Up To Par | True North Podcast | Ep. 52

<p>🧭 MSTR True North episode 52: The crew discusses Bitcoin, digital credit, and MSTR’s capital structure. Tune in to hear analysis on leverage, mNAV, yield curve control and macro deficits, plus Ray Dalio’s gold vs Bitcoin view and why credit drives demand.</p> <p>🎛️ As of this recording, 1/21/26, Strategy's (MSTR) performance: <em>Open: $161.27</em> Close: $163.81 <em>Volume: 18,440,820 Shares</em> mNAV: 1.07 <em>Market Cap: $54.09B</em> U.S. Market Cap Ranking: #201 <em>BTC: 709,715</em></p> <p><em>⏱️ TIMESTAMPS & INSIGHTS:</em></p> <p>00:00:00 - Intro: NFA, agenda and True North overview</p> <p><em>00:02:09 - Stretch price behavior: Volatility compression versus Bitcoin</em></p> <p>00:04:18 - Balance sheet strategy: 1x mNAV and ATM expansion logic</p> <p><em>00:06:49 - Capital structure model: Bitcoin, equity, credit flywheel</em></p> <p>00:09:43 - Yield curve control: Variable dividend preferred mechanics</p> <p><em>00:11:07 - Supply discipline approach: Peg defense and issuance limits</em></p> <p>00:13:30 - Rate cut asymmetry: Falling rates boost credit spread</p> <p><em>00:15:27 - TN event: join the crew in Las Vegas</em></p> <p>00:16:51 - Fiscal dominance reality: Structural US deficit regime</p> <p><em>00:20:05 - Monetary financing loop: Deficits force money creation</em></p> <p>00:23:10 - Debt compounding risk: Interest burden and debasement cycle</p> <p><em>00:26:46 - Product market fit: Stretch outperforming other credit tools</em></p> <p>00:29:37 - Fiscal responsibility debate: Fed, deficits, real rate risk</p> <p><em>00:32:17 - Bitcoin-backed credit thesis: Alternative to sovereign bonds</em></p> <p>00:34:10 - Capital raise capacity: ATM runway and mNAV leverage</p> <p><em>00:36:33 - mNAV leverage durability: Dividend funding in bear markets</em></p> <p>00:38:17 - Global macro signal: Japan rates and carry trade unwind</p> <p><em>00:43:34 - Generational capital shift: Exiting legacy financial assets</em></p> <p>00:45:33 - Ray Dalio perspective: Bitcoin versus gold debate</p> <p><em>00:48:45 - Macro landing scenarios: Debasement versus crisis outcomes</em></p> <p>00:53:00 - Bitcoin moat math: Relative ownership and scarcity</p> <p><em>00:56:17 - Convert dilution dynamics: Delta hedging fade thesis</em></p> <p>00:57:06 - Bull case modeling: Million Bitcoin accumulation path</p> <p><em>00:59:30 - Long-term supply capture: 2035 Bitcoin ownership projection</em></p> <p>01:03:01 - MNAV upside bounds: Convert structure constraints</p> <p><em>01:04:30 - Final thoughts</em></p> <p><em>Be part of the True North In-Side Event experience. Tickets available here: 👉 <a href="https://luma.com/tnb4c26">https://luma.com/tnb4c26</a></em></p> <p><em>Strategy World sign-up: <a href="https://www.strategysoftware.com/world26/register">https://www.strategysoftware.com/world26/register</a></em></p> <p><em>Use discount code TrueNorth for 20% off your registration—just a little bonus for our True North community.</em></p> <p><em>MSTR TRUE NORTH LINKS:</em></p> <p>True North Website: <a href="https://www.mstrtruenorth.com">https://www.mstrtruenorth.com</a></p> <p><em>X: <a href="https://x.com/MSTRTrueNorth">https://x.com/MSTRTrueNorth</a></em></p> <p>🛒 MERCH: <a href="https://thehodlshop.com/collections/true-north">https://thehodlshop.com/collections/true-north</a></p> <p><em>Youtube: @MSTRTrueNorth</em></p> <p><em>MSTR Links:</em> <a href="https://www.mstr-tracker.com">https://www.mstr-tracker.com</a> <a href="https://saylortracker.com/"><em>https://saylortracker.com/</em></a> <a href="https://robinhood.com/us/en/stocks/MSTR/">https://robinhood.com/us/en/stocks/MSTR/</a> * <a href="https://www.strategy.com/">https://www.strategy.com/</a></p> <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>