September 24, 2025

Chapter 2 "Full Sail Ahead" | True North Podcast | Ep. 39

2 hours 10 minutes

🧭 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

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MSTR TRUE NORTH LINKS:

True North Website: https://www.mstrtruenorth.com

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🛒 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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