🎛️ 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.

The New Regime | True North Podcast | Ep. 68

True North Podcast

The New Regime | True North Podcast | Ep. 68