🧭 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/