January 07, 2026

"And Then They Fight You"

1 hour 51 minutes

🧭 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.

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