Episode 34 – STRC’ing the limits

True North – Episode 34 – STRC’ing the limits

2:07:44 | July 23, 2025

🧭 MSTR True North Episode 34
The crew unpacks the power of leverage, BTC-backed yield products, and capital market evolution being built atop the Bitcoin base layer. From earnings catalysts to collateral innovation, this episode traces the threads of MSTR’s next financial chapter.

🎛️ 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
• 00:58:57 – STRC appeal: Bitcoin-backed fixed income for today’s yield-starved market
• 01:03:01 – monthly yield: passive income with BTC exposure, no staking risk
• 01:06:12 – BTC credit cards: cashback, credit, and Bitcoin collateral futures
• 01:09:03 – Bitcoin securities: building stable income products on BTC base layer
• 01:13:09 – adoption curve: early innings of Bitcoin-native financial products
• 01:16:47 – portfolio strategy: how investors are blending STRC, MSTR, and BTC
• 01:20:14 – Bitcoin as safety: redefining ‘safe’ yield in a broken bond world
• 01:25:35 – BTC insurance play: Bitcoin as capital buffer for risk models
• 01:27:05 – product innovation: capital markets are being rebuilt on BTC rails
• 01:30:30 – collateral evolution: tokenized BTC for direct lending and structured credit
• 01:35:51 – converts retired: why MSTR is exiting convertibles for a clean equity base
• 01:39:12 – BTC credit model: measuring risk using Bitcoin collateral math
• 01:43:30 – yield curve race: preferred equity arms race for Bitcoin treasuries
• 01:46:55 – liquidity moat: MSTR’s flexibility vs. other BTC asset plays
• 01:50:30 – new market cycle: this isn’t 2022—why BTC fundamentals are stronger
• 01:56:28 – corporate hedging: the coming wave of CFO-driven BTC buys
• 01:58:05 – ETF impact: in-kind redemptions and BTC liquidity stress
• 02:00:26 – final thoughts: still early—BTC, MSTR, STRC just getting started

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.