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Podcast

True North Podcast

Hosted by True North Podcast · EN

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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Randomness & Probability 101 | True North Podcast | Ep. 75
2d ago01:31:55Summary ready
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.
Summary
Architecture of Value | True North Podcast | Ep. 74
2d ago01:15:26Summary ready
🎛️ 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.
Summary
MSTR Sells Bitcoin to Fund Dividend | True North Podcast | Ep. 73
Jul 900:57:21Summary ready
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.
Summary
The Stress Test | True North Podcast | Ep. 72
Jul 200:59:16Summary ready
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.
Summary
The Long Game | True North Podcast | Ep. 71
Jun 2502:12:09Summary ready
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.
Summary
The Launch Pad | True North Podcast | Ep. 70
Jun 1801:48:38Summary ready
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.
Summary
Strategy Sells Bitcoin, so what? w/ Adam Livingston | True North Podcast | Ep. 69
Jun 401:31:55Summary ready
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.
Summary
The New Regime | True North Podcast | Ep. 68
May 2901:24:08Summary ready
🎛️ 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.
Summary
Reimagining Money | True North Podcast | Ep. 67
May 2101:19:44Summary ready
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.
Summary
The World Has Changed... | True North Podcast | Ep. 66
May 1501:25:47Summary ready
🎛️ 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.
Summary