🧭 MSTR True North episode 55: We break down Strategy’s capital structure, mNAV, leverage, and the emerging digital credit markets. Learn more about how institutional capital actually moves in Bitcoin an how to think about risk in this marketplace.

🎛️ As of this recording, 2/11/26, Strategy's (MSTR) performance: Open: $133.68 Close: $126.07 Volume: 25.84M Shares mNAV: ~0.95 Market Cap: ~ $41.9B U.S. Market Cap Ranking: 252 BTC: 714,644

⏱️ TIMESTAMPS & INSIGHTS:

00:00:00 - Intro agenda framing: NFA context and True North overview

00:03:36 - Bitcoin Mindset Shift: Personal wealth framework transformation

00:06:06 - MSTR Relative Strength: Premium signaling potential bottom

00:08:26 - Balance Sheet Expansion: Billions raised and liquidity strength

00:09:28 - Risk Mispricing Debate: Bitcoin supply underwriting blind spot

00:11:03 - Options Yield Strategies: Dividend pricing and put premiums

00:13:20 - AI Prompting & Workflow: Stress testing valuation frameworks

00:15:32 - Strategy World Preview: Treasury operators and securitization focus

00:20:17 - Bitcoin Treasury Growth: 100K to 714K BTC scale

00:23:00 - Market Sentiment & Macro: 2026 ATH polls and Goldilocks outlook

00:26:39 - Bitcoin Per Share Context: KPI adoption and seasoning phase

00:30:15 - Preferred Equity Acceleration: Rapid STRF STRD STRC expansion

00:33:06 - BTC Exposure Debate: Leverage mechanics and dilution tradeoffs

00:35:55 - Capital Structure Pivot: Converts toward perpetual preferred era

00:38:53 - Public Pref Market Shift: Tickered equity and retail access

00:42:05 - STRC Market Data Review: Yield stability despite BTC drawdown

00:46:55 - Media Narrative & Refi Risk: $8K scenario and press dynamics

00:51:51 - Capital Raise Velocity: Scaling from millions to billions

00:54:11 - Institutional Execution Reality: Timing risk and OTC mechanics

00:58:13 - Coinbase Valuation Gap: Leverage, goodwill, and moat contrast

01:05:00 - Treasury Model Walkthrough: BTC growth and dilution math

01:17:15 - mNAV & CAGR Sensitivity: Growth scenarios toward $1M target

01:19:04 - Final Thoughts: Weather volatility and long-term conviction

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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.

Weathering The Storm | True North Podcast | Ep. 55