Episode 33 – Inject the Bitcoin Volatility Virus

True North – Episode 33 – Inject the Bitcoin Volatility Virus

2:10:17 | July 16, 2025

🧭 MSTR True North episode 33
The crew discusses how MSTR is transforming corporate finance by holding permanent, digital capital on the balance 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 – surrendering 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
• 00:37:26 – Q2 earnings: strategy’s $11.1B profit and how the 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 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

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.