May 07, 2026

Credit Quality Accelerating | True North Podcast | Ep. 65

1 hour 35 minutes

🎛️ As of this recording, 5/6/26, Strategy's (MSTR) performance:

* Open: $184.57

* Close: $186.82

* Volume: ~14.3M Shares

* mNAV: ~1.28

* Market Cap: ~ $64B

* BTC: 818,334

⏱️ TIMESTAMPS & INSIGHTS:

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

* 00:03:06 - Recent Market Reactions: Strategy earnings call sparks polarized sentiment

* 00:05:17 - Selling Bitcoin And Converts: BTC sale implications and debt cleanup optionality

* 00:13:36 - Bitcoin Liquidity And Preferreds: Market depth strengthens perpetual capital optionality

* 00:17:50 - Bitcoin Tax Loss Strategy: BTC sales fund dividends and optimize tax basis

* 00:25:43 - Credit Arbitrage And mNAV: Preferred flows, dilution math, and amplification mechanics

* 00:31:24 - Amplification And Credit Risk: Modeling leverage, volatility, and dividend durability

* 00:35:03 - Stakeholder Capital Framework: Balancing common equity, credit holders, and Bitcoin

* 00:39:40 - Bitcoin Buyer And Risk Models: Strategy demand, volatility, and amplification scenarios

* 00:44:58 - Bitcoin Per Share Thesis: mNAV valuation and long-term equity amplification

* 00:49:35 - Digital Credit Expansion: Layered leverage and Bitcoin-backed financial products

* 00:53:50 - DeFi Yield Markets: Pendle, tranching, and smart contract risk dynamics

* 00:57:35 - Bitcoin-Backed Credit Markets: Digital credit reshapes global debt infrastructure

* 01:02:40 - Bitcoin Adoption And Inflation: Retail demand and monetary debasement tailwinds

* 01:07:45 - Sticky Features And Scale: Amazon-style adoption and long-term risk pricing

* 01:12:45 - Insurance And Digital Credit: Bitcoin-backed balance sheets and AI disruption

* 01:17:35 - Bitcoin Conference Insights: Institutional adoption, mining, and business integration

* 01:23:25 - Bitcoin Business Adoption: Digital credit community expansion

* 01:25:16 - Digital Credit Adoption: Bitcoin-backed finance and competitive business advantages

* 01:28:54 - Dan’s Final Thoughts: BTC per share, mNAV, and shareholder accretion

* 01:30:16 - Mason’s Final Thoughts: Bitcoin yield, buybacks, and shareholder optimism

* 01:33:21 - Grain’s Final Thoughts: Bullish outlook on Bitcoin yield and shareholder value

* 01:34:22 - Jeff’s Final Thoughts: Stream updates, tokenization, and ecosystem growth

Thank you to our Sponsors:

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

SALT: https://saltlending.com/

See our website: https://tnorth.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.

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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