True North Podcast

True North Podcast
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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.

  1. 2 DAYS AGO

    Calling The Shot | True North Podcast | Ep. 63

    Agenda: Does STRC Have a speed limit? Large Capital Flows Capital Market Landscape Thank you to our Sponsors: BitGo: https://www.bitgo.com/ Horizon: https://joinhorizon.com/?ref=TRUENORTH SALT: https://saltlending.com/ 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.

    1hr 39min

  2. 9 APR

    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.

    1hr 36min

  3. 2 APR

    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.

    1hr 55min

  4. 26 MAR

    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.

    1hr 54min

  5. 19 MAR

    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.

    1hr 44min

  6. 12 MAR

    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.

    1hr 44min

  7. 5 MAR

    Signals From True North Live | True North Podcast | Ep. 57

    🧭 MSTR True North episode 57: 🎛️ As of this recording, 3/5/26, Strategy's (MSTR) performance: * Open: $143.83 * Close: $146.44 * Volume: 37.4M Shares * mNAV: ~1.22 * Market Cap: ~ $48.9B * U.S. Market Cap Ranking: ~#220 * BTC: 720,737 ⏱️ TIMESTAMPS & INSIGHTS: * 00:00:00 - Intro agenda framing: NFA context and True North overview * 00:02:50 - True North Event Insights: Global investors discuss Bitcoin credit innovation * 00:10:20 - Bitcoin Gravity Trade: Macro capital flows toward BTC strategies * 00:14:17 - Bitcoin Credit Flywheel: STRC demand potentially driving $1M BTC * 00:17:01 - Capital Structure Strategy: Bitcoin buybacks and amplification dynamics * 00:23:48 - Capital Stack Instruments: Strike and STRD positioning within Strategy credit structure * 00:28:10 - Credit Risk Mispricing: Markets misunderstanding STRC capital stack * 00:30:18 - Geopolitical Macro Signals: Conflict uncertainty and capital deployment * 00:35:34 - Policy Catalysts: Regulatory shifts supporting Bitcoin adoption * 00:39:00 - MSTR STRC Trading Pair: Rotating equity and credit exposure * 00:42:00 - Corporate Treasury Strategy: Companies adopting STRC as high-yield cash reserve * 00:48:25 - Bond Market Disruption: Digital credit liquidity vs traditional prefs * 00:55:49 - Private Credit Trap: Illiquidity risk and locked capital * 00:59:31 - Bitcoin Analytics Tools: STRC dashboards and yield calculators * 01:03:46 - AI Risk Pricing: Machines reallocating capital toward digital credit * 01:10:21 - Corporate Bitcoin Treasuries: BTC balance sheets improving credit access * 01:15:16 - Institutional STRC Demand: Desks and buyers driving issuance * 01:16:57 - Downside Protection Trade: STRC put strategy for asymmetric yield * 01:21:45 - Digital Equity Model: Bitcoin capital vs credit volatility transfer * 01:25:05 - Market Cycle Timing: Navigating bull and bear uncertainty * 01:28:57 - Perpetual Funding Model: Financing projects with infinite duration capital * 01:31:55 - Monetary Debasement Hedge: Stretch as non-debasing capital instrument * 01:35:22 - Institutional Education Gap: Comparing digital credit to legacy bonds * 01:37:30 - STRC Adoption Curve: Path toward $300B preferred market scale * 01:40:29 - Credit First Strategy: Saylor prioritizes balance sheet strength * 01:42:47 - Capital Amplification Engine: Digital credit expanding Bitcoin exposure * 01:44:28 - Banking Infrastructure Shift: Wall Street adapting to crypto capital * 01:47:28 - Banking System Pressure: Bitcoin reserves challenging traditional rehypothecation model * 01:52:02 - Control System Debate: AI, stablecoins, and financial surveillance MSTR TRUE NORTH LINKS: * True North Website: https://www.mstrtruenorth.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.

    1hr 59min

  8. 19 FEB

    The Quiet Accumulation | True North Podcast | Ep. 56

    🧭 MSTR True North episode 56: The crew dives dive into Strategy’s capital structure, rising BTC per share, AI-driven disruption, and regulatory momentum that is brewing. Th team breaks down digital credit strength, supply math, and why this cycle may be structurally different. 🎛️ As of this recording, 2/18/26, Strategy's (MSTR) performance: Open: $127.63 Close: $125.20 Volume: 17.31M Shares mNAV: ~0.99 Market Cap: ~ $44.5B U.S. Market Cap Ranking: ~#246 BTC: 717,131 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Intro agenda framing: NFA context and True North overview 00:03:01 - Bear Market Sentiment: Bitcoin Investor Week tone, stablecoin utility, and builder resilience 00:10:14 - Institutional Pricing Signal: Strategy leverage, preferred credit quality, and market confidence 00:13:43 - Conviction Over Price: Unflappable mindset, opportunity cost, and long-term Bitcoin allocation 00:17:04 - Moving Average Analysis: 200-week trend strength, Tesla comparison, and Strategy valuation reset 00:21:18 - Death Cross Dynamics: Technical lag, bottom timing risk, and Strategy mispricing debate 00:24:10 - Binary Risk Framing: Zero thesis, refinancing fears, and long-term leverage confidence 00:30:05 - Bitcoin-Gold Ratio: Relative valuation and macro positioning 00:30:00 - M2 Money Supply Framework: Bitcoin adjusted for monetary expansion and debasement baseline 00:35:35 - Correlation Breakdown: Commodities spike, multi-strat deleveraging, and Bitcoin price pressure 00:40:07 - Private Credit Liquidity Risk: Redemption halts, digital credit transparency, and STRC durability 00:47:08 - Preferred TAM Expansion: Capital stack opportunity size 00:49:14 - Supply Convergence Model: Strategy vs remaining Bitcoin issuance 00:48:50 - Bitcoin Supply & AI Shock: Issuance math and exponential disruption 00:58:00 - AI Disruption Wave: Cost collapse, software commoditization, and capital flight to Bitcoin 01:04:25 - Capital Market Disruption: AI acceleration compressing equity durability and IPO stability 01:08:39 - Digital Credit Track Record: STRC durability, liquidity edge, and goodwill risk exposure 01:12:24 - Strategy World 2026 Preview: True North event agenda and digital credit focus 01:16:15 - Strategy Capital Plan Debate: ATM runway, preferred issuance, and demand elasticity 01:19:28 - Stretch Distribution Focus: Digital credit education and execution phase 01:23:23 - Yield Spread Advantage: STRC vs stablecoins and capital stack strength 01:28:24 - On-Chain Capital Rotation: Stablecoin yield switch into STRC 01:30:24 - Regulatory & Exponential Convergence: Stablecoin policy momentum and AI-driven Bitcoin adoption 01:30:24 - Bull Market Convexity: Balance sheet structure and Bitcoin per share expansion 01:40:07 - Final Thoughts: Fiscal debasement and long-term Bitcoin 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 🛒 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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About

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.

Information

  • Creator
    True North Podcast
  • Years Active
    2025 - 2026
  • Episodes
    64
  • Rating
    Explicit
  • Show Website
    True North Podcast
  • Provider

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