The Mechanics of Capital and Digital Credit | True North Podcast | Ep. 61

🧭 True North episode 61: Bitcoin meets capital markets as investors explore digital credit, leverage, and macro risk. From MSTR aalysis to portfolio construction, the discussion breaks down adoption, liquidity dynamics, and why Bitcoin is reshaping capital allocation. 🎛️ As of this recording, 4/1/26, Strategy's (MSTR) performance: Open: $126.18 Close: $122.78 Volume: 15.4M Shares mNAV: ~1.19 Market Cap: ~ $42.4B BTC: 762,099 Have questions you want covered in the livestream? Ask them here: https://tnorth.com/ask/ ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Episode Intro 00:01:20 - Agenda and current events: macro setup, topics, market context 00:05:38 - Bitcoin TradFi adoption: allocator perspective on mispricing 00:08:49 - Credit structuring mechanics: tranching volatility into yield layers 00:11:07 - Tokenization and liquidity: STRC volume, options, market structure 00:14:29 - Bear market strategy: building, educating, launching new products 00:22:41 - MSTR balance sheet: leverage, BTC holdings, capital strength 00:26:45 - Treasury company scaling: efficiency, multiples, capital allocation 00:31:01 - Federal Reserve policy: liquidity, rates, balance sheet strategy 00:36:09 - Macro complexity risks: second-order effects and system fragility 00:38:15 - Liquidity trap dynamics: capital idle, velocity collapse, inflation risk 00:43:28 - Debt and macro pressure: deficits, interest burden, systemic risk 00:45:47 - Portfolio and digital credit: allocation shift, yield vs volatility 00:56:56 - Bitcoin allocation shift: portfolio transition, risk and time horizon 00:59:12 - Bitcoin risk framework: counterparty risk, allocation philosophy shift 01:05:43 - Equity purpose rethink: cash flow claims vs speculative growth 01:10:40 - Scarcity premium thesis: Bitcoin vs traditional monetary assets 01:14:14 - Equity capital mechanics: purpose of equity and capital raising role 01:19:55 - Equity market incentives: EPS focus, buybacks, capital allocation 01:22:50 - Bitcoin adoption curve: talent inflow, ecosystem growth, structural shift 01:26:40 - Ownership and concentration: conviction bets vs diversification tradeoffs 01:29:40 - Volatility risk framing: perceived volatility vs actual systemic risk 01:33:08 - Risk underwriting approach: probability, downside, survivability focus 01:41:47 - Dan’s final thoughts: closing perspective on markets and outlook 01:42:55 - Grant’s final thoughts: closing perspective on markets and outlook 01:44:35 - Jeff’s final thoughts: closing perspective on markets and outlook 01:48:20 - Ben’s final thoughts: closing perspective on markets and outlook 01:53:00 - Grain’s final thoughts: closing perspective on markets and outlook Check out our upcoming live events and join us in person! https://tnorth.com/events/ Thank you to our Sponsors: BitGo: https://www.bitgo.com/ Horizon: https://joinhorizon.com/?ref=TRUENORTH TRUE NORTH LINKS: True North Website: https://tnorth.com X: https://x.com/MSTRTrueNorth 🛒 MERCH: https://thehodlshop.com/collections/t… Youtube: / @btctruenorth 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.