The Revolution of Digital Credit | True North Podcast | Ep. 45

<p>🧭 MSTR True North episode 45: The team covers the following topics: Bitcoin credit, liquidity stress, mNAV, dividend math, MSTR capital structure, ETF flows, leverage, over collateralization, protocol risks, macro signals steering capital allocation and risk/reward. 🎛️ As of this recording, 11/19/25, Strategy's (MSTR) performance:</p> <ul> <li>Open: $202.36</li> <li>Close: $186.50</li> <li>Volume: 28,025,372 Shares</li> <li>mNAV: 1.17</li> <li>Market Cap: $53.6B</li> <li>U.S. Market Cap Ranking: 197</li> <li>BTC: 649,870</li> </ul> <p>⏱️ TIMESTAMPS & INSIGHTS:</p> <ul> <li><a href="https://www.youtube.com/watch?v=Sc9_2I3-LdE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=5">00:00:00</a> - cue the music</li> <li><a href="https://www.youtube.com/watch?v=Sc9_2I3-LdE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=5&t=111s">00:01:51</a> - Bitcoin strategy archetypes: Poet, prophet, prince roles align</li> <li><a href="https://www.youtube.com/watch?v=Sc9_2I3-LdE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=5&t=280s">00:04:40</a> - MSTR Bitcoin treasury thesis: Balance sheet stack drives upside</li> <li><a href="https://www.youtube.com/watch?v=Sc9_2I3-LdE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=5&t=577s">00:09:37</a> - Digital credit instruments: Invest in Bitcoin credit quality</li> <li><a href="https://www.youtube.com/watch?v=Sc9_2I3-LdE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=5&t=760s">00:12:40</a> - Margin hikes, forced selling: JPM raises requirements on MSTR</li> <li><a href="https://www.youtube.com/watch?v=Sc9_2I3-LdE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=5&t=936s">00:15:36</a> - RSI and oversold read: Selloff deeper than prior dips</li> <li><a href="https://www.youtube.com/watch?v=Sc9_2I3-LdE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=5&t=1103s">00:18:23</a> - Liquidity crunch: previous cycle trends and credit quality</li> <li><a href="https://www.youtube.com/watch?v=Sc9_2I3-LdE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=5&t=1238s">00:20:38</a> - MSTR's collateral monopoly: Best asset, digital capital scale</li> <li><a href="https://www.youtube.com/watch?v=Sc9_2I3-LdE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=5&t=1545s">00:25:45</a> - Narrative following price: Current climate has flipped the formula</li> <li><a href="https://www.youtube.com/watch?v=Sc9_2I3-LdE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=5&t=1744s">00:29:04</a> - mNAV, peg, dividends: Market restores par as cash pays</li> <li><a href="https://www.youtube.com/watch?v=Sc9_2I3-LdE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=5&t=1994s">00:33:14</a> - Shorting costs & carry with transparency: Dividends and borrow fees matter</li> <li><a href="https://www.youtube.com/watch?v=Sc9_2I3-LdE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=5&t=2294s">00:38:14</a> - Yield traps vs holding: $MSTY erosion vs Stretch peg</li> <li><a href="https://www.youtube.com/watch?v=Sc9_2I3-LdE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=5&t=2601s">00:43:21</a> - The 4 year cycle: the gravitational pull of patterns & protocol risk management</li> <li><a href="https://www.youtube.com/watch?v=Sc9_2I3-LdE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=5&t=3282s">00:54:42</a> - Spot ETF accumulation: The new vehicle that is changing the game</li> <li><a href="https://www.youtube.com/watch?v=Sc9_2I3-LdE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=5&t=3461s">00:57:41</a> - Bitcoin treasury companies: the future brought forward</li> <li><a href="https://www.youtube.com/watch?v=Sc9_2I3-LdE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=5&t=3625s">01:00:25</a> - Dividend math with BTC: 1.25% BTC growth supports perpetual payouts</li> <li><a href="https://www.youtube.com/watch?v=Sc9_2I3-LdE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=5&t=3909s">01:05:09</a> - Over collateralization benefit: Risk calculable 24/7 paired with transparency</li> <li><a href="https://www.youtube.com/watch?v=Sc9_2I3-LdE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=5&t=4060s">01:07:40</a> - What if Bitcoin breaks?</li> <li><a href="https://www.youtube.com/watch?v=Sc9_2I3-LdE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=5&t=4160s">01:09:20</a> - Selling loans vs credit: Digital credit broadens buyer base</li> <li><a href="https://www.youtube.com/watch?v=Sc9_2I3-LdE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=5&t=4560s">01:16:00</a> - Inflation math: CPI plus M2 erodes returns</li> <li><a href="https://www.youtube.com/watch?v=Sc9_2I3-LdE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=5&t=4699s">01:18:19</a> - Bitcoin as the monetary ledger: Title registry with final settlement</li> <li><a href="https://www.youtube.com/watch?v=Sc9_2I3-LdE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=5&t=4964s">01:22:44</a> - Patience and price targets: 125k to 200k & 2026 narrative</li> <li><a href="https://www.youtube.com/watch?v=Sc9_2I3-LdE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=5&t=5301s">01:28:21</a> - Private markets tokenization: Next frontier for capital formation</li> <li><a href="https://www.youtube.com/watch?v=Sc9_2I3-LdE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=5&t=5520s">01:32:00</a> - 1x MSTR lens: Dilution vs BTC per share</li> <li><a href="https://www.youtube.com/watch?v=Sc9_2I3-LdE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=5&t=5850s">01:37:30</a> - Know terms and risks: Refi risk and regulatory surprises</li> <li><a href="https://www.youtube.com/watch?v=Sc9_2I3-LdE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=5&t=6184s">01:43:04</a> - Grain’s last thoughts</li> <li><a href="https://www.youtube.com/watch?v=Sc9_2I3-LdE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=5&t=6296s">01:44:56</a> - Stretch as spendable credit: Tokenization enables quick liquidity & credit worthiness</li> <li><a href="https://www.youtube.com/watch?v=Sc9_2I3-LdE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=5&t=6551s">01:49:11</a> - Insurance capital in BTC: Claims funded by BTC treasuries</li> <li><a href="https://www.youtube.com/watch?v=Sc9_2I3-LdE&list=PLZwX4wnt0OyHTqt-SQjeAG8ntakEqjKt1&index=5&t=6810s">01:53:30</a> - World balance sheet on BTC: Treasury firms reshape finance, Solei’s final thoughts</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=QUFFLUhqbERJSE9BMUtZSHFhMWJnOFpBaENucTh6clVZUXxBQ3Jtc0tubnVMSlU2OGVaS1lLYlh1Um5PV2ZfTm5MRDhfYWdOSlBoM0JEcHhZeWJ4cDY1ZHZOTXRtd3VEdkVKSGpNNHVHV1MxY1owS1VodTdzWkphWENUNEdIdk9kdlBqbDVmRHRZWWJ5RlpDV3dtTG5hTllNSQ&q=https%3A%2F%2Fthehodlshop.com%2Fcollections%2Ft..&v=Sc9_2I3-LdE">..</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>