True North Podcast

Agenda: Trading Volume Bank Balance Sheets Bad Bonds Building on Prefs Efficiency of Transactions

🧭 MSTR True North episode 58: A deep dive into Bitcoin’s evolving capital markets, covering digital credit, private credit risks, institutional adoption, and the financial innovations shaping the future of money, markets, and technology. 🎛️ As of this recording, 3/11/26, Strategy's (MSTR) performance: Open: $139.81 Close: $138.33 Volume: 15.6M Shares mNAV: ~1.21 Market Cap: ~ $46.16B BTC: 738,731 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Intro 00:03:09 - Digital Credit Opportunity: Early adoption and institutional awareness gap 00:06:35 - Bear Market Capital Raise: Strategy raises $1.2B to accumulate Bitcoin 00:09:04 - Monetary Debasement Risks: Expanding money supply and structural deficits 00:11:02 - Bitcoin Financial Instruments: Derivatives and securities built on BTC liquidity 00:14:45 - Volatility vs Yield Products: Bitcoin equity exposure versus income instruments 00:19:29 - Corporate Liquidity Allocation: Balance sheet tranching and treasury strategy 00:23:23 - Institutional Adoption Signals: Wall Street firms validating digital credit markets 00:27:30 - STRC Capital Expansion: Rapid capital raises and scalable credit structure 00:31:12 - Bitcoin Growth Projections: Modeling paths toward $1M–$2M Bitcoin prices 00:37:37 - Private Credit Market Cracks: Liquidity gates and systemic risks emerging 00:43:09 - Private Credit Illiquidity: Leveraged institutions exposed to opaque assets 00:46:30 - Rating Agency Barriers: Institutional adoption constrained by credit frameworks 00:47:33 - Rating Agency Constraints: Insurance leverage and institutional capital rules 00:52:34 - STRC Confidence Signals: Strong investor conviction and refusal to sell below par 00:56:13 - STRC Price Floor Strategy: Incentives preventing sales below par value 01:00:05 - Retail Demand Expansion: Growing investor interest in monthly yield products 01:06:05 - Investor Transparency Tools: Dashboards simplify yield and risk analysis 01:12:15 - Bitcoin Balance Sheet Thesis: Corporate strategy and macro risk positioning 01:15:54 - Probabilistic Risk Management: Avoid mispricing volatility risks 01:18:17 - Bitcoin Adoption Pathways: Yield products onboarding investors into Bitcoin 01:25:05 - Credit Market Foundations: Building track record for scalable digital credit products 01:29:04 - Technology Adoption Uncertainty: Modeling disruptive innovations like Bitcoin 01:33:01 - Forecasting Bitcoin Models: Limits of projections in exponential markets 01:37:01 - Final Thoughts: Bitcoin momentum, institutional adoption, and capital market shift 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.

🧭 MSTR True North episode 57: 🎛️ As of this recording, 3/5/26, Strategy's (MSTR) performance: * Open: $143.83 * Close: $146.44 * Volume: 37.4M Shares * mNAV: ~1.22 * Market Cap: ~ $48.9B * U.S. Market Cap Ranking: ~#220 * BTC: 720,737 ⏱️ TIMESTAMPS & INSIGHTS: * 00:00:00 - Intro agenda framing: NFA context and True North overview * 00:02:50 - True North Event Insights: Global investors discuss Bitcoin credit innovation * 00:10:20 - Bitcoin Gravity Trade: Macro capital flows toward BTC strategies * 00:14:17 - Bitcoin Credit Flywheel: STRC demand potentially driving $1M BTC * 00:17:01 - Capital Structure Strategy: Bitcoin buybacks and amplification dynamics * 00:23:48 - Capital Stack Instruments: Strike and STRD positioning within Strategy credit structure * 00:28:10 - Credit Risk Mispricing: Markets misunderstanding STRC capital stack * 00:30:18 - Geopolitical Macro Signals: Conflict uncertainty and capital deployment * 00:35:34 - Policy Catalysts: Regulatory shifts supporting Bitcoin adoption * 00:39:00 - MSTR STRC Trading Pair: Rotating equity and credit exposure * 00:42:00 - Corporate Treasury Strategy: Companies adopting STRC as high-yield cash reserve * 00:48:25 - Bond Market Disruption: Digital credit liquidity vs traditional prefs * 00:55:49 - Private Credit Trap: Illiquidity risk and locked capital * 00:59:31 - Bitcoin Analytics Tools: STRC dashboards and yield calculators * 01:03:46 - AI Risk Pricing: Machines reallocating capital toward digital credit * 01:10:21 - Corporate Bitcoin Treasuries: BTC balance sheets improving credit access * 01:15:16 - Institutional STRC Demand: Desks and buyers driving issuance * 01:16:57 - Downside Protection Trade: STRC put strategy for asymmetric yield * 01:21:45 - Digital Equity Model: Bitcoin capital vs credit volatility transfer * 01:25:05 - Market Cycle Timing: Navigating bull and bear uncertainty * 01:28:57 - Perpetual Funding Model: Financing projects with infinite duration capital * 01:31:55 - Monetary Debasement Hedge: Stretch as non-debasing capital instrument * 01:35:22 - Institutional Education Gap: Comparing digital credit to legacy bonds * 01:37:30 - STRC Adoption Curve: Path toward $300B preferred market scale * 01:40:29 - Credit First Strategy: Saylor prioritizes balance sheet strength * 01:42:47 - Capital Amplification Engine: Digital credit expanding Bitcoin exposure * 01:44:28 - Banking Infrastructure Shift: Wall Street adapting to crypto capital * 01:47:28 - Banking System Pressure: Bitcoin reserves challenging traditional rehypothecation model * 01:52:02 - Control System Debate: AI, stablecoins, and financial surveillance MSTR TRUE NORTH LINKS: * True North Website: https://www.mstrtruenorth.com * X: https://x.com/MSTRTrueNorth * 🛒 MERCH: https://thehodlshop.com/collections/true-north * 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.

🧭 MSTR True North episode 56: The crew dives dive into Strategy’s capital structure, rising BTC per share, AI-driven disruption, and regulatory momentum that is brewing. Th team breaks down digital credit strength, supply math, and why this cycle may be structurally different. 🎛️ As of this recording, 2/18/26, Strategy's (MSTR) performance: Open: $127.63 Close: $125.20 Volume: 17.31M Shares mNAV: ~0.99 Market Cap: ~ $44.5B U.S. Market Cap Ranking: ~#246 BTC: 717,131 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Intro agenda framing: NFA context and True North overview 00:03:01 - Bear Market Sentiment: Bitcoin Investor Week tone, stablecoin utility, and builder resilience 00:10:14 - Institutional Pricing Signal: Strategy leverage, preferred credit quality, and market confidence 00:13:43 - Conviction Over Price: Unflappable mindset, opportunity cost, and long-term Bitcoin allocation 00:17:04 - Moving Average Analysis: 200-week trend strength, Tesla comparison, and Strategy valuation reset 00:21:18 - Death Cross Dynamics: Technical lag, bottom timing risk, and Strategy mispricing debate 00:24:10 - Binary Risk Framing: Zero thesis, refinancing fears, and long-term leverage confidence 00:30:05 - Bitcoin-Gold Ratio: Relative valuation and macro positioning 00:30:00 - M2 Money Supply Framework: Bitcoin adjusted for monetary expansion and debasement baseline 00:35:35 - Correlation Breakdown: Commodities spike, multi-strat deleveraging, and Bitcoin price pressure 00:40:07 - Private Credit Liquidity Risk: Redemption halts, digital credit transparency, and STRC durability 00:47:08 - Preferred TAM Expansion: Capital stack opportunity size 00:49:14 - Supply Convergence Model: Strategy vs remaining Bitcoin issuance 00:48:50 - Bitcoin Supply & AI Shock: Issuance math and exponential disruption 00:58:00 - AI Disruption Wave: Cost collapse, software commoditization, and capital flight to Bitcoin 01:04:25 - Capital Market Disruption: AI acceleration compressing equity durability and IPO stability 01:08:39 - Digital Credit Track Record: STRC durability, liquidity edge, and goodwill risk exposure 01:12:24 - Strategy World 2026 Preview: True North event agenda and digital credit focus 01:16:15 - Strategy Capital Plan Debate: ATM runway, preferred issuance, and demand elasticity 01:19:28 - Stretch Distribution Focus: Digital credit education and execution phase 01:23:23 - Yield Spread Advantage: STRC vs stablecoins and capital stack strength 01:28:24 - On-Chain Capital Rotation: Stablecoin yield switch into STRC 01:30:24 - Regulatory & Exponential Convergence: Stablecoin policy momentum and AI-driven Bitcoin adoption 01:30:24 - Bull Market Convexity: Balance sheet structure and Bitcoin per share expansion 01:40:07 - Final Thoughts: Fiscal debasement and long-term Bitcoin conviction 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/world26/register 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/true-north 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.

🧭 MSTR True North episode 55: We break down Strategy’s capital structure, mNAV, leverage, and the emerging digital credit markets. Learn more about how institutional capital actually moves in Bitcoin an how to think about risk in this marketplace. 🎛️ As of this recording, 2/11/26, Strategy's (MSTR) performance: Open: $133.68 Close: $126.07 Volume: 25.84M Shares mNAV: ~0.95 Market Cap: ~ $41.9B U.S. Market Cap Ranking: 252 BTC: 714,644 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Intro agenda framing: NFA context and True North overview 00:03:36 - Bitcoin Mindset Shift: Personal wealth framework transformation 00:06:06 - MSTR Relative Strength: Premium signaling potential bottom 00:08:26 - Balance Sheet Expansion: Billions raised and liquidity strength 00:09:28 - Risk Mispricing Debate: Bitcoin supply underwriting blind spot 00:11:03 - Options Yield Strategies: Dividend pricing and put premiums 00:13:20 - AI Prompting & Workflow: Stress testing valuation frameworks 00:15:32 - Strategy World Preview: Treasury operators and securitization focus 00:20:17 - Bitcoin Treasury Growth: 100K to 714K BTC scale 00:23:00 - Market Sentiment & Macro: 2026 ATH polls and Goldilocks outlook 00:26:39 - Bitcoin Per Share Context: KPI adoption and seasoning phase 00:30:15 - Preferred Equity Acceleration: Rapid STRF STRD STRC expansion 00:33:06 - BTC Exposure Debate: Leverage mechanics and dilution tradeoffs 00:35:55 - Capital Structure Pivot: Converts toward perpetual preferred era 00:38:53 - Public Pref Market Shift: Tickered equity and retail access 00:42:05 - STRC Market Data Review: Yield stability despite BTC drawdown 00:46:55 - Media Narrative & Refi Risk: $8K scenario and press dynamics 00:51:51 - Capital Raise Velocity: Scaling from millions to billions 00:54:11 - Institutional Execution Reality: Timing risk and OTC mechanics 00:58:13 - Coinbase Valuation Gap: Leverage, goodwill, and moat contrast 01:05:00 - Treasury Model Walkthrough: BTC growth and dilution math 01:17:15 - mNAV & CAGR Sensitivity: Growth scenarios toward $1M target 01:19:04 - Final Thoughts: Weather volatility and long-term conviction 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/world26/register 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/true-north 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.

🧭 MSTR True North episode 54: A deep dive into Bitcoin’s drawdown, macro liquidity, and why this cycle differs. We break down capital structure, leverage myths, margin-call fears, treasury concentration, short-risk asymmetry, and how convex balance sheets create explosive upside. 🎛️ As of this recording, 2/4/26, Strategy's (MSTR) performance: Open: $120.25 Close: $129.09 Volume: 23.8M Shares mNAV: ~1.03 Market Cap: ~$38.9B U.S. Market Cap Ranking: BTC: 713,502 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Intro agenda framing: NFA context and True North overview 00:03:38 - Bitcoin market drawdown: 42 percent decline framing 00:09:23 - Proof of reserves debate: Custody transparency and risk 00:12:39 - Macro framework setup: Rates liquidity and context 00:15:10 - Macro regime comparison: Liquidity rising versus 2022 contraction 00:18:02 - MSTR market dynamics: Equity pressure and hedging behavior 00:20:00 - Institutional market lens: Event context and capital markets views 00:26:25 - Margin call misconceptions: Liquidity versus leverage reality 00:28:41 - Capital structure deep dive: Balance sheet leverage and FUD breakdown 0:35:35 - Accretion and convexity mechanics: Bitcoin per share and upside asymmetry 00:41:12 - Capital model transition: Converts replaced by preferred equity 00:43:12 - Regulatory and stablecoin shifts: TradFi integration 00:46:04 - Bitcoin treasury model: Balance sheet-first companies 00:51:07 - Treasury concentration risk: Dominant holder analysis 00:55:04 - Bitcoin scarcity math: Rule of 72 framework 00:57:25 - Coverage framework reset: Net capital versus leverage fear 01:05:29 - Capital stack hierarchy: Senior debt preferred and equity 01:10:08 - Converts versus common equity: Dilution and coverage math 01:13:33 - Upcoming earnings call: What to watch and why it matters 01:20:49 - Balance sheet resilience: Liquidity runway and no margin calls 01:27:45 - Treasury concentration and survivability: Why failures don’t matter 01:32:38 - Treasury concentration math: Scale dominance and systemic impact 01:35:41 - Bitcoin technical distributions: Wallet structure and custody flows 01:41:14 - Short risk asymmetry: Explosive upside and forced covering 01:42:50 - Balance sheet endgame: Bitcoin as reserve asset 01:45:08 - Final thoughts from the team 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/world26/register 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/true-north 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.

🧭 MSTR True North episode 53: The group does a deep dive into Bitcoin credit risk, preferred equity, leverage, and mNAV. Covers MSTR balance sheet math, metals vs Bitcoin flows, Tether reserves, credit models, macro signals, liquidity, and risk/reward across cycles. 🎛️ As of this recording, 1/28/26, Strategy's (MSTR) performance: Open: $164.45 Close: $158.45 Volume: 14.08M Shares mNAV: 0.91 Market Cap: $57.70B U.S. Market Cap Ranking: ~#200 BTC: 712,647 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Intro: NFA agenda and True North overview 00:03:38 - Credit risk overview: Metals mania and risk framing 00:06:34 - Preferred equity dynamics: Issuance demand and mNAV behavior 00:10:53 - Risk-off credit rotation: Stress testing yield products 00:13:30 - MSTR balance sheet leverage: Assets debt and pref math 00:17:15 - Macro incentives outlook: Election liquidity tailwinds 00:18:25 - True North Vegas event: Digital credit and macro agenda 00:23:41 - Metals market structure: Silver surge and physical premiums 00:31:02 - Tether reserve strategy: Gold and Bitcoin accumulation 00:34:22 - Bitcoin adoption curve: Capital rotation mechanics 00:37:05 - Sovereign risk signals: Yen and risk free rates 00:40:55 - Gold revaluation theory: Bitcoin reserve funding idea 00:44:03 - Algorithmic digital credit: Machines prefer native assets 00:49:32 - Bitcoin as AI hedge: Passive exposure to innovation 00:54:02 - Risk reward framing: Digital convenience tradeoffs 00:58:35 - Preferred equity modeling: Amplification risk analysis 01:03:01 - mNAV downside math: Collateral threshold scenarios 01:07:02 - Macaulay duration focus: Dividend obligation stress 01:12:07 - Institutional underwriting: Capital absorbs Bitcoin risk 01:15:52 - STRC drawdown case: Yield spikes create opportunity 01:22:16 - Bitcoin earnings model: Interest coverage framework 01:27:00 - High amplification scenario: USD reserves versus returns 01:32:47 - Cash reserve signaling: Ratings driven capital buffers 01:39:18 - Financial engineering example: Real estate leverage analogy 01:43:50 - Digital credit parity: Comparing high yield debt 01:48:05 - Fair value accounting: Bitcoin treasury volatility optics 01:53:44 - Final thoughts: Roundtable final takes 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/world26/register 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/true-north 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.

🧭 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. 🎛️ As of this recording, 1/21/26, Strategy's (MSTR) performance: Open: $161.27 Close: $163.81 Volume: 18,440,820 Shares mNAV: 1.07 Market Cap: $54.09B U.S. Market Cap Ranking: #201 BTC: 709,715 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Intro: NFA, agenda and True North overview 00:02:09 - Stretch price behavior: Volatility compression versus Bitcoin 00:04:18 - Balance sheet strategy: 1x mNAV and ATM expansion logic 00:06:49 - Capital structure model: Bitcoin, equity, credit flywheel 00:09:43 - Yield curve control: Variable dividend preferred mechanics 00:11:07 - Supply discipline approach: Peg defense and issuance limits 00:13:30 - Rate cut asymmetry: Falling rates boost credit spread 00:15:27 - TN event: join the crew in Las Vegas 00:16:51 - Fiscal dominance reality: Structural US deficit regime 00:20:05 - Monetary financing loop: Deficits force money creation 00:23:10 - Debt compounding risk: Interest burden and debasement cycle 00:26:46 - Product market fit: Stretch outperforming other credit tools 00:29:37 - Fiscal responsibility debate: Fed, deficits, real rate risk 00:32:17 - Bitcoin-backed credit thesis: Alternative to sovereign bonds 00:34:10 - Capital raise capacity: ATM runway and mNAV leverage 00:36:33 - mNAV leverage durability: Dividend funding in bear markets 00:38:17 - Global macro signal: Japan rates and carry trade unwind 00:43:34 - Generational capital shift: Exiting legacy financial assets 00:45:33 - Ray Dalio perspective: Bitcoin versus gold debate 00:48:45 - Macro landing scenarios: Debasement versus crisis outcomes 00:53:00 - Bitcoin moat math: Relative ownership and scarcity 00:56:17 - Convert dilution dynamics: Delta hedging fade thesis 00:57:06 - Bull case modeling: Million Bitcoin accumulation path 00:59:30 - Long-term supply capture: 2035 Bitcoin ownership projection 01:03:01 - MNAV upside bounds: Convert structure constraints 01:04:30 - Final thoughts 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/world26/register 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/true-north 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.

🧭 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.

🧭 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.

🧭 MSTR True North episode 49: This week the crew highlights their experience at Bitcoin Mena, status of sovereign adoption, balance sheet leverage, mNAV, digital credit, AI capital shifts, and why patient capital wins when price disconnects from value in Bitcoin and equity markets. 🎛️ As of this recording, 12/17/25, Strategy's (MSTR) performance: Open: $167.75 Close: $160.38 Volume: 19,144,900 Shares mNAV: 1.10 Market Cap: $46.09B U.S. Market Cap Ranking: ~#285 BTC: 671,268 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Intro: NFA, agenda and True North overview 00:04:45 - Bitcoin MENA Conference: Middle East adoption and capital interest 00:15:20 - Abu Dhabi Capital Flexibility: Hard money enables rapid coordination 00:18:25 - Bitcoin Treasury Leverage: Net capital and drawdown resilience 00:21:19 - Institutional Bitcoin Strategy: Banks, regulation, capital optionality and MSTR dominance 00:35:04 - Waiting Out Mispricing: Patience before repricing 00:43:39 - AI Capital Structure Shift: Hardware focus requires a strong balance sheet 00:47:31 - Bitcoin-Backed Banking Model: Digital credit system design 00:53:27 - Bitcoin-Backed Yield Products: Savings disruption via credit 00:55:50 - Sovereign Capital Allocation: Attracting trillions with yield 01:01:55 - Bessent quote: Reflecting on the past to change the companies of the future 01:07:19 - Bitcoin Volatility Harvesting: Trading, structures, market evolution 01:12:00 - MSTR Valuation Debate: Holdings, mNAV, scale advantage 01:17:55 - Liquidity and Options Market: Structural buyer dynamics 01:22:56 - Equity Valuation Frameworks: Trasparency dilemma and the mNAV versus market multiples 01:33:19 - Social Media Risk Signals: Noise, sentiment, investor behavior 01:44:27 - Balance Sheet Quality Test: Intangibles versus hard assets 01:53:54 - Bitcoin as Superior Collateral: Liquid assets beat goodwill 01:55:44 - Closing thoughts: like and subscribe 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.

🧭 MSTR True North episode 48: The crew does a deep dive into Bitcoin markets, macro signals, credit cycles, and capital structure. We break down trend data, EPS thresholds, leverage, mNAV, Fed policy, and why Bitcoin sits at the center of the next liquidity cycle. 🎛️ As of this recording, 12/10/25, Strategy's (MSTR) performance: Open: $189.32 Close: $184.64 Volume: 22,458,960 Shares mNAV: 0.92 Market Cap: $55.9B U.S. Market Cap Ranking: 190 BTC: 660,624 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Intro: NFA, agenda and True North overview 00:03:10 - Event Context: Conviction, networking and market backdrop 00:04:42 - Trend Signals: Chart mechanics, death cross and momentum turn 00:08:10 - Higher-Timeframe Structure: Weekly levels, higher lows and trend context 00:09:06 - Multi-Frame Review: Monthly and yearly recovery signals 00:12:12 - EPS Thresholds: Required BTC price for positive earnings 00:14:14 - Survey Momentum: Gauging ATH expectations and sentiment 00:16:38 - Rate Regime Change: Volatility and QE effects 00:18:14 - Supply Crunch Setup: ETF flows and treasury accumulation 00:20:04 - Fed Signals: GDP revisions and future rate cuts 00:22:00 - Productivity Shock: AI-driven deflation and policy response 00:23:57 - Fiscal Strain: Debt path, shutdown risk and tax limits 00:26:19 - Consumer Credit Stress: Debt stacking and inequality 00:29:14 - Tech Concentration: MAG7 dominance and return skew 00:32:45 - Hard Money Hedge: Bitcoin as monetary protection 00:34:57 - Treasury Math: Why printing is structurally required 00:37:39 - Policy Shifts: Pro-crypto Fed leadership probabilities 00:38:36 - Collateral Upgrade: BTC/ETH/USDC for derivatives margin 00:42:08 - Financial Engineering: Reserves, ratings and dividend strategy 00:46:07 - Buyback Mechanics: Supply reduction and accretive impact 00:48:06 - Treasury Strength: Dividend runway and BTC-backed reserves 00:50:07 - Capital Stack: Prefs, converts and liquidation coverage 00:52:05 - Indexing Rebuttal: Why digital treasuries aren’t funds 00:55:51 - Investor Discipline: Fear cycles and recovery patterns 00:57:54 - Reserve Strategy: Cash buffers for extended bear markets 00:59:37 - Debt Spiral: Election-year constraints and forced rate cuts 01:01:47 - Future Prep: Automation risk and asset-based resilience 01:03:10 - Bitcoin Integration: Payments, emerging markets and rails 01:04:20 - Final thoughts: Strategy World networking and key figures 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.

🧭 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: Open: $183.40 Close: $188.39 Volume: 26,686,140 Shares mNAV: 1.16 Market Cap: $50.70 U.S. Market Cap Ranking: 203 BTC: 650,000 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Intro and Agenda: music, overview, and NFA disclaimer 00:03:02 - Strategy World 2026: Las Vegas event and True North plans 00:07:53 - USD Reserve Explained: cash buffer as digital credit battery 00:12:50 - Preferreds Risk Profile: how the reserve strengthens credit structure 00:17:11 - ATM Capital Raise: liquidity flow, proof-of-concept, and market reactions 00:22:22 - Trading Volume Dynamics: how algorithms amplify stock liquidity 00:24:30 - Multi-Year Cash Buffer: reserve strategy and capital runway outlook 00:28:44 - Bitcoin Yield Engine: lending yields, mNAV expansion, and capital structure 00:31:30 - BTC on the balance sheet: 2025 and 2026 predictions 00:33:24 - EPS Thresholds: 85k and 110k Bitcoin price scenarios for earnings 00:35:04 - Digital Credit Structure: why preferreds classify as credit, not equity 00:36:18 - Leverage vs ETFs: permanent capital vs daily-reset leverage decay 00:39:07 - Simplifying complexity: Educating the market and sentiment 00:46:49 - Phase Three Outlook: Bitcoin treasury trajectory and steady-state stability 00:49:24 - Bank Solvency Framework: CET1 ratios and applying Basel treatment to Bitcoin 00:58:44 - The debasement trade: Capturing opportunities and the generational effect 01:06:10 - The millenial dilemma: Optimizing capital allocation for a generation that is stuck 01:10:21 - The money is broken: Time and energy is being stolen and BTC is the lifeline 01:14:02 - Proof of work: Grain’s experience in Silicon Valley and the mindset needsd to win in this climate 01:18:14 - Final thoughts: Vanguard, MSCI shifts, index inclusion pressure and tokenization 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.

🧭 MSTR True North episode 46: The team hosts an early call on Wednesday to address the latest digital credit and BTC treasury catalysts. Highlights include MSCI index, JP Morgan structured notes, MNAV math, capital structure engineering, and the growing shift toward institutional Bitcoin adoption and treasury allocation. 🎛️ As of this recording, 11/26/25, Strategy's (MSTR) performance: Open: $173.69 Close: $175.64 Volume: 19,829,181 Shares mNAV: 1.13 Market Cap: $50.48 U.S. Market Cap Ranking: 213 BTC: 649,870 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Cue the music and intro: Agenda and NFA disclaimer 00:04:13 - BTC price analysis: MACD signals, the macro climate and MSTR price correlation 00:09:06 - Bitcoin Leverage & transparency: MSTR exposure math, long-term amplification and stategy tracker 00:12:37 - Entry Strategy Basics: Pricing discipline, tax reality and buying low 00:14:08 - Real-Time Transparency: 24/7 BTC metrics and unit-of-account shift 00:15:54 - Measuring balance sheet strength: Risk tolerance and the TradFi’s approach to value equities 00:19:46 - MSCI Index Shock: Digital-asset exclusions and capital-flow risk 00:24:14 - MSTR Short Hedging: Borrow costs, downside leverage, long-holder hedges 00:29:00 - JP Morgan Structured Note: Illiquidity, capped upside, principal risk 00:36:14 - Institutional Bitcoin Demand: ETFs, muni bonds, state treasury buying 00:41:05 - Stride vs Strife: Preferred structures, arbitrage spreads, levered beta 00:46:00 - Yield Mechanics: Bond pricing, collateral growth, preferred income 00:51:28 - Financial Engineering: Dividends, dilution math, capital efficiency 00:55:13 - Amplification and MNAV: SATs/share math, liquidation prefs, leverage 01:02:10 - Synthetic BTC Hedging: Downside structures, seller advantage 01:05:07 - MNAV Valuation Framework: Assets minus prefs, transparent accounting 01:09:39 - Corporate Arbitrage: EPS shaping, buybacks, equity issuance strategy 01:16:52 - Real Estate Parallel: Permanent equity, HELOC analogy, carry trades 01:20:25 - Scaling Capital Structure: Prep issuance, target leverage ratios 01:25:20 - Bitcoin CAGR Edge: Historical return percentiles, timing signals 01:30:10 - Volatility Compression: Market size effects, long-term BTC stability 01:34:09 - Institutional Signals: ETF options expansion, ratings pressure, state buys 01:38:50 - JP Morgan Influence Map: Margin shifts, index rules, contradictory behavior 01:45:19 - Community Response: MSTR defense, liquidity lockouts, gamma setups 01:49:24 - Bitcoin Treasury Future: Issuance scale, compounding, long-run adoption 01:50:30 - Closing Remarks: Holiday sendoff and final outlook 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.

🧭 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: Open: $202.36 Close: $186.50 Volume: 28,025,372 Shares mNAV: 1.17 Market Cap: $53.6B U.S. Market Cap Ranking: 197 BTC: 649,870 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - cue the music 00:01:51 - Bitcoin strategy archetypes: Poet, prophet, prince roles align 00:04:40 - MSTR Bitcoin treasury thesis: Balance sheet stack drives upside 00:09:37 - Digital credit instruments: Invest in Bitcoin credit quality 00:12:40 - Margin hikes, forced selling: JPM raises requirements on MSTR 00:15:36 - RSI and oversold read: Selloff deeper than prior dips 00:18:23 - Liquidity crunch: previous cycle trends and credit quality 00:20:38 - MSTR's collateral monopoly: Best asset, digital capital scale 00:25:45 - Narrative following price: Current climate has flipped the formula 00:29:04 - mNAV, peg, dividends: Market restores par as cash pays 00:33:14 - Shorting costs & carry with transparency: Dividends and borrow fees matter 00:38:14 - Yield traps vs holding: $MSTY erosion vs Stretch peg 00:43:21 - The 4 year cycle: the gravitational pull of patterns & protocol risk management 00:54:42 - Spot ETF accumulation: The new vehicle that is changing the game 00:57:41 - Bitcoin treasury companies: the future brought forward 01:00:25 - Dividend math with BTC: 1.25% BTC growth supports perpetual payouts 01:05:09 - Over collateralization benefit: Risk calculable 24/7 paired with transparency 01:07:40 - What if Bitcoin breaks? 01:09:20 - Selling loans vs credit: Digital credit broadens buyer base 01:16:00 - Inflation math: CPI plus M2 erodes returns 01:18:19 - Bitcoin as the monetary ledger: Title registry with final settlement 01:22:44 - Patience and price targets: 125k to 200k & 2026 narrative 01:28:21 - Private markets tokenization: Next frontier for capital formation 01:32:00 - 1x MSTR lens: Dilution vs BTC per share 01:37:30 - Know terms and risks: Refi risk and regulatory surprises 01:43:04 - Grain’s last thoughts 01:44:56 - Stretch as spendable credit: Tokenization enables quick liquidity & credit worthiness 01:49:11 - Insurance capital in BTC: Claims funded by BTC treasuries 01:53:30 - World balance sheet on BTC: Treasury firms reshape finance, Solei’s 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.

🧭 MSTR True North episode 44: Discover how Bitcoin, preferred equity, and digital credit products like $STRC and $SATA are reshaping yield, capital structure, and macro environent in the evolving financial landscape. Grain and the Dan’s bring us through a deck on Macro and digtial credit. 🎛️ As of this recording, 11/12/25, Strategy's (MSTR) performance: Open: $233.90 Close: $224.61 Volume: 10,800,420 Shares mNAV: 1.20 Market Cap: $64.7B U.S. Market Cap Ranking: 168 BTC: 641,692 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Intro: TN episode 45, NFA and team updates 00:02:34 - AI Impact on Bitcoin: Synthetic disruption and Wikipedia collapse 00:04:59 - Bitcoin & Market Dynamics: S&P equity weighted distribution, MAG 7 and capital rotation 00:07:37 - Valuations & Market Cycles: PE ratios, bubbles, ETF flows 00:10:10 - Compounding Growth Rates: Big tech as the return benchmark 00:11:06 - Interest Rate Trajectory: Fed outlook and the debt burden 00:14:30 - Financial Engineering Playbook: Buybacks boost forward EPS, not fundamentals 00:15:35 - Macro Signals & Stagnation: PMI trends explain risk asset underperformance 00:17:38 - Consumer Stress & Job Risk: K-shaped demand, AI disruption, inflation pain 00:20:25 - MSTR as Bitcoin Leverage: mNAV, floor value, perpetual debt strategy 00:22:45 - Rethinking Preferred Equity: Permanent capital and modeling risk 00:26:40 - $STRC Product Vision: Disruptive yield design, market fit, adoption path 00:29:05 - $STRC Trading Mechanics: VWAP peg, IPO pricing, retail liquidity surge 00:32:16 - $STRC Yield Advantage: Deep liquidity, 10.5% return, volatility control 00:35:34 - Perpetual Bond Structure: Long-term income, low volatility, stable returns 00:38:39 - The ‘Strategy’ vs Tether: Shareholder yield, market scale, adoption potential 00:42:44 - Bitcoin as Collateral: TAM for money markets and real-time risk validation 00:44:10 - Credit Spread Mispricing: $STRE vs European bonds and investor protections 00:46:28 - Swap Rates & Credit Tiers: Risk benchmarks, STRE vs STRF pricing 00:49:10 - Tokenized Yield & Foreign market Arbitrage: $STRE, $STRF, and cross-currency spread 00:53:01 - $SATA Capital Structure: Seniority, covenants, 12% yield 00:56:45 - Yield Products in Action: $SATA vs $Stretch, peg control, trading strategy 01:09:06 - Strategic Use of Prefs: Yield positioning and MSTR scaling plan 01:12:19 - $STRK, Entry Timing & Euro $STRC: Yield, upside and roadmap expansion 01:16:19 - Final thoughts: Grain and Dan close it out 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.

🧭 MSTR True North episode 43: This episode breaks down return of capital investing, credit ratings, risk underwriting, and structured yield products - framed around macro signals, mNAV, capital allocation, and long-term value. 🎛️ As of this recording, 10/29/25, Strategy's (MSTR) performance: Open: $284.38 Close: $275.36 Volume: 10,184,060 Shares mNAV: 1.35 Market Cap: $79.08B U.S. Market Cap Ranking: 134 BTC: 640,808 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.

Phong Le (CEO, $MSTR) joins True North to discuss bitcoin-backed credit products, the future of Strategy, BTC price dynamics, and what mainstream Bitcoin adoption could look like from the corporate and consumer side. - Follow - X: https://x.com/Adrian_R_Morris X: https://x.com/MSTRTrueNorth X: https://x.com/Strategy Website: https://www.strategy.com/ - Outline - 00:00 – Intro 00:21 – Welcome 03:24 – Bitcoin-backed Credit: reinventing capital markets 06:13 – Robinhood listing Preferreds 10:00 – Scaling preferreds to a $30–300B market opportunity 15:33 – Cultural movement around Strategy 20:20 – Bitcoin opens doors 25:57 – Strategy’s Software Business 30:39 – The 2030 vision 36:22 – Bitcoin treasury ecosystem 40:25 – Bitcoin in traditional banks 47:08 – Buying Bitcoin with your bank 50:59 – Why Strategy 54:07 – Closing thoughts Music: "Uncovered" by Joseph William Morgan Licensed from Musicbed SyncID: MB61P6KK5Y9YMID License URL: https://striveenterprises-my.sharepoint.com/:b:/g/personal/jackson_fairbanks_strive_com/EWyQzvQksqxJt5rPjEgPHGwBjG3d4lX47yIlUiQKEQ4heA?e=mX5TcK Used with permission for YouTube and monetization under active Musicbed subscription. 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.

🧭 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.

🧭 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 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.