🧭 MSTR True North episode 56: The crew dives dive into Strategy’s capital structure, rising BTC per share, AI-driven disruption, and regulatory momentum that is brewing. Th team breaks down digital credit strength, supply math, and why this cycle may be structurally different.

🎛️ As of this recording, 2/18/26, Strategy's (MSTR) performance: Open: $127.63 Close: $125.20 Volume: 17.31M Shares mNAV: ~0.99 Market Cap: ~ $44.5B U.S. Market Cap Ranking: ~#246 BTC: 717,131

⏱️ TIMESTAMPS & INSIGHTS:

00:00:00 - Intro agenda framing: NFA context and True North overview

00:03:01 - Bear Market Sentiment: Bitcoin Investor Week tone, stablecoin utility, and builder resilience

00:10:14 - Institutional Pricing Signal: Strategy leverage, preferred credit quality, and market confidence

00:13:43 - Conviction Over Price: Unflappable mindset, opportunity cost, and long-term Bitcoin allocation

00:17:04 - Moving Average Analysis: 200-week trend strength, Tesla comparison, and Strategy valuation reset

00:21:18 - Death Cross Dynamics: Technical lag, bottom timing risk, and Strategy mispricing debate

00:24:10 - Binary Risk Framing: Zero thesis, refinancing fears, and long-term leverage confidence

00:30:05 - Bitcoin-Gold Ratio: Relative valuation and macro positioning

00:30:00 - M2 Money Supply Framework: Bitcoin adjusted for monetary expansion and debasement baseline

00:35:35 - Correlation Breakdown: Commodities spike, multi-strat deleveraging, and Bitcoin price pressure

00:40:07 - Private Credit Liquidity Risk: Redemption halts, digital credit transparency, and STRC durability

00:47:08 - Preferred TAM Expansion: Capital stack opportunity size

00:49:14 - Supply Convergence Model: Strategy vs remaining Bitcoin issuance

00:48:50 - Bitcoin Supply & AI Shock: Issuance math and exponential disruption

00:58:00 - AI Disruption Wave: Cost collapse, software commoditization, and capital flight to Bitcoin

01:04:25 - Capital Market Disruption: AI acceleration compressing equity durability and IPO stability

01:08:39 - Digital Credit Track Record: STRC durability, liquidity edge, and goodwill risk exposure 01:12:24 - Strategy World 2026 Preview: True North event agenda and digital credit focus 01:16:15 - Strategy Capital Plan Debate: ATM runway, preferred issuance, and demand elasticity 01:19:28 - Stretch Distribution Focus: Digital credit education and execution phase

01:23:23 - Yield Spread Advantage: STRC vs stablecoins and capital stack strength 01:28:24 - On-Chain Capital Rotation: Stablecoin yield switch into STRC

01:30:24 - Regulatory & Exponential Convergence: Stablecoin policy momentum and AI-driven Bitcoin adoption

01:30:24 - Bull Market Convexity: Balance sheet structure and Bitcoin per share expansion 01:40:07 - Final Thoughts: Fiscal debasement and long-term Bitcoin conviction

Be part of the True North In-Side Event experience.

Tickets available here: 👉 https://luma.com/tnb4c26

Strategy World sign-up: https://www.strategysoftware.com/world26/register

Use discount code TrueNorth for 20% off your registration—just a little bonus for our True North community.

MSTR TRUE NORTH LINKS:

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

X: https://x.com/MSTRTrueNorth

🛒 MERCH: https://thehodlshop.com/collections/true-north

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.