Episode 30 – Power of Collateral

True North – Episode 30 – Power of Collateral

1:54:25 | June 18, 2025

🧭 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
• 01:27:22 – Valuation of BTC-backed companies
• 01:29:16 – Q2 countdown: S&P 500 inclusion, bewilderment intensifying and EPS
• 01:37:39 – BTC vs MSTR: collateral, dividends, scale
• 01:45:45 – Zero carry cost: low capex 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

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.