True North Podcast

Rewiring The Credit Curve | True North Podcast | Ep. 32

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🧭 MSTR True North episode 32: The crew does a deep dive into Strategy’s capital stack, leverage, and preferred instruments like Strike, Strife and Stride—exploring risk, credit, and how institutional capital is recognizing the tue credit worthiness of a treasury powered by Bitcoin. 🎛️ As of this recording, 7/9/25, Strategy's (MSTR) performance:

  • Open: $401.60
  • Close: $415.41
  • Volume: 13,065,370 shares
  • mNAV: 1.96
  • Market Cap: ~$116B
  • U.S. Market Cap Ranking: 93
  • BTC: 597,325
    • ⏱️ TIMESTAMPS & INSIGHTS:
  • 00:00:00 - cue the music: reggae vibes
  • 00:01:07 - agenda rundown
  • 00:03:51 - bitcoin leverage: MSTR’s capital stack and strategic asset breakdown
  • 00:08:55- law of large numbers: market dynamics and shifts in the playbook globally
  • 00:16:50 - EOY BTC holdings predictions: reflecting on initial predictions & re-evaluating possibilities
  • 00:19:05 - S&P 500 catalyst: capital surges and strategic timing with indexes
  • 00:25:05 - credit hierarchy: analysis of the capital stack & the creation of the credit curve
  • 00:27:48 - risk premium: preferreds closing in on the risk-free rate
  • 00:32:10 - pricing curve: preferreds moving from distressed to fair value
  • 00:40:44 - strike convertibility: upside, dividends, and embedded call options
  • 00:49:11 - liquidation logic: how claim seniority impacts bitcoin instrument value
  • 00:56:10 - investor psychology: simplicity and yield driving adoption of new tools
  • 01:03:45 - capital stack math: bitcoin CAGR vs. risk-free rate over time
  • 01:09:15 - software business hiring reflex: why bitcoin-focused firms attract top software talent
  • 01:15:20 - $STRF architecture: CAGR assumptions that outpace risk free rate indefinitely
  • 01:17:30 - $MSTY obsession: risk/reward breakdown and the impact of slippage
  • 01:24:40 - market evolution: strike as self-replicating perpetual call option & importance of scale
  • 01:29:05 - index fuel: index inclusion as rocket fuel & MSTR's scale advantage with BTC moat
  • 01:34:20 - buybacks vs. bitcoin: what Apple and Chevron could’ve gained
  • 01:46:35 - earnings per employee: the reality of earnings powered by Bitcoin
  • 01:50:20 - final thoughts
    • SOCIAL MEDIA:
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    • MSTR TRUE NORTH LINKS:
  • True North Website: https://www.mstrtruenorth.com
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  • 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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