🧭 MSTR True North episode 46: The team hosts an early call on Wednesday to address the latest digital credit and BTC treasury catalysts. Highlights include MSCI index, JP Morgan structured notes, MNAV math, capital structure engineering, and the growing shift toward institutional Bitcoin adoption and treasury allocation. 🎛️ As of this recording, 11/26/25, Strategy's (MSTR) performance:

Open: $173.69
Close: $175.64
Volume: 19,829,181 Shares
mNAV: 1.13
Market Cap: $50.48
U.S. Market Cap Ranking: 213
BTC: 649,870

⏱️ TIMESTAMPS & INSIGHTS:

00:00:00 - Cue the music and intro: Agenda and NFA disclaimer
00:04:13 - BTC price analysis: MACD signals, the macro climate and MSTR price correlation
00:09:06 - Bitcoin Leverage & transparency: MSTR exposure math, long-term amplification and stategy tracker
00:12:37 - Entry Strategy Basics: Pricing discipline, tax reality and buying low
00:14:08 - Real-Time Transparency: 24/7 BTC metrics and unit-of-account shift
00:15:54 - Measuring balance sheet strength: Risk tolerance and the TradFi’s approach to value equities
00:19:46 - MSCI Index Shock: Digital-asset exclusions and capital-flow risk
00:24:14 - MSTR Short Hedging: Borrow costs, downside leverage, long-holder hedges
00:29:00 - JP Morgan Structured Note: Illiquidity, capped upside, principal risk
00:36:14 - Institutional Bitcoin Demand: ETFs, muni bonds, state treasury buying
00:41:05 - Stride vs Strife: Preferred structures, arbitrage spreads, levered beta
00:46:00 - Yield Mechanics: Bond pricing, collateral growth, preferred income
00:51:28 - Financial Engineering: Dividends, dilution math, capital efficiency
00:55:13 - Amplification and MNAV: SATs/share math, liquidation prefs, leverage
01:02:10 - Synthetic BTC Hedging: Downside structures, seller advantage
01:05:07 - MNAV Valuation Framework: Assets minus prefs, transparent accounting
01:09:39 - Corporate Arbitrage: EPS shaping, buybacks, equity issuance strategy
01:16:52 - Real Estate Parallel: Permanent equity, HELOC analogy, carry trades
01:20:25 - Scaling Capital Structure: Prep issuance, target leverage ratios
01:25:20 - Bitcoin CAGR Edge: Historical return percentiles, timing signals
01:30:10 - Volatility Compression: Market size effects, long-term BTC stability
01:34:09 - Institutional Signals: ETF options expansion, ratings pressure, state buys
01:38:50 - JP Morgan Influence Map: Margin shifts, index rules, contradictory behavior
01:45:19 - Community Response: MSTR defense, liquidity lockouts, gamma setups
01:49:24 - Bitcoin Treasury Future: Issuance scale, compounding, long-run adoption
01:50:30 - Closing Remarks: Holiday sendoff and final outlook 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:

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.

"And Then They Fight You" | True North Podcast | Ep. 46

True North Podcast

"And Then They Fight You" | True North Podcast | Ep. 46