October 01, 2025

"MSTR Uptober" | True North Podcast | Ep. 40

2 hours 10 minutes

🧭 MSTR True North episode 40: the group doses a deep dive into Bitcoin investing, capital allocation, risk management, and leverage. They explore mNAV, treasury plays, macro signals, and why fixed income products are reshaping long-term portfolios. 🎛️ As of this recording, 10/01/25, Strategy's (MSTR) performance:

Open: $332.47

Close: $338.41

Volume: 13,994,830 shares

mNAV: 1.47

Market Cap: $97.16B

U.S. Market Cap Ranking:

BTC: 640,031

⏱️ TIMESTAMPS & INSIGHTS:

00:00:00 - cue the music: episode 40 agenda

00:04:45 - Strategy statistics: the math behind the balance sheet

Fed Liquidity & Leverage: Infinite cash and leverage dynamics

00:07:02 - Q3 Earnings & Tax Impact: $10 EPS, AMT guidance clears risk

00:09:11 - Bullish Macro Setup: Log fractals and cycle alignment bullish for BTC

00:14:08 - Cycle Cloud Framework: Using volatility-adjusted trends to map BTC moves

00:18:03 - Position Sizing Strategy: Nvidia to MSTR rotation example

00:21:19 - Market Multiples & MNAV Gap: Comparing Apploven and MSTR value

00:24:08 - Bitcoin Validation vs Legitimization: Market slow to accept BTC metrics

00:25:59 - Equity Issuance & MNAV: Capital structure insights from Buffett

00:36:33 - Bad Bond of the Week: Hertz 2029 bond, 10% yield, high distress

00:42:20 - Miner Leverage & Energy Upside: Asymmetric plays via energy contracts

00:45:08 - HPC AI Shift in Mining: Pivot from mining to compute centers

00:51:13 - Energy Risk & Innovation: AI compute demand vs energy supply

00:54:28 - Options Strategy for Miners: Call spreads on IBIT vs minors

00:59:20 - Efficient Frontier & Bitcoin: Time horizon reshapes risk/reward

01:03:04 - Miner Capital Rotation: Navigating hype vs fundamentals

01:07:37 - Adrian & Mason: final thoughts on broken money

01:16:12 - Mining True North: finding opportunities as a hedge fund and beating the hurdle rate

01:20:09 - Bitcoin vs Gold: Scale, upside, and time horizon

01:23:06 - Cross-Gen Communication: Educating on Bitcoin income products

01:32:51 - Advisor Adoption Lag: Compliance vs product performance

01:40:08 - Bitcoin Buybacks Begin: Sequins, Empory digital, and mNAV defense

01:48:14 - Detaching Emotion: Rational thesis-driven investing

01:52:12 - Retail Access Shift: STRC on Robinhood and tokenized stocks

02:00:56 - Final thoughts: the great reset

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/thebitcoingal

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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