True North Podcast

The Revolution of Digital Credit

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🧭 MSTR True North episode 45: The team covers the following topics: Bitcoin credit, liquidity stress, mNAV, dividend math, MSTR capital structure, ETF flows, leverage, over collateralization, protocol risks, macro signals steering capital allocation and risk/reward.🎛️ As of this recording, 11/19/25, Strategy's (MSTR) performance:

  • Open: $202.36
  • Close: $186.50
  • Volume: 28,025,372 Shares
  • mNAV: 1.17
  • Market Cap: $53.6B
  • U.S. Market Cap Ranking: 197
  • BTC: 649,870
  • 00:00:00 - cue the music
  • 00:01:51 - Bitcoin strategy archetypes: Poet, prophet, prince roles align
  • 00:04:40 - MSTR Bitcoin treasury thesis: Balance sheet stack drives upside
  • 00:09:37 - Digital credit instruments: Invest in Bitcoin credit quality
  • 00:12:40 - Margin hikes, forced selling: JPM raises requirements on MSTR
  • 00:15:36 - RSI and oversold read: Selloff deeper than prior dips
  • 00:18:23 - Liquidity crunch: previous cycle trends and credit quality
  • 00:20:38 - MSTR's collateral monopoly: Best asset, digital capital scale
  • 00:25:45 - Narrative following price: Current climate has flipped the formula
  • 00:29:04 - mNAV, peg, dividends: Market restores par as cash pays
  • 00:33:14 - Shorting costs & carry with transparency: Dividends and borrow fees matter
  • 00:38:14 - Yield traps vs holding: $MSTY erosion vs Stretch peg
  • 00:43:21 - The 4 year cycle: the gravitational pull of patterns & protocol risk management
    • ...more
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    True North PodcastBy True North Podcast