🧭 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

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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.

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