🧭 MSTR True North episode 33: The crew discusses how MSTR is transforming corporate finance by holding permeant, digital capital on the balqnce sheet. This episode breaks down Strategy’s evolving playbook, institutional adoption, leverage, and why Bitcoin is becoming oxygen for forward-looking companies. 🎛️ As of this recording, 7/16/25, Strategy's (MSTR) performance:

Open: $448.31
Close: $455.90
Volume: 10,575,450 shares
mNAV: 2.01
Market Cap: ~$128.52B
U.S. Market Cap Ranking: 80
BTC: 601,550

⏱️ TIMESTAMPS & INSIGHTS:

00:00:00 - Cue the music
00:01:10 - Agenda & True North mission
00:04:23 - Surrending capital: using risk to attract capital, accelerate innovation and reset TradFi
00:12:35 - BTC adoption: how few companies hold Bitcoin on their treasury today
00:14:44 - Winter?: Saylor’s conviction that the seasons are over
00:16:39 - Institutional growth: big money reshaping Bitcoin markets
00:23:05 - Optionality fueled by collateral : $670B buybacks signal stagnation, not strength
00:27:30 - $STRF narrative & mNAV justification: is Chanos better off buying Strife
00:32:03 - MSTR leverage: how Bitcoin boosts corporate equity value
00:34:30 - Redefining valuation frameworks: breaking down Phong Le’s recent commentary on valuation
00:37:26 - Q2 earnings: strategy’s $11.1B profit and how thr market might digest the news
00:47:59 - Leverage update: health of the balance sheet and financial strength built on BTC
00:55:00 - MSTR’s Financial vehicles: preferreds, converts, and innovation in products
01:03:20 - Capital stack: why Strife leads MSTR’s structure
01:05:54 - Bond pricing: convertible arbitrage and pricing dynamics
01:11:58 - Dilution effects: how convertibles vs. preferreds impact share count
01:17:21 - Perpetual preferreds: why they work with Bitcoin’s nature
01:22:22 - Raising capital: market cycles and creative deal-making
01:28:30 - pricing opportunity: weekly volume analysis and identifying pricing discrepancies

• 01:34:51 - valuation model: projecting multi-trillion dollar companies • 01:40:31 - Secured debt: btc-backed preferreds vs. junk bonds

01:43:04 - Index inclusion: analysis and catalyst for price appreciation

• 01:49:56 - $MSTR vs $PLTR: looking at the numbers and EPS bewilderment • 01:58:54 - Impact of BTC on job market: capitalizing on sound capital and AI is transforming professions globally • 02:01:20 - Q2 earnings call: True North coverage plan • 02:02:15 - Moon math: Jeff’s path to $MSTR all-time highs

02:05:30 - Final thoughts

MSTR TRUE NORTH LINKS:

True North Website: https://tnorth.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.

Inject The Bitcoin Volatility Virus | True North Podcast | Ep. 33

True North Podcast

Inject The Bitcoin Volatility Virus | True North Podcast | Ep. 33