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

<p>🧭 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:</p> <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> <p>⏱️ TIMESTAMPS & INSIGHTS:</p> <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 advantage with BTC moat</li> <li><a href="https://www.youtube.com/watch?v=VSB_lXxJbDA&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=18&t=5660s">01:34:20</a> - buybacks vs. bitcoin: what Apple and Chevron could’ve gained</li> <li><a href="https://www.youtube.com/watch?v=VSB_lXxJbDA&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=18&t=6395s">01:46:35</a> - earnings per employee: the reality of earnings powered by Bitcoin</li> <li><a href="https://www.youtube.com/watch?v=VSB_lXxJbDA&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=18&t=6620s">01:50:20</a> - final thoughts</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://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=QUFFLUhqbExMQnh5ZHVNaERzZmhZUWJNdVBJdm93N0tld3xBQ3Jtc0ttZjNHSk5oWTJHU1FxakxTb1dhQy0wclNTR2ZRMW9fM2hEVm5aMjEyUjlpTHRlckhrZFctT3QtenFfNGdya2lib0ZEQ3ZmNG9xblBkc3dNdWpzVWlxRUN6UlZiRkh0ZDhUclVZb0hxVVBneURQek5xTQ&q=https%3A%2F%2Fthehodlshop.com%2Fcollections%2Ft..&v=VSB_lXxJbDA">..</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>