🧭 MSTR True North episode 37: A sharp look into Bitcoin-backed finance, misunderstood leverage, market shakeups, and the future of MSTR. Big money, bold moves, and a masterclass in navigating financial storms—this one’s not just for Bitcoiners.🎛️ As of this recording, 8/20/25, Strategy's (MSTR) performance:* Open: $339.38* Close: $344.47* Volume: 13,739,806 shares* mNAV: 1.52* Market Cap: ~95.5B* U.S. Market Cap Ranking: 111* BTC: 629,376⏱️ TIMESTAMPS & INSIGHTS:* 00:00:00 - Cue the music: Episode 37 introduction* 00:02:25 - True North: A masters in corporate finance * 00:04:00 - Agenda breakdown* 00:04:33 - Strategy Balance Sheet: Leverage, debt, and MNAV updates * 00:08:57 - Risk Misconceptions: Why Strategy isn't overleveraged * 00:14:25 - Dividend Mechanics: Pref equity, asset coverage and the toolkit* 00:18:45 - Capital Strategy: The BTC corporate finance education moat * 00:25:30 - Bitcoin Valuation: Why BTC is not “magic internet money” * 00:29:49 - MNAV Guidance Shift: ATM strategy and market reaction * 00:34:00 - Institutional Fallout: How investors responded to new mNAV guidance * 00:45:00 - Credit Structure: Prefs, overcollateralization, and trust in team * 00:48:20 - Bond Market Blindspots: Educating a legacy finance world * 00:51:05 - Evolving Metrics: Future of BTC treasury and capital stack * 00:53:08 - Trust & Control: Prefs vs equity and managing investor expectations* 01:00:00 - Convertible Notes: Delta hedge and investor appeal* 01:02:29 - Disrupting risk: the paradigm shift occuring in riskframe works* 01:07:42 - Bitcoin Treasuries Growth: Corporate playbook and capital flow* 01:14:30 - Bitcoin Awareness Push: Retail exposure via ETFs* 01:24:20 - Bitcoin vs Alt Treasuries: ETH, DOGE, and structural risks* 01:31:15 - Leveraging Bitcoin Holdings: Institutional scale and credit play* 01:34:30 - S&P 500 Inclusion Odds: Probability, credit rating, and timeline* 01:43:47 - Bitcoin at $444K: Scenario planning and treasury value shift* 01:48:50 - Bitcoin Credit Market: Risk pricing and adoption indicators* 01:50:32 - AI and Market Influence: Bots, clickbait, and signal-to-noise* 01:59:50 - Bitcoin Events: Unconference, meetups, and promo code* 02:03:25 - final thoughtsSOCIAL 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://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 pur