Episode 28 – $STRDing toward BTC Fixed Income

$MSTR True North Episode 28 – $STRDing toward BTC Fixed Income

2:07:22 | June 04, 2025

🧭 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:

• 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

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.