🧭 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

Strive: https://Strive.com

True North Website: https://www.tnorth.com

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MSTR Links:

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* 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.

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