🧭 MSTR True North episode 28: In this episode the crew breaks down MSTR’s capital stack, Saylor's latest fixed income product creations, leverage analysis, and how digital yield products could reshape traditional finance.🎛️ As of this recording, 6/4/25, Strategy's (MSTR) performance:* Open: $385.80* Close: $378.10* Volume: 8,472,192 shares* mNAV: 1.90* Market Cap: $105.62B* U.S. Market Cap Ranking: 94* BTC: 580,955⏱️ TIMESTAMPS & INSIGHTS:Timestamps:* 00:00:00 - Agenda: cue the music and NFA* 00:03:25 - $MSTR leverage: BTC holdings, debt ratios, and over-collateralization* 00:07:07 - Capital strategy: Strike/Strife ATMs, growth potential, and leverage expansion* 00:09:30 - The capital stack: Structure, liquidation preference, and investment-grade terms* 00:15:15 - Risk tiers: Pyramid mechanics and creditworthiness of BTC-backed instruments* 00:16:50: Why $STRD vs $STRF: Spread breakdown, market yields and pricing* 00:23:12 - High yield appetite: STRD as a Bitcoin-native junk bond* 00:28:50 - Institutional angles: How insurance, banks, and pensions fit $STRD in portfolios & market comps* 00:37:00 - $STRF moat: Scale, BTC trust, and sustainable yield thesis* 00:42:55 - Digital capital shift: Rethinking credit spreads, collateral risk & the power of liquidity* 00:46:50 - Bear defense: Using Stride to defend NAV and disincentivize short pressure* 00:52:48 - Bull thesis: Rising prices, credit rating catalysts and qualified dividends* 00:58:50 - Portfolio fit: STRF/STRD as yield anchors in digital-first portfolios* 01:01:31 - Collateral moat: STRF as benchmark BTC treasury product & investment grade quality analysis* 01:07:35 - Assessing legitimacy: Trust, scale, perpetual BTC yield as must-haves* 01:11:55 - Proof-of-reserves debate: Security, audit, and credibility issues unpacked* 01:15:19 - New adopters: Surge in corporate Bitcoin treasury conversions expected* 01:19:48 - Valuation clarity: Dan’s analysis of non-cumulative preferred stocks and MSTR dividend security* 01:24:37 - Community recap: BTC Conference stories, meetups, and strategy culture* 01:38:57 - Translating Bitcoin: meeting investors where they are to fuel adoption* 01:42:10 - Pre-IPO BTC Treasury investing: Overview of reverse merger & SPAC strategies* 01:53:00 - Moon math: mNAV expansion price predictions* 01:57:10 - S&P 500 inclusion: review the latest status and push for September* 01:58:50 - Final thoughts: Roundtable takeawaysSOCIAL 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 Link