April 16, 2026

Calling The Shot | True North Podcast | Ep. 63

1 hour 39 minutes

🎛️ As of this recording, 4/15/26, Strategy's (MSTR) performance:

* Open: $139.75

* Close: $143.54

* Volume: 13.9M Shares

* mNAV: ~1.15

* Market Cap: ~ $47.9B

* BTC: 780,897

⏱️ TIMESTAMPS & INSIGHTS:

* 00:00:00 - Intro: TN trailer and not financial advice

* 00:03:33 - True North Agenda: Purpose, hosts, and show structure

* 00:05:19 - Team First Takes: Macro outlook, Bitcoin, and sentiment

* 00:13:59 - STRC Arbitrage Setup: Dividend pricing inefficiency explained

* 00:18:08 - Capital Scale Visualized: Billion-scale liquidity perspective

* 00:19:23 - Capital Markets Shift: New credit instruments driving demand

* 00:25:42 - Balance Sheet Flywheel: Capital infrastructure capturing flows

* 00:27:15 - STRC Demand Growth: Institutional scale and liquidity expansion

* 00:32:36 - Yield Dislocation Signals: Pricing inefficiencies and buyer dominance

* 00:34:20 - Credit Market Expansion: Digital credit targeting large TAM

* 00:36:42 - Inflation Mechanics Breakdown: Monetary expansion and asset impact

* 00:37:28 - Debasement Math Framework: Rule of 72 purchasing erosion

* 00:41:43 - Leverage Risk Analysis: Balance sheets, collateral, downside risk

* 00:47:48 - Issuance Constraints Explained: Collateral limits and leverage capacity

* 00:52:00 - Bitcoin Price Impact: Capital deployment influencing market structure

* 00:53:17 - mNAV Allocation Strategy: Dilution timing and capital efficiency

* 00:57:15 - Rate Regime Dynamics: Interest rates shaping capital allocation

* 00:58:15 - Financial Repression Setup: Policy pressure driving risk assets

* 01:01:55 - Instrument Pricing Inefficiency: Yield distortions and gaps

* 01:05:01 - Market Structure Signals: Liquidity shifts and capital rotation

* 01:07:24 - Options Strategy Framework: Yield capture, leverage, positioning dynamics

* 01:13:14 - Capital Allocation Deep Dive: mNAV, BTC per share, scaling strategy

* 01:19:33 - Issuance Scaling Dynamics: Capital deployment and BTC accumulation pace

* 01:23:09 - Capital Structure Mechanics: Issuance layering and efficiency gains

* 01:24:44 - Media Narrative Debate: Coffeezilla, Bankless, and risk framing

* 01:26:42 - Soleil's Final Thoughts

* 01:29:05 - Mason's Final Thoughts

* 01:33:29 - Grain's final thoughts

* 01:38:38 - Dan's Final Thoughts

* 01:39:55 - Jeff's Final Thoughts

Thank you to our Sponsors:

BitGo: https://www.bitgo.com/

Horizon: https://joinhorizon.com/?ref=TRUENORTH

SALT: https://saltlending.com/

MSTR Links:

* https://www.mstr-tracker.com

* https://saylortracker.com/

* https://robinhood.com/us/en/stocks/MSTR/

* https://www.strategy.com/

* https://strc.live/

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](http://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.

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