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

<p>🧭 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:</p> <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> <p>⏱️ TIMESTAMPS & INSIGHTS: Timestamps:</p> <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 analysis of non-cumulative preferred stocks and MSTR dividend security</li> <li><a href="https://www.youtube.com/watch?v=JeIHtWg7YJQ&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=22&t=5077s">01:24:37</a> - Community recap: BTC Conference stories, meetups, and strategy culture</li> <li><a href="https://www.youtube.com/watch?v=JeIHtWg7YJQ&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=22&t=5937s">01:38:57</a> - Translating Bitcoin: meeting investors where they are to fuel adoption</li> <li><a href="https://www.youtube.com/watch?v=JeIHtWg7YJQ&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=22&t=6130s">01:42:10</a> - Pre-IPO BTC Treasury investing: Overview of reverse merger & SPAC strategies</li> <li><a href="https://www.youtube.com/watch?v=JeIHtWg7YJQ&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=22&t=6780s">01:53:00</a> - Moon math: mNAV expansion price predictions</li> <li><a href="https://www.youtube.com/watch?v=JeIHtWg7YJQ&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=22&t=7030s">01:57:10</a> - S&P 500 inclusion: review the latest status and push for September</li> <li><a href="https://www.youtube.com/watch?v=JeIHtWg7YJQ&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=22&t=7130s">01:58:50</a> - Final thoughts: Roundtable takeaways</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=QUFFLUhqa0dHSVljdHM2SFBHb1VReUV6TGc3UnIxSEt6UXxBQ3Jtc0tsdGhwQWh4T3ppUDl2R2Q5X2NlbDRlbzRJS0xEeDEyb2E3RW16XzQ1elotZHA0eWg3MUJ6Mk1IMXVzMEpJb252UlduaW5mTUZjQ18tYV9hdkVmNnlxRXFSeGJEYnpxaG5iUk95dGMwUFJBTWNuUXgxNA&q=https%3A%2F%2Fthehodlshop.com%2Fcollections%2Ft..&v=JeIHtWg7YJQ">..</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>