🧭 MSTR True North episode 41: the crew does a deep dive into credit markets, bond risk, and capital structure—covering Strategy, Ford, disruption risk, mNAV, liquidity, and why BTC is emerging as the prime collateral asset. 🎛️ As of this recording, 10/08/25, Strategy's (MSTR) performance:

Open: $335.62
Close: $330.80
Volume: 12,996,280 shares
mNAV: 1.40
Market Cap: $94.98B
U.S. Market Cap Ranking: 115
BTC: 640,031

⏱️ TIMESTAMPS & INSIGHTS:

00:00:00 - Cue the music: Intro, Agenda and NFA
00:05:26 - Special guest: Welcome the Bitcoin Wizard

Bitcoin & Energy: Market moving in dog years

00:06:00 - MSTR Capital Stack: Leverage, assets, and BTC
00:11:20 - Bitcoin Treasury Growth: Asset scale and liquidity
00:21:00 - Corporate Liquidity Strategy: BTC vs. traditional cash
00:28:58 - Credit & Risk Framework: Trust, money, and collateral
00:33:54 - Credit Structures: Short, mid, and long-term credit
00:36:32 - Credit Limits & Trust: Personal borrowing capacity explained
00:39:12 - Household Debt Trends: Non-housing vs. housing debt
00:46:09 - Market Mispricing Risk: BTC collateral still undervalued
00:49:46 - Asset-Backed Lending: Underwriting BTC not individuals
00:53:01 - Equitized Credit Model: Saylor’s insurance-inspired strategy
00:56:51 - MSTR at Gold Parity: Credit quality inflection point
00:58:19 - Risk Comparison: BTC vs. equity, bonds, mortgages
01:00:00 - Bad Bonds Explained: High-yield debt and rising credit risk
01:06:13 - Bond Liquidity Risk: Selling constraints and default probability
01:09:18 - Disruption Risk Pricing: Black swan events impact on credit
01:14:43 - Technology’s impact: disruptions impact on change and pricing risk
01:17:06 - Ford’s Bond Profile: Duration risk and yield concerns
01:23:05 - Bitcoin vs. Disruption: BTC as strategic hedge asset
01:27:27 - Capital Efficiency Metrics: Assets and income per employee
01:30:56 - Credit Rotation Thesis: Selling weak debt for BTC credit
01:34:42 - Government Credit Risk: Bailouts, money printing, incentives
01:37:17 - Retail Credit Headwinds: Target, theft, and online migration
01:45:20 - Currency Collapse Signals: Argentina’s USD preference
01:53:00 - Debasement Trade Thesis: USD decline and BTC alternative
01:56:45 - Debt Spiral Warning: Downgrades, deficits, and inflation
02:03:08 - Final toughts and rants

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.

What is Credit w/ special guest Adam Livingston | True North Podcast | Ep. 41

True North Podcast

What is Credit w/ special guest Adam Livingston | True North Podcast | Ep. 41