The Capital Fortress | True North Podcast | Ep. 47

<p>🧭 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:</p> <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> <p>⏱️ TIMESTAMPS & INSIGHTS:</p> <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=OmrKYS2qcXw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=3&t=4442s">01:14:02</a> - Proof of work: Grain’s experience in Silicon Valley and the mindset needsd to win in this climate</li> <li><a href="https://www.youtube.com/watch?v=OmrKYS2qcXw&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=3&t=4694s">01:18:14</a> - Final thoughts: Vanguard, MSCI shifts, index inclusion pressure and tokenization</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=QUFFLUhqblNFazZ3TFFCdWxhanpWV1VCcXlDbVQ1cHZlZ3xBQ3Jtc0trNEJ1QmpnQV9EU1h2RTk5cEFwQ2NSbndrMzVOM2dycVpheURNd3BLanpId1AzZ3Ruc0pDb3k1UFl2cEFRYmtDeWtnVzUycjlNV0JuU1N2TEJLZzZZeVVEczVlWTBBYVZtdWwyX3dtdllENzFkX0pCNA&q=https%3A%2F%2Fthehodlshop.com%2Fcollections%2Ft..&v=OmrKYS2qcXw">..</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>