The New Regime | True North Podcast | Ep. 68

The New Regime | True North Podcast | Ep. 68

🎛️ As of this recording, 5/27/26, Strategy's (MSTR) performance: * Open: $156.76 * Close: $154.20 * Volume: ~ 11.89M Shares * mNAV: ~1.23 * Market Cap: ~ $54B * BTC: 843,738 ⏱️ TIMESTAMPS & INSIGHTS: * 00:00:00 [https://www.youtube.com/watch?v=MkM8tIlncKk] - Intro And NFA: Educational discussion and disclaimers * 00:02:45 [https://www.youtube.com/watch?v=MkM8tIlncKk&t=165s] - Market Structure Overview: Bitcoin volatility and AI trade setup * 00:04:36 [https://www.youtube.com/watch?v=MkM8tIlncKk&t=276s] - Amplification Dynamics: Dividend coverage and leverage improve * 00:07:21 [https://www.youtube.com/watch?v=MkM8tIlncKk&t=441s] - Bitcoin Collateral Risk: 2022 balance sheet stress comparison * 00:09:36 [https://www.youtube.com/watch?v=MkM8tIlncKk&t=576s] - Balance Sheet Stress Test: Bitcoin drawdowns and coverage durability * 00:10:43 [https://www.youtube.com/watch?v=MkM8tIlncKk&t=643s] - Preferred Equity Security: Bitcoin overcollateralization strengthens credit * 00:13:13 [https://www.youtube.com/watch?v=MkM8tIlncKk&t=793s] - Refinancing Strategy Shift: Cash reserves retire senior liabilities * 00:16:10 [https://www.youtube.com/watch?v=MkM8tIlncKk&t=970s] - Capital Structure Psychology: Market reassesses reserve reduction risks * 00:19:10 [https://www.youtube.com/watch?v=MkM8tIlncKk&t=1150s] - Bitcoin Per Share Focus: Debt buybacks reduce dilution pressure * 00:20:25 [https://www.youtube.com/watch?v=MkM8tIlncKk&t=1225s] - Convertible Arbitrage Mechanics: Volatility traders value optionality * 00:22:23 [https://www.youtube.com/watch?v=MkM8tIlncKk&t=1343s] - Infinite Leverage Thesis: mNAV expansion under stressed Bitcoin * 00:24:13 [https://www.youtube.com/watch?v=MkM8tIlncKk&t=1453s] - Preferred Equity Risks: Amplification alters collateral assumptions * 00:27:15 [https://www.youtube.com/watch?v=MkM8tIlncKk&t=1635s] - Leveraged Bitcoin Exposure: Strategy equity outperforms spot BTC * 00:29:02 [https://www.youtube.com/watch?v=MkM8tIlncKk&t=1742s] - Traditional Valuation Limits: Default models ignore capital access * 00:32:32 [https://www.youtube.com/watch?v=MkM8tIlncKk&t=1952s] - Digital Credit Stability: Fiduciary media concerns and dividends * 00:35:13 [https://www.youtube.com/watch?v=MkM8tIlncKk&t=2113s] - Bitcoin Credit Scaling: Trillion-dollar preferred structures discussed * 00:39:43 [https://www.youtube.com/watch?v=MkM8tIlncKk&t=2383s] - AI Memory Trade: Semiconductor positioning and AI infrastructure demand * 00:42:13 [https://www.youtube.com/watch?v=MkM8tIlncKk&t=2533s] - High Bandwidth Memory: AI compute bottlenecks intensify * 00:45:28 [https://www.youtube.com/watch?v=MkM8tIlncKk&t=2728s] - Future Compute Curves: Photonics and decentralized processing * 00:48:54 [https://www.youtube.com/watch?v=MkM8tIlncKk&t=2934s] - Technological Expansion Thesis: Robotics and global adoption accelerate * 00:49:58 [https://www.youtube.com/watch?v=MkM8tIlncKk&t=2998s] - AI Equity Volatility: Micron trading cycles and risk * 00:55:09 [https://www.youtube.com/watch?v=MkM8tIlncKk&t=3309s] - Valuation Expansion Dynamics: AI multiples and equity issuance * 00:57:15 [https://www.youtube.com/watch?v=MkM8tIlncKk&t=3435s] - Sentiment Reflexivity Loops: Markets rotate across AI narratives * 01:01:58 [https://www.youtube.com/watch?v=MkM8tIlncKk&t=3718s] - Dollar Base Layer: AI growth meets debt crisis * 01:03:34 [https://www.youtube.com/watch?v=MkM8tIlncKk&t=3814s] - Federal Debt Spiral: Interest burdens outpace economic growth * 01:07:30 [https://www.youtube.com/watch?v=MkM8tIlncKk&t=4050s] - Treasury Demand Crisis: Global trust erosion pressures dollar * 01:09:00 [https://www.youtube.com/watch?v=MkM8tIlncKk&t=4140s] - Fed Policy Trap: Inflation and liquidity dilemmas collide * 01:12:28 [https://www.youtube.com/watch?v=MkM8tIlncKk&t=4348s] - Digital Credit Demand: Capital preservation drives Bitcoin yield products * 01:15:42 [https://www.youtube.com/watch?v=MkM8tIlncKk&t=4542s] - Dan’s Final Thoughts: Long-term conviction through market uncertainty * 01:17:42 [https://www.youtube.com/watch?v=MkM8tIlncKk&t=4662s] - Soleil’s Final Thoughts: Digital credit and Bitcoin market resilience * 01:21:25 [https://www.youtube.com/watch?v=MkM8tIlncKk&t=4885s] - Adrian’s Final Thoughts: Bitcoin and macro outlook wrap-up * 01:23:01 [https://www.youtube.com/watch?v=MkM8tIlncKk&t=4981s] - Jeff’s Final Thoughts: Long-duration Bitcoin adoption thesis Thank you to our Sponsors: BitGo: https://www.bitgo.com/ [https://www.bitgo.com/] SALT: https://saltlending.com/ [https://saltlending.com/] ABUNDANT MINES: https://abundantmines.com [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]](http://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.

Reimagining Money | True North Podcast | Ep. 67

Agenda: 1. STRC analysis (VWAP / risk) 2. Market Benchmarks & Capital Flow Comparisons 3. Bitcoin Supply, Demand & Price Impact 4.Yield, Performance & Strategic Positioning Have questions? Ask on our website! https://tnorth.com/ask [https://tnorth.com/ask] Thank you to our Sponsors: BitGo: https://www.bitgo.com/ [https://www.bitgo.com/] SALT: https://saltlending.com/ [https://saltlending.com/] ABUNDANT MINES: https://abundantmines.com [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]](http://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.

The World Has Changed... | True North Podcast | Ep. 66

🎛️ As of this recording, 5/14/26, Strategy's (MSTR) performance: * Open: $177.85 * Close: $186.97 * Volume: ~15.9M Shares * mNAV: ~1.23 * Market Cap: ~ $65.5B * BTC: 818,869 ⏱️ TIMESTAMPS & INSIGHTS: * 00:00:00 - Intro And NFA: Educational discussion and disclaimers * 00:07:05 - Daily Dividend Breakthrough: First US security with daily payouts * 00:14:03 - Stablecoin Arbitrage Surface: Dividend frequency expands carry trade activity * 00:17:23 - Dividend Market Psychology: Daily payouts sustain investor engagement * 00:19:09 - Credit Risk Modeling: Evaluating perpetual dividend sustainability * 00:22:16 - Daily Yield Tokenization: DeFi liquidity models disrupted by SATA * 00:26:23 - DRIP Compounding Mechanics: Daily reinvestment increases effective yield * 00:30:53 - 13% Yield Product: Public preferred equity launches daily income * 00:32:32 - Structured Credit Evolution: Bitcoin credit wrapped into rated products * 00:35:03 - Bitcoin Payment Rails: Lightning enables instant Bitcoin spending * 00:38:34 - Digital Credit Unlock: SATA acts as instant global credit layer * 00:39:50 - STRC Trading Explosion: Ex-dividend dates drive massive trading volume * 00:42:59 - Institutional Carry Trades: Quant funds exploit dividend arbitrage spreads * 00:47:32 - Liquidity Centralization Effects: US markets concentrate digital credit liquidity * 00:49:28 - Sticky Yield Behavior: Daily dividends reduce investor selling pressure * 00:52:11 - Leveraged SATA Trading: Margin carry trades amplify yield exposure * 00:56:03 - Bitcoin Trojan Horse: Digital credit drives indirect Bitcoin adoption * 00:58:37 - Capital Gravity Effects: Stable assets attract institutional capital flows * 01:04:45 - Bitcoin Risk Mispricing: Probability models create asymmetric market alpha * 01:11:14 - Insurance Balance Sheet: Duration matching liabilities with Bitcoin reserves * 01:14:25 - IPO Risk Transfer: Public equities distribute leveraged Bitcoin exposure * 01:16:05 - MSTR Trading Chaos: Hedging flows create persistent alpha opportunities * 01:20:48 - Bitcoin Regulatory Tailwinds: Clarity Act accelerates digital credit adoption * 01:23:50 - Bitcoin Capital Markets: STRC volume signals securitization acceleration * 01:27:33 - Soleil's Final Thoughts: Digital credit transforms Bitcoin capital markets * 01:29:15 - Dan's Final Thoughts: Long-term digital credit market outlook * 01:30:37 - Jeff's Final Thoughts: Bitcoin capital markets continue accelerating Thank you to our Sponsors: BitGo: https://www.bitgo.com/ [https://www.bitgo.com/] SALT: https://saltlending.com/ [https://saltlending.com/] ABUNDANT MINES: https://abundantmines.com [https://abundantmines.com] See our website: https://tnorth.com [https://tnorth.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]](http://www.sec.gov).\* [http://www.sec.gov).%5C*] \ * 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.

Credit Quality Accelerating | True North Podcast | Ep. 65

🎛️ As of this recording, 5/6/26, Strategy's (MSTR) performance: * Open: $184.57 * Close: $186.82 * Volume: ~14.3M Shares * mNAV: ~1.28 * Market Cap: ~ $64B * BTC: 818,334 ⏱️ TIMESTAMPS & INSIGHTS: * 00:00:00 - Intro: TN trailer and not financial advice * 00:03:06 - Recent Market Reactions: Strategy earnings call sparks polarized sentiment * 00:05:17 - Selling Bitcoin And Converts: BTC sale implications and debt cleanup optionality * 00:13:36 - Bitcoin Liquidity And Preferreds: Market depth strengthens perpetual capital optionality * 00:17:50 - Bitcoin Tax Loss Strategy: BTC sales fund dividends and optimize tax basis * 00:25:43 - Credit Arbitrage And mNAV: Preferred flows, dilution math, and amplification mechanics * 00:31:24 - Amplification And Credit Risk: Modeling leverage, volatility, and dividend durability * 00:35:03 - Stakeholder Capital Framework: Balancing common equity, credit holders, and Bitcoin * 00:39:40 - Bitcoin Buyer And Risk Models: Strategy demand, volatility, and amplification scenarios * 00:44:58 - Bitcoin Per Share Thesis: mNAV valuation and long-term equity amplification * 00:49:35 - Digital Credit Expansion: Layered leverage and Bitcoin-backed financial products * 00:53:50 - DeFi Yield Markets: Pendle, tranching, and smart contract risk dynamics * 00:57:35 - Bitcoin-Backed Credit Markets: Digital credit reshapes global debt infrastructure * 01:02:40 - Bitcoin Adoption And Inflation: Retail demand and monetary debasement tailwinds * 01:07:45 - Sticky Features And Scale: Amazon-style adoption and long-term risk pricing * 01:12:45 - Insurance And Digital Credit: Bitcoin-backed balance sheets and AI disruption * 01:17:35 - Bitcoin Conference Insights: Institutional adoption, mining, and business integration * 01:23:25 - Bitcoin Business Adoption: Digital credit community expansion * 01:25:16 - Digital Credit Adoption: Bitcoin-backed finance and competitive business advantages * 01:28:54 - Dan’s Final Thoughts: BTC per share, mNAV, and shareholder accretion * 01:30:16 - Mason’s Final Thoughts: Bitcoin yield, buybacks, and shareholder optimism * 01:33:21 - Grain’s Final Thoughts: Bullish outlook on Bitcoin yield and shareholder value * 01:34:22 - Jeff’s Final Thoughts: Stream updates, tokenization, and ecosystem growth Thank you to our Sponsors: BitGo: https://www.bitgo.com/ [https://www.bitgo.com/] SALT: https://saltlending.com/ [https://saltlending.com/] See our website: https://tnorth.com [https://tnorth.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]](http://www.sec.gov).\* [http://www.sec.gov).%5C*] \ * 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.

The Dividend Machine | True North Podcast | Ep. 64

🎛️ As of this recording, 4/22/26, Strategy's (MSTR) performance: * Open: $174.93 * Close: $179.36 * Volume: ~31.9M Shares * mNAV: ~1.25 * Market Cap: ~ $60.1B * BTC: 815,061 ⏱️ TIMESTAMPS & INSIGHTS: * 00:00:00 - Trailer: Preview of key topics and themes * 00:03:00 - Recent News: Jeff on rapid market developments * 00:06:40 - Balance Sheet Growth: Assets rise from recent tailwinds * 00:08:13 - Leverage Profile: Debt ratio and downside thresholds * 00:09:07 - Dividend Structure Change: Shift to semi-monthly payouts * 00:12:54 - mNAV Premium: Raising capital above asset value * 00:14:12 - Audio Issue: Grain speaking while muted * 00:15:14 - Fiat System Outlook: Structural imbalance and long-term risks * 00:16:20 - Market Participation Shift: Volume drives trading behavior * 00:19:58 - Income Demand Shift: Yield focus drives investor interest * 00:22:31 - Price Stability Narrative: Instrument holds through volatility * 00:25:30 - True North Event: Vegas meetup at Bitcoin conference * 00:26:29 - Investor Skepticism: Debate on risk and principal return * 00:27:42 - Covered Call Management: Sole discusses rolling positions * 00:30:14 - Earnings Outlook: Projected net income and narrative impact * 00:33:59 - Structured Credit Buildout: Tranching, risk buffers, and scaling framework * 00:42:04 - Rating Agency Path: Structuring for credit ratings * 00:47:05 - Implementation Pathway: Raising capital and building structure * 00:53:24 - Capital Access Constraints: Limits for US-based investors * 00:56:56 - Structured Finance Case Study: Natural gas cash flow tranching * 01:01:38 - Innovation Mindset: Builders shaping financial future * 01:07:38 - Early Adopter Advantage: Retail leads new instruments * 01:11:22 - Institutional Entry Timing: Later adoption impacts returns * 01:12:30 - Rate Outlook Narrative: AI used to justify rate shifts * 01:13:46 - Long-Term Demand Thesis: Sustaining high yield environment * 01:16:34 - Capital Rotation Dynamics: Equity profits move into credit * 01:19:44 - Convertible Strategy: Balancing downside protection and upside * 01:22:48 - Liquidity Environment Shift: Capital flows and macro setup * 01:25:21 - Valuation Framework Shift: Balance sheet over cash flow * 01:28:15 - Risk-Free Debate: Questioning traditional benchmarks * 01:31:20 - Soleil’s Final Thoughts: Risk, conviction and allocation * 01:33:27 - Narrative and Sentiment: Grain on framing and perception * 01:37:20 - Mason’s Final Thoughts: Opportunity sizing, positioning, conviction * 01:40:56 - Dan’s Final Thoughts: Product evolution, structure, and demand * 01:42:04 - Jeff’s Final Thoughts: Macro framing, capital flows, and outlook Thank you to our Sponsors: BitGo: https://www.bitgo.com/ [https://www.bitgo.com/] SALT: https://saltlending.com/ [https://saltlending.com/] See our website: https://tnorth.com [https://tnorth.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]](http://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.