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.