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

<p>🧭 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:</p> <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> <p>⏱️ TIMESTAMPS & INSIGHTS:</p> <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 href="https://www.youtube.com/watch?v=6d9bPPI77zg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=10&t=4809s">01:20:09</a> - Bitcoin vs Gold: Scale, upside, and time horizon</li> <li><a href="https://www.youtube.com/watch?v=6d9bPPI77zg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=10&t=4986s">01:23:06</a> - Cross-Gen Communication: Educating on Bitcoin income products</li> <li><a href="https://www.youtube.com/watch?v=6d9bPPI77zg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=10&t=5571s">01:32:51</a> - Advisor Adoption Lag: Compliance vs product performance</li> <li><a href="https://www.youtube.com/watch?v=6d9bPPI77zg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=10&t=6008s">01:40:08</a> - Bitcoin Buybacks Begin: Sequins, Empory digital, and mNAV defense</li> <li><a href="https://www.youtube.com/watch?v=6d9bPPI77zg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=10&t=6494s">01:48:14</a> - Detaching Emotion: Rational thesis-driven investing</li> <li><a href="https://www.youtube.com/watch?v=6d9bPPI77zg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=10&t=6732s">01:52:12</a> - Retail Access Shift: STRC on Robinhood and tokenized stocks</li> <li><a href="https://www.youtube.com/watch?v=6d9bPPI77zg&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=10&t=7256s">02:00:56</a> - Final thoughts: the great reset</li> </ul> <p>SOCIAL MEDIA:</p> <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> <p>MSTR TRUE NORTH LINKS:</p> <ul> <li>True North Website: <a href="https://www.mstrtruenorth.com">https://www.mstrtruenorth.com</a></li> <li>X: <a href="https://x.com/MSTRTrueNorth">https://x.com/MSTRTrueNorth</a></li> <li>🛒 MERCH: <a href="https://thehodlshop.com/collections/t">https://thehodlshop.com/collections/t</a><a href="https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbW5DazRITXp1bmdKdUFYSll6MURXXzczUkdKQXxBQ3Jtc0ttVmZqbGZyOUJ4N0Nfb1EtNERVNUVLckkzdWxLdklwbGZFN1VXV2t6YXd3ZGx4Rm1ZS0dLYm1tcGxsM2E0MV9zd3FiUFZYUkM5ZnlrSlJ4VVhfOUFoZ2xfZ3FqWEctQUFMU3ZOSkJmWHdpNnAzQ2Qybw&q=https%3A%2F%2Fthehodlshop.com%2Fcollections%2Ft..&v=6d9bPPI77zg">..</a>.</li> <li>Youtube: @MSTRTrueNorth</li> </ul> <p>MSTR Links:</p> <ul> <li><a href="https://www.mstr-tracker.com">https://www.mstr-tracker.com</a></li> <li><a href="https://saylortracker.com/">https://saylortracker.com/</a></li> <li><a href="https://robinhood.com/us/en/stocks/MSTR/">https://robinhood.com/us/en/stocks/MSTR/</a></li> <li><a href="https://www.strategy.com/">https://www.strategy.com/</a></li> </ul> <p>Disclaimer: The content in this video is for informational and educational purposes only and should not be considered financial advice. We are not financial advisors, and you should consult with a qualified professional before making any financial decisions. All investments involve risks, and you are responsible for your own decisions. </p> <p>• <em>True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at <a href="http://www.sec.gov">www.sec.gov</a>.</em></p> <ul> <li>Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.</li> </ul>