🧭 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 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/thebitcoingalMSTR TRUE NORTH LINKS:* True North Website: https://www.mstrtruenorth.com* X: https://x.com/MSTRTrueNorth\* 🛒 MERCH: https