"The iPhone Moment" | True North Podcast | Ep. 35

🧭 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 - Intro: cue the nusic, agenda, NFA and TN mission 00:04:19 - BTC treasury strategy: leverage update 00:07:05 - Preferred equity insight: debt maturity risk 00:10:00 - Perpetual preferreds: no principal repayment risk 00:13:01 - Dividend coverage math: BTC drawdown scenario & convertible bond shift for new entrants 00:18:55 - Bond vs. preferred: capital structure evolution 00:24:22 - 124-year coverage: preferreds for accretive BTC buys 00:29:55 - MSTR enterprise value: full capital stack view 00:33:20 - MSTR volatility playbook: portfolio allocation to harness the volatility and Q2 earnings 00:37:12 - Career risk flips: BTC credit vs no exposure 00:40:00 - Liquidity premium: new instruments outperform 00:43:55 - $1.3T preferred market: Bitcoin exposure for everyone 00:47:17 - Category killers: yields drop, scale rises, domination continues 00:51:49 - BTC balance sheets: insulation from disruption 00:56:07 - Bitcoin-backed investing: Why BTC collateral matters to valuation 01:00:28 - Reducing keyman risk: Phong steps up in earnings call in a big way 01:05:04 - Investor engagement shift: Teaching the market long-term strategy 01:09:20 - Bitcoin vs AI risk: Holding BTC as hedge against job disruption 01:12:00 - Yield structure insight: Preferred products with BTC dividends during inflationary times 01:15:00 - Equity issuance strategy: MNAV targets before new dilution 01:18:56 - Dividend reinvestment pressure: Scaling capital raises efficiently 01:23:33 - Massive earnings potential: BTC price could 10x net income 01:28:21 - STRC product outlook: High-yield structure with monthly payouts 01:32:42 - Bitcoin mainstream adoption: ETFs drive broader exposure 01:37:15 - Missed BTC opportunity: Corporate income priced in sats 01:40:44 - Bitcoin as war chest: Financial runway and the power of the BTC treasury 01:50:17 - AI job displacement: How GPT and coders intersect 01:54:09 - Adapt or fall behind: AI mastery becomes essential 01:55:05 - final thoughts 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.