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.
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