Navigating The Storm | True North Podcast | Ep. 37

<p>🧭 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:</p> <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> <p>⏱️ TIMESTAMPS & INSIGHTS:</p> <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://www.youtube.com/watch?v=ZTO9GrKVNPw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=13&t=5475s">01:31:15</a> - Leveraging Bitcoin Holdings: Institutional scale and credit play</li> <li><a href="https://www.youtube.com/watch?v=ZTO9GrKVNPw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=13&t=5670s">01:34:30</a> - S&P 500 Inclusion Odds: Probability, credit rating, and timeline</li> <li><a href="https://www.youtube.com/watch?v=ZTO9GrKVNPw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=13&t=6227s">01:43:47</a> - Bitcoin at $444K: Scenario planning and treasury value shift</li> <li><a href="https://www.youtube.com/watch?v=ZTO9GrKVNPw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=13&t=6530s">01:48:50</a> - Bitcoin Credit Market: Risk pricing and adoption indicators</li> <li><a href="https://www.youtube.com/watch?v=ZTO9GrKVNPw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=13&t=6632s">01:50:32</a> - AI and Market Influence: Bots, clickbait, and signal-to-noise</li> <li><a href="https://www.youtube.com/watch?v=ZTO9GrKVNPw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=13&t=7190s">01:59:50</a> - Bitcoin Events: Unconference, meetups, and promo code</li> <li><a href="https://www.youtube.com/watch?v=ZTO9GrKVNPw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=13&t=7405s">02:03:25</a> - final thoughts 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></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=QUFFLUhqbTBuZnI3NGFEOEVSZkRIbm5mNlRMSWJMaGJXd3xBQ3Jtc0trWTVyNmlSb3Q1QXpBWEl6LXJmVUpVclNCRHZ5OTFyc19Oakl3TklUSWRVWE1qcERuam01OC1FNUZZX29GTFdYVXMtVzJORllQem1qeHhZWm9vR1hhWWo2WkxFTE91VG0wU0czcU5mMmc0ZFp2d0VYZw&q=https%3A%2F%2Fthehodlshop.com%2Fcollections%2Ft..&v=ZTO9GrKVNPw">..</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>