True North Podcast

New Year, The Bottom's In | True North Podcast | Ep. 50

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🧭 MSTR True North episode 50: The crew does a deep dive into Bitcoin treasury strategy, mNAV, leverage, and capital structure. The discussion includes a healthy debate about ATM issuance, liquidity, credit, and short risk, then zooms out to macro shocks, pensions, and Bitcoin’s role in capital allocation. 🎛️ As of this recording, 1/7/26, Strategy's (MSTR) performance:

  • Open: $163.45
  • Close: $161.83
  • Volume: 28,334,600 Shares
  • mNAV: 1.06
  • Market Cap: $50.62B
  • U.S. Market Cap Ranking: #212
  • BTC: 673,783

    • ⏱️ TIMESTAMPS & INSIGHTS:

    • 00:00:00 - Intro: NFA, agenda and True North overview
    • 00:05:11 - Roundtable updates: Latest projects the crew is working on
    • 00:13:58 - Balance Sheet Snapshot: Assets, Bitcoin, reserves
    • 00:15:12 - Net Capital Growth: Leverage compression and dividends
    • 00:17:25 - Perpetual Preferred Equity: Permanent capital effects
    • 00:18:27 - Balance Sheet Resilience: Drawdowns, leverage, amplification
    • 00:23:27 - Liquidity and Dividends: Trading volume supports payouts
    • 00:26:27 - Price Drivers Explained: Options flow, ATM, rates, volatility
    • 00:34:35 - ATM Issuance and Liquidity: Supply debates and market structure
    • 00:40:37 - Volatility and Liquidity Mechanics: Preferreds versus common stock
    • 00:46:11 - Short MSTR Risk: mNAV drift and asymmetrical downside
    • 00:50:04 - Preferred Credit Demand: Yield, pricing, dividend behavior
    • 00:53:55 - Yield Product Mechanics: Pricing, dividends, distribution flow
    • 01:05:34 - Capital Control Framework: Liquidity management and excess coverage
    • 01:09:07 - Capital Reallocation Shock: AI disruption and Bitcoin treasury edge
    • 01:15:30 - Institutional Positioning: Sentiment shifts, capital signaling and MSCI decision
    • 01:23:07 - Policy Risk and Bitcoin: Leverage, regulation, and asset selection
    • 01:28:40 - Capital Structure Engineering: Yield creation and durability
    • 01:34:33 - Credit System Stress: AI shock, failure, recovery mechanics
    • 01:46:49 - Institutional Delay Risk: Pensions, governance, missed adoption
    • 01:58:47 - Final Thoughts: Conviction, positioning, long-term framework

      • Be part of the True North In-Side Event experience. Tickets available here: 👉 https://luma.com/tnb4c26 Strategy World sign-up: https://www.strategysoftware.com/worl… Use discount code TrueNorth for 20% off your registration—just a little bonus for our True North community. MSTR TRUE NORTH LINKS:

      • True North Website: https://www.mstrtruenorth.com
      • X: https://x.com/MSTRTrueNorth
      • đź›’ 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.

          • 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.

          • 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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