🧭 MSTR True North episode 47: The crew covers the recent news on the USD reserves, preferreds, mNAV, leverage, credit markets, solvency ratios, macro stress, and why Strategy’s balance sheet strengthens despite volatility. 🎛️ As of this recording, 12/03/25, Strategy's (MSTR) performance:

Open: $183.40
Close: $188.39
Volume: 26,686,140 Shares
mNAV: 1.16
Market Cap: $50.70
U.S. Market Cap Ranking: 203
BTC: 650,000

⏱️ TIMESTAMPS & INSIGHTS:

00:00:00 - Intro and Agenda: music, overview, and NFA disclaimer
00:03:02 - Strategy World 2026: Las Vegas event and True North plans
00:07:53 - USD Reserve Explained: cash buffer as digital credit battery
00:12:50 - Preferreds Risk Profile: how the reserve strengthens credit structure
00:17:11 - ATM Capital Raise: liquidity flow, proof-of-concept, and market reactions
00:22:22 - Trading Volume Dynamics: how algorithms amplify stock liquidity
00:24:30 - Multi-Year Cash Buffer: reserve strategy and capital runway outlook
00:28:44 - Bitcoin Yield Engine: lending yields, mNAV expansion, and capital structure
00:31:30 - BTC on the balance sheet: 2025 and 2026 predictions
00:33:24 - EPS Thresholds: 85k and 110k Bitcoin price scenarios for earnings
00:35:04 - Digital Credit Structure: why preferreds classify as credit, not equity
00:36:18 - Leverage vs ETFs: permanent capital vs daily-reset leverage decay
00:39:07 - Simplifying complexity: Educating the market and sentiment
00:46:49 - Phase Three Outlook: Bitcoin treasury trajectory and steady-state stability
00:49:24 - Bank Solvency Framework: CET1 ratios and applying Basel treatment to Bitcoin
00:58:44 - The debasement trade: Capturing opportunities and the generational effect
01:06:10 - The millenial dilemma: Optimizing capital allocation for a generation that is stuck
01:10:21 - The money is broken: Time and energy is being stolen and BTC is the lifeline
01:14:02 - Proof of work: Grain’s experience in Silicon Valley and the mindset needsd to win in this climate
01:18:14 - Final thoughts: Vanguard, MSCI shifts, index inclusion pressure and tokenization

MSTR TRUE NORTH LINKS:

MSTR Links:

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.

The Capital Fortress | True North Podcast | Ep. 47

True North Podcast

The Capital Fortress | True North Podcast | Ep. 47