True North Podcast

🧭 MSTR True North episode 55: We break down Strategy’s capital structure, mNAV, leverage, and the emerging digital credit markets. Learn more about how institutional capital actually moves in Bitcoin an how to think about risk in this marketplace. 🎛️ As of this recording, 2/11/26, Strategy's (MSTR) performance: Open: $133.68 Close: $126.07 Volume: 25.84M Shares mNAV: ~0.95 Market Cap: ~ $41.9B U....

🧭 MSTR True North episode 54: A deep dive into Bitcoin’s drawdown, macro liquidity, and why this cycle differs. We break down capital structure, leverage myths, margin-call fears, treasury concentration, short-risk asymmetry, and how convex balance sheets create explosive upside. 🎛️ As of this recording, 2/4/26, Strategy's (MSTR) performance: Open: $120.25 Close: $129.09 Volume: 23.8M Shares mNAV...

🧭 MSTR True North episode 53: The group does a deep dive into Bitcoin credit risk, preferred equity, leverage, and mNAV. Covers MSTR balance sheet math, metals vs Bitcoin flows, Tether reserves, credit models, macro signals, liquidity, and risk/reward across cycles. 🎛️ As of this recording, 1/28/26, Strategy's (MSTR) performance: Open: $164.45 Close: $158.45 Volume: 14.08M Shares mNAV: 0.91 Marke...

🧭 MSTR True North episode 52: The crew discusses Bitcoin, digital credit, and MSTR’s capital structure. Tune in to hear analysis on leverage, mNAV, yield curve control and macro deficits, plus Ray Dalio’s gold vs Bitcoin view and why credit drives demand. 🎛️ As of this recording, 1/21/26, Strategy's (MSTR) performance: Open: $161.27 Close: $163.81 Volume: 18,440,820 Shares mNAV: 1.07 Market Cap:...

🧭 MSTR True North episode 51: 🎛️ As of this recording, 1/14/26, Strategy's (MSTR) performance: Open: $178.64 Close: $179.33 Volume: 40,257,000 Shares mNAV: 1.07 Market Cap: $57.32B U.S. Market Cap Ranking: #192 BTC: 687,410 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Intro: NFA, agenda and True North overview 00:04:50 - Capital Structure Overview: MSTR and STRC balance sheet changes 00:07:27 - Leverage...

🧭 MSTR True North episode 50: The crew does a deep dive into Bitcoin treasury strategy, mNAV, leverage, and capital structure. The discussion includes a healthy debate about ATM issuance, liquidity, credit, and short risk, then zooms out to macro shocks, pensions, and Bitcoin’s role in capital allocation. 🎛️ As of this recording, 1/7/26, Strategy's (MSTR) performance: Open: $163.45 Close: $161.83...

🧭 MSTR True North episode 49: This week the crew highlights their experience at Bitcoin Mena, status of sovereign adoption, balance sheet leverage, mNAV, digital credit, AI capital shifts, and why patient capital wins when price disconnects from value in Bitcoin and equity markets. 🎛️ As of this recording, 12/17/25, Strategy's (MSTR) performance: Open: $167.75 Close: $160.38 Volume: 19,144,900 Sh...

🧭 MSTR True North episode 48: The crew does a deep dive into Bitcoin markets, macro signals, credit cycles, and capital structure. We break down trend data, EPS thresholds, leverage, mNAV, Fed policy, and why Bitcoin sits at the center of the next liquidity cycle. 🎛️ As of this recording, 12/10/25, Strategy's (MSTR) performance: Open: $189.32 Close: $184.64 Volume: 22,458,960 Shares mNAV: 0.92 Ma...

🧭 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:...

🧭 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...

🧭 MSTR True North episode 45: The team covers the following topics: Bitcoin credit, liquidity stress, mNAV, dividend math, MSTR capital structure, ETF flows, leverage, over collateralization, protocol risks, macro signals steering capital allocation and risk/reward. 🎛️ As of this recording, 11/19/25, Strategy's (MSTR) performance: Open: $202.36 Close: $186.50 Volume: 28,025,372 Shares mNAV: 1.17...

🧭 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...

🧭 MSTR True North episode 43: This episode breaks down return of capital investing, credit ratings, risk underwriting, and structured yield products - framed around macro signals, mNAV, capital allocation, and long-term value. 🎛️ As of this recording, 10/29/25, Strategy's (MSTR) performance: Open: $284.38 Close: $275.36 Volume: 10,184,060 Shares mNAV: 1.35 Market Cap: $79.08B U.S. Market Cap Rank...

Phong Le (CEO, $MSTR) joins True North to discuss bitcoin-backed credit products, the future of Strategy, BTC price dynamics, and what mainstream Bitcoin adoption could look like from the corporate and consumer side. - Follow - X: https://x.com/Adrian\_R\_Morris X: https://x.com/MSTRTrueNorth X: https://x.com/Strategy Website: https://www.strategy.com/ - Outline - 00:00 – Intro 00:21 – Welcome 03:...

🧭 MSTR True North episode 42: The crew explores Bitcoin as corporate capital, synthetic yield, and how it’s driving in ovation in the credit markets. From mNAV to macro risk models, this episode highlights the process of building a balance sheet in a market that is build in a choric climate. 🎛️ As of this recording, 10/22/25, Strategy's (MSTR) performance: Open: $293.02 Close: $280.81 Volume: 15,...

🧭 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...

🧭 MSTR True North episode 40: the group doses a deep dive into Bitcoin investing, capital allocation, risk management, and leverage. They explore mNAV, treasury plays, macro signals, and why fixed income products are reshaping long-term portfolios. 🎛️ As of this recording, 10/01/25, Strategy's (MSTR) performance: Open: $332.47 Close: $338.41 Volume: 13,994,830 shares mNAV: 1.47 Market Cap: $97.16...

🧭 MSTR True North episode 39: This episode kicks off with the news tied to the Strive acquisition and the push to maintain authenticity. The rest of the discussion highlights all the bews in Bitcoin Treasury space in the last 3 weeks. 🎛️ As of this recording, 9/24/25, Strategy's (MSTR) performance: Open: $330.63 Close: $323.31 Volume: 9,153,097 shares mNAV: 1.37 Market Cap: $91.4B U.S. Market Cap...

🧭 MSTR True North episode 38: Soleil & Dan breakdown Strategy’s credit stack, BTC accumulation strategy, preferreds, rate risk, and AI macro themes dissected. Topics also include Strike, Strife, Stretch, MSTR mNAV, BTC vs gold, and Fed policy. 🎛️ As of this recording, 8/27/25, Strategy's (MSTR) performance: Open: $348.68 Close: $342.06 Volume: 8,379,611 shares mNAV: 1.56 Market Cap: ~97.36B U.S....

🧭 MSTR True North episode 37: A sharp look into Bitcoin-backed finance, misunderstood leverage, market shakeups, and the future of MSTR. Big money, bold moves, and a masterclass in navigating financial storms—this one’s not just for Bitcoiners. 🎛️ As of this recording, 8/20/25, Strategy's (MSTR) performance: Open: $339.38 Close: $344.47 Volume: 13,739,806 shares mNAV: 1.52 Market Cap: ~95.5B U.S....

🧭 MSTR True North episode 36: The True North crew dives deep into this transformational period. Segments include MSTR valuation, leverage risks, liquidation prefs, and BTC’s future as digital capital. 🎛️ As of this recording, 8/13/25, Strategy's (MSTR) performance: Open: $397.73 Close: $389.90 Volume: 10,884,940 shares mNAV: 1.62 Market Cap: ~$111B U.S. Market Cap Ranking: 93 BTC: 628,946 ⏱️ TIME...

🧭 MSTR True North episode 35: The crew talks Q2 earnings call, Bitcoin-backed investing, the creation of the BTC yield curve, AI disruption, and rising instituional adoption. 🎛️ As of this recording, 8/6/25, Strategy's (MSTR) performance: Open: $374.75 Close: $383.41 Volume: 7,032,447 shares mNAV: 1.68 Market Cap: ~$109B U.S. Market Cap Ranking: 98 BTC: 628,791 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00...

🧭 MSTR True North episode 34: 🎛️ As of this recording, 7/23/25, Strategy's (MSTR) performance: Open: $422.83 Close: $412.67 Volume: 12,990,043 shares mNAV: 1.81 Market Cap: ~$117B U.S. Market Cap Ranking: 91 BTC: 607,770 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Agenda breakdown 00:02:50 - MSTR’s Leverage Ratio: $72B in assets, debt ratio, and drawdown resilience 00:06:41 - Volatility as Strategy: Why...

🧭 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...

🧭 MSTR True North episode 32: The crew does a deep dive into Strategy’s capital stack, leverage, and preferred instruments like Strike, Strife and Stride—exploring risk, credit, and how institutional capital is recognizing the tue credit worthiness of a treasury powered by Bitcoin. 🎛️ As of this recording, 7/9/25, Strategy's (MSTR) performance: Open: $401.60 Close: $415.41 Volume: 13,065,370 shar...