True North Podcast

Agenda: SpaceX & Broad Capital Markets Macro BTC Prague Takeaways STRC & SATA Analysis & Credit Instruments Fed Meeting Thank you to our Sponsors: BitGo: https://www.bitgo.com/ SALT: https://saltlending.com/ ABUNDANT MINES: https://abundantmines.com 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](http://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.

🧭 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: $54.09B U.S. Market Cap Ranking: #201 BTC: 709,715 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Intro: NFA, agenda and True North overview 00:02:09 - Stretch price behavior: Volatility compression versus Bitcoin 00:04:18 - Balance sheet strategy: 1x mNAV and ATM expansion logic 00:06:49 - Capital structure model: Bitcoin, equity, credit flywheel 00:09:43 - Yield curve control: Variable dividend preferred mechanics 00:11:07 - Supply discipline approach: Peg defense and issuance limits 00:13:30 - Rate cut asymmetry: Falling rates boost credit spread 00:15:27 - TN event: join the crew in Las Vegas 00:16:51 - Fiscal dominance reality: Structural US deficit regime 00:20:05 - Monetary financing loop: Deficits force money creation 00:23:10 - Debt compounding risk: Interest burden and debasement cycle 00:26:46 - Product market fit: Stretch outperforming other credit tools 00:29:37 - Fiscal responsibility debate: Fed, deficits, real rate risk 00:32:17 - Bitcoin-backed credit thesis: Alternative to sovereign bonds 00:34:10 - Capital raise capacity: ATM runway and mNAV leverage 00:36:33 - mNAV leverage durability: Dividend funding in bear markets 00:38:17 - Global macro signal: Japan rates and carry trade unwind 00:43:34 - Generational capital shift: Exiting legacy financial assets 00:45:33 - Ray Dalio perspective: Bitcoin versus gold debate 00:48:45 - Macro landing scenarios: Debasement versus crisis outcomes 00:53:00 - Bitcoin moat math: Relative ownership and scarcity 00:56:17 - Convert dilution dynamics: Delta hedging fade thesis 00:57:06 - Bull case modeling: Million Bitcoin accumulation path 00:59:30 - Long-term supply capture: 2035 Bitcoin ownership projection 01:03:01 - MNAV upside bounds: Convert structure constraints 01:04:30 - Final thoughts Be part of the True North In-Side Event experience. Tickets available here: 👉 https://luma.com/tnb4c26 Strategy World sign-up: https://www.strategysoftware.com/world26/register Use discount code TrueNorth for 20% off your registration—just a little bonus for our True North community. MSTR TRUE NORTH LINKS: True North Website: https://www.mstrtruenorth.com X: https://x.com/MSTRTrueNorth 🛒 MERCH: https://thehodlshop.com/collections/true-north Youtube: @MSTRTrueNorth MSTR Links: https://www.mstr-tracker.com https://saylortracker.com/ https://robinhood.com/us/en/stocks/MSTR/ * https://www.strategy.com/ 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.

🧭 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 Volume: 28,334,600 Shares mNAV: 1.06 Market Cap: $50.62B U.S. Market Cap Ranking: #212 BTC: 673,783 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Intro: NFA, agenda and True North overview 00:05:11 - Roundtable updates: Latest projects the crew is working on 00:13:58 - Balance Sheet Snapshot: Assets, Bitcoin, reserves 00:15:12 - Net Capital Growth: Leverage compression and dividends 00:17:25 - Perpetual Preferred Equity: Permanent capital effects 00:18:27 - Balance Sheet Resilience: Drawdowns, leverage, amplification 00:23:27 - Liquidity and Dividends: Trading volume supports payouts 00:26:27 - Price Drivers Explained: Options flow, ATM, rates, volatility 00:34:35 - ATM Issuance and Liquidity: Supply debates and market structure 00:40:37 - Volatility and Liquidity Mechanics: Preferreds versus common stock 00:46:11 - Short MSTR Risk: mNAV drift and asymmetrical downside 00:50:04 - Preferred Credit Demand: Yield, pricing, dividend behavior 00:53:55 - Yield Product Mechanics: Pricing, dividends, distribution flow 01:05:34 - Capital Control Framework: Liquidity management and excess coverage 01:09:07 - Capital Reallocation Shock: AI disruption and Bitcoin treasury edge 01:15:30 - Institutional Positioning: Sentiment shifts, capital signaling and MSCI decision 01:23:07 - Policy Risk and Bitcoin: Leverage, regulation, and asset selection 01:28:40 - Capital Structure Engineering: Yield creation and durability 01:34:33 - Credit System Stress: AI shock, failure, recovery mechanics 01:46:49 - Institutional Delay Risk: Pensions, governance, missed adoption 01:58:47 - Final Thoughts: Conviction, positioning, long-term framework Be part of the True North In-Side Event experience. Tickets available here: 👉 https://luma.com/tnb4c26 Strategy World sign-up: https://www.strategysoftware.com/worl… Use discount code TrueNorth for 20% off your registration—just a little bonus for our True North community. 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: https://www.mstr-tracker.com https://saylortracker.com/ https://robinhood.com/us/en/stocks/MSTR/ https://www.strategy.com/ 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.

🧭 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 Market Cap: $55.9B U.S. Market Cap Ranking: 190 BTC: 660,624 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Intro: NFA, agenda and True North overview 00:03:10 - Event Context: Conviction, networking and market backdrop 00:04:42 - Trend Signals: Chart mechanics, death cross and momentum turn 00:08:10 - Higher-Timeframe Structure: Weekly levels, higher lows and trend context 00:09:06 - Multi-Frame Review: Monthly and yearly recovery signals 00:12:12 - EPS Thresholds: Required BTC price for positive earnings 00:14:14 - Survey Momentum: Gauging ATH expectations and sentiment 00:16:38 - Rate Regime Change: Volatility and QE effects 00:18:14 - Supply Crunch Setup: ETF flows and treasury accumulation 00:20:04 - Fed Signals: GDP revisions and future rate cuts 00:22:00 - Productivity Shock: AI-driven deflation and policy response 00:23:57 - Fiscal Strain: Debt path, shutdown risk and tax limits 00:26:19 - Consumer Credit Stress: Debt stacking and inequality 00:29:14 - Tech Concentration: MAG7 dominance and return skew 00:32:45 - Hard Money Hedge: Bitcoin as monetary protection 00:34:57 - Treasury Math: Why printing is structurally required 00:37:39 - Policy Shifts: Pro-crypto Fed leadership probabilities 00:38:36 - Collateral Upgrade: BTC/ETH/USDC for derivatives margin 00:42:08 - Financial Engineering: Reserves, ratings and dividend strategy 00:46:07 - Buyback Mechanics: Supply reduction and accretive impact 00:48:06 - Treasury Strength: Dividend runway and BTC-backed reserves 00:50:07 - Capital Stack: Prefs, converts and liquidation coverage 00:52:05 - Indexing Rebuttal: Why digital treasuries aren’t funds 00:55:51 - Investor Discipline: Fear cycles and recovery patterns 00:57:54 - Reserve Strategy: Cash buffers for extended bear markets 00:59:37 - Debt Spiral: Election-year constraints and forced rate cuts 01:01:47 - Future Prep: Automation risk and asset-based resilience 01:03:10 - Bitcoin Integration: Payments, emerging markets and rails 01:04:20 - Final thoughts: Strategy World networking and key figures Be part of the True North In-Side Event experience. Tickets available here: 👉 https://luma.com/tnb4c26 Strategy World sign-up: https://www.strategysoftware.com/worl… Use discount code TrueNorth for 20% off your registration—just a little bonus for our True North community. 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: https://www.mstr-tracker.com https://saylortracker.com/ https://robinhood.com/us/en/stocks/MSTR/ https://www.strategy.com/ 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.

🧭 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: https://www.mstr-tracker.com https://saylortracker.com/ https://robinhood.com/us/en/stocks/MSTR/ https://www.strategy.com/ 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.