🧭 MSTR True North episode 52: The crew discusses Bitcoin, digital credit, and MSTR’s capital structure. Tune in to hear analysis on leverage, mNAV, yield curve control and macro deficits, plus Ray Dalio’s gold vs Bitcoin view and why credit drives demand.

🎛️ As of this recording, 1/21/26, Strategy's (MSTR) performance: Open: $161.27 Close: $163.81 Volume: 18,440,820 Shares mNAV: 1.07 Market Cap: $54.09B U.S. Market Cap Ranking: #201 BTC: 709,715

⏱️ TIMESTAMPS & INSIGHTS:

00:00:00 - Intro: NFA, agenda and True North overview

00:02:09 - Stretch price behavior: Volatility compression versus Bitcoin

00:04:18 - Balance sheet strategy: 1x mNAV and ATM expansion logic

00:06:49 - Capital structure model: Bitcoin, equity, credit flywheel

00:09:43 - Yield curve control: Variable dividend preferred mechanics

00:11:07 - Supply discipline approach: Peg defense and issuance limits

00:13:30 - Rate cut asymmetry: Falling rates boost credit spread

00:15:27 - TN event: join the crew in Las Vegas

00:16:51 - Fiscal dominance reality: Structural US deficit regime

00:20:05 - Monetary financing loop: Deficits force money creation

00:23:10 - Debt compounding risk: Interest burden and debasement cycle

00:26:46 - Product market fit: Stretch outperforming other credit tools

00:29:37 - Fiscal responsibility debate: Fed, deficits, real rate risk

00:32:17 - Bitcoin-backed credit thesis: Alternative to sovereign bonds

00:34:10 - Capital raise capacity: ATM runway and mNAV leverage

00:36:33 - mNAV leverage durability: Dividend funding in bear markets

00:38:17 - Global macro signal: Japan rates and carry trade unwind

00:43:34 - Generational capital shift: Exiting legacy financial assets

00:45:33 - Ray Dalio perspective: Bitcoin versus gold debate

00:48:45 - Macro landing scenarios: Debasement versus crisis outcomes

00:53:00 - Bitcoin moat math: Relative ownership and scarcity

00:56:17 - Convert dilution dynamics: Delta hedging fade thesis

00:57:06 - Bull case modeling: Million Bitcoin accumulation path

00:59:30 - Long-term supply capture: 2035 Bitcoin ownership projection

01:03:01 - MNAV upside bounds: Convert structure constraints

01:04:30 - Final thoughts

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.

🧭 MSTR True North episode 51: 🎛️ As of this recording, 1/14/26, Strategy's (MSTR) performance:

🧭 MSTR True North episode 43: This episode breaks down return of capital investing, credit ratings, risk underwriting, and structured yield products - framed around macro signals, mNAV, capital allocation, and long-term value. 🎛️ As of this recording, 10/29/25, Strategy's (MSTR) performance:

SOCIAL MEDIA:

🧭 MSTR True North episode 50: 🎛️ As of this recording, 1/7/26, Strategy's (MSTR) performance:

⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Intro: NFA, agenda and True North overview 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/worl… Use discount code TrueNorth for 20% off your registration—just a little bonus for our True North community. MSTR TRUE NORTH LINKS:

MSTR Links:

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.

🧭 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:

🧭 MSTR True North episode 46: The team hosts an early call on Wednesday to address the latest digital credit and BTC treasury catalysts. Highlights include MSCI index, JP Morgan structured notes, MNAV math, capital structure engineering, and the growing shift toward institutional Bitcoin adoption and treasury allocation. 🎛️ As of this recording, 11/26/25, Strategy's (MSTR) performance:

🧭 MSTR True North episode 50: The crew does a deep dive into Bitcoin treasury strategy, mNAV, leverage, and capital structure. The discussion includes a healthy debate about ATM issuance, liquidity, credit, and short risk, then zooms out to macro shocks, pensions, and Bitcoin’s role in capital allocation. 🎛️ As of this recording, 1/7/26, Strategy's (MSTR) performance:

🧭 MSTR True North episode 49: This week the crew highlights their experience at Bitcoin Mena, status of sovereign adoption, balance sheet leverage, mNAV, digital credit, AI capital shifts, and why patient capital wins when price disconnects from value in Bitcoin and equity markets.🎛️ As of this recording, 12/17/25, Strategy's (MSTR) performance:

⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Intro: NFA, agenda and True North overview00:04:45 - Bitcoin MENA Conference: Middle East adoption and capital interest00:15:20 - Abu Dhabi Capital Flexibility: Hard money enables rapid coordination00:18:25 - Bitcoin Treasury Leverage: Net capital and drawdown resilience00:21:19 - Institutional Bitcoin Strategy: Banks, regulation, capital optionality and MSTR dominance00:35:04 - Waiting Out Mispricing: Patience before repricing00:43:39 - AI Capital Structure Shift: Hardware focus requires a strong balance sheet00:47:31 - Bitcoin-Backed Banking Model: Digital credit system design00:53:27 - Bitcoin-Backed Yield Products: Savings disruption via credit00:55:50 - Sovereign Capital Allocation: Attracting trillions with yield01:01:55 - Bessent quote: Reflecting on the past to change the companies of the future01:07:19 - Bitcoin Volatility Harvesting: Trading, structures, market evolution01:12:00 - MSTR Valuation Debate: Holdings, mNAV, scale advantage01:17:55 - Liquidity and Options Market: Structural buyer dynamics01:22:56 - Equity Valuation Frameworks: Trasparency dilemma and the mNAV versus market multiples01:33:19 - Social Media Risk Signals: Noise, sentiment, investor behavior01:44:27 - Balance Sheet Quality Test: Intangibles versus hard assets01:53:54 - Bitcoin as Superior Collateral: Liquid assets beat goodwill01:55:44 - Closing thoughts: like and subscribeBe part of the True North In-Side Event experience.Tickets available here:👉 https://luma.com/tnb4c26Strategy World sign-up:https://www.strategysoftware.com/worl…Use discount code TrueNorth for 20% off your registration—just a little bonus for our True North community.MSTR TRUE NORTH LINKS:MSTR Links: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.

🧭 MSTR True North episode 49: This week the crew highlights their experience at Bitcoin Mena, status of sovereign adoption, balance sheet leverage, mNAV, digital credit, AI capital shifts, and why patient capital wins when price disconnects from value in Bitcoin and equity markets. 🎛️ As of this recording, 12/17/25, Strategy's (MSTR) performance:

🧭 MSTR True North episode 48: The crew does a deep dive into Bitcoin markets, macro signals, credit cycles, and capital structure. We break down trend data, EPS thresholds, leverage, mNAV, Fed policy, and why Bitcoin sits at the center of the next liquidity cycle.🎛️ As of this recording, 12/10/25, Strategy's (MSTR) performance: