🧭 MSTR True North episode 53:

The group does a deep dive into Bitcoin credit risk, preferred equity, leverage, and mNAV. Covers MSTR balance sheet math, metals vs Bitcoin flows, Tether reserves, credit models, macro signals, liquidity, and risk/reward across cycles.

🎛️ As of this recording, 1/28/26, Strategy's (MSTR) performance: Open: $164.45 Close: $158.45 Volume: 14.08M Shares mNAV: 0.91 Market Cap: $57.70B U.S. Market Cap Ranking: ~#200 BTC: 712,647

⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Intro: NFA agenda and True North overview

00:03:38 - Credit risk overview: Metals mania and risk framing

00:06:34 - Preferred equity dynamics: Issuance demand and mNAV behavior

00:10:53 - Risk-off credit rotation: Stress testing yield products

00:13:30 - MSTR balance sheet leverage: Assets debt and pref math

00:17:15 - Macro incentives outlook: Election liquidity tailwinds

00:18:25 - True North Vegas event: Digital credit and macro agenda

00:23:41 - Metals market structure: Silver surge and physical premiums

00:31:02 - Tether reserve strategy: Gold and Bitcoin accumulation

00:34:22 - Bitcoin adoption curve: Capital rotation mechanics

00:37:05 - Sovereign risk signals: Yen and risk free rates

00:40:55 - Gold revaluation theory: Bitcoin reserve funding idea

00:44:03 - Algorithmic digital credit: Machines prefer native assets

00:49:32 - Bitcoin as AI hedge: Passive exposure to innovation

00:54:02 - Risk reward framing: Digital convenience tradeoffs

00:58:35 - Preferred equity modeling: Amplification risk analysis

01:03:01 - mNAV downside math: Collateral threshold scenarios

01:07:02 - Macaulay duration focus: Dividend obligation stress

01:12:07 - Institutional underwriting: Capital absorbs Bitcoin risk

01:15:52 - STRC drawdown case: Yield spikes create opportunity

01:22:16 - Bitcoin earnings model: Interest coverage framework

01:27:00 - High amplification scenario: USD reserves versus returns

01:32:47 - Cash reserve signaling: Ratings driven capital buffers

01:39:18 - Financial engineering example: Real estate leverage analogy

01:43:50 - Digital credit parity: Comparing high yield debt

01:48:05 - Fair value accounting: Bitcoin treasury volatility optics

01:53:44 - Final thoughts: Roundtable final takes

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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.

What is Credit Risk? | True North Podcast | Ep.53

True North Podcast

What is Credit Risk? | True North Podcast | Ep.53