🧭 MSTR True North episode 44: Discover how Bitcoin, preferred equity, and digital credit products like $STRC and $SATA are reshaping yield, capital structure, and macro environent in the evolving financial landscape. Grain and the Dan’s bring us through a deck on Macro and digtial credit. 🎛️ As of this recording, 11/12/25, 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:

Phong Le (CEO, $MSTR) joins True North to discuss bitcoin-backed credit products, the future of Strategy, BTC price dynamics, and what mainstream Bitcoin adoption could look like from the corporate and consumer side.

- Follow -

X: https://x.com/Adrian_R_Morris

X: https://x.com/MSTRTrueNorth

X: https://x.com/Strategy

Website: https://www.strategy.com/

- Outline -

00:00 – Intro

00:21 – Welcome

03:24 – Bitcoin-backed Credit: reinventing capital markets

06:13 – Robinhood listing Preferreds

10:00 – Scaling preferreds to a $30–300B market opportunity

15:33 – Cultural movement around Strategy

20:20 – Bitcoin opens doors

25:57 – Strategy’s Software Business

30:39 – The 2030 vision

36:22 – Bitcoin treasury ecosystem

40:25 – Bitcoin in traditional banks

47:08 – Buying Bitcoin with your bank

50:59 – Why Strategy

54:07 – Closing thoughts

Music: "Uncovered" by Joseph William Morgan

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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 42: The crew explores Bitcoin as corporate capital, synthetic yield, and how it’s driving in ovation in the credit markets. From mNAV to macro risk models, this episode highlights the process of building a balance sheet in a market that is build in a choric climate. 🎛️ As of this recording, 10/22/25, Strategy's (MSTR) performance:

🧭 MSTR True North episode 39: This episode kicks off with the news tied to the Strive acquisition and the push to maintain authenticity. The rest of the discussion highlights all the bews in Bitcoin Treasury space in the last 3 weeks.🎛️ As of this recording, 9/24/25, Strategy's (MSTR) performance:

🧭 MSTR True North episode 38: Soleil & Dan breakdown Strategy’s credit stack, BTC accumulation strategy, preferreds, rate risk, and AI macro themes dissected. Topics also include Strike, Strife, Stretch, MSTR mNAV, BTC vs gold, and Fed policy.🎛️ As of this recording, 8/27/25, Strategy's (MSTR) performance:

🧭 MSTR True North episode 37: A sharp look into Bitcoin-backed finance, misunderstood leverage, market shakeups, and the future of MSTR. Big money, bold moves, and a masterclass in navigating financial storms—this one’s not just for Bitcoiners.🎛️ As of this recording, 8/20/25, Strategy's (MSTR) performance:* Open: $339.38* Close: $344.47* Volume: 13,739,806 shares* mNAV: 1.52* Market Cap: ~95.5B* U.S. Market Cap Ranking: 111* BTC: 629,376⏱️ TIMESTAMPS & INSIGHTS:* 00:00:00 - Cue the music: Episode 37 introduction* 00:02:25 - True North: A masters in corporate finance * 00:04:00 - Agenda breakdown* 00:04:33 - Strategy Balance Sheet: Leverage, debt, and MNAV updates * 00:08:57 - Risk Misconceptions: Why Strategy isn't overleveraged * 00:14:25 - Dividend Mechanics: Pref equity, asset coverage and the toolkit* 00:18:45 - Capital Strategy: The BTC corporate finance education moat * 00:25:30 - Bitcoin Valuation: Why BTC is not “magic internet money” * 00:29:49 - MNAV Guidance Shift: ATM strategy and market reaction * 00:34:00 - Institutional Fallout: How investors responded to new mNAV guidance * 00:45:00 - Credit Structure: Prefs, overcollateralization, and trust in team * 00:48:20 - Bond Market Blindspots: Educating a legacy finance world * 00:51:05 - Evolving Metrics: Future of BTC treasury and capital stack * 00:53:08 - Trust & Control: Prefs vs equity and managing investor expectations* 01:00:00 - Convertible Notes: Delta hedge and investor appeal* 01:02:29 - Disrupting risk: the paradigm shift occuring in riskframe works* 01:07:42 - Bitcoin Treasuries Growth: Corporate playbook and capital flow* 01:14:30 - Bitcoin Awareness Push: Retail exposure via ETFs* 01:24:20 - Bitcoin vs Alt Treasuries: ETH, DOGE, and structural risks* 01:31:15 - Leveraging Bitcoin Holdings: Institutional scale and credit play* 01:34:30 - S&P 500 Inclusion Odds: Probability, credit rating, and timeline* 01:43:47 - Bitcoin at $444K: Scenario planning and treasury value shift* 01:48:50 - Bitcoin Credit Market: Risk pricing and adoption indicators* 01:50:32 - AI and Market Influence: Bots, clickbait, and signal-to-noise* 01:59:50 - Bitcoin Events: Unconference, meetups, and promo code* 02:03:25 - final thoughtsSOCIAL MEDIA:* X: https://x.com/PunterJeff\* X: https://x.com/BenWerkman\* X: https://x.com/nithusezni\* X: https://x.com/TimKotzman\* X: https://x.com/Z06Z07\* X: https://x.com/Adrian\_R\_Morris\* X: https://x.com/RealTrollstein\* X: https://x.com/MasonFoard\* X: https://x.com/hillery\_dan\* X: https://x.com/JBerneburg\* X: https://x.com/TheJesseMK\* X: https://x.com/thebitcoingalMSTR 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 pur

🧭 MSTR True North episode 36: The True North crew dives deep into this transformational period. Segments include MSTR valuation, leverage risks, liquidation prefs, and BTC’s future as digital capital.🎛️ As of this recording, 8/13/25, Strategy's (MSTR) performance:* Open: $397.73* Close: $389.90* Volume: 10,884,940 shares* mNAV: 1.62* Market Cap: ~$111B* U.S. Market Cap Ranking: 93* BTC: 628,946⏱️ TIMESTAMPS & INSIGHTS:* 00:00:00 - Intro: Soleil kicks things off* 00:01:00 - Price action analysis: why price highs feel bearish* 00:02:25 - market vs earnings: hidden disconnect driving BTC moves* 00:04:30 - atm trap exposed: how convert holders profit on you* 00:06:16 - what counts as earnings?: redefining profit in bitcoin terms* 00:08:51 - nav is king: the metric real investors watch* 00:11:56 - next btc supercycle?: mNAV catalysts you can’t ignore* 00:15:13 - preferreds = btc yield?: microstrategy’s secret weapon* 00:19:14 - will BTC be lent?: how leverage could unlock billions* 00:23:34 - how many btc per share?: future model for equity upside* 00:28:00 - MSTR is retooling: BTC conversion factories under construction* 00:36:55 - 80k tuned in live: digital event lessons from tim* 00:39:04 - Unconferenced 2025: what to expect from nyc btc summit* 00:48:18 - should btc firms defend the network?: stewardship debate* 00:55:50 - BTC alliance model: how cooperation beats competition* 00:59:45 - Get your prefs ready: planning with the crown jewl, $STRF* 01:03:25 - MSTR valuation logic: BTC per share and impact of the preffereds* 01:04:50 - Leverage risks unpacked: why 30% ratio breaks in rally * 01:08:11 - Arbing the MSTR ecosystem: analyzing probabilities and price drivers * 01:20:30 - short-term vs long-term leverage: rally scenario pros and cons* 01:24:25 - community sentiment split: bearish takes vs fundamentals* 01:29:25 - Real-world BTC signal: home break-in and building conviction * 01:33:00 - market manipulation fears: bots, short sellers, FUD * 01:36:27 - BTC buys as signal: $2.5B raises mean conviction * 01:38:56 - BTC vs MSTR: separate assets, different roles * 01:43:15 - Strategy shifts scale: 600K BTC and new game plan * 01:47:18 - Digital asset valuation: NAV vs oil, tech, AI stocks * 01:51:35 - Common vs Crown Jewel: liquidation preference dynamics * 01:55:45 - BTC dividend theory: capital structure transformation * 01:59:30 - product structure insights: voting rights and risk tiers* 02:00:55 - closing vision shared: bullish outlook + event plug SOCIAL MEDIA:* X: https://x.com/PunterJeff\* X: https://x.com/BenWerkman\* X: https://x.com/nithusezni\* X: https://x.com/TimKotzman\* X: https://x.com/Z06Z07\* X: https://x.com/Adrian\_R\_Morris\* X: https://x.com/RealTrollstein\* X: https://x.com/MasonFoard\* X: https://x.com/hillery\_dan\* X: https://x.com/JBerneburg\* X: https://x.com/TheJesseMK\* X: https://x.com/thebitcoingalMSTR TRUE NORTH LINKS:* True North Website: https://www.mstrtruenorth.com* X: https://x.com/MSTRTrueNorth\* 🛒 MERCH: https

🧭 MSTR True North episode 35: The crew talks Q2 earnings call, Bitcoin-backed investing, the creation of the BTC yield curve, AI disruption, and rising instituional adoption.🎛️ As of this recording, 8/6/25, Strategy's (MSTR) performance:* Open: $374.75* Close: $383.41* Volume: 7,032,447 shares* mNAV: 1.68* Market Cap: ~$109B* U.S. Market Cap Ranking: 98* BTC: 628,791⏱️ TIMESTAMPS & INSIGHTS:* 00:00:00 - Intro: cue the nusic, agenda, NFA and TN mission* 00:04:19 - BTC treasury strategy: leverage update* 00:07:05 - Preferred equity insight: debt maturity risk* 00:10:00 - Perpetual preferreds: no principal repayment risk* 00:13:01 - Dividend coverage math: BTC drawdown scenario & convertible bond shift for new entrants* 00:18:55 - Bond vs. preferred: capital structure evolution* 00:24:22 - 124-year coverage: preferreds for accretive BTC buys* 00:29:55 - MSTR enterprise value: full capital stack view* 00:33:20 - MSTR volatility playbook: portfolio allocation to harness the volatility and Q2 earnings* 00:37:12 - Career risk flips: BTC credit vs no exposure* 00:40:00 - Liquidity premium: new instruments outperform* 00:43:55 - $1.3T preferred market: Bitcoin exposure for everyone* 00:47:17 - Category killers: yields drop, scale rises, domination continues* 00:51:49 - BTC balance sheets: insulation from disruption* 00:56:07 - Bitcoin-backed investing: Why BTC collateral matters to valuation* 01:00:28 - Reducing keyman risk: Phong steps up in earnings call in a big way* 01:05:04 - Investor engagement shift: Teaching the market long-term strategy* 01:09:20 - Bitcoin vs AI risk: Holding BTC as hedge against job disruption* 01:12:00 - Yield structure insight: Preferred products with BTC dividends during inflationary times* 01:15:00 - Equity issuance strategy: MNAV targets before new dilution* 01:18:56 - Dividend reinvestment pressure: Scaling capital raises efficiently* 01:23:33 - Massive earnings potential: BTC price could 10x net income* 01:28:21 - STRC product outlook: High-yield structure with monthly payouts* 01:32:42 - Bitcoin mainstream adoption: ETFs drive broader exposure* 01:37:15 - Missed BTC opportunity: Corporate income priced in sats* 01:40:44 - Bitcoin as war chest: Financial runway and the power of the BTC treasury* 01:50:17 - AI job displacement: How GPT and coders intersect* 01:54:09 - Adapt or fall behind: AI mastery becomes essential* 01:55:05 - final thoughtsSOCIAL MEDIA:* X: https://x.com/PunterJeff* X: https://x.com/BenWerkman* X: https://x.com/nithusezni* X: https://x.com/TimKotzman* X: https://x.com/Z06Z07* X: https://x.com/Adrian_R_Morris* X: https://x.com/RealTrollstein* X: https://x.com/MasonFoard* X: https://x.com/hillery_dan* X: https://x.com/JBerneburg* X: https://x.com/TheJesseMK* X: https://x.com/thebitcoingalMSTR 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-track

🧭 MSTR True North episode 34: 🎛️ As of this recording, 7/23/25, Strategy's (MSTR) performance:* Open: $422.83* Close: $412.67* Volume: 12,990,043 shares* mNAV: 1.81* Market Cap: ~$117B* U.S. Market Cap Ranking: 91* BTC: 607,770⏱️ TIMESTAMPS & INSIGHTS:* 00:00:00 - Agenda breakdown * 00:02:50 - MSTR’s Leverage Ratio: $72B in assets, debt ratio, and drawdown resilience * 00:06:41 - Volatility as Strategy: Why MSTR embraces leverage and market spikes * 00:17:50 - Q2 Earnings Catalyst: Projected $10B+ gain and possible S&P 500 inclusion * 00:20:26 - MSTR vs. Bitcoin: Understanding the equity vs asset performance dynamic * 00:25:10 - Algo Trading & Arbitrage: Breaking correlation and capital flow strategies * 00:32:58 - Perpetual Preferreds: Unlocking 100x fixed income demand with Bitcoin * 00:39:48 - Market Mechanics: How algos pin MSTR price to Bitcoin* 00:42:36 - Liquidity Shift: Moving the pin and spiking Bitcoin yield* 00:46:05 - Capital Strategy: Risk-adjusted allocation for BTC finance* 00:48:39 - S&P500 Watch: Is MSTR’s inclusion already priced in?* 00:50:01 - Sentiment War: Transparency, short sellers, and ATM timing* 00:52:08 - STRC Breakdown: Risk tranches, liquidity support, and yield protection* 00:55:57 - Compound Dividends: Cumulative structure makes it hard to fail* 0:58:57 - STRC appeal: Bitcoin-backed fixed income for today's yield-starved market * 1:03:01 - Monthly yield: Passive income with BTC exposure, no staking risk * 1:06:12 - BTC credit cards: Cashback, credit, and Bitcoin collateral futures * 1:09:03 - Bitcoin securities: Building stable income products on BTC base layer * 1:13:09 - Adoption curve: Early innings of Bitcoin-native financial products * 1:16:47 - Portfolio strategy: How investors are blending STRC, MSTR, and BTC * 1:20:14 - Bitcoin as safety: Redefining ‘safe’ yield in a broken bond world* 1:25:35 - BTC insurance play: Bitcoin as capital buffer for risk models * 1:27:05 - Product innovation: Capital markets are being rebuilt on BTC rails * 1:30:30 - Collateral evolution: Tokenized BTC for direct lending and structured credit * 1:35:51 - Converts retired: Why MSTR is exiting convertibles for a clean equity base * 1:39:12 - BTC credit model: Measuring risk using Bitcoin collateral math * 1:43:30 - Yield curve race: Preferred equity arms race for Bitcoin treasuries * 1:46:55 - Liquidity moat: MSTR’s flexibility vs. other BTC asset plays * 1:50:30 - New market cycle: This isn’t 2022—why BTC fundamentals are stronger * 1:56:28 - Corporate hedging: The coming wave of CFO-driven BTC buys * 1:58:05 - ETF impact: In-kind redemptions and BTC liquidity stress * 2:00:26 - Final thoughts: Still early—BTC, MSTR, STRC just getting started SOCIAL MEDIA:* X: https://x.com/PunterJeff* X: https://x.com/BenWerkman* X: https://x.com/nithusezni* X: https://x.com/TimKotzman* X: https://x.com/Z06Z07* X: https://x.com/Adrian_R_Morris* X: https://x.com/RealTrollstein* X: https://x.com/MasonFoard* X: https://x.com/