Episode 35 – “The iPhone moment”

True North – Episode 35 – “The iPhone moment”

1:57:30 | August 06, 2025

🧭 MSTR True North Episode 35
The crew talks Q2 earnings call, Bitcoin-backed investing, the creation of the BTC yield curve, AI disruption, and rising institutional adoption.

🎛️ As of this recording, 8/6/25, Strategy’s (MSTR) performance:
Open: $374.75
Close: $383.41
Volume: 7,032,447 shares
mNAV: 1.68
Market Cap: ~$109B
U.S. Market Cap Ranking: 98
BTC: 628,791

⏱️ TIMESTAMPS & INSIGHTS:

• 00:00:00 – intro: cue the music, agenda, NFA and TN mission
• 00:00:00 – Bitcoin as unit: framing equities in BTC
• 00:04:19 – BTC treasury strategy: leverage update
• 00:07:05 – preferred equity insight: debt maturity risk
• 00:10:00 – perpetual preferreds: no principal repayment risk
• 00:13:01 – dividend coverage math: BTC drawdown scenario & convertible bond shift for new entrants
• 00:18:55 – bond vs. preferred: capital structure evolution
• 00:24:22 – 124-year coverage: preferreds for accretive BTC buys
• 00:29:55 – MSTR enterprise value: full capital stack view
• 00:33:20 – MSTR volatility playbook: portfolio allocation to harness the volatility and Q2 earnings
• 00:37:12 – career risk flips: BTC credit vs. no exposure
• 00:40:00 – liquidity premium: new instruments outperform
• 00:43:55 – $1.3T preferred market: Bitcoin exposure for everyone
• 00:47:17 – category killers: yields drop, scale rises, domination continues
• 00:51:49 – BTC balance sheets: insulation from disruption
• 00:56:07 – Bitcoin-backed investing: why BTC collateral matters to valuation
• 01:00:28 – reducing keyman risk: Phong steps up in earnings call in a big way
• 01:05:04 – investor engagement shift: teaching the market long-term strategy
• 01:09:20 – Bitcoin vs. AI risk: holding BTC as hedge against job disruption
• 01:12:00 – yield structure insight: preferred products with BTC dividends during inflationary times
• 01:15:00 – equity issuance strategy: mNAV targets before new dilution
• 01:18:56 – dividend reinvestment pressure: scaling capital raises efficiently
• 01:23:33 – massive earnings potential: BTC price could 10x net income
• 01:28:21 – STRC product outlook: high-yield structure with monthly payouts
• 01:32:42 – Bitcoin mainstream adoption: ETFs drive broader exposure
• 01:37:15 – missed BTC opportunity: corporate income priced in sats
• 01:40:44 – Bitcoin as war chest: financial runway and the power of the BTC treasury
• 01:50:17 – AI job displacement: how GPT and coders intersect
• 01:54:09 – adapt or fall behind: AI mastery becomes essential
• 01:55:05 – 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.