🧭 True North episode 61: Bitcoin meets capital markets as investors explore digital credit, leverage, and macro risk. From MSTR aalysis to portfolio construction, the discussion breaks down adoption, liquidity dynamics, and why Bitcoin is reshaping capital allocation.

🎛️ As of this recording, 4/1/26, Strategy's (MSTR) performance:

Open: $126.18
Close: $122.78
Volume: 15.4M Shares
mNAV: ~1.19
Market Cap: ~ $42.4B
BTC: 762,099

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⏱️ TIMESTAMPS & INSIGHTS:

00:00:00 - Episode Intro
00:01:20 - Agenda and current events: macro setup, topics, market context
00:05:38 - Bitcoin TradFi adoption: allocator perspective on mispricing
00:08:49 - Credit structuring mechanics: tranching volatility into yield layers
00:11:07 - Tokenization and liquidity: STRC volume, options, market structure
00:14:29 - Bear market strategy: building, educating, launching new products
00:22:41 - MSTR balance sheet: leverage, BTC holdings, capital strength
00:26:45 - Treasury company scaling: efficiency, multiples, capital allocation
00:31:01 - Federal Reserve policy: liquidity, rates, balance sheet strategy
00:36:09 - Macro complexity risks: second-order effects and system fragility
00:38:15 - Liquidity trap dynamics: capital idle, velocity collapse, inflation risk
00:43:28 - Debt and macro pressure: deficits, interest burden, systemic risk
00:45:47 - Portfolio and digital credit: allocation shift, yield vs volatility
00:56:56 - Bitcoin allocation shift: portfolio transition, risk and time horizon
00:59:12 - Bitcoin risk framework: counterparty risk, allocation philosophy shift
01:05:43 - Equity purpose rethink: cash flow claims vs speculative growth
01:10:40 - Scarcity premium thesis: Bitcoin vs traditional monetary assets
01:14:14 - Equity capital mechanics: purpose of equity and capital raising role
01:19:55 - Equity market incentives: EPS focus, buybacks, capital allocation
01:22:50 - Bitcoin adoption curve: talent inflow, ecosystem growth, structural shift
01:26:40 - Ownership and concentration: conviction bets vs diversification tradeoffs
01:29:40 - Volatility risk framing: perceived volatility vs actual systemic risk
01:33:08 - Risk underwriting approach: probability, downside, survivability focus
01:41:47 - Dan’s final thoughts: closing perspective on markets and outlook
01:42:55 - Grant’s final thoughts: closing perspective on markets and outlook
01:44:35 - Jeff’s final thoughts: closing perspective on markets and outlook
01:48:20 - Ben’s final thoughts: closing perspective on markets and outlook
01:53:00 - Grain’s final thoughts: closing perspective on markets and outlook

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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 Mechanics of Capital and Digital Credit | True North Podcast | Ep. 61

True North Podcast

The Mechanics of Capital and Digital Credit | True North Podcast | Ep. 61