January 07, 2026

The Capital Fortress

1 hour 28 minutes

🧭 MSTR True North episode 47: The crew covers the recent news on the USD reserves, preferreds, mNAV, leverage, credit markets, solvency ratios, macro stress, and why Strategy’s balance sheet strengthens despite volatility. 🎛️ As of this recording, 12/03/25, Strategy's (MSTR) performance:

Open: $183.40

Close: $188.39

Volume: 26,686,140 Shares

mNAV: 1.16

Market Cap: $50.70

U.S. Market Cap Ranking: 203

BTC: 650,000

⏱️ TIMESTAMPS & INSIGHTS:

00:00:00 - Intro and Agenda: music, overview, and NFA disclaimer

00:03:02 - Strategy World 2026: Las Vegas event and True North plans

00:07:53 - USD Reserve Explained: cash buffer as digital credit battery

00:12:50 - Preferreds Risk Profile: how the reserve strengthens credit structure

00:17:11 - ATM Capital Raise: liquidity flow, proof-of-concept, and market reactions

00:22:22 - Trading Volume Dynamics: how algorithms amplify stock liquidity

00:24:30 - Multi-Year Cash Buffer: reserve strategy and capital runway outlook

00:28:44 - Bitcoin Yield Engine: lending yields, mNAV expansion, and capital structure

00:31:30 - BTC on the balance sheet: 2025 and 2026 predictions

00:33:24 - EPS Thresholds: 85k and 110k Bitcoin price scenarios for earnings

00:35:04 - Digital Credit Structure: why preferreds classify as credit, not equity

00:36:18 - Leverage vs ETFs: permanent capital vs daily-reset leverage decay

00:39:07 - Simplifying complexity: Educating the market and sentiment

00:46:49 - Phase Three Outlook: Bitcoin treasury trajectory and steady-state stability

00:49:24 - Bank Solvency Framework: CET1 ratios and applying Basel treatment to Bitcoin

00:58:44 - The debasement trade: Capturing opportunities and the generational effect

01:06:10 - The millenial dilemma: Optimizing capital allocation for a generation that is stuck

01:10:21 - The money is broken: Time and energy is being stolen and BTC is the lifeline

01:14:02 - Proof of work: Grain’s experience in Silicon Valley and the mindset needsd to win in this climate

01:18:14 - Final thoughts: Vanguard, MSCI shifts, index inclusion pressure and tokenization

MSTR TRUE NORTH LINKS:

True North Website: https://www.mstrtruenorth.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.

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