True North Podcast

STRC'ing The Limits | True North Podcast | Ep. 34

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🧭 MSTR True North episode 34: 🎛️ As of this recording, 7/23/25, Strategy's (MSTR) performance:

  • Open: $422.83
  • Close: $412.67
  • Volume: 12,990,043 shares
  • mNAV: 1.81
  • Market Cap: ~$117B
  • U.S. Market Cap Ranking: 91
  • BTC: 607,770

    • ⏱️ TIMESTAMPS & INSIGHTS:

    • 00:00:00 - Agenda breakdown
    • 00:02:50 - MSTR’s Leverage Ratio: $72B in assets, debt ratio, and drawdown resilience
    • 00:06:41 - Volatility as Strategy: Why MSTR embraces leverage and market spikes
    • 00:17:50 - Q2 Earnings Catalyst: Projected $10B+ gain and possible S&P 500 inclusion
    • 00:20:26 - MSTR vs. Bitcoin: Understanding the equity vs asset performance dynamic
    • 00:25:10 - Algo Trading & Arbitrage: Breaking correlation and capital flow strategies
    • 00:32:58 - Perpetual Preferreds: Unlocking 100x fixed income demand with Bitcoin
    • 00:39:48 - Market Mechanics: How algos pin MSTR price to Bitcoin
    • 00:42:36 - Liquidity Shift: Moving the pin and spiking Bitcoin yield
    • 00:46:05 - Capital Strategy: Risk-adjusted allocation for BTC finance
    • 00:48:39 - S&P500 Watch: Is MSTR’s inclusion already priced in?
    • 00:50:01 - Sentiment War: Transparency, short sellers, and ATM timing
    • 00:52:08 - STRC Breakdown: Risk tranches, liquidity support, and yield protection
    • 00:55:57 - Compound Dividends: Cumulative structure makes it hard to fail
    • 0:58:57 - STRC appeal: Bitcoin-backed fixed income for today's yield-starved market
    • 1:03:01 - Monthly yield: Passive income with BTC exposure, no staking risk
    • 1:06:12 - BTC credit cards: Cashback, credit, and Bitcoin collateral futures
    • 1:09:03 - Bitcoin securities: Building stable income products on BTC base layer
    • 1:13:09 - Adoption curve: Early innings of Bitcoin-native financial products
    • 1:16:47 - Portfolio strategy: How investors are blending STRC, MSTR, and BTC
    • 1:20:14 - Bitcoin as safety: Redefining ‘safe’ yield in a broken bond world
    • 1:25:35 - BTC insurance play: Bitcoin as capital buffer for risk models
    • 1:27:05 - Product innovation: Capital markets are being rebuilt on BTC rails
    • 1:30:30 - Collateral evolution: Tokenized BTC for direct lending and structured credit
    • 1:35:51 - Converts retired: Why MSTR is exiting convertibles for a clean equity base
    • 1:39:12 - BTC credit model: Measuring risk using Bitcoin collateral math
    • 1:43:30 - Yield curve race: Preferred equity arms race for Bitcoin treasuries
    • 1:46:55 - Liquidity moat: MSTR’s flexibility vs. other BTC asset plays
    • 1:50:30 - New market cycle: This isn’t 2022—why BTC fundamentals are stronger
    • 1:56:28 - Corporate hedging: The coming wave of CFO-driven BTC buys
    • 1:58:05 - ETF impact: In-kind redemptions and BTC liquidity stress
    • 2:00:26 - Final thoughts: Still early—BTC, MSTR, STRC just getting started

      • MSTR TRUE NORTH LINKS:

      • True North Website: https://tnorth.com
      • X: https://x.com/MSTRTrueNorth
      • 🛒 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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