True North Podcast

Power Of Collateral | True North Podcast | Ep. 30

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🧭 MSTR True North episode 30: in this episode the crew dives deep into leverage, MSTR’s balance sheet, BTC-backed yield, and market psychology—plus how treasury companies are evolving and why Bitcoin as collateral changes everything. 🎛️ As of this recording, 6/18/25, Strategy's (MSTR) performance:

  • Open: $371.43
  • Close: $369.03
  • Volume: 9,200,500 shares
  • mNAV: 1.85
  • Market Cap: $103.17B
  • U.S. Market Cap Ranking: 97
  • BTC: 592,100

    • ⏱️ TIMESTAMPS & INSIGHTS:

    • 00:00:00 - Que the music
    • 00:01:12 - Episode 30 agenda
    • 00:05:44 - Leverage ratio explained: debt, equity & BTC collateral
    • 00:10:12 - Trader psychology: cost basis bias, tax impact & conviction
    • 00:15:09 - Sentiment analysis: zooming out amid noise & opportunities in BTC space
    • 00:22:36 - Trading vs investing: understanding the players at the table & OTC tickers
    • 00:28:46 - Safe havens & bear markets: strategy resilience & the power of scale
    • 00:31:43 - Chanos short analysis: misunderstanding the playbook & Over-collateralization 101
    • 00:38:18 - Bitcoin as the new risk-free asset: fixed income demand is the signal
    • 00:45:13 - Banking of the future: how Strategy’s products are redesigning the future banking system
    • 00:47:49 - Evaluating BTC treasury companies: identifying survivors vs hype
    • 01:01:51 - Fed, interest rates & impact on BTC/MSTR: how this impacts BTC torque
    • 01:06:50 - New investment products: ETFs, diversified exposure & position sizing
    • 01:17:20 - $MSTY & $WNTR: what is the craze? Solei competition with MSTY update
    • 01:25:35 - Common share ATM: BTC yield using the preferred’s
    • 01:29:16 - Q2 countdown: S&P 500 inclusion, bewilderment intensifying and EPS
    • 01:27:22 - Valuation of BTC-backed companies
    • 01:37:39 - BTC vs MSTR: collateral, dividends, scale
    • 01:45:45 - Zero carry cost: low cap ex with large appreciation
    • 01:48:15 - Tim in Prague: home of the largest castle complex in the world & BTC Prague
    • 01:51:00 - Final thoughts: we’re going higher

      • 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://tnorth.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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