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Weathering The Storm | True North Podcast | Ep. 55
🧠MSTR True North episode 55: We break down Strategy’s capital structure, mNAV, leverage, and the emerging digital credit markets. Learn more about how institutional capital actually moves in Bitcoin an how to think about risk in this marketplace.
🎛️ As of this recording, 2/11/26, Strategy's (MSTR) performance: Open: $133.68 Close: $126.07 Volume: 25.84M Shares mNAV: ~0.95 Market Cap: ~ $41.9B U.S. Market Cap Ranking: 252 BTC: 714,644
⏱️ TIMESTAMPS & INSIGHTS:
00:00:00 - Intro agenda framing: NFA context and True North overview
00:03:36 - Bitcoin Mindset Shift: Personal wealth framework transformation
00:06:06 - MSTR Relative Strength: Premium signaling potential bottom
00:08:26 - Balance Sheet Expansion: Billions raised and liquidity strength
00:09:28 - Risk Mispricing Debate: Bitcoin supply underwriting blind spot
00:11:03 - Options Yield Strategies: Dividend pricing and put premiums
00:13:20 - AI Prompting & Workflow: Stress testing valuation frameworks
00:15:32 - Strategy World Preview: Treasury operators and securitization focus
00:20:17 - Bitcoin Treasury Growth: 100K to 714K BTC scale
00:23:00 - Market Sentiment & Macro: 2026 ATH polls and Goldilocks outlook
00:26:39 - Bitcoin Per Share Context: KPI adoption and seasoning phase
00:30:15 - Preferred Equity Acceleration: Rapid STRF STRD STRC expansion
00:33:06 - BTC Exposure Debate: Leverage mechanics and dilution tradeoffs
00:35:55 - Capital Structure Pivot: Converts toward perpetual preferred era
00:38:53 - Public Pref Market Shift: Tickered equity and retail access
00:42:05 - STRC Market Data Review: Yield stability despite BTC drawdown
00:46:55 - Media Narrative & Refi Risk: $8K scenario and press dynamics
00:51:51 - Capital Raise Velocity: Scaling from millions to billions
00:54:11 - Institutional Execution Reality: Timing risk and OTC mechanics
00:58:13 - Coinbase Valuation Gap: Leverage, goodwill, and moat contrast
01:05:00 - Treasury Model Walkthrough: BTC growth and dilution math
01:17:15 - mNAV & CAGR Sensitivity: Growth scenarios toward $1M target
01:19:04 - Final Thoughts: Weather volatility and long-term conviction
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
đź›’ 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.
• True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov.
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By True North Podcast🧠MSTR True North episode 55: We break down Strategy’s capital structure, mNAV, leverage, and the emerging digital credit markets. Learn more about how institutional capital actually moves in Bitcoin an how to think about risk in this marketplace.
🎛️ As of this recording, 2/11/26, Strategy's (MSTR) performance: Open: $133.68 Close: $126.07 Volume: 25.84M Shares mNAV: ~0.95 Market Cap: ~ $41.9B U.S. Market Cap Ranking: 252 BTC: 714,644
⏱️ TIMESTAMPS & INSIGHTS:
00:00:00 - Intro agenda framing: NFA context and True North overview
00:03:36 - Bitcoin Mindset Shift: Personal wealth framework transformation
00:06:06 - MSTR Relative Strength: Premium signaling potential bottom
00:08:26 - Balance Sheet Expansion: Billions raised and liquidity strength
00:09:28 - Risk Mispricing Debate: Bitcoin supply underwriting blind spot
00:11:03 - Options Yield Strategies: Dividend pricing and put premiums
00:13:20 - AI Prompting & Workflow: Stress testing valuation frameworks
00:15:32 - Strategy World Preview: Treasury operators and securitization focus
00:20:17 - Bitcoin Treasury Growth: 100K to 714K BTC scale
00:23:00 - Market Sentiment & Macro: 2026 ATH polls and Goldilocks outlook
00:26:39 - Bitcoin Per Share Context: KPI adoption and seasoning phase
00:30:15 - Preferred Equity Acceleration: Rapid STRF STRD STRC expansion
00:33:06 - BTC Exposure Debate: Leverage mechanics and dilution tradeoffs
00:35:55 - Capital Structure Pivot: Converts toward perpetual preferred era
00:38:53 - Public Pref Market Shift: Tickered equity and retail access
00:42:05 - STRC Market Data Review: Yield stability despite BTC drawdown
00:46:55 - Media Narrative & Refi Risk: $8K scenario and press dynamics
00:51:51 - Capital Raise Velocity: Scaling from millions to billions
00:54:11 - Institutional Execution Reality: Timing risk and OTC mechanics
00:58:13 - Coinbase Valuation Gap: Leverage, goodwill, and moat contrast
01:05:00 - Treasury Model Walkthrough: BTC growth and dilution math
01:17:15 - mNAV & CAGR Sensitivity: Growth scenarios toward $1M target
01:19:04 - Final Thoughts: Weather volatility and long-term conviction
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
đź›’ 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.
• True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov.