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True North Podcast

True North Podcast

True North is a decentralized collective of investors, analysts, and capital structure experts exploring the outer edges of Bitcoin, digital credit, collateralized finance and macro econ. From balance sheets to basis trades, we follow and emit signal with conviction and a healthy disregard for conventional wisdom. True North is powered by Strive.

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  • #77
    August 20 · 1 hr 16 min

    We're So (Buy)Back | True North Podcast | Ep. 77

    Agenda: Balance Sheet and Credit Quality Update Buybacks/MSTR/US Treasury Strategy Q/A Thank you to our Sponsors: BitGo: https://www.bitgo.com/ SALT: https://saltlending.com/ ABUNDANT MINES: https://abundantmines.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](http://www.sec.gov).* - Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

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  • #76
    August 17 · 1 hr 32 min

    Why Strategy's Balance Sheet Became a Blackhole | True North Podcast | Ep. 76

    The crew takes apart the capital structure behind Strategy’s expanding Bitcoin balance sheet: the week’s common-stock issuance, Bitcoin sale, STRC repurchase, cash-reserve build, and the argument that a liquid, divisible BTC reserve changes how investors should think about funding preferred dividends. From there, the conversation moves through net leverage, refinancing optionality, the emerging digital credit stack, and the contrast between financing appreciating Bitcoin collateral and financing rapidly depreciating GPU infrastructure. The group also examines the potential implications of MSCI’s proposed screening methodology for digital-asset treasury companies, discusses preferred-share capital allocation across STRC, STRF, STRK, and STRD, and closes with a candid conversation about BIP 110, a possible fork, market process, and the work required to bring longer-duration institutional capital into Bitcoin-backed credit. This episode is for informational and educational purposes only and is not investment, tax, or legal advice. Market Snapshot As of 8/12/26: Open: $97.16 | Close: $94.83 Volume: ~11.1M shares mNAV: 1.05x | Market Cap: ~$37.4B BTC Holdings: 840,447 In This Episode 00:00 True North Loading… 09:50 Episode Overview: Balance sheet, credit markets, digital credit 11:43 Market Backdrop and Big Issuance: capital gains, equity issuance, AI financing 12:56 Strategy’s Weekly Capital Moves: MSTR ATM, Bitcoin sale, STRC buyback 15:58 Bitcoin Liquidity Versus Real Estate: divisibility, tax lots, 24/7 markets 20:19 Strategy Balance Sheet Update: BTC holdings, reserves, debt, preferred obligations 24:06 Cash Reserves and Net Leverage: USD reserve, debt coverage, refinancing optionality 32:47 Why Cash Strengthens Credit: liquidity, dividend protection, STRC credit quality 35:47 Strategy’s Capital Black Hole: capital access, BTC accumulation, market structure 37:37 Credit Markets Meet the AI Boom: private credit, GPU collateral, issuance cycle 38:52 Jane Street’s GPU Debt Deal: secured debt, depreciation, underwriting risk 44:59 Building Private Credit on Preferreds: institutional mandates, duration, digital credit 48:17 GPU Debt Versus Bitcoin Credit: appreciating collateral, asset risk, credit spreads 59:56 Secured Debt and Convert Risk: seniority, collateral, convert obligations 01:10:23 Preferred Buybacks and Capital Allocation: STRC, STRF, STRK, STRD, capital stack 01:15:22 MSCI’s Digital Treasury Screen: index methodology, digital treasury, inclusion risk 01:28:32 Closing Outlook: Digital Credit: institutional adoption, market development, patience 01:31:02 BIP 110 and the Fork Debate: Bitcoin governance, market process, OODA loop Thank you to our Sponsors: BitGo: https://www.bitgo.com/ SALT: https://saltlending.com/ ABUNDANT MINES: https://abundantmines.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](http://www.sec.gov).\* - Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

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  • #75
    August 6 · 1 hr 31 min

    Randomness & Probability 101 | True North Podcast | Ep. 75

    Bring your thinking caps, we're getting into the math this week. Agenda: ColdCard Anxiety Suits & BTC Strategy B/S Moves & Updates MATH (Entropy / Randomness / Risk Probability) Collateral Exercises Thank you to our Sponsors: BitGo: https://www.bitgo.com/ SALT: https://saltlending.com/ ABUNDANT MINES: https://abundantmines.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](http://www.sec.gov).* - Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

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  • #74
    August 5 · 1 hr 15 min

    Architecture of Value | True North Podcast | Ep. 74

    🎛️ As of this recording, 7/22/26, Strategy's (MSTR) performance: Open: $100.06 Close: $100.01 Volume: ~ 13M Shares mNAV: ~ 1.03 Market Cap: ~ $37.9B BTC: 843,775 ⏱️ TIMESTAMPS & INSIGHTS: 0:00 - True North Episode 74 Loading 1:17 - Intro & Agenda 4:13 - MSTR Balance Sheet Update: Cash raised, Bitcoin holdings 6:55 - MSTR Model Evolution: Balance sheet, dividend coverage 9:55 - MSTR Credit Quality: Market feedback, reserve replenishment 12:02 - Comparing Balance Sheet Companies: MSTR vs. top 20 firms 18:50 - Capital Flows & Market Psychology: Investor beliefs, crowded trades 20:48 - Algorithmic Trading Impact: Automation, arbitrage, capital flows 24:02 - Preferred Equities & Liquidity: High yield, perpetual, battle testing 25:48 - SATA vs. STRC Arbitrage: Short interest, carry cost 28:27 - Preferred Instruments Pair Trading: SATA vs. STRC, investor base 32:44 - Dividend Frequency & Stickiness: Daily vs. twice-monthly, capital retention 36:33 - Institutional Investor Feedback: Credit quality, market concerns 40:00 - Options Market Analysis: Short interest, put options 43:50 - STRE European Preferred Equity: Luxembourg exchange, trading issues 47:16 - STRC Volatility & Future: Price limits, structural leverage 50:27 - MSTR Estimated Net Income: Bitcoin price impact, comparisons 54:12 - MSTR Future Strategy: Beyond Bitcoin bank, diverse balance sheet 56:56 - Bitcoin BIP 110 Activation: Signaling, block height, path 59:02 - BIP 110 Activation Mechanics: Hash power, chain split risk 1:04:06 - Probabilistic BIP 110 Outcome: Miner game theory, incentives 1:12:57 - Dan's Final Thoughts: Bitcoin forks, portfolio changes Thank you to our Sponsors: BitGo: https://www.bitgo.com/ SALT: https://saltlending.com/ ABUNDANT MINES: https://abundantmines.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](http://www.sec.gov).* Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

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  • #73
    July 9 · 57 min

    MSTR Sells Bitcoin to Fund Dividend | True North Podcast | Ep. 73

    Agenda: What is Capital ? Using Bitcoin as Capital Math of Q2 2026 Balance Sheet Management Thank you to our Sponsors: BitGo: https://www.bitgo.com/ SALT: https://saltlending.com/ ABUNDANT MINES: https://abundantmines.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](http://www.sec.gov).* Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

    • Transcript
    • Chapters
  • #72
    July 2 · 59 min

    The Stress Test | True North Podcast | Ep. 72

    Agenda: New Capital Framework Leverage Design, Market Discussion Thank you to our Sponsors: BitGo: https://www.bitgo.com/ SALT: https://saltlending.com/ ABUNDANT MINES: https://abundantmines.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](http://www.sec.gov).* Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

    • Transcript
    • Chapters
  • June 25 · 2 hr 12 min

    The Long Game | True North Podcast | Ep. 71

    Agenda: Lay of the Land Digital Capital / Digital Credit Volatility / Credit Spam War Discussion Q&A Thank you to our Sponsors: BitGo: https://www.bitgo.com/ SALT: https://saltlending.com/ ABUNDANT MINES: https://abundantmines.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](http://www.sec.gov).* Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

    • Transcript
    • Chapters
  • June 18 · 1 hr 48 min

    The Launch Pad | True North Podcast | Ep. 70

    Agenda: SpaceX & Broad Capital Markets Macro BTC Prague Takeaways STRC & SATA Analysis & Credit Instruments Fed Meeting Thank you to our Sponsors: BitGo: https://www.bitgo.com/ SALT: https://saltlending.com/ ABUNDANT MINES: https://abundantmines.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](http://www.sec.gov).* Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

    • Transcript
    • Chapters
  • #69
    June 4 · 1 hr 31 min

    Strategy Sells Bitcoin, so what? w/ Adam Livingston | True North Podcast | Ep. 69

    Agenda: MSTR Balance Sheet Math Reserve Status STRC & Pref Price Action Risk Relativity Thank you to our Sponsors: BitGo: https://www.bitgo.com/ SALT: https://saltlending.com/ ABUNDANT MINES: https://abundantmines.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](http://www.sec.gov).* Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

    • Transcript
    • Chapters
  • #68
    May 29 · 1 hr 24 min

    The New Regime | True North Podcast | Ep. 68

    🎛️ As of this recording, 5/27/26, Strategy's (MSTR) performance: Open: $156.76 Close: $154.20 Volume: ~ 11.89M Shares mNAV: ~1.23 Market Cap: ~ $54B BTC: 843,738 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Intro And NFA: Educational discussion and disclaimers 00:02:45 - Market Structure Overview: Bitcoin volatility and AI trade setup 00:04:36 - Amplification Dynamics: Dividend coverage and leverage improve 00:07:21 - Bitcoin Collateral Risk: 2022 balance sheet stress comparison 00:09:36 - Balance Sheet Stress Test: Bitcoin drawdowns and coverage durability 00:10:43 - Preferred Equity Security: Bitcoin overcollateralization strengthens credit 00:13:13 - Refinancing Strategy Shift: Cash reserves retire senior liabilities 00:16:10 - Capital Structure Psychology: Market reassesses reserve reduction risks 00:19:10 - Bitcoin Per Share Focus: Debt buybacks reduce dilution pressure 00:20:25 - Convertible Arbitrage Mechanics: Volatility traders value optionality 00:22:23 - Infinite Leverage Thesis: mNAV expansion under stressed Bitcoin 00:24:13 - Preferred Equity Risks: Amplification alters collateral assumptions 00:27:15 - Leveraged Bitcoin Exposure: Strategy equity outperforms spot BTC 00:29:02 - Traditional Valuation Limits: Default models ignore capital access 00:32:32 - Digital Credit Stability: Fiduciary media concerns and dividends 00:35:13 - Bitcoin Credit Scaling: Trillion-dollar preferred structures discussed 00:39:43 - AI Memory Trade: Semiconductor positioning and AI infrastructure demand 00:42:13 - High Bandwidth Memory: AI compute bottlenecks intensify 00:45:28 - Future Compute Curves: Photonics and decentralized processing 00:48:54 - Technological Expansion Thesis: Robotics and global adoption accelerate 00:49:58 - AI Equity Volatility: Micron trading cycles and risk 00:55:09 - Valuation Expansion Dynamics: AI multiples and equity issuance 00:57:15 - Sentiment Reflexivity Loops: Markets rotate across AI narratives 01:01:58 - Dollar Base Layer: AI growth meets debt crisis 01:03:34 - Federal Debt Spiral: Interest burdens outpace economic growth 01:07:30 - Treasury Demand Crisis: Global trust erosion pressures dollar 01:09:00 - Fed Policy Trap: Inflation and liquidity dilemmas collide 01:12:28 - Digital Credit Demand: Capital preservation drives Bitcoin yield products 01:15:42 - Dan’s Final Thoughts: Long-term conviction through market uncertainty 01:17:42 - Soleil’s Final Thoughts: Digital credit and Bitcoin market resilience 01:21:25 - Adrian’s Final Thoughts: Bitcoin and macro outlook wrap-up 01:23:01 - Jeff’s Final Thoughts: Long-duration Bitcoin adoption thesis Thank you to our Sponsors: BitGo: https://www.bitgo.com/ SALT: https://saltlending.com/ ABUNDANT MINES: https://abundantmines.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](http://www.sec.gov).* Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

    • Transcript
    • Chapters
  • S1 · E67
    May 21 · 1 hr 19 min

    Reimagining Money | True North Podcast | Ep. 67

    Agenda: STRC analysis (VWAP / risk) Market Benchmarks & Capital Flow Comparisons Bitcoin Supply, Demand & Price Impact 4.Yield, Performance & Strategic Positioning Have questions? Ask on our website! https://tnorth.com/ask Thank you to our Sponsors: BitGo: https://www.bitgo.com/ SALT: https://saltlending.com/ ABUNDANT MINES: https://abundantmines.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](http://www.sec.gov).* Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

    • Transcript
    • Chapters
  • #66
    May 15 · 1 hr 25 min

    The World Has Changed... | True North Podcast | Ep. 66

    🎛️ As of this recording, 5/14/26, Strategy's (MSTR) performance: * Open: $177.85 * Close: $186.97 * Volume: ~15.9M Shares * mNAV: ~1.23 * Market Cap: ~ $65.5B * BTC: 818,869 ⏱️ TIMESTAMPS & INSIGHTS: * 00:00:00 - Intro And NFA: Educational discussion and disclaimers * 00:07:05 - Daily Dividend Breakthrough: First US security with daily payouts * 00:14:03 - Stablecoin Arbitrage Surface: Dividend frequency expands carry trade activity * 00:17:23 - Dividend Market Psychology: Daily payouts sustain investor engagement * 00:19:09 - Credit Risk Modeling: Evaluating perpetual dividend sustainability * 00:22:16 - Daily Yield Tokenization: DeFi liquidity models disrupted by SATA * 00:26:23 - DRIP Compounding Mechanics: Daily reinvestment increases effective yield * 00:30:53 - 13% Yield Product: Public preferred equity launches daily income * 00:32:32 - Structured Credit Evolution: Bitcoin credit wrapped into rated products * 00:35:03 - Bitcoin Payment Rails: Lightning enables instant Bitcoin spending * 00:38:34 - Digital Credit Unlock: SATA acts as instant global credit layer * 00:39:50 - STRC Trading Explosion: Ex-dividend dates drive massive trading volume * 00:42:59 - Institutional Carry Trades: Quant funds exploit dividend arbitrage spreads * 00:47:32 - Liquidity Centralization Effects: US markets concentrate digital credit liquidity * 00:49:28 - Sticky Yield Behavior: Daily dividends reduce investor selling pressure * 00:52:11 - Leveraged SATA Trading: Margin carry trades amplify yield exposure * 00:56:03 - Bitcoin Trojan Horse: Digital credit drives indirect Bitcoin adoption * 00:58:37 - Capital Gravity Effects: Stable assets attract institutional capital flows * 01:04:45 - Bitcoin Risk Mispricing: Probability models create asymmetric market alpha * 01:11:14 - Insurance Balance Sheet: Duration matching liabilities with Bitcoin reserves * 01:14:25 - IPO Risk Transfer: Public equities distribute leveraged Bitcoin exposure * 01:16:05 - MSTR Trading Chaos: Hedging flows create persistent alpha opportunities * 01:20:48 - Bitcoin Regulatory Tailwinds: Clarity Act accelerates digital credit adoption * 01:23:50 - Bitcoin Capital Markets: STRC volume signals securitization acceleration * 01:27:33 - Soleil's Final Thoughts: Digital credit transforms Bitcoin capital markets * 01:29:15 - Dan's Final Thoughts: Long-term digital credit market outlook * 01:30:37 - Jeff's Final Thoughts: Bitcoin capital markets continue accelerating Thank you to our Sponsors: BitGo: https://www.bitgo.com/ SALT: https://saltlending.com/ ABUNDANT MINES: https://abundantmines.com See our website: https://tnorth.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](http://www.sec.gov).\* \ Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

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  • S1 · E65
    May 7 · 1 hr 35 min

    Credit Quality Accelerating | True North Podcast | Ep. 65

    🎛️ As of this recording, 5/6/26, Strategy's (MSTR) performance: * Open: $184.57 * Close: $186.82 * Volume: ~14.3M Shares * mNAV: ~1.28 * Market Cap: ~ $64B * BTC: 818,334 ⏱️ TIMESTAMPS & INSIGHTS: * 00:00:00 - Intro: TN trailer and not financial advice * 00:03:06 - Recent Market Reactions: Strategy earnings call sparks polarized sentiment * 00:05:17 - Selling Bitcoin And Converts: BTC sale implications and debt cleanup optionality * 00:13:36 - Bitcoin Liquidity And Preferreds: Market depth strengthens perpetual capital optionality * 00:17:50 - Bitcoin Tax Loss Strategy: BTC sales fund dividends and optimize tax basis * 00:25:43 - Credit Arbitrage And mNAV: Preferred flows, dilution math, and amplification mechanics * 00:31:24 - Amplification And Credit Risk: Modeling leverage, volatility, and dividend durability * 00:35:03 - Stakeholder Capital Framework: Balancing common equity, credit holders, and Bitcoin * 00:39:40 - Bitcoin Buyer And Risk Models: Strategy demand, volatility, and amplification scenarios * 00:44:58 - Bitcoin Per Share Thesis: mNAV valuation and long-term equity amplification * 00:49:35 - Digital Credit Expansion: Layered leverage and Bitcoin-backed financial products * 00:53:50 - DeFi Yield Markets: Pendle, tranching, and smart contract risk dynamics * 00:57:35 - Bitcoin-Backed Credit Markets: Digital credit reshapes global debt infrastructure * 01:02:40 - Bitcoin Adoption And Inflation: Retail demand and monetary debasement tailwinds * 01:07:45 - Sticky Features And Scale: Amazon-style adoption and long-term risk pricing * 01:12:45 - Insurance And Digital Credit: Bitcoin-backed balance sheets and AI disruption * 01:17:35 - Bitcoin Conference Insights: Institutional adoption, mining, and business integration * 01:23:25 - Bitcoin Business Adoption: Digital credit community expansion * 01:25:16 - Digital Credit Adoption: Bitcoin-backed finance and competitive business advantages * 01:28:54 - Dan’s Final Thoughts: BTC per share, mNAV, and shareholder accretion * 01:30:16 - Mason’s Final Thoughts: Bitcoin yield, buybacks, and shareholder optimism * 01:33:21 - Grain’s Final Thoughts: Bullish outlook on Bitcoin yield and shareholder value * 01:34:22 - Jeff’s Final Thoughts: Stream updates, tokenization, and ecosystem growth Thank you to our Sponsors: BitGo: https://www.bitgo.com/ SALT: https://saltlending.com/ See our website: https://tnorth.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](http://www.sec.gov).\* \ Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

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  • S1 · E64
    April 23 · 1 hr 43 min

    The Dividend Machine | True North Podcast | Ep. 64

    🎛️ As of this recording, 4/22/26, Strategy's (MSTR) performance: * Open: $174.93 * Close: $179.36 * Volume: ~31.9M Shares * mNAV: ~1.25 * Market Cap: ~ $60.1B * BTC: 815,061 ⏱️ TIMESTAMPS & INSIGHTS: * 00:00:00 - Trailer: Preview of key topics and themes * 00:03:00 - Recent News: Jeff on rapid market developments * 00:06:40 - Balance Sheet Growth: Assets rise from recent tailwinds * 00:08:13 - Leverage Profile: Debt ratio and downside thresholds * 00:09:07 - Dividend Structure Change: Shift to semi-monthly payouts * 00:12:54 - mNAV Premium: Raising capital above asset value * 00:14:12 - Audio Issue: Grain speaking while muted * 00:15:14 - Fiat System Outlook: Structural imbalance and long-term risks * 00:16:20 - Market Participation Shift: Volume drives trading behavior * 00:19:58 - Income Demand Shift: Yield focus drives investor interest * 00:22:31 - Price Stability Narrative: Instrument holds through volatility * 00:25:30 - True North Event: Vegas meetup at Bitcoin conference * 00:26:29 - Investor Skepticism: Debate on risk and principal return * 00:27:42 - Covered Call Management: Sole discusses rolling positions * 00:30:14 - Earnings Outlook: Projected net income and narrative impact * 00:33:59 - Structured Credit Buildout: Tranching, risk buffers, and scaling framework * 00:42:04 - Rating Agency Path: Structuring for credit ratings * 00:47:05 - Implementation Pathway: Raising capital and building structure * 00:53:24 - Capital Access Constraints: Limits for US-based investors * 00:56:56 - Structured Finance Case Study: Natural gas cash flow tranching * 01:01:38 - Innovation Mindset: Builders shaping financial future * 01:07:38 - Early Adopter Advantage: Retail leads new instruments * 01:11:22 - Institutional Entry Timing: Later adoption impacts returns * 01:12:30 - Rate Outlook Narrative: AI used to justify rate shifts * 01:13:46 - Long-Term Demand Thesis: Sustaining high yield environment * 01:16:34 - Capital Rotation Dynamics: Equity profits move into credit * 01:19:44 - Convertible Strategy: Balancing downside protection and upside * 01:22:48 - Liquidity Environment Shift: Capital flows and macro setup * 01:25:21 - Valuation Framework Shift: Balance sheet over cash flow * 01:28:15 - Risk-Free Debate: Questioning traditional benchmarks * 01:31:20 - Soleil’s Final Thoughts: Risk, conviction and allocation * 01:33:27 - Narrative and Sentiment: Grain on framing and perception * 01:37:20 - Mason’s Final Thoughts: Opportunity sizing, positioning, conviction * 01:40:56 - Dan’s Final Thoughts: Product evolution, structure, and demand * 01:42:04 - Jeff’s Final Thoughts: Macro framing, capital flows, and outlook Thank you to our Sponsors: BitGo: https://www.bitgo.com/ SALT: https://saltlending.com/ See our website: https://tnorth.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](http://www.sec.gov).* Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

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  • S1 · E63
    April 16 · 1 hr 39 min

    Calling The Shot | True North Podcast | Ep. 63

    🎛️ As of this recording, 4/15/26, Strategy's (MSTR) performance: * Open: $139.75 * Close: $143.54 * Volume: 13.9M Shares * mNAV: ~1.15 * Market Cap: ~ $47.9B * BTC: 780,897 ⏱️ TIMESTAMPS & INSIGHTS: * 00:00:00 - Intro: TN trailer and not financial advice * 00:03:33 - True North Agenda: Purpose, hosts, and show structure * 00:05:19 - Team First Takes: Macro outlook, Bitcoin, and sentiment * 00:13:59 - STRC Arbitrage Setup: Dividend pricing inefficiency explained * 00:18:08 - Capital Scale Visualized: Billion-scale liquidity perspective * 00:19:23 - Capital Markets Shift: New credit instruments driving demand * 00:25:42 - Balance Sheet Flywheel: Capital infrastructure capturing flows * 00:27:15 - STRC Demand Growth: Institutional scale and liquidity expansion * 00:32:36 - Yield Dislocation Signals: Pricing inefficiencies and buyer dominance * 00:34:20 - Credit Market Expansion: Digital credit targeting large TAM * 00:36:42 - Inflation Mechanics Breakdown: Monetary expansion and asset impact * 00:37:28 - Debasement Math Framework: Rule of 72 purchasing erosion * 00:41:43 - Leverage Risk Analysis: Balance sheets, collateral, downside risk * 00:47:48 - Issuance Constraints Explained: Collateral limits and leverage capacity * 00:52:00 - Bitcoin Price Impact: Capital deployment influencing market structure * 00:53:17 - mNAV Allocation Strategy: Dilution timing and capital efficiency * 00:57:15 - Rate Regime Dynamics: Interest rates shaping capital allocation * 00:58:15 - Financial Repression Setup: Policy pressure driving risk assets * 01:01:55 - Instrument Pricing Inefficiency: Yield distortions and gaps * 01:05:01 - Market Structure Signals: Liquidity shifts and capital rotation * 01:07:24 - Options Strategy Framework: Yield capture, leverage, positioning dynamics * 01:13:14 - Capital Allocation Deep Dive: mNAV, BTC per share, scaling strategy * 01:19:33 - Issuance Scaling Dynamics: Capital deployment and BTC accumulation pace * 01:23:09 - Capital Structure Mechanics: Issuance layering and efficiency gains * 01:24:44 - Media Narrative Debate: Coffeezilla, Bankless, and risk framing * 01:26:42 - Soleil's Final Thoughts * 01:29:05 - Mason's Final Thoughts * 01:33:29 - Grain's final thoughts * 01:38:38 - Dan's Final Thoughts * 01:39:55 - Jeff's Final Thoughts Thank you to our Sponsors: BitGo: https://www.bitgo.com/ Horizon: https://joinhorizon.com/?ref=TRUENORTH SALT: https://saltlending.com/ MSTR Links: * https://www.mstr-tracker.com * https://saylortracker.com/ * https://robinhood.com/us/en/stocks/MSTR/ * https://www.strategy.com/ * https://strc.live/ 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](http://www.sec.gov).* Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

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  • S1 · E62
    April 9 · 1 hr 36 min

    MSTR Can Buy More BTC Than Sellers Can Sell | True North Podcast | Ep. 62

    Agenda: Volume & Liquidity Sharpe Ratio vs Sortino Ratio - Risk / Return Metrics Market Happenings (MS / Citadel / Blackrock) When MSTR 1M BTC? TN Community Questions Thank you to our Sponsors: BitGo: https://www.bitgo.com/ Horizon: https://joinhorizon.com/?ref=TRUENORTH Have questions? Ask the team here: https://tnorth.com/ask/ TRUE NORTH LINKS: True North Website: https://tnorth.com X: https://x.com/MSTRTrueNorth 🛒 MERCH: https://thehodlshop.com/collections/t… Youtube: / @btctruenorth MSTR Links: https://www.mstr-tracker.com https://saylortracker.com/ https://robinhood.com/us/en/stocks/MSTR/ https://www.strategy.com/ https://strc.live/ 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](http://www.sec.gov).* Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

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  • S1 · E61
    April 2 · 1 hr 54 min

    The Mechanics of Capital and Digital Credit | True North Podcast | Ep. 61

    🧭 True North episode 61: Bitcoin meets capital markets as investors explore digital credit, leverage, and macro risk. From MSTR aalysis to portfolio construction, the discussion breaks down adoption, liquidity dynamics, and why Bitcoin is reshaping capital allocation. 🎛️ As of this recording, 4/1/26, Strategy's (MSTR) performance: Open: $126.18 Close: $122.78 Volume: 15.4M Shares mNAV: ~1.19 Market Cap: ~ $42.4B BTC: 762,099 Have questions you want covered in the livestream? Ask them here: https://tnorth.com/ask/ ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Episode Intro 00:01:20 - Agenda and current events: macro setup, topics, market context 00:05:38 - Bitcoin TradFi adoption: allocator perspective on mispricing 00:08:49 - Credit structuring mechanics: tranching volatility into yield layers 00:11:07 - Tokenization and liquidity: STRC volume, options, market structure 00:14:29 - Bear market strategy: building, educating, launching new products 00:22:41 - MSTR balance sheet: leverage, BTC holdings, capital strength 00:26:45 - Treasury company scaling: efficiency, multiples, capital allocation 00:31:01 - Federal Reserve policy: liquidity, rates, balance sheet strategy 00:36:09 - Macro complexity risks: second-order effects and system fragility 00:38:15 - Liquidity trap dynamics: capital idle, velocity collapse, inflation risk 00:43:28 - Debt and macro pressure: deficits, interest burden, systemic risk 00:45:47 - Portfolio and digital credit: allocation shift, yield vs volatility 00:56:56 - Bitcoin allocation shift: portfolio transition, risk and time horizon 00:59:12 - Bitcoin risk framework: counterparty risk, allocation philosophy shift 01:05:43 - Equity purpose rethink: cash flow claims vs speculative growth 01:10:40 - Scarcity premium thesis: Bitcoin vs traditional monetary assets 01:14:14 - Equity capital mechanics: purpose of equity and capital raising role 01:19:55 - Equity market incentives: EPS focus, buybacks, capital allocation 01:22:50 - Bitcoin adoption curve: talent inflow, ecosystem growth, structural shift 01:26:40 - Ownership and concentration: conviction bets vs diversification tradeoffs 01:29:40 - Volatility risk framing: perceived volatility vs actual systemic risk 01:33:08 - Risk underwriting approach: probability, downside, survivability focus 01:41:47 - Dan’s final thoughts: closing perspective on markets and outlook 01:42:55 - Grant’s final thoughts: closing perspective on markets and outlook 01:44:35 - Jeff’s final thoughts: closing perspective on markets and outlook 01:48:20 - Ben’s final thoughts: closing perspective on markets and outlook 01:53:00 - Grain’s final thoughts: closing perspective on markets and outlook Check out our upcoming live events and join us in person! https://tnorth.com/events/ Thank you to our Sponsors: BitGo: https://www.bitgo.com/ Horizon: https://joinhorizon.com/?ref=TRUENORTH TRUE NORTH LINKS: True North Website: https://tnorth.com X: https://x.com/MSTRTrueNorth 🛒 MERCH: https://thehodlshop.com/collections/t… Youtube: / @btctruenorth 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](http://www.sec.gov).* Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

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  • S1 · E60
    March 26 · 1 hr 54 min

    Beneath The Surface, A System In Motion | True North Podcast | Ep. 60

    🧭 True North episode 60: 🎛️ As of this recording, 3/25/26, Strategy's (MSTR) performance: * Open: $144.99 * Close: $140.40 * Volume: 18.7M Shares * mNAV: ~1.19 * Market Cap: ~ $48.8 and 3B * BTC: 762,099 ⏱️ TIMESTAMPS & INSIGHTS: * 00:00:00 - Intro: Podcast setup and discussion scope * 00:02:18 - Market Events Overview: Macro news and volatility drivers * 00:04:52 - Information Warfare Shift: Social media distorts market signals * 00:06:50 - Geopolitical Risk Premium: Conflict uncertainty drives Bitcoin demand * 00:08:58 - MSTR Capital Strategy: ATM programs and capital structure expansion * 00:12:52 - STRC Arbitrage Window: Record date flows and liquidity dynamics * 00:17:50 - Options Hedging Framework: Intraweek options and credit hedging strategies * 00:20:28 - Carry Trade Risks: Dividend timing and execution risk dynamics * 00:26:04 - Yield Stability Thesis: Dividend demand and arbitrage compression * 00:31:35 - Private Credit Breakdown: Liquidity stress and structural cracks * 00:37:13 - Generational Capital Shift: Wealth transfer and investment behavior * 00:39:15 - Real Estate Thesis: Land value, credit, and AI impact * 00:50:20 - Credit Rating Debate: Bitcoin valuation and rating implications * 00:54:10 - Cost of Capital Dynamics: Yield thresholds and capital allocation shifts * 00:58:21 - Bitcoin Re-Rating Catalyst: Credit upgrade and S&P inclusion implications * 01:02:03 - Digital Credit Strategy: Revenue model and business pivot decisions * 01:06:19 - Market Perception Shift: Bitcoin legitimacy and institutional framing * 01:09:09 - Bitcoin Legitimacy Curve: Institutional adoption and risk reframing * 01:15:10 - Digital Credit Platform: Tools, models, and research ecosystem * 01:20:47 - AI Compute Economics: Monetization models and infrastructure risks * 01:35:04 - AI Infrastructure Evolution: Local models and compute commoditization * 01:38:50 - Local AI Breakthrough: Compression enables on-device intelligence * 01:46:55 - Digital Capital Future: Bitcoin, AI, and credit convergence * 01:54:39 - Closing thoughts Powered by: Strive: https://Strive.com True North Website: https://www.tnorth.com Thank you to our Sponsors: BitGo: https://www.bitgo.com/ Horizon: https://joinhorizon.com/?ref=TRUENORTH TRUE NORTH LINKS: * True North Website: https://tnorth.com * X: https://x.com/MSTRTrueNorth * 🛒 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. Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

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  • S1 · E59
    March 19 · 1 hr 43 min

    Waiting For The World To Catch Up | True North Podcast | Ep. 59

    🧭 True North episode 59: Explore how institutional flows, leverage, and digital credit are reshaping markets, driving Bitcoin demand, and setting up a massive capital reallocation with the True North team. 🎛️ As of this recording, 3/18/26, Strategy's (MSTR) performance: Open: $144.99 Close: $140.56 Volume: 21.3M Shares mNAV: ~1.22 Market Cap: ~ $44.64B BTC: 761,068 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Intro 00:04:54 - Top of mind: Stretch adoption and Bitcoin positioning 00:08:04 - Bitcoin cycle outlook: ETF flows and halving cycle expectations 00:10:09 - Bitcoin balance sheet model: Capital structure, leverage, and liquidity design 00:13:30 - Capital structure design: Volatility split and financial engineering 00:14:37 - Capital structure amplification: Preferred equity mechanics and Bitcoin per share growth 00:18:36 - Bitcoin liquidity engine: Institutional trading volume and capital market access 00:21:08 - ATM issuance strategy: Shelf sizing, filings, and market psychology effects 00:24:41 - Market priced preferred yield: Open market dividend discovery and rate stabilization 00:27:08 - Bank preferred risk analysis: Legacy structures, yield opacity, and credit uncertainty 00:29:53 - Bank credit opacity risks: Balance sheet complexity and rating uncertainty explained 00:33:45 - Credit rerating catalyst: Market disruption and systemic repricing risk unfolds 00:37:10 - Credit market breakdown: Private credit cracks, insurance risk, and forced selling dynamics 00:45:15 - Credit market response: Capital rotation, government intervention, and bullish demand dynamics 00:49:42 - Bitcoin acquisition engine: Strategy scaling purchases and supply absorption dynamics 00:55:30 - Bitcoin demand acceleration: Market liquidity, top buying, and supply shock dynamics 01:01:09 - Bitcoin performance breakout: Sharpe ratio, supply capture, and inflection catalysts 01:05:47 - AI driven investing edge: Data structuring, modeling, and decision advantage 01:09:28 - Capital allocation strategy: Digital credit, liquidity positioning, and balance sheet optimization 01:15:20 - Capital markets execution: ATM strategy, dividend arbitrage, and timing dynamics 01:21:09 - Bitcoin milestone trajectory: Million BTC target, projections, and valuation comparisons 01:26:40 - Bitcoin price trajectory: Million dollar targets and vertical market repricing thesis 01:30:40 - Digital credit narrative: Market adoption, exclusivity, and investor knowledge gap 01:37:25 - Institutional capital flows: Large scale accumulation and market demand expansion 01:43:39 - Final thoughts: Closing insights on capital shifts and Bitcoin trajectory Thank you to our Sponsors: BitGo: https://www.bitgo.com/ Horizon: https://joinhorizon.com/?ref=TRUENORTH TRUE NORTH LINKS: True North Website: https://tnorth.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 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. Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

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  • March 12 · 1 hr 44 min

    Is The Tide Turning? | True North Podcast | Ep. 58

    🧭 MSTR True North episode 58: A deep dive into Bitcoin’s evolving capital markets, covering digital credit, private credit risks, institutional adoption, and the financial innovations shaping the future of money, markets, and technology. 🎛️ As of this recording, 3/11/26, Strategy's (MSTR) performance: Open: $139.81 Close: $138.33 Volume: 15.6M Shares mNAV: ~1.21 Market Cap: ~ $46.16B BTC: 738,731 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Intro 00:03:09 - Digital Credit Opportunity: Early adoption and institutional awareness gap 00:06:35 - Bear Market Capital Raise: Strategy raises $1.2B to accumulate Bitcoin 00:09:04 - Monetary Debasement Risks: Expanding money supply and structural deficits 00:11:02 - Bitcoin Financial Instruments: Derivatives and securities built on BTC liquidity 00:14:45 - Volatility vs Yield Products: Bitcoin equity exposure versus income instruments 00:19:29 - Corporate Liquidity Allocation: Balance sheet tranching and treasury strategy 00:23:23 - Institutional Adoption Signals: Wall Street firms validating digital credit markets 00:27:30 - STRC Capital Expansion: Rapid capital raises and scalable credit structure 00:31:12 - Bitcoin Growth Projections: Modeling paths toward $1M–$2M Bitcoin prices 00:37:37 - Private Credit Market Cracks: Liquidity gates and systemic risks emerging 00:43:09 - Private Credit Illiquidity: Leveraged institutions exposed to opaque assets 00:46:30 - Rating Agency Barriers: Institutional adoption constrained by credit frameworks 00:47:33 - Rating Agency Constraints: Insurance leverage and institutional capital rules 00:52:34 - STRC Confidence Signals: Strong investor conviction and refusal to sell below par 00:56:13 - STRC Price Floor Strategy: Incentives preventing sales below par value 01:00:05 - Retail Demand Expansion: Growing investor interest in monthly yield products 01:06:05 - Investor Transparency Tools: Dashboards simplify yield and risk analysis 01:12:15 - Bitcoin Balance Sheet Thesis: Corporate strategy and macro risk positioning 01:15:54 - Probabilistic Risk Management: Avoid mispricing volatility risks 01:18:17 - Bitcoin Adoption Pathways: Yield products onboarding investors into Bitcoin 01:25:05 - Credit Market Foundations: Building track record for scalable digital credit products 01:29:04 - Technology Adoption Uncertainty: Modeling disruptive innovations like Bitcoin 01:33:01 - Forecasting Bitcoin Models: Limits of projections in exponential markets 01:37:01 - Final Thoughts: Bitcoin momentum, institutional adoption, and capital market shift MSTR 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 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. Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

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