Up To Par | True North Podcast | Ep. 52

🧭 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.