True North Podcast

$STRDing Toward BTC Fixed Income | True North Podcast | Ep. 28

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🧭 MSTR True North episode 28: In this episode the crew breaks down MSTR’s capital stack, Saylor's latest fixed income product creations, leverage analysis, and how digital yield products could reshape traditional finance. 🎛️ As of this recording, 6/4/25, Strategy's (MSTR) performance:

  • Open: $385.80
  • Close: $378.10
  • Volume: 8,472,192 shares
  • mNAV: 1.90
  • Market Cap: $105.62B
  • U.S. Market Cap Ranking: 94
  • BTC: 580,955
    • ⏱️ TIMESTAMPS & INSIGHTS: Timestamps:
  • 00:00:00 - Agenda: cue the music and NFA
  • 00:03:25 - $MSTR leverage: BTC holdings, debt ratios, and over-collateralization
  • 00:07:07 - Capital strategy: Strike/Strife ATMs, growth potential, and leverage expansion
  • 00:09:30 - The capital stack: Structure, liquidation preference, and investment-grade terms
  • 00:15:15 - Risk tiers: Pyramid mechanics and creditworthiness of BTC-backed instruments
  • 00:16:50: Why $STRD vs $STRF: Spread breakdown, market yields and pricing
  • 00:23:12 - High yield appetite: STRD as a Bitcoin-native junk bond
  • 00:28:50 - Institutional angles: How insurance, banks, and pensions fit $STRD in portfolios & market comps
  • 00:37:00 - $STRF moat: Scale, BTC trust, and sustainable yield thesis
  • 00:42:55 - Digital capital shift: Rethinking credit spreads, collateral risk & the power of liquidity
  • 00:46:50 - Bear defense: Using Stride to defend NAV and disincentivize short pressure
  • 00:52:48 - Bull thesis: Rising prices, credit rating catalysts and qualified dividends
  • 00:58:50 - Portfolio fit: STRF/STRD as yield anchors in digital-first portfolios
  • 01:01:31 - Collateral moat: STRF as benchmark BTC treasury product & investment grade quality analysis
  • 01:07:35 - Assessing legitimacy: Trust, scale, perpetual BTC yield as must-haves
  • 01:11:55 - Proof-of-reserves debate: Security, audit, and credibility issues unpacked
  • 01:15:19 - New adopters: Surge in corporate Bitcoin treasury conversions expected
  • 01:19:48 - Valuation clarity: Dan’s analysis of non-cumulative preferred stocks and MSTR dividend security
  • 01:24:37 - Community recap: BTC Conference stories, meetups, and strategy culture
  • 01:38:57 - Translating Bitcoin: meeting investors where they are to fuel adoption
  • 01:42:10 - Pre-IPO BTC Treasury investing: Overview of reverse merger & SPAC strategies
  • 01:53:00 - Moon math: mNAV expansion price predictions
  • 01:57:10 - S&P 500 inclusion: review the latest status and push for September
  • 01:58:50 - Final thoughts: Roundtable takeaways
    • SOCIAL MEDIA:
  • X: https://x.com/PunterJeff
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  • X: https://x.com/TimKotzman
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  • X: https://x.com/JBerneburg
  • X: https://x.com/TheJesseMK
  • X: https://x.com/thebitcoingal
    • 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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