🧭 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