Episode 47 – The Capital Fortress

True North Episode 47 – The Capital Fortress

01:28:11 | December 03, 2025

🧭 MSTR True North – Episode 47

Recorded: December 3, 2025

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.

🎛️ Strategy (MSTR) Performance:
Open: $183.40
Close: $188.39
Volume: 26,686,140 Shares
mNAV: 1.16
Market Cap: $50.70B
U.S. Market Cap Rank: 203
BTC Holdings: 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 millennial 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 needed to win in this climate
• 01:18:14 – Final thoughts: Vanguard, MSCI shifts, index inclusion pressure and tokenization

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. Please consult with a qualified professional before making any financial decisions. All investments involve risk, and you are solely responsible for your decisions.