and credibility issues unpacked</li> <li><a href="https://www.youtube.com/watch?v=JeIHtWg7YJQ&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=22&t=4519s">01:15:19</a> - New adopters: Surge in corporate Bitcoin treasury conversions expected</li> <li><a href="https://www.youtube.com/watch?v=JeIHtWg7YJQ&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=22&t=4788s">01:19:48</a> - Valuation clarity: Dan’s analy

Jun 4, 20252h 7m

Ep 40BTC Opportunity Cost EVERYWHERE | True North Podcast | Ep. 27

🧭 MSTR True North episode 27: The crew dives deep into the institutional adoption of Bitcoin globally. Tune in to hear more about MetaPlanet, MSTR, Bitcoin treasuries, market sentiment, and why 2025 could be the breakout year for Bitcoin-aligned equities and cooperative finance. 🎛️ As of this recording, 5/21/25, Strategy's (MSTR) performance: <ul> <li>Open: $415.92</li> <li>Close: $402.69</li> <li>Volume: 18,373,500 shares</li> <li>mNAV: 1.90</li> <li>Market Cap: $112.11B</li> <li>U.S. Market Cap Ranking: 85</li> <li>BTC: 576,230</li> </ul> ⏱️ TIMESTAMPS & INSIGHTS: <ul> <li><a href="https://www.youtube.com/watch?v=aJPByFnBcNg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=23">00:00:00</a> - The intro: agenda, MetaPlanet buzz, and BTC price discovery</li> <li><a href="https://www.youtube.com/watch?v=aJPByFnBcNg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=23&t=240s">00:04:00</a> - $BTC/$MSTR outlook: the rise of a decentralized computer network & sentiment challenges</li> <li><a href="https://www.youtube.com/watch?v=aJPByFnBcNg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=23&t=496s">00:08:16</a> - volatility DNA: options market, leverage in MSTR & trading psychology</li> <li><a href="https://www.youtube.com/watch?v=aJPByFnBcNg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=23&t=925s">00:15:25</a> - japan bonds: high yields push investors to equities & BTC</li> <li><a href="https://www.youtube.com/watch?v=aJPByFnBcNg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=23&t=1113s">00:18:33</a> - $MTPLF: most shorted stock in JPN and their BTC treasury strategy</li> <li><a href="https://www.youtube.com/watch?v=aJPByFnBcNg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=23&t=1420s">00:23:40</a> - cyber wolf pack: BTC-led corporate coordination and feedback loops</li> <li><a href="https://www.youtube.com/watch?v=aJPByFnBcNg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=23&t=1729s">00:28:49</a> - $BTC cooperation: equity cycles, leverage, and institutional shifts</li> <li><a href="https://www.youtube.com/watch?v=aJPByFnBcNg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=23&t=2096s">00:34:56</a> - mNAV risks: copycats, sentiment metrics, and reflexivity traps</li> <li><a href="https://www.youtube.com/watch?v=aJPByFnBcNg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=23&t=2640s">00:44:00</a> - liquidity: trading volumes of Strategy vs MetaPlanet</li> <li><a href="https://www.youtube.com/watch?v=aJPByFnBcNg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=23&t=2849s">00:47:29</a> - $BTC treasury evolution: BTC value vs growth plays and capital markets access</li> <li><a href="https://www.youtube.com/watch?v=aJPByFnBcNg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=23&t=3725s">01:02:05</a> - $MSTR fundamentals: bitcoin holdings, leverage, and debt strategy</li> <li><a href="https://www.youtube.com/watch?v=aJPByFnBcNg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=23&t=4080s">01:08:00</a> - $STRK deep-dive: yield, convertibility, and comparison to real estate</li> <li><a href="https://www.youtube.com/watch?v=aJPByFnBcNg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=23&t=4648s">01:17:28</a> - yield analysis: $STRK vs property returns and investment risks</li> <li><a href="https://www.youtube.com/watch?v=aJPByFnBcNg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=23&t=5240s">01:27:20</a> - S&P 500 potential: MSTR Q2 earnings, valuation confusion, and market impact</li> <li><a href="https://www.youtube.com/watch?v=aJPByFnBcNg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=23&t=5739s">01:35:39</a> - 2025 outlook: bitcoin treasuries, institutional momentum, and growth trends</li> <li><a href="https://www.youtube.com/watch?v=aJPByFnBcNg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=23&t=6020s">01:40:20</a> - The power of collateral: the transition from selling to borrowing</li> <li><a href="https://www.youtube.com/watch?v=aJPByFnBcNg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=23&t=6365s">01:46:05</a> - $BTC quietly @ ATH: google trends review, institutional interest & strength of the first principles</li> <li><a href="https://www.youtube.com/watch?v=aJPByFnBcNg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=23&t=6960s">01:56:00</a> - Closing thoughts

May 21, 20252h 6m

S1 Ep 26Capital Gravity Converging & Teeth Scarcity | True North Podcast | Ep. 26

🧭 MSTR True North episode 26: The crew does a deep dive into MSTR, Bitcoin leverage, $STRK, and S&P 500 dynamics. Special guest LaDoger add his perspective on the behind-the-scenes from the True North event. 🎛️ As of this recording, 5/14/25, Strategy's (MSTR) performance: <ul> <li>Open: $420.40</li> <li>Close: $416.75</li> <li>Volume: 10,681,100 shares</li> <li>mNAV: 2.13</li> <li>Market Cap: $113.94B</li> <li>U.S. Market Cap Ranking: 84</li> <li>BTC: 568,840</li> </ul> ⏱️ TIMESTAMPS & INSIGHTS: <ul> <li><a href="https://www.youtube.com/watch?v=5GTVLqVi_Qw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=24">0:00:00</a> - Introduction: Podcast themes, tone, and guest introductions</li> <li><a href="https://www.youtube.com/watch?v=5GTVLqVi_Qw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=24&t=335s">0:05:35</a> - MSTR True North Origins: why it all started & the laser focus on BTC treasury companies</li> <li><a href="https://www.youtube.com/watch?v=5GTVLqVi_Qw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=24&t=697s">0:11:37</a> - MSTR Financials: BTC on balance sheet, leverage, equity strength and BTC Torque</li> <li><a href="https://www.youtube.com/watch?v=5GTVLqVi_Qw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=24&t=1055s">0:17:35</a> - New Markets: Preferred stock & wildfire risk parallels</li> <li><a href="https://www.youtube.com/watch?v=5GTVLqVi_Qw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=24&t=1515s">0:25:15</a> - $STRK’s purpose: High-yield fixed income meets Bitcoin exposure</li> <li><a href="https://www.youtube.com/watch?v=5GTVLqVi_Qw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=24&t=1934s">0:32:14</a> - $STRK vs MSTR: Equity structure, mispricing, synthetic value</li> <li><a href="https://www.youtube.com/watch?v=5GTVLqVi_Qw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=24&t=2232s">0:37:12</a> - Conference Recap: 2025 Strategy World highlights and community engagement</li> <li><a href="https://www.youtube.com/watch?v=5GTVLqVi_Qw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=24&t=2746s">0:45:46</a> - Grain of Salt reveal: Vegas plans, documentary filming, team efforts</li> <li><a href="https://www.youtube.com/watch?v=5GTVLqVi_Qw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=24&t=3542s">0:59:02</a> - Investor Relations: Digital shift, AI integration, Phong's leadership</li> <li><a href="https://www.youtube.com/watch?v=5GTVLqVi_Qw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=24&t=3830s">1:03:50</a> - LaDoger’s HQ trip: recap of his trip to DC</li> <li><a href="https://www.youtube.com/watch?v=5GTVLqVi_Qw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=24&t=4027s">1:07:07</a> - Why torque, not leverage: Saylor’s reason for using Torque</li> <li><a href="https://www.youtube.com/watch?v=5GTVLqVi_Qw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=24&t=4410s">1:13:30</a> - S&P 500: Inclusion mechanics, passive flows, market reaction</li> <li><a href="https://www.youtube.com/watch?v=5GTVLqVi_Qw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=24&t=5583s">1:33:03</a> - Media Critique: Financial Times misrepresentation, narrative control</li> <li><a href="https://www.youtube.com/watch?v=5GTVLqVi_Qw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=24&t=5934s">1:38:54</a> - Knowledge Gaps: Economic understanding, humility challenge and Grain’s rant</li> <li><a href="https://www.youtube.com/watch?v=5GTVLqVi_Qw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=24&t=6625s">1:50:25</a> - Optimism vs Reality: Conference contrast, financial clarity</li> <li><a href="https://www.youtube.com/watch?v=5GTVLqVi_Qw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=24&t=7010s">1:56:50</a> - Bitcoin treasury movement: escape velocity incoming and the adoption curve</li> <li><a href="https://www.youtube.com/watch?v=5GTVLqVi_Qw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=24&t=8320s">2:18:40</a> - Final thought: The flywheel has initiated</li> </ul> SOCIAL MEDIA: <ul> <li>X: <a href="https://x.com/PunterJeff">https://x.com/PunterJeff</a></li> <li>X: <a href="https://x.com/BenWerkman">https://x.com/BenWerkman</a></li> <li>X: <a href="https://x.com/nithusezni">https://x.com/nithusezni</a></l

May 14, 20252h 19m

S1 Ep 25T'was The Night Before Earnings | True North Podcast | Ep. 25

🧭 MSTR True North episode 25: The team dives into market trends, MSTR Q1 earnings preview, and insights from the recent Bitcoin for Corporations event hosted by Bitwise. 🎛️ As of this recording, 4/30/25, Strategy's (MSTR) performance: <ul> <li>Open: $373.78</li> <li>Close: $380.11</li> <li>Volume: 13,713,700 shares</li> <li>mNAV: 2.13</li> <li>Market Cap: $103.74B</li> <li>U.S. Market Cap Ranking: 86</li> <li>BTC: 553,555 ⏱️ TIMESTAMPS & INSIGHTS:</li> <li><a href="https://www.youtube.com/watch?v=5jLPnGVm0k4&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=25">00:00:00</a> - Kickoff: Back from Bitwise, upcoming MSTR TN World and Agenda</li> <li><a href="https://www.youtube.com/watch?v=5jLPnGVm0k4&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=25&t=210s">00:03:30</a> - Swan’s getting to Werk: Ben’s new CIO role</li> <li><a href="https://www.youtube.com/watch?v=5jLPnGVm0k4&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=25&t=437s">00:07:17</a> - MSTR TN World: latest updates from the team</li> <li><a href="https://www.youtube.com/watch?v=5jLPnGVm0k4&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=25&t=853s">00:14:13</a> - MSTR by the numbers: BTC holdings, leverage ratio and capital position</li> <li><a href="https://www.youtube.com/watch?v=5jLPnGVm0k4&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=25&t=1170s">00:19:30</a> - Narrative shift: From ETF doubts to MSTR dominance and growing moat</li> <li><a href="https://www.youtube.com/watch?v=5jLPnGVm0k4&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=25&t=1440s">00:24:00</a> - Investing strategy: Picking BTC treasury companies</li> <li><a href="https://www.youtube.com/watch?v=5jLPnGVm0k4&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=25&t=1621s">00:27:01</a> - MSTR’s moat: Why competitors can’t catch up</li> <li><a href="https://www.youtube.com/watch?v=5jLPnGVm0k4&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=25&t=1842s">00:30:42</a> - Trust and debt: Why MSTR is built on a network of trust</li> <li><a href="https://www.youtube.com/watch?v=5jLPnGVm0k4&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=25&t=2080s">00:34:40</a> - Credit spreads: Relative risk comparisons for $MSTR vs others</li> <li><a href="https://www.youtube.com/watch?v=5jLPnGVm0k4&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=25&t=2555s">00:42:35</a> - Meeting Saylor: Converts, marketing and insights</li> <li><a href="https://www.youtube.com/watch?v=5jLPnGVm0k4&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=25&t=2872s">00:47:52</a> - Market maturity: New derivative products and options</li> <li><a href="https://www.youtube.com/watch?v=5jLPnGVm0k4&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=25&t=3180s">00:53:00</a> - Bitcoin flywheel: Ecosystem growth, financialization and cooperation</li> <li><a href="https://www.youtube.com/watch?v=5jLPnGVm0k4&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=25&t=4040s">01:07:20</a> - Corporate BTC: How adoption could spread fast</li> <li><a href="https://www.youtube.com/watch?v=5jLPnGVm0k4&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=25&t=4386s">01:13:06</a> - Earnings preview: Mark-to-market impact and Q1 outlook</li> <li><a href="https://www.youtube.com/watch?v=5jLPnGVm0k4&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=25&t=4693s">01:18:13</a> - Future forecast: MSTR as a top-10 stock if BTC hits $150K</li> <li><a href="https://www.youtube.com/watch?v=5jLPnGVm0k4&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=25&t=4924s">01:22:04</a> - S&P 500 talk: What MSTR inclusion could mean</li> <li><a href="https://www.youtube.com/watch?v=5jLPnGVm0k4&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=25&t=5040s">01:24:00</a> - Final words: Event prep, gratitude, and next steps SOCIAL MEDIA:</li> <li>X: <a href="https://x.com/PunterJeff">https://x.com/PunterJeff</a></li> <li>X: <a href="https://x.com/BenWerkman">https://x.com/BenWerkman</a></li> <li>X: <a href="https://x.com/nithusezni">https://x.com/nithusezni</a></li> <li>X: <a href="https://x.com/TimKotzman">https://x.com/TimKotzman</a></li> <li>X: <a href="https://x.com/Z06Z07">https://x.com/Z06Z07</a></li> <li>X: <a href="https://x.com/Adrian_R_Morris">https://x.com/Adrian_R_Morris</a>

Apr 30, 20251h 31m

The Bitcoin Orchestra | True North Podcast | Ep. 24

🧭 MSTR True North episode 24: Deep dive into Strategy's securitized BTC financial products, covered calls, market cycles, and how AI and macro trends are shaping the future of Bitcoin and investing. Insightful, raw, and packed with alpha. 🎛️ As of this recording, 4/16/25, Strategy's (MSTR) performance: <ul> <li>Open: $306.06</li> <li>Close: $311.66</li> <li>Volume: 12,814,000 shares</li> <li>mNAV: 2.06</li> <li>Market Cap: $83.26B</li> <li>U.S. Market Cap Ranking: 111</li> <li>BTC: 531,644</li> </ul> ⏱️ TIMESTAMPS & INSIGHTS: <ul> <li><a href="https://www.youtube.com/watch?v=aIiZGnvyMQY&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=26">00:00:00</a> - Intro: Agenda overview</li> <li><a href="https://www.youtube.com/watch?v=aIiZGnvyMQY&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=26&t=240s">00:04:00</a> - MSTR Financials Update: 531K BTC, capital structure, and risk thresholds</li> <li><a href="https://www.youtube.com/watch?v=aIiZGnvyMQY&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=26&t=360s">00:06:00</a> - Strategy World: Event details, tickets, sponsors, and community building</li> <li><a href="https://www.youtube.com/watch?v=aIiZGnvyMQY&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=26&t=852s">00:14:12</a> - BTC Financial Harmony: New Bitcoin-linked products and portfolio design</li> <li><a href="https://www.youtube.com/watch?v=aIiZGnvyMQY&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=26&t=1065s">00:17:45</a> - Strategy Exposure: Convertible structure, and yield advantage</li> <li><a href="https://www.youtube.com/watch?v=aIiZGnvyMQY&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=26&t=1200s">00:20:00</a> - Strategy Economy: Volatility as yield, passive BTC buying through equities</li> <li><a href="https://www.youtube.com/watch?v=aIiZGnvyMQY&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=26&t=1434s">00:23:54</a> - MSTR’s ATM & Yield: Debt coverage and sustainable yield through equity issuance</li> <li><a href="https://www.youtube.com/watch?v=aIiZGnvyMQY&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=26&t=2260s">00:37:40</a> - MBS vs BTC: Parallels between mortgage-backed securities and Bitcoin securitization</li> <li><a href="https://www.youtube.com/watch?v=aIiZGnvyMQY&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=26&t=2570s">00:42:50</a> - Impact of AI: disrupting the traditional moat</li> <li><a href="https://www.youtube.com/watch?v=aIiZGnvyMQY&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=26&t=2850s">00:47:30</a> - BTC Equity Exposure - openness to embrace volatility and different BTC type exposure</li> <li><a href="https://www.youtube.com/watch?v=aIiZGnvyMQY&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=26&t=3280s">00:54:40</a> - Covered Calls: Mistakes, lessons, and how to tactically manage call options</li> <li><a href="https://www.youtube.com/watch?v=aIiZGnvyMQY&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=26&t=4880s">01:21:20</a> - Grant Cardone: BTC-backed real estate fund and hybrid investment model</li> <li><a href="https://www.youtube.com/watch?v=aIiZGnvyMQY&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=26&t=5100s">01:25:00</a> - Private Credit: Bitcoin-based lending and the evolution of structured finance</li> <li><a href="https://www.youtube.com/watch?v=aIiZGnvyMQY&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=26&t=5280s">01:28:00</a> - Market Trends: Decoupling, inflation fears, and short-term sentiment</li> <li><a href="https://www.youtube.com/watch?v=aIiZGnvyMQY&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=26&t=5525s">01:32:05</a> - Trade Wars: Why Bitcoin may outperform during tariff-driven uncertainty</li> <li><a href="https://www.youtube.com/watch?v=aIiZGnvyMQY&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=26&t=6112s">01:41:52</a> - 2008 Parallels: TARP, liquidity, and government intervention redux</li> <li><a href="https://www.youtube.com/watch?v=aIiZGnvyMQY&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=26&t=6540s">01:49:00</a> - Tax Strategy: Harvesting losses and planning for capital gains</li> <li><a href="https://www.youtube.com/watch?v=aIiZGnvyMQY&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=26&t=6890s">01:54:50</a> - Closing Thoughts: final takes from the crew</li> </ul> SOCIAL MEDIA:&lt

Apr 16, 20252h 0m

S1 Ep 23On/Off/On/Off/On/Off | True North Podcast | Ep. 23

🧭 MSTR True North episode 23: Jeff Park joins the MSTR True North crew to break down market volatility, the impact of tariffs, the options market + derivatives, income products, and why Bitcoin and Strategy remain key players in today’s shifting financial landscape.🎛️ As of this recording, 4/9/25, Strategy's (MSTR) performance:* Open: $242.02* Close: $296.86 * Volume: 38,261,400 shares* mNAV: 2.05* Market Cap: $78.70B* U.S. Market Cap Ranking: 120* BTC: 528,185⏱️ TIMESTAMPS & INSIGHTS:* 00:00:00 - Intro: market overview, MSTR leverage, and upcoming TN Strategy World event* 00:04:00 - New tickets!!: Grain provides details on new tranche of tickets for TN Strategy event* 00:08:19 - Tariffs: tariff policy revival and national emergency market reactions* 00:15:00 - Derivatives: Jeff Park’s experience trading exotic derivatives* 00:20:13 - Volatility 101 & Macro: post-crypto shift, low liquidity, and reading order books* 00:30:08 - Options, $IMST and covered calls: market dynamics of options & Bitwise’s covered call products* 00:50:30 - $STRK & $STRF: utility of Saylor’s new instruments* 00:56:10 - fed impact: Fed and Treasury moves that could trigger Bitcoin upside* 01:00:38 - Power is knowledge: volatility and the art of the professional trader* 01:08:20 - $MSTR debt: comparing MSTR’s leverage to a real estate analogy* 01:22:04 - Risk mgmt: managing debt with excess capital and stress-tested balance sheets* 01:32:00 - Tech vs money: inflation system vs. tech deflation and Bitcoin’s deflationary value* 01:45:12 - Bitcoin edge: why Bitcoin thrives in flawed fiat systems and coming money printing* 01:56:01 - $MSTR market position: Strategy as a “risk-off” asset priced like a “risk-on” playSOCIAL MEDIA:* X: <a href="https://x.com/PunterJeff%5C">https://x.com/PunterJeff\</a>* X: <a href="https://x.com/BenWerkman%5C">https://x.com/BenWerkman\</a>* X: <a href="https://x.com/nithusezni%5C">https://x.com/nithusezni\</a>* X: <a href="https://x.com/TimKotzman%5C">https://x.com/TimKotzman\</a>* X: <a href="https://x.com/Z06Z07%5C">https://x.com/Z06Z07\</a>* X: <a href="https://x.com/Adrian%5C_R%5C_Morris%5C">https://x.com/Adrian\_R\_Morris\</a>* X: <a href="https://x.com/RealTrollstein%5C">https://x.com/RealTrollstein\</a>* X: <a href="https://x.com/MasonFoard%5C">https://x.com/MasonFoard\</a>* X: <a href="https://x.com/hillery%5C_dan%5C">https://x.com/hillery\_dan\</a>* X: <a href="https://x.com/JBerneburg%5C">https://x.com/JBerneburg\</a>* X: <a href="https://x.com/TheJesseMKGUEST:%5C">https://x.com/TheJesseMKGUEST:\</a>* X: Jeff Park - <a href="https://x.com/dgt10011MSTR">https://x.com/dgt10011MSTR</a> TRUE NORTH LINKS:* True North Website: <a href="https://www.mstrtruenorth.org">https://www.mstrtruenorth.org</a>* X: <a href="https://x.com/MSTRTrueNorth%5C">https://x.com/MSTRTrueNorth\</a>* 🛒 MERCH: <a href="https://thehodlshop.com/collections/t">https://thehodlshop.com/collections/t</a>…* Youtube: @MSTRTrueNorth MSTR Links:* <a href="https://www.mstr-tracker.com">https://www.mstr-tracker.com</a>* <a href="https://saylortracker.com/%5C">https://saylortracker.com/\</a>* <a href="https://robinhood.com/us/en/stocks/MSTR/%5C">https://robinhood.com/us/en/stocks/MSTR/\</a>* <a href="https://www.strategy.com/Disclaimer:">https://www.strategy.com/Disclaimer:</a> 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.

Apr 9, 20251h 57m

S1 Ep 22True North | Liberation Day Chess | Ep. 22

🧭 MSTR True North episode 22: Featuring the rollout of the NEW True North website, the crew breaks down MSTR's latest BTC buys, provides details on the upcoming True North event, AI insights, GameStop’s BTC potential.🎛️ As of this recording, 4/2/25, Strategy's (MSTR) performance:* Open: $297.86 * Close: $312.54* Volume: 15,980,400 shares* mNAV: 2.11* Market Cap: $83.19B* U.S. Market Cap Ranking: 118* BTC: 528,185⏱️ TIMESTAMPS & INSIGHTS:* 00:00 - Website launch & MSTR TN world: True North official website launch & event details* 19:00 - Big Bitcoin buy: analysis of the 22,000 BTC added last week * 23:00 - Capital stack & product market fit: breakdown of Strategy’s evolving capital structure * 39:00 - Decoupling: Bitcoin vs QQQ and the shift to a risk-off narrative* 49:00 - AI impact: Language models and clean data reshaping business* 01:04:00 - ATM strategy: How Strategy can intelligently leverage ATM’s based on market conditions* 01:12:20 - $MSTR/$IBIT: Correlation analysis with Mason* 01:15:00 - S&P 500 discussion: What inclusion means for MSTR in 2025* 01:25:30 - Repricing coming?: Trillions in value absorbed by BTC and the impact to $MSTR* 01:29:00 - Soleil vs $MSTY: Updated scoreboard* 01:38:00 - GameStop x Bitcoin: $1.5B BTC buy on the table following convertible note closing* 01:48:00 - Market watch: Sideways until tax day, new financial data app* 01:52:00 - Final push: May 5th True North event and big week ahead* 01:58:00 - Going live: Meeting in Orlando + Saylor on stage with Jeff, Ben & TimeSOCIAL MEDIA:* X: <a href="https://x.com/PunterJeff%5C">https://x.com/PunterJeff\</a>* X: <a href="https://x.com/BenWerkman%5C">https://x.com/BenWerkman\</a>* X: <a href="https://x.com/nithusezni%5C">https://x.com/nithusezni\</a>* X: <a href="https://x.com/TimKotzman%5C">https://x.com/TimKotzman\</a>* X: <a href="https://x.com/Z06Z07%5C">https://x.com/Z06Z07\</a>* X: <a href="https://x.com/Adrian%5C_R%5C_Morris%5C">https://x.com/Adrian\_R\_Morris\</a>* X: <a href="https://x.com/RealTrollstein%5C">https://x.com/RealTrollstein\</a>* X: <a href="https://x.com/MasonFoard%5C">https://x.com/MasonFoard\</a>* X: <a href="https://x.com/hillery%5C_dan%5C">https://x.com/hillery\_dan\</a>* X: <a href="https://x.com/JBerneburg%5C">https://x.com/JBerneburg\</a>* X: <a href="https://x.com/TheJesseMKMSTR">https://x.com/TheJesseMKMSTR</a> TRUE NORTH LINKS:* True North Website: <a href="https://www.mstrtruenorth.org">https://www.mstrtruenorth.org</a>* X: <a href="https://x.com/MSTRTrueNorth%5C">https://x.com/MSTRTrueNorth\</a>* 🛒 MERCH: <a href="https://thehodlshop.com/collections/t">https://thehodlshop.com/collections/t</a>…* Youtube: @MSTRTrueNorth MSTR Links:* <a href="https://www.mstr-tracker.com">https://www.mstr-tracker.com</a>* <a href="https://saylortracker.com/%5C">https://saylortracker.com/\</a>* <a href="https://robinhood.com/us/en/stocks/MSTR/%5C">https://robinhood.com/us/en/stocks/MSTR/\</a>* <a href="https://www.strategy.com/Disclaimer:">https://www.strategy.com/Disclaimer:</a> 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.

Apr 2, 20252h 1m

S1 Ep 21True North | If You Build It, They Will Come | Ep. 21

🧭 MSTR True North episode 21: Featuring Jesse Myers this episode breaks down Strategy's Bitcoin accumulation vehicles, GameStop’s Bitcoin pivot, and MSTR's financial health heading out of Q1.🎛️ As of this recording, 3/26/25, Strategy's (MSTR) performance:* Open: $336.50* Close: $329.31* Volume: 16,732,400 shares* mNAV: 2.19* Market Cap: $85.72B* S&P 500 Rank: 117* BTC: 506,137⏱️ TIMESTAMPS & INSIGHTS:* 00:00 - Intro: Astronaut lineup and episode agenda* 04:18 - Who the F is Jesse Myers: the man behind 'the chart'* 07:20 - Capital flow: Machinery that facilitates capital from bonds to bitcoin* 10:10 - Strategy world: True North getting in the mix* 13:38 - Half Nakamoto: 500k Bitcoin milestone, leverage stats, and market position* 18:41 - Passive flows: MSTR's ecosystem, liquidity and the rise in ETF/fund allocations* 20:30 - $STRF & $STRK: Saylor's chess pieces to fund the attack of the bond market* 30:10 - leverage: why MSTR may be less leveraged than you think* 35:58 - Scaling: Accretive dilution that is irresistible for portfolio managers * 43:20 - GameStop: $6B gorilla is entering space* 54:28 - Zombie company: Why struggling companies are the first to adopt BTC* 01:01:17 - Strongest asset in the world: Flexibility that comes with exponential price appreciation* 01:05:30 - Convertible Bonds: How arb desks manipulate pricing periods* 01:12:38 - S&P 500 chase: The status of MSTR's potential inclusion* 01:17:10 - Capital shift: from treasuries to bitcoin-led finance* 01:32:20 - $STRK capital structure: conversion to equity segment* 01:38:46 - Strategy's BTC buy history: dominos that need to fall in-place for S&P participation* 01:46:12 - Reflexivity: retail investors & crowdsourced research* 01:55:00 - $300T bond market: how bitcoin is positioned to tap it* 02:03:20 - Lending and collateral: new bitcoin-backed mortgage and loan products are on the rise* 02:09:20 - Conviction: how bitcoin becomes the peaceful asset* 02:15:00 - Closing thoughts: we're going higherSOCIAL MEDIA:* X: <a href="https://x.com/PunterJeff%5C">https://x.com/PunterJeff\</a>* X: <a href="https://x.com/nithusezni%5C">https://x.com/nithusezni\</a>* X: <a href="https://x.com/TimKotzman%5C">https://x.com/TimKotzman\</a>* X: <a href="https://x.com/Croesus%5C_BTC%5C">https://x.com/Croesus\_BTC\</a>* X: <a href="https://x.com/Z06Z07%5C">https://x.com/Z06Z07\</a>* X: <a href="https://x.com/Adrian%5C_R%5C_Morris%5C">https://x.com/Adrian\_R\_Morris\</a>* X: <a href="https://x.com/BenWerkman%5C">https://x.com/BenWerkman\</a>* X: <https://x.com/tadtweetsJesse's> hit piece on 'Why The Yuppie Elite Dismiss Bitcoin': <a href="https://www.onceinaspecies.com/p/why-the-yuppie-elite-dismiss-bitcoinMSTR">https://www.onceinaspecies.com/p/why-the-yuppie-elite-dismiss-bitcoinMSTR</a> TRUE NORTH LINKS:* X: <a href="https://x.com/MSTRTrueNorth%5C">https://x.com/MSTRTrueNorth\</a>* 🛒 MERCH: <a href="https://thehodlshop.com/collections/t">https://thehodlshop.com/collections/t</a>…* Youtube: @MSTRTrueNorth MSTR Links:* <a href="https://www.mstr-tracker.com">https://www.mstr-tracker.com</a>* <a href="https://saylortracker.com/%5C">https://saylortracker.com/\</a>* <a href="https://robinhood.com/us/en/stocks/MSTR/%5C">https://robinhood.com/us/en/stocks/MSTR/\</a>* <a href="https://www.strategy.com/Disclaimer:">https://www.strategy.com/Disclaimer:</a> 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.

Mar 26, 20252h 22m

S1 Ep 20True North | Weeks When Decades Happen | Ep. 20

🧭 MSTR True North episode 20: The crew explores economic signals, government debt, Bitcoin bonds, Strike’s $21B ATM, and Strategy's evolving role in the financial landscape.🎛️ As of this recording, 3/12/25, Strategy's (MSTR) performance:* Open: $264.60* Close: $262.55* Volume: 14,268,000 shares* mNAV: 1.65* Market Cap: $68.33B* S&P 500 Rank: 143* BTC: 499,096⏱️ TIMESTAMPS & INSIGHTS:* 00:00 - Bitcoin Price Prediction: How a bold forecast came true* 04:51 - Market Optimism & Dollar Weakness: Key economic signals* 08:51 - Tesla, Trump & Market Sentiment: What’s shaping risk assets* 12:37 - Housing Market Risks: Is another crash coming?* 16:30 - Government Debt & Spending: Impact on markets* 21:44 - Bitcoin’s Role in the Economy: Strategic Reserve implications* 27:39 - Bitcoin Bonds & US Government: A new financial strategy?* 33:50 - Asymmetric Information & Bitcoin Investing: The unseen opportunity* 37:57 - Strike as an Investment: How it fits in a portfolio* 41:51 - $21B ATM Offering: Financial strategy behind Strike* 46:22 - Stock Buybacks & Market Strategy: Lessons from big players* 51:30 - Convertible Debt & Market Dynamics: How the game is played* 56:16 - Market Manipulation & Arbitrage: Who’s controlling the price?* 01:02:48 - Strategy's Market Strategy: A Bitcoin-driven future* 01:06:17 - Tesla’s Stock & Bitcoin’s Future: Investor perspectives* 01:12:36 - Portfolio Income & FIRE Principles: A Bitcoin-based strategy* 01:18:30 - Retirement Planning & Bitcoin Utility: Long-term wealth strategies* 01:24:54 - Bitcoin Yield & Risk: The challenges of earning yield* 01:28:45 - Bitcoin ETFs & Market Access: New investment opportunities* 01:34:05 - Strategy's Future Power: A Bitcoin-backed financial giant* 01:40:50 - Final Thoughts & Market Outlook: What’s next for Bitcoin?SOCIAL MEDIA:* X: <a href="https://x.com/PunterJeff%5C">https://x.com/PunterJeff\</a>* X: <a href="https://x.com/nithusezni%5C">https://x.com/nithusezni\</a>* X: <a href="https://x.com/TimKotzman%5C">https://x.com/TimKotzman\</a>* X: <a href="https://x.com/hillery%5C_danMSTR">https://x.com/hillery\_danMSTR</a> TRUE NORTH LINKS:* X: <a href="https://x.com/MSTRTrueNorth%5C">https://x.com/MSTRTrueNorth\</a>* 🛒 MERCH: <a href="https://thehodlshop.com/collections/t">https://thehodlshop.com/collections/t</a>…* Youtube: @MSTRTrueNorth MSTR Links:* <a href="https://www.mstr-tracker.com">https://www.mstr-tracker.com</a>* <a href="https://saylortracker.com/%5C">https://saylortracker.com/\</a>* <a href="https://robinhood.com/us/en/stocks/MSTR/%5C">https://robinhood.com/us/en/stocks/MSTR/\</a>* <a href="https://www.strategy.com/Disclaimer:">https://www.strategy.com/Disclaimer:</a> 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.

Mar 12, 20251h 45m

S1 Ep 19True North | Volatility's Return & Bitcoin Treasuries

🧭 MSTR True North episode 19: The crew dives into Bitcoin’s volatility, Strategy's Bitcoin playbook, Bitcoin Investor Week takeaways, institutional adoption, political developments, market trends, and the future of Bitcoin as a strategic reserve.🎛️ As of this recording, 3/5/25, Strategy's (MSTR) performance:* Open: $278.31* Close: $308.55* Volume: 25,987,900 shares* mNAV: 1.78* Market Cap: $80.31B* S&P 500 Rank: 125* BTC: 499,096⏱️ TIMESTAMPS & INSIGHTS:* 00:00 - Introduction and Market Overview: Bitcoin volatility and market updates* 04:08 - Strategy's Bitcoin Strategy: Leverage update and asset-liability ratio* 07:31 - Bitcoin Investor Week Recap: Market sentiment and key takeaways* 15:52 - The Rise of Bitcoin as Collateral: Growing use in financial products* 16:52 - Institutional Interest in Bitcoin Treasuries: Banks and investment firms enter the space* 19:51 - Political Developments & Bitcoin Reserve: Strategic implications and regulatory discussions* 33:36 - The Importance of BTC & Stablecoin Concerns: Why Bitcoin matters and risks of stablecoins* 38:56 - Bitcoin Ownership & Network Security: Market dominance and risks of centralization* 42:21 - Market Volatility & MSTR Stock: Trends in MSTR price and leverage impact* 48:21 - Investment Strategy & Portfolio Management: Bitcoin as a core position in investing* 53:45 - Options Trading & Risk Management: Strategies for managing volatility* 58:51 - Market Outlook & Upcoming Events: Key events affecting Bitcoin and MSTR* 01:04:18 - $MSTY vs Soleli: Overview of results* 01:10:14 - Strategy's Financials & S&P 500 Inclusion: Impact of accounting rules and potential index entry* 01:14:00 - GameStop’s Potential Bitcoin Strategy: Speculation on a corporate BTC purchase* 01:22:20 - Quant Bros Anniversary & Strategy's Future: Reflections and bullish predictions* 01:31:07 - Market Cap Comparisons & Bitcoin’s Future: Bitcoin vs traditional assets and AI narratives* 01:34:53 - State-Level Bitcoin Legislation: US states moving toward Bitcoin-friendly policies* 01:40:53 - Bitcoin vs. USD: Inflation, fixed supply, and long-term value* 01:42:37 - Conclusion & Upcoming Discussions: Final thoughts and next big eventsSOCIAL MEDIA:* X: https://x.com/PunterJeff* X: https://x.com/nithusezni* X: https://x.com/BenWerkman* X: https://x.com/TimKotzman* X: https://x.com/hillery_dan* X: https://x.com/MasonFoard* X: https://x.com/Adrian_R_MorrisMSTR TRUE NORTH LINKS:* X: https://x.com/MSTRTrueNorth* 🛒 MERCH: https://thehodlshop.com/collections/t…* Youtube: @MSTRTrueNorth MSTR Links:* https://www.mstr-tracker.com* https://saylortracker.com/* https://robinhood.com/us/en/stocks/MSTR/* https://www.strategy.com/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

Mar 5, 20251h 43m

S1 Ep 18True North | Convertibles on Deck

🧭 MSTR True North episode 18: The crew explore's Strategy's $2B convertible debt offering, market dynamics, capital raising insights, and the evolving role of banks in corporate finance.🎛️ As of this recording, 2/19/25, Strategy's (MSTR) performance:* Open: $337.30* Close: $318.67* Volume: 16,959,900 shares* mNAV: 1.80* Market Cap: $82.28B* S&P 500 Rank: 127* BTC: 478,740⏱️ TIMESTAMPS & INSIGHTS:* 00:00 - Introduction and Overview: Introduction to Strategy's convertible bond offerings and what’s covered in the episode.* 06:41 - Convertible Debt Offering Details: Strategy's announces $2 billion convertible senior notes; potential impact on leverage ratio.* 10:06 - Market Strategy and Pricing Factors: How volatility, credit spreads, and market dynamics influence the offering’s pricing.* 13:29 - Oversubscription and Green Shoe Options: Trends in oversubscription, the use of green shoe options, and raising additional capital.* 17:23 - Bitcoin Acquisition Plans: Potential Bitcoin purchases using proceeds from the convertible debt offerings.* 19:10 - Role of Banks and ECM Teams in Capital Raising: How major banks and brokers facilitate large-scale capital raises for companies like Strategy.* 28:00 - Bitcoin Use Case vs Traditional Banking: Bitcoin’s efficiency compared to traditional financial systems and banking delays.* 29:00 - Deep dive into $2B converts: 15 minutes of analysis on the mechanics of the proposed offering.* 45:22 - Market Cycles and Capital Raise Timing: Cycle theory insights and why Q1 is strategic for convertible bond issuances.* 49:24 - Stock Behavior During Pricing Periods: How pricing periods affect Strategy's stock price and investor sentiment.* 54:19 - Convertible Note Conversion and Market Activity: Discussion of recent note conversions, outstanding shares, and market reactions.* 01:01:12 - Options Trading Risks and Volatility Trends: Potential risks of writing covered calls and the implications of implied volatility.* 01:08:11 - Portfolio Management and Trading Strategies: Leveraged investing, premium collection strategies, and balancing portfolio risks.* 01:12:21 - Strategy's Bitcoin Treasury Leadership: Strategy's dominance in Bitcoin holdings among publicly traded companies.* 01:17:43 - Competitive Landscape and Long-Term Strategy: How Bitcoin treasury strategies provide a competitive advantage in corporate finance.* 01:24:17 - Macroeconomic Factors and Bitcoin Accumulation: Impacts of inflation, global economics, and leveraging Bitcoin for long-term gains.* 01:31:05 - Future Outlook and Capital Accumulation Potential: Strategy's ambitious plans for capital deployment and potential industry disruption.* 01:36:00 - Bitcoin Lending Products and Financial Innovations: Emerging Bitcoin-backed financial products and how they could reshape lending markets.* 01:42:50 - Collateral and the New Bitcoin Economy: The critical role of collateral in the evolving financial landscape driven by Bitcoin.SOCIAL MEDIA:* X: https://x.com/Pun

Feb 19, 20251h 46m

True North Podcast