True North Podcast – Details, episodes & analysis

🧭 MSTR True North episode 51: 🎛️ As of this recording, 1/14/26, Strategy's (MSTR) performance:

• Open: $178.64
• Close: $179.33
• Volume: 40,257,000 Shares
• mNAV: 1.07
• Market Cap: $57.32B
• U.S. Market Cap Ranking: #192
• BTC: 687,410

⏱️ TIMESTAMPS & INSIGHTS:

• 00:00:00 - Intro: NFA, agenda and True North overview
• 00:04:50 - Capital Structure Overview: MSTR and STRC balance sheet changes
• 00:07:27 - Leverage & mNAV Dynamics: Common and preferred equity expansion
• 00:10:33 - Digital Credit Impact: Bid creation on Bitcoin price
• 00:16:34 - Stretch Interest Rate Effects: Potential rate hikes and market response
• 00:17:40 - Symmetry Test Explained: Raising equity at positive mNAV
• 00:23:31 - Capital Raising Strategy: Common and preferred equity interplay Be part of the True North In-Side Event experience. Tickets available here: 👉 https://luma.com/tnb4c26 Strategy World sign-up: https://www.strategysoftware.com/worl… Use discount code TrueNorth for 20% off your registration—just a little bonus for our True North community. MSTR TRUE NORTH LINKS:
• True North Website: https://www.mstrtruenorth.com
• X: https://x.com/MSTRTrueNorth
• 🛒 MERCH: https://thehodlshop.com/collections/t...
• Youtube: @MSTRTrueNorth

MSTR Links:

• https://www.mstr-tracker.com
• https://saylortracker.com/
• https://robinhood.com/us/en/stocks/MSTR/
• https://www.strategy.com/

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.

• 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 www.sec.gov.

• 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.

🧭 MSTR True North episode 50: The crew does a deep dive into Bitcoin treasury strategy, mNAV, leverage, and capital structure. The discussion includes a healthy debate about ATM issuance, liquidity, credit, and short risk, then zooms out to macro shocks, pensions, and Bitcoin’s role in capital allocation. 🎛️ As of this recording, 1/7/26, Strategy's (MSTR) performance:

• Open: $163.45
• Close: $161.83
• Volume: 28,334,600 Shares
• mNAV: 1.06
• Market Cap: $50.62B
• U.S. Market Cap Ranking: #212
• BTC: 673,783

⏱️ TIMESTAMPS & INSIGHTS:

• 00:00:00 - Intro: NFA, agenda and True North overview
• 00:05:11 - Roundtable updates: Latest projects the crew is working on
• 00:13:58 - Balance Sheet Snapshot: Assets, Bitcoin, reserves
• 00:15:12 - Net Capital Growth: Leverage compression and dividends
• 00:17:25 - Perpetual Preferred Equity: Permanent capital effects
• 00:18:27 - Balance Sheet Resilience: Drawdowns, leverage, amplification
• 00:23:27 - Liquidity and Dividends: Trading volume supports payouts
• 00:26:27 - Price Drivers Explained: Options flow, ATM, rates, volatility
• 00:34:35 - ATM Issuance and Liquidity: Supply debates and market structure
• 00:40:37 - Volatility and Liquidity Mechanics: Preferreds versus common stock
• 00:46:11 - Short MSTR Risk: mNAV drift and asymmetrical downside
• 00:50:04 - Preferred Credit Demand: Yield, pricing, dividend behavior
• 00:53:55 - Yield Product Mechanics: Pricing, dividends, distribution flow
• 01:05:34 - Capital Control Framework: Liquidity management and excess coverage
• 01:09:07 - Capital Reallocation Shock: AI disruption and Bitcoin treasury edge
• 01:15:30 - Institutional Positioning: Sentiment shifts, capital signaling and MSCI decision
• 01:23:07 - Policy Risk and Bitcoin: Leverage, regulation, and asset selection
• 01:28:40 - Capital Structure Engineering: Yield creation and durability
• 01:34:33 - Credit System Stress: AI shock, failure, recovery mechanics
• 01:46:49 - Institutional Delay Risk: Pensions, governance, missed adoption
• 01:58:47 - Final Thoughts: Conviction, positioning, long-term framework

Be part of the True North In-Side Event experience. Tickets available here: 👉 https://luma.com/tnb4c26 Strategy World sign-up: https://www.strategysoftware.com/worl… Use discount code TrueNorth for 20% off your registration—just a little bonus for our True North community. MSTR TRUE NORTH LINKS:

• True North Website: https://www.mstrtruenorth.com
• X: https://x.com/MSTRTrueNorth
• 🛒 MERCH: https://thehodlshop.com/collections/t...
• Youtube: @MSTRTrueNorth

MSTR Links:

• https://www.mstr-tracker.com
• https://saylortracker.com/
• https://robinhood.com/us/en/stocks/MSTR/
• https://www.strategy.com/

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.

• 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 www.sec.gov.

• 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.

🧭 MSTR True North episode 42: The crew explores Bitcoin as corporate capital, synthetic yield, and how it’s driving in ovation in the credit markets. From mNAV to macro risk models, this episode highlights the process of building a balance sheet in a market that is build in a choric climate. 🎛️ As of this recording, 10/22/25, Strategy's (MSTR) performance:

• Open: $293.02
• Close: $280.81
• Volume: 15,129,500 Shares
• mNAV: 1.29
• Market Cap: $80.64B
• U.S. Market Cap Ranking: 132
• BTC: 640,418

⏱️ TIMESTAMPS & INSIGHTS:

• 00:00:00 - Cue the music: Intro, agenda and NFA
• 00:05:15 - Early market signal: Bitcoin undervaluation and upside
• 00:07:20 - Rate environment shift: Lower yields boost preferreds
• 00:09:48 - Regulatory barriers: Regulators globally blocking BTC treasuries
• 00:11:51 - Treasury structures: Treasuries taking advantage of premiums and complex warrants
• 00:13:23 - Balance sheet leverage: 102K BTC, $69B in assets
• 00:17:15 - Perpetual preferreds: Yield spreads and call dynamics
• 00:23:47 - Synthetic yield: Preferreds as digital labor
• 00:32:10 - BTC income engine: Arbitrage between growth and cost
• 00:37:19 - Physical vs digital labor: Lessons from real-world work with Tim Kotzman
• 00:42:04 - Backtest results: $1M BTC generates $5.5M income
• 00:55:11 - Lognormal model: Baseline for BTC risk modeling
• 00:57:01 - Jump & GARCH models: Simulating BTC shocks and volatility clusters
• 01:05:14 - Probabilistic outcomes: The path to a quadrillion dollar valuation
• 01:10:50 - New issuance strategy: Risk curves for preferreds
• 01:15:14 - Pension disruption thesis: Preferreds as value innovation
• 01:16:00 - Capital sourcing: Investor interest with conditions
• 01:23:21 - Store-of-value thesis: Bitcoin as capital
• 01:24:40 - Innovation advantage: Gunpowder, Bitcoin, and open systems
• 01:28:27 - Bitcoin credit blueprint: Bonds, insurance, and refinanced debt
• 01:31:31 - Digital treasury shift: Bitcoin adoption accelerating fast and the robotaxi moment
• 01:35:35 - Final thoughts: Solei’s wisdom on display, mispriced risk and importance of education

SOCIAL MEDIA:

• X: https://x.com/PunterJeff
• X: https://x.com/BenWerkman
• X: https://x.com/nithusezni
• X: https://x.com/TimKotzman
• X: https://x.com/Z06Z07
• X: https://x.com/Adrian_R_Morris
• X: https://x.com/RealTrollstein
• X: https://x.com/MasonFoard
• X: https://x.com/hillery_dan
• X: https://x.com/JBerneburg
• X: https://x.com/TheJesseMK
• X: https://x.com/thebitcoingal

MSTR TRUE NORTH LINKS:

• True North Website: https://www.mstrtruenorth.com
• X: https://x.com/MSTRTrueNorth
• 🛒 MERCH: https://thehodlshop.com/collections/t...
• Youtube: @MSTRTrueNorth

MSTR Links:

• https://www.mstr-tracker.com
• https://saylortracker.com/
• https://robinhood.com/us/en/stocks/MSTR/
• https://www.strategy.com/

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.

• 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 www.sec.gov.

• 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.

🧭 MSTR True North episode 41: the crew does a deep dive into credit markets, bond risk, and capital structure—covering Strategy, Ford, disruption risk, mNAV, liquidity, and why BTC is emerging as the prime collateral asset. 🎛️ As of this recording, 10/08/25, Strategy's (MSTR) performance:

• Open: $335.62
• Close: $330.80
• Volume: 12,996,280 shares
• mNAV: 1.40
• Market Cap: $94.98B
• U.S. Market Cap Ranking: 115
• BTC: 640,031

⏱️ TIMESTAMPS & INSIGHTS:

• 00:00:00 - Cue the music: Intro, Agenda and NFA
• 00:05:26 - Special guest: Welcome the Bitcoin Wizard

Bitcoin & Energy: Market moving in dog years

• 00:06:00 - MSTR Capital Stack: Leverage, assets, and BTC
• 00:11:20 - Bitcoin Treasury Growth: Asset scale and liquidity
• 00:21:00 - Corporate Liquidity Strategy: BTC vs. traditional cash
• 00:28:58 - Credit & Risk Framework: Trust, money, and collateral
• 00:33:54 - Credit Structures: Short, mid, and long-term credit
• 00:36:32 - Credit Limits & Trust: Personal borrowing capacity explained
• 00:39:12 - Household Debt Trends: Non-housing vs. housing debt
• 00:46:09 - Market Mispricing Risk: BTC collateral still undervalued
• 00:49:46 - Asset-Backed Lending: Underwriting BTC not individuals
• 00:53:01 - Equitized Credit Model: Saylor’s insurance-inspired strategy
• 00:56:51 - MSTR at Gold Parity: Credit quality inflection point
• 00:58:19 - Risk Comparison: BTC vs. equity, bonds, mortgages
• 01:00:00 - Bad Bonds Explained: High-yield debt and rising credit risk
• 01:06:13 - Bond Liquidity Risk: Selling constraints and default probability
• 01:09:18 - Disruption Risk Pricing: Black swan events impact on credit
• 01:14:43 - Technology’s impact: disruptions impact on change and pricing risk
• 01:17:06 - Ford’s Bond Profile: Duration risk and yield concerns
• 01:23:05 - Bitcoin vs. Disruption: BTC as strategic hedge asset
• 01:27:27 - Capital Efficiency Metrics: Assets and income per employee
• 01:30:56 - Credit Rotation Thesis: Selling weak debt for BTC credit
• 01:34:42 - Government Credit Risk: Bailouts, money printing, incentives
• 01:37:17 - Retail Credit Headwinds: Target, theft, and online migration
• 01:45:20 - Currency Collapse Signals: Argentina’s USD preference
• 01:53:00 - Debasement Trade Thesis: USD decline and BTC alternative
• 01:56:45 - Debt Spiral Warning: Downgrades, deficits, and inflation
• 02:03:08 - Final toughts and rants

MSTR TRUE NORTH LINKS:

• True North Website: https://www.mstrtruenorth.com
• X: https://x.com/MSTRTrueNorth
• 🛒 MERCH: https://thehodlshop.com/collections/t...
• Youtube: @MSTRTrueNorth

MSTR Links:

• https://www.mstr-tracker.com
• https://saylortracker.com/
• https://robinhood.com/us/en/stocks/MSTR/
• https://www.strategy.com/

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.

• 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 www.sec.gov.

• 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.

🧭 MSTR True North episode 40: the group doses a deep dive into Bitcoin investing, capital allocation, risk management, and leverage. They explore mNAV, treasury plays, macro signals, and why fixed income products are reshaping long-term portfolios. 🎛️ As of this recording, 10/01/25, Strategy's (MSTR) performance:

• Open: $332.47
• Close: $338.41
• Volume: 13,994,830 shares
• mNAV: 1.47
• Market Cap: $97.16B
• U.S. Market Cap Ranking:
• BTC: 640,031

⏱️ TIMESTAMPS & INSIGHTS:

• 00:00:00 - cue the music: episode 40 agenda
• 00:04:45 - Strategy statistics: the math behind the balance sheet
• Fed Liquidity & Leverage: Infinite cash and leverage dynamics
• 00:07:02 - Q3 Earnings & Tax Impact: $10 EPS, AMT guidance clears risk
• 00:09:11 - Bullish Macro Setup: Log fractals and cycle alignment bullish for BTC
• 00:14:08 - Cycle Cloud Framework: Using volatility-adjusted trends to map BTC moves
• 00:18:03 - Position Sizing Strategy: Nvidia to MSTR rotation example
• 00:21:19 - Market Multiples & MNAV Gap: Comparing Apploven and MSTR value
• 00:24:08 - Bitcoin Validation vs Legitimization: Market slow to accept BTC metrics
• 00:25:59 - Equity Issuance & MNAV: Capital structure insights from Buffett
• 00:36:33 - Bad Bond of the Week: Hertz 2029 bond, 10% yield, high distress
• 00:42:20 - Miner Leverage & Energy Upside: Asymmetric plays via energy contracts
• 00:45:08 - HPC AI Shift in Mining: Pivot from mining to compute centers
• 00:51:13 - Energy Risk & Innovation: AI compute demand vs energy supply
• 00:54:28 - Options Strategy for Miners: Call spreads on IBIT vs minors
• 00:59:20 - Efficient Frontier & Bitcoin: Time horizon reshapes risk/reward
• 01:03:04 - Miner Capital Rotation: Navigating hype vs fundamentals
• 01:07:37 - Adrian & Mason: final thoughts on broken money
• 01:16:12 - Mining True North: finding opportunities as a hedge fund and beating the hurdle rate
• 01:20:09 - Bitcoin vs Gold: Scale, upside, and time horizon
• 01:23:06 - Cross-Gen Communication: Educating on Bitcoin income products
• 01:32:51 - Advisor Adoption Lag: Compliance vs product performance
• 01:40:08 - Bitcoin Buybacks Begin: Sequins, Empory digital, and mNAV defense
• 01:48:14 - Detaching Emotion: Rational thesis-driven investing
• 01:52:12 - Retail Access Shift: STRC on Robinhood and tokenized stocks
• 02:00:56 - Final thoughts: the great reset

SOCIAL MEDIA:

• X: https://x.com/PunterJeff
• X: https://x.com/BenWerkman
• X: https://x.com/nithusezni
• X: https://x.com/TimKotzman
• X: https://x.com/Z06Z07
• X: https://x.com/Adrian_R_Morris
• X: https://x.com/RealTrollstein
• X: https://x.com/MasonFoard
• X: https://x.com/hillery_dan
• X: https://x.com/JBerneburg
• X: https://x.com/TheJesseMK
• X: https://x.com/thebitcoingal

MSTR TRUE NORTH LINKS:

• True North Website: https://www.mstrtruenorth.com
• X: https://x.com/MSTRTrueNorth
• 🛒 MERCH: https://thehodlshop.com/collections/t...
• Youtube: @MSTRTrueNorth

MSTR Links:

• https://www.mstr-tracker.com
• https://saylortracker.com/
• https://robinhood.com/us/en/stocks/MSTR/
• https://www.strategy.com/

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.

• 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 www.sec.gov.

• 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.

🧭 MSTR True North episode 39: This episode kicks off with the news tied to the Strive acquisition and the push to maintain authenticity. The rest of the discussion highlights all the bews in Bitcoin Treasury space in the last 3 weeks. 🎛️ As of this recording, 9/24/25, Strategy's (MSTR) performance:

• Open: $330.63
• Close: $323.31
• Volume: 9,153,097 shares
• mNAV: 1.37
• Market Cap: $91.4B
• U.S. Market Cap Ranking: 114
• BTC: 639,835

⏱️ TIMESTAMPS & INSIGHTS:

• 00:00:00 - Episode Agenda & Outlook: Markets, Bitcoin, capital structure updates
• 00:02:32 - Strategic Acquisition: True North & Strive
• 00:06:40 - Reverse Merger & authenticity: Media company deal opens doors & keeping authenticity
• 00:11:00 - Networking & Capital: you can just do things
• 00:13:35 - Long-Term Conviction: Holding firm through setbacks
• 00:19:20 - Unconferenced NYC: king of BTCTC events
• 00:23:02 - H.C. Wainwright Keynote: Market education vs. criticism led by Saylor
• 00:26:19 - Bitcoin Leverage Update: Treasury model risk profile
• 00:31:08 - $STRC: the desire to get to par and the impact to leverage
• 00:35:26 - ATM Usage Strategy: dividend obligations and leverage tools
• 00:38:15 - Wrapping Yield Products: Global access via new instruments
• 00:41:20 - Fixed Income Disruption: Bitcoin challenges legacy debt and platforms
• 00:45:03 - Bitcoin Interest Edge: Outpaces banks with 9% yield
• 00:47:27 - Risk and Options: Dan’s Portfolio strategy framework
• 00:55:15 - Credit ratings: the power behind getting the prefs rated
• 00:57:55 - Q2 earnings estimates: deep dive into the numbers using FASB accounting rules
• 00:59:50 - S&P 500 Inclusion: when is MSTR included?
• 01:05:22 - Legitimizing Bitcoin: BTC based earnings
• 01:13:46 - Treasury Company Trends: Segmenting by BTC holdings
• 01:16:43 - Bitcoin Acquisition Strategy: Why firms must secure BTC
• 01:20:29 - Digital Asset Treasuries: DAT structure and misconceptions
• 01:26:00 - Treasury Market Sentiment: Conviction shaken, NAV discount and value emerges
• 01:31:52 - Institutional Capital Scaling: Growth vs. mature firm dynamics
• 01:36:17 - Bitcoin Proxy Rotation: Miners vs. BTC treasuries
• 01:37:44 - Adrian’s final thoughts: AI plays dominate Q3 positioning and sentiment shifts
• 01:40:50 - AI vs. Bitcoin Outlook: Powerful Paradigm shift, not bubble
• 01:44:23 - Options on Prefs: impact on underlying; current Pricing and liquidity
• 01:45:47 - Digital asset treasury marketplace: Bitcoin is king
• 01:50:38 - Node & Mining talk: Soleil’s node wisdom
• 01:58:44 - Final thoughts: Q4 mindset, tourists and the importance of engagement

MSTR TRUE NORTH LINKS:

• True North Website: https://www.mstrtruenorth.com
• X: https://x.com/MSTRTrueNorth
• 🛒 MERCH: https://thehodlshop.com/collections/t...
• Youtube: @MSTRTrueNorth

MSTR Links:

• https://www.mstr-tracker.com
• https://saylortracker.com/
• https://robinhood.com/us/en/stocks/MSTR/
• https://www.strategy.com/

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.

• 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 www.sec.gov.

• 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.

🧭 MSTR True North episode 38: Soleil & Dan breakdown Strategy’s credit stack, BTC accumulation strategy, preferreds, rate risk, and AI macro themes dissected. Topics also include Strike, Strife, Stretch, MSTR mNAV, BTC vs gold, and Fed policy. 🎛️ As of this recording, 8/27/25, Strategy's (MSTR) performance:

• Open: $348.68
• Close: $342.06
• Volume: 8,379,611 shares
• mNAV: 1.56
• Market Cap: ~97.36B
• U.S. Market Cap Ranking: 108
• BTC: 632,457

⏱️ TIMESTAMPS & INSIGHTS:

• 00:00:00 - Intro: filtering out the noise and providing signal
• 00:03:19 - Macro Indicators: Services PMI ties to BTC moves
• 00:05:42 - Spot BTC Positioning: Low leverage, resilient long-term strategy
• 00:12:25 - Duration gap: whats the next pref flavor to fill the gap
• 00:14:23 - Labor Market & Fed Pivot: Weak payrolls, yield curve, rate cut setup
• 00:18:55- AI’s attack on jobs: Bitcoin is the only way to capture the deflationary effects
• 00:22:12 - Inflation Outlook & Fed: Tariffs, base case, policy shift
• 00:25:38 - Bitcoin vs Gold Thesis: BTC outperformance, gold lag on inflation
• 00:30:07 - MNAVs & Fear Index: Sentiment tools, credit signals, BTC risk
• 00:33:17 - Stretch Yield Mechanics: Monthly coupon, par targeting strategy
• 00:37:40 - S&P 500 Inclusion Odds: Market betting, mispriced probabilities
• 00:40:33 - BTC Valuation Frameworks: Minor breakevens, long-dated call logic
• 00:43:46 - MSTR Capital Forecast: Preferreds, ATM issuance, $175B growth thesis

SOCIAL MEDIA:

• X: https://x.com/PunterJeff
• X: https://x.com/BenWerkman
• X: https://x.com/nithusezni
• X: https://x.com/TimKotzman
• X: https://x.com/Z06Z07
• X: https://x.com/Adrian_R_Morris
• X: https://x.com/RealTrollstein
• X: https://x.com/MasonFoard
• X: https://x.com/hillery_dan
• X: https://x.com/JBerneburg
• X: https://x.com/TheJesseMK
• X: https://x.com/thebitcoingal

MSTR TRUE NORTH LINKS:

• True North Website: https://www.mstrtruenorth.com
• X: https://x.com/MSTRTrueNorth
• 🛒 MERCH: https://thehodlshop.com/collections/t...
• Youtube: @MSTRTrueNorth

MSTR Links:

• https://www.mstr-tracker.com
• https://saylortracker.com/
• https://robinhood.com/us/en/stocks/MSTR/
• https://www.strategy.com/

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.

• 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 www.sec.gov.

• 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.

🧭 MSTR True North episode 37: A sharp look into Bitcoin-backed finance, misunderstood leverage, market shakeups, and the future of MSTR. Big money, bold moves, and a masterclass in navigating financial storms—this one’s not just for Bitcoiners. 🎛️ As of this recording, 8/20/25, Strategy's (MSTR) performance:

• Open: $339.38
• Close: $344.47
• Volume: 13,739,806 shares
• mNAV: 1.52
• Market Cap: ~95.5B
• U.S. Market Cap Ranking: 111
• BTC: 629,376

⏱️ TIMESTAMPS & INSIGHTS:

• 00:00:00 - Cue the music: Episode 37 introduction
• 00:02:25 - True North: A masters in corporate finance
• 00:04:00 - Agenda breakdown
• 00:04:33 - Strategy Balance Sheet: Leverage, debt, and MNAV updates
• 00:08:57 - Risk Misconceptions: Why Strategy isn't overleveraged
• 00:14:25 - Dividend Mechanics: Pref equity, asset coverage and the toolkit
• 00:18:45 - Capital Strategy: The BTC corporate finance education moat
• 00:25:30 - Bitcoin Valuation: Why BTC is not “magic internet money”
• 00:29:49 - MNAV Guidance Shift: ATM strategy and market reaction
• 00:34:00 - Institutional Fallout: How investors responded to new mNAV guidance
• 00:45:00 - Credit Structure: Prefs, overcollateralization, and trust in team
• 00:48:20 - Bond Market Blindspots: Educating a legacy finance world
• 00:51:05 - Evolving Metrics: Future of BTC treasury and capital stack
• 00:53:08 - Trust & Control: Prefs vs equity and managing investor expectations
• 01:00:00 - Convertible Notes: Delta hedge and investor appeal
• 01:02:29 - Disrupting risk: the paradigm shift occuring in riskframe works
• 01:07:42 - Bitcoin Treasuries Growth: Corporate playbook and capital flow
• 01:14:30 - Bitcoin Awareness Push: Retail exposure via ETFs
• 01:24:20 - Bitcoin vs Alt Treasuries: ETH, DOGE, and structural risks
• 01:31:15 - Leveraging Bitcoin Holdings: Institutional scale and credit play
• 01:34:30 - S&P 500 Inclusion Odds: Probability, credit rating, and timeline
• 01:43:47 - Bitcoin at $444K: Scenario planning and treasury value shift
• 01:48:50 - Bitcoin Credit Market: Risk pricing and adoption indicators
• 01:50:32 - AI and Market Influence: Bots, clickbait, and signal-to-noise
• 01:59:50 - Bitcoin Events: Unconference, meetups, and promo code
• 02:03:25 - final thoughts SOCIAL MEDIA:
• X: https://x.com/PunterJeff
• X: https://x.com/BenWerkman
• X: https://x.com/nithusezni
• X: https://x.com/TimKotzman
• X: https://x.com/Z06Z07
• X: https://x.com/Adrian_R_Morris
• X: https://x.com/RealTrollstein
• X: https://x.com/MasonFoard
• X: https://x.com/hillery_dan
• X: https://x.com/JBerneburg
• X: https://x.com/TheJesseMK
• X: https://x.com/thebitcoingal

MSTR TRUE NORTH LINKS:

• True North Website: https://www.mstrtruenorth.com
• X: https://x.com/MSTRTrueNorth
• 🛒 MERCH: https://thehodlshop.com/collections/t...
• Youtube: @MSTRTrueNorth

MSTR Links:

• https://www.mstr-tracker.com
• https://saylortracker.com/
• https://robinhood.com/us/en/stocks/MSTR/
• https://www.strategy.com/

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.

• 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 www.sec.gov.

• 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.

🧭 MSTR True North episode 36: The True North crew dives deep into this transformational period. Segments include MSTR valuation, leverage risks, liquidation prefs, and BTC’s future as digital capital. 🎛️ As of this recording, 8/13/25, Strategy's (MSTR) performance:

• Open: $397.73
• Close: $389.90
• Volume: 10,884,940 shares
• mNAV: 1.62
• Market Cap: ~$111B
• U.S. Market Cap Ranking: 93
• BTC: 628,946

⏱️ TIMESTAMPS & INSIGHTS:

• 00:00:00 - Intro: Soleil kicks things off
• 00:01:00 - Price action analysis: why price highs feel bearish
• 00:02:25 - market vs earnings: hidden disconnect driving BTC moves
• 00:04:30 - atm trap exposed: how convert holders profit on you
• 00:06:16 - what counts as earnings?: redefining profit in bitcoin terms
• 00:08:51 - nav is king: the metric real investors watch
• 00:11:56 - next btc supercycle?: mNAV catalysts you can’t ignore
• 00:15:13 - preferreds = btc yield?: microstrategy’s secret weapon
• 00:19:14 - will BTC be lent?: how leverage could unlock billions
• 00:23:34 - how many btc per share?: future model for equity upside
• 00:28:00 - MSTR is retooling: BTC conversion factories under construction
• 00:36:55 - 80k tuned in live: digital event lessons from tim
• 00:39:04 - Unconferenced 2025: what to expect from nyc btc summit
• 00:48:18 - should btc firms defend the network?: stewardship debate
• 00:55:50 - BTC alliance model: how cooperation beats competition
• 00:59:45 - Get your prefs ready: planning with the crown jewl, $STRF
• 01:03:25 - MSTR valuation logic: BTC per share and impact of the preffereds
• 01:04:50 - Leverage risks unpacked: why 30% ratio breaks in rally
• 01:08:11 - Arbing the MSTR ecosystem: analyzing probabilities and price drivers
• 01:20:30 - short-term vs long-term leverage: rally scenario pros and cons
• 01:24:25 - community sentiment split: bearish takes vs fundamentals
• 01:29:25 - Real-world BTC signal: home break-in and building conviction
• 01:33:00 - market manipulation fears: bots, short sellers, FUD
• 01:36:27 - BTC buys as signal: $2.5B raises mean conviction
• 01:38:56 - BTC vs MSTR: separate assets, different roles
• 01:43:15 - Strategy shifts scale: 600K BTC and new game plan
• 01:47:18 - Digital asset valuation: NAV vs oil, tech, AI stocks
• 01:51:35 - Common vs Crown Jewel: liquidation preference dynamics
• 01:55:45 - BTC dividend theory: capital structure transformation
• 01:59:30 - product structure insights: voting rights and risk tiers
• 02:00:55 - closing vision shared: bullish outlook + event plug

MSTR TRUE NORTH LINKS:

• True North Website: https://www.mstrtruenorth.com
• X: https://x.com/MSTRTrueNorth
• 🛒 MERCH: https://thehodlshop.com/collections/t...
• Youtube: @MSTRTrueNorth

MSTR Links:

• https://www.mstr-tracker.com
• https://saylortracker.com/
• https://robinhood.com/us/en/stocks/MSTR/
• https://www.strategy.com/

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.

• 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 www.sec.gov.

• 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.

🧭 MSTR True North episode 35: The crew talks Q2 earnings call, Bitcoin-backed investing, the creation of the BTC yield curve, AI disruption, and rising instituional adoption. 🎛️ As of this recording, 8/6/25, Strategy's (MSTR) performance:

• Open: $374.75
• Close: $383.41
• Volume: 7,032,447 shares
• mNAV: 1.68
• Market Cap: ~$109B
• U.S. Market Cap Ranking: 98
• BTC: 628,791

⏱️ TIMESTAMPS & INSIGHTS:

• 00:00:00 - Intro: cue the nusic, agenda, NFA and TN mission
• 00:04:19 - BTC treasury strategy: leverage update
• 00:07:05 - Preferred equity insight: debt maturity risk
• 00:10:00 - Perpetual preferreds: no principal repayment risk
• 00:13:01 - Dividend coverage math: BTC drawdown scenario & convertible bond shift for new entrants
• 00:18:55 - Bond vs. preferred: capital structure evolution
• 00:24:22 - 124-year coverage: preferreds for accretive BTC buys
• 00:29:55 - MSTR enterprise value: full capital stack view
• 00:33:20 - MSTR volatility playbook: portfolio allocation to harness the volatility and Q2 earnings
• 00:37:12 - Career risk flips: BTC credit vs no exposure
• 00:40:00 - Liquidity premium: new instruments outperform
• 00:43:55 - $1.3T preferred market: Bitcoin exposure for everyone
• 00:47:17 - Category killers: yields drop, scale rises, domination continues
• 00:51:49 - BTC balance sheets: insulation from disruption
• 00:56:07 - Bitcoin-backed investing: Why BTC collateral matters to valuation
• 01:00:28 - Reducing keyman risk: Phong steps up in earnings call in a big way
• 01:05:04 - Investor engagement shift: Teaching the market long-term strategy
• 01:09:20 - Bitcoin vs AI risk: Holding BTC as hedge against job disruption
• 01:12:00 - Yield structure insight: Preferred products with BTC dividends during inflationary times
• 01:15:00 - Equity issuance strategy: MNAV targets before new dilution
• 01:18:56 - Dividend reinvestment pressure: Scaling capital raises efficiently
• 01:23:33 - Massive earnings potential: BTC price could 10x net income
• 01:28:21 - STRC product outlook: High-yield structure with monthly payouts
• 01:32:42 - Bitcoin mainstream adoption: ETFs drive broader exposure
• 01:37:15 - Missed BTC opportunity: Corporate income priced in sats
• 01:40:44 - Bitcoin as war chest: Financial runway and the power of the BTC treasury
• 01:50:17 - AI job displacement: How GPT and coders intersect
• 01:54:09 - Adapt or fall behind: AI mastery becomes essential
• 01:55:05 - final thoughts

MSTR TRUE NORTH LINKS:

• True North Website: https://www.mstrtruenorth.com
• X: https://x.com/MSTRTrueNorth
• 🛒 MERCH: https://thehodlshop.com/collections/t...
• Youtube: @MSTRTrueNorth

MSTR Links:

• https://www.mstr-tracker.com
• https://saylortracker.com/
• https://robinhood.com/us/en/stocks/MSTR/
• https://www.strategy.com/

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.

• 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 www.sec.gov.

• 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.