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.
24episodes
Episodes
Newest firstAll episodes
Weathering The Storm | True North Podcast | Ep. 55
Feb 1201:20:07Tap to summarize🧭 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 Be part of the True North In-Side Event experience. Tickets available here: 👉 https://luma.com/tnb4c26 Strategy World sign-up: https://www.strategysoftware.com/world26/register Use discount code TrueNorth for 20% off your registration—just a little bonus for our True North community. 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.
Transcribe →"Bitcoin Did This" | True North Podcast | Ep. 51
Jan 15Tap to summarize🧭 MSTR True North episode 51: 🎛️ As of this recording, 1/14/26, Strategy's (MSTR) performance: Open: $178.64 Close: $179.33 Volume: 40,257,000 Shares mNAV: 1.07 Market Cap: $57.32B U.S. Market Cap Ranking: #192 BTC: 687,410 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Intro: NFA, agenda and True North overview 00:04:50 - Capital Structure Overview: MSTR and STRC balance sheet changes 00:07:27 - Leverage & mNAV Dynamics: Common and preferred equity expansion 00:10:33 - Digital Credit Impact: Bid creation on Bitcoin price 00:16:34 - Stretch Interest Rate Effects: Potential rate hikes and market response 00:17:40 - Symmetry Test Explained: Raising equity at positive mNAV 00:23:31 - Capital Raising Strategy: Common and preferred equity interplay Be part of the True North In-Side Event experience. Tickets available here: 👉 https://luma.com/tnb4c26 Strategy World sign-up: https://www.strategysoftware.com/worl… Use discount code TrueNorth for 20% off your registration—just a little bonus for our True North community. MSTR TRUE NORTH LINKS: True North Website: https://www.mstrtruenorth.com X: https://x.com/MSTRTrueNorth 🛒 MERCH: https://thehodlshop.com/collections/t... 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.
Transcribe →What is Credit w/ special guest Adam Livingston | True North Podcast | Ep. 41
Oct 8Tap to summarize🧭 MSTR True North episode 41: the crew does a deep dive into credit markets, bond risk, and capital structure—covering Strategy, Ford, disruption risk, mNAV, liquidity, and why BTC is emerging as the prime collateral asset. 🎛️ As of this recording, 10/08/25, Strategy's (MSTR) performance: Open: $335.62 Close: $330.80 Volume: 12,996,280 shares mNAV: 1.40 Market Cap: $94.98B U.S. Market Cap Ranking: 115 BTC: 640,031 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Cue the music: Intro, Agenda and NFA 00:05:26 - Special guest: Welcome the Bitcoin Wizard Bitcoin & Energy: Market moving in dog years 00:06:00 - MSTR Capital Stack: Leverage, assets, and BTC 00:11:20 - Bitcoin Treasury Growth: Asset scale and liquidity 00:21:00 - Corporate Liquidity Strategy: BTC vs. traditional cash 00:28:58 - Credit & Risk Framework: Trust, money, and collateral 00:33:54 - Credit Structures: Short, mid, and long-term credit 00:36:32 - Credit Limits & Trust: Personal borrowing capacity explained 00:39:12 - Household Debt Trends: Non-housing vs. housing debt 00:46:09 - Market Mispricing Risk: BTC collateral still undervalued 00:49:46 - Asset-Backed Lending: Underwriting BTC not individuals 00:53:01 - Equitized Credit Model: Saylor’s insurance-inspired strategy 00:56:51 - MSTR at Gold Parity: Credit quality inflection point 00:58:19 - Risk Comparison: BTC vs. equity, bonds, mortgages 01:00:00 - Bad Bonds Explained: High-yield debt and rising credit risk 01:06:13 - Bond Liquidity Risk: Selling constraints and default probability 01:09:18 - Disruption Risk Pricing: Black swan events impact on credit 01:14:43 - Technology’s impact: disruptions impact on change and pricing risk 01:17:06 - Ford’s Bond Profile: Duration risk and yield concerns 01:23:05 - Bitcoin vs. Disruption: BTC as strategic hedge asset 01:27:27 - Capital Efficiency Metrics: Assets and income per employee 01:30:56 - Credit Rotation Thesis: Selling weak debt for BTC credit 01:34:42 - Government Credit Risk: Bailouts, money printing, incentives 01:37:17 - Retail Credit Headwinds: Target, theft, and online migration 01:45:20 - Currency Collapse Signals: Argentina’s USD preference 01:53:00 - Debasement Trade Thesis: USD decline and BTC alternative 01:56:45 - Debt Spiral Warning: Downgrades, deficits, and inflation 02:03:08 - Final toughts and rants MSTR TRUE NORTH LINKS: True North Website: https://www.mstrtruenorth.com X: https://x.com/MSTRTrueNorth 🛒 MERCH: https://thehodlshop.com/collections/t... 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.
Transcribe →"MSTR Uptober" | True North Podcast | Ep. 40
Oct 1Tap to summarize🧭 MSTR True North episode 40: the group doses a deep dive into Bitcoin investing, capital allocation, risk management, and leverage. They explore mNAV, treasury plays, macro signals, and why fixed income products are reshaping long-term portfolios. 🎛️ As of this recording, 10/01/25, Strategy's (MSTR) performance: Open: $332.47 Close: $338.41 Volume: 13,994,830 shares mNAV: 1.47 Market Cap: $97.16B U.S. Market Cap Ranking: BTC: 640,031 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - cue the music: episode 40 agenda 00:04:45 - Strategy statistics: the math behind the balance sheet Fed Liquidity & Leverage: Infinite cash and leverage dynamics 00:07:02 - Q3 Earnings & Tax Impact: $10 EPS, AMT guidance clears risk 00:09:11 - Bullish Macro Setup: Log fractals and cycle alignment bullish for BTC 00:14:08 - Cycle Cloud Framework: Using volatility-adjusted trends to map BTC moves 00:18:03 - Position Sizing Strategy: Nvidia to MSTR rotation example 00:21:19 - Market Multiples & MNAV Gap: Comparing Apploven and MSTR value 00:24:08 - Bitcoin Validation vs Legitimization: Market slow to accept BTC metrics 00:25:59 - Equity Issuance & MNAV: Capital structure insights from Buffett 00:36:33 - Bad Bond of the Week: Hertz 2029 bond, 10% yield, high distress 00:42:20 - Miner Leverage & Energy Upside: Asymmetric plays via energy contracts 00:45:08 - HPC AI Shift in Mining: Pivot from mining to compute centers 00:51:13 - Energy Risk & Innovation: AI compute demand vs energy supply 00:54:28 - Options Strategy for Miners: Call spreads on IBIT vs minors 00:59:20 - Efficient Frontier & Bitcoin: Time horizon reshapes risk/reward 01:03:04 - Miner Capital Rotation: Navigating hype vs fundamentals 01:07:37 - Adrian & Mason: final thoughts on broken money 01:16:12 - Mining True North: finding opportunities as a hedge fund and beating the hurdle rate 01:20:09 - Bitcoin vs Gold: Scale, upside, and time horizon 01:23:06 - Cross-Gen Communication: Educating on Bitcoin income products 01:32:51 - Advisor Adoption Lag: Compliance vs product performance 01:40:08 - Bitcoin Buybacks Begin: Sequins, Empory digital, and mNAV defense 01:48:14 - Detaching Emotion: Rational thesis-driven investing 01:52:12 - Retail Access Shift: STRC on Robinhood and tokenized stocks 02:00:56 - Final thoughts: the great reset SOCIAL MEDIA: X: https://x.com/PunterJeff X: https://x.com/BenWerkman X: https://x.com/nithusezni X: https://x.com/TimKotzman X: https://x.com/Z06Z07 X: https://x.com/Adrian_R_Morris X: https://x.com/RealTrollstein X: https://x.com/MasonFoard X: https://x.com/hillery_dan X: https://x.com/JBerneburg X: https://x.com/TheJesseMK X: https://x.com/thebitcoingal MSTR TRUE NORTH LINKS: True North Website: https://www.mstrtruenorth.com X: https://x.com/MSTRTrueNorth 🛒 MERCH: https://thehodlshop.com/collections/t... 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.
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