True North Podcast

Agenda: STRC analysis (VWAP / risk) Market Benchmarks & Capital Flow Comparisons Bitcoin Supply, Demand & Price Impact 4.Yield, Performance & Strategic Positioning Have questions? Ask on our website! https://tnorth.com/ask 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.

🎛️ 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/ SALT: https://saltlending.com/ ABUNDANT MINES: https://abundantmines.com See our website: 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).\* \ 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.

🎛️ 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/ SALT: https://saltlending.com/ See our website: 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).\* \ 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.

🎛️ 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/ SALT: https://saltlending.com/ See our website: 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).* 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.

🎛️ As of this recording, 4/15/26, Strategy's (MSTR) performance: * Open: $139.75 * Close: $143.54 * Volume: 13.9M Shares * mNAV: ~1.15 * Market Cap: ~ $47.9B * BTC: 780,897 ⏱️ TIMESTAMPS & INSIGHTS: * 00:00:00 - Intro: TN trailer and not financial advice * 00:03:33 - True North Agenda: Purpose, hosts, and show structure * 00:05:19 - Team First Takes: Macro outlook, Bitcoin, and sentiment * 00:13:59 - STRC Arbitrage Setup: Dividend pricing inefficiency explained * 00:18:08 - Capital Scale Visualized: Billion-scale liquidity perspective * 00:19:23 - Capital Markets Shift: New credit instruments driving demand * 00:25:42 - Balance Sheet Flywheel: Capital infrastructure capturing flows * 00:27:15 - STRC Demand Growth: Institutional scale and liquidity expansion * 00:32:36 - Yield Dislocation Signals: Pricing inefficiencies and buyer dominance * 00:34:20 - Credit Market Expansion: Digital credit targeting large TAM * 00:36:42 - Inflation Mechanics Breakdown: Monetary expansion and asset impact * 00:37:28 - Debasement Math Framework: Rule of 72 purchasing erosion * 00:41:43 - Leverage Risk Analysis: Balance sheets, collateral, downside risk * 00:47:48 - Issuance Constraints Explained: Collateral limits and leverage capacity * 00:52:00 - Bitcoin Price Impact: Capital deployment influencing market structure * 00:53:17 - mNAV Allocation Strategy: Dilution timing and capital efficiency * 00:57:15 - Rate Regime Dynamics: Interest rates shaping capital allocation * 00:58:15 - Financial Repression Setup: Policy pressure driving risk assets * 01:01:55 - Instrument Pricing Inefficiency: Yield distortions and gaps * 01:05:01 - Market Structure Signals: Liquidity shifts and capital rotation * 01:07:24 - Options Strategy Framework: Yield capture, leverage, positioning dynamics * 01:13:14 - Capital Allocation Deep Dive: mNAV, BTC per share, scaling strategy * 01:19:33 - Issuance Scaling Dynamics: Capital deployment and BTC accumulation pace * 01:23:09 - Capital Structure Mechanics: Issuance layering and efficiency gains * 01:24:44 - Media Narrative Debate: Coffeezilla, Bankless, and risk framing * 01:26:42 - Soleil's Final Thoughts * 01:29:05 - Mason's Final Thoughts * 01:33:29 - Grain's final thoughts * 01:38:38 - Dan's Final Thoughts * 01:39:55 - Jeff's Final Thoughts Thank you to our Sponsors: BitGo: https://www.bitgo.com/ Horizon: https://joinhorizon.com/?ref=TRUENORTH SALT: https://saltlending.com/ MSTR Links: * https://www.mstr-tracker.com * https://saylortracker.com/ * https://robinhood.com/us/en/stocks/MSTR/ * https://www.strategy.com/ * https://strc.live/ 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.

Agenda: Volume & Liquidity Sharpe Ratio vs Sortino Ratio - Risk / Return Metrics Market Happenings (MS / Citadel / Blackrock) When MSTR 1M BTC? TN Community Questions Thank you to our Sponsors: BitGo: https://www.bitgo.com/ Horizon: https://joinhorizon.com/?ref=TRUENORTH Have questions? Ask the team here: https://tnorth.com/ask/ TRUE NORTH LINKS: True North Website: https://tnorth.com X: https://x.com/MSTRTrueNorth 🛒 MERCH: https://thehodlshop.com/collections/t… Youtube: / @btctruenorth MSTR Links: https://www.mstr-tracker.com https://saylortracker.com/ https://robinhood.com/us/en/stocks/MSTR/ https://www.strategy.com/ https://strc.live/ 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.

🧭 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.

🧭 True North episode 60: 🎛️ As of this recording, 3/25/26, Strategy's (MSTR) performance: * Open: $144.99 * Close: $140.40 * Volume: 18.7M Shares * mNAV: ~1.19 * Market Cap: ~ $48.8 and 3B * BTC: 762,099 ⏱️ TIMESTAMPS & INSIGHTS: * 00:00:00 - Intro: Podcast setup and discussion scope * 00:02:18 - Market Events Overview: Macro news and volatility drivers * 00:04:52 - Information Warfare Shift: Social media distorts market signals * 00:06:50 - Geopolitical Risk Premium: Conflict uncertainty drives Bitcoin demand * 00:08:58 - MSTR Capital Strategy: ATM programs and capital structure expansion * 00:12:52 - STRC Arbitrage Window: Record date flows and liquidity dynamics * 00:17:50 - Options Hedging Framework: Intraweek options and credit hedging strategies * 00:20:28 - Carry Trade Risks: Dividend timing and execution risk dynamics * 00:26:04 - Yield Stability Thesis: Dividend demand and arbitrage compression * 00:31:35 - Private Credit Breakdown: Liquidity stress and structural cracks * 00:37:13 - Generational Capital Shift: Wealth transfer and investment behavior * 00:39:15 - Real Estate Thesis: Land value, credit, and AI impact * 00:50:20 - Credit Rating Debate: Bitcoin valuation and rating implications * 00:54:10 - Cost of Capital Dynamics: Yield thresholds and capital allocation shifts * 00:58:21 - Bitcoin Re-Rating Catalyst: Credit upgrade and S&P inclusion implications * 01:02:03 - Digital Credit Strategy: Revenue model and business pivot decisions * 01:06:19 - Market Perception Shift: Bitcoin legitimacy and institutional framing * 01:09:09 - Bitcoin Legitimacy Curve: Institutional adoption and risk reframing * 01:15:10 - Digital Credit Platform: Tools, models, and research ecosystem * 01:20:47 - AI Compute Economics: Monetization models and infrastructure risks * 01:35:04 - AI Infrastructure Evolution: Local models and compute commoditization * 01:38:50 - Local AI Breakthrough: Compression enables on-device intelligence * 01:46:55 - Digital Capital Future: Bitcoin, AI, and credit convergence * 01:54:39 - Closing thoughts Powered by: Strive: https://Strive.com True North Website: https://www.tnorth.com 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/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.

🧭 True North episode 59: Explore how institutional flows, leverage, and digital credit are reshaping markets, driving Bitcoin demand, and setting up a massive capital reallocation with the True North team. 🎛️ As of this recording, 3/18/26, Strategy's (MSTR) performance: Open: $144.99 Close: $140.56 Volume: 21.3M Shares mNAV: ~1.22 Market Cap: ~ $44.64B BTC: 761,068 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Intro 00:04:54 - Top of mind: Stretch adoption and Bitcoin positioning 00:08:04 - Bitcoin cycle outlook: ETF flows and halving cycle expectations 00:10:09 - Bitcoin balance sheet model: Capital structure, leverage, and liquidity design 00:13:30 - Capital structure design: Volatility split and financial engineering 00:14:37 - Capital structure amplification: Preferred equity mechanics and Bitcoin per share growth 00:18:36 - Bitcoin liquidity engine: Institutional trading volume and capital market access 00:21:08 - ATM issuance strategy: Shelf sizing, filings, and market psychology effects 00:24:41 - Market priced preferred yield: Open market dividend discovery and rate stabilization 00:27:08 - Bank preferred risk analysis: Legacy structures, yield opacity, and credit uncertainty 00:29:53 - Bank credit opacity risks: Balance sheet complexity and rating uncertainty explained 00:33:45 - Credit rerating catalyst: Market disruption and systemic repricing risk unfolds 00:37:10 - Credit market breakdown: Private credit cracks, insurance risk, and forced selling dynamics 00:45:15 - Credit market response: Capital rotation, government intervention, and bullish demand dynamics 00:49:42 - Bitcoin acquisition engine: Strategy scaling purchases and supply absorption dynamics 00:55:30 - Bitcoin demand acceleration: Market liquidity, top buying, and supply shock dynamics 01:01:09 - Bitcoin performance breakout: Sharpe ratio, supply capture, and inflection catalysts 01:05:47 - AI driven investing edge: Data structuring, modeling, and decision advantage 01:09:28 - Capital allocation strategy: Digital credit, liquidity positioning, and balance sheet optimization 01:15:20 - Capital markets execution: ATM strategy, dividend arbitrage, and timing dynamics 01:21:09 - Bitcoin milestone trajectory: Million BTC target, projections, and valuation comparisons 01:26:40 - Bitcoin price trajectory: Million dollar targets and vertical market repricing thesis 01:30:40 - Digital credit narrative: Market adoption, exclusivity, and investor knowledge gap 01:37:25 - Institutional capital flows: Large scale accumulation and market demand expansion 01:43:39 - Final thoughts: Closing insights on capital shifts and Bitcoin trajectory 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: @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 58: A deep dive into Bitcoin’s evolving capital markets, covering digital credit, private credit risks, institutional adoption, and the financial innovations shaping the future of money, markets, and technology. 🎛️ As of this recording, 3/11/26, Strategy's (MSTR) performance: Open: $139.81 Close: $138.33 Volume: 15.6M Shares mNAV: ~1.21 Market Cap: ~ $46.16B BTC: 738,731 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Intro 00:03:09 - Digital Credit Opportunity: Early adoption and institutional awareness gap 00:06:35 - Bear Market Capital Raise: Strategy raises $1.2B to accumulate Bitcoin 00:09:04 - Monetary Debasement Risks: Expanding money supply and structural deficits 00:11:02 - Bitcoin Financial Instruments: Derivatives and securities built on BTC liquidity 00:14:45 - Volatility vs Yield Products: Bitcoin equity exposure versus income instruments 00:19:29 - Corporate Liquidity Allocation: Balance sheet tranching and treasury strategy 00:23:23 - Institutional Adoption Signals: Wall Street firms validating digital credit markets 00:27:30 - STRC Capital Expansion: Rapid capital raises and scalable credit structure 00:31:12 - Bitcoin Growth Projections: Modeling paths toward $1M–$2M Bitcoin prices 00:37:37 - Private Credit Market Cracks: Liquidity gates and systemic risks emerging 00:43:09 - Private Credit Illiquidity: Leveraged institutions exposed to opaque assets 00:46:30 - Rating Agency Barriers: Institutional adoption constrained by credit frameworks 00:47:33 - Rating Agency Constraints: Insurance leverage and institutional capital rules 00:52:34 - STRC Confidence Signals: Strong investor conviction and refusal to sell below par 00:56:13 - STRC Price Floor Strategy: Incentives preventing sales below par value 01:00:05 - Retail Demand Expansion: Growing investor interest in monthly yield products 01:06:05 - Investor Transparency Tools: Dashboards simplify yield and risk analysis 01:12:15 - Bitcoin Balance Sheet Thesis: Corporate strategy and macro risk positioning 01:15:54 - Probabilistic Risk Management: Avoid mispricing volatility risks 01:18:17 - Bitcoin Adoption Pathways: Yield products onboarding investors into Bitcoin 01:25:05 - Credit Market Foundations: Building track record for scalable digital credit products 01:29:04 - Technology Adoption Uncertainty: Modeling disruptive innovations like Bitcoin 01:33:01 - Forecasting Bitcoin Models: Limits of projections in exponential markets 01:37:01 - Final Thoughts: Bitcoin momentum, institutional adoption, and capital market shift 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 57: 🎛️ As of this recording, 3/5/26, Strategy's (MSTR) performance: * Open: $143.83 * Close: $146.44 * Volume: 37.4M Shares * mNAV: ~1.22 * Market Cap: ~ $48.9B * U.S. Market Cap Ranking: ~#220 * BTC: 720,737 ⏱️ TIMESTAMPS & INSIGHTS: * 00:00:00 - Intro agenda framing: NFA context and True North overview * 00:02:50 - True North Event Insights: Global investors discuss Bitcoin credit innovation * 00:10:20 - Bitcoin Gravity Trade: Macro capital flows toward BTC strategies * 00:14:17 - Bitcoin Credit Flywheel: STRC demand potentially driving $1M BTC * 00:17:01 - Capital Structure Strategy: Bitcoin buybacks and amplification dynamics * 00:23:48 - Capital Stack Instruments: Strike and STRD positioning within Strategy credit structure * 00:28:10 - Credit Risk Mispricing: Markets misunderstanding STRC capital stack * 00:30:18 - Geopolitical Macro Signals: Conflict uncertainty and capital deployment * 00:35:34 - Policy Catalysts: Regulatory shifts supporting Bitcoin adoption * 00:39:00 - MSTR STRC Trading Pair: Rotating equity and credit exposure * 00:42:00 - Corporate Treasury Strategy: Companies adopting STRC as high-yield cash reserve * 00:48:25 - Bond Market Disruption: Digital credit liquidity vs traditional prefs * 00:55:49 - Private Credit Trap: Illiquidity risk and locked capital * 00:59:31 - Bitcoin Analytics Tools: STRC dashboards and yield calculators * 01:03:46 - AI Risk Pricing: Machines reallocating capital toward digital credit * 01:10:21 - Corporate Bitcoin Treasuries: BTC balance sheets improving credit access * 01:15:16 - Institutional STRC Demand: Desks and buyers driving issuance * 01:16:57 - Downside Protection Trade: STRC put strategy for asymmetric yield * 01:21:45 - Digital Equity Model: Bitcoin capital vs credit volatility transfer * 01:25:05 - Market Cycle Timing: Navigating bull and bear uncertainty * 01:28:57 - Perpetual Funding Model: Financing projects with infinite duration capital * 01:31:55 - Monetary Debasement Hedge: Stretch as non-debasing capital instrument * 01:35:22 - Institutional Education Gap: Comparing digital credit to legacy bonds * 01:37:30 - STRC Adoption Curve: Path toward $300B preferred market scale * 01:40:29 - Credit First Strategy: Saylor prioritizes balance sheet strength * 01:42:47 - Capital Amplification Engine: Digital credit expanding Bitcoin exposure * 01:44:28 - Banking Infrastructure Shift: Wall Street adapting to crypto capital * 01:47:28 - Banking System Pressure: Bitcoin reserves challenging traditional rehypothecation model * 01:52:02 - Control System Debate: AI, stablecoins, and financial surveillance 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 56: The crew dives dive into Strategy’s capital structure, rising BTC per share, AI-driven disruption, and regulatory momentum that is brewing. Th team breaks down digital credit strength, supply math, and why this cycle may be structurally different. 🎛️ As of this recording, 2/18/26, Strategy's (MSTR) performance: Open: $127.63 Close: $125.20 Volume: 17.31M Shares mNAV: ~0.99 Market Cap: ~ $44.5B U.S. Market Cap Ranking: ~#246 BTC: 717,131 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Intro agenda framing: NFA context and True North overview 00:03:01 - Bear Market Sentiment: Bitcoin Investor Week tone, stablecoin utility, and builder resilience 00:10:14 - Institutional Pricing Signal: Strategy leverage, preferred credit quality, and market confidence 00:13:43 - Conviction Over Price: Unflappable mindset, opportunity cost, and long-term Bitcoin allocation 00:17:04 - Moving Average Analysis: 200-week trend strength, Tesla comparison, and Strategy valuation reset 00:21:18 - Death Cross Dynamics: Technical lag, bottom timing risk, and Strategy mispricing debate 00:24:10 - Binary Risk Framing: Zero thesis, refinancing fears, and long-term leverage confidence 00:30:05 - Bitcoin-Gold Ratio: Relative valuation and macro positioning 00:30:00 - M2 Money Supply Framework: Bitcoin adjusted for monetary expansion and debasement baseline 00:35:35 - Correlation Breakdown: Commodities spike, multi-strat deleveraging, and Bitcoin price pressure 00:40:07 - Private Credit Liquidity Risk: Redemption halts, digital credit transparency, and STRC durability 00:47:08 - Preferred TAM Expansion: Capital stack opportunity size 00:49:14 - Supply Convergence Model: Strategy vs remaining Bitcoin issuance 00:48:50 - Bitcoin Supply & AI Shock: Issuance math and exponential disruption 00:58:00 - AI Disruption Wave: Cost collapse, software commoditization, and capital flight to Bitcoin 01:04:25 - Capital Market Disruption: AI acceleration compressing equity durability and IPO stability 01:08:39 - Digital Credit Track Record: STRC durability, liquidity edge, and goodwill risk exposure 01:12:24 - Strategy World 2026 Preview: True North event agenda and digital credit focus 01:16:15 - Strategy Capital Plan Debate: ATM runway, preferred issuance, and demand elasticity 01:19:28 - Stretch Distribution Focus: Digital credit education and execution phase 01:23:23 - Yield Spread Advantage: STRC vs stablecoins and capital stack strength 01:28:24 - On-Chain Capital Rotation: Stablecoin yield switch into STRC 01:30:24 - Regulatory & Exponential Convergence: Stablecoin policy momentum and AI-driven Bitcoin adoption 01:30:24 - Bull Market Convexity: Balance sheet structure and Bitcoin per share expansion 01:40:07 - Final Thoughts: Fiscal debasement and long-term Bitcoin conviction 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 55: We break down Strategy’s capital structure, mNAV, leverage, and the emerging digital credit markets. Learn more about how institutional capital actually moves in Bitcoin an how to think about risk in this marketplace. 🎛️ As of this recording, 2/11/26, Strategy's (MSTR) performance: Open: $133.68 Close: $126.07 Volume: 25.84M Shares mNAV: ~0.95 Market Cap: ~ $41.9B U.S. Market Cap Ranking: 252 BTC: 714,644 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Intro agenda framing: NFA context and True North overview 00:03:36 - Bitcoin Mindset Shift: Personal wealth framework transformation 00:06:06 - MSTR Relative Strength: Premium signaling potential bottom 00:08:26 - Balance Sheet Expansion: Billions raised and liquidity strength 00:09:28 - Risk Mispricing Debate: Bitcoin supply underwriting blind spot 00:11:03 - Options Yield Strategies: Dividend pricing and put premiums 00:13:20 - AI Prompting & Workflow: Stress testing valuation frameworks 00:15:32 - Strategy World Preview: Treasury operators and securitization focus 00:20:17 - Bitcoin Treasury Growth: 100K to 714K BTC scale 00:23:00 - Market Sentiment & Macro: 2026 ATH polls and Goldilocks outlook 00:26:39 - Bitcoin Per Share Context: KPI adoption and seasoning phase 00:30:15 - Preferred Equity Acceleration: Rapid STRF STRD STRC expansion 00:33:06 - BTC Exposure Debate: Leverage mechanics and dilution tradeoffs 00:35:55 - Capital Structure Pivot: Converts toward perpetual preferred era 00:38:53 - Public Pref Market Shift: Tickered equity and retail access 00:42:05 - STRC Market Data Review: Yield stability despite BTC drawdown 00:46:55 - Media Narrative & Refi Risk: $8K scenario and press dynamics 00:51:51 - Capital Raise Velocity: Scaling from millions to billions 00:54:11 - Institutional Execution Reality: Timing risk and OTC mechanics 00:58:13 - Coinbase Valuation Gap: Leverage, goodwill, and moat contrast 01:05:00 - Treasury Model Walkthrough: BTC growth and dilution math 01:17:15 - mNAV & CAGR Sensitivity: Growth scenarios toward $1M target 01:19:04 - Final Thoughts: Weather volatility and long-term conviction 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 54: A deep dive into Bitcoin’s drawdown, macro liquidity, and why this cycle differs. We break down capital structure, leverage myths, margin-call fears, treasury concentration, short-risk asymmetry, and how convex balance sheets create explosive upside. 🎛️ As of this recording, 2/4/26, Strategy's (MSTR) performance: Open: $120.25 Close: $129.09 Volume: 23.8M Shares mNAV: ~1.03 Market Cap: ~$38.9B U.S. Market Cap Ranking: BTC: 713,502 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Intro agenda framing: NFA context and True North overview 00:03:38 - Bitcoin market drawdown: 42 percent decline framing 00:09:23 - Proof of reserves debate: Custody transparency and risk 00:12:39 - Macro framework setup: Rates liquidity and context 00:15:10 - Macro regime comparison: Liquidity rising versus 2022 contraction 00:18:02 - MSTR market dynamics: Equity pressure and hedging behavior 00:20:00 - Institutional market lens: Event context and capital markets views 00:26:25 - Margin call misconceptions: Liquidity versus leverage reality 00:28:41 - Capital structure deep dive: Balance sheet leverage and FUD breakdown 0:35:35 - Accretion and convexity mechanics: Bitcoin per share and upside asymmetry 00:41:12 - Capital model transition: Converts replaced by preferred equity 00:43:12 - Regulatory and stablecoin shifts: TradFi integration 00:46:04 - Bitcoin treasury model: Balance sheet-first companies 00:51:07 - Treasury concentration risk: Dominant holder analysis 00:55:04 - Bitcoin scarcity math: Rule of 72 framework 00:57:25 - Coverage framework reset: Net capital versus leverage fear 01:05:29 - Capital stack hierarchy: Senior debt preferred and equity 01:10:08 - Converts versus common equity: Dilution and coverage math 01:13:33 - Upcoming earnings call: What to watch and why it matters 01:20:49 - Balance sheet resilience: Liquidity runway and no margin calls 01:27:45 - Treasury concentration and survivability: Why failures don’t matter 01:32:38 - Treasury concentration math: Scale dominance and systemic impact 01:35:41 - Bitcoin technical distributions: Wallet structure and custody flows 01:41:14 - Short risk asymmetry: Explosive upside and forced covering 01:42:50 - Balance sheet endgame: Bitcoin as reserve asset 01:45:08 - Final thoughts from the team 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 53: The group does a deep dive into Bitcoin credit risk, preferred equity, leverage, and mNAV. Covers MSTR balance sheet math, metals vs Bitcoin flows, Tether reserves, credit models, macro signals, liquidity, and risk/reward across cycles. 🎛️ As of this recording, 1/28/26, Strategy's (MSTR) performance: Open: $164.45 Close: $158.45 Volume: 14.08M Shares mNAV: 0.91 Market Cap: $57.70B U.S. Market Cap Ranking: ~#200 BTC: 712,647 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Intro: NFA agenda and True North overview 00:03:38 - Credit risk overview: Metals mania and risk framing 00:06:34 - Preferred equity dynamics: Issuance demand and mNAV behavior 00:10:53 - Risk-off credit rotation: Stress testing yield products 00:13:30 - MSTR balance sheet leverage: Assets debt and pref math 00:17:15 - Macro incentives outlook: Election liquidity tailwinds 00:18:25 - True North Vegas event: Digital credit and macro agenda 00:23:41 - Metals market structure: Silver surge and physical premiums 00:31:02 - Tether reserve strategy: Gold and Bitcoin accumulation 00:34:22 - Bitcoin adoption curve: Capital rotation mechanics 00:37:05 - Sovereign risk signals: Yen and risk free rates 00:40:55 - Gold revaluation theory: Bitcoin reserve funding idea 00:44:03 - Algorithmic digital credit: Machines prefer native assets 00:49:32 - Bitcoin as AI hedge: Passive exposure to innovation 00:54:02 - Risk reward framing: Digital convenience tradeoffs 00:58:35 - Preferred equity modeling: Amplification risk analysis 01:03:01 - mNAV downside math: Collateral threshold scenarios 01:07:02 - Macaulay duration focus: Dividend obligation stress 01:12:07 - Institutional underwriting: Capital absorbs Bitcoin risk 01:15:52 - STRC drawdown case: Yield spikes create opportunity 01:22:16 - Bitcoin earnings model: Interest coverage framework 01:27:00 - High amplification scenario: USD reserves versus returns 01:32:47 - Cash reserve signaling: Ratings driven capital buffers 01:39:18 - Financial engineering example: Real estate leverage analogy 01:43:50 - Digital credit parity: Comparing high yield debt 01:48:05 - Fair value accounting: Bitcoin treasury volatility optics 01:53:44 - Final thoughts: Roundtable final takes 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 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 51: 🎛️ As of this recording, 1/14/26, Strategy's (MSTR) performance: Open: $178.64 Close: $179.33 Volume: 40,257,000 Shares mNAV: 1.07 Market Cap: $57.32B U.S. Market Cap Ranking: #192 BTC: 687,410 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Intro: NFA, agenda and True North overview 00:04:50 - Capital Structure Overview: MSTR and STRC balance sheet changes 00:07:27 - Leverage & mNAV Dynamics: Common and preferred equity expansion 00:10:33 - Digital Credit Impact: Bid creation on Bitcoin price 00:16:34 - Stretch Interest Rate Effects: Potential rate hikes and market response 00:17:40 - Symmetry Test Explained: Raising equity at positive mNAV 00:23:31 - Capital Raising Strategy: Common and preferred equity interplay 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 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 49: This week the crew highlights their experience at Bitcoin Mena, status of sovereign adoption, balance sheet leverage, mNAV, digital credit, AI capital shifts, and why patient capital wins when price disconnects from value in Bitcoin and equity markets. 🎛️ As of this recording, 12/17/25, Strategy's (MSTR) performance: Open: $167.75 Close: $160.38 Volume: 19,144,900 Shares mNAV: 1.10 Market Cap: $46.09B U.S. Market Cap Ranking: ~#285 BTC: 671,268 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Intro: NFA, agenda and True North overview 00:04:45 - Bitcoin MENA Conference: Middle East adoption and capital interest 00:15:20 - Abu Dhabi Capital Flexibility: Hard money enables rapid coordination 00:18:25 - Bitcoin Treasury Leverage: Net capital and drawdown resilience 00:21:19 - Institutional Bitcoin Strategy: Banks, regulation, capital optionality and MSTR dominance 00:35:04 - Waiting Out Mispricing: Patience before repricing 00:43:39 - AI Capital Structure Shift: Hardware focus requires a strong balance sheet 00:47:31 - Bitcoin-Backed Banking Model: Digital credit system design 00:53:27 - Bitcoin-Backed Yield Products: Savings disruption via credit 00:55:50 - Sovereign Capital Allocation: Attracting trillions with yield 01:01:55 - Bessent quote: Reflecting on the past to change the companies of the future 01:07:19 - Bitcoin Volatility Harvesting: Trading, structures, market evolution 01:12:00 - MSTR Valuation Debate: Holdings, mNAV, scale advantage 01:17:55 - Liquidity and Options Market: Structural buyer dynamics 01:22:56 - Equity Valuation Frameworks: Trasparency dilemma and the mNAV versus market multiples 01:33:19 - Social Media Risk Signals: Noise, sentiment, investor behavior 01:44:27 - Balance Sheet Quality Test: Intangibles versus hard assets 01:53:54 - Bitcoin as Superior Collateral: Liquid assets beat goodwill 01:55:44 - Closing thoughts: like and subscribe 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 47: The crew covers the recent news on the USD reserves, preferreds, mNAV, leverage, credit markets, solvency ratios, macro stress, and why Strategy’s balance sheet strengthens despite volatility. 🎛️ As of this recording, 12/03/25, Strategy's (MSTR) performance: Open: $183.40 Close: $188.39 Volume: 26,686,140 Shares mNAV: 1.16 Market Cap: $50.70 U.S. Market Cap Ranking: 203 BTC: 650,000 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Intro and Agenda: music, overview, and NFA disclaimer 00:03:02 - Strategy World 2026: Las Vegas event and True North plans 00:07:53 - USD Reserve Explained: cash buffer as digital credit battery 00:12:50 - Preferreds Risk Profile: how the reserve strengthens credit structure 00:17:11 - ATM Capital Raise: liquidity flow, proof-of-concept, and market reactions 00:22:22 - Trading Volume Dynamics: how algorithms amplify stock liquidity 00:24:30 - Multi-Year Cash Buffer: reserve strategy and capital runway outlook 00:28:44 - Bitcoin Yield Engine: lending yields, mNAV expansion, and capital structure 00:31:30 - BTC on the balance sheet: 2025 and 2026 predictions 00:33:24 - EPS Thresholds: 85k and 110k Bitcoin price scenarios for earnings 00:35:04 - Digital Credit Structure: why preferreds classify as credit, not equity 00:36:18 - Leverage vs ETFs: permanent capital vs daily-reset leverage decay 00:39:07 - Simplifying complexity: Educating the market and sentiment 00:46:49 - Phase Three Outlook: Bitcoin treasury trajectory and steady-state stability 00:49:24 - Bank Solvency Framework: CET1 ratios and applying Basel treatment to Bitcoin 00:58:44 - The debasement trade: Capturing opportunities and the generational effect 01:06:10 - The millenial dilemma: Optimizing capital allocation for a generation that is stuck 01:10:21 - The money is broken: Time and energy is being stolen and BTC is the lifeline 01:14:02 - Proof of work: Grain’s experience in Silicon Valley and the mindset needsd to win in this climate 01:18:14 - Final thoughts: Vanguard, MSCI shifts, index inclusion pressure and tokenization 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.

🧭 MSTR True North episode 45: The team covers the following topics: Bitcoin credit, liquidity stress, mNAV, dividend math, MSTR capital structure, ETF flows, leverage, over collateralization, protocol risks, macro signals steering capital allocation and risk/reward. 🎛️ As of this recording, 11/19/25, Strategy's (MSTR) performance: Open: $202.36 Close: $186.50 Volume: 28,025,372 Shares mNAV: 1.17 Market Cap: $53.6B U.S. Market Cap Ranking: 197 BTC: 649,870 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - cue the music 00:01:51 - Bitcoin strategy archetypes: Poet, prophet, prince roles align 00:04:40 - MSTR Bitcoin treasury thesis: Balance sheet stack drives upside 00:09:37 - Digital credit instruments: Invest in Bitcoin credit quality 00:12:40 - Margin hikes, forced selling: JPM raises requirements on MSTR 00:15:36 - RSI and oversold read: Selloff deeper than prior dips 00:18:23 - Liquidity crunch: previous cycle trends and credit quality 00:20:38 - MSTR's collateral monopoly: Best asset, digital capital scale 00:25:45 - Narrative following price: Current climate has flipped the formula 00:29:04 - mNAV, peg, dividends: Market restores par as cash pays 00:33:14 - Shorting costs & carry with transparency: Dividends and borrow fees matter 00:38:14 - Yield traps vs holding: $MSTY erosion vs Stretch peg 00:43:21 - The 4 year cycle: the gravitational pull of patterns & protocol risk management 00:54:42 - Spot ETF accumulation: The new vehicle that is changing the game 00:57:41 - Bitcoin treasury companies: the future brought forward 01:00:25 - Dividend math with BTC: 1.25% BTC growth supports perpetual payouts 01:05:09 - Over collateralization benefit: Risk calculable 24/7 paired with transparency 01:07:40 - What if Bitcoin breaks? 01:09:20 - Selling loans vs credit: Digital credit broadens buyer base 01:16:00 - Inflation math: CPI plus M2 erodes returns 01:18:19 - Bitcoin as the monetary ledger: Title registry with final settlement 01:22:44 - Patience and price targets: 125k to 200k & 2026 narrative 01:28:21 - Private markets tokenization: Next frontier for capital formation 01:32:00 - 1x MSTR lens: Dilution vs BTC per share 01:37:30 - Know terms and risks: Refi risk and regulatory surprises 01:43:04 - Grain’s last thoughts 01:44:56 - Stretch as spendable credit: Tokenization enables quick liquidity & credit worthiness 01:49:11 - Insurance capital in BTC: Claims funded by BTC treasuries 01:53:30 - World balance sheet on BTC: Treasury firms reshape finance, Solei’s 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.

🧭 MSTR True North episode 44: Discover how Bitcoin, preferred equity, and digital credit products like $STRC and $SATA are reshaping yield, capital structure, and macro environent in the evolving financial landscape. Grain and the Dan’s bring us through a deck on Macro and digtial credit. 🎛️ As of this recording, 11/12/25, Strategy's (MSTR) performance: Open: $233.90 Close: $224.61 Volume: 10,800,420 Shares mNAV: 1.20 Market Cap: $64.7B U.S. Market Cap Ranking: 168 BTC: 641,692 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Intro: TN episode 45, NFA and team updates 00:02:34 - AI Impact on Bitcoin: Synthetic disruption and Wikipedia collapse 00:04:59 - Bitcoin & Market Dynamics: S&P equity weighted distribution, MAG 7 and capital rotation 00:07:37 - Valuations & Market Cycles: PE ratios, bubbles, ETF flows 00:10:10 - Compounding Growth Rates: Big tech as the return benchmark 00:11:06 - Interest Rate Trajectory: Fed outlook and the debt burden 00:14:30 - Financial Engineering Playbook: Buybacks boost forward EPS, not fundamentals 00:15:35 - Macro Signals & Stagnation: PMI trends explain risk asset underperformance 00:17:38 - Consumer Stress & Job Risk: K-shaped demand, AI disruption, inflation pain 00:20:25 - MSTR as Bitcoin Leverage: mNAV, floor value, perpetual debt strategy 00:22:45 - Rethinking Preferred Equity: Permanent capital and modeling risk 00:26:40 - $STRC Product Vision: Disruptive yield design, market fit, adoption path 00:29:05 - $STRC Trading Mechanics: VWAP peg, IPO pricing, retail liquidity surge 00:32:16 - $STRC Yield Advantage: Deep liquidity, 10.5% return, volatility control 00:35:34 - Perpetual Bond Structure: Long-term income, low volatility, stable returns 00:38:39 - The ‘Strategy’ vs Tether: Shareholder yield, market scale, adoption potential 00:42:44 - Bitcoin as Collateral: TAM for money markets and real-time risk validation 00:44:10 - Credit Spread Mispricing: $STRE vs European bonds and investor protections 00:46:28 - Swap Rates & Credit Tiers: Risk benchmarks, STRE vs STRF pricing 00:49:10 - Tokenized Yield & Foreign market Arbitrage: $STRE, $STRF, and cross-currency spread 00:53:01 - $SATA Capital Structure: Seniority, covenants, 12% yield 00:56:45 - Yield Products in Action: $SATA vs $Stretch, peg control, trading strategy 01:09:06 - Strategic Use of Prefs: Yield positioning and MSTR scaling plan 01:12:19 - $STRK, Entry Timing & Euro $STRC: Yield, upside and roadmap expansion 01:16:19 - Final thoughts: Grain and Dan close it out 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 43: This episode breaks down return of capital investing, credit ratings, risk underwriting, and structured yield products - framed around macro signals, mNAV, capital allocation, and long-term value. 🎛️ As of this recording, 10/29/25, Strategy's (MSTR) performance: Open: $284.38 Close: $275.36 Volume: 10,184,060 Shares mNAV: 1.35 Market Cap: $79.08B U.S. Market Cap Ranking: 134 BTC: 640,808 SOCIAL MEDIA: X: https://x.com/PunterJeff X: https://x.com/BenWerkman X: https://x.com/nithusezni X: https://x.com/TimKotzman X: https://x.com/Z06Z07 X: https://x.com/Adrian_R_Morris X: https://x.com/RealTrollstein X: https://x.com/MasonFoard X: https://x.com/hillery_dan X: https://x.com/JBerneburg X: https://x.com/TheJesseMK X: https://x.com/thebitcoingal 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.

Phong Le (CEO, $MSTR) joins True North to discuss bitcoin-backed credit products, the future of Strategy, BTC price dynamics, and what mainstream Bitcoin adoption could look like from the corporate and consumer side. - Follow - X: https://x.com/Adrian\_R\_Morris X: https://x.com/MSTRTrueNorth X: https://x.com/Strategy Website: https://www.strategy.com/ - Outline - 00:00 – Intro 00:21 – Welcome 03:24 – Bitcoin-backed Credit: reinventing capital markets 06:13 – Robinhood listing Preferreds 10:00 – Scaling preferreds to a $30–300B market opportunity 15:33 – Cultural movement around Strategy 20:20 – Bitcoin opens doors 25:57 – Strategy’s Software Business 30:39 – The 2030 vision 36:22 – Bitcoin treasury ecosystem 40:25 – Bitcoin in traditional banks 47:08 – Buying Bitcoin with your bank 50:59 – Why Strategy 54:07 – Closing thoughts Music: "Uncovered" by Joseph William Morgan Licensed from Musicbed SyncID: MB61P6KK5Y9YMID License URL: https://striveenterprises-my.sharepoint.com/:b:/g/personal/jackson\_fairbanks\_strive\_com/EWyQzvQksqxJt5rPjEgPHGwBjG3d4lX47yIlUiQKEQ4heA?e=mX5TcK Used with permission for YouTube and monetization under active Musicbed subscription. 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 42: The crew explores Bitcoin as corporate capital, synthetic yield, and how it’s driving in ovation in the credit markets. From mNAV to macro risk models, this episode highlights the process of building a balance sheet in a market that is build in a choric climate. 🎛️ As of this recording, 10/22/25, Strategy's (MSTR) performance: Open: $293.02 Close: $280.81 Volume: 15,129,500 Shares mNAV: 1.29 Market Cap: $80.64B U.S. Market Cap Ranking: 132 BTC: 640,418 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Cue the music: Intro, agenda and NFA 00:05:15 - Early market signal: Bitcoin undervaluation and upside 00:07:20 - Rate environment shift: Lower yields boost preferreds 00:09:48 - Regulatory barriers: Regulators globally blocking BTC treasuries 00:11:51 - Treasury structures: Treasuries taking advantage of premiums and complex warrants 00:13:23 - Balance sheet leverage: 102K BTC, $69B in assets 00:17:15 - Perpetual preferreds: Yield spreads and call dynamics 00:23:47 - Synthetic yield: Preferreds as digital labor 00:32:10 - BTC income engine: Arbitrage between growth and cost 00:37:19 - Physical vs digital labor: Lessons from real-world work with Tim Kotzman 00:42:04 - Backtest results: $1M BTC generates $5.5M income 00:55:11 - Lognormal model: Baseline for BTC risk modeling 00:57:01 - Jump & GARCH models: Simulating BTC shocks and volatility clusters 01:05:14 - Probabilistic outcomes: The path to a quadrillion dollar valuation 01:10:50 - New issuance strategy: Risk curves for preferreds 01:15:14 - Pension disruption thesis: Preferreds as value innovation 01:16:00 - Capital sourcing: Investor interest with conditions 01:23:21 - Store-of-value thesis: Bitcoin as capital 01:24:40 - Innovation advantage: Gunpowder, Bitcoin, and open systems 01:28:27 - Bitcoin credit blueprint: Bonds, insurance, and refinanced debt 01:31:31 - Digital treasury shift: Bitcoin adoption accelerating fast and the robotaxi moment 01:35:35 - Final thoughts: Solei’s wisdom on display, mispriced risk and importance of education SOCIAL MEDIA: X: https://x.com/PunterJeff X: https://x.com/BenWerkman X: https://x.com/nithusezni X: https://x.com/TimKotzman X: https://x.com/Z06Z07 X: https://x.com/Adrian_R_Morris X: https://x.com/RealTrollstein X: https://x.com/MasonFoard X: https://x.com/hillery_dan X: https://x.com/JBerneburg X: https://x.com/TheJesseMK X: https://x.com/thebitcoingal 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 41: the crew does a deep dive into credit markets, bond risk, and capital structure—covering Strategy, Ford, disruption risk, mNAV, liquidity, and why BTC is emerging as the prime collateral asset. 🎛️ As of this recording, 10/08/25, Strategy's (MSTR) performance: Open: $335.62 Close: $330.80 Volume: 12,996,280 shares mNAV: 1.40 Market Cap: $94.98B U.S. Market Cap Ranking: 115 BTC: 640,031 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Cue the music: Intro, Agenda and NFA 00:05:26 - Special guest: Welcome the Bitcoin Wizard Bitcoin & Energy: Market moving in dog years 00:06:00 - MSTR Capital Stack: Leverage, assets, and BTC 00:11:20 - Bitcoin Treasury Growth: Asset scale and liquidity 00:21:00 - Corporate Liquidity Strategy: BTC vs. traditional cash 00:28:58 - Credit & Risk Framework: Trust, money, and collateral 00:33:54 - Credit Structures: Short, mid, and long-term credit 00:36:32 - Credit Limits & Trust: Personal borrowing capacity explained 00:39:12 - Household Debt Trends: Non-housing vs. housing debt 00:46:09 - Market Mispricing Risk: BTC collateral still undervalued 00:49:46 - Asset-Backed Lending: Underwriting BTC not individuals 00:53:01 - Equitized Credit Model: Saylor’s insurance-inspired strategy 00:56:51 - MSTR at Gold Parity: Credit quality inflection point 00:58:19 - Risk Comparison: BTC vs. equity, bonds, mortgages 01:00:00 - Bad Bonds Explained: High-yield debt and rising credit risk 01:06:13 - Bond Liquidity Risk: Selling constraints and default probability 01:09:18 - Disruption Risk Pricing: Black swan events impact on credit 01:14:43 - Technology’s impact: disruptions impact on change and pricing risk 01:17:06 - Ford’s Bond Profile: Duration risk and yield concerns 01:23:05 - Bitcoin vs. Disruption: BTC as strategic hedge asset 01:27:27 - Capital Efficiency Metrics: Assets and income per employee 01:30:56 - Credit Rotation Thesis: Selling weak debt for BTC credit 01:34:42 - Government Credit Risk: Bailouts, money printing, incentives 01:37:17 - Retail Credit Headwinds: Target, theft, and online migration 01:45:20 - Currency Collapse Signals: Argentina’s USD preference 01:53:00 - Debasement Trade Thesis: USD decline and BTC alternative 01:56:45 - Debt Spiral Warning: Downgrades, deficits, and inflation 02:03:08 - Final toughts and rants 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 40: the group doses a deep dive into Bitcoin investing, capital allocation, risk management, and leverage. They explore mNAV, treasury plays, macro signals, and why fixed income products are reshaping long-term portfolios. 🎛️ As of this recording, 10/01/25, Strategy's (MSTR) performance: Open: $332.47 Close: $338.41 Volume: 13,994,830 shares mNAV: 1.47 Market Cap: $97.16B U.S. Market Cap Ranking: BTC: 640,031 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - cue the music: episode 40 agenda 00:04:45 - Strategy statistics: the math behind the balance sheet Fed Liquidity & Leverage: Infinite cash and leverage dynamics 00:07:02 - Q3 Earnings & Tax Impact: $10 EPS, AMT guidance clears risk 00:09:11 - Bullish Macro Setup: Log fractals and cycle alignment bullish for BTC 00:14:08 - Cycle Cloud Framework: Using volatility-adjusted trends to map BTC moves 00:18:03 - Position Sizing Strategy: Nvidia to MSTR rotation example 00:21:19 - Market Multiples & MNAV Gap: Comparing Apploven and MSTR value 00:24:08 - Bitcoin Validation vs Legitimization: Market slow to accept BTC metrics 00:25:59 - Equity Issuance & MNAV: Capital structure insights from Buffett 00:36:33 - Bad Bond of the Week: Hertz 2029 bond, 10% yield, high distress 00:42:20 - Miner Leverage & Energy Upside: Asymmetric plays via energy contracts 00:45:08 - HPC AI Shift in Mining: Pivot from mining to compute centers 00:51:13 - Energy Risk & Innovation: AI compute demand vs energy supply 00:54:28 - Options Strategy for Miners: Call spreads on IBIT vs minors 00:59:20 - Efficient Frontier & Bitcoin: Time horizon reshapes risk/reward 01:03:04 - Miner Capital Rotation: Navigating hype vs fundamentals 01:07:37 - Adrian & Mason: final thoughts on broken money 01:16:12 - Mining True North: finding opportunities as a hedge fund and beating the hurdle rate 01:20:09 - Bitcoin vs Gold: Scale, upside, and time horizon 01:23:06 - Cross-Gen Communication: Educating on Bitcoin income products 01:32:51 - Advisor Adoption Lag: Compliance vs product performance 01:40:08 - Bitcoin Buybacks Begin: Sequins, Empory digital, and mNAV defense 01:48:14 - Detaching Emotion: Rational thesis-driven investing 01:52:12 - Retail Access Shift: STRC on Robinhood and tokenized stocks 02:00:56 - Final thoughts: the great reset SOCIAL MEDIA: X: https://x.com/PunterJeff X: https://x.com/BenWerkman X: https://x.com/nithusezni X: https://x.com/TimKotzman X: https://x.com/Z06Z07 X: https://x.com/Adrian_R_Morris X: https://x.com/RealTrollstein X: https://x.com/MasonFoard X: https://x.com/hillery_dan X: https://x.com/JBerneburg X: https://x.com/TheJesseMK X: https://x.com/thebitcoingal 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 39: This episode kicks off with the news tied to the Strive acquisition and the push to maintain authenticity. The rest of the discussion highlights all the bews in Bitcoin Treasury space in the last 3 weeks. 🎛️ As of this recording, 9/24/25, Strategy's (MSTR) performance: Open: $330.63 Close: $323.31 Volume: 9,153,097 shares mNAV: 1.37 Market Cap: $91.4B U.S. Market Cap Ranking: 114 BTC: 639,835 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Episode Agenda & Outlook: Markets, Bitcoin, capital structure updates 00:02:32 - Strategic Acquisition: True North & Strive 00:06:40 - Reverse Merger & authenticity: Media company deal opens doors & keeping authenticity 00:11:00 - Networking & Capital: you can just do things 00:13:35 - Long-Term Conviction: Holding firm through setbacks 00:19:20 - Unconferenced NYC: king of BTCTC events 00:23:02 - H.C. Wainwright Keynote: Market education vs. criticism led by Saylor 00:26:19 - Bitcoin Leverage Update: Treasury model risk profile 00:31:08 - $STRC: the desire to get to par and the impact to leverage 00:35:26 - ATM Usage Strategy: dividend obligations and leverage tools 00:38:15 - Wrapping Yield Products: Global access via new instruments 00:41:20 - Fixed Income Disruption: Bitcoin challenges legacy debt and platforms 00:45:03 - Bitcoin Interest Edge: Outpaces banks with 9% yield 00:47:27 - Risk and Options: Dan’s Portfolio strategy framework 00:55:15 - Credit ratings: the power behind getting the prefs rated 00:57:55 - Q2 earnings estimates: deep dive into the numbers using FASB accounting rules 00:59:50 - S&P 500 Inclusion: when is MSTR included? 01:05:22 - Legitimizing Bitcoin: BTC based earnings 01:13:46 - Treasury Company Trends: Segmenting by BTC holdings 01:16:43 - Bitcoin Acquisition Strategy: Why firms must secure BTC 01:20:29 - Digital Asset Treasuries: DAT structure and misconceptions 01:26:00 - Treasury Market Sentiment: Conviction shaken, NAV discount and value emerges 01:31:52 - Institutional Capital Scaling: Growth vs. mature firm dynamics 01:36:17 - Bitcoin Proxy Rotation: Miners vs. BTC treasuries 01:37:44 - Adrian’s final thoughts: AI plays dominate Q3 positioning and sentiment shifts 01:40:50 - AI vs. Bitcoin Outlook: Powerful Paradigm shift, not bubble 01:44:23 - Options on Prefs: impact on underlying; current Pricing and liquidity 01:45:47 - Digital asset treasury marketplace: Bitcoin is king 01:50:38 - Node & Mining talk: Soleil’s node wisdom 01:58:44 - Final thoughts: Q4 mindset, tourists and the importance of engagement 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 38: Soleil & Dan breakdown Strategy’s credit stack, BTC accumulation strategy, preferreds, rate risk, and AI macro themes dissected. Topics also include Strike, Strife, Stretch, MSTR mNAV, BTC vs gold, and Fed policy. 🎛️ As of this recording, 8/27/25, Strategy's (MSTR) performance: Open: $348.68 Close: $342.06 Volume: 8,379,611 shares mNAV: 1.56 Market Cap: ~97.36B U.S. Market Cap Ranking: 108 BTC: 632,457 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Intro: filtering out the noise and providing signal 00:03:19 - Macro Indicators: Services PMI ties to BTC moves 00:05:42 - Spot BTC Positioning: Low leverage, resilient long-term strategy 00:12:25 - Duration gap: whats the next pref flavor to fill the gap 00:14:23 - Labor Market & Fed Pivot: Weak payrolls, yield curve, rate cut setup 00:18:55- AI’s attack on jobs: Bitcoin is the only way to capture the deflationary effects 00:22:12 - Inflation Outlook & Fed: Tariffs, base case, policy shift 00:25:38 - Bitcoin vs Gold Thesis: BTC outperformance, gold lag on inflation 00:30:07 - MNAVs & Fear Index: Sentiment tools, credit signals, BTC risk 00:33:17 - Stretch Yield Mechanics: Monthly coupon, par targeting strategy 00:37:40 - S&P 500 Inclusion Odds: Market betting, mispriced probabilities 00:40:33 - BTC Valuation Frameworks: Minor breakevens, long-dated call logic 00:43:46 - MSTR Capital Forecast: Preferreds, ATM issuance, $175B growth thesis SOCIAL MEDIA: X: https://x.com/PunterJeff X: https://x.com/BenWerkman X: https://x.com/nithusezni X: https://x.com/TimKotzman X: https://x.com/Z06Z07 X: https://x.com/Adrian_R_Morris X: https://x.com/RealTrollstein X: https://x.com/MasonFoard X: https://x.com/hillery_dan X: https://x.com/JBerneburg X: https://x.com/TheJesseMK X: https://x.com/thebitcoingal 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 37: A sharp look into Bitcoin-backed finance, misunderstood leverage, market shakeups, and the future of MSTR. Big money, bold moves, and a masterclass in navigating financial storms—this one’s not just for Bitcoiners. 🎛️ As of this recording, 8/20/25, Strategy's (MSTR) performance: Open: $339.38 Close: $344.47 Volume: 13,739,806 shares mNAV: 1.52 Market Cap: ~95.5B U.S. Market Cap Ranking: 111 BTC: 629,376 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Cue the music: Episode 37 introduction 00:02:25 - True North: A masters in corporate finance 00:04:00 - Agenda breakdown 00:04:33 - Strategy Balance Sheet: Leverage, debt, and MNAV updates 00:08:57 - Risk Misconceptions: Why Strategy isn't overleveraged 00:14:25 - Dividend Mechanics: Pref equity, asset coverage and the toolkit 00:18:45 - Capital Strategy: The BTC corporate finance education moat 00:25:30 - Bitcoin Valuation: Why BTC is not “magic internet money” 00:29:49 - MNAV Guidance Shift: ATM strategy and market reaction 00:34:00 - Institutional Fallout: How investors responded to new mNAV guidance 00:45:00 - Credit Structure: Prefs, overcollateralization, and trust in team 00:48:20 - Bond Market Blindspots: Educating a legacy finance world 00:51:05 - Evolving Metrics: Future of BTC treasury and capital stack 00:53:08 - Trust & Control: Prefs vs equity and managing investor expectations 01:00:00 - Convertible Notes: Delta hedge and investor appeal 01:02:29 - Disrupting risk: the paradigm shift occuring in riskframe works 01:07:42 - Bitcoin Treasuries Growth: Corporate playbook and capital flow 01:14:30 - Bitcoin Awareness Push: Retail exposure via ETFs 01:24:20 - Bitcoin vs Alt Treasuries: ETH, DOGE, and structural risks 01:31:15 - Leveraging Bitcoin Holdings: Institutional scale and credit play 01:34:30 - S&P 500 Inclusion Odds: Probability, credit rating, and timeline 01:43:47 - Bitcoin at $444K: Scenario planning and treasury value shift 01:48:50 - Bitcoin Credit Market: Risk pricing and adoption indicators 01:50:32 - AI and Market Influence: Bots, clickbait, and signal-to-noise 01:59:50 - Bitcoin Events: Unconference, meetups, and promo code 02:03:25 - final thoughts SOCIAL MEDIA: X: https://x.com/PunterJeff X: https://x.com/BenWerkman X: https://x.com/nithusezni X: https://x.com/TimKotzman X: https://x.com/Z06Z07 X: https://x.com/Adrian_R_Morris X: https://x.com/RealTrollstein X: https://x.com/MasonFoard X: https://x.com/hillery_dan X: https://x.com/JBerneburg X: https://x.com/TheJesseMK X: https://x.com/thebitcoingal 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 36: The True North crew dives deep into this transformational period. Segments include MSTR valuation, leverage risks, liquidation prefs, and BTC’s future as digital capital. 🎛️ As of this recording, 8/13/25, Strategy's (MSTR) performance: Open: $397.73 Close: $389.90 Volume: 10,884,940 shares mNAV: 1.62 Market Cap: ~$111B U.S. Market Cap Ranking: 93 BTC: 628,946 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Intro: Soleil kicks things off 00:01:00 - Price action analysis: why price highs feel bearish 00:02:25 - market vs earnings: hidden disconnect driving BTC moves 00:04:30 - atm trap exposed: how convert holders profit on you 00:06:16 - what counts as earnings?: redefining profit in bitcoin terms 00:08:51 - nav is king: the metric real investors watch 00:11:56 - next btc supercycle?: mNAV catalysts you can’t ignore 00:15:13 - preferreds = btc yield?: microstrategy’s secret weapon 00:19:14 - will BTC be lent?: how leverage could unlock billions 00:23:34 - how many btc per share?: future model for equity upside 00:28:00 - MSTR is retooling: BTC conversion factories under construction 00:36:55 - 80k tuned in live: digital event lessons from tim 00:39:04 - Unconferenced 2025: what to expect from nyc btc summit 00:48:18 - should btc firms defend the network?: stewardship debate 00:55:50 - BTC alliance model: how cooperation beats competition 00:59:45 - Get your prefs ready: planning with the crown jewl, $STRF 01:03:25 - MSTR valuation logic: BTC per share and impact of the preffereds 01:04:50 - Leverage risks unpacked: why 30% ratio breaks in rally 01:08:11 - Arbing the MSTR ecosystem: analyzing probabilities and price drivers 01:20:30 - short-term vs long-term leverage: rally scenario pros and cons 01:24:25 - community sentiment split: bearish takes vs fundamentals 01:29:25 - Real-world BTC signal: home break-in and building conviction 01:33:00 - market manipulation fears: bots, short sellers, FUD 01:36:27 - BTC buys as signal: $2.5B raises mean conviction 01:38:56 - BTC vs MSTR: separate assets, different roles 01:43:15 - Strategy shifts scale: 600K BTC and new game plan 01:47:18 - Digital asset valuation: NAV vs oil, tech, AI stocks 01:51:35 - Common vs Crown Jewel: liquidation preference dynamics 01:55:45 - BTC dividend theory: capital structure transformation 01:59:30 - product structure insights: voting rights and risk tiers 02:00:55 - closing vision shared: bullish outlook + event plug 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 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.

🧭 MSTR True North episode 34: 🎛️ As of this recording, 7/23/25, Strategy's (MSTR) performance: Open: $422.83 Close: $412.67 Volume: 12,990,043 shares mNAV: 1.81 Market Cap: ~$117B U.S. Market Cap Ranking: 91 BTC: 607,770 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Agenda breakdown 00:02:50 - MSTR’s Leverage Ratio: $72B in assets, debt ratio, and drawdown resilience 00:06:41 - Volatility as Strategy: Why MSTR embraces leverage and market spikes 00:17:50 - Q2 Earnings Catalyst: Projected $10B+ gain and possible S&P 500 inclusion 00:20:26 - MSTR vs. Bitcoin: Understanding the equity vs asset performance dynamic 00:25:10 - Algo Trading & Arbitrage: Breaking correlation and capital flow strategies 00:32:58 - Perpetual Preferreds: Unlocking 100x fixed income demand with Bitcoin 00:39:48 - Market Mechanics: How algos pin MSTR price to Bitcoin 00:42:36 - Liquidity Shift: Moving the pin and spiking Bitcoin yield 00:46:05 - Capital Strategy: Risk-adjusted allocation for BTC finance 00:48:39 - S&P500 Watch: Is MSTR’s inclusion already priced in? 00:50:01 - Sentiment War: Transparency, short sellers, and ATM timing 00:52:08 - STRC Breakdown: Risk tranches, liquidity support, and yield protection 00:55:57 - Compound Dividends: Cumulative structure makes it hard to fail 0:58:57 - STRC appeal: Bitcoin-backed fixed income for today's yield-starved market 1:03:01 - Monthly yield: Passive income with BTC exposure, no staking risk 1:06:12 - BTC credit cards: Cashback, credit, and Bitcoin collateral futures 1:09:03 - Bitcoin securities: Building stable income products on BTC base layer 1:13:09 - Adoption curve: Early innings of Bitcoin-native financial products 1:16:47 - Portfolio strategy: How investors are blending STRC, MSTR, and BTC 1:20:14 - Bitcoin as safety: Redefining ‘safe’ yield in a broken bond world 1:25:35 - BTC insurance play: Bitcoin as capital buffer for risk models 1:27:05 - Product innovation: Capital markets are being rebuilt on BTC rails 1:30:30 - Collateral evolution: Tokenized BTC for direct lending and structured credit 1:35:51 - Converts retired: Why MSTR is exiting convertibles for a clean equity base 1:39:12 - BTC credit model: Measuring risk using Bitcoin collateral math 1:43:30 - Yield curve race: Preferred equity arms race for Bitcoin treasuries 1:46:55 - Liquidity moat: MSTR’s flexibility vs. other BTC asset plays 1:50:30 - New market cycle: This isn’t 2022—why BTC fundamentals are stronger 1:56:28 - Corporate hedging: The coming wave of CFO-driven BTC buys 1:58:05 - ETF impact: In-kind redemptions and BTC liquidity stress 2:00:26 - Final thoughts: Still early—BTC, MSTR, STRC just getting started MSTR TRUE NORTH LINKS: True North Website: https://tnorth.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 33: The crew discusses how MSTR is transforming corporate finance by holding permeant, digital capital on the balqnce sheet. This episode breaks down Strategy’s evolving playbook, institutional adoption, leverage, and why Bitcoin is becoming oxygen for forward-looking companies. 🎛️ As of this recording, 7/16/25, Strategy's (MSTR) performance: Open: $448.31 Close: $455.90 Volume: 10,575,450 shares mNAV: 2.01 Market Cap: ~$128.52B U.S. Market Cap Ranking: 80 BTC: 601,550 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Cue the music 00:01:10 - Agenda & True North mission 00:04:23 - Surrending capital: using risk to attract capital, accelerate innovation and reset TradFi 00:12:35 - BTC adoption: how few companies hold Bitcoin on their treasury today 00:14:44 - Winter?: Saylor’s conviction that the seasons are over 00:16:39 - Institutional growth: big money reshaping Bitcoin markets 00:23:05 - Optionality fueled by collateral : $670B buybacks signal stagnation, not strength 00:27:30 - $STRF narrative & mNAV justification: is Chanos better off buying Strife 00:32:03 - MSTR leverage: how Bitcoin boosts corporate equity value 00:34:30 - Redefining valuation frameworks: breaking down Phong Le’s recent commentary on valuation 00:37:26 - Q2 earnings: strategy’s $11.1B profit and how thr market might digest the news 00:47:59 - Leverage update: health of the balance sheet and financial strength built on BTC 00:55:00 - MSTR’s Financial vehicles: preferreds, converts, and innovation in products 01:03:20 - Capital stack: why Strife leads MSTR’s structure 01:05:54 - Bond pricing: convertible arbitrage and pricing dynamics 01:11:58 - Dilution effects: how convertibles vs. preferreds impact share count 01:17:21 - Perpetual preferreds: why they work with Bitcoin’s nature 01:22:22 - Raising capital: market cycles and creative deal-making 01:28:30 - pricing opportunity: weekly volume analysis and identifying pricing discrepancies • 01:34:51 - valuation model: projecting multi-trillion dollar companies • 01:40:31 - Secured debt: btc-backed preferreds vs. junk bonds 01:43:04 - Index inclusion: analysis and catalyst for price appreciation • 01:49:56 - $MSTR vs $PLTR: looking at the numbers and EPS bewilderment • 01:58:54 - Impact of BTC on job market: capitalizing on sound capital and AI is transforming professions globally • 02:01:20 - Q2 earnings call: True North coverage plan • 02:02:15 - Moon math: Jeff’s path to $MSTR all-time highs 02:05:30 - Final thoughts MSTR TRUE NORTH LINKS: True North Website: https://tnorth.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 32: The crew does a deep dive into Strategy’s capital stack, leverage, and preferred instruments like Strike, Strife and Stride—exploring risk, credit, and how institutional capital is recognizing the tue credit worthiness of a treasury powered by Bitcoin. 🎛️ As of this recording, 7/9/25, Strategy's (MSTR) performance: Open: $401.60 Close: $415.41 Volume: 13,065,370 shares mNAV: 1.96 Market Cap: ~$116B U.S. Market Cap Ranking: 93 BTC: 597,325 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - cue the music: reggae vibes 00:01:07 - agenda rundown 00:03:51 - bitcoin leverage: MSTR’s capital stack and strategic asset breakdown 00:08:55- law of large numbers: market dynamics and shifts in the playbook globally 00:16:50 - EOY BTC holdings predictions: reflecting on initial predictions & re-evaluating possibilities 00:19:05 - S&P 500 catalyst: capital surges and strategic timing with indexes 00:25:05 - credit hierarchy: analysis of the capital stack & the creation of the credit curve 00:27:48 - risk premium: preferreds closing in on the risk-free rate 00:32:10 - pricing curve: preferreds moving from distressed to fair value 00:40:44 - strike convertibility: upside, dividends, and embedded call options 00:49:11 - liquidation logic: how claim seniority impacts bitcoin instrument value 00:56:10 - investor psychology: simplicity and yield driving adoption of new tools 01:03:45 - capital stack math: bitcoin CAGR vs. risk-free rate over time 01:09:15 - software business hiring reflex: why bitcoin-focused firms attract top software talent 01:15:20 - $STRF architecture: CAGR assumptions that outpace risk free rate indefinitely 01:17:30 - $MSTY obsession: risk/reward breakdown and the impact of slippage 01:24:40 - market evolution: strike as self-replicating perpetual call option & importance of scale 01:29:05 - index fuel: index inclusion as rocket fuel & MSTR's scale advantage with BTC moat 01:34:20 - buybacks vs. bitcoin: what Apple and Chevron could’ve gained 01:46:35 - earnings per employee: the reality of earnings powered by Bitcoin 01:50:20 - final thoughts SOCIAL MEDIA: X: https://x.com/PunterJeff X: https://x.com/BenWerkman X: https://x.com/nithusezni X: https://x.com/TimKotzman X: https://x.com/Z06Z07 X: https://x.com/Adrian_R_Morris X: https://x.com/RealTrollstein X: https://x.com/MasonFoard X: https://x.com/hillery_dan X: https://x.com/JBerneburg X: https://x.com/TheJesseMK X: https://x.com/thebitcoingal MSTR TRUE NORTH LINKS: True North Website: https://tnorth.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 31: Led by captain Solei, the crew does a deep dive on l the different Bitcoin treasury strategies, convertible notes, market sentiment, and how global investment dynamics—from the U.S. to Japan—are shaping the future of BTC-backed corporate finance. 🎛️ As of this recording, 6/25/25, Strategy's (MSTR) performance: Open: $384.83 Close: $388.67 Volume: 10,606,562 shares mNAV: 1.89 Market Cap: $108.67B U.S. Market Cap Ranking: 93 BTC: 592,345 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Que the music 00:01:48 - Captain Solei & Agenda 00:04:06 - Future of converts: delta hedging, MSTR shorting & note-holder risks 00:09:36 - Market demand: Current conditions in demand & strategic selectivity 00:12:51 - Expanding the BTC economy: using acquisitions to justify higher multiples 00:17:15 - Tools for LBE growth: long-term play, tools for scaling strategy for future success 00:21:46 - Peeling back leverage: how capital structure impacts BTC price swings & delta hedging 101 00:26:15 - Debt risk: secured vs. unsecured debt & liquidation exposure 00:30:36 - Bailouts: can major holders buffer market failure contagion? 00:35:49 - Takeovers in the future?: activist models to acquire Bitcoin under distress 00:39:30 - Playbook analysis: MetaPlanet & the blueprint for treasury success 00:47:05 - BTC strategies: what defines a Bitcoin treasury vs. just holding BTC 00:52:40 - Levers driving sentiment: buybacks, NAV defense, and market signals 00:56:55 - Float: stock dilution, buybacks, and S&P 500 inclusion 01:10:14 - Types of investors: technical vs. fundamental perspectives 01:17:23 - Catalysts: regulatory deadlines and upcoming BTC triggers that drive MSTR appeal 01:20:08 - $STRK, $STRD & $STRF: product deep dive & BTC upside analysis 01:28:04 - BTC Prague 2025: conference insights, Lightning, and BTC adoption 01:33:00 - Euro/Japan market: investment culture lag & tax-advantaged accounts 01:38:33 - Accessibility: US investors lead in retail access & financial tools 01:41:05 - BTC treasury company niche in Prague: MSTR leads the charge with interest growing 01:45:00 - S&P 500 qualification status: the numbers that capture eligibility 01:47:50 - Moon math: the model behind landing on the moon 01:51:00 - IBIT/MSTR: trend line and analysis 01:55:50 - final thoughts SOCIAL MEDIA: X: https://x.com/PunterJeff X: https://x.com/BenWerkman X: https://x.com/nithusezni X: https://x.com/TimKotzman X: https://x.com/Z06Z07 X: https://x.com/Adrian_R_Morris X: https://x.com/RealTrollstein X: https://x.com/MasonFoard X: https://x.com/hillery_dan X: https://x.com/JBerneburg X: https://x.com/TheJesseMK X: https://x.com/thebitcoingal MSTR TRUE NORTH LINKS: True North Website: https://tnorth.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 30: in this episode the crew dives deep into leverage, MSTR’s balance sheet, BTC-backed yield, and market psychology—plus how treasury companies are evolving and why Bitcoin as collateral changes everything. 🎛️ As of this recording, 6/18/25, Strategy's (MSTR) performance: Open: $371.43 Close: $369.03 Volume: 9,200,500 shares mNAV: 1.85 Market Cap: $103.17B U.S. Market Cap Ranking: 97 BTC: 592,100 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Que the music 00:01:12 - Episode 30 agenda 00:05:44 - Leverage ratio explained: debt, equity & BTC collateral 00:10:12 - Trader psychology: cost basis bias, tax impact & conviction 00:15:09 - Sentiment analysis: zooming out amid noise & opportunities in BTC space 00:22:36 - Trading vs investing: understanding the players at the table & OTC tickers 00:28:46 - Safe havens & bear markets: strategy resilience & the power of scale 00:31:43 - Chanos short analysis: misunderstanding the playbook & Over-collateralization 101 00:38:18 - Bitcoin as the new risk-free asset: fixed income demand is the signal 00:45:13 - Banking of the future: how Strategy’s products are redesigning the future banking system 00:47:49 - Evaluating BTC treasury companies: identifying survivors vs hype 01:01:51 - Fed, interest rates & impact on BTC/MSTR: how this impacts BTC torque 01:06:50 - New investment products: ETFs, diversified exposure & position sizing 01:17:20 - $MSTY & $WNTR: what is the craze? Solei competition with MSTY update 01:25:35 - Common share ATM: BTC yield using the preferred’s 01:29:16 - Q2 countdown: S&P 500 inclusion, bewilderment intensifying and EPS 01:27:22 - Valuation of BTC-backed companies 01:37:39 - BTC vs MSTR: collateral, dividends, scale 01:45:45 - Zero carry cost: low cap ex with large appreciation 01:48:15 - Tim in Prague: home of the largest castle complex in the world & BTC Prague 01:51:00 - Final thoughts: we’re going higher SOCIAL MEDIA: X: https://x.com/PunterJeff X: https://x.com/BenWerkman X: https://x.com/nithusezni X: https://x.com/TimKotzman X: https://x.com/Z06Z07 X: https://x.com/Adrian_R_Morris X: https://x.com/RealTrollstein X: https://x.com/MasonFoard X: https://x.com/hillery_dan X: https://x.com/JBerneburg X: https://x.com/TheJesseMK X: https://x.com/thebitcoingal MSTR TRUE NORTH LINKS: True North Website: https://tnorth.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 29: The crew does a deep dive into MSTR's leverage and the future outlook! Also included - Stride IPO insights, Bitcoin volatility, BTC yield projections, S&P 500 potential, fixed income appetite for yield & why Bitcoin-backed products are disrupting markets. 🎛️ As of this recording, 6/11/25, Strategy's (MSTR) performance: Open: $391.23 Close: $387.11 Volume: 6,812,152 shares mNAV: 1.91 Market Cap: $108.13B U.S. Market Cap Ranking: 94 BTC: 580,955 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Intro: Que the music and agenda overview 00:04:47 - MSTR leverage: Debunking MSTR’s leverage myths with data 00:12:02 - STRD IPO: How Stride IPO works & why it matters for MSTR 00:20:41 - BTC volatility: Impact of Bitcoin volatility on MSTR’s capital strategy 00:24:52 - Future products: What’s next? Potential new products & global expansion 00:33:00 - Yield curve & credit spreads: Fixed income ideas & STRK, STRF, STRD comparison 00:45:00 - BTC as collateral: How the market is starting to price Bitcoin as collateral 00:50:59 - Leverage & $STRD: MSTR leverage strategy for future market downturns 00:58:00 - market dynamics: Demand trends & capital stack effects 01:04:06 - Q2 earnings: MSTR Q2 earnings estimates & S&P 500 potential 01:11:00 - BTC yield: Long-term Bitcoin yield projections to 2035 01:22:52 - BTC CAGR: Why Bitcoin’s CAGR could fuel exponential market cap growth 01:30:42 - Market sentiment: Investor reactions & long vs short-term strategy debate 01:35:45 - Seeing into the future: thinking like a visionary and pattern recognition 01:42:46 - Why hold an equity?: pay now for future performance & DNA of future MAG7 01:48:52 - The BTC Standard: a world with energy that’s doesn’t decay; BTC exposure and UBI 02:00:00 - closing insights: Final thoughts on strategy, risk, and market opportunity SOCIAL MEDIA: X: https://x.com/PunterJeff X: https://x.com/BenWerkman X: https://x.com/nithusezni X: https://x.com/TimKotzman X: https://x.com/Z06Z07 X: https://x.com/Adrian_R_Morris X: https://x.com/RealTrollstein X: https://x.com/MasonFoard X: https://x.com/hillery_dan X: https://x.com/JBerneburg X: https://x.com/TheJesseMK X: https://x.com/thebitcoingal MSTR TRUE NORTH LINKS: True North Website: https://tnorth.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 28: In this episode the crew breaks down MSTR’s capital stack, Saylor's latest fixed income product creations, leverage analysis, and how digital yield products could reshape traditional finance. 🎛️ As of this recording, 6/4/25, Strategy's (MSTR) performance: Open: $385.80 Close: $378.10 Volume: 8,472,192 shares mNAV: 1.90 Market Cap: $105.62B U.S. Market Cap Ranking: 94 BTC: 580,955 ⏱️ TIMESTAMPS & INSIGHTS: Timestamps: 00:00:00 - Agenda: cue the music and NFA 00:03:25 - $MSTR leverage: BTC holdings, debt ratios, and over-collateralization 00:07:07 - Capital strategy: Strike/Strife ATMs, growth potential, and leverage expansion 00:09:30 - The capital stack: Structure, liquidation preference, and investment-grade terms 00:15:15 - Risk tiers: Pyramid mechanics and creditworthiness of BTC-backed instruments 00:16:50: Why $STRD vs $STRF: Spread breakdown, market yields and pricing 00:23:12 - High yield appetite: STRD as a Bitcoin-native junk bond 00:28:50 - Institutional angles: How insurance, banks, and pensions fit $STRD in portfolios & market comps 00:37:00 - $STRF moat: Scale, BTC trust, and sustainable yield thesis 00:42:55 - Digital capital shift: Rethinking credit spreads, collateral risk & the power of liquidity 00:46:50 - Bear defense: Using Stride to defend NAV and disincentivize short pressure 00:52:48 - Bull thesis: Rising prices, credit rating catalysts and qualified dividends 00:58:50 - Portfolio fit: STRF/STRD as yield anchors in digital-first portfolios 01:01:31 - Collateral moat: STRF as benchmark BTC treasury product & investment grade quality analysis 01:07:35 - Assessing legitimacy: Trust, scale, perpetual BTC yield as must-haves 01:11:55 - Proof-of-reserves debate: Security, audit, and credibility issues unpacked 01:15:19 - New adopters: Surge in corporate Bitcoin treasury conversions expected 01:19:48 - Valuation clarity: Dan’s analysis of non-cumulative preferred stocks and MSTR dividend security 01:24:37 - Community recap: BTC Conference stories, meetups, and strategy culture 01:38:57 - Translating Bitcoin: meeting investors where they are to fuel adoption 01:42:10 - Pre-IPO BTC Treasury investing: Overview of reverse merger & SPAC strategies 01:53:00 - Moon math: mNAV expansion price predictions 01:57:10 - S&P 500 inclusion: review the latest status and push for September 01:58:50 - Final thoughts: Roundtable takeaways SOCIAL MEDIA: X: https://x.com/PunterJeff X: https://x.com/BenWerkman X: https://x.com/nithusezni X: https://x.com/TimKotzman X: https://x.com/Z06Z07 X: https://x.com/Adrian_R_Morris X: https://x.com/RealTrollstein X: https://x.com/MasonFoard X: https://x.com/hillery_dan X: https://x.com/JBerneburg X: https://x.com/TheJesseMK X: https://x.com/thebitcoingal MSTR TRUE NORTH LINKS: True North Website: https://tnorth.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 27: The crew dives deep into the institutional adoption of Bitcoin globally. Tune in to hear more about MetaPlanet, MSTR, Bitcoin treasuries, market sentiment, and why 2025 could be the breakout year for Bitcoin-aligned equities and cooperative finance. 🎛️ As of this recording, 5/21/25, Strategy's (MSTR) performance: Open: $415.92 Close: $402.69 Volume: 18,373,500 shares mNAV: 1.90 Market Cap: $112.11B U.S. Market Cap Ranking: 85 BTC: 576,230 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - The intro: agenda, MetaPlanet buzz, and BTC price discovery 00:04:00 - $BTC/$MSTR outlook: the rise of a decentralized computer network & sentiment challenges 00:08:16 - volatility DNA: options market, leverage in MSTR & trading psychology 00:15:25 - japan bonds: high yields push investors to equities & BTC 00:18:33 - $MTPLF: most shorted stock in JPN and their BTC treasury strategy 00:23:40 - cyber wolf pack: BTC-led corporate coordination and feedback loops 00:28:49 - $BTC cooperation: equity cycles, leverage, and institutional shifts 00:34:56 - mNAV risks: copycats, sentiment metrics, and reflexivity traps 00:44:00 - liquidity: trading volumes of Strategy vs MetaPlanet 00:47:29 - $BTC treasury evolution: BTC value vs growth plays and capital markets access 01:02:05 - $MSTR fundamentals: bitcoin holdings, leverage, and debt strategy 01:08:00 - $STRK deep-dive: yield, convertibility, and comparison to real estate 01:17:28 - yield analysis: $STRK vs property returns and investment risks 01:27:20 - S&P 500 potential: MSTR Q2 earnings, valuation confusion, and market impact 01:35:39 - 2025 outlook: bitcoin treasuries, institutional momentum, and growth trends 01:40:20 - The power of collateral: the transition from selling to borrowing 01:46:05 - $BTC quietly @ ATH: google trends review, institutional interest & strength of the first principles 01:56:00 - Closing thoughts & peaceful portfolios: price discovery and the path to work on your passion SOCIAL MEDIA: X: https://x.com/PunterJeff X: https://x.com/BenWerkman X: https://x.com/nithusezni X: https://x.com/TimKotzman X: https://x.com/Z06Z07 X: https://x.com/Adrian_R_Morris X: https://x.com/RealTrollstein X: https://x.com/MasonFoard X: https://x.com/hillery_dan X: https://x.com/JBerneburg X: https://x.com/TheJesseMK X: https://x.com/thebitcoingal MSTR TRUE NORTH LINKS: True North Website: https://tnorth.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 26: The crew does a deep dive into MSTR, Bitcoin leverage, $STRK, and S&P 500 dynamics. Special guest LaDoger add his perspective on the behind-the-scenes from the True North event. 🎛️ As of this recording, 5/14/25, Strategy's (MSTR) performance: Open: $420.40 Close: $416.75 Volume: 10,681,100 shares mNAV: 2.13 Market Cap: $113.94B U.S. Market Cap Ranking: 84 BTC: 568,840 ⏱️ TIMESTAMPS & INSIGHTS: 0:00:00 - Introduction: Podcast themes, tone, and guest introductions 0:05:35 - MSTR True North Origins: why it all started & the laser focus on BTC treasury companies 0:11:37 - MSTR Financials: BTC on balance sheet, leverage, equity strength and BTC Torque 0:17:35 - New Markets: Preferred stock & wildfire risk parallels 0:25:15 - $STRK’s purpose: High-yield fixed income meets Bitcoin exposure 0:32:14 - $STRK vs MSTR: Equity structure, mispricing, synthetic value 0:37:12 - Conference Recap: 2025 Strategy World highlights and community engagement 0:45:46 - Grain of Salt reveal: Vegas plans, documentary filming, team efforts 0:59:02 - Investor Relations: Digital shift, AI integration, Phong's leadership 1:03:50 - LaDoger’s HQ trip: recap of his trip to DC 1:07:07 - Why torque, not leverage: Saylor’s reason for using Torque 1:13:30 - S&P 500: Inclusion mechanics, passive flows, market reaction 1:33:03 - Media Critique: Financial Times misrepresentation, narrative control 1:38:54 - Knowledge Gaps: Economic understanding, humility challenge and Grain’s rant 1:50:25 - Optimism vs Reality: Conference contrast, financial clarity 1:56:50 - Bitcoin treasury movement: escape velocity incoming and the adoption curve 2:18:40 - Final thought: The flywheel has initiated SOCIAL MEDIA: X: https://x.com/PunterJeff X: https://x.com/BenWerkman X: https://x.com/nithusezni X: https://x.com/TimKotzman X: https://x.com/Z06Z07 X: https://x.com/Adrian_R_Morris X: https://x.com/RealTrollstein X: https://x.com/MasonFoard X: https://x.com/hillery_dan X: https://x.com/JBerneburg X: https://x.com/TheJesseMK X: https://x.com/thebitcoingal Special guest: X: https://x.com/LaDoger21 MSTR TRUE NORTH LINKS: True North Website: https://tnorth.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 25: The team dives into market trends, MSTR Q1 earnings preview, and insights from the recent Bitcoin for Corporations event hosted by Bitwise. 🎛️ As of this recording, 4/30/25, Strategy's (MSTR) performance: Open: $373.78 Close: $380.11 Volume: 13,713,700 shares mNAV: 2.13 Market Cap: $103.74B U.S. Market Cap Ranking: 86 BTC: 553,555 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Kickoff: Back from Bitwise, upcoming MSTR TN World and Agenda 00:03:30 - Swan’s getting to Werk: Ben’s new CIO role 00:07:17 - MSTR TN World: latest updates from the team 00:14:13 - MSTR by the numbers: BTC holdings, leverage ratio and capital position 00:19:30 - Narrative shift: From ETF doubts to MSTR dominance and growing moat 00:24:00 - Investing strategy: Picking BTC treasury companies 00:27:01 - MSTR’s moat: Why competitors can’t catch up 00:30:42 - Trust and debt: Why MSTR is built on a network of trust 00:34:40 - Credit spreads: Relative risk comparisons for $MSTR vs others 00:42:35 - Meeting Saylor: Converts, marketing and insights 00:47:52 - Market maturity: New derivative products and options 00:53:00 - Bitcoin flywheel: Ecosystem growth, financialization and cooperation 01:07:20 - Corporate BTC: How adoption could spread fast 01:13:06 - Earnings preview: Mark-to-market impact and Q1 outlook 01:18:13 - Future forecast: MSTR as a top-10 stock if BTC hits $150K 01:22:04 - S&P 500 talk: What MSTR inclusion could mean 01:24:00 - Final words: Event prep, gratitude, and next steps SOCIAL MEDIA: X: https://x.com/PunterJeff X: https://x.com/BenWerkman X: https://x.com/nithusezni X: https://x.com/TimKotzman X: https://x.com/Z06Z07 X: https://x.com/Adrian_R_Morris X: https://x.com/RealTrollstein X: https://x.com/MasonFoard X: https://x.com/hillery_dan X: https://x.com/JBerneburg X: https://x.com/TheJesseMK 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.

🧭 MSTR True North episode 24: Deep dive into Strategy's securitized BTC financial products, covered calls, market cycles, and how AI and macro trends are shaping the future of Bitcoin and investing. Insightful, raw, and packed with alpha. 🎛️ As of this recording, 4/16/25, Strategy's (MSTR) performance: Open: $306.06 Close: $311.66 Volume: 12,814,000 shares mNAV: 2.06 Market Cap: $83.26B U.S. Market Cap Ranking: 111 BTC: 531,644 ⏱️ TIMESTAMPS & INSIGHTS: 00:00:00 - Intro: Agenda overview 00:04:00 - MSTR Financials Update: 531K BTC, capital structure, and risk thresholds 00:06:00 - Strategy World: Event details, tickets, sponsors, and community building 00:14:12 - BTC Financial Harmony: New Bitcoin-linked products and portfolio design 00:17:45 - Strategy Exposure: Convertible structure, and yield advantage 00:20:00 - Strategy Economy: Volatility as yield, passive BTC buying through equities 00:23:54 - MSTR’s ATM & Yield: Debt coverage and sustainable yield through equity issuance 00:37:40 - MBS vs BTC: Parallels between mortgage-backed securities and Bitcoin securitization 00:42:50 - Impact of AI: disrupting the traditional moat 00:47:30 - BTC Equity Exposure - openness to embrace volatility and different BTC type exposure 00:54:40 - Covered Calls: Mistakes, lessons, and how to tactically manage call options 01:21:20 - Grant Cardone: BTC-backed real estate fund and hybrid investment model 01:25:00 - Private Credit: Bitcoin-based lending and the evolution of structured finance 01:28:00 - Market Trends: Decoupling, inflation fears, and short-term sentiment 01:32:05 - Trade Wars: Why Bitcoin may outperform during tariff-driven uncertainty 01:41:52 - 2008 Parallels: TARP, liquidity, and government intervention redux 01:49:00 - Tax Strategy: Harvesting losses and planning for capital gains 01:54:50 - Closing Thoughts: final takes from the crew SOCIAL MEDIA: X: https://x.com/PunterJeff X: https://x.com/BenWerkman X: https://x.com/nithusezni X: https://x.com/TimKotzman X: https://x.com/Z06Z07 X: https://x.com/Adrian_R_Morris X: https://x.com/RealTrollstein X: https://x.com/MasonFoard X: https://x.com/hillery_dan X: https://x.com/JBerneburg X: https://x.com/TheJesseMK MSTR TRUE NORTH LINKS: True North Website: https://www.mstrtruenorth.org 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.

🧭 MSTR True North episode 23: Jeff Park joins the MSTR True North crew to break down market volatility, the impact of tariffs, the options market + derivatives, income products, and why Bitcoin and Strategy remain key players in today’s shifting financial landscape.🎛️ As of this recording, 4/9/25, Strategy's (MSTR) performance:* Open: $242.02* Close: $296.86 * Volume: 38,261,400 shares* mNAV: 2.05* Market Cap: $78.70B* U.S. Market Cap Ranking: 120* BTC: 528,185⏱️ TIMESTAMPS & INSIGHTS:* 00:00:00 - Intro: market overview, MSTR leverage, and upcoming TN Strategy World event* 00:04:00 - New tickets!!: Grain provides details on new tranche of tickets for TN Strategy event* 00:08:19 - Tariffs: tariff policy revival and national emergency market reactions* 00:15:00 - Derivatives: Jeff Park’s experience trading exotic derivatives* 00:20:13 - Volatility 101 & Macro: post-crypto shift, low liquidity, and reading order books* 00:30:08 - Options, $IMST and covered calls: market dynamics of options & Bitwise’s covered call products* 00:50:30 - $STRK & $STRF: utility of Saylor’s new instruments* 00:56:10 - fed impact: Fed and Treasury moves that could trigger Bitcoin upside* 01:00:38 - Power is knowledge: volatility and the art of the professional trader* 01:08:20 - $MSTR debt: comparing MSTR’s leverage to a real estate analogy* 01:22:04 - Risk mgmt: managing debt with excess capital and stress-tested balance sheets* 01:32:00 - Tech vs money: inflation system vs. tech deflation and Bitcoin’s deflationary value* 01:45:12 - Bitcoin edge: why Bitcoin thrives in flawed fiat systems and coming money printing* 01:56:01 - $MSTR market position: Strategy as a “risk-off” asset priced like a “risk-on” playSOCIAL MEDIA:* X: https://x.com/PunterJeff\* X: https://x.com/BenWerkman\* X: https://x.com/nithusezni\* X: https://x.com/TimKotzman\* X: https://x.com/Z06Z07\* X: https://x.com/Adrian\_R\_Morris\* X: https://x.com/RealTrollstein\* X: https://x.com/MasonFoard\* X: https://x.com/hillery\_dan\* X: https://x.com/JBerneburg\* X: https://x.com/TheJesseMKGUEST:\* X: Jeff Park - https://x.com/dgt10011MSTR TRUE NORTH LINKS:* True North Website: https://www.mstrtruenorth.org* 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.

🧭 MSTR True North episode 22: Featuring the rollout of the NEW True North website, the crew breaks down MSTR's latest BTC buys, provides details on the upcoming True North event, AI insights, GameStop’s BTC potential.🎛️ As of this recording, 4/2/25, Strategy's (MSTR) performance:* Open: $297.86 * Close: $312.54* Volume: 15,980,400 shares* mNAV: 2.11* Market Cap: $83.19B* U.S. Market Cap Ranking: 118* BTC: 528,185⏱️ TIMESTAMPS & INSIGHTS:* 00:00 - Website launch & MSTR TN world: True North official website launch & event details* 19:00 - Big Bitcoin buy: analysis of the 22,000 BTC added last week * 23:00 - Capital stack & product market fit: breakdown of Strategy’s evolving capital structure * 39:00 - Decoupling: Bitcoin vs QQQ and the shift to a risk-off narrative* 49:00 - AI impact: Language models and clean data reshaping business* 01:04:00 - ATM strategy: How Strategy can intelligently leverage ATM’s based on market conditions* 01:12:20 - $MSTR/$IBIT: Correlation analysis with Mason* 01:15:00 - S&P 500 discussion: What inclusion means for MSTR in 2025* 01:25:30 - Repricing coming?: Trillions in value absorbed by BTC and the impact to $MSTR* 01:29:00 - Soleil vs $MSTY: Updated scoreboard* 01:38:00 - GameStop x Bitcoin: $1.5B BTC buy on the table following convertible note closing* 01:48:00 - Market watch: Sideways until tax day, new financial data app* 01:52:00 - Final push: May 5th True North event and big week ahead* 01:58:00 - Going live: Meeting in Orlando + Saylor on stage with Jeff, Ben & TimeSOCIAL MEDIA:* X: https://x.com/PunterJeff\* X: https://x.com/BenWerkman\* X: https://x.com/nithusezni\* X: https://x.com/TimKotzman\* X: https://x.com/Z06Z07\* X: https://x.com/Adrian\_R\_Morris\* X: https://x.com/RealTrollstein\* X: https://x.com/MasonFoard\* X: https://x.com/hillery\_dan\* X: https://x.com/JBerneburg\* X: https://x.com/TheJesseMKMSTR TRUE NORTH LINKS:* True North Website: https://www.mstrtruenorth.org* 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.

🧭 MSTR True North episode 21: Featuring Jesse Myers this episode breaks down Strategy's Bitcoin accumulation vehicles, GameStop’s Bitcoin pivot, and MSTR's financial health heading out of Q1.🎛️ As of this recording, 3/26/25, Strategy's (MSTR) performance:* Open: $336.50* Close: $329.31* Volume: 16,732,400 shares* mNAV: 2.19* Market Cap: $85.72B* S&P 500 Rank: 117* BTC: 506,137⏱️ TIMESTAMPS & INSIGHTS:* 00:00 - Intro: Astronaut lineup and episode agenda* 04:18 - Who the F is Jesse Myers: the man behind 'the chart'* 07:20 - Capital flow: Machinery that facilitates capital from bonds to bitcoin* 10:10 - Strategy world: True North getting in the mix* 13:38 - Half Nakamoto: 500k Bitcoin milestone, leverage stats, and market position* 18:41 - Passive flows: MSTR's ecosystem, liquidity and the rise in ETF/fund allocations* 20:30 - $STRF & $STRK: Saylor's chess pieces to fund the attack of the bond market* 30:10 - leverage: why MSTR may be less leveraged than you think* 35:58 - Scaling: Accretive dilution that is irresistible for portfolio managers * 43:20 - GameStop: $6B gorilla is entering space* 54:28 - Zombie company: Why struggling companies are the first to adopt BTC* 01:01:17 - Strongest asset in the world: Flexibility that comes with exponential price appreciation* 01:05:30 - Convertible Bonds: How arb desks manipulate pricing periods* 01:12:38 - S&P 500 chase: The status of MSTR's potential inclusion* 01:17:10 - Capital shift: from treasuries to bitcoin-led finance* 01:32:20 - $STRK capital structure: conversion to equity segment* 01:38:46 - Strategy's BTC buy history: dominos that need to fall in-place for S&P participation* 01:46:12 - Reflexivity: retail investors & crowdsourced research* 01:55:00 - $300T bond market: how bitcoin is positioned to tap it* 02:03:20 - Lending and collateral: new bitcoin-backed mortgage and loan products are on the rise* 02:09:20 - Conviction: how bitcoin becomes the peaceful asset* 02:15:00 - Closing thoughts: we're going higherSOCIAL MEDIA:* X: https://x.com/PunterJeff\* X: https://x.com/nithusezni\* X: https://x.com/TimKotzman\* X: https://x.com/Croesus\_BTC\* X: https://x.com/Z06Z07\* X: https://x.com/Adrian\_R\_Morris\* X: https://x.com/BenWerkman\* X: hit piece on 'Why The Yuppie Elite Dismiss Bitcoin': https://www.onceinaspecies.com/p/why-the-yuppie-elite-dismiss-bitcoinMSTR TRUE NORTH LINKS:* 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.

🧭 MSTR True North episode 20: The crew explores economic signals, government debt, Bitcoin bonds, Strike’s $21B ATM, and Strategy's evolving role in the financial landscape.🎛️ As of this recording, 3/12/25, Strategy's (MSTR) performance:* Open: $264.60* Close: $262.55* Volume: 14,268,000 shares* mNAV: 1.65* Market Cap: $68.33B* S&P 500 Rank: 143* BTC: 499,096⏱️ TIMESTAMPS & INSIGHTS:* 00:00 - Bitcoin Price Prediction: How a bold forecast came true* 04:51 - Market Optimism & Dollar Weakness: Key economic signals* 08:51 - Tesla, Trump & Market Sentiment: What’s shaping risk assets* 12:37 - Housing Market Risks: Is another crash coming?* 16:30 - Government Debt & Spending: Impact on markets* 21:44 - Bitcoin’s Role in the Economy: Strategic Reserve implications* 27:39 - Bitcoin Bonds & US Government: A new financial strategy?* 33:50 - Asymmetric Information & Bitcoin Investing: The unseen opportunity* 37:57 - Strike as an Investment: How it fits in a portfolio* 41:51 - $21B ATM Offering: Financial strategy behind Strike* 46:22 - Stock Buybacks & Market Strategy: Lessons from big players* 51:30 - Convertible Debt & Market Dynamics: How the game is played* 56:16 - Market Manipulation & Arbitrage: Who’s controlling the price?* 01:02:48 - Strategy's Market Strategy: A Bitcoin-driven future* 01:06:17 - Tesla’s Stock & Bitcoin’s Future: Investor perspectives* 01:12:36 - Portfolio Income & FIRE Principles: A Bitcoin-based strategy* 01:18:30 - Retirement Planning & Bitcoin Utility: Long-term wealth strategies* 01:24:54 - Bitcoin Yield & Risk: The challenges of earning yield* 01:28:45 - Bitcoin ETFs & Market Access: New investment opportunities* 01:34:05 - Strategy's Future Power: A Bitcoin-backed financial giant* 01:40:50 - Final Thoughts & Market Outlook: What’s next for Bitcoin?SOCIAL MEDIA:* X: https://x.com/PunterJeff\* X: https://x.com/nithusezni\* X: https://x.com/TimKotzman\* X: https://x.com/hillery\_danMSTR TRUE NORTH LINKS:* 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.

🧭 MSTR True North episode 19: The crew dives into Bitcoin’s volatility, Strategy's Bitcoin playbook, Bitcoin Investor Week takeaways, institutional adoption, political developments, market trends, and the future of Bitcoin as a strategic reserve.🎛️ As of this recording, 3/5/25, Strategy's (MSTR) performance:* Open: $278.31* Close: $308.55* Volume: 25,987,900 shares* mNAV: 1.78* Market Cap: $80.31B* S&P 500 Rank: 125* BTC: 499,096⏱️ TIMESTAMPS & INSIGHTS:* 00:00 - Introduction and Market Overview: Bitcoin volatility and market updates* 04:08 - Strategy's Bitcoin Strategy: Leverage update and asset-liability ratio* 07:31 - Bitcoin Investor Week Recap: Market sentiment and key takeaways* 15:52 - The Rise of Bitcoin as Collateral: Growing use in financial products* 16:52 - Institutional Interest in Bitcoin Treasuries: Banks and investment firms enter the space* 19:51 - Political Developments & Bitcoin Reserve: Strategic implications and regulatory discussions* 33:36 - The Importance of BTC & Stablecoin Concerns: Why Bitcoin matters and risks of stablecoins* 38:56 - Bitcoin Ownership & Network Security: Market dominance and risks of centralization* 42:21 - Market Volatility & MSTR Stock: Trends in MSTR price and leverage impact* 48:21 - Investment Strategy & Portfolio Management: Bitcoin as a core position in investing* 53:45 - Options Trading & Risk Management: Strategies for managing volatility* 58:51 - Market Outlook & Upcoming Events: Key events affecting Bitcoin and MSTR* 01:04:18 - $MSTY vs Soleli: Overview of results* 01:10:14 - Strategy's Financials & S&P 500 Inclusion: Impact of accounting rules and potential index entry* 01:14:00 - GameStop’s Potential Bitcoin Strategy: Speculation on a corporate BTC purchase* 01:22:20 - Quant Bros Anniversary & Strategy's Future: Reflections and bullish predictions* 01:31:07 - Market Cap Comparisons & Bitcoin’s Future: Bitcoin vs traditional assets and AI narratives* 01:34:53 - State-Level Bitcoin Legislation: US states moving toward Bitcoin-friendly policies* 01:40:53 - Bitcoin vs. USD: Inflation, fixed supply, and long-term value* 01:42:37 - Conclusion & Upcoming Discussions: Final thoughts and next big eventsSOCIAL MEDIA:* X: https://x.com/PunterJeff* X: https://x.com/nithusezni* X: https://x.com/BenWerkman* X: https://x.com/TimKotzman* X: https://x.com/hillery_dan* X: https://x.com/MasonFoard* X: https://x.com/Adrian_R_MorrisMSTR TRUE NORTH LINKS:* 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