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🧭 MSTR True North episode 38: Soleil & Dan breakdown Strategy’s credit stack, BTC accumulation strategy, preferreds, rate risk, and AI macro themes dissected. Topics also include Strike, Strife, Stretch, MSTR mNAV, BTC vs gold, and Fed policy.🎛️ As of this recording, 8/27/25, Strategy's (MSTR) performance:

  • Open: $348.68
  • Close: $342.06
  • Volume: 8,379,611 shares
  • mNAV: 1.56
  • Market Cap: ~97.36B
  • U.S. Market Cap Ranking: 108
  • BTC: 632,457
  • ⁠00:00:00⁠ - Intro: filtering out the noise and providing signal
  • ⁠00:03:19⁠ - Macro Indicators: Services PMI ties to BTC moves
  • ⁠00:05:42⁠ - Spot BTC Positioning: Low leverage, resilient long-term strategy
  • ⁠00:12:25⁠ - Duration gap: whats the next pref flavor to fill the gap
  • ⁠00:14:23⁠ - Labor Market & Fed Pivot: Weak payrolls, yield curve, rate cut setup
  • ⁠00:18:55⁠- AI’s attack on jobs: Bitcoin is the only way to capture the deflationary effects
  • ⁠00:22:12⁠ - Inflation Outlook & Fed: Tariffs, base case, policy shift
  • ⁠00:25:38⁠ - Bitcoin vs Gold Thesis: BTC outperformance, gold lag on inflation
  • ⁠00:30:07⁠ - MNAVs & Fear Index: Sentiment tools, credit signals, BTC risk
  • ⁠00:33:17⁠ - Stretch Yield Mechanics: Monthly coupon, par targeting strategy
  • ⁠00:37:40⁠ - S&P 500 Inclusion Odds: Market betting, mispriced probabilities
  • ⁠00:40:33⁠ - BTC Valuation Frameworks: Minor breakevens, long-dated call logic
  • ⁠00:43:46⁠
    • ...more
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