🧭 MSTR True North episode 44: Discover how Bitcoin, preferred equity, and digital credit products like $STRC and $SATA are reshaping yield, capital structure, and macro environent in the evolving financial landscape. Grain and the Dan’s bring us through a deck on Macro and digtial credit. 🎛️ As of this recording, 11/12/25, Strategy's (MSTR) performance:

Open: $233.90
Close: $224.61
Volume: 10,800,420 Shares
mNAV: 1.20
Market Cap: $64.7B
U.S. Market Cap Ranking: 168
BTC: 641,692

⏱️ TIMESTAMPS & INSIGHTS:

00:00:00 - Intro: TN episode 45, NFA and team updates
00:02:34 - AI Impact on Bitcoin: Synthetic disruption and Wikipedia collapse
00:04:59 - Bitcoin & Market Dynamics: S&P equity weighted distribution, MAG 7 and capital rotation
00:07:37 - Valuations & Market Cycles: PE ratios, bubbles, ETF flows
00:10:10 - Compounding Growth Rates: Big tech as the return benchmark
00:11:06 - Interest Rate Trajectory: Fed outlook and the debt burden
00:14:30 - Financial Engineering Playbook: Buybacks boost forward EPS, not fundamentals
00:15:35 - Macro Signals & Stagnation: PMI trends explain risk asset underperformance
00:17:38 - Consumer Stress & Job Risk: K-shaped demand, AI disruption, inflation pain
00:20:25 - MSTR as Bitcoin Leverage: mNAV, floor value, perpetual debt strategy
00:22:45 - Rethinking Preferred Equity: Permanent capital and modeling risk
00:26:40 - $STRC Product Vision: Disruptive yield design, market fit, adoption path
00:29:05 - $STRC Trading Mechanics: VWAP peg, IPO pricing, retail liquidity surge
00:32:16 - $STRC Yield Advantage: Deep liquidity, 10.5% return, volatility control
00:35:34 - Perpetual Bond Structure: Long-term income, low volatility, stable returns
00:38:39 - The ‘Strategy’ vs Tether: Shareholder yield, market scale, adoption potential
00:42:44 - Bitcoin as Collateral: TAM for money markets and real-time risk validation
00:44:10 - Credit Spread Mispricing: $STRE vs European bonds and investor protections
00:46:28 - Swap Rates & Credit Tiers: Risk benchmarks, STRE vs STRF pricing
00:49:10 - Tokenized Yield & Foreign market Arbitrage: $STRE, $STRF, and cross-currency spread
00:53:01 - $SATA Capital Structure: Seniority, covenants, 12% yield
00:56:45 - Yield Products in Action: $SATA vs $Stretch, peg control, trading strategy
01:09:06 - Strategic Use of Prefs: Yield positioning and MSTR scaling plan
01:12:19 - $STRK, Entry Timing & Euro $STRC: Yield, upside and roadmap expansion
01:16:19 - Final thoughts: Grain and Dan close it out

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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.

"2026 The Year of Digital Credit" | True North Podcast | Ep. 44

True North Podcast

"2026 The Year of Digital Credit" | True North Podcast | Ep. 44